TCRAP_Public/130318.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 18, 2013, Vol. 16, No. 54


                            Headlines


A U S T R A L I A

BELL GROUP: High Court Grants Banks Leave to Appeal Case
MULSANNE RESOURCES: Tinkler Appears in Court for Public Grilling
TINKLER GROUP: Debts Reach AUD500 Million, Tinkler Tells Court
TRIO CAPITAL: ASIC Still Don't Have Enough Proof Vs. Founder


C H I N A

GEMDALE (ASIA): Proposed Bonds Get Moody's Ba3 Rating
SUNTECH POWER: Likely to Default and Enter Bankruptcy, Maxim Says
SUNTECH POWER: Noteholders Sign Forbearance Agreement


H O N G  K O N G

ASIAN PACIFIC: Lui and Yuen Step Down as Liquidators
CANKING INDUSTRIES: Lui and Yuen Step Down as Liquidators
CANLUCK CORPORATION: Lui and Yuen Step Down as Liquidators
EDUCATION TECHNOLOGY: Creditors' Proofs of Debt Due April 8
FORTUNE KEY: Creditors' Proofs of Debt Due April 8

G & O LIMITED: Cheung and Suen Step Down as Liquidators
HUNG CHUN: Cheung and Suen Step Down as Liquidators
JASON INTERNATIONAL: Creditors' Proofs of Debt Due April 8
KYT LIMITED: Cheung and Suen Step Down as Liquidators
LUXUP HK: Creditors' Meeting Set for March 21

OPTIMA TECHNOLOGY: Creditors' Proofs of Debt Due April 26
POLYFIELD DEVELOPMENT: Members' Final Meeting Set for April 9
STARGO ENTERPRISES: Creditors' Proofs of Debt Due April 8
STRATEGIC SOURCING: Creditors' Proofs of Debt Due April 8
TAMAKI INTERNATIONAL: Lui and Yuen Step Down as Liquidators


I N D I A

A.B RICE: ICRA Assigns 'B' Rating to INR6cr Cash Credit
ABHIJEET TRADEIMPEX: ICRA Reaffirms 'B' Rating on INR1.7cr Loan
ARUN SPINNING: ICRA Reassigns 'B' Ratings to INR22.8cr Loans
ATHARVA PACKAGING: ICRA Assigns 'B+' Ratings to INR4.41cr Loans
GEM STAR: ICRA Downgrades Rating on INR115.97cr Loans to 'D'

GEM STAR COMPANY: ICRA Lowers Rating on INR45cr ST Loans to 'D'
HARI OM: ICRA Assigns 'B' Rating to INR35cr LT Fund Based Loans
MAGMA METTCAST: ICRA Reaffirms 'D' Ratings on INR35.73cr Loans
R VIDYA SAGAR: ICRA Reaffirms 'B' Ratings on INR7cr LT Loans
RANGA OVERSEAS: ICRA Assigns 'B+' Rating to INR2cr Cash Credit

SANT VALVES: ICRA Assigns 'B+' Rating to INR7cr Loans
SCANPOINT GEOMATICS: ICRA Places 'B' Ratings on INR5.35cr Loans
SRI LAKSHMI: ICRA Assigns 'B+' Rating to INR8.43cr Loans
SRI SAI: ICRA Assigns 'B+' Rating to INR9.26cr Loans
UMA MAHESWARI: ICRA Cuts Rating on INR10cr Loans to 'C+'


I N D O N E S I A

BERLIAN LAJU: Reaches Deal With Creditors; Averts Bankruptcy


J A P A N

CORSAIR (JERSEY): S&P Keeps B+ Rating on CreditWatch Negative


N E W  Z E A L A N D

CAPITAL + MERCHANT: Former CEO Gets Extra Jail Term
WOODHILL HOLDINGS: Barry Hart-Owned Firms Placed Into Liquidation


                            - - - - -


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


BELL GROUP: High Court Grants Banks Leave to Appeal Case
--------------------------------------------------------
Australian Associated Press reports that the banks involved in
Bell Group, Australia's most expensive and longest-running court
case, have won the right to take their battle to the High Court.

According to AAP, the consortium of 20 banks including Westpac and
Lloyd's TSB Bank had previously lost an appeal in Western
Australia's Supreme Court against a 2008 ruling that ordered them
to pay about AUD1.58 billion to the liquidators of Bell Group,
once controlled by fallen tycoon Alan Bond.

The news agency recalls that the banks had agreed in 1990 to
extend Bell Group's loans to allow it to restructure and remain
afloat, and in exchange were given guarantees and security over
Bell Group's publishing assets, shares in Bell Resources and other
minor assets.

AAP notes that Bell Group was at the time on the brink of
insolvency, and the banks were found by Justice Neville Owen to be
liable as knowing recipients of the company's trust property.

But in Melbourne on Friday, March 15, the full bench of the High
Court granted an application by the banks for special leave to
appeal, according to AAP.

The report says the banks' counsel had argued the existing
judgment would likely make directors and financiers more risk
averse in the future, and that rather than trying to put in place
rescue plans to support businesses, they would find it safer to
move earlier to insolvency.

A directions hearing will take place before the appeal is heard in
Canberra at a later date, the report adds.

                        About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.


MULSANNE RESOURCES: Tinkler Appears in Court for Public Grilling
----------------------------------------------------------------
The Sydney Morning Herald reports that embattled coal tycoon
Nathan Tinkler has appeared in the New South Wales Supreme Court
to face a public grilling for the first time over the state of his
finances, as creditors seek to recover millions of dollars in
unpaid debts.

According to the report, Mr. Tinkler flew in from his home in
Singapore having been threatened with arrest if he failed to
present himself in the court.

SMH relates that Mr. Tinkler lost a last-minute bid to avoid
questioning over a AUD28.4 million debt to junior coal explorer
Blackwood.  The report notes that the Blackwood case is one of a
series of lawsuits against the former billionaire over unpaid
bills and commercial disputes that have raised questions about the
future of his main asset, a near one-fifth stake in Whitehaven,
Australia's largest independent coal miner.

SMH say Mr. Tinkler's private shelf company, Mulsanne Resources,
was placed into liquidation at Blackwood's request after
Mr. Tinkler failed to follow through on a deal for a
AUD28.4 million share placement.

Robert Newlinds, the lawyer for liquidator Ferrier Hodgson, is
expected to focus initially on the share placement agreement, but
questioning could extend to Mr. Tinkler's wider business empire
and personal financial position, according to the report.

SMH notes that Mr. Tinkler, who moved with his family to Singapore
last year, has paid off debts worth millions of dollars in recent
months to stave off some creditors and avoid public scrutiny of
his finances through the courts.

