TCRAP_Public/130327.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

           Wednesday, March 27, 2013, Vol. 16, No. 61


                            Headlines


A U S T R A L I A

INTERSTAR TITANIUM: Fitch Affirms Rating on Class D Cert. at 'BB'
MOBIUS NCM-04: S&P Affirms CCC Rating on Class F Notes
SPIES GROUP: Two Funeral Firms Up for Sale as Parent Liquidates
TINKLER GROUP: ATO Seizes Money From Tinkler-Owned Firm
URBAN CONTRACTORS: May Have Traded While Insolvent, Report Says

* S&P Affirms Ratings on 42 Tranches of Six RMBS Transactions


C H I N A

BEIJING CAPITAL: Moody's Keeps CFR at Ba2; Outlook is Stable
CHINA ORIENTAL: Poor 2012 Performance No Impact on Ba2 CFR
SUNTECH POWER: Court Accepts Bid for Chinese Unit's Restructuring
SUNTECH POWER: Founder Face Probe Over Solar Firm's Collapse
YANLORD LAND: S&P Revises Outlook to Stable & Lifts Rating to BB-


H O N G  K O N G

FUHUA ELECTRONIC: Members' Final General Meeting Set for April 16
GALA (ASIA): Annual Meetings Set for April 3
GREATER SKY: Shareholders' Final Meeting Set for April 15
HONGKONG GIRBA: Court to Hear Wind-Up Petition on April 17
JARDINE MOTORS: Members' Final Meeting Set for April 16

JINDY STORES: Creditors' Proofs of Debt Due April 15
KEEN SHING: Court Enters Wind-Up Order
KENBERG INVESTMENTS: Court Enters Wind-Up Order
KIM SUM: Members' Final Meeting Set for April 16
LECO WATCH: Creditors' Proofs of Debt Due April 14

LINK JET: Court to Hear Wind-Up Petition on April 10
MARCO HOLDINGS: Court Enters Wind-Up Order
MARS LINE: Creditors' Proofs of Debt Due April 16
MATRIX DISTRIBUTION: Court Enters Wind-Up Order
MILLSTREAM LIMITED: Huen and Huen Appointed as Liquidators

MYND LIMITED: Creditors' Proofs of Debt Due April 8
ONE WORLD: Commences Wind-Up Proceedings
ORION ROYAL: Members' Final Meeting Set for April 15
POPULAR SIGNS: Court to Hear Wind-Up Petition on April 17
POTENTIAL ELECTRONICS: Court to Hear Wind-Up Petition on May 15

POWER OF PRODUCTION: Court Enters Wind-Up Order
QUEEN MARY: Members' Final Meeting Set for April 16
RBC SECRETARIES: Members' Final Meeting Set for April 15


I N D I A

BHARTI AIRTEL: S&P Assigns 'BB+' Rating to Proposed Sr. Notes
COREY ORGANICS: CRISIL Assigns 'D' Ratings to INR145MM Loans
HEALTHY LIFE: CRISIL Assigns 'B' Ratings to INR86.5MM Loans
IMMENSE INDUSTRIES: CRISIL Assigns 'B' Rating to INR30MM Loan
KOSHAL POLY: CRISIL Assigns 'D' Ratings to INR200MM Loans

LAVISH EXIM: CRISIL Rates INR90MM Loan at 'CRISIL B-'
METRIX HEALTHCARE: CRISIL Rates INR150MM Loan at 'CRISIL B'
RMJ MODERN: CRISIL Assigns 'B+' Ratings to INR72.5MM Loans
SAIBABA COTTON: CRISIL Assigns 'B-' Ratings to INR200MM Loans
SRI SAI KRISHNA: CRISIL Rates INR30MM Loan at 'CRISIL B+'

SURYAAMBA SPINNING: CRISIL Ups Ratings on INR288.2M Loans to 'B-'


I N D O N E S I A

STAR ENERGY: Fitch Assigns 'B+' Rating to Senior Secured Notes
STAR ENERGY: Moody's Assigns B2 Rating to US$350MM of Sr. Notes


J A P A N

CORSAIR (JERSEY): S&P Keeps B+ Rating on Creditwatch Negative
SHARP CORP: Continues Talks With Foxconn as Deadline Expires


N E W  Z E A L A N D

KELTERN STUD: Placed Into Liquidation Due to Insolvency
LA FAMIA: Shareholders Placed Trading Firm Into Liquidation


P H I L I P P I N E S

BANCO FILIPINO: Appeals Court Junks Bid to Stop Liquidation


S I N G A P O R E

K I AUTO: Court to Hear Wind-Up Petition April 5
KINGLAND INVESTMENTS: Creditors' Proofs of Debt Due April 22
KY HOLDINGS: Court to Hear Wind-Up Petition April 5
LINGUA TECH: Creditors' Proofs of Debt Due April 9
TBG GLOBAL: Fitch Assigns 'BB' Rating to Guaranteed Notes

TBG GLOBAL: Moody's Rates Proposed US$300MM Senior Notes (P)Ba3


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


INTERSTAR TITANIUM: Fitch Affirms Rating on Class D Cert. at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed Interstar Titanium Series 2006-1 Trust.
The transaction is a securitisation of non-conforming Australian
residential mortgages originated by Interstar Non-Confirming
Finance Pty Limited, and sold by Challenger Inventory Financing
Servicing Pty Limited, as approved seller.

