TCRAP_Public/130315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, March 15, 2013, Vol. 16, No. 53


                            Headlines


A U S T R A L I A

AURORA OIL: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
KAGARA LTD: Future in Limbo as Mungana Deal Collapses
LINEAR ROOFING: Appoints Macks Advisory as Administrators
PPI CORPORATION: 170 Jobs Saved as Administrators Find Buyers
STORM FINANCIAL: CBA Offered Unsolicited Home Loan, Court Hears

WINDSOR FARMS: Placed In Voluntary Administration


C H I N A

GLORIOUS PROPERTY: Moody's Keeps B3 CFR Following Tap Issuance


H O N G  K O N G

ABYTE ELECTRONICS: Court Enters Wind-Up Order
AOYANG MARINE: Court Enters Wind-Up Order
BILL PACHINO: Creditors' Proofs of Debt Due April 3
BLOOMVILLE TRADING: Court to Hear Wind-Up Petition on March 27
GALAXY TECHNOLOGY: Creditors' Proofs of Debt Due April 9

GREATER BEIJING: Oswin and Hague Step Down as Liquidators
LED INTERNATIONAL: Court Enters Wind-Up Order
MV SPORTS: Court Enters Wind-Up Order
PATH INDUSTRIAL: Creditors' Proofs of Debt Due March 15
PIONEER (CHINA): Court Enters Wind-Up Order


I N D I A

ADI WIRES: CRISIL Reaffirms 'D' Ratings on INR55.3MM Loans
G. J. AGRO: CRISIL Assigns 'B-' Ratings to INR100MM Loans
LPF SYSTEMS: CRISIL Assigns 'BB' Ratings to INR70MM Cash Credit
RPM ENGINEERS: CRISIL Assigns 'B+' Ratings to INR57MM Loans
SRI VAKIRAKAALIAMMAN: CRISIL Reaffirms 'B+' LT Loan Rating

S. S. IMPEX: CRISIL Cuts Rating on INR10MM Term Loan to 'D'
SURFACE GRAPHICS: CRISIL Reaffirms 'BB-' Ratings to INR158M Loans
TRANS VALVES: CRISIL Reaffirms 'BB' Ratings on INR57.6MM Loans
VXL INSTRUMENTS: CRISIL Cuts Ratings on INR108MM Loans to 'B-'
VETINDIA PHARMA: CRISIL Rates INR86.3MM Loans to 'BB+'


M O N G O L I A

MONGOLIAN MINING: S&P Affirms 'B+' CCR; Revises Outlook to Neg.


N E W  Z E A L A N D

MAINZEAL PROPERTY: Receivers Hand Most Projects Back to Clients


S I N G A P O R E

PACNET: Data Center Investment No Impact on Moody's B2 CFR
SUMMERVIEW DEVELOPMENTS: Creditors' Proofs of Debt Due March 22
WARAKU INTERNATIONAL: Court Enters Wind-Up Order
WINFORT GLOBAL: Court Hears Judicial Management Bid
YEW HUAT: Creditors' Proofs of Debt Due March 22


S R I  L A N K A

* Moody's Points to Sri Lanka's High Debt Burden in New Report


X X X X X X X X

* Fitch Reports Net Negative Sovereign Rating Actions in 2012
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AURORA OIL: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' corporate credit rating on Australia-based Aurora Oil & Gas
Ltd.  The outlook on the corporate credit rating is stable.  At
the same time, S&P affirmed its existing 'CCC+' issue rating and
recovery rating of '6' on the US$365 million senior unsecured
notes due 2017 issued by Aurora USA Oil & Gas Inc. and guaranteed
by Aurora Oil & Gas Ltd. and its subsidiaries.

S&P also assigned its 'CCC+' issue rating to the proposed
US$250 million senior unsecured notes due 2020 to be issued by
Aurora USA Oil & Gas Inc. and guaranteed by Aurora Oil & Gas Ltd.
and its subsidiaries.  The recovery rating is '6', indicating
S&P's expectation of negligible (0% to 10%) recovery in the event
of a payment default, in accordance with S&P's criteria guidelines
for recovery ratings.

"We affirmed the ratings on Aurora to reflect the company's small,
albeit improving, asset base; and low production levels," Standard
& Poor's credit analyst Andrew Wong said.  "Aurora's recently
announced acquisition of additional acreage in the Eagle Ford
Shale basin in Texas provides some benefit to the company's asset
base.  We expect the debt proceeds from the proposed issue to be
used to finance the acquisition and its drilling program in the
basin in 2013."

The stable outlook reflects S&P's view that Aurora will be able to
fund its aggressive investment program in 2013, and maintain
above-average credit metrics for the current rating.  Including
the proposed issue, S&P expects the debt-to-EBITDA ratio to rise
to about 3x in 2013.  The outlook also reflects S&P's expectation
that Aurora will successfully transition from investor to operator
status.

A key rating factor amid Aurora's investments and corporate
actions is the company's pace of expansion and liquidity position.
S&P expects the company's liquidity to remain adequate, taking
into account the company's proposed investment plans and
fundraising initiatives in 2013 through the proposed issue and
increased borrowing base.  S&P also believes the company retains
some discretion in its investment plans and could reduce capital
spending if it puts a strain on the company's liquidity.

Mr. Wong added: "We would consider lowering the ratings if we
believe there is a material deficit in Aurora's sources of
liquidity, compared to its uses of liquidity in the next 12
months.  This could occur if capital-expenditure commitments for
the expanded acreage in the Eagle Ford Shale basin are higher than
anticipated and cannot be sufficiently covered by existing cash,
the revolving credit facility, and operating cash flow.  The
rating could also come under pressure if Aurora were to materially
increase debt funding to meet higher capital expenditure
(including acquisitions), such that leverage approaches 5x."

S&P would consider a higher rating if the company achieves its
reserve and production growth targets for 2013 and 2014, and
maintains adequate liquidity with a debt-to-EBITDA ratio of less
than 3x.  This would include achieving net production levels of
about 20,000 barrels of oil equivalent (boe) per day, as well as
prices being higher than US$85/bbl for WTI crude oil, US$38/barrel
(bbl) for natural gas liquids, and US$3.00/thousand of cubic feet
(mcf) for natural gas.


KAGARA LTD: Future in Limbo as Mungana Deal Collapses
-----------------------------------------------------
Nick Evans at The West Australian reports that Kagara Ltd's
administrators have suffered a setback in their efforts to
recapitalize the failed base metals miner, with the collapse of a
deal to unwind a gold rights agreement with Mungana Gold Mines.

The report says the failure of the deal will make it harder for
administrators to sell Kagara's North Queensland tenements, which
in turn casts a shadow over the future of a China-backed rescue
package for the rest of Kagara's tenements, which could have seen
the company return to trading on the stock exchange later this
year.

According to the report, Guangdong Foreign Trade Group (GFTG) is
understood to be working with Kagara co-founder Joe Treacy on a
deed of company arrangement to return a slimmed-down Kagara to
trading. But agreement must be reached on the payment of the bulk
of Kagara's $148 million in debts.  The West notes that the sale
of its northern tenements was a key component to paying off
creditors, and the Mungana gold rights agreement is understood to
be the main barrier to that sale.

                          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.


LINEAR ROOFING: Appoints Macks Advisory as Administrators
---------------------------------------------------------
ABC News reports that Adelaide building company Linear Roofing has
gone into administration, affecting several major projects.

According to the report, the company was involved in the Harris
Scarfe retail redevelopment in Rundle Mall in the city, and the
Health and Medical Research Centre in nearby North Terrace, along
with redevelopment of the former Mitsubishi site at suburban
Tonsley Park.  However, only the work on the Rundle Mall project
will continue.

ABC News relates that administrator Peter Macks --
pmacks@mhcpartners.com.au -- of Macks Advisory said most of the
staff had left the business.

"Following the appointment, we terminated a number of staff with
the exception of some office administration and costing staff
which are pretty essential for what we're doing in the short term,
together with we've also retained those staff that were on the
Harris Scarfe project," ABC News quotes Mr. Macks as saying.


PPI CORPORATION: 170 Jobs Saved as Administrators Find Buyers
-------------------------------------------------------------
PPB Advisory in conjunction with Greenstone Partners announced
that they have executed the sale of PPI Corporation Pty Ltd,
preserving 170 jobs throughout Australia.

The administrators have sold PPI's operations to two parties:

  * the Lansell Group - A privately owned Australian company has
    purchased the Neta Brand, associated business and assets and
    was advised by advisory firm M&A Partners.

  * David Moss Group - A leading Australian manufacturer and
    supplier of PE and PVC pipes, fittings and underground
    ventilation systems to Australian and international markets
    has purchased the remaining business, including the mining,
    infrastructure and construction (MIC) operations.

"A key highlight of the sale is that 170 jobs have been preserved,
and that the proceeds provide sufficient funds to pay in full all
outstanding entitlements to employees that will not transfer with
the business," PPB said in a statement.

"The administrators also estimate a return to unsecured creditors
in excess of 25 cents in the dollar."

Stephen Longley of PPB Advisory commented: "We are pleased to have
executed a sale of PPI Corporation in fewer than 60 days since our
appointment as voluntary administrators, enabling 170 employees to
retain employment with the business in its new form."

"We thank all employees, unions, landlords, suppliers and
customers for their support throughout this process, which has
enabled us to achieve this positive outcome."

"We are confident that with new owners in place, the respective
businesses of PPI Corporation will grow and prosper as they
continue to serve their respective markets."

Stephen Longley, David McEvoy and Michael Owen were appointed as
Voluntary Administrators of PPI Corporation on Jan. 15, 2013.

                            About PPI

PPI develops, manufactures and distributes polyethylene pipes and
fittings, hoses and garden products, irrigation, drainage and
filtration systems for the plumbing, resources and agricultural
industries, and consumer/retail markets. Its principal brand
names include PPI and Neta.  It is headquartered in Brisbane and
employs 275 staff.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 24, 2013, the directors of PPI Corporation Pty Ltd have
appointed Stephen Longley, David McEvoy and Michael Owen
of PPB Advisory as voluntary administrators.

PPB is now searching for buyers for the company, with assets
including a large customer base across the retail, plumbing and
agricultural industries, along with a headquarters in Brisbane
and factories and sales offices across Australia, SmartCompany
reported.


STORM FINANCIAL: CBA Offered Unsolicited Home Loan, Court Hears
---------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that the Commonwealth
Bank offered an unsolicited home loan to a Storm Financial
investor just days after company head Emmanuel Cassimatis urged
clients to squeeze more value out of their property, a court
heard.

The Courier-Mail relates that Leslie Sherwood, a retired
airconditioning technician, told the Federal Court in Brisbane he
was "surprised" to receive the offer after attending a 2007 Storm
seminar at a Redcliffe hotel which attracted about 300 investors.

According to the report, the 65-year-old investor, who is one of
the lead plaintiffs in a class action by Storm victims against the
bank, said he did not want another home loan and that his wife
only earned AUD30,000 a year as a part-time receptionist.

Based on Storm's recommendations, he eventually changed his mind
and took the AUD71,571 loan secured against the increased equity
in his Brisbane home.  The Courier-Mail relates that Mr. Sherwood
said he started borrowing from the bank to invest with Storm after
retiring in 2005 and was "quite comfortable" with his loan-to-
value ratio.

He believed Storm's assurances that he faced no risk and his life
savings would not be threatened, the report says.

The Courier-Mail adds that the court was told that Storm advisers
Terry Webb and Stuart Drummond assured him numerous times that his
home was safe, there was no chance of getting a margin call and
the company had "a very close working relationship'' with the
Commonwealth Bank.

These assurances were repeated throughout 2006 and 2007 on
numerous occasions as Mr. Sherwood borrowed even greater amounts
of money to invest, The Courier-Mail relays.

Eventually, Mr. Sherwood and his wife Julianne had $1.27 million
worth of margin loans and a $464,000 home equity loan from the
bank, The Courier-Mail reports.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no
longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


WINDSOR FARMS: Placed In Voluntary Administration
-------------------------------------------------
Grant Thornton Recovery and Reorganisation Partners, Trevor
Pogroske -- trevor.pogroske@au.gt.com --, Said Jahani --
said.jahani@au.gt.com -- and Paul Billingham --
paul.billingham@au.gt.com -- were appointed Joint and Several
Voluntary Administrators of Windsor Farm Foods Group Limited,
Windsor Farm Foods Pty Limited, Cowra Export Packers Limited and
Cowra Canners Pty Limited on March 12, 2013.

Trevor Pogroske said: "We have been appointed to all the Companies
in the Group, including the canning operation in Cowra, as well as
the head office and warehouse in Arndell."

"Unfortunately, it has been necessary to cease manufacturing and
terminate the workforce without pay. However, a number of key
staff will be retained in order to complete specific orders and to
undertake certain financial reviews. Should the company go into
liquidation, all employees who have been terminated will be fully
assisted to submit their claims under the Fair Entitlements
Guarantee (FEG) through the Department of Education, Employment
and Workplace Relations," said Mr. Pogroske.

The Administrators will conduct investigations and review the
business in an effort to try to sell the business and realise
assets for the benefit of all creditors.

"We are holding urgent discussions with various interested parties
in relation to the sale of the business. In the meantime, we will
be speaking with employees, union representatives, customers and
suppliers," said Mr. Pogroske.

A first meeting of creditors will be held in Cowra on
March 22, 2013 at 2:00 p.m.

Windsor Farm Foods Group's principal activities comprise the
canning of food products for the retail and food service industry,
and the preparation and distribution of dry food products to the
food service industry and manufacturing.



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


GLORIOUS PROPERTY: Moody's Keeps B3 CFR Following Tap Issuance
--------------------------------------------------------------
Moody's Investors Service affirmed Glorious' B3 corporate family
rating and Caa1 senior unsecured bond ratings after it announced
that it will issue additional bonds that are under the same terms
and conditions as those issued in February 2013.

The ratings outlook remains negative.

The proceeds of the proposed bonds will be used to refinance
existing debt.

Ratings Rationale:

"The proposed bond issuance will improve Glorious' debt maturity
profile, while the company's credit metrics will still be
positioned within its B3 rating range," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Glorious' liquidity position has improved in the past year, driven
primarily by its proactive management of its debt maturity
profile.

"The proposed bonds will also enhance the company's liquidity --
against the backdrop of a stabilizing operating environment for
China's property market over the next 12 months -- as well as
strengthen its financial fundamentals," adds Tsang.

While total debt remained at around RMB15.8 billion at end-2012,
its short-term debt dropped to RMB6.1 billion from about RMB10
billion at end-June 2012. As a result, cash coverage of its short-
term debt improved to about 54% from 35%.

This proposed USD notes will further improve its cash coverage
over its short-term debt.

Nevertheless, the current ratings and outlook continue to reflect
Moody's concerns over Glorious' weak sales performance and
financial profile.

Moody's expects Glorious' credit metrics to remain weak. Adjusted
EBITDA/interest ratio will likely remain below 2x for 2013 and
2014, positioning the company at the B3 rating level.

On the other hand, the B3 rating reflects Glorious high-quality
land bank which is located in the major districts of first-tier
cities, such as Shanghai and Beijing.

"Looking ahead, better execution capability, as reflected in
growth in sales and improvements in profit margins, or further
improvements in its debt maturity and liquidity profiles, could
return the outlook to stable," says Tsang.

The ratings could be downgraded if (1) Glorious fails to arrange
new funding for its maturing debt; or (2) its sales performance
deteriorates, or profit margins decline on a sustained basis.

An upgrade is unlikely in the near term unless Glorious
demonstrates an ability to significantly improve its sales
execution, as well as its liquidity and debt maturity profiles.

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

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai. It has now expanded to
eastern and northern China. It had a land bank of around 16.2
million sqm (GFA) in Shanghai, Beijing, Tianjin, and several
second-tier cities in the Yangtze River Delta and Northeast China
at end-December 2012. Glorious was listed on the Stock Exchange of
Hong Kong in 2009. Its chairman, the major shareholder, owns
68.4%, and also has a shipbuilding company listed in Hong Kong.



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


ABYTE ELECTRONICS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Feb. 27, 2013, to
wind up the operations of Abyte Electronics Limited.

The official receiver is Teresa S W Wong.


AOYANG MARINE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Feb. 27, 2013, to
wind up the operations of Aoyang Marine Company Limited.

The official receiver is Teresa S W Wong.


BILL PACHINO: Creditors' Proofs of Debt Due April 3
---------------------------------------------------
Creditors of Bill Pachino (HK) Company Limited are required to
file their proofs of debt by April 3, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Mat Ng
          c/o JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


BLOOMVILLE TRADING: Court to Hear Wind-Up Petition on March 27
--------------------------------------------------------------
A petition to wind up the operations of Bloomville Trading Limited
will be heard before the High Court of Hong Kong on
March 27, 2013, at 9:30 a.m.

Alain Roger Auguste Vandenbroucke filed the petition against the
company on Jan. 18, 2013.

The Petitioner's solicitors are:

          Boase Cohen & Collins
          2303-7 Dominion Centre
          43-59 Queen's Road
          East, Hong Kong


GALAXY TECHNOLOGY: Creditors' Proofs of Debt Due April 9
--------------------------------------------------------
Creditors of Galaxy Technology (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 9, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 28, 2013.

The company's liquidator is:

         Chan Po Kau
         Room D, 11/F
         8 Hart Avenue, 8-10 Hart Avenue
         Tsim Sha Tsui, Kowloon


GREATER BEIJING: Oswin and Hague Step Down as Liquidators
---------------------------------------------------------
Joanne Oswin and David Richard Hague stepped down as liquidators
of Greater Beijing First Expressways Limited on Feb. 5, 2013.


LED INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Feb. 27, 2013, to
wind up the operations of Led International Green Energy
Corporation Limited.

The official receiver is Teresa S W Wong.


MV SPORTS: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 27, 2013, to
wind up the operations of MV Sports International Limited.

The official receiver is Teresa S W Wong.


PATH INDUSTRIAL: Creditors' Proofs of Debt Due March 15
-------------------------------------------------------
Creditors of Path Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 28, 2013.

The company's liquidator is:

         Wong Ching Ting Cathy
         B29, Unit 1003, Sheung Shui Centre
         3 Chi Cheong Road
         Cheung Shui, New Territories
         Hong Kong


PIONEER (CHINA): Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Feb. 27, 2013, to
wind up the operations of Pioneer (China) Limited.

The official receiver is Teresa S W Wong.



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


ADI WIRES: CRISIL Reaffirms 'D' Ratings on INR55.3MM Loans
----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Adi Wires Pvt Ltd
continues to reflect delays by AWPL in servicing its debt; the
delays have been caused by AWPL's weak liquidity arising out of
its constrained cash accruals due to the start-up phase of its
operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            23.5      CRISIL D (Reaffirmed)
   Term Loan              31.8      CRISIL D (Reaffirmed)

AWPL also has a weak financial risk profile, marked by a small net
worth and a below-average interest coverage ratio, small scale of
operations with high customer concentration in its revenue
profile, and large working capital requirements. The company,
however, benefits from the extensive experience of its promoters
in the steel industry, mainly sponge iron and ingots
manufacturing.

Update

AWPL commercialised its operations in May 2011, and is currently
operating at about 50 per cent capacity utilisation. The
utilisation is low due to its start-up phase of operations. The
company's financial risk profile remains weak, marked by a
moderately high gearing of 1.59 times as on March 31, 2012, mainly
due to its small net worth and high working capital borrowings.
AWPL's debt protection metrics were also weak, with negligible net
cash accruals to total debt and interest coverage ratios at about
1 time, for 2011-12 (refers to financial year, April 1 to March
31). The working capital requirements increased due to stretched
debtors during the year. CRISIL believes that AWPL's liquidity
will remain weak over the medium term.

For 2011-12, AWPL reported a net profit of INR2.9 million on net
sales of INR38.0 million.

AWPL, incorporated in 2006, manufactures binding wires and wire
nails which are largely used in the construction industry. The
company is promoted by Mr. Amit Sarawgi and Mr. Rohit Jain, who
look after day-to-day operations of the company.


G. J. AGRO: CRISIL Assigns 'B-' Ratings to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of G. J. Agro Industries.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Term Loan      21       CRISIL B-/Stable (Assigned)
   Cash Credit             45       CRISIL B-/Stable (Assigned)
   Proposed Cash           34       CRISIL B-/Stable (Assigned)
   Credit Limit

The rating reflects GJA's weak financial risk profile, marked by a
high gearing and weak debt protection metrics, small scale of
operations, and exposure to intense industry competition. The
rating also reflects the firm's working-capital-intensive
operations, and susceptibility to unfavorable regulatory changes
and to erratic rainfall. These rating weaknesses are partially
offset by the benefits that GJA derives from its promoters'
extensive experience in the rice milling industry, and largely
assured offtake from Food Corporation of India (FCI).

For arriving at the rating, CRISIL has treated unsecured loans of
INR16 million extended to GJA by its promoters, as neither debt
nor equity as these loans are expected to remain in the business.

Outlook: Stable

CRISIL believes that GJA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
improvement in its financial risk profile, driven most likely by
substantial increase in its cash accruals or by significant
reduction in receivables days leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
GJA registers further weakening in its liquidity, most likely on
account of larger-than-expected receivables or less-than-expected
cash accruals.

GJA was set up as a partnership firm in 2003 by Mr. Mukesh Jain
and Mr. Sanjay Jain. The firm is in the business of shelling of
rice for FCI on commission basis. GJA also purchases paddy, and
mills, processes and sells raw rice, bran, and husk. Its rice mill
is at Fazalpur in Jalandhar district (Punjab).

GJA's book profit and net sales are estimated at INR2 million and
INR112 million respectively for 2011-12 (refers to financial year,
April 1 to March 31); the firm reported a book profit of INR1
million on net sales of INR86 million for 2010-11.


LPF SYSTEMS: CRISIL Assigns 'BB' Ratings to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of LPF Systems Private Limited.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee         15.00     CRISIL A4+
   Cash Credit            70.00     CRISIL BB/Stable

The ratings reflect LPF's established relationships with
principals and customers, extensive industry experience of its
promoters' and the above-average risk management policies. These
strengths of LPF are partially offset by the intense competition
in the industry, and the average financial risk profile
constrained by small networth and weak interest coverage.

Outlook: Stable

CRISIL believes that LPF will maintain a stable business risk
profile over the medium term, backed by its promoters' experience
and its established market position in the industry. The outlook
may be revised to 'Positive' in case of a sustained and
significant improvement in revenue and profitability along with
equity infusion leading to improvement in the company's financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company contracts more than expected debt, or significant
decline in its revenue and profitability or stretch in working
capital cycle leading to deterioration in its financial and
liquidity risk profiles.

LPF, based in Hyderabad, incorporated in 1997 as an ltd co and
promoted by Mr. Venu Vinod is engaged in distribution of welding
alloys, passenger car spare parts, automotive components etc. The
company is the authorized distributor for Tata Motors Ltd, Greaves
Cotton Ltd and L&T welding alloys division. The company is also
engaged in service of Eicher Motors Ltd. LPF was set up as a
proprietorship firm in 1982 which was subsequently converted into
a partnership firm and later into a pvt ltd company in 1997.

For 2011-12 (refers to financial year, April 1 to March 31), LPF
reported a profit after tax (PAT) of INR6.5 million on net sales
of INR601.3 million, against a PAT of INR6.2 million on net sales
of INR440.7 million for 2010-11.


RPM ENGINEERS: CRISIL Assigns 'B+' Ratings to INR57MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RPM Engineers (India) Limited.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan              15.9      CRISIL B+/Stable
   Standby Line of         5        CRISIL B+/Stable
   Credit

   Proposed Long-Term     21.1      CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit        3.0      CRISIL A4

   Bank Guarantee         30.0      CRISIL A4

   Cash Credit            15.0      CRISIL B+/Stable

The ratings reflect RPM's modest scale of operations,
susceptibility of operating performance to investment cycle of
food processing industry and working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of RPM's promoters in the industry, and
moderate financial risk profile marked by low gearing and
comfortable debt protection metrics albeit on a modest networth
base.

Outlook: Stable

CRISIL believes that RPM will benefit over the medium term from
the extensive experience of its promoters in the industry. The
outlook may be revised to 'Positive' if RPM reports higher-than-
expected revenues, while maintaining its margins and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of significantly lower-than-expected revenues and
profitability, or lengthening of working capital cycle resulting
in weakening of the company's financial risk profile.

RPM was incorporated in 1997 to take over the business of sole
proprietorship concern - RPM Engineers, which has been in
existence since 1975. RPM is engaged in manufacturing of dairy
equipment and food processing machinery. The company is managed by
the promoters, Mr. M. Ram Prasad and his wife Mrs. R. Raji. RPM
has its manufacturing facilities at Gindi (Tamil Nadu).

RPM reported a profit after tax (PAT) of INR 2.6 million on net
sales of INR72.8 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR 2.4 million on net
sales of INR 78.0 million for 2010-11.


SRI VAKIRAKAALIAMMAN: CRISIL Reaffirms 'B+' LT Loan Rating
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Vakirakaaliamman
Spinning Mills Pvt Ltd continue to reflect SVS's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and large working capital requirements. These
weaknesses are partially offset by SVS's promoters' experience in
the textile industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             300.0      CRISIL B+/Stable
   Letter Of Guarantee       6.5      CRISIL A4
   Proposed Long-Term       19.5      CRISIL B+/Stable
   Bank Loan Facility
   Term Loan                89.0      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SVS will continue to benefit from its
promoters' experience in the textile industry. The outlook may be
revised to 'Positive' if there is a significant improvement in
SVS's capital structure, most likely driven by more-than-expected
cash accruals, equity infusion or improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of a significant increase in SVS's working capital
borrowings, larger-than-expected, debt-funded, capital expenditure
(capex) programme undertaken by the company, or a steep decline in
its revenues and profitability, leading to deterioration in its
financial risk profile, particularly liquidity.

SVS manufactures and sells hosiery yarn. The manufacturing
operations are being carried out at its unit at Dindigul (Tamil
Nadu); its administrative office is in Tirupur (Tamil Nadu).

SVS reported a profit after tax (PAT) of INR4.2 million on net
sales of INR521 million for 2010-11, against a PAT of INR3.4
million on net sales of INR221 million for 2009-10.


S. S. IMPEX: CRISIL Cuts Rating on INR10MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S. S.
Impex to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'. The
downgrade reflects instances of delay by SSI in servicing its
debt; the delays have been caused by the firm's weak liquidity.
SSI has weak liquidity on account of stretch in its receivables.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Export Packing Credit     40.0      CRISIL D (Downgraded from
                                       'CRISIL A4')

   Term Loan                 10.0      CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

SSI is also susceptible to intense industry competition and to
volatility in foreign exchange rates, and is exposed to risks
inherent in the seafood industry. Moreover, the firm also faces
pressure on its capital structure because of its large, debt-
funded capital expenditure programme. However, SSI benefits from
its moderate interest coverage ratio and its promoters' extensive
experience in the seafood industry.

SSI, set up in 2003, processes and exports different types of dry
fish, frozen fish, and fresh fish, such as ribbon fish, croaker,
tiger tooth croaker, big mouth croaker, Indian mackerel, and horse
mackerel. The firm's operations are mainly handled by Mr. Abdulla
Mohammed Hanif and are supervised by his father, Mr. Mohammed
Hanif A Sattar.

For 2011-12 (refers to financial year, April 1 to March 31), SSI
reported a net profit of INR0.4 million on net sales of INR239.0
million, against a net profit of INR0.4 million on net sales of
INR145.8 million for 2010-11.


SURFACE GRAPHICS: CRISIL Reaffirms 'BB-' Ratings to INR158M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Surface Graphics Pvt
Ltd. continue to reflect the extensive experience of SGPL's
promoters in the packaging industry. This strength is partially
offset by SGPL's modest scale of operations in an intensely
competitive packaging industry, large working capital
requirements, and moderate financial risk profile, marked by
modest net worth, high gearing, and subdued debt protection
metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           2       CRISIL A4+
   Cash Credit             35       CRISIL BB-/Stable
   Proposed Long-Term       7       CRISIL BB-/Stable
   Bank Loan Facility
   Term Loan               77.1     CRISIL BB-/Stable
   Working Capital Term    38.9     CRISIL BB-/Stable
   Loan

Outlook: Stable

CRISIL believes that SGPL will maintain a stable business risk
profile over the medium term, backed by the vast experience of its
promoters in the packaging industry. The outlook may be revised to
'Positive' if the company substantially increases its scale of
operations, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SGPL's revenues and profitability deteriorate
steeply or if the company undertakes a larger-than-expected, debt-
funded capital expenditure (capex) programme, resulting in
deterioration in its debt protection indicators.

Update

In 2011-12 (refers to financial year, April 1 to March 31), driven
by steady demand and increase in customer base, SGPL's net sales
increased by 13 per cent year-on-year to INR235 million. The
company had generated revenues of INR14.3 million till September
30, 2012 and is expected to generate revenues of around INR290
million for the entire year. The company maintained its operating
margin of 11.7 per cent in 2011-12 and the margin is expected to
increase to 12.5 per cent over the medium term as the newly
installed advanced printing machinery is expected to result in
better efficiency.

Due to the large capex of around INR96 million in 2011-12 for
installing the new machinery, however, SGPL's financial risk
profile weakened, as expected. Its gearing deteriorated to 2.2
times as on March 31, 2012 and interest coverage ratio dropped to
2 times for 2011-12 from earlier levels of 3 times. SGPL's
liquidity remains weak, marked by high average bank limit
utilisation of over 90 per cent of its bank lines over the 12
months ended March 31, 2012 and current ratio of 0.9 times as on
March 31, 2012. Moderate accruals of around INR18 million are
expected to tightly match SGPL's debt obligations of INR13 million
and its large working capital requirements will keep its financial
risk profile, particularly its liquidity, constrained over the
medium term.

SGPL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR233.9 million for 2011-12, as against a PAT of INR3.3
million on net sales of INR207.0 million for 2010-11.

SGPL, established in 1989, manufactures mono cartons which are
used as packaging material. The company was promoted by Mr. H G
Shetty, his brother, Mr. S M Shetty, and Mr. Shridhar Hegde.


TRANS VALVES: CRISIL Reaffirms 'BB' Ratings on INR57.6MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Trans Valves (India)
Pvt Ltd continue to reflect TVIPL's established customer
relationships, and above-average financial risk profile, marked by
a healthy capital structure. These rating strengths are partially
offset by the company's modest scale of operations and exposure to
risks related to the tender-based nature of its business.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          6.5      CRISIL A4+
   Cash Credit            32.5      CRISIL BB/Stable
   Foreign Bill            1.0      CRISIL A4+
   Discounting
   Letter of Credit       20.0      CRISIL A4+
   Long-Term Loan         13.0      CRISIL BB/Stable
   Proposed Long-Term     10.0      CRISIL BB/Stable
   Bank Loan Facility
   SME Care Loan           2.1      CRISIL BB/Stable

Outlook: Stable

CRISIL believes that TVIPL will continue to benefit over the
medium term from its established track record in the valves and
regulators manufacturing business and its healthy capital
structure. The outlook may be revised to 'Positive' if the company
reports sustainable improvement in its scale of operations and
profitability, supported by adequate diversification in its
product line, while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' if TVIPL undertakes any
large, debt-funded capital expenditure (capex) programme,
resulting in deterioration in its financial risk profile, or if
the offtake from its key customers reduces, resulting in lower-
than-expected revenues and cash accruals.

Update:

TVIPL reported revenues of around INR295 million for 2011-12
(refers to financial year, April 1 to March 31, as against INR173
million for 2010-11. The company is expected to record revenues of
around INR340 million for 2012-13, broadly in line with CRISIL's
expectation. The increase in revenues was supported by increased
offtake by its customers. The company's operating profitability
was higher than CRISIL's estimate, at around 5.4 per cent in 2011-
12, vis-a-vis 4.4 per cent in 2010-11 aided by higher revenue
contribution from high-margin regulator units. However, the
operating profitability margins over the medium term are expected
to remain susceptible to adverse movement in the prices of its key
raw materials.

TVIPL's operations continue to remain working-capital-intensive
owing to its large inventory requirements and high debtor levels.
The company had gross current assets (GCA) of 114 days of sales
owing to debtors of 43 days of sales and inventory of 53 days of
cost of sales as on March 31, 2012. The company had completed
capex of INR20 million in 2011-12, which was mainly for upgrading
its Rudrapur (Uttarakhand) unit. It has a further capex of INR17
million in 2012-13 for increasing its installed capacities at its
Hyderabad (Andhra Pradesh) unit, which is being funded through a
term debt of INR11 million and equity infusion of INR6 million.
TVIPL had reported a gearing and networth of 1.1 times and INR56
million respectively as on March 31, 2012. The debt protection
metrics were comfortable with interest coverage and net cash
accruals to total debt ratio of 3.6 times and 14 per cent
respectively for 2011-12. TVIPL's financial risk profile is
expected to remain healthy over the medium term in the absence of
major debt-funded capex plans.

For 2011-12, TVIPL's profit after tax (PAT) of INR3.9 million on
net sales of INR295 million, against a PAT of INR3.1 million on
net sales of INR173 million for 2010-11.

TVIPL, incorporated in 1984, manufactures valves and regulators
used in domestic liquefied petroleum gas (LPG) cylinders. TVIPL's
day-to-day operations are managed by its managing director, Mr. A
K Jain.


VXL INSTRUMENTS: CRISIL Cuts Ratings on INR108MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of VXL Instruments Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'; the rating on the company's short-term bank facility
has been reaffirmed at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             90       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       150       CRISIL A4(Reaffirmed)

   Proposed Long-Term      18       CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating downgrade reflects stress on VXL's financial risk
profile on account of decline in its operating margin during 2012-
13 (refers to financial year, April 1 to March 31); the operating
margin has been at less than 4 per cent during the first nine
months of the year. Modest scale of operations and weak operating
margin may constrain VXL's cash accruals over the medium term. Its
liquidity may also remain under pressure over this term on account
of working capital intensity in operations--it had gross current
assets of more than 200 days at the end of each of the last three
financial years. Weak cash accruals and sizeable working capital
requirements are expected to constrain VXL's financial risk
profile over the medium term.

The ratings reflect VXL's below-average financial risk profile,
marked by a weak capital structure and debt protection metrics,
working-capital-intensive nature and moderate scale of operations,
and exposure to intense market competition. These rating
weaknesses are partially offset by VXL's established market
position in the thin-client products business.

Outlook: Stable

CRISIL believes that VXL will continue to benefit over the medium
term from its established relationships with key clients. The
outlook may be revised to 'Positive' if VXL's financial risk
profile improves significantly, most likely because of large cash
accruals, resulting from better than expected revenue and
profitability, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on VXL's liquidity, most likely due to lower-
than-expected cash accruals, large working capital requirements,
or debt-funded capital expenditure.

Incorporated in 1986 as a private limited company, VXL converted
to a public limited company in 1994. The company manufactures
thin-client products and computer terminals.

For 2011-12 (refers to financial year, April 1 to March 31), VXL
reported a profit after tax (PAT) of INR15.2 million on net sales
of INR789.7 million, against a PAT of INR30.9 million on net sales
of INR940.4 million in 2010-11.


VETINDIA PHARMA: CRISIL Rates INR86.3MM Loans to 'BB+'
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vetindia Pharmaceuticals Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/ Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              60.0    CRISIL BB+/Stable (Upgraded
                                    from 'CRISIL BB/Stable')

   Standby Line of Credit    3.0    CRISIL BB+/Stable (Upgraded
                                    from 'CRISIL BB/Stable')

   Term Loan                22.0    CRISIL BB+/Stable (Upgraded
                                    from 'CRISIL BB/Stable')

   Letter of Credit          5.0    CRISIL A4+ (Reaffirmed)

   Bank Guarantee            2.0    CRISIL A4+ (Reaffirmed)

   Proposed Long-Term        1.3    CRISIL BB+/Stable (Upgraded
   Bank loan facility               from 'CRISIL BB/Stable')

The rating upgrade reflects the improvement in VPL's business risk
profile driven by a substantial increase in its scale of
operations and profitability margins. CRISIL believes that the
company would sustain its increased scale of operations and
improved profitability margins over the medium term supported by
its established market position in the animal healthcare products
segment, and its focus on enhancing its share of revenues from
high-margin yielding products. The rating upgrade also factors in
CRISIL's belief that VPL will maintain its healthy financial risk
profile over the medium term on the back of its increasing cash
accruals and absence of any major debt-funded capex plans.

The revenues of the company are expected to register a year-on-
year growth of around 45 per cent to INR400 million in 2012-13
(refers to financial year, April 1 to March 31). The revenue
growth would be driven by introduction of new products and
expansion of its geographical footprint. The company's operating
profit margins are also expected to improve by 200 basis points to
around 12.7 per cent in 2012-13 with the company's introduction of
high-margin yielding products and the company's higher revenues
positively affecting the absorption of its fixed costs.

The ratings continue to reflect VPL's healthy financial risk
profile marked by its low gearing and robust debt protection
metrics, and the benefits it derives from its promoter's extensive
experience in the animal healthcare products segment. These rating
strengths are partially offset by VPL's small net worth, large
working capital requirements, limited pricing flexibility and
susceptibility of its profitability margins to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that VPL will continue to benefit over the medium
term on the back of its established market position in the animal
health care products industry and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
there is an improvement in VPL's working capital management or
there is a substantial improvement in its net-worth on the back of
equity infusion from promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins from the current levels, or there is a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements.

VPL was incorporated in 1992, promoted by Dr. Muppala Sambasiva
Rao. The company manufactures veterinary pharmaceutical
formulations, such as antibiotics, anthelmintics, antibacterials,
intravenous (IV) fluids, vitamins, and minerals for livestock.
VPL's manufacturing unit is in Andhra Pradesh.