He has been selling assets, including horses from his large
stable, and liquidators have seized his private jet and
helicopter, the report relays.

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


TINKLER GROUP: Debts Reach AUD500 Million, Tinkler Tells Court
--------------------------------------------------------------
The Sydney Morning Herald reports that Nathan Tinkler has told a
court the debts of his Tinkler Group are about AUD500 million.

SMH relates that the detail emerged as he appeared before the
New South Wales Supreme Court for a second day of questioning
about his finances and the collapse of his mining company Mulsanne
Resources.

SMH says that under questioning from counsel for Mulsanne's
liquidators, Robert Newlinds, SC, Mr. Tinkler was asked about the
value of shares in his main asset, Whitehaven Coal, and the total
debts of Tinkler Group.

While he did not give an answer about the value of his Whitehaven
shares, Mr. Tinkler said the total debts of Tinkler Group were
"around AUD500 million," the report relays.

According to SMH, Mulsanne was put into liquidation late last year
after failing to pay for a AUD28.4 million stake in junior coal
miner Blackwood Corporation.

Mr. Tinkler told the court on he did not approach "normal banks"
to raise funds for the looming AUD28.4 million debt because they
did not understand his business model.

"It's just out of the question for me to deal with normal banks,"
the report quotes Mr. Tinkler as saying.  "They don't understand
how I create wealth."

Mr. Tinkler previously told the court he had three properties
worth nearly AUD20 million in total which could have been used for
security in the Blackwood share purchase, SMH recalls.

However Mr. Tinkler told Mr. Newlinds that he was unsure if
valuations on the houses were ever done, the report adds.

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


TRIO CAPITAL: ASIC Still Don't Have Enough Proof Vs. Founder
------------------------------------------------------------
Lucy Battersby at The Sydney Morning Herald reports that senior
staff from the corporate watchdog revealed they still do not have
enough evidence to charge the man behind Trio Capital, one of
Australia's biggest superannuation scams.

However, investigations into Trio continue, and the chair of the
Australian Securities and Investments Commission, Greg Medcraft,
gave politicians a confidential briefing about Trio following a
Parliamentary Joint Committee on Corporations and Financial
Services hearing in Sydney, the report says.

SMH relates that ASIC also updated the committee on its work to
tighten regulations in the debenture sector following the collapse
of Banksia Securities last year.

However, SMH says, Mr. Medcraft did criticise a Trio Capital
investor advocate, Paul Matters, who claims ASIC leaked
information to Trio directors.

"Mr. Matters said on ABC radio and on YouTube that he had been
leaked a Trio Capital bank statement showing AUD74 million had
been lost immediately after ASIC became involved in the
investigation. This is completely incorrect. The funds were
distributed by the administrator to a number of subsidiary Trio
super funds," the report quotes Mr. Medcraft as saying.

"ASIC officers are not in the business of leaking documents and
this is a serious smear on the men and women who work at our
organisation. Mr. Matters should substantiate this allegation."

According to SMH, Mr. Medcraft said ASIC was still investigating
Trio with the help of the Australian Crime Commission and
Australian Federal Police. However, last year it had insufficient
evidence to charge the man considered the mastermind behind Trio,
Jack Flader.

"Things have not changed at this point in time," Mr. Medcraft
said, SMH relates.

ASIC does not believe that another director, Paul Gresham
(previously known as Tony Maher), who was recently questioned in a
liquidator's examination, has any assets in Australia or overseas
that could be returned to shareholders, the report adds.

                         About Trio Capital

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

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

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


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


GEMDALE (ASIA): Proposed Bonds Get Moody's Ba3 Rating
-----------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the proposed bonds to be issued by Gemdale (Asia)
Holding Limited.

Moody's has also affirmed Gemdale Corporation's Ba1 corporate
family rating and Famous Commercial Ltd's Ba3 corporate family
rating. Famous is a wholly-owned subsidiary of Gemdale Corp.

In addition, Moody's has affirmed the Ba3 senior unsecured ratings
for the bonds issued by Gemdale International Holding Limited and
Gemdale International Investment Limited.

The ratings outlook is stable.

The proposed bonds will be guaranteed by Famous and supported by a
Deed of Equity Interest Purchase Undertaking and a Keepwell Deed
between Famous, Gemdale Corp and the bond trustee.

There will also be 12 months of interest reserves in an offshore
interest reserve account.

The net proceeds from the issuance will be used for debt
refinancing.

Ratings Rationale:

"The proposed bond issuance is in line with Famous' plan to
refinance is existing bank loans with debt of longer maturity,
which will improve Famous' funding stability by lengthening its
debt maturity profile," says Kaven Tsang, a Moody's Vice President
and Senior Analyst.

"On the other hand, the replacement of Famous' existing bank
loans, which are ultimately guaranteed by Gemdale Corp, will
slightly increase Famous' repayment risk," says Tsang, who is also
Moody's lead analyst for Gemdale Corp and Famous.

Nevertheless, Moody's expects that the amount of new bond issuance
will be maintained at a manageable level, such that Famous'
projected standalone credit metrics -- including total debt/total
assets not exceeding 60% after repayment of its existing debt, and
EBITDA/interest not less than 1.5x -- will remain appropriate for
its mid-B level credit profile.

Any deviation from such an expectation could pressure its rating
and/or its outlook.

Famous' Ba3 corporate family rating reflects its mid-B standalone
credit profile and a two-notch rating uplift, based on the
financial and operational support provided by Gemdale Corp.

The two-notch uplift takes into consideration (1) Gemdale Corp's
100% ownership of Famous; (2) Gemdale Corp's track record of
financial support to Famous; and (3) Gemdale Corp's operation of
Famous projects, which affords cost efficiencies and a strong
brand name.

The mid-B standalone credit profile of Famous further reflects its
small-scale operations: 13 projects in six Chinese cities, a land
bank of about 3 million square meters in gross floor area and
annual contract sales of approximately RMB3 billion.

As six projects are confined to one city, Moody's expects a high
degree of volatility in Famous' sales performance.

Famous' mid-B standalone credit profile also considers the fact
that it is part of Gemdale Corp.

Gemdale Corp's Ba1 corporate family rating reflects its
established track record in China's property market. The company
demonstrated resilience in the 2008 and 2011 downcycles, achieving
contract sales growth of 17% in 2008, and 9% in 2011, and which
was supported by its established brands and wide geographic
coverage of approximately 70 projects across 20 cities in China.

The rating also reflects Gemdale Corp's good access to funding as
well as flexibility in managing its funds. It is one of the few
Chinese property developers that can raise unsecured loans at the
corporate level.

This ability provides it with the flexibility to invest surplus
liquidity in projects according to its business plan.

In addition, Gemdale Corp has widened its funding sources by
raising offshore financing through its overseas subsidiary,
Famous.