The rating actions are:

AUD1.3m Class B (ISIN AU3FN0002838) affirmed at 'AAsf'; Outlook
Stable

AUD14.6m Class C (ISIN AU3FN0002853) affirmed at 'BBBsf'; Outlook
Stable

AUD6.2m Class D (ISIN AUSFN0002788) affirmed at 'BBsf'; Outlook
Stable

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 within the collateral pool
have remained in line with the agency's expectations.

As of end-January 2013, 30+day arrears were 13.1% compared with
Fitch's non-conforming low-doc index of 13.7%. Arrears levels were
reasonably stable for the previous 12 months. Ninety-plus day
arrears were 7.7% of the collateral balance as at end-January
2013, which was also the average for the previous 12 months. This
compares with Fitch's non-conforming low-doc 90-plus days index of
6.8%. No principal losses were recorded over the 12 months to
January 2013.

The total note balance was 8.5% of the original amount outstanding
as at Feb. 20, 2013, and the ratings of the outstanding notes are
supported by considerable subordination. The excess reserve
balance was AUD1.8 million as of January 2013.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from a concentration of large loans defaulting
becomes the primary driver of Fitch's analysis. The pool comprised
118 loans with a pool balance of AUD23.4 million as at end-January
2013.

Rating Sensitivities

The prospect for downgrades is considered remote at present given
the satisfactory performance of the pool, as well adequate
subordination and liquidity support.


MOBIUS NCM-04: S&P Affirms CCC Rating on Class F Notes
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
classes of notes issued by Mobius NCM-04 Trust (NCM-04).  At the
same time, S&P affirmed its ratings on two other classes of notes
issued by NCM-04 and on two classes of notes issued by Mobius
NCM-03 Trust (NCM-03).  The notes are backed by a portfolio of
subprime and nonconforming residential loans originated by Mobius
Financial Services Pty. Ltd.

The raised rating on the class D notes issued by NCM-04 reflects a
large build up of subordination under the sequential pay
structure, and the fact that the notes are now the highest ranking
in the capital structure.  The level of credit support available
is sufficient at the higher rating level after factoring in the
expected losses for this trust, and the cash-flow modeling shows
that these notes can withstand stress scenarios commensurate with
an 'A' rating.  However concentration to certain borrowers in the
portfolio and other tail-end risks moderate the rating.

The class M notes issued by NCM-04 are interest-only notes that
rank between the class D and class E notes in terms of payment
priority.  S&P's cash-flow modeling shows that these notes can
withstand stress scenarios commensurate with an 'A' rating.

The rating affirmations are based on cash-flow analyses that S&P
conducted and a review of each transaction's performance.  S&P
believes the credit enhancement available and cash flow from the
underlying loan portfolios can withstand stress scenarios
commensurate with the rating on each of the notes.  The rated
notes issued by these transactions have benefited from a build up
in the percentage of credit support provided since close.
Further, at the review date there were no charge offs outstanding
on the NCM-04 transaction and only a minimal amount of charge offs
outstanding on the NCM-03 transaction.

Given a significant proportion of the portfolio has been repaid,
the remaining portfolio has become concentrated, with the largest
10 loans comprising more than 41% of the total pool balance for
NCM-03 and more than 20% for NCM-04 as of Jan. 31, 2013.  The
higher concentrations as well as weighted funding costs and
expenses as the portfolio amortizes heighten the tail-end risk for
the transaction, particularly for the lower-ranking notes.
Therefore, the lower-ranking notes are sensitive to a slow
prepayment rate, and S&P has observed that the prepayment rate for
both the portfolios has slowed in recent years.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

                       REGULATORY DISCLOSURES

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

RATINGS RAISED

Mobius NCM-04 Trust
Class         Rating To         Rating From
D             A (sf)            BBB- (sf)
M             A (sf)            BBB- (sf)

RATINGS AFFIRMED
Mobius NCM-03 Trust
Class         Rating
D             B+ (sf)
E             CCC (sf)

Mobius NCM-04 Trust
Class         Rating
E             B- (sf)
F             CCC (sf)


SPIES GROUP: Two Funeral Firms Up for Sale as Parent Liquidates
---------------------------------------------------------------
SmartCompany reports that Walters and Son Funeral Directors and
Andrew Kennedy Funeral Directors are up for sale following the
liquidation of parent group Spies Group Holdings, with both
businesses combined turnover estimated at about AUD1.8 million.

Liquidator Ian Purchas of RMG Partners told SmartCompany the
liquidation did not occur because of any trade issues, but rather
internal problems.

"This company, which is now in liquidation, is part of a group
which forms a deceased estate," the report quotes Mr. Purchas as
saying. "It's probably more to do with issues within the group
that have led to my appointment."

According to SmartCompany, Mr. Purchas also acknowledges the
unusual nature of the insolvency, commenting when parlours are
"managed well . . . they can be fairly profitable businesses, and
these are not an exception".

Mr. Purchas said both perform about 220 funerals a year, which
based on an average funeral cost of AUD8,000 results in annual
revenue of approximately AUD1.8 million, SmartCompany relays.

Both businesses have continued to trade during the liquidation
process, the report adds.


TINKLER GROUP: ATO Seizes Money From Tinkler-Owned Firm
-------------------------------------------------------
Business Spectator, citing the Australian Financial Review,
reports that the Australian Taxation Office has seized money from
a private company linked to troubled coal baron Nathan Tinkler,
after it failed to pay a AUD129,000 tax bill.

Business Spectator relates that the newspaper reported that
Oceltip, which Mr. Tinkler part-owns with former business partner
Matthew Higgins, failed to pay tax on royalty payments from the
Middlemount mine in Queensland.

Mr. Tinkler is entitled to 75% of the royalty, which has a net
present value of between AUD28 million and AUD34 million, and
Mr. Higgins is due 25%, according to the report.

Business Spectator says Mr. Higgins is suing Mr. Tinkler, Oceltip
and the trustee for the Tinkler family trust, accusing him of
diverting AUD1.12 million worth of royalties owed to him to the
trust.

Mr. Tinkler denies the allegations, says Business Spectator.

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

The ATO has also filed wind-up proceedings against Queen St
Capital.


URBAN CONTRACTORS: May Have Traded While Insolvent, Report Says
---------------------------------------------------------------
The Canberra Times reports that Urban Contractors, a key
contractor on Canberra's AUD633 million ASIO building, may have
been trading while insolvent for up to three months, according to
the firm's administrators.

The ACT Government has emerged as a key creditor on the massive
building job, owed nearly AUD400,000 for the dumping of asbestos-
contaminated soil from the site, the report says.

According to the territory, local builders who say they are owed
about AUD6 million from the project, might receive as little as
11 cents in the dollar, the Canberra Times relates.

Canberra firm Urban Contractors called in administrators in
October 2012, after getting into trouble with its agreement with
the lakeside building's main contractors Lend Lease, the report
recalls.

The Canberra Times notes that a report from administrator BCR
Advisory into Urban Contractors advised creditors that the long-
established external works company got into difficulties largely
as a result of its involvement with the giant ASIO project.

"The (Urban Contractors) Director has advised that the company's
financial distress was due to poor management and financial losses
incurred on one major contract, being the Lend Lease Building,"
the report, as cited by Canberra Times, read.

According to Canberra Times, BCR found that Urban, which continues
to trade in administration, did not have the finance facilities
and structure to cope with the working capital requirements of the
Lend Lease contract.

"In our opinion, it is likely that the company would have
continued in business, without the need for voluntary
administration if it did not commence the Lend Lease contract,"
the report found.  "The company may have been insolvent at least
three months prior to our appointment."

Urban Contractors Pty Ltd has been operating as a landscaping and
earthworks company in Canberra for 30 years.


* S&P Affirms Ratings on 42 Tranches of Six RMBS Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 42
classes of notes issued by six Australian Sapphire subprime
residential mortgage-backed securities (RMBS) transactions.  The
notes are backed by a portfolio of subprime and nonconforming
residential loans originated by Bluestone Group Pty. Ltd.

The rating actions are based on cash-flow analyses that S&P
conducted and a review of each transaction's performance.  S&P
believes the credit enhancement available and cash flow from the
underlying loan portfolios can withstand stress scenarios
commensurate with the rating on each of the notes.  Across the
board S&P has seen the transactions perform within expectations.
With the exception of Sapphire XI Series 2007-2 Trust, all
transactions have been able to reimburse all outstanding charge
offs to subordinated notes with excess spread.  Although the
arrears performance for most of these transactions has been above
the subprime SPIN, there has been a build up of the percentage of
credit support provided for each class of notes.

All transactions have paid down substantially, and most of the
portfolios are now quite small.  As a result, they are exposed to
borrower concentration.  The higher borrower concentrations and a
higher weighted-average funding cost as the portfolio amortizes
heighten the tