TCRAP_Public/130325.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 25, 2013, Vol. 16, No. 59


                            Headlines


A U S T R A L I A

BILLABONG INTERNATIONAL: In Trading Halt; Probes Share Plunge
FIRSTMAC RMBS: Fitch Affirms 'BB' Bond Series Rating
PRIORITY ENGINEERING: BRI Ferrier Appointed as Administrators
TUFF KAT: Creditor Taps Jones Partners as Administrators
* Insolvencies to Remain High in 2013, Taylor Woodings Says


C H I N A

COUNTRY GARDEN: 2012 Results Support Moody's Ba3 CFR
FANTASIA HOLDINGS: 2012 Results In Line with Moody's B1 CFR
SUNTECH POWER: China Unit Pushed Into Bankruptcy
ZHONG AN REAL: S&P Affirms 'B' CCR; Outlook Negative


H O N G  K O N G

ACER (CHINA): Court Enters Wind-Up Order
AKZO NOBEL: Members' Final Meeting Set for April 19
ASIA SIGN: Members' Final General Meeting Set for April 19
BEAUT STEP: Members' Final General Meeting Set for April 16
BEUNA COMPANY: Placed Under Voluntary Wind-Up Proceedings

BLU SPA: Creditors' Proofs of Debt Due April 5
BOOK OF HOPE: Members' Final Meeting Set for April 16
CHAIN LINK: Creditors Get 100% Recovery on Claims
CHARMLINE INTERNATIONAL: First Meetings Set for March 27
MEDIA LANDMARK: Creditors' Meeting Set for March 27

MEI CHEUNG: Creditors' Meeting Set for March 28


I N D I A

ALPHA MALTS: CARE Rates INR15cr LT Loan at 'CARE BB (SO)'
CONCEPT CLOTHING: CARE Rates INR4.81cr LT Loan at 'CARE BB-'
GS RADIATORS: CARE Reaffirms 'C' Rating on INR18.41cr Bank Loan
J J BUILDTECH: CARE Reaffirms 'BB' Rating on INR14cr LT Loan
JINDAL CHEMICALS: CARE Rates INR6cr LT Loan at 'CARE B+'

JM MHATRE: CARE Assigns 'BB-' Rating to INR21cr LT Loan
KJ STEEL: CARE Reaffirms 'BB-' Rating on INR9.5cr LT Loan
PARKER TILES: CARE Assigns 'B+' Rating to INR13.6cr LT Loan
PARTH INFRA: CARE Rates INR3cr LT Loan at 'CARE BB+'
PGH INTERNATIONAL: CARE Rates INR50cr LT Loan at 'CARE B'

RBKNIT EXPORTS: CARE Reaffirms 'BB+' Rating on INR2.89cr LT Loan
R S INFRA-TRANSMISSION: CARE Rates INR3.72cr LT Loan at 'BB+'
SARVAJANIK JANKALYAN: CARE Rates INR62cr LT Loan at 'CARE B'
TIMES STEEL: CARE Reaffirms 'BB-' Rating on INR22cr LT Loan


J A P A N

ELPIDA MEMORY: Micron Poised to Save $400MM in Acquisition


N E W  Z E A L A N D

LM INVESTMENT: Senior Execs Jump Ship as Fund Collapses


S I N G A P O R E

GAS TRADE: Creditors' Final Meeting Set for March 25
HSS ENGINEERING: Creditors' Meeting Set for March 28
PRESTIGE ENERGY: Creditors' Final Meeting Set for March 25
PROGEN ENGINEERING: Creditors to Get 35% Recovery on Claims
* Moody's Notes Improving Flexibility of Singaporean S-REITs


                            - - - - -


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


BILLABONG INTERNATIONAL: In Trading Halt; Probes Share Plunge
-------------------------------------------------------------
The Sydney Morning Herald reports that Billabong International
Ltd's shares have been placed in a trading halt while the retailer
investigates why its shares have plummeted by more than 20% on
March 21.

"The trading halt is requested pending an investigation by the
company into trading levels today [March 21]," Billabong said in a
statement, SMH relates.

According to the report, two private equity consortiums, Sycamore
and Altamont/VF, have made separate offers of $1.10 a share for
the company and have been running their slide rules over
Billabong's books in recent weeks.

The due diligence process is due to end this week, the report
relays.

SMH reported last month that the company's path to redemption got
tougher after the surfwear group downgraded earnings guidance and
said a AUD537 million loss for the half-year put it in breach of
debt covenants.  The breach led its banks to seek a secured charge
over most of the business, the report said.

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.


FIRSTMAC RMBS: Fitch Affirms 'BB' Bond Series Rating
----------------------------------------------------
Fitch Ratings has affirmed 37 classes of notes issued by 12
FirstMac RMBS transactions. All transactions are backed by pools
of conforming Australian residential mortgages sourced directly or
by way of third-party introducers. The mortgages were originated
in the name of nominee companies on behalf of the trustee,
FirstMac Fiduciary Services Pty Ltd, and sold to the various
trusts by FirstMac warehouses.

Key Rating Drivers

The rating actions reflect Fitch's view that credit enhancement
levels are able to support the notes' current ratings. The credit
quality and performance of the loans in the respective collateral
pools remain in line with the agency's expectations.

All transactions are paying down on a sequential basis with
principal collections being allocated to the senior notes with the
exception of FirstMac Mortgage Funding Trust Series 1E-2007 and
FirstMac Mortgage Funding Trust Series 1-2010. The Class A and AB
notes in FirstMac Bond Series 2-2005 Trust and FirstMac Mortgage
Funding Trust Series 1-2007 are also paying down pro-rata. The
amortisation of the notes has resulted in improvements in credit
enhancement.

As at end-January 2013, 30+ day arrears ranged from 0% for
FirstMac Mortgage Funding Trust Series 1-2012 to 4.1% for FirstMac
Bond Series 2-2005 Trust.

All transactions have lenders' mortgage insurance (LMI) provided
by one or more of the following insurers; QBE Lenders' Mortgage
Insurance Limited (AA-/Stable), Genworth Financial Mortgage
Insurance Pty Ltd and Housing Loan Insurance Corporation. Any
losses not covered by LMI policies to date have been covered by
excess spread and no transactions have experienced any losses to
date.

Rating Sensitivities

The sequential pay-down has enhanced credit enhancement for senior
notes, especially for well-seasoned collateral pools. As of end-
January 2013, the senior notes can withstand multiples of current
arrears. Class A notes remain independent of a downgrade of the
LMI provider's rating. Class AB notes of recently originated
transactions remain sensitive to any change in the ratings of the
LMI providers. Although the number of loans included in the
securitised pools is of a significant size, Class B notes are
still exposed to concentration risk in the event that the
originator will not decide to call the transaction.

FirstMac Bond Series 2-2005 Trust:
AUD98.8m Class A-1 (ISIN AU300FMA5015) affirmed at 'AAAsf';
Outlook Stable
AUD5.6m Class AB (ISIN AU300FMA5023) affirmed at 'AAAsf'; Outlook
Stable
AUD16.5m Class B (ISIN AU300FMA5031) affirmed at 'BBsf'; Outlook
Stable

FirstMac Bond Series 1C-2006:
AUD171.5m Class A (ISIN AU3FN0010708) affirmed at 'AAAsf'; Outlook
Stable

FirstMac Bond Series 1E-2006 Trust:
EUR91.7m Class A (ISIN XS0250012498) affirmed at 'AAAsf'; Outlook
Stable
AUD50.5m Class B (ISIN AU300FMA9017) affirmed at 'BBsf'; Outlook
Stable

FirstMac Mortgage Funding Trust Series 1-2007:
AUD166.4m Class A (ISIN AU0000FMAHA0) affirmed at 'AAAsf'; Outlook
Stable
AUD20.3m Class AB (ISIN AU3FN0001889) affirmed at 'AAAsf'; Outlook
Stable
AUD27m Class B (ISIN AU3FN0001897) affirmed at 'BBsf'; Outlook
Stable

FirstMac Mortgage Funding Trust Series 1E-2007:
EUR72.5m Class A-1 (ISIN XS0305486127) affirmed at 'AAAsf';
Outlook Stable
AUD195.5m Class A-2 (ISIN AU3FN0003026) affirmed at 'AAAsf';
Outlook Stable
AUD20.7m Class B (ISIN AU3FN0003018) affirmed at 'BBsf'; Outlook
Stable

FirstMac Mortgage Funding Trust Series 2-2008:
AUD196.5m Class A-2 (ISIN AU3FN0007050) affirmed at 'AAAsf';
Outlook Stable
AUD39m Class AB (ISIN AU3FN0007068) affirmed at 'AAAsf'; Outlook
Stable
AUD15m Class B-1 (ISIN AU3FN0007076) affirmed at 'AAsf'; Outlook
Stable
AUD6m Class B-2 (ISIN AU3FN0007084) affirmed at 'BBsf'; Outlook
Stable

FirstMac Mortgage Funding Trust Series 1-2009:
AUD245 m Class A-3 (ISIN AU3FN0008413) affirmed at 'AAAsf';
Outlook Stable
AUD40.6m Class AB (ISIN AU3FN0008421) affirmed at 'AAAsf'; Outlook
Stable
AUD15.6m Class B-1 (ISIN AU3FN0008439) affirmed at 'AAsf'; Outlook
Stable
AUD6.3m Class B-2 (ISIN AU3FN0008447) affirmed at 'BBsf'; Outlook
Stable

FirstMac Mortgage Funding Trust Series 2-2009:
AUD263.3m Class A-2 (ISIN AU3FN0009494) affirmed at 'AAAsf';
Outlook Stable
AUD19.7m Class AB (ISIN AU3FN0009502) affirmed at 'AAAsf'; Outlook
Stable
AUD16m Class B-1 (ISINAU3FN0009510) affirmed at 'BBBsf'; Outlook
Stable
Class A-1 was paid in full in July 2012

FirstMac Mortgage Funding Trust Series 1-2010:
AUD4.8m Class A-1 (ISIN AU3FN001425) affirmed at 'AAAsf'; Outlook
Stable
AUD74.1m Class A-2 (ISIN AU3FN0011433) affirmed at 'AAAsf';
Outlook Stable
AUD173.6m Class A-3 (ISIN AU3FN0011441) affirmed at 'AAAsf';
Outlook Stable
AUD33.2m Class AB (ISIN AU3FN0011458) affirmed at 'AAAsf'; Outlook
7Stable

FirstMac Mortgage Funding Trust Series 2-2011:
AUD114.8m Class A-2 (ISIN AU3FN0014775) affirmed at 'AAAsf';
Outlook Stable
AUD87.7m Class A-3 (ISIN AU3FN0014783) affirmed at 'AAAsf';
Outlook Stable
AUD39.8m Class A-4 affirmed at 'AAAsf'; Outlook Stable
AUD11.7m Class AB (ISIN AU3FN0014791) affirmed at 'AAAsf'; Outlook
Stable
Class A-1 was paid in full in December 2012

FirstMac Mortgage Funding Trust Series 1-2012:
AUD116.8m Class A-1 (ISIN AU3FN0016127) affirmed at 'AAAsf';
Outlook Stable
AUD131.1m Class A-2 (ISIN AU3FN0016135) affirmed at 'AAAsf';
Outlook Stable
AUD13.4m Class AB (ISIN AU3FN0016143) affirmed at 'AAAsf'; Outlook
Stable

FirstMac Mortgage Funding Trust RMBS Series 3-2012:
AUD319m Class A-1 (ISIN AU3FN0017570) affirmed at 'AAAsf'; Outlook
Stable
AUD73m Class A-2 (ISIN AU3CB0203313) affirmed at 'AAAsf'; Outlook
Stable
AUD18.5m Class AB (ISIN AU3FN0017588) affirmed at 'AAAsf'; Outlook
Stable `


PRIORITY ENGINEERING: BRI Ferrier Appointed as Administrators
-------------------------------------------------------------
SmartCompany reports that Priority Engineering Services has
collapsed as initial investigations reveal it was unable to
recover from the impacts of the global financial crisis.

Priority Engineering Services was placed in receivership March 14
and operations have ceased, says SmartCompany.

BRI Ferrier administrators Alan Scott --
alan.scott@briferriersa.com.au -- and Andre Strazdins --
a.strazdins@briferriersa.com.au -- have been appointed and Ferrier
Hodgson has appointed receivers and managers, the report
discloses.

Mr. Scott told SmartCompany investigations were yet to reveal the
precise amount of debt, but the largest creditor, the company's
bank, was owed a "significant" sum.

"At this point I have no idea how much debt the company is in, but
I know the banker is the major creditor, and the employees are
also owed a significant sum of money," the report quotes Mr. Scott
as saying.

At this point, the business is up for sale, but Mr. Scott believes
there is a high chance it will fold, says SmartCompany.

South Australia-based Priority Engineering Services offered
general engineering services in Australia and Malaysia and
manufactured purpose-built machinery for the defence, mining and
automotive sectors.


TUFF KAT: Creditor Taps Jones Partners as Administrators
--------------------------------------------------------
Patrick Stafford at SmartCompany reports that Tuff Kat
Entertainment, a video game and accessory company responsible for
the local distribution of the popular Angry Birds brand, has
collapsed into voluntary administration.

SmartCompany relates that the collapse comes as the local video
game market has been under pressure in recent years, with not only
development studios closing but companies in the retail and
distribution industries affected.

Jones Partners confirmed on March 22 Tuff Kat Entertainment has
been placed in voluntary administration, with principal
Bruce Gleeson -- bgleeson@jonespartners.net.au -- appointed.

"The appointment was made by the secured creditor of the company,"
the firm said in a statement.

"At this stage, the administrator is assessing the company's
financial position and the best method of realising the company's
assets, including the potential sale of the company or its assets
to a purchaser. At this stage, it is uncertain whether the company
will be wound up at the second meeting of creditors."

The second meeting is scheduled for April 9. The first meeting
already took place on March 20.

Tuff Kat Entertainment was responsible for the local distribution
of Angry Birds games. The Angry Birds brand has become one of the
largest entertainment franchises in the world, having been
developed by Finnish company Rovio Entertainment. The company is
even considering an IPO to capitalize on a valuation reported to
be more than US$1.2 billion.


* Insolvencies to Remain High in 2013, Taylor Woodings Says
-----------------------------------------------------------
Australian Associated Press reports that accountancy firm Taylor
Woodings said the number of Australian companies going broke is
expected to stay high over 2013.

Taylor Woodings, a specialist in corporate recovery and
restructuring, released its analysis of the Australian Securities
and Investments Commission's latest monthly insolvency data on
March 20, 2013, AAP relates.

In January 2013, 628 companies had external administrators
appointed -- the highest figure on record for January and 21.2%
above January 2012, the report relays.

AAP says company collapses for the first seven months of the
financial year totalled 6,053 -- the second highest figure for the
period.

Corporate failures in January doubled in Western Australia from 29
to 58 but fell in NSW from 194 to 189, compared with January 2012,
the news agency relates.

"While the economic data for January showed signs of improvement
in the economy, we predict 2013 will continue to see high levels
of insolvencies due to continued volatility in a number of
sectors, the high Australian dollar and tight debt and equity
markets," Taylor Woodings said.

According to AAP, Taylor Woodings partner Andrew Schwarz said the
rise in January insolvencies reflected a continuation of a trend
since the global financial crisis in 2008.



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


COUNTRY GARDEN: 2012 Results Support Moody's Ba3 CFR
----------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's 2012 full-year results are in line with
expectations and support the company's Ba3 corporate family and
senior unsecured debt ratings.

The ratings outlook remains positive.

In 2012, Country Garden continued to show solid sales execution.
Its book revenue increased 20.6% year-on-year to RMB41.9 billion.
Sales growth was achieved without sacrificing its gross profit
margin which slightly improved to 36.6%, from 34.5% a year ago.

"Its contracted sales in 2012 grew by 10% year-on-year to RMB47.6
billion, which is in line with Moody's projection and reflects the
consideration that its products address the demand from end-
users," says Lina Choi, a Moody's Vice President and Senior
Analyst. Moody's expects Country Garden will continue its sales
momentum in 2013.

Country Garden also made inroads in diversifying its revenue
portfolio out of Guangdong Province. The contribution from
projects outside Guangdong showed satisfactory progress. In 2012,
These projects generated 40% of total contracted sales compared to
34% in 2011.

The company has continued to show good access to funding. Its
offshore bond pool rose to approximately USD3 billion following
the completion of a bond issue of USD750 million in January 2013.
Such a sizable bond portfolio helps Country Garden broaden its
investor base which in turn strengthens its access to the offshore
bond market.

Leverage ratios are largely unchanged. Country Garden's adjusted
debt/capitalization slightly decreased from 53.7% as of December
2011 to 53.3% as of December 2012. Gross debt grew to RMB36.9
billion as of December 2012, from RMB29.0 billion as of December
2011.

On the other hand, its EBITDA interest coverage ratio remained
stable at 4.0x compared to 4.1x in 2011. These credit metrics
place Country Garden comfortably in the Ba rating range.

"We expect Country Garden's EBITDA interest coverage to measure
between 3.0x and 3.5x and adjusted debt/capitalization between 50%
and 55% in 2013," says Choi, who is also Moody's lead analyst for
Country Garden.

Country Garden's liquidity profile is adequate, with a cash
position of RMB16.9 billion as of December 2012. This should more
than sufficiently cover RMB9.0 billion of maturing debt and
committed land payments of RMB2 billion in 2013. The issuance of
USD750 million in 7-year senior unsecured bonds in January 2013
further strengthened its liquidity position.

Moody's also expects Country Garden's ratings to be supported by
its resilience in a volatile market as a result of its business
model that focuses on mass market products and suburban
development.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of December 2012, it had a
sizeable land bank of 55.5 million square meters in attributable
gross floor area.

It also owns and operates 36 hotels with a total of 11,009 rooms
as of December 2012. The hotels are located mainly in Guangdong
province and support its townships developments.


FANTASIA HOLDINGS: 2012 Results In Line with Moody's B1 CFR
-----------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's 2012 full-year results are generally in line with
Moody's expectations, and support its B1 corporate family and B2
senior unsecured ratings with a stable outlook.

"Fantasia's 2012 results reflect its good sales execution and
prudent approach to financial management," says Jiming Zou, a
Moody's Analyst.

Fantasia reported on March 19, 2013 an 11.4% year-on-year increase
in revenue to RMB6.23 billion in 2012, while its gross profit
margin dropped slightly to 40.5% from 42.9% in 2011.

At the same time, the company reported contract sales of RMB8
billion for 2012, exceeding its sales target of RMB7.2 billion.
This positive trend continued into the first quarter of 2013, as
evidenced by a 224% year-on-year increase.

"A focus on real demand, reasonable pricing, and smart project
design has supported its sales performance. In particular, its
products -- with moderate average selling prices of around
RMB8,000 per square meter -- have achieved good sales in Chengdu,
Tianjin, Huizhou and Guilin," adds Zou, also the Lead Analyst for
Fantasia.

Fantasia has maintained moderate debt leverage. Adjusted EBITDA
interest coverage was about 3.4x and Debt/Book capitalization at
about 55% at end-2012. Moody's expects that Debt/Book
capitalization will be around 55% over the next 12-18 months,
while interest coverage will remain around 3-3.5x. Such debt
leverage and interest coverage levels will remain comparable to
those of its B1-rated peers.

Moody's expects that Fantasia will continue to leverage its niche
business model, which balances the development of commercial and
residential properties, to maintain sales growth on the back of a
stabilizing residential market on the Mainland.

The company's efforts to differentiate itself from other
developers by providing value-added service to customers will help
improve its competitiveness, although the overall impact remains
limited at this stage.

Fantasia's ratings factors in its stable operating and financial
profile and disciplined financial management. Its issuance of
USD250 million in notes in January has further enhanced liquidity
and improved it debt maturity profile.

Fantasia's liquidity is adequate. Its cash on hand of RMB 3.5
billion at end-2012 will be sufficient to cover its short-term
debt of RMB2.45 billion and committed land payments for the next
12 months.

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

Fantasia Holdings Group Co., Limited is a property developer
established in 1996 and listed on the Hong Kong Stock Exchange in
November 2009. At end-2012, it had a land bank of 8.0 million
square meters of GFA with land use rights, mainly in Chengdu and
the Pearl River Delta. It develops high-end office buildings and
residential properties, targeting small- and medium-sized
enterprises and affluent individuals.


SUNTECH POWER: China Unit Pushed Into Bankruptcy
------------------------------------------------
Keith Bradsher, writing for The New York Times, reported that
Suntech Power, a Chinese manufacturer that became the world's
largest producer of solar panels by 2011 only to be battered by
plummeting prices, announced that its main operating subsidiary
had been pushed into bankruptcy by eight Chinese banks.

The NY Times report said Suntech was the Icarus of the solar panel
industry, with production that soared year after year on heavy
investment, as Western investors bought up its New York-traded
shares and its international debt issues. Part of a massive
Chinese government effort to dominate renewable energy industries,
Suntech grew to 10,000 employees in its hometown of Wuxi and even
set up a small factory in Arizona to do further assembly of panels
there, according to the report.