Another rating driver is Gemdale Corp's strong liquidity, as
evidenced by its high level of cash -- RMB18.8 billion as of
Sept. 30, 2012 -- which more than covers its short-term debt
obligations of RMB12.6 billion.

Gemdale Corp also exhibits a cautious approach to land
acquisitions. It had a land bank of around 19 million square
meters as of September 2012, which is small relative to most of
its Ba-rated peers. However, this land bank is sufficient to
provide development for the next five years.

Gemdale Corp also has a stable management team. Four of the six
executive directors on its board, including the chairman and the
CEO, have been working in the company for around 20 years.

Famous' stable rating outlook reflects Moody's expectation that it
will stay well managed by Gemdale Corp, which provides it with
financial and operational support.

Famous' ratings could come under downward pressure if it (1) fails
to implement its business plan, such that sales and operating cash
flow generation are weaker than anticipated; and/or (2) materially
accelerates project development and rolls out an aggressive land
acquisition plan, such that its debt leverage increases with total
debt/total assets exceeding 65%, and EBITDA/interest dropping
below 1.5x on a sustained basis.

An increase in refinancing pressure such as more than 40% of its
total debt maturing in one year will also pressure the rating.

Additionally, any evidence of weakening support from Gemdale Corp,
or a deterioration in Gemdale Corp's credit profile could also be
negative for Famous' ratings.

On the other hand, upward rating pressure could emerge if Famous
can (1) successfully implement its business plan; (2) improve its
scale and diversity to reduce sales and earnings volatility; and
(3) improve its credit profile.

Moody's will consider upgrading Famous should its financial
profile improve, that is, total debt/total assets falling below
50% and EBITDA/interest rising above 3x on a sustained basis.

The principal methodology used in these ratings was the Global
Homebuilding Industry Methodology published in March 2009.

Incorporated in China, Gemdale Corp is a developer in China's
residential property sector. It was founded in 1988 and listed on
the Shanghai Stock Exchange in 2001.

Incorporated in Hong Kong in 1995, Famous Commercial Ltd is a
wholly-owned subsidiary of Gemdale Corp. It was initially
established as a sales office in Hong Kong to sell Gemdale Corp's
property projects to overseas customers. It was eventually
developed as an offshore holding company, housing some of Gemdale
Corp's property projects in China. It also serves as a funding
vehicle in the overseas market.


SUNTECH POWER: Likely to Default and Enter Bankruptcy, Maxim Says
-----------------------------------------------------------------
Justin Doom at Bloomberg News reports that Suntech Power Holdings
Co., the Chinese solar-panel maker that announced a forbearance
agreement for $541 million in convertible debt due March 15, fell
to a record low after Maxim Group LLP said the company is "likely"
to default and enter bankruptcy.

Bloomberg says Suntech tumbled 22% to 65 cents at the close in New
York, the lowest since it began trading in December 2005. The
bonds increased to 32 cents on the dollar.

There is "no legal way around the March 15 maturity," Aaron Chew,
a Maxim analyst based in New York, wrote in a note to investors,
citing the bond prospectus, Bloomberg relates.

According to the report, the company said in a statement March 11
that about 60% of the bondholders had agreed to wait until May 15
before exercising their rights.

Such a delay isn't allowed "without the consent of the holders of
each outstanding note affected," according to the prospectus cited
by Bloomberg.  Bloomberg relates that some of the remaining 40% of
bondholders said they weren't contacted by the company about a
forbearance and want to be paid on schedule.

A default would be the first for a bond issued by a company in
mainland China, Bloomberg notes.  Suntech, the largest solar panel
maker in 2011, has reported losses for the past two years and had
about $2 billion of debt as of the end of August, Bloomberg
discloses citing a bondholder presentation in November filed with
the Securities and Exchange Commission.

Mr. Chew wrote that if Suntech is taken over by the local Wuxi
government, such a bailout is "likely to be targeted only at local
employment and bank debt" and will come "at the expense of stock
and bond holders," according to Bloomberg.  Mr. Chew rates Suntech
a sell, with a 12-month price target of $0.

Suntech is a Cayman Islands corporation with its principal
executive offices located in Jiangsu Province, People's Republic
of China.  Suntech, a solar energy company, engages in the design,
development, manufacture, and marketing of photovoltaic products,
which are used to provide electric power for residential,
commercial, industrial, and public utility applications primarily
in Germany, Italy, Spain, France, Benelux, Greece, the United
States, Canada, China, the Middle East, Australia, and Japan.


SUNTECH POWER: Noteholders Sign Forbearance Agreement
------------------------------------------------------
Bingham McCutchen LLP and Duff & Phelps Securities, LLC represent
an ad hoc group of holders of the Convertible Senior Notes issued
by Suntech Power Holdings Co., Ltd.  The Notes are due on
March 15, 2013, and the Ad Hoc Group has been engaged in
discussions with Suntech and other parties for several months
regarding the Maturity and other matters.

In order to continue those discussions, the Ad Hoc Group and other
supporting noteholders, who together hold more than 63% of the
Notes, have signed a forbearance agreement with Suntech, agreeing,
among other things, to forbear from exercising certain rights and
remedies concerning the Maturity until May 15th. The Ad Hoc
Group's advisors are in regular discussion with Suntech, its
advisors, and parties onshore in the PRC. The Ad Hoc Group
believes that a consensual restructuring is attainable that will
maximize recoveries for all noteholders.

"Bingham McCutchen and Duff & Phelps encourage all holders of the
Notes, large and small, to contact us as indicated below to
discuss the situation," Bingham McCutchen said in a statement.

"The foregoing shall not be construed as tax, legal, business,
financial, accounting or other advice, and holders of the Notes
are encouraged to consult their own advisors."

Suntech is a Cayman Islands corporation with its principal
executive offices located in Jiangsu Province, People's Republic
of China.  Suntech, a solar energy company, engages in the design,
development, manufacture, and marketing of photovoltaic products,
which are used to provide electric power for residential,
commercial, industrial, and public utility applications primarily
in Germany, Italy, Spain, France, Benelux, Greece, the United
States, Canada, China, the Middle East, Australia, and Japan.


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


ASIAN PACIFIC: Lui and Yuen Step Down as Liquidators
----------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Asian Pacific Development Limited on Feb. 28, 2013.


CANKING INDUSTRIES: Lui and Yuen Step Down as Liquidators
---------------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Canking Industries Limited on Feb. 28, 2013.


CANLUCK CORPORATION: Lui and Yuen Step Down as Liquidators
----------------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Canluck Corporation Limited on Feb. 28, 2013.