VPL reported a profit after tax (PAT) of INR5.2 million on net
sales of INR274.6 million for 2011-12, as against a PAT of INR7.8
million on net sales of INR283.3 million for 2010-11.



===============
M O N G O L I A
===============


MONGOLIAN MINING: S&P Affirms 'B+' CCR; Revises Outlook to Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on Mongolian Mining Corp. to negative from stable. At the
same time, S&P affirmed the 'B+' long-term corporate credit rating
on the Mongolia-based company.

"We revised the outlook to negative to reflect our expectation
that a recovery in MMC's financial risk profile will likely be
slower than we had earlier anticipated," said Standard & Poor's
credit analyst Xavier Jean.  "We believe that MMC's cash flow
adequacy will provide little buffer if coking coal prices
remain subdued over the next 12 months."

S&P lowered its assessment of the company's financial risk profile
to "aggressive" from "significant."  In S&P's base-case scenario,
it forecasts MMC's ratio of funds from operations (FFO) to debt at
6%-10% in 2013, from 3% in 2012, and its EBITDA interest coverage
at 1.5x-2.5x in 2013, from about 1.3x in 2012.  S&P do not yet
sees a substantial upside in coking coal demand from China that
would result in a rapid and sustainable improvement in product
prices for 2013.  S&P expects MMC's financial risk profile to
recover modestly in 2013 from that in 2012.  Still, the recovery
is likely to be gradual with persisting downside risks.

S&P affirmed its rating on MMC because S&P expects the company's
production of hard coking coal to grow in 2013, enabling greater
absolute cash flows in 2013 than in 2012.  S&P also expects MMC to
deleverage in 2013 with cash on hand.  Along with lower capital
spending needs, this should partly offset downside risk to the
company's cash flows from a sluggish recovery in product prices,
and underpin improved cash flow adequacy toward the end of the
year.

MMC's liquidity is "less-than-adequate," as S&P's criteria define
the term, despite the company's sizable cash balance and a
moderate debt repayment profile in 2013.  This is predominantly
because S&P expects MMC to remain in breach of the interest
coverage and debt-to-EBITDA financial covenants under its bank
loans when they are tested again in 2014 on the basis of 2013
financial statements.  S&P notes, however, that MMC has already
obtained waivers for the next two covenant testing periods of
full-year 2012 and the 12 months ending June 30, 2013.  S&P
expects the company to obtain further waivers for 2013.  S&P
expects MMC's liquidity sources to exceed its liquidity needs by
about 1.1x over the next 12 months.

"We could lower the rating if we do not see any signs that MMC's
FFO-to-debt ratio will recover to more than 12% in 2014," said Mr.
Jean.  This could happen if the improvement in product prices is
not substantial and lasting.  A downgrade trigger could be
realized coking coal prices remaining below US$110 per ton and
accounting gross profit per ton of coal sold before depreciation
and amortization of less than US$17 for more than 12 months.  S&P
could also lower the rating if MMC's liquidity weakens because of
lower operating cash flows, higher working capital requirements,
or capital spending that is higher than S&P's base-case
assumption.

S&P could revise the outlook to stable if it expects MMC's FFO-to-
debt ratio to improve to more than 15% and stay there for more
than 12 months.  This could happen if S&P anticipates that
realized coking coal prices will increase above US$120 and
accounting gross profit per ton of coal sold will be at least
US$25 for more than 12 months.  S&P believes such a scenario would
require a lasting and sustainable improvement in the demand and
supply balance for coking coal.



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


MAINZEAL PROPERTY: Receivers Hand Most Projects Back to Clients
---------------------------------------------------------------
Mainzeal Property and Construction Limited receivers PwC Partners
Colin McCloy and David Bridgman said they have handed back most
projects to clients while completing a small number of selected
projects.

"Since our appointment on Wednesday 6 February 2013, we have made
good progress with this large and complex receivership, consistent
with our statutory obligations," says Mr. McCloy said in a report
to creditors on March 14.

The Receivers have continued their dialogue with Mainzeal's
clients as they have worked through an assessment of each of
Mainzeal's more than 40 various projects, all of which are at
varying stages.

"The majority of clients have elected to continue projects using
other contractors. We have therefore handed most sites back to
Mainzeal clients, in a controlled manner, and we are reaching
settlements in respect of those contracts.  In the meantime we are
completing a relatively small number of selected projects through
Mainzeal.

"With the progress to date, it is hoped that Mainzeal
subcontractors and staff will have a prospect of being re-hired on
various jobs.  We understand how trying the situation has been for
all parties involved," adds Mr. McCloy.

As previously announced, Mainzeal's 50% interest in the MWH -
Mainzeal Joint Venture has been sold to its partner, with that
business now renamed MWH Recovery.  This has enabled more than 80
Mainzeal staff seconded to that joint venture to transfer their
employment to MWH Recovery.

"We are marketing a package of partially completed houses and
sections in various subdivisions around Christchurch, and we are
presently in discussion with a number of interested parties," says
Mr McCloy.

"We are working with a core residual team of around 40 Mainzeal
personnel in Auckland, Hamilton, Palmerston North, Wellington and
Christchurch, as we complete the wind down of the Mainzeal
business, manage the orderly transition of projects, negotiate
settlements with Mainzeal's clients and recover assets. We have
valued their assistance throughout the process," says Mr McCloy.

The Receivers are now focused on realising Mainzeal's property
assets, realising items of plant and equipment, reconciling
obligations to subcontractors, suppliers and staff, and addressing
a range of other matters.  The Receivers are also working with the
Liquidators appointed to Mainzeal, assisting them with their
reporting requirements and other statutory obligations.

"This Receivership represents an extremely disappointing end for
what has historically been a well recognised brand in the New
Zealand construction sector, and we appreciate the impact of this
Receivership on all stakeholders," adds Mr. McCloy.

The Receivers will provide any further updates if and when
appropriate.

                      About Mainzeal Property

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

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

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

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

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

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



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


PACNET: Data Center Investment No Impact on Moody's B2 CFR
----------------------------------------------------------
Moody's Investors Service says that Pacnet's plan to build a new
data center in Singapore has no immediate impact on the company's
B2 corporate family and senior secured ratings, or on its negative
outlook.

On March 12, the company announced it will invest US$90 million to
build a new Tier III data center in Singapore to meet the region's
accelerating demand for connected, advanced data centers and
managed services.

The total investment of US$90mm includes the total lease expense
over the initial 15 year term of the building lease. The first
stage of the build out of the new facility, expected to be
completed in 2013, will cost around $40MM. This investment is in
line with the company's strategy to focus on managed services
deployed in data centers and leveraging its network assets
throughout Asia to serve Enterprise and Carrier customers.