The report, however, noted that a 10-fold expansion of overall
Chinese solar panel manufacturing capacity from 2008 to 2012
produced a three-quarters drop in solar panel prices, undermining
the economics of the business. Rapid expansion of natural gas
production in the United States and a curtailment of subsidies in
the European Union also hurt solar panel prices, as did an
American imposition last year of import tariffs totaling about 40
percent after an anti-dumping and anti-subsidy investigation, the
report added.

According to the NY Times, the Chinese banks quietly asked a court
in Wuxi to declare the operating subsidiary, Wuxi Suntech, to be
insolvent and begin restructuring it. The operating subsidiary
notified the court that it did not object to the insolvency
petition, the report added.  Suntech Power, the parent, said that
it was not filing for bankruptcy and would continue to honor
warranties on the company's solar panels, the NY Times clarified.

The bankruptcy filing of Suntech Power's Chinese subsidiary
without a filing by the parent may cause acrimony over whether
foreign creditors are being treated unfairly compared to domestic
creditors in China, the NY Times noted.  It is rare for Chinese
companies to file for bankruptcy, as the government has sometimes
stepped in first to help them and avoid damaging the broader
reputation of Chinese companies for creditworthiness.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.


ZHONG AN REAL: S&P Affirms 'B' CCR; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on Zhong An Real Estate Ltd.
The outlook is negative.  S&P also affirmed the 'cnB+' Greater
China credit scale rating on the China-based property developer.

"We affirmed the rating to reflect our view that Zhong An's cash
flows could improve in the next 12 months after weakening in
2012," said Standard & Poor's credit analyst Frank Lu.  "Higher
contract sales should underpin the improvement.  However, we
believe the extent of recovery is uncertain, given the company's
significant exposure to the high-end property segment and the
government's continued strict policy tightening in the company's
main markets.  Also, Zhong An has a limited record of executing
its fast asset-turnover strategy.  We expect the company to
maintain its disciplined growth and financial management."

Zhong An's "vulnerable" business risk profile reflects the
company's small scale, high geographic and project concentration,
and highly volatile financial performances.  In S&P's base case,
it estimates Zhong An's contract sales will grow to Chinese
renminbi (RMB) 3.50 billion in 2013, from a low RMB2.17 billion in
2012.

S&P believes Zhong An's financial risk profile will remain "highly
leveraged" in the next 12 months despite potential improvement.
In S&P's base-case, it estimates that the company's debt-to-EBITDA
ratio will be about 6.0x in 2013, compared with 6.3x in 2012, and
that EBITDA interest coverage will likely improve to 1.9x-2.0x
from 1.8x.

The affirmed rating on Zhong An also reflects the company's "less
than adequate" liquidity, as defined in S&P's criteria.  S&P
expects the company's liquidity sources to be about 1.0x its
liquidity uses over the next 12 months.  The company's low land
costs, established market position in Hangzhou, and a record of
disciplined growth and financial management underpin the rating.

The negative outlook reflects S&P's uncertainty over the extent
that Zhong An's property sales can recover over the next 12
months.  The company has increased its property offerings in the
mass-market segment, but it is still highly exposed to the high-
end segment, which the government's market-cooling measures affect
the most.

S&P may lower the rating if Zhong An's cash flows remain weaker
than it expected because the company does not execute its fast
asset-turnover strategy well and the government continues to
tighten its real estate policy.  Contract sales that are
materially less than RMB3.5 billion could indicate such
weakness.

S&P may revise the outlook to stable if Zhong An's contract sales
meet or exceed its expectation, the company's gross margins are
reasonable, and it maintains disciplined expansion and financial
management.  EBITDA interest coverage of more than 2.0x on a
sustained basis could indicate such improvement.



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


ACER (CHINA): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 6, 2013, to
wind up the operations of Acer (China) Company Limited.

The official receiver is Teresa S W Wong.


AKZO NOBEL: Members' Final Meeting Set for April 19
---------------------------------------------------
Members of Akzo Nobel Decorative Coatings (Hong Kong) Limited will
hold their final general meeting on April 19, 2013, at 10:00 a.m.,
at Suites 1708-10, The Gateway, Tower I, 25 Canton Road,
Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Lam Chung Wah David, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ASIA SIGN: Members' Final General Meeting Set for April 19
----------------------------------------------------------
Members of Asia Sign Association Company Limited will hold their
final general meeting on April 19, 2013, at 11:00 a.m., at 6/F,
Block A, Raton Industrial Building, 4 Kin Wong Street, Tuen Mun,
N.T., in Hong Kong.

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


BEAUT STEP: Members' Final General Meeting Set for April 16
-----------------------------------------------------------
Members of Beaut Step Limited will hold their final general
meeting on April 16, 2013, at 10:00 a.m., at Room 1205, 12/F,
Manulife Provident Funds Place, No. 345 Nathan Road, in Kowloon.

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


BEUNA COMPANY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on March 2, 2013,
creditors of Beuna Company Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Wong Wing Kei Lydia
         Unit D, 10/F
         Seabright Plaza
         No. 9-23 Shell Street
         Fortress Hill, Hong Kong


BLU SPA: Creditors' Proofs of Debt Due April 5
----------------------------------------------
Creditors of Blu Spa (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 5, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

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


BOOK OF HOPE: Members' Final Meeting Set for April 16
-----------------------------------------------------
Members of Book of Hope International Limited will hold their
final meeting on April 16, 2013, at 3:00 p.m., at Room 2611-13A,
113 Argyle Street, Mongkok, Kowloon, in Hong Kong.

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


CHAIN LINK: Creditors Get 100% Recovery on Claims
-------------------------------------------------
Chain Link Tak Kee Newspaper and Magazine Distribution Company
Limited will declare the first and final dividend to its creditors
on April 10, 2013.

The company will pay 100% for ordinary claims.

The company's liquidator is:

         Lau Siu Hung
         Room 1909-10, 19/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


CHARMLINE INTERNATIONAL: First Meetings Set for March 27
--------------------------------------------------------
Creditors and contributories of Charmline International Limited
will hold their first meetings on March 27, 2013, at 3:00 p.m.,
and 4:00 p.m., respectively at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway in Hong
Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MEDIA LANDMARK: Creditors' Meeting Set for March 27
---------------------------------------------------
Creditors of Media Landmark Printing Limited will hold their
meeting on March 27, 2013, at 3:00 p.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 12/F, Ritz Plaza, 122 Austin Road,
Tsim Sha Tsui, Kowloon, in Hong Kong.


MEI CHEUNG: Creditors' Meeting Set for March 28
-----------------------------------------------
Creditors of Mei Cheung Watch Case Manufactory Limited will hold
their meeting on March 28, 2013, at 3:00 p.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.

The meeting will be held at Room 2611-13A, 113 Argyle Street,
Kowloon, in Hong Kong.



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


ALPHA MALTS: CARE Rates INR15cr LT Loan at 'CARE BB (SO)'
---------------------------------------------------------
CARE assigns 'CARE BB (SO)' and 'CARE A4 (SO)' ratings to bank
facilities of Alpha Malts Private Limited.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15        CARE BB (SO) Assigned
   Short-term Bank Facilities      1        CARE A4 (SO) Assigned

Backed by unconditional & irrevocable corporate guarantee of both
Essencia Beverages Pvt. Ltd and Transways Exim Pvt Ltd, for the
entire debt servicing obligation of the rated bank facilities and
this is not the stand alone rating of Alpha Malts Pvt. Ltd.