EDUCATION TECHNOLOGY: Creditors' Proofs of Debt Due April 8
-----------------------------------------------------------
Creditors of Education Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2013, to be included in the company's dividend
distribution.

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

The company's liquidator is:

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


FORTUNE KEY: Creditors' Proofs of Debt Due April 8
--------------------------------------------------
Creditors of Fortune Key Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2013, to be included in the company's dividend
distribution.

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

The company's liquidator is:

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


G & O LIMITED: Cheung and Suen Step Down as Liquidators
-------------------------------------------------------
Cheung Hok Hin Alan and Suen Fuk Yuen Bernie stepped down as
liquidators of G & O Limited on Feb. 22, 2013.


HUNG CHUN: Cheung and Suen Step Down as Liquidators
---------------------------------------------------
Cheung Hok Hin Alan and Suen Fuk Yuen Bernie stepped down as
liquidators of Hung Chun Infotech Limited on Feb. 22, 2013.


JASON INTERNATIONAL: Creditors' Proofs of Debt Due April 8
----------------------------------------------------------
Creditors of Jason International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

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


KYT LIMITED: Cheung and Suen Step Down as Liquidators
-----------------------------------------------------
Cheung Hok Hin Alan and Suen Fuk Yuen Bernie stepped down as
liquidators of KYT Limited on Feb. 22, 2013.


LUXUP HK: Creditors' Meeting Set for March 21
---------------------------------------------
Creditors of Luxup Hong Kong Limited will hold their meeting on
March 21, 2013, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at Room 503 of The Boy's & Girls Clubs
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


OPTIMA TECHNOLOGY: Creditors' Proofs of Debt Due April 26
---------------------------------------------------------
Creditors of Optima Technology (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 26, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 27, 2013.

The company's liquidator is:

         Lo Yau Kit
         Flat A, 3/F
         62 Broadway, Mei Foo Sun Chuen
         Kowloon


POLYFIELD DEVELOPMENT: Members' Final Meeting Set for April 9
-------------------------------------------------------------
Members of Polyfield Development Limited will hold their final
general meeting on April 9, 2013, at 10:00 a.m., at Room 303 East
Ocean Centre, 98 Granville Road, in Kowloon.

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


STARGO ENTERPRISES: Creditors' Proofs of Debt Due April 8
---------------------------------------------------------
Creditors of Stargo Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2013, to be included in the company's dividend
distribution.

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

The company's liquidator is:

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


STRATEGIC SOURCING: Creditors' Proofs of Debt Due April 8
---------------------------------------------------------
Creditors of Strategic Sourcing (International) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by April 8, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


TAMAKI INTERNATIONAL: Lui and Yuen Step Down as Liquidators
-----------------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Tamaki International Limited on Feb. 28, 2013.


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A.B RICE: ICRA Assigns 'B' Rating to INR6cr Cash Credit
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' for INR6.00
crore* fund based limits of A.B Mills.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Cash Credit               6.00     [ICRA]B

The assigned ratings factor in firm's weak financial profile, as
reflected by low profitability, relatively high gearing and weak
debt coverage indicators. The rating also takes into account high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse conditions.
ICRA however draws comfort from long experience of promoters in
rice industry and stable demand outlook with rice being an
important part of the staple Indian diet.

Incorporated in the year 1998, A.B Rice Mills is a partnership
firm engaged milling and processing of basmati and non basmati
rice. The firm has its plant located in Kurukshetra, Haryana with
milling capacity of 8 tons/hour and sorting capacity of 6
tons/hour.

Recent Results

The firm reported a net profit after tax of INR0.04 crore on an
operating income of INR27.93 crore in FY2012 as against net profit
of INR0.04 crore on an operating income of INR12.40 crore in
FY2011.


ABHIJEET TRADEIMPEX: ICRA Reaffirms 'B' Rating on INR1.7cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR1.70 crore term loan facilities of Abhijeet Tradeimpex and ICRA
has also reassigned '[ICRA]B' rating on long term scale to INR5.50
crore working capital borrowings as against the earlier rating of
'[ICRA]A4' on the short term scale. ICRA has also reaffirmed the
short term rating of '[ICRA]A4' to the INR2.00 crore short term
non fund based facility, which is a sub limit of long term working
capital facility.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Long Term-Fund Based          1.70     [ICRA]B reaffirmed
   Limits Term Loans

   Long Term-Fund Based          5.50     [ICRA]B reassigned
   Limits- Cash Credit

   Short Term-Fund Based         5.50     [ICRA]A4 withdrawn
   Limits-Cash Credit

   Short Term-Non Fund Based    (2.00)    [ICRA]A4 reaffirmed
   Limits-Letter of Credit

The ratings continue to factor in ATI's weak financial profile as
reflected by its very low profit margins as inherent in trading
business, high working capital intensity resulting in a highly
leveraged capital structure and weak debt coverage indicators. The
ratings also incorporate the high project implementation and
execution risks as evident from the current delays faced in Phase
II of the hotel project on account of delay in funding tie up. The
ratings further take a note of the intense competition in trading
of ingots and TMT bars along with exposure to cyclicality in real
estate sector given that 100% of the revenue is derived from sales
to companies engaged in construction activity in Mumbai and Pune
only.

The ratings, however, favorably factors in the experience of the
proprietor in trading business of TMT bars and ingots as well as
revenue diversification efforts undertaken in the form of hotel
project and addition of aluminium structural's to the trading
product portfolio. The ratings also draw comfort from the firm's
low susceptibility to price volatility risks in products traded,
as the procurement is done only against confirmed orders.

Abhijeet Tradeimpex was set up as a proprietary firm in 2001 by
Mr. Abhijeet Patodia. The firm is mainly into trading of TMT Bars.
It has a registered office at Fort, Mumbai.

Recent Results

ATI recorded a net profit of INR0.17 crore on an operating income
of INR33.80 crore for the year ending March 31, 2012.


ARUN SPINNING: ICRA Reassigns 'B' Ratings to INR22.8cr Loans
------------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
INR9.20 crore term loan and INR13.60 crore fund based facilities
of Arun Spinning Mills Private Limited to '[ICRA]D' from
'[ICRA]B+' and simultaneously reassigned to '[ICRA]B'. ICRA also
has revised the rating outstanding on the INR1.60 crore short term
fund based facilities and the INR3.00 crore short term non-fund
based facilities of the company to '[ICRA]D' from '[ICRA]A4' and
simultaneously reassigned to '[ICRA]A4'.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Term Loans               9.20     Revised to [ICRA]D from
                                     [ICRA] B+ and simultaneously
                                     reassigned to [ICRA]B

   Fund based facilities   13.60     Revised to [ICRA]D from
                                     [ICRA] B+ and simultaneously
                                     reassigned to [ICRA]B

   Short term fund based    1.60     Revised to [ICRA] D from
   Facilities                        [ICRA]A4 and simultaneously
                                     reassigned to [ICRA]A4

   Short term non-fund      3.00     Revised to [ICRA] D from
   based facilities                  [ICRA]A4 and simultaneously
                                     reassigned to [ICRA]A4

During the year 2011-12, the company had delayed in servicing its
debt obligations; subsequently the delays have been regularized.

The revision in the ratings also consider the weak financial
profile of the company, characterized by sharp losses incurred by
the company on account of demand volatility in cotton and yarn
prices during 2011-12, highly leveraged capital structure on
account of large debt funded capital expenditure in the past and
the declining net worth owing to the net losses posted during
2011-12. On account of stretched liquidity position, the company
delayed its debt repayment obligation during 2011-12, although
this has been regularized subsequently in the current year. The
ratings also consider ASMPL's small scale of operations, which
restricts financial flexibility and the intense competition
prevalent in the industry. Nevertheless, the ratings also
considers the experience of the promoter in the spinning industry
spanning more than a decade and favorable demand outlook for
cotton yarn and stable cotton prices in the current fiscal
resulting in improved financial profile of the company.

Arun Spinning Mills Private Limited was incorporated in 1997 with
an initial capacity of 5,000 spindles which was gradually
increased to the current levels of 30,240 spindles. ASMPL
manufactures carded and combed yarn of 20-80 counts. ASMPL markets
its yarn through brokers to traders and consumers located in
Erode, Salem, Karur, Tirupur and Mumbai, among others. ASMPL also
has 300 stitching machines with a capacity to produce 400,000
pieces per month at its facility located in Tirupur, Tamil Nadu.
ASMPL is engaged in manufacturing and export of quality knitted
garments like single and double jersey, fleeced, interlock and
loop knit to Europe, Canada and USA. The Company markets the
finished product through buyer houses located in Tirupur.

Recent results

According to unaudited results, the Company's profit before taxes
stood at INR1.24 crore on an operating income of INR40.16 crore
during the nine months period ending December, 2012. For the
fiscal, 2011-12, the company reported an operating income of
INR39.23 crore with a net loss of INR2.48 crore as against an
operating income of INR43.14 crore reporting a net profit of
INR0.35 crore for 2010-11.


ATHARVA PACKAGING: ICRA Assigns 'B+' Ratings to INR4.41cr Loans
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' as the long term rating outstanding
for the INR4.41 crore bank facilities of Atharva Packaging Private
Limited. ICRA has also assigned '[ICRA]A4' as the short term
rating for the INR0.85 crore bank facilities of the company. The
total rated limits are INR5.26 crore.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loans                2.81     [ICRA]B+ Assigned
   Cash Credit               1.60     [ICRA]B+ Assigned
   Bank Guarantee            0.10     [ICRA]A4 Assigned
   Letter of Credit          0.75     [ICRA]A4 Assigned

The assigned ratings take into account the extensive experience of
promoters in printing & packaging industry, APPL's established
relationships with wide base of reputed customers besides the
healthy growth. The assigned ratings also take into account that
the company's diversified client base across various sectors
including pharmaceuticals, lighting and education sector. The
ratings, however, are constrained by APPL's weak financial profile
characterized by high gearing and low coverage indicators. APPL
has a small scale of operations in a highly competitive industry
with low entry barriers and a fragmented structure. The Company's
ability to enhance the scale of operations, improve its margins
and reduce debt levels remain key rating sensitivities.
Atharva Packaging Private Limited was started in 2004 by Mr.
Swadesh Sharma in Indore and is in the business of printing and
packaging. In printing, the company offers commercial printing and
printing for various stationary items including books, labels and
stickers. In packaging, the company is producing Duplex Boxes, E-
Flute Boxes and Corrugated Boxes. The company also provides
various value added services such as Aqua Varnish, U. V. Coating,
Hot Foil Stamping and Lamination. The company provides printing
and packaging solutions to various companies spread across nine
states in India. The clients of the company include Kores India,
Mankind Pharma, Panasonic India, Arya Filament, Naval Prabha and
Maharashtra Seeds.

Recent Results

In 2011-12, AAPL reported an Operating Income of INR7.0 Crore,
Profit before Depreciation, Interest and Tax (PBDIT) of INR1.2
Crore and net profit of INR0.1 Crore.


GEM STAR: ICRA Downgrades Rating on INR115.97cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the short term rating assigned to the INR115.97
crore fund based bank limits of Gem Star Company to '[ICRA]D' from
'[ICRA]A4+'. The rating revision reflects current delays in debt
servicing by GSC. The company has been classified as a non
performing asset by one of its bankers.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Short Term, fund-based       115.97    Revised to [ICRA]D from
   Facilities                             [ICRA]A4+

Gem Star Company was established in the year 1966 as a partnership
firm to export Cut and Polished Diamonds (CPD). GSC has three
manufacturing facilities located at Ahmedabad, Navsari and Surat.
The firm has its head office in Mumbai and it employs around 500
skilled labourers across its facilities. Currently, the business
operations of GSC are managed under the leadership of Mr. Shripal
P. Manilal. Gem Star Company is the flagship company of the 'House
of Manilals' group. The group also consists of Gem Star Company
Pvt. Ltd. (rated [ICRA]D) which is engaged in CPD and studded
jewellery business.


GEM STAR COMPANY: ICRA Lowers Rating on INR45cr ST Loans to 'D'
---------------------------------------------------------------
ICRA has revised the short term rating assigned to the INR45 crore
fund based bank limits of Gem Star Company Private Limited to
'[ICRA]D' from '[ICRA]A4+'.  The rating revision reflects current
delays in debt servicing by GSC.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Short Term, fund-based         45      Revised to [ICRA]D from
   Facilities                             [ICRA]A4+

Incorporated in the year 2000, Gem Star Company Private Limited is
engaged in the business of cut and polished diamonds (CPD) and
studded jewellery. The company is a part of the 'House of
Manilals' group which commenced its operations in the year 1966
with the establishment of its flagship company Gem Star Company
(rated [ICRA]D). The principal business of the flagship company is
to export Cut and Polished Diamonds (CPD). GSCPL has two
manufacturing facilities located at SEEPZ in Andheri and SEZ in
Sachin, Gujarat. While the SEEPZ unit is engaged in jewellery
manufacturing, the SEZ unit manufactures CPD. Currently, the
business operations of GSCPL are managed under the leadership of
Mr. Shripal P. Manilal.


HARI OM: ICRA Assigns 'B' Rating to INR35cr LT Fund Based Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR35.00 crore long
term bank facilities of Hari Om Healthcare Private Limited.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
  Long Term Fund Based Limits    35.00    [ICRA]B /Assigned

The assigned rating takes into account the satisfactory background
of promoters with significant experience in the healthcare
industry. Former chairman and managing director of Plethico
Pharmaceuticals Limited (rated [ICRA]D), Mr. Bhaskar Patel, who
has vast exposure of more than 45 years in the pharmaceutical
industry, is the chairman of HOH. In addition, the managing
director of HOH, Dr. Sanjay Desai, is a reputed oncologist at
Indore with more than 15 years of experience and his wife, Dr.
Shilpa Desai, the CEO and executive director of the company, has
experience of around 12 years as DNB (Medicine). However, the
rating is constrained on account of delays in completion of the
project, whereby the project, which was originally scheduled for
completion by September 2012 is now proposed to be completed by
March 2013.

As a result of delays, the debt repayments, which were scheduled
to commence in December 2012 were restructured (without changing
the overall maturity) with repayments now commencing from June
2013. As hospitals typically have a stabilization period of ~1-3
years, the promoters may have to lend funding support, in interim,
to the company for timely servicing of debt obligations. While the
project is highly leveraged with debt to equity in the ratio of
2.33:1, the project is supported by favorable debt profile with a
comfortable maturity of eight years and ballooning repayments. In
addition, the hospital is favorably located near well-developed
residential areas of Indore like Palasia and Nehru Nagar, thus
providing a good catchment area for the hospital. However, in the
background of intense competition due to presence of various
established hospitals in Indore, ability to ramp up occupancies
and adequately utilize the facilities remains a key imponderable.

Further, ICRA takes note of the risks associated with the hiring
and retention of skilled medical personnel and the scaling up of
operations since this is the first hospital being set up by the
company and the ability of the hospital to get empanelled with
various institutions (CGHS, ESI, insurance companies etc), also
remains to be seen. Going forward, timely commencement of
operations, ability of the hospital to attract and retain medical
talent and subsequently achieve the desired occupancies will be
the key operational challenges. Also, timely funding support from
promoters for completion of the project and later to support debt
servicing will be the key rating sensitivities.

Hari Om Healthcare Private Limited was incorporated in 2004 and is
promoted by Mr. Bhaskar Patel, his son-in-law, Dr. Sanjay Desai
and his daughter, Dr. Shilpa Desai. The hospital is proposed to
have 170 beds and is proposed to be completed by March 2013. The
hospital will be a multi-specialty hospital with a focus on
Oncology, which is the key expertise of Mr. Sanjay Desai.


MAGMA METTCAST: ICRA Reaffirms 'D' Ratings on INR35.73cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR28.57
crore (enhanced from INR25 crore) fund Based Limits of Magma
Mettcast Limited. ICRA has also reaffirmed the '[ICRA]D' rating
assigned to the INR7.16 crore (enhanced from INR1 crore) Non-Fund
Based Limits of MML.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits         28.57     [ICRA]D Reaffirmed
   Non Fund Based Limits      7.16     [ICRA]D Reaffirmed

The rating reaffirmation takes into account the continuing delays
in debt servicing by the company. The rating is also constrained
due to MML's limited operational track record, its low cash
accruals, its high gearing level, and modest debt coverage
indicators. The rating reaffirmation also takes into account
competitive nature of industry; MML's limited bargaining power
vis--vis its customers and its suppliers and its vulnerability to
steel price movement. However, the rating takes into consideration
in the stabilization of MMl's operations, improvement in operating
income and profitability of the company and addition of reputed
clients in the last year. Further, ICRA continues to favorably
factor in the long experience of the promoters in steel industry
and their established relationship with reputed players in the
auto ancillary industry.

Magma Mettcast Limited, incorporated in June 2006 as Swift
Mettcast Limited, is involved in the business of manufacturing of
casting parts for the automotive ancillary industry. The company
is promoted by Mr. Jagdeep Singal and his family members. MML
manufactures aluminum High Pressure Die Casted and precision
machined Sand Casted parts for auto ancillary industry. The
company markets the same in the domestic markets as well as export
markets. The manufacturing facilities of the company are located
in Hambran, Ludhiana.

The company reported a net loss of INR0.67 crore on an operating
income of INR63.17 crore in FY2012 as against net loss of INR0.09
crore on an operating income of INR44.91 crore in FY2011. As per
provisional numbers, the company has reported a net profit of
INR0.50 crore on an operating income of INR54.19 crore for 9M
FY2013.


R VIDYA SAGAR: ICRA Reaffirms 'B' Ratings on INR7cr LT Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to INR7.00
crore bank lines of R Vidyasagar Rao Constructions.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Fund Based Limits             4.00     [ICRA]B reaffirmed
   Long term Non-fund            3.00     [ICRA]B reaffirmed
   Based Limits

The reaffirmation of rating takes into account the high client and
geographical concentration risks for RVR since its revenues
largely come from 3-4 projects which are all located in Andhra
Pradesh (AP). Further, the company has a limited unexecuted order
book leading to lack of revenue visibility in the medium term. The
rating is also constrained by RVR's weak coverage indicators as
reflected in Total debt/OBITDA of 2.28x and OBITDA/interest and
finance charges of 2.67x as on 31st March, 2012. The firm depends
on Quasi-government clients for majority of its revenues resulting
in political risks. In the past, the firm has faced delays in
receiving payments from Andhra Pradesh Irrigation department. The
rating is also constrained by modest scale of operations of RVR
and low net worth which limit RVR's ability to bid for larger
projects. ICRA however notes that the firm has mitigated this
challenge by entering into joint venture with other players for
bidding. The rating however, draws comfort from long standing
experience of more than 2 decades of promoters in the construction
industry.

RVR was founded in 1973 by Mr. R Vidyasagar Rao as a sole
proprietorship. The firm since its establishment has been carrying
out various construction works like dams, canals, roads etc. It
was converted into partnership firm in 1992. In the past, RVR has
worked on integrated rural development project (IRDP project) from
Maharashtra State Road Development Corporation (MSRDC) for
constructing roads worth INR10 crore. The firm has worked on 20 Km
road on NH-5 near Vishakhapatnam. Its existing clients include
Siddhartha Constructions, APGENCO, Singreni Collieries and LAxmi
Infrs Projects. RVR's current operations are limited to the state
of Andhra Pradesh. The operating income for RVR in FY12 stood at
INR17.27 crore against which the firm reported a net profit of
INR0.75 crore.