Moody's expects funding for the build-out to be provided through a
combination of cash from operations and additional bank
facilities. However, Moody's does not expect leverage to deviate
materially from Moody's current expectations, or around 4.5-5.0x
on an adjusted basis through 2013.

This leverage expectation reflects the partial debt funding of
this build-out but does not include any associated revenues
through 2013. With the build out of a new data center, generally
revenues and cash flows would only begin to ramp towards the end
of construction.

The negative outlook continues to reflect Moody's expectations
that Pacnet's operating metrics will remain weak over the next 12
months at a time when it will also be managing substantial
execution risks associated with the expected roll out of a data
center in Singapore. Its debt servicing obligations and capex will
continue to exceed operating cash flow resulting in an erosion of
the company's cash position through to at least the end of 2013.

To that end, Moody's understands the company has received consent
from lenders under its existing US$30 million facility to amend
its financial covenants for the period December 2012 through June
2013, alleviating Moody's concerns regarding non-compliance for
the same period.

While the lender's consent is a positive credit development for
the company's financial flexibility over the near-term, a
sustainable expansion of quarterly EBITDA, is required to
alleviate Moody's concerns regarding liquidity, leverage and
financial flexibility beyond June 2013.


SUMMERVIEW DEVELOPMENTS: Creditors' Proofs of Debt Due March 22
---------------------------------------------------------------
Creditors of Summerview Developments 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


WARAKU INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on March 1, 2013, to
wind up the operations of Waraku International Pte Ltd.

Malayan Banking Berhad 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, #05-11/#06-11
         Singapore 069118


WINFORT GLOBAL: Court Hears Judicial Management Bid
---------------------------------------------------
The High Court of Singapore on March 1, 2013, heard an application
to place Winfort Global Ltd under judicial management.

The Applicant's solicitors are:

          Stamford Law Corporation
          10 Collyer Quay #27-00
          Ocean Financial Centre
          Singapore 049315


YEW HUAT: Creditors' Proofs of Debt Due March 22
------------------------------------------------
Creditors of Yew Huat (S) Trading Company Private
Limited 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



================
S R I  L A N K A
================


* Moody's Points to Sri Lanka's High Debt Burden in New Report
--------------------------------------------------------------
Moody's Investors Service says that Sri Lanka's economy faces
slower growth and elevated external pressure in the year ahead.
Although the government will likely continue to make gradual
progress in reducing its deficit, the debt burden will remain
high. The absence of a new funding program is credit negative from
the perspectives of external payments and growth.

Moody's views were contained in a just-released report, titled,
"Sri Lanka -- The Post-IMF Backdrop: Downward Growth Pressures and
Elevated External Pressures."

The special comment examines the credit implications of Sri
Lanka's (B1/Positive) decision on 12 February to not seek a new
funding program from the IMF, following the successful completion
of a $2.6 billion Stand-by Arrangement in 2012.

The report also looks at key factors that will shape the credit
outlook going forward; in particular, trends in growth and macro
stability, the external payments position, and progress on fiscal
consolidation.

The B1 rating on Sri Lanka takes into account the notable progress
that the country has made over the last three years, since the
civil war ended in May 2009. However, given the challenging
macroeconomic backdrop, the report's conclusion is that a follow-
up funding program would have augmented international reserves
directly through borrowed IMF resources. Through enhanced policy
certainty under an IMF funding program, investor confidence would
likely have been bolstered. And in doing so, it would have
provided additional support to the balance of payments and
economic growth prospects.

Moody's believes the government will continue to reduce gradually
its budget deficit, but the composition of deficit reduction will
be key. Supplier cash arrears, weak structural revenue reform and
contingent liabilities in the SOE sector are concerns. Moreover,
high inflation and rapid credit growth are risks to macroeconomic
stability.

While there was a modest accretion to foreign reserves in 2012, at
$6.9billion currently, reserves are still not back to the peak of
$8.1 billion in July 2011, when Sri Lanka's rating outlook was
changed to positive. Moody's External Vulnerability Indicator
(EVI) - which gauges if foreign reserves are adequate to cover
short-term external debt and long-term debt maturing over the next
year in the event of sudden stop in external credit extension - is
expected to remain high at 124% in 2013, from 132% in 2012. This
level is appreciably above the 100% threshold of reserve coverage
for external creditors. This is partly because higher commercial
bank issuances, which are classified as banking sector external
liabilities have contributed to outstanding short-term debt.

A new IMF funding program would have helped build up foreign
reserves, even if the program size were a moderate $1-1.5 billion.
In its absence, greater foreign exchange inflows could possibly
come through commercial bank issuances in 2013. This would likely
provide further cushion, but Moody's will also be monitoring
trends in foreign direct investment. In general, flows which do
not add to external debt, namely FDI, would be more favorable for
the sovereign credit profile.



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


* Fitch Reports Net Negative Sovereign Rating Actions in 2012
-------------------------------------------------------------
With the eurozone reverting to recession and emerging market
growth decelerating, sovereign rating actions turned net negative
in 2012. Downgrades topped upgrades by a ratio of 1.9 to 1 -- a
reversal of 2011's 0.5 to 1, according to a new report by Fitch
Ratings.

Fitch recorded seven sovereign upgrades in 2012, down from 19 in
2011. Downgrades climbed to 13 from 10. The resulting downgrade
rate (12.6%) readily topped the upgrade rate (6.8%), reversing
2011 results of 9.8% and 18.6%, respectively.

The 13 sovereign downgrades by region include:

        Asia Pacific                 1
        Europe                       8
        Latin America                2
        Middle East and Africa       2

The upward momentum of emerging market sovereigns slowed
considerably in 2012, with upgrades falling to six from 18 in 2011
and 11 in 2010.

Fitch registered a single long-term sovereign Issuer Default
Rating (IDR) default in 2012, Greece. The country sustained the
largest sovereign debt restructuring in modern times and the first
of any developed market economy since the Second World War.
Greece's default resulted in a Fitch sovereign issuer-based
default rate for 2012 of 0.96%.

This new study provides data and analysis on the performance of
Fitch's sovereign ratings in 2012 and over the long term,
capturing the period 1995-2012. The report provides summary
statistics on the year's key sovereign rating trends.

The study is titled 'Fitch Ratings Sovereign 2012 Transition and
Default Study' and is available on Fitch's web site under Credit
Market Research.


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

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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



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