Rating Rationale

The ratings for Alpha Malts Pvt. Ltd are based on the credit
enhancement in the form of unconditional and irrevocable corporate
guarantee provided by both Essencia Beverages Pvt. Ltd and
Transways Exim Pvt Ltd.

The overall credit risk profile of EBPL are constrained by the
revenue concentration risk, low margin nature of business with
lack of pricing power, susceptibility of the operating margin to
volatile raw material prices, dependence on the third parties for
supply of bottles, sensitivity of the business to the Government
regulations, significant exposure in the associate company in the
form of corporate guarantee and moderate financial risk profile
with low net worth base leading to limited shock absorbing
capacity amidst the low profit levels. The ratings, however,
factor in the experience of the promoters with long track record
of operations, bottling of high-quality Indian Made Foreign Liquor
(IMFL) for large IMFL players, wide distribution network, foray in
selling IMFL under own brands and high entry barriers in the IMFL
industry. The ability of the company to improve its turnover and
profitability, maintaining its relationship with established brand
owners and change in the Government regulation relating to
additional duty imposition/ ban on the usage of alcohol would
remain the key rating sensitivities.

The overall risk profile of TEPL is constrained by its low margin
nature of business and lack of pricing power. The above
constraints more than offset the benefits derived from experience
of the promoters and dealership of reputed brands. The ability of
the company to maintain its relationship with reputed brand owners
and change in the Government regulation relating to additional
duty imposition/ ban on the usage of alcohol would remain the key
rating sensitivities.


CONCEPT CLOTHING: CARE Rates INR4.81cr LT Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Concept Clothing.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.81      CARE BB- Assigned
   Short-term Bank Facilities      7         CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Concept Clothing
are primarily constrained by its leverage capital structure
coupled with stressed liquidity position and working capital
intensive nature of operations, foreign currency risk, customer
and geographic concentration. The ratings are further constrained
by the competition from the international and domestic players and
constitution of the entity being a partnership firm.  The ratings,
however, draw comfort from the experienced promoters and growing
scale of operations coupled with reputed client base.

Going forward, the ability of COC to effective working capital
management, increase in the scale of operations while improving
profitability and the ability of the firm to effectively manage
the forex risk would be the key rating sensitivities.

COC was established as a partnership firm in March 2006 by
Mr. Sanjay Mehta and his brother Mr. Vikram Mehta. The firm is
engaged into the manufacturing of readymade garments for ladies
and kids. The manufacturing facility is located at Gurgaon
(Haryana) with an annual installed capacity of 24 lakh pieces of
garments as on March 31, 2012. The product line comprises
readymade dresses like ladies tops, trousers, shirts and skirts.
The firm sells its products only in the overseas markets and has a
customer base in countries like UK, US, Brazil, France and Mexico.
The major raw material for the manufacturing of the garments is
fabric which includes chiffon, georgette, poly net.

The firm mainly purchase raw material domestically, and
accessories like buttons, beads and laces from countries like
China and Hong Kong.


GS RADIATORS: CARE Reaffirms 'C' Rating on INR18.41cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of GS
Radiators Ltd.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Short-term Bank Facilities     18.41      CARE C Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of GS Radiators Limited
continued to be constrained by the instances of delay in debt
servicing in the past caused by stressed liquidity position, small
scale of operations coupled with low net-worth base, moderate
capital structure and coverage indicators. The rating is further
constrained due to the working capital intensive nature of
operations and the risk associated with the automobile industry.
The ratings, however, find support from the experienced promoters
and diversified clientele base.  Going forward, the ability of the
company to improve its financial profile remains the key rating
sensitivity.

Incorporated in 1988, GS Radiators Limited is a public limited
company (closely held) promoted by Mr. Ranjodh Singh. He is
supported by Ms. Rajinder Kaur (wife of Mr. Ranjodh Singh). The
company is engaged in the manufacturing of copper-brass radiators
for the industrial and automotive sectors.

The manufacturing unit of the company is located at Ludhiana
(Punjab) and has an installed capacity for processing one lakh
pieces per annum (LPA). The company sells its products in both
domestic and overseas market under the brand name of "GS RADIS
EUROPE."

The company earned a PAT of INR0.12 crore on a total income of
INR32.98 crore during FY12 (A) as against total income and PAT of
INR33.42 crore and INR0.11 crore during FY11.


J J BUILDTECH: CARE Reaffirms 'BB' Rating on INR14cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
J J Buildtech.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        14       CARE BB Reaffirmed

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

Rating Rationale

The rating continues to remain constrained due to the relatively
small scale of operations of J J Buildtech with geographical
concentration risk and its constitution as a partnership firm. The
rating further continues to be constrained on account of the
inherent risks associated with the real estate sector and majority
of the customer advances yet to be received. The rating also
factors in slight delay in the completion of the project, thereby
leading to time and cost overrun. The above constraints outweigh
the benefits derived from the experience of the promoters and the
fullybooked status of the project.

Completion of the ongoing real estate project without any further
cost and time overrun along with prudent cash flow management,
more so pertaining to timely receipt of advances would remain the
key rating sensitivity.

J J Buildtech formed in September 2002, is a partnership firm
managed by four partners. The firm is engaged in real estate
development including construction of both residential as well as
commercial projects. Mr. Raj Lumba, the main partner of the firm
has experience of nearly 15 years in the real estate business.
Since inception, JJB has executed four projects including three
residential and one commercial real estate project, with a
combined saleable area of approximately 3.75 lakh
square feet (lsf).


JINDAL CHEMICALS: CARE Rates INR6cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Jindal
Chemicals.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6        CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Jindal Chemicals is
primarily constrained by its small scale of operations, weak
financial risk profile characterized by low profitability margins,
high overall gearing, weak coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by JCE's presence in the highly regulated industry and dependency
on sugar industry and its constitution as a proprietorship
concern.  The rating, however, draws comfort from the experience
of the proprietor, long track record of operations and growing
scale of business.

Going forward, the ability of the firm to improve its
profitability, capital structure and efficient working capital
management would be the key rating sensitivities.

Jindal Chemicals was established in 1979 as a proprietorship
concern by Mr. Shiv Shankar Jindal. He is an arts graduate and has
an experience of nearly three decades in the trading business.
The firm is engaged in the trading of molasses and other chemicals
like silicon manganese, ferro silicon, fire clay, black lead etc.
The firm procures molasses from sugar mill units located around
Punjab and other chemicals are procured from agents in open
market. JCE sells molasses and other chemicals to cattle feed
units, distilleries and foundry units in Punjab. The trading of
molasses is restricted and the firm has taken the necessary
approvals and license from Excise & Taxation Commissioner for
carrying out the business activities.