RANGA OVERSEAS: ICRA Assigns 'B+' Rating to INR2cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR2.00
crore fund based limits of Ranga Overseas Private Limited. ICRA
has also assigned a short-term rating of '[ICRA]A4' to its
INR10.00 crore non-fund based limits.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Cash credit                    2.00    [ICRA]B+
   Letter of Credit              10.00    [ICRA]A4

The assigned ratings factor in the strong growth in revenues of
the company over the last three years with the operating income
increasing from INR7.68 crores in FY2009 to INR21.68 crores in
FY2012, the long-standing experience of the promoters in the
plywood industry and the established presence of the company in
Hyderabad. However, the assigned ratings are constrained by low
operating margins of the company on account of industry dynamics,
high dependence on a single supplier with almost 50% of revenue
coming from it and exposure to foreign exchange fluctuations which
add a degree of volatility to its profits.

Ranga overseas Private Limited was established in the year 2005 to
import MDF and particle Boards from South East Asian Countries,
Sri Lanka and China and market the same in India. In the Year
2009, the company took over the business of Ranga Marketing
Associates, a partnership firm. At present the company is an
established distributor of various kinds of Door Skins, MDF
Boards, Plywood, Particle Boards, Veneers, Embossed Boards etc.
The Company is managed by Mr. Rangaiah who has thirty years of
experience in the plywood industry.

Recent Results

In FY2012, the company reported an operating income of INR21.68
crores and an operating profit of INR0.82 crores as against an
operating income of INR16.78 crores and an operating profit of
INR0.44 crores in FY2011.


SANT VALVES: ICRA Assigns 'B+' Rating to INR7cr Loans
-----------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR7.00 crore fund
based limits of Sant Valves Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund based limits           7.00    [ICRA]B+ assigned

The rating is constrained by the highly competitive nature of the
valve industry due to presence of numerous players, which has
impacted the profitability and the revenues of the company.
Moreover, the company's margins remain vulnerable to raw material
price variations, since the majority of contracts are entered into
on a fixed-price basis. Furthermore, company's high dependence on
external debt has resulted in high gearing and weak debt coverage
indicators. Nevertheless, ICRA derives some comfort from healthy
industry outlook and experienced management of the firm.

Sant Valve Private Limited, incorporated in 1993, is engaged in
manufacturing of industrial valves, which find applications in
power, oil and gas, chemical, paper and other process industries.
The company has its manufacturing plant located in Jalandhar,
Punjab.

Recent Results

The firm reported a net profit after tax of INR0.81 crores on an
operating income of INR34.80 crores in 2011-12 as against a profit
after tax of INR0.92 crores on operating income of INR33.18 crores
in 2010-11.


SCANPOINT GEOMATICS: ICRA Places 'B' Ratings on INR5.35cr Loans
---------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR5.35 crore
long term fund based facilities of Scanpoint Geomatics Limited.
The rating of '[ICRA]A4' has also been assigned to the INR1.00
crore short-term non-fund based facilities of SGL.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Working Capital Limits         1.85    [ICRA]B assigned
   Cash Credit                    2.25    [ICRA]B assigned
   Term Loan                      1.25    [ICRA]B assigned
   Bank Guarantee                 1.00    [ICRA]A4 assigned

The assigned rating is constrained by SGL's small scale of
operations, and high working capital intensity owing to delayed
payments from government institutions. The rating also takes into
account corporate guarantee extended to Shreejikrupa Buildcon
Private Limited which has a weak financial profile and any
devolvement of the guarantees may affect the cash flows of SGL.
Further, the company has a history of debt restructuring
undertaken twice in the past seven years.

The rating, however, favorably takes into account the long track
record of the promoter in graphic and image processing industry.
The rating also takes comfort from the company's healthy operating
profitability and moderate gearing in past three years.

SGL was incorporated in 1987 as Scanpoint Graphics Limited by
Mr. Rameshchandra Sojitra which was later renamed to Scanpoint
Geomatics Limited. Mr. Sojitra has more than 20 years of
experience in the field of graphic designing, image processing and
data conversion services. From 1987-2007, the company was involved
in off-set printing pre-press work. From FY 2008 SGL diversified
its business by entering into GIS (Geographic Information System)
software development business in collaboration with ISRO and
developed indigenous software IGiS. The Company is also accredited
by various prestigious agencies for GIS-IT applications and
Services such as National Remote Sensing Center (NRSC), Indian
Space Research Organization (ISRO) and Gujarat Informatics
Limited.

Recent Results

For the year ended March 31, 2012, SGL has reported operating
income of INR9.33 crore and profit after tax (PAT) of INR2.09
crore as against operating income of INR8.98 crore and PAT of
INR2.74 crore for the year ended March 31, 2011. Further in 9M
FY13 (provisional unaudited financials), company reported
operating income of INR9.52 crore and PAT of INR1.90 crore.


SRI LAKSHMI: ICRA Assigns 'B+' Rating to INR8.43cr Loans
--------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR8.43 crore
fund based limits and short term rating of '[ICRA]A4' to INR0.05
crore non-fund based limits of Sri Lakshmi Venkateswara Modern
Rice Industries.  ICRA has also assigned ratings of
[ICRA]B+/[ICRA]A4 to INR1.52 crore unallocated limits of SLVMRI.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Fund based limits             8.43     [ICRA]B+ assigned
   Non fund based limits         0.05     [ICRA]A4 assigned
   Unallocated limits            1.52     [ICRA]B+/[ICRA]A4
                                          Assigned

The assigned ratings are constrained by stretched financial
profile characterized by low profitability (OPM at 4.18% & NPM at
0.33% in FY12) and weak coverage indicators (OPBDITA/Interest at
1.56 times & NCA/Debt at 6%).The ratings are further constrained
by intensely competitive nature of the rice industry with presence
of several small-scale players which further increases the
pressure on the operating margins; susceptibility to agro-climatic
risks which impact the availability of the paddy in adverse
weather condition and the government policy restrictions on the
quantity of rice which can be sold in the open market limit the
flexibility and realizations for the firm.

The ratings however take comfort from the steady growth in
operating income; moderate gearing and the long experience of the
promoters in the rice mill business; easy availability of paddy
from proximity of plant in major paddy cultivating region of the
country. Further, favorable demand prospects of the industry with
India being the second largest producer and consumer of rice
internationally.

Sri Lakshmi Venkateswara Modern Rice Industries was founded as a
partnership firm in the year 2007. The firm had setup a rice mill
with production capacity of 4 TPH (Tons per Hour) to produce raw &
boiled rice. The unit is located at Nellore district of Andhra
Pradesh. The firm's operations are overseen by managing partner
Mr. K. Mallikarjuna Naidu, who has more than more than 20 years of
experience in rice milling business.


SRI SAI: ICRA Assigns 'B+' Rating to INR9.26cr Loans
----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR9.26 crore
fund based limits and short term rating of '[ICRA]A4' to INR0.13
crore non-fund based limits of Sri Sai Krishna Raw & Boiled Rice
Mill.  ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to
INR0.11 crore unallocated limits of SSKRBRM.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund based limits          9.26    [ICRA]B+ assigned
   Non fund based limits      0.13    [ICRA]A4 assigned
   Unallocated limits         0.11    [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by small scale of operations
in the rice milling industry and risks inherent in a partnership
nature of the firm. The ratings are further constrained by
profitability and revenues susceptible to agro-climatic risks
which impact the availability of the paddy in adverse weather
condition; the government policy restrictions on the quantity of
rice which can be sold in the open market limit the flexibility
and realizations for the firm. The ratings however take comfort
from the healthy growth in operating income; moderate gearing and
the long track record of the promoters in the rice mill business;
easy availability of paddy from proximity of plant in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally augurs well for the
firm.

Sri Sai Krishna Raw & Boiled Rice Mill was founded as a
partnership firm in the year 2003. The firm had setup a rice mill
with production capacity of 12 tph (tons per hour) to produce raw
& boiled rice. The unit is located at Nellore district of Andhra
Pradesh. The firm's operations are overseen by managing partner
Mr. K. Venku Reddy, who has more than more than 15 years of
experience in rice milling business.


UMA MAHESWARI: ICRA Cuts Rating on INR10cr Loans to 'C+'
--------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.00
crore fund-based facilities of Uma Maheswari Constructions Private
Limited to '[ICRA]C+' from '[ICRA]B+' earlier.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limits         10.00    [ICRA]C+/ revised

The revision in rating takes into account the stretched liquidity
of UMC as reflected in the consistent overutilization on the
working capital limits by the company. The rating also factors in
the high market risk associated with the ongoing commercial real
estate projects of UMC , reliance on customer advances to fund
construction resulting in funding risks and high geographical
concentration as both the ongoing projects are located in
Bangalore. Timely completion of the projects and timely debt
servicing would directly depend on the level of bookings in both
projects and/or the timely infusion of funds by the promoters. The
rating however, draws comfort from the established track record of
UMC in the real estate segment largely within Vishakhapatnam where
the company has been involved in development of housing projects
for affiliates of the Andhra Pradesh Government, VUDA
(Vishakhapatnam Urban Development Authority) etc.

Uma Maheswari Constructions was formed in 1978 as a proprietorship
concern by Mr. P Kasi Viswanadha Raju. It was into construction of
buildings mostly for affiliates of AP government. The company was
converted into private limited in 2005 and has been doing real
estate projects in Bangalore and Vishakhapatnam. In Vishakhapatnam
the company has been involved in mass housing projects, VUDA
(Vishakhapatnam Urban Development Authority) residential
apartments and major corporate buildings.  The company moved from
construction to real estate 15 years back.



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


BERLIAN LAJU: Reaches Deal With Creditors; Averts Bankruptcy
------------------------------------------------------------
Reuters reports that PT Berlian Laju Tanker has reached a deal
with creditors to restructure its US$1.9 billion debt, averting
what could have been one of Indonesia's biggest bankruptcies in
years.

Once the world's third-largest chemical shipper, the group secured
support for its restructuring plan on March 14, just four days
before a court-mandated deadline.

According to the news agency, Berlian Laju late Thursday confirmed
a deal had been reached and said details of the restructuring plan
would be announced "in due course".  A Jakarta court was expected
to officially sanction the deal on March 18, Berlian Laju said in
a statement.

As part of the restructuring plan, the company will have to sell a
number of its oil and chemical tankers to pay back some of its
debt, said two lawyers representing creditors at the meeting.

                         About Berlian Laju

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

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

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

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

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

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

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

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

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



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


CORSAIR (JERSEY): S&P Keeps B+ Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
rating on Corsair (Jersey) No. 2 Ltd.'s series 46 credit default
swap (CDS) transaction and removed the rating from CreditWatch
with negative implications.  At the same time, S&P kept its rating
on Corsair (Jersey) No. 2 Ltd.'s fixed rate credit-linked loan
series 58 on CreditWatch negative.  S&P placed its rating on
series 58 on CreditWatch negative on Jan. 18, 2013.  These
transactions are synthetic collateralized debt obligations (CDOs)
that are referenced to portfolios of global corporate names.

S&P's affirmation of the rating on the series 46 CDS reflects
S&P's review of the transaction's credit quality based on
additional information that the issuer provided on one of the
reference entities in the portfolio, as well as the transaction's
synthetic rated overcollateralization (SROC) level, which exceeded
100% at the current rating as of Feb. 28, 2013.  Meanwhile, S&P
kept its rating on the series 58 credit-linked loan on CreditWatch
negative because the tranche had an SROC level that was less than
100% at the current rating as of the same date.

S&P intends to review the series 58 credit-linked loan by the end
of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATING AFFIRMED, REMOVED FROM CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To               From                       Amount
BBsrp (sf)       BBsrp (sf)/Watch Neg       JPY3.0 bil.

RATING KEPT ON CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
Rating                  Amount
B+ (sf)/Watch Neg       JPY3.0 bil.



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


CAPITAL + MERCHANT: Former CEO Gets Extra Jail Term
---------------------------------------------------
Radio New Zealand reports that the former chief executive of
Capital + Merchant Finance Ltd has been given an extra prison term
and two other directors have been sentenced to home detention for
misleading investors.

All three pleaded guilty to charges laid by the Financial Markets
Authority, the report notes.

According to the report, former director Colin Ryan was given a
sentence of seven months home detention and 300 hours of community
work.  He will pay NZ$100,000 in reparation to the company's
receivers.

Radio NZ says another former director Robert Sutherland received
six months home detention and 300 hours of community work and will
pay NZ$60,000 in reparation.

Former chief executive Owen Tallentire, who is already in jail on
serious fraud charges, received an extra 12 months for the latest
charges, Radio NZ reports.

They relate to untrue statements made in Capital + Merchant's
prospectuses in 2007 and misleading statements made in some
advertising material, the report notes.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.


WOODHILL HOLDINGS: Barry Hart-Owned Firms Placed Into Liquidation
-----------------------------------------------------------------
APNZ reports that Woodhill Holdings Limited and Malory Corporation
Limited -- two companies belonging to disgraced former lawyer
Barry Hart -- have been placed into voluntary liquidation.

Last year, APNZ recalls, Mr. Hart was struck off the Law Society's
register, ending his 46-year career as one of New Zealand's most
high-profile criminal defence lawyers.

Mr. Hart has been declared bankrupt, and lost his multimillion-
dollar properties northwest of Auckland after owing $30 million to
the ANZ National Bank, the report relays.

The companies were both based at an address on State Highway 16 at
Waimauku, northwest of Auckland.



                             *********

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, Ivy B. Magdadaro, Julie Anne L. Toledo,
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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