TCRAP_Public/130326.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

            Tuesday, March 26, 2013, Vol. 16, No. 60


                            Headlines


A U S T R A L I A

DAINTREE ECO-LODGE: NAB Appoints KMPG as Receivers
VIKING GROUP: Former Chief Faces AUD86-Mil. Fraud Case


C H I N A

CHINA EDUCATION: Gets SEC Letter Over Auditor Non-Compliance


H O N G  K O N G

CHINA PROGRESS: Members' Final Meeting Set for April 19
CHIPNUTS TECHNOLOGY: Wardell and Ip Step Down as Liquidators
CODE AGRICULTURE: Court to Hear Wind-Up Petition on April 10
COMMERCIAL CITY: Commences Wind-Up Proceedings
CONTEMPORARY INTERNATIONAL: Court Enters Wind-Up Order

COSMOS PEACE: Members' Final Meeting Set for April 23
CW ENTERPRISES: Creditors' Proofs of Debt Due April 15
DE RODEO: Creditors' Proofs of Debt Due April 2
DIFC GLOBAL: Creditors' Proofs of Debt Due April 15
DIODES ZETEX: Members' Final Meeting Set for April 18

ELITE BRILLIANT: Court to Hear Wind-Up Petition on April 10
EMP-DAIWA CAPITAL: Lam and Boswell Step Down as Liquidators
EVERGROW INT'L: Court to Hear Wind-Up Petition on April 10
EVERSHINE JEWELLERY: Court Enters Wind-Up Order
EXCEL PROPERTIES: Cheng Seng Chong Steps Down as Liquidator

LEHMAN BROTHERS: Suit Over $1.4-Bil. Assured Guaranty Fee Cut


I N D I A

BHAIRAAV LIFESTYLES: ICRA Rates INR20cr Loan at '[ICRA]B+'
CENTURY 21: ICRA Reaffirms 'B' Rating on INR58cr Term Loans
DEVIPRASAD CONSTRUCTIONS: ICRA Puts 'D' Ratings on INR27cr Loans
GIOVANI FASHION: ICRA Assigns 'D' Rating to INR14cr Loans
GK INDUSTRIAL: ICRA Cuts Rating on INR42.24cr LT Loan to 'D'

IRIS HEALTH: ICRA Cuts Rating on INR27.7cr Loan to '[ICRA]D'
MA SARSINSA: ICRA Assigns 'B+' Ratings to INR24cr Loans
MP ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR29cr Loans
NSHM ACADEMY: ICRA Assigns 'D' Rating to INR46.79cr Term Loans
RAJPAL ABHIKARAN: ICRA Reaffirms 'B' Rating on INR10cr Loans

RIA HOTELS: ICRA Reaffirms 'B-' Rating on INR17cr Loans
SHARE MICROFIN: ICRA Upgrades Rating on INR253.18CR Loans to 'C'
SUZLON ENERGY: Sells $650MM Bonds Overseas as Part of Debt Recast


J A P A N

CITIGROUP GLOBAL: Moody's Withdraws (P)Ba1 Rating on Jr. Notes


N E W  Z E A L A N D

BLUE CHIP: Directors May Walk Away From Case
HANOVER FINANCE: Trust to Sell Waiheke Island Property Again
JASONS TRAVEL: In Talks With Banks After Loan Covenant Breach
SOUTH CANTERBURY: Receivers to Wrap Up Their Administration


S I N G A P O R E

ACCORD DEVELOPMENT: Creditors' Proofs of Debt Due April 5
ALTUS TECHNOLOGIES: Creditors' Meeting Set for April 4
AMAZON TIMBER: Creditors' Proofs of Debt Due April 5
INK COAT: Creditors' Proofs of Debt Due April 5
INTERNATIONAL ACADEMY: Creditors' Proofs of Debt Due April 22


S R I  L A N K A

SRI LANKA TELECOM: Fitch Affirms 'BB-' Issuer Default Ratings


X X X X X X X X

* BOND PRICING: For the Week March 18 to March 22, 2013


                            - - - - -


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


DAINTREE ECO-LODGE: NAB Appoints KMPG as Receivers
--------------------------------------------------
Jessica Tasman-Jones at Spa Opportunities reports that Daintree
Eco-Lodge & Spa has been placed in receivership by major creditor
the National Australia Bank.

Daintree Eco-Lodge & Spa, which is a scenic 90 minute drive north
of Cairns International Airport, was last year the only Australian
winner in the World Travel Awards 2012, and includes 15 tree-house
style accommodations, Aboriginal inspired spa therapies and an al
fresco restaurant.  The philosophy of the resort's spa is harmony
with nature, essence in nurture and respect of culture.

The report says negotiations over the past two years to sell the
business -- including its rare parcel of freehold rainforest --
have fallen through with several potential buyers.

According to the report, owners Terry and Cathy Maloney said they
had poured AUD3.6 million into an indigenous employment programme
that was successfully completed by more than 100 trainees.

They said they were disappointed approaches to the federal and
state government to cover costs of the programme had not been
successful, the report relays.

Around 20 staff had been told their entitlements by KPMG following
the receivership, which happened on March 4, according to the
report.

KPMG has said it would be business as usual for the company while
receivers and managers undertake an urgent assessment of the
company's financial position and devise a strategy to move matters
forward, the report adds.

Daintree Eco-Lodge & Spa is an Australian spa that has operated in
Cairns for 18 years.


VIKING GROUP: Former Chief Faces AUD86-Mil. Fraud Case
------------------------------------------------------
Cara Waters at SmartCompany reports that the former head of
collapsed trucking company the Viking Group has been accused of
being involved in an AUD86 million fraud and of having strong
links to outlaw bikie gangs which could help him flee the country.

SmartCompany relates that Steve Iliopoulos, 51, appeared in the
Melbourne Magistrates Court on March 21 and was charged with three
counts of obtaining a financial advantage by deception that relate
to AUD33.55 million and one count of attempting to obtain a
financial advantage by deception of AUD53 million, SmartCompany
says.

Mr. Iliopoulos headed up the Viking Group of more than 20
companies, which operated a number of heavy haulage, transport and
service businesses. It had 300 staff and collapsed in 2011.

He now operates Bronco Transport and police claim Mr. Iliopoulos
used false information to fleece the Commonwealth Bank for
AUD12.15 million on one occasion, AUD17.4 million on another
occasion, then another AUD4 million and AUD30 million, the report
discloses.

SmartCompany reports that police said Mr. Iliopoulos also entered
into negotiations with Westpac where he attempted to obtain a
further AUD53 million.

According to SmartCompany, police claim at the time of the Viking
Group's collapse, in excess of 500 pieces of commercially hired
plant and equipment including trucks and trailers were in the
possession or control of Mr. Iliopoulos and he went with a group
of family, associates and members of the Comancheros to stop
police recovering the property.

Police also argued they feared for the safety of witnesses in the
case and that they have detailed eyewitness evidence of Mr.
Iliopoulos being in possession of knuckle-dusters, knives and a
taser, the report relates.

Magistrate Peter Reardon refused bail and remanded Mr. Iliopoulos
to reappear for a committal mention hearing in July, adds
SmartCompany.



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


CHINA EDUCATION: Gets SEC Letter Over Auditor Non-Compliance
------------------------------------------------------------
China Education Alliance, Inc. on March 21 disclosed that it has
received a letter from the Securities and Exchange Commission
regarding the non-compliance of its former auditor.

On March 16, 2013, China Education Alliance received a letter from
the Securities and Exchange Commission dated March 15, 2013
informing the Company that the Chief Accountant of the Commission
had received a PCAOB Form 3 report issued by the Company's former
independent accountant, Sherb & Co., LLP stating that it had
notified the Company on February 14, 2013 that Sherb was not in
technical compliance with the concurring partner rotation rules of
Auditing Standard No. 7 and consequently, Sherb's audit report
dated April 12, 2011 on the financial statements for the years
ended December 31, 2010 and 2009 could not be relied upon.

China Education Alliance never received the Sherb Letter or any
notification from Sherb -- at any time during or after Sherb's
engagement as the Company's independent accountant -- of Sherb's
non-compliance.

However, upon written request, the Company obtained a copy of the
Sherb Letter dated January 31, 2013 on March 20, 2013.  The Sherb
Letter stated that Sherb was not in technical compliance with the
concurring partner rotation rules of the PCAOB on certain prior
audit and review engagements that they performed.  The engagements
affected were the audit for the year ended December 31, 2010 and
the reviews for the interim periods ended March 31, 2010, June 30,
2010, September 30, 2010, March 31, 2011, June 30, 2011 and
September 30, 2011.  As a result of the foregoing, Sherb stated
that the Company may no longer place reliance on their audit
report and review for such periods.

China Education Alliance's Board of Directors and management
continue to believe that the affected audit and reviewed reports
fairly present, in all material aspects, the Company's financial
condition and results of operations as of the end of and for the
periods presented.

The audit for the year ended December 31, 2011 was performed by
Baker Tilly Hong Kong, a member of the Baker Tilly International
accountancy and business advisory network.

The Company will take whatever action necessary on behalf of its
shareholders to rectify Sherb's non-compliance and default.

                      About China Education

China Education Alliance, Inc. --
http://www.chinaeducationalliance.com-- is a China-based
education resource and services company.



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


CHINA PROGRESS: Members' Final Meeting Set for April 19
-------------------------------------------------------
Members of China Progress Limited will hold their final 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.


CHIPNUTS TECHNOLOGY: Wardell and Ip Step Down as Liquidators
------------------------------------------------------------
James Wardell and Jackson Ip stepped down as liquidators of
Chipnuts Technology (HK) Limited on Feb. 28, 2013.


CODE AGRICULTURE: Court to Hear Wind-Up Petition on April 10
------------------------------------------------------------
A petition to wind up the operations of Code Agriculture
(Holdings) Limited will be heard before the High Court of
Hong Kong on April 10, 2013, at 9:30 a.m.

Zhang Wei Bing filed the petition against the company on Feb. 19,
2013.

The Petitioner's solicitors are:

          Gall
          Room 302, 3rd Floor
          Dina House, Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong


COMMERCIAL CITY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Commercial City Ltd, on Feb. 28, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Liu Lai Man
         Chan Wai Kum
         Level 13, 1 Queen's Road
         Central, Hong Kong


CONTEMPORARY INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order on March 6, 2013, to
wind up the operations of Contemporary International Limited.

The official receiver is Teresa S W Wong.


COSMOS PEACE: Members' Final Meeting Set for April 23
-----------------------------------------------------
Members of Cosmos Peace Development Limited will hold their final
meeting on April 23, 2013, at 11:00 a.m., at Room 10, 12/F, 118
Connaught Road, West, in Hong Kong.

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


CW ENTERPRISES: Creditors' Proofs of Debt Due April 15
------------------------------------------------------
Creditors of CW Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 15, 2013, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


DE RODEO: Creditors' Proofs of Debt Due April 2
-----------------------------------------------
Creditors of De Rodeo Catering Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
April 2, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chen Yung Ngai Kenneth
          c/o Zhonglei
          Specialist Advisory Services Limited
          Suites 313-317, 3/F
          Shui On Centre
          6-8 Harbour Road, Wanchai
          Hong Kong


DIFC GLOBAL: Creditors' Proofs of Debt Due April 15
---------------------------------------------------
Creditors of DIFC Global Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 8, 2013.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


DIODES ZETEX: Members' Final Meeting Set for April 18
-----------------------------------------------------
Members of Diodes Zetex Hong Kong Limited will hold their final
general meeting on April 18, 2013, at 11:00 a.m., at 15/F, Luk Hop
Industrial Building, 8 Luk Hop Street Sanpokong Kowloon, in Hong
Kong.

At the meeting, Ho Man Kit Kong Sau Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ELITE BRILLIANT: Court to Hear Wind-Up Petition on April 10
-----------------------------------------------------------
A petition to wind up the operations of Elite Brilliant Limited
will be heard before the High Court of Hong Kong on April 10,
2013, at 9:30 a.m.

Toptip Holding Pte Ltd filed the petition against the company on
Jan. 29, 2013.

The Petitioner's solicitors are:

          Messrs. Kennedys
          11th Floor, Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


EMP-DAIWA CAPITAL: Lam and Boswell Step Down as Liquidators
------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of EMP-Daiwa Capital Asia Limited on
March 11, 2013.


EVERGROW INT'L: Court to Hear Wind-Up Petition on April 10
----------------------------------------------------------
A petition to wind up the operations of Evergrow International
Limited will be heard before the High Court of Hong Kong on
April 10, 2013, at 9:30 a.m.

Lam Hoi Tung filed the petition against the company on Feb. 6,
2013.


EVERSHINE JEWELLERY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 6, 2013, to
wind up the operations of Evershine Jewellery Factory Limited.

The official receiver is Teresa S W Wong.


EXCEL PROPERTIES: Cheng Seng Chong Steps Down as Liquidator
-----------------------------------------------------------
Cheng Seng Chong Edward stepped down as liquidator of Excel
Properties Limited on March 5, 2013.


LEHMAN BROTHERS: Suit Over $1.4-Bil. Assured Guaranty Fee Cut
-------------------------------------------------------------
Eric Hornbeck of BankruptcyLaw360 reported that a New York state
judge limited which contracts Lehman Brothers Holdings Inc.'s
bankrupt British subsidiary can challenge as it tries to collect a
$1.4 billion fee from monoline insurer Assured Guaranty Ltd. for
terminating mortgage-linked securities transactions early.

According to the BLaw360 report, Judge Marcy Friedman said the
Lehman subsidiary Lehman Brothers International (Europe) can
continue with its allegations that Assured Guaranty didn't act in
good faith when it terminated 28 contracts in July 2009, but
similar allegations over nine contracts terminated in December
2008 didn't hold muster.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.



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I N D I A
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BHAIRAAV LIFESTYLES: ICRA Rates INR20cr Loan at '[ICRA]B+'
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR20 Crore Term Loan facilities of Bhairaav Lifestyles.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loan                  20.00    [ICRA]B+ (Assigned)

The rating factors in the track record of the group in real estate
development along with low execution risk as the construction is
in the final stage of completion. The rating however, is
constrained by the uncertainty in the near and medium term over
sales of offices which would impact the debt servicing capacity of
the firm and large group outlay over near to medium term on other
ensued projects which might lead to withdrawals from the partner's
capital impacting the capital structure. Additionally, ICRA also
notes current oversupply in commercial space developed in Navi
Mumbai area which could lower the expected realizations from sale.
Nonetheless, option for low space offices opens scope for varied
businesses to enter the corporate park.

Bhairaav Group was founded in 1969 by Chairman Mr. Madan Jain as
manufacturers and exporters of fashion garments. After 3 decades
in this business, the group chose to enter the real estate segment
in the late 90s. The textile business was closed down completely
in 2008. The group has undertaken and completed various real
estate development projects in Mumbai. Activities of the Group are
managed by Mr. Madan Jain who is the Chairman and his two sons Mr.
Viivek M.Jain who is the MD of the group, and Mr. Akkshay Jain who
is the Director. M/S Bhairaav Lifestyles was formed in the year
2005 under which the group has undertaken the commercial project
of an 18-storied structure -- The Corporate Park at Vashi as a
joint venture with SSD Buildtech.


CENTURY 21: ICRA Reaffirms 'B' Rating on INR58cr Term Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR58 crore bank facilities of Century 21 Town Planners Private
Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loans                 58.00    [ICRA]B reaffirmed

The rating reaffirmation takes into account the stretched
liquidity of the company as reflected by limited cushion between
CTPL's rental inflows and debt repayment obligations and the
revenue concentration risks arising out of operating a single
property. The rating is also constrained by the risk which may
arise in case of any delays by the lessees in meeting their
monthly lease rental payments which can put pressure on the cash
flows of the company.

The rating, however, draws comfort from long experience of CTPL's
promoters in the business; attractive location of the mall; its
full occupancy levels and reputed tenant profile. Going forward,
the ability of the company to maintain adequate cover between its
lease payments and repayment obligations will remain the key
rating sensitivity.

Century 21 Town Planners Private Limited has been promoted by Mr.
Gurjeet Singh Chhabra who has been involved in real estate
development in and around Indore. Currently the group has two
operational malls under the companies CTPL and M.P. Entertainment
and Developers Private Limited. Apart from these malls, another
group company named Ria Hotels Private Limited has leased out
80,000 sq ft land to Bestech Hospitalities Pvt. Ltd. Century 21
Town Planners Private Limited is currently operating a mall (C-21
Mall) at Agra Bombar Road (A.B. Road), Indore (Madhya Pradesh)
with a gross leasable area of 3.5 lakh square feet. The mall is
fully leased out and some of the tenants are - More Mega Store,
Reliance Trendz, Rituwears Satyam Cineplex, Mom & Me, Tommy
Hilfiger, U.S. Polo, Wills Lifestyle, Arrow, United Colours of
Benetton, Levis, Wrangler, Pepe, Nike, Reebok, Adidas etc.

In FY 2012, the company reported a net loss of INR0.10 crore on an
operating income of INR16.14 crore.


DEVIPRASAD CONSTRUCTIONS: ICRA Puts 'D' Ratings on INR27cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' and a short term
rating of '[ICRA]D' to INR15 crore term loan, INR5 cash credit
facilities, INR6.5 crore bank guarantee limits and
INR0.50 crore unallocated loans of Deviprasad Constructions
Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loan                  15.00    [ICRA]D assigned
   Cash Credit/Overdraft       5.00    [ICRA]D assigned
   Non Fund Based (BG)         6.50    [ICRA]D assigned
   Unallocated                 0.50    [ICRA]D/[ICRA]D assigned

The assigned rating reflects delays on debt servicing by the
company in the past primarily on account of delay in receiving
payments from customers. DCPL's financial risk profile is
characterized by high gearing driven by working capital
borrowings, subdued debt coverage indicators and stretched
liquidity as reflected in overdrawings from the cash credit (CC)
account. The rating is constrained by the modest scale of
operations of the firm, poor revenue visibility given the less
than average order book revenue multiple, the risk of geographical
and customer concentration and vulnerability of the margins to
fluctuations in raw material prices owing to the fixed price
nature of contracts. ICRA however notes the established track
record of the company of over twenty five years in the
construction sector which has resulted in developing strong
relationship with customers.

Deviprasad Construction, a construction company, was established
by Mr. K. Vasudeva Shetty at Kaup, Karnataka in the year 1984 as a
proprietorship concern. Initially, the entity undertook only civil
contruction work and mainly focused on contracts from private
bodies. In 1995, the entity was converted into a private limited
company. Since then, the main focus of the company remains
construction of buildings, apartments, layouts & office complexes
for government agencies in Karnataka. Karnataka Housing Board is
the largest client of DCPL, accounting for ~90% of the turnover
for FY11 & FY12.

Recent Results

For the financial year 2011-12(provisional), the Company's net
profit stood at INR1.46 crore on an operating income of INR46.57
crore, against net profit of INR0.76 crore on operating income of
INR26.82 crore for the financial year 2010-11.


GIOVANI FASHION: ICRA Assigns 'D' Rating to INR14cr Loans
---------------------------------------------------------
The ratings of '[ICRA]D' have been assigned to the INR14.00 crore
bank facilities of Giovani Fashion Limited both on the long term
and short term scale. The ratings primarily reflect the tight
liquidity position of the company resulting in delays in debt
servicing.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                8.00     [ICRA]D assigned
   Term Loans                 1.50     [ICRA]D assigned
   Letter of Credit           1.50     [ICRA]D assigned
   Unallocated Limits         3.00     [ICRA]D assigned

The ratings are further constrained by the modest financial risk
profile of GFL as reflected in its moderate scale; low
profitability margins; high gearing levels; thin debt protection
metrics and high working capital requirements resulting in limited
liquidity cushion on limits. Further ICRA notes that the company
is likely to have high funding requirements over the near to
medium term for expanding its network of own exclusive brand
outlets which would keep its credit metrics and liquidity
stretched. The ratings are further constrained by the high
competition in the formal garments business with the presence of
many large global and Indian branded players and exposure to
seasonality and risk of product obsolescence due to changing
customer preferences.

The ratings however favorably factor in the long experience of the
promoters in men and women formal wear; presence of the company in
the branded segment with a reasonably well known brand "Giovani"
and the favorable demand outlook for premium segment garments in
India because of growing brand consciousness; improved affluence
and spending levels of consumers.

Giovani Fashion Limited was incorporated in June 2006 and is
engaged in the retail sales of men and women formal garments under
the brand name of "Giovani". The promoters namely the Dhir Group,
have been involved in this line of business since 1978 through
their other group companies namely Dhir International Private
Limited (DIPL) and Dhir Global Industria Private Limited (DGIPL)
which are into manufacturing and export of garments. Giovani is an
Italian brand name and was bought by Mr. M.K. Dhir the promoter
and director of the Dhir Group, in the year 2000.

In 8M 2012-13 (provisional) the company reported net profit after
tax (PAT) of INR0.86 crore on a turnover of INR36.37 crore against
net profit after tax of INR0.49 crore on a turnover of INR53.88
crore in 2011-12.


GK INDUSTRIAL: ICRA Cuts Rating on INR42.24cr LT Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the
INR42.24 crore (earlier INR77 crore) long term fund based limits
of GK Industrial Park Private Limited from '[ICRA]BB+' to
'[ICRA]D'.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             --------     -------
   Long term, Term Loans    42.24      [ICRA]D, revised

The rating revision factors in the modest incremental bookings
achieved in the past two years and the resultant reduction in cash
inflows and delays in debt servicing. The low booking status is
primarily due to the lower-than-anticipated off-take from the SME
units around Trichy which are largely focused on undertaking
fabrication activities for Bharat Heavy Electricals Limited
Trichy, who are the primary target customers, due to challenging
macroeconomic conditions. The continuing net losses and large
repayment commitments have led to weak coverage indicators and
stressed liquidity position.

The rating, nevertheless, factors in the presence of IL&FS as the
key stakeholder; completion of land acquisition and receipt of all
major approvals; and, the presence of a reputed multinational
entity as the anchor buyer.

Going forward, ICRA expects the debt servicing capability of the
company to be inadequate in the near term and any improvement of
GKIPL's credit profile would be largely contingent on its ability
to achieve bookings for the sizeable quantum of unsold land stock
and also on the development of common infrastructure offerings
without further delays.

GKIPPL is a Special Purpose Vehicle (SPV) incorporated in December
2007 to develop an industrial park over 620 acres of land at
Siruganur village, 25 kilometres from Tiruchirappalli (Trichy) in
Tamil Nadu. Infrastructure Finance and Leasing Company Limited,
through various group companies holds the majority (85.42%) stake
in the company by way of equity and fully and compulsorily
convertible preference shares. The balance equity stake (14.59%)
is held by the promoter, Mr. K.G Muralidharan, a second-generation
entrepreneur who earlier served as the President of BHEL Small
Scale Industries Association and who originally conceptualized the
project.


IRIS HEALTH: ICRA Cuts Rating on INR27.7cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR27.70
crore term loan of Iris Health Services Limited from '[ICRA]B+' to
'[ICRA]D'.

                      Amount
   Facilities        (INR Cr)         Ratings
   ----------         --------        -------
   Term Loan           27.70          Revised downwards to
                                      [ICRA]D

The revision in rating primarily takes into account the recent
delay made by the company in servicing its debt in a timely
manner. The rating also takes into account the considerable delay
in commissioning of the project by more than a year and the
consequent capital cost overrun. This coupled with a change in the
project scope, has led to a substantial increase in the overall
project outlay from INR43.08 crore to INR70.17 crore. The delay in
commissioning of the project as envisaged earlier led to a cash
flow mismatch for IHSL, resulting in a consequent delay in
servicing debt as per terms.

The rating also takes into consideration the existence of
established hospitals within close proximity of the project site
that increases demand risks, however, the same is mitigated to an
extent by the high demand of health care services and the presence
of well known doctors in the hospital. The rating factors in the
vast experience and network of the key management of the company
in the health care industry with the past track record of the
management in successfully developing hospital projects of similar
scale in Kolkata, and the reputation of the promoters (Fort &
Poddar Groups) in developing large real estate projects in
Kolkata.

Iris Health Services Ltd has been promoted by the Fort group and
the Poddar group of Kolkata to set up a 180 bed secondary care
hospital on Raja S.C. Mullick Road near Garia in South Kolkata.
The total budgeted project cost was enhanced to INR70.17 crore
which was funded by INR29.47 crore of equity and INR40.70 crore
debt. The hospital commenced operations in January 2013.


MA SARSINSA: ICRA Assigns 'B+' Ratings to INR24cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR15.0 crore fund based limits and INR9.0 crore term loans of
Ma Sarsinsa Steels Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits          15.00    [ICRA]B+ (Assigned)
   Term Loans                  9.00    [ICRA]B+ (Assigned)

The assigned rating takes into account MSSPL's relatively moderate
scale of operations, limited track record of the manufacturing
facility, which is in nascent stages of operations and increase in
company's gearing to 1.88 times as on March 31, 2012 following the
debt funded capex towards the Cold Rolled (CR) Strips
manufacturing facility. The rating also takes into consideration
MSSPL's presence in highly fragmented and competitive industry and
its exposure to volatility in raw material prices. However, the
rating takes comfort from MSSPL's experienced management, its long
presence in the CR Strips industry, and the completion of capex
towards the manufacturing facility of the CR Strips, which has led
to significant increase in MSSPL's operating income during the
current year.

Ma Sarsinsa Steels Private Limited was originally incorporated in
1991 by Late Mr. Shri Kishan Bindal as a private limited company
under the name Sarsinsa Steels Private Limited to carry on trading
of CR Strips. The name of the company was later changed to Ma
Sarsinsa Steels Private Limited in 2009. The promoters have an
experience of more than 2 decades in the CR Strips trading
business. The manufacturing plant started commercial operations in
January 2012.

The company reported a net profit after tax of INR0.11 crore on an
operating income of INR15.94 crore during FY2012 as against a
profit after tax of INR0.05 crore on an operating income of
INR10.05 crore during FY2011.


MP ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR29cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR29 crore bank facilities of M. P. Entertainment and Developers
Private Limited.

                      Amount
   Facilities        (INR Cr)        Ratings
   ----------         --------       -------
   Term Loans           28.00        [ICRA]B reaffirmed
   Bank Guarantee        1.00        [ICRA]B reaffirmed

The rating reaffirmation takes into account the continued
liquidity pressure as reflected by limited cushion between MPED's
rental inflows and debt repayment obligations and the revenue
concentration risks arising out of operating a single property.
The rating is also constrained by the risk which may arise in case
of any delays by the lessees in meeting their monthly lease rental
payments which can put pressure on the cash flows of the company.
The rating, however, draws comfort from long experience of MPED's
promoters in the business; attractive location of the mall; it's
almost full occupancy levels (92% of the leasable area has been
leased out) and reputed tenant profile.

Going forward, the ability of the company to maintain adequate
cover between its lease payments and repayment obligations will
remain the key rating sensitivity.

M.P. Entertainment and Developers Private Limited has been
promoted by Mr. Gurjeet Singh Chhabra who has been involved in
real estate development in and around Indore. Currently the group
has two operational malls under the companies Century 21 Town
Planners Private Limited and MPED. Apart from these malls, another
group company, Ria Hotels Private Limited has leased out 80,000
square feet land to Bestech Hospitalities Pvt. Ltd. MPED is
currently operating a shopping mall at Agra Bombar Road (A.B.
Road), Indore with a gross leasable area of 2.5 lakh square feet.
Till date, the company has leased out 92% area to reputed tenants
such as Easy Day Market (Bharti Walmart), Globus, Club Mahindra,
Numero Uno, Fashion @ Big bazaar (Pantaloon Retail),McDonalds,
Monte Carlo, Nirulas, Bata, Peter England, KFC etc.

In FY 2012, the company reported a net loss of INR3.39 crore on an
operating income of INR5.72 crore.


NSHM ACADEMY: ICRA Assigns 'D' Rating to INR46.79cr Term Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR46.79
crore term loan of NSHM Academy.  The rating primarily takes into
account NSHMA's recent delays in timely servicing of debt
obligations.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loans                 46.79    [ICRA]D assigned

The rating also takes into account a weak financial profile of the
Trust marked by a net deficit in FY 2012, high gearing level and
average debt protection metrics. The net deficit in FY 2012 was
primarily due to high interest cost of the Trust. The large debt
obligation relative to its operating profits is also likely to
exert pressure on the liquidity position of the Trust at least in
the short to medium term. The admission in various colleges of the
Trust also moderated in the academic session 2012-13, particularly
in the recently established engineering college, operations of
which is yet to stabilize.

The rating also takes into account the diverse courses offered by
the Trust, which attract a wider set of students and the positive
demand outlook for the education sector.

NSHM Academy is a charitable trust established to impart higher
education in India. The trust currently manages four colleges,
which were set up in 1998 and are located in Durgapur, West
Bengal. The colleges offers undergraduate and post graduate
courses in the field of Hotel Management, Engineering, Management
and other degree courses. The current intake capacity is around
1055 students. The group also has presence in Kolkata, West
Bengal, where the campus was established in 2006-07 under HCG
Charitable Trust. The Trust offers undergraduate and post graduate
courses in the field of Pharmacy, Management, Media and other
degree courses.

Recent Results

As per the provisional results, the Trust reported a net surplus
of INR3.10 crore on an operating income of INR21.17 crore during
the first nine months of the financial year (FY) 2012-13. In FY
2012, NSHMA reported a net deficit of INR2.80 crore on an
operating income (OI) of INR24.74 crore as against a net surplus
of INR2.87 crore on an OI of INR23.63 crore in FY 2011.


RAJPAL ABHIKARAN: ICRA Reaffirms 'B' Rating on INR10cr Loans
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR10.0 crore, bank
facilities of Rajpal Abhikaran Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit Facilities      2.5     [ICRA]B reaffirmed
   Fund Based Facilities       7.5     [ICRA]B reaffirmed

The rating reaffirmation factors in the established track record
of operations of the dealership, the long experience of its
promoters in the auto dealership business as well as their
established relationship with Toyota. The rating continues to be,
however, constrained by the weak financial risk profile of the
company characterized by very high gearing and inadequate debt
coverage indicators, as well as the thin profit margins involved
in the dealership business.

In ICRA's view, RAPL's ability to increase its scale of operations
amid the increasing competitive intensity and its ability to
improve its financial risk profile would remain key rating
sensitivities going forward. Company Profile Incorporated in 1999,
Rajpal Abhikaran Private Limited has been operating as a Toyota
Kirloskar Motors Pvt. Ltd. dealership since January 2000. The
company has a sales showroom cum service workshop located in
Indore. The promoters of the company are highly experienced in the
field of automobiles and have been engaged in automobiles related
business for the past three decades.

As a result of successful running of the operations in Indore, the
promoters have also been awarded with Toyota's dealerships at
Bhopal (2005) and Ratlam (2010).

Recent Results

In 9m 2012-13, RAPL recorded an operating income of INR74.3 crore.


RIA HOTELS: ICRA Reaffirms 'B-' Rating on INR17cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' for an
enhanced amount of INR17.00 crore term loans of Ria Hotels Private
Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loans                 17.00    [ICRA]B- reaffirmed
   (enhanced from 10.00)

The rating reaffirmation takes into account the limited cushion
between RHPL's rental inflows and debt repayment obligations, the
revenue concentration risk arising out of operating a single
property, and the tight liquidity position of the company. The
rating is also constrained by the risk which may arise in case of
any delays by the lessee in meeting their monthly lease rental
payments which can put pressure on the cash flows of the company.
However, the recent arrangement between the directors and RHPL;
wherein the directors' share of lease rental would be used to meet
the debt obligation requirements of RHPL, should ease the pressure
on the cash flows to some extent. Further, any deficit in lease
rentals is also met by way of principal/interest payments from
loans extended to group companies.

The rating also takes comfort from the long experience of the
promoters and the low possibility of lessee vacating the land
given that it has developed a hotel under the "Radisson" brand.

Ria Hotel Private Limited has been promoted by Mr. Gurdeep Singh
Chabra who has been involved in real estate development in and
around Indore. RHPL has leased out ~80,000 sq. ft. land to Bestech
Hospitalities Private Limited which in turn has developed a 5-star
Raddison Hotel on the same. The group also has two operational
malls under the companies Century 21 Town Planners Pvt. Ltd. (C21)
and M.P. Entertainment and Developers Pvt. Ltd. Both these malls
are located on A.B. Road, Indore (Madhya Pradesh).


SHARE MICROFIN: ICRA Upgrades Rating on INR253.18CR Loans to 'C'
----------------------------------------------------------------
ICRA has upgraded the ratings assigned to the Non Convertible
Debenture programme and the INR128.18 crore bank lines of Share
Microfin Limited from '[ICRA]D' to '[ICRA]C'.  ICRA has reaffirmed
the rating assigned to the INR1.93 crore bank line (which was not
restructured by the lenders) of SML at [ICRA]D.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long term NCD programme     25      Upgraded from [ICRA]D to
                                       [ICRA]C

   Long Term Subordinated     100      Upgraded from [ICRA]D to
   Debt/NCD programme                  [ICRA]C

   Long Term Bank Limits      128.18   Upgraded from [ICRA]D to
                                       [ICRA]C

   Long Term Bank Limits        1.93   Retained at [ICRA]D
   (not restructured)

The upgrade in ratings of SML factors its timely servicing of debt
as per the revised CDR* terms w.e.f April 2011 to all lenders who
joined the CDR or restructured as per CDR terms bilaterally, good
collection efficiency in non AP states (99% in the YTD 2012-13),
approval by the CDR cell to allow additional funding to SML, which
would help the company to maintain its non AP portfolio at current
levels and sustain operations in the short term. The rating
reaffirmation at [ICRA]D on the one specific bank line is account
of the continuing delay on the line as one of the lenders neither
joined CDR nor restructured bilaterally. Therefore there is a
deficit in payment on original terms of payments, which ICRA
treats as default.

SML had a total portfolio of INR2,049 crore outstanding as on
December 31, 2012, of which INR1,037 was concentrated in AP (50.6%
of the total book). Since the entire AP portfolio is delinquent
and the company has not received any bank funding for the last 2
years and, the company has been making incremental disbursements
out of collections from non AP book and consequently the
disbursement levels have come down from over INR600 crore a month
in Sep-2010 to around INR100 crore per month in the current
financial year. With less than 50% of the book contributing to the
income the company reported operating profit of INR8.18 crore for
the period ended December 31, 2012 by making overall operations
sustainable on account of lower operating expense and moderately
high recovery rates in non-AP states. However, high provisions on
account of entire delinquent AP book, the company has reported
losses in 2011-12 and 2012-13 and thus, SML's net worth has turned
negative (SML reported a negative net-worth of INR124 crore as on
Dec-12). However, the company was able to report regulatory
capital adequacy ratio (CRAR) of 15.4% as on December 31, 2012 as
RBI gave a special dispensation to AP based MFIs to add back 100%
of the provisions made for AP book to Tier 1 capital for
calculation CRAR in FY13, This add back of provisions would
progressively come down by 20% each financial year and the company
may have to convert the Optionally Convertible Cumulative
Preference Shares (OCCRPS) into equity to meet regulatory CRAR
FY2014 onwards till the company is able to improve its internal
capital generation or mobilize external capital. Nevertheless,
economic capitalization levels are expected to remain poor in the
medium term and the company would be able to generate
approximately INR150-200 crore of internal capital over the next
three years (FY14-FY16) if it were to maintain current levels of
non AP book. However, if there is any improvement in recoveries
from the AP portfolio, the economic capitalisation levels may
improve. The company would need additional debts to be able to
sustain operations and repay its debts over the 7 year stipulated
period.

Earlier, SML was admitted to Corporate Debt Restructuring (CDR)
Cell and the CDR package was approved in June 2011 which approved
a reduction in interest rate and increase in repayment period,
along with a moratorium of 1 year in principal servicing starting
April 1, 2011. Instrument Amount Rating Action Long term NCD
programme INR50 crore INR25 crore Upgraded from [ICRA]D to [ICRA]C
Long Term Subordinated Debt/NCD programme INR100 crore INR100
crore Upgraded from [ICRA]D to [ICRA]C Long Term Bank Limits
INR128.18 crore Upgraded from [ICRA]D to [ICRA]C Long Term Bank
Limits ( not restructured) INR1.93 crore Retained at [ICRA]D

SHARE Microfin Limited was founded by Mr. Udaia Kumar in the year
1999-2000 as public limited company. It became a registered Non
Banking Finance Company in 2000 and was the first Microfinance
Institution (MFI) to obtain a NBFC (Non Deposit taking) license.
SML is engaged in micro finance lending activities. SML serves
36.27 lakh members across 19 Indian states as on Dec-12. For
the 9 Months period ended Dec 2012, SML reported a loss of INR838
crore on an asset base of INR2,122 crore vis--vis loss of INR255
crore on an asset base of INR2,188 in FY2012. The company fully
provided for the delinquent AP book in 9M, 2012-13. Consequently
reported networth as on December 2012 was negative at INR124
crore.


SUZLON ENERGY: Sells $650MM Bonds Overseas as Part of Debt Recast
-----------------------------------------------------------------
The Financial Express reports that Suzlon Energy will raise
$650 million via five-year dollar-denominated bonds as part of the
company's debt restructuring package.  The proceeds of the bond
issue will be used to repay a maturing dollar loan.

In January this year, the Financial Express recalls, the Pune-
headquartered wind energy firm was able to convince bankers to
allow it to recast its debt. The consortium of 19 banks had
approved the INR11,500-crore loan bailout package.

According to the report, the debt-laden company is looking to
refinance a loan of about $650 million. However, given that its
finances are in a shambles, the bond issue is being backed by
State Bank of India (SBI) and other lenders. While SBI has an
exposure of around INR3,500 crore, IDBI Bank has lent the firm
around INR1,700 crore, Bank of Baroda INR1,000 crore and Indian
Overseas Bank INR1,000 crore.

Some of the other lenders to the group with smaller exposures
include ICICI Bank, Axis Bank and Yes Bank, the report relays.

The Financial Express says the debt restructuring was approved
after bondholders rejected a request by the company to extend the
deadline for repaying foreign currency convertible bonds (FCCB)
worth $221 million due in October 2012. Suzlon has forex
facilities with SBI and 11 other banks across the geographies
where it operates of around $650 million. These loans are due to
mature over the next year or so and lenders believe it might be
better to refinance the amount with a single-bullet payment
instead of making staggered payments, the report ads.

                         About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.



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


CITIGROUP GLOBAL: Moody's Withdraws (P)Ba1 Rating on Jr. Notes
--------------------------------------------------------------
Moody's Japan K.K. has withdrawn the following ratings on
Citigroup Japan Holdings Corp. and Citigroup Global Markets Japan
Inc. for its own business reasons.

Complete list of ratings withdrawn:

Citigroup Japan Holdings Corp. (CJH)

- Long-term issuer rating (foreign currency): Baa3

Citigroup Global Markets Japan Inc. (CGMJ)

- Long-term issuer rating (foreign currency): Baa3

- Senior unsecured debt rating (domestic currency): Baa3

- Senior unsecured Medium Term Note Program rating (foreign
currency): (P)Baa3

- Subordinate Medium Term Note Program rating (foreign currency):
(P)Ba1

- Junior Subordinate Medium Term Note Program rating (foreign
currency): (P)Ba1

- Short-term issuer rating (foreign currency): Prime-3

- Commercial Paper rating (domestic currency): Prime-3

Ratings Rationale:

Moody's has withdrawn the rating for its own business reasons. The
ratings withdrawal does not reflect any change in the two
companies' creditworthiness.

Citigroup Japan Holdings Corp., headquartered in Tokyo, is a
wholly owned subsidiary of Citigroup Inc.

Citigroup Global Markets Japan Inc., a wholesale brokerage firm,
is a wholly owned subsidiary of Citigroup Japan Holdings Corp.



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


BLUE CHIP: Directors May Walk Away From Case
--------------------------------------------
stuff.co.nz reports that former Cabinet ministers Wyatt Creech and
John Luxton, lawyer Jock Irvine and founder Mark Bryers are likely
to walk away from the collapse of Blue Chip unless a funder can be
found to back action against them.

The four are among a group of directors targeted in two separate
lawsuits alleging reckless trading during their time at the helm
of the failed property investment scheme, the report says.

stuff.co.nz relates that Blue Chip's liquidators said around 1,200
people are still owed up to NZ$120 million over the 2008 collapse.

Their last hope of getting any compensation for their losses is
action against the directors, but that door is likely to close
next month when a court extension expires, according to the
report.

stuff.co.nz says liquidators Meltzer Mason Heath is bringing one
of the lawsuits, and early this year told the court that it had
not been able to find litigation funding.  The liquidators said
there was no money in the Blue Chip pot from day one, stuff.co.nz
relates.

"The position hasn't changed," the report quotes principal
Arron Heath as saying.  "We've been trying for three to four
years, and we have approached most of the major players."

stuff.co.nz notes that the other action is being driven by
Auckland barristers Paul Dale and Daniel Grove, who successfully
took a case to the Supreme Court on behalf of 235 Blue Chip
victims which resulted in settlements with the developers of
apartment buildings they had invested in.

According to stuff.co.nz, the High Court is managing the two
director actions together because of their similarity, and has
given the Dale/Grove camp a 60-day extension until mid-April.

MMH estimates legal action would cost between NZ$2.5 million to
NZ$3 million and involve a four to six-week trial, the report
adds.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


HANOVER FINANCE: Trust to Sell Waiheke Island Property Again
------------------------------------------------------------
The New Zealand Herald reports that a trust connected to former
Hanover Finance boss Mark Hotchin is again trying to sell its
luxury Waiheke Island property and doesn't have a fixed price in
mind.

The Herald says Mr. Hotchin is a beneficiary of the trustee
company that owns the property, Boat Shed Bay, which is being
offered for sale after more than a year off the market.

According to the Herald, Matthew Smith, of Ray White Waiheke
Island, said he and the director of the trustee company had held
discussions with Mr. Hotchin about the sale.

"We do have conversations from time to time to get advice on
marketing and so forth because he knows the property better than
anyone else," the report quotes Mr. Smith as saying.

He confirmed the Financial Markets Authority had no freeze
"whatsoever" on the property, which includes a five-bedroom home
in 4ha grounds and just over 100 meter of beachfront, the report
relays.

The Herald notes that Mr. Hotchin is one of six Hanover directors
and promoters who are being sued by the FMA over what it alleges
are misleading or untrue statements made in finance company
prospectuses.

                      About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


JASONS TRAVEL: In Talks With Banks After Loan Covenant Breach
-------------------------------------------------------------
BusinessDesk reports that Jasons Travel Media Limited, which
announced the departures of its chief executive and a director in
the past two months, is in talks with its banks after breaching
lending covenants and forecasting an annual loss.

According to the report, the Auckland-based company is bracing for
a pretax loss in the year ending March 31, which will breach its
interest cover and debt to earnings before interest, tax,
depreciation and amortisation covenants, and has asked ANZ
New Zealand for a waiver.

As at September 30, Jasons had NZ$2.3 million in borrowings
falling due in the following 12 months, and NZ$1.9 million in
financial liabilities maturing beyond that timeframe.  As a ratio
to Jason's total equity, the company's gearing rose to 191% as at
September 30 from 108% six months earlier.

"Jasons has tackled its balance sheet with rigour and paid down
relatively large amounts of debt during a time of global economic
uncertainty while at the same time implementing a number of
changes designed to better serve its customers and meet client
expectations," the report quotes John Sandford as saying.

"We're focused on rebuilding the company's position as a
profitable, successful company based on our position as a trusted
source of travel information."

BusinessDesk relates that the company blamed Australian sales that
were well behind budget as the main cause for the downturn, and
will "significantly" scale back its operations across the Tasman,
including job cuts.  The New Zealand operation was slightly behind
budget, though Jasons will have to account for non-cash
adjustments in the period and increased accruals for bad debts on
both sides of the Tasman, the report adds.

Jasons Travel Media Limited (NZE:JTM) is a New Zealand-based media
company, engaged in multi-media publishing business specializing
in travel and tourism. The Company produces and distributes
tourist information in the form of accommodation guides, maps and
directories via print and online media.


SOUTH CANTERBURY: Receivers to Wrap Up Their Administration
-----------------------------------------------------------
The National Business Review reports that the receivers for failed
Timaru lender South Canterbury Finance will wrap up their
administration at the end of the month, having clawed back $774.4
million in the two and a half year administration.

McGrathNicol's Kerryn Downey and William Black handed over the
remnants of the empire of deceased business Allan Hubbard to Crown
Asset Management last year, and remained in office to wind up one
more transaction, according to their latest report on the
receivership, according to The National Business Review.

The report relates that has since been concluded and the
receivership is expected to distribute the last of the surplus
cash and complete the administration by March 31.

The National Business Review recalls that since South Canterbury
was tipped into receivership in August 2010 until February 28 of
this year, the receivers have reduced the amount owing to the
Crown by $774.4 million; though that includes $92.1 million Crown
Asset Management valued the residual assets at when taking them on
to its books.

The report notes that the government unit acquired $81.7 million
in gross loans at a value of $77.3 million, and had written them
down to $67.7 million by the end of June last year.  It also took
on $14.1 million in unlisted property shares and property and
forestry assets, the report relates.

The report says that Finance Minister Bill English set up the
Crown Asset Management unit to take control of the remaining
assets from failed lenders that called on the deposit guarantee as
a means to cap costs.  The unit expects to realize $75.5 million
in the 2012-13 year from loans and receipts and $12.8 million from
asset sales, the report adds.

                  About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


ACCORD DEVELOPMENT: Creditors' Proofs of Debt Due April 5
---------------------------------------------------------
Creditors of Accord Development Pte Ltd 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:

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


ALTUS TECHNOLOGIES: Creditors' Meeting Set for April 4
------------------------------------------------------
Altus Technologies Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on April 4,
2013, at 9:30 a.m., at 108 Robinson Road, Level 11, The Finexis
Building, in Singapore 068900.

Agenda of the meeting include:

   a. to deliberate on the next course of action with regard to
      the unauthorised forex contracts;

   b. discuss other business.

The company's liquidator is:

         Tay Swee Sze
         c/o Tay Swee Sze & Associates
         78 South Bridge Road
         #04-01 TKH Building
         Singapore 058708


AMAZON TIMBER: Creditors' Proofs of Debt Due April 5
----------------------------------------------------
Creditors of Amazon Timber Agency (Pte) Ltd 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:

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


INK COAT: Creditors' Proofs of Debt Due April 5
-----------------------------------------------
Creditors of Ink Coat (Asia) Pte Ltd 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:

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


INTERNATIONAL ACADEMY: Creditors' Proofs of Debt Due April 22
-------------------------------------------------------------
Creditors of The International Academy of Osteopathy Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by April 22, 2013, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095



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


SRI LANKA TELECOM: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Telecom PLC's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'.
The agency also affirmed SLT's National Long-Term Rating at
'AAA(lka)'. The Outlook is Stable.

Key Rating Drivers

Strong market position: SLT's ratings reflect its market-leading
position in Sri Lanka's fixed-line services underpinned by its
monopoly in wireline and fixed-broadband. They also reflect its
number two position in mobile and its evolving share in paid-TV,
making the company one of two 'quadruple-play' providers in the
country. SLT's ratings benefit from its strong balance sheet with
low funds flow from operations (FFO) adjusted net leverage of
0.64x at end-2012.

Sovereign constraints: SLT's IDRs are constrained by Sri Lanka's
IDRs, due to the government directly and indirectly holding a
majority stake in SLT. Malaysia's Usaha Tegas - which owns 44.9%
of SLT - does not have any special provisions in its shareholder
agreement to dilute the government's significant influence over
SLT. Therefore any future changes to Sri Lanka's IDRs will lead to
a corresponding change to SLT's IDRs.

Revenue grows, margins fall: SLT's revenue grew 10% in 2012,
driven by strong growth in mobile and broadband operations, which
was partly offset by weak performance in its fixed-wireless
segment. Revenue growth was also supported by a sharp weakening in
the exchange rate in early 2012, which increased SLT's foreign
currency revenue in local currency terms. Operating EBITDAR
margins fell to 31.9% in 2012 from 33.3% in 2011, due to increased
competition and cost inflation. Fitch expects moderate pressure on
SLT's EBITDAR margins to continue in 2013, particularly if
domestic energy tariffs increase.

Network investments rise: SLT will continue to invest heavily in
the expansion of its broadband and mobile infrastructure in 2013
and 2014, with capex/revenue expected to increase to about 42% in
2013 (2012: 33%). This includes SLT's plans to provide broadband
at speeds of over 20Mbps to over 90% of its wireline subscriber
base by end-2014. This is likely to turn free cash flow (after
capex and dividends) negative in 2013 and result in higher
financial leverage. However, Fitch does not expect negative rating
action given SLT's ample rating headroom.

Strong liquidity: SLT's liquidity is strong in both local and
foreign currencies. Its cash reserves (end-2012: in excess of
LKR4.9bn) continue to exceed current maturities. SLT also has high
FFO coverage of interest costs and operating lease rentals (end-
2012: 14.3x), partly due to most of its debt (which includes long-
term vendor financing) being denominated in foreign currency.
SLT's annual foreign currency earnings are sufficient to cover
interest and principal payments on its foreign currency debt
through to 2015.

Rating Sensitivities

Negative: Future developments that may individually, or
collectively, lead to negative rating action include:

- A downgrade in Sri Lanka's IDRs will result in a corresponding
action on SLT's IDRs. However, the sovereign is currently on
Stable Outlook, indicating that no such rating change is expected
over a one- to two-year period.

- FFO-adjusted net leverage increasing above 2.5x on a sustained
basis. Fitch currently expects FFO- adjusted leverage to remain
below 1.5x in the medium term.

Positive: Future developments that may individually or
collectively lead to a positive rating action include:

- An upgrade in the sovereign IDRs is likely to lead to a
corresponding upgrade in SLT's IDRs. However, the sovereign is
currently on Stable Outlook, indicating that no such rating change
is expected over a one- to two-year period

- As the ratings are currently constrained by government
ownership, the weakening of links with the sovereign could result
in SLT's Local Currency IDR being upgraded above Sri Lanka's Local
Currency IDR. However, SLT's Foreign Currency IDR will remain
constrained by the Country Ceiling of 'BB-'



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


* BOND PRICING: For the Week March 18 to March 22, 2013
-------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

COM BK AUSTRALIA       1.50    04/19/22    AUD     72.75
MIDWEST VANADIUM      11.50    02/15/18    USD     61.41
MIDWEST VANADIUM      11.50    02/15/18    USD     61.00
NEW S WALES TREA       0.50    09/14/22    AUD     67.95
NEW S WALES TREA       0.50    10/07/22    AUD     67.74
NEW S WALES TREA       0.50    10/28/22    AUD     67.56
NEW S WALES TREA       0.50    11/18/22    AUD     67.35
NEW S WALES TREA       0.50    12/16/22    AUD     68.49
NEW S WALES TREA       0.50    02/02/23    AUD     68.05
NEW S WALES TREA       0.50    03/30/23    AUD     67.55
TREAS CORP VICT        0.50    08/25/22    AUD     70.56
TREAS CORP VICT        0.50    03/03/23    AUD     68.89
TREAS CORP VICT        0.50    11/12/30    AUD     47.62


CHINA
-----

CHINA GOVT BOND        4.86    08/10/14    CNY    102.52
CHINA GOVT BOND        1.64    12/15/33    CNY     67.95


INDIA
-----

3I INFOTECH LTD        5.00    04/26/17    USD     34.85
CORE PROJECTS          7.00    05/07/15    USD     50.34
DR REDDY'S LABOR       9.25    03/24/14    INR      5.00
JCT LTD                2.50    04/08/11    USD     20.00
MASCON GLOBAL LT       2.00    12/28/12    USD     10.00
PRAKASH IND LTD        5.63    10/17/14    USD     68.90
PRAKASH IND LTD        5.25    04/30/15    USD     69.34
PUNJAB INFRA DB        0.40    10/15/24    INR     31.83
PUNJAB INFRA DB        0.40    10/15/25    INR     28.94
PUNJAB INFRA DB        0.40    10/15/26    INR     26.34
PUNJAB INFRA DB        0.40    10/15/27    INR     24.00
PUNJAB INFRA DB        0.40    10/15/28    INR     21.91
PUNJAB INFRA DB        0.40    10/15/29    INR     20.06
PUNJAB INFRA DB        0.40    10/15/30    INR     18.39
PUNJAB INFRA DB        0.40    10/15/31    INR     16.90
PUNJAB INFRA DB        0.40    10/15/32    INR     15.55
PUNJAB INFRA DB        0.40    10/15/33    INR     14.34
PYRAMID SAIMIRA        1.75    07/04/12    USD      1.00
REI AGRO               5.50    11/13/14    USD     70.37
REI AGRO               5.50    11/13/14    USD     70.37
RELIGARE FINVEST      11.75    02/08/15    INR      4.35
SHIV-VANI OIL          5.00    08/17/15    USD     39.23
SREI INFRA FIN         8.90    03/22/22    INR     28.48
SUZLON ENERGY LT       7.50    10/11/12    USD     65.13
SUZLON ENERGY LT       5.00    04/13/16    USD     50.78


JAPAN
-----

EBARA CORP             1.30    09/30/13    JPY     99.97
ELPIDA MEMORY          2.03    03/22/12    JPY      9.13
ELPIDA MEMORY          2.10    11/29/12    JPY      9.13
ELPIDA MEMORY          2.29    12/07/12    JPY      9.13
JPN EXP HLD/DEBT       0.50    09/17/38    JPY     69.33
JPN EXP HLD/DEBT       0.50    03/18/39    JPY     69.04
KADOKAWA HLDGS         1.00    12/18/14    JPY    113.87
SHARP CORP             2.07    03/19/19    JPY     73.75
SHARP CORP             1.60    09/13/19    JPY     73.00
TOKYO ELEC POWER       1.96    07/29/30    JPY     73.13
TOKYO ELEC POWER       2.37    05/28/40    JPY     69.25

MALAYSIA
--------

AMAN SUKUK             4.25    03/08/28    MYR      4.21
DUTALAND BHD           7.00    04/11/13    MYR      1.02


PHILIPPINES
-----------

BAYAN TELECOMMUN      13.50    07/15/49    USD     22.63
BAYAN TELECOMMUN      13.50    07/15/49    USD     22.63


SINGAPORE
---------

BAKRIE TELECOM        11.50    05/07/15    USD     50.36
BAKRIE TELECOM        11.50    05/07/15    USD     47.00
BLD INVESTMENT         8.63    03/23/15    USD     68.50
BLUE OCEAN            11.00    06/28/12    USD     36.13
BLUE OCEAN            11.00    06/28/12    USD     36.13
CAPITAMALLS ASIA       2.15    01/21/14    SGD     99.91
CAPITAMALLS ASIA       3.80    01/12/22    SGD    101.01
DAVOMAS INTL FIN      11.00    12/08/14    USD     29.38
DAVOMAS INTL FIN      11.00    12/08/14    USD     29.38
F&N TREASURY PTE       2.48    03/28/16    SGD    100.58
INDO INFRASTRUCT       2.00    07/30/49    USD      2.00


SOUTH KOREA
-----------

CHEJU REGION DEV       3.00    12/29/34    KRW     69.05
EXP-IMP BK KOREA       0.50    08/10/16    BRL     74.81
EXP-IMP BK KOREA       0.50    09/28/16    BRL     73.94
EXP-IMP BK KOREA       0.50    10/27/16    BRL     73.41
EXP-IMP BK KOREA       0.50    11/28/16    BRL     72.84
EXP-IMP BK KOREA       0.50    12/22/16    BRL     72.66
EXP-IMP BK KOREA       0.50    10/23/17    TRY     70.76
EXP-IMP BK KOREA       0.50    11/21/17    BRL     66.89
EXP-IMP BK KOREA       0.50    12/22/17    BRL     66.44
EXP-IMP BK KOREA       0.50    12/22/17    TRY     69.70
SINBO 14TH ABS         8.00    02/02/15    KRW     30.17
SINBO 3RD ABS          9.00    07/27/15    KRW     30.29


SRI LANKA
---------

SRI LANKA GOVT         6.20    08/01/20    LKR     73.31
SRI LANKA GOVT         7.00    10/01/23    LKR     67.82
SRI LANKA GOVT         5.35    03/01/26    LKR     56.26
SRI LANKA GOVT         9.00    07/01/28    LKR     75.00
SRI LANKA GOVT         8.00    01/01/32    LKR     67.77
SRI LANKA GOVT         9.00    01/10/32    LKR     73.71


THAILAND
--------


BANGKOK LAND           4.50    10/13/03    USD      6.38
G STEEL                3.00    10/04/15    USD      8.13
MDX PUBLIC CO          4.75    09/17/03    USD      4.00



                             *********

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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***