JM MHATRE: CARE Assigns 'BB-' Rating to INR21cr LT Loan
-------------------------------------------------------
CARE assigns CARE BB- & CARE A4 rating to the bank facilities of
J.M. Mhatre Infra Private Limited.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund Based Bank       21.00     CARE BB-Assigned
   Facilities-Cash Credit

   Short Term Non-Fund Based       67.00     CARE A4 Assigned
   Bank Facilities-Letter of
   Credit/Bank Guarantee

Rating Rationale

The ratings are tempered by relatively small scale of operations,
high customer concentration risk and relatively low geographical
diversity of outstanding order book. The ratings are further
constrained by stiff competition in civil construction business,
high working capital intensity associated with the business and
execution risks inherent in various infrastructure projects.

The ratings however, derive strength from significant experience
of promoters in execution of civil construction projects, healthy
order book providing revenue visibility in the short to medium
term and reputed client base translating into repeat orders.

The ability to maintain a healthy order book and timely execution
of orders, efficiently manage its working capital while
maintaining a healthy financial risk profile and achieve envisaged
revenue and profit margin are the key rating sensitivities.

Formed in April 1985 as a partnership firm by Mr. Janardhan M.
Mhatre and his family, J. M. Mhatre Infra Pvt. Ltd. (JMM) was
converted into a private limited company in April 2010. JMM
undertakes various civil construction activities such as earthwork
for roads, highways, dams, canals, bridges, rail over bridge,
water reservoirs, port construction, etc. The company also owns
and operates stone quarries, undertakes rock excavation,
construction of water supply and sewerage line, etc.


KJ STEEL: CARE Reaffirms 'BB-' Rating on INR9.5cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of K.J.
Steel Rolling Mills.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.50      CARE BB- Reaffirmed

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or unsecured loans brought in by the partners in addition
to the financial performance and other relevant factors.  The
rating of K.J. Steel Rolling Mill continue to remain constrained
by its small scale of operations of, its weak financial risk
profile as reflected by stretched capital structure, its low
profitability margins owing to limited value addition and low
coverage indicators. The rating also considers the firm's exposure
to commodity price fluctuation risks as evident from volatility in
its profit margins over the years, its constitution as a
partnership firm and the cyclicality inherent in the steel
business. However, the ratings derive strength from the experience
of KJSRM's partners in the steel industry and healthy growth in
total operating income registered by the firm over the
years.

Going forward, the firm's ability to achieve the envisaged
revenues and profitability while managing its working capital
requirements shall remain the key rating sensitivities.

KJSRM was formed as a partnership in January 2005 with Mr. Pawan
Goyal, Ms Jyoti Goyal, Ms Monika Goyal, Pritpal Singh Chawla HUF
and Ms Mohinder Kaur as the founding partners. The
firm was reconstituted in April 2007 post exit of Mr. Pritpal
Singh Chawla, HUF as a partner and the subsequent entry of Mr.
Pritpal Singh Chawla as a partner of the firm. The current
partners of the firm include Mr. Pawan Goyal, Ms Jyoti Goyal, Mr.
Pritpal S. Chawla and Ms Mohinder Kaur. The firm has a
manufacturing facility with a capacity of 25,000 Metric Tonnes
(MT) for manufacturing flat, square and spring steel products at
Jalandhar, Punjab. The facility was commissioned in August 2005.
The installed capacity was subsequently increased to 30,000 MT
during FY11 (refers to the period April 1 to March 31).


PARKER TILES: CARE Assigns 'B+' Rating to INR13.6cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Parker Tiles Private Limited.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       13.60     CARE B+ Assigned
   Short-term Bank Facilities       1.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Parker Tiles
Private Limited are constrained by its nascent stage of
operations, susceptibility of profitability margins to volatile
raw material and natural gas prices. The ratings are further
constrained by the operations in highly competitive tile industry
and its close linkages to highly cyclical real estate industry.
The aforesaid constraints are partially offset by the strengths
derived from experienced promoters and ceramic tile cluster.

The ability of PTPL to timely stabilize the operations and achieve
the envisaged total income & profitability amidst the intensely
competitive market are the key rating sensitivities.

Incorporated in 2003, PTPL was originally registered as Nova Gold
Floor Tiles Private Limited and subsequently was renamed as Nova
Gold Sanitaryware Private Limited on March 04, 2005.

Furthermore, the name was changed to Parker Tiles Private Limited
with effect from November 18, 2011. Previously, the company was
engaged into the manufacturing of sanitaryware and decided to
discontinue these operations (with effect from December 2011),
mainly due to scalability management, declining demand and
increasing competition. The company has disposed of all the
plant & machinery which were used in sanitaryware business. Then
the company modified the facility to manufacture digitally
designed ceramic tiles. PTPL operates from its sole manufacturing
unit located in Surendranagar ceramic cluster in Gujarat, which is
one of the major ceramic tileproducing regions in India.

PTPL currently operates with an installed capacity of 30,600
metric tonnes per annum (MTPA) of ceramic wall tiles (size 12" X
24") with current capacity utilization of approximately 85%.
The company has posted total income of INR7.83 crore from
Aug. 23, 2012 to Dec. 31, 2012.


PARTH INFRA: CARE Rates INR3cr LT Loan at 'CARE BB+'
----------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Parth Infrastructure Private Limited.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.00      CARE BB+ Assigned
   Short-term Bank Facilities      8.80      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Parth
Infrastructure Private Limited are constrained by small scale of
operations, geographical concentration risk, operations in a
highly fragmented & competitive construction & transportation
industry leading to moderate profitability margins and absence of
price-escalation clause in the construction contracts. The ratings
derive benefit from well-qualified and experienced management and
track record of operations for around a decade. The ratings
further derive strength from diversified revenue base with
consistent operating margins and moderate order book position.
PIPL's ability to successfully execute work orders in a timely
manner along with diversification into other geographies &
sustaining the profitability margins in the competitive industry
are the key rating sensitivities.

Established as a partnership firm in 1998, Parth Infrastructure
Private Limited, is engaged in the business of civil construction
[constitutes 62% of total income for FY12 (includes construction
of buildings, roads, bridges, earthwork, water supply & other
miscellaneous works)] and transportation work [constitutes 38% of
total income for FY12 (mainly transportation of coal)] within the
state of Gujarat. PIPL is registered as a 'Class AA' contractor.
PIPL secures all the contracts through open
bidding process and some of its prominent clients are Reliance
Industries Limited (rated CARE AAA / A1+), Military Engineer
Services (MES) and Gujarat State Electricity Corporation Limited.


PGH INTERNATIONAL: CARE Rates INR50cr LT Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term bank facilities of
PGH International Private Limited.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       50        CARE B Assigned

Rating Rationale

The rating is constrained by the implementation and saleability
risk associated with the greenfield shopping and entertainment
campus being developed by PGH International Private Limited.  The
project which involves a large capital outflow has a long payback
period.  The rating, however, draws strength from the experienced
and resourceful promoters along with the favorable funding profile
of the project.

The ability of PGH to complete the project in a timely manner
within the envisaged cost parameters and successfully lease out
the commercial/entertainment space will be the key rating
sensitivities.

Originally incorporated in 2003 as N. M. International Pvt Ltd,
PGH was initially engaged in the film production activity which
was later on discontinued. Currently, PGH is constructing a mega
shopping and entertainment campus under the name of 'People's
World' on its 14.15 acre land at Bhanpur, Bhopal (Madhya Pradesh).
People's World is envisaged to comprise of an entertainment zone,
banquet for events, adventure sports arena, shopping mall, film
city, tourist attractions, hotels and resorts with total
construction area of 86,915 sq mts.

The total cost of the project which is envisaged at INR187.97
crore is proposed to be funded by promoter's contribution of
INR127.97 crore, term loan from bank of INR50 crore (already tied
up) and the balance by way of security deposits from customers. As
on December 31, 2012, PGH had already incurred 65% of the total
cost of the project which was primarily funded through
promoters'contribution of INR121.36 crore.


RBKNIT EXPORTS: CARE Reaffirms 'BB+' Rating on INR2.89cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
R.B.Knit Exports (Export Wing).

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.89      CARE BB+ Reaffirmed
   Short-term Bank Facilities      3.00      CARE A4+ Reaffirmed

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

Rating Rationale

The ratings continue to be constrained by R.B.Knit Exports's
relatively small scale of operations, its low and declining
profitability margins with exposure to raw material volatility,
high competition from various unorganized players domestically and
also low cost manufacturing countries. The ratings also take into
consideration the low financial flexibility due to the partnership
nature of constitution, geographically concentrated and seasonal
nature of business operations coupled with the cyclical nature of
the textile industry. Nonetheless, the ratings take comfort from
the experienced partners with long track record of operations, its
established business relations, its comfortable capital structure
and various subsidies/incentives enjoyed by the firm.

Going forward, RBKE's ability to profitably scale up the
operations, effective working capital and foreign currency
management and continued export benefits currently enjoyed by the
firm shall be the key rating sensitivities.

RBKE is a Ludhiana ,Punjab based partnership firm engaged in the
manufacturing of knitted sweaters from cotton, wool and manmade
fibres for men, women and children. RBKE largely sells its produce
in the international market with major export destinations being
Germany and Italy.  The firm is promoted by three partners - Mr.
Vinay Adya, Mr. Vineet Adya and Ms Indu Adya. RBK is ISO
9001:2008-certified company and is awarded two-star export house
status by the Government of India.


R S INFRA-TRANSMISSION: CARE Rates INR3.72cr LT Loan at 'BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of R. S. Infra-Transmission Limited.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.72      CARE BB+ Assigned
   Short-term Bank Facilities     47.00      CARE A4+ Assigned
   Long-term/ Short-term Bank     18.00      CARE BB+/CARE A4+
   Facilities                                Assigned

Rating Rationale

The ratings of R. S. Infra-transmission Ltd are constrained on
account of its working capital intensive operations, low and
declining profitability margins [including net loss in 9MFY13
(refers to the period April 1 to March 31)] and stressed
liquidity. The ratings are further constrained due to
the delay in commercialisation of operations from its newly setup
manufacturing facility and subdued demand scenario.  The ratings,
however, derive strength from the vast experience of RSITL's
promoters and its association with reputed clientele.

The ability of RSITL to increase its scale of operations along
with improvement in profitability through optimum utilization of
its newly added capacities and improvement in its capital
structure would be the key rating sensitivities.

RSITL, formerly RS Industries (Rolling Mills) Pvt. Ltd, was
incorporated in the year 1985 at Jaipur, Rajasthan. Mr. Abhinav
Gupta is the Managing Director of RSITL. Initially, RSITL was
engaged in manufacturing flat and rolled steel products; however,
from 2003 it shifted to the manufacturing of steel angles and
joist used in making electricity transmission towers. RSITL's
plant had an installed capacity of 48,000 tonne per annum (two
shift basis) as on March 31, 2012. RSITL's products are approved
by Power Grid Corporation of India Ltd (PGCIL).

RSITL earned a PAT of INR1.81 crore on a total operating income of
INR184.59 crore in FY12 as against a PAT of INR2.11 crore on a
total operating income of INR177.18 crore in FY11.


SARVAJANIK JANKALYAN: CARE Rates INR62cr LT Loan at 'CARE B'
------------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term bank facilities of
Sarvajanik Jankalyan Parmarthik Nyas.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        62       CARE B Assigned

Rating Rationale

The rating is constrained by the weak financial profile of
Sarvajanik Jankalyan Parmarthik Nyas marked by accumulated
deficits since inception, stress liquidity and weak debt coverage
indicators. The rating is further constrained due to its
susceptibility to adverse regulatory changes in the education
sector and necessity to incur regular capex towards modernisation/
development of colleges.

The rating, however, draws strength from the experienced and
resourceful promoters, established brand presence in Bhopal and
well-equipped infrastructure for medical studies.

The ability of SJPN to improve its surplus margin and liquidity
while sustaining the strong enrolment in its flagship courses and
achieving the envisaged enrolment in the newly launched courses
are the key rating sensitivities.

Bhopal-based SJPN is a charitable non-profitable public trust
established in the year 2000 by Mr. Suresh Vijaywargia. The
society operates 13 institutions on its 40-acre campus at Bhanpur,
Bhopal, offering courses in various fields of education such as
medical, dental, nursing, paramedic, physiotherapy, pharmacy,
engineering, management, hotel management, etc apart from running
a school. SJPN also manages a 750-bed hospital in its campus.

On May 4, 2011, SJPN received approval for setting up People's
University (PU) via the State Government Notification of Madhya
Pradesh Legislature through an amendment in the Madhya
Pradesh Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Adhiniyam-
2007 as Madhya Pradesh Act (No.18 of 2011). PU is empowered to
award degrees as specified by University Grants Commission
(UGC) under Section 22 of the UGC Act 1956 through its main campus
in regular mode.


TIMES STEEL: CARE Reaffirms 'BB-' Rating on INR22cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Times
Steel and Power Ltd.

                                Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        22       CARE BB- Reaffirmed

Rating Rationale

The rating of Times Steel and Power Limited (TSPL) continue to
remain constrained by its relatively small scale of operations,
its low capacity utilization attributable to the inadequate raw
material sourcing arrangements and weak financial risk profile
marked by declining revenue and profitability indicators, rising
debt levels and working capital intensive nature of business
operations. The rating also considers TSPL's exposure to commodity
price fluctuation risks and the cyclicality inherent in the steel
business. However, the rating derives strength from the experience
of the promoters in the steel industry, its moderate capital
structure and favorable location of the plant. The rating also
takes cognizance of infusion of unsecured loans by the promoters
to fund the losses and finance the working capital requirements.

Going forward, the company's ability to ensure adequacy of raw
material and achievement of increase in scale of operations while
managing its working capital requirements shall remain the key
rating sensitivities.

TSPL was originally incorporated as Nixon Steel and Power Ltd on
October 21, 2002, by Mr. Rajvir Choudhary, his son Mr. Atul
Choudhary and his nephew Mr. Vinay Choudhary. The name of the
company was subsequently changed to TSPL in 2010. The company had
set-up a sponge iron manufacturing facility with a capacity of
100,000 TPA in Rourkela, Odisha, in 2005. For procurement of raw
material, the company has arrangements with Orissa Mining
Corporation (OMC) and Mahanadi Coalfields limited (MCL) to the
extent of 25% and 60% of its total requirements for iron ore and
coal, respectively, while the balance is sourced from open market.

The sponge iron manufactured by the company is sold to the steel
plants in adjoining areas through brokers.



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


ELPIDA MEMORY: Micron Poised to Save $400MM in Acquisition
----------------------------------------------------------
Ian King at Bloomberg News reports that Micron Technology Inc. is
poised to get a $400 million discount on the acquisition of
Japanese rival Elpida Memory Inc., after a 16% slump in the yen
against the U.S. dollar.

Bloomberg said on March 23 the yen has declined to 94.52 per
dollar, at 1:16 p.m. in New York, compared with 79.51 on July 2,
when the takeover was announced. If the deal to buy Elpida for
JPY200 billion were to be completed March 23, Micron would pay
$2.12 billion, compared with $2.52 billion at the time it was
announced. Even so, some of the benefit may be limited by hedges
made to protect against a rise in the currency, which didn't
materialize.

According to Bloomberg, weakness in the yen, which is declining
because of Japanese Prime Minister Shinzo Abe's pledge to curb the
currency's strength, makes the deal more alluring by cutting the
purchase price, and because Elpida's products will be less
expensive in markets where currencies are gaining against Japan's.

"The yen weakening while they're purchasing a significant asset in
Japan allows them to now buy that asset at a much lower price than
was negotiated and makes it much more profitable in operations,"
Doug Freedman, an analyst at RBC Capital Markets in San Francisco,
told Bloomberg in an interview. He has an outperform rating on
Micron. "You have a significant benefit."

Mr. Freedman said he expects the deal to close within weeks,
Bloomberg adds.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.

Micron Technology, Inc. on Feb. 28 announced the Tokyo District
Court's issuance of an order approving Elpida Memory Inc.'s plan
of reorganization.  Elpida's plan of reorganization calls for
Micron to sponsor Elpida's reorganization under which Elpida will
become a wholly owned subsidiary of Micron.  The Tokyo District
Court's approval follows an Elpida creditor vote, concluded on
Feb. 26, in which the creditors voted to approve the
reorganization plan.



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


LM INVESTMENT: Senior Execs Jump Ship as Fund Collapses
-------------------------------------------------------
The Dominion Post reports that senior staff are jumping ship from
LM Investment Management which has trapped some $175 million of
New Zealand investors' cash, after directors placed it in
voluntary administration last week.

New Zealand Herald reported last week that voluntary
administrators have been appointed to LM Investment Management, a
beleaguered Australian firm that controlled a frozen mortage fund
which New Zealanders had more NZ$100 million tied up in.

LM directors have appointed John Park and Ginette Muller of FTI
Consulting as voluntary administrators, blaming the move on
liquidity problems caused by a smear campaign, the report relates.

According to the Post, the company's CFO and portfolio manager are
rumoured to have jumped ship, and an LM spokeswoman confirmed that
some senior staff had left the company.

"As is to be expected, some personnel have made a decision to move
on to other opportunities," the spokeswoman, as cited by the Post,
said.

Meanwhile, the Dominion Post reports that celebrity landscape
gardener Jamie Durie, whose involvement with one of the company's
key developments was trumpeted last year, is now "in discussions"
with LM.

LM Investment Management was founded in 1993 by expat
New Zealander Peter Drake and claims to have assets worth more
than AUD3 billion under management.



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


GAS TRADE: Creditors' Final Meeting Set for March 25
----------------------------------------------------
Creditors of Gas Trade (S) Pte Ltd will hold their final general
meeting on March 25, 2013, at 4:00 p.m., at 6 Shenton Way Tower
Two #32-00, in Singapore 068809.

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


HSS ENGINEERING: Creditors' Meeting Set for March 28
----------------------------------------------------
Hss Engineering Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its creditors on March 28, 2013, at 11:30 a.m.,
at 20 Cecil Street #12-02 Equity Plaza, in Singapore 049705.

Agenda of the meeting include:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      company;

   b. to appoint a Committee of Inspection if deemed necessary;
      and

   c. discuss other business.

The company's liquidator is:

         Don M Ho, FCPA
         C/o Don Ho & Associates
         Public Accountants & Certified Public Accountants
         Corporate Advisory & Recoveries
         20 Cecil Street #12-02 Equity Plaza
         Singapore 04975


PRESTIGE ENERGY: Creditors' Final Meeting Set for March 25
----------------------------------------------------------
Creditors of Prestige Energy Pte Ltd will hold their final general
meeting on March 25, 2013, at 3:00 p.m., at 6 Shenton Way Tower
Two #32-00, in Singapore 068809.

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


PROGEN ENGINEERING: Creditors to Get 35% Recovery on Claims
-----------------------------------------------------------
Progen Engineering Pte Ltd declared the second interim dividend on
March 18, 2013.

The company paid 35% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


* Moody's Notes Improving Flexibility of Singaporean S-REITs
------------------------------------------------------------
Moody's Investors Service says that Singapore's real estate
investment trusts (S-REITs) are managing to improve their
financial flexibility by increasingly opting for unsecured rather
than secured funding.

"The secured debt to total deposited assets of our investment-
grade S-REITs had declined to 11% at end-2012 from 21% in 2007, or
just before the start of the global financial crisis, and we
expect this level to drop to 9% by end-2013," says Jacintha Poh, a
Moody's Analyst.

"We see this move to be credit positive for the S-REITs, as it
improves their financial flexibility and diversifies their funding
sources. The key reasons for this ability to acquire unsecured
funding include supportive liquidity and low interest rate
environments, which are expected, in turn, to continue for the
next 12-18 months," adds Poh.

Poh was speaking on the release of a new Moody's report on S-
REITs, titled, "Improved Financial Flexibility Driven by Increased
Unsecured Funding," and which she authored with other Moody's
analysts.

"As indicated, investment-grade S-REITs will continue to
unencumber their assets, and we see a direct relationship between
the proportion of such assets and financial and strategic
flexibility," says Poh. "Those trusts with a high proportion of
encumbered assets will have a more limited ability to monetize
assets to repay debt -- without the prior approval of their
lenders -- in the event of stress."

In this context, the Moody's report also notes that S-REITS may
find it harder to securitize their unencumbered assets going
forward as the borrowing terms on some of their debt include
restrictive covenants on existing unencumbered properties. In such
cases, approvals from existing creditors will be required in order
to pledge the unencumbered assets for future secured loans.

With the diversification in funding sources, Moody's notes that
the S-REITs have expanded their unsecured options from bank loans
and the equity market to unsecured medium-term note (MTN) programs
for the purpose of tapping the debt capital market, both
domestically and, to a certain extent, externally.

Singapore's loan and capital markets are enjoying flush levels of
liquidity, providing the S-REITs with sufficient funds to cover
their debt and cash needs for acquisitions and asset-enhancement
initiatives.

The low interest rate environment has reduced the overall cost of
funding for S-REITs, allowing them to benefit from increased
unsecured funding at minimal or no extra cost. Accordingly, the
report concludes that expectations that low interest rates will
persist for the next 12-18 months will allow the S-REITs to
continue opting for unsecured funding.

Moody's rates a total of 12 S-REITs with ratings ranging from A2
to Ba3.



                             *********

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, 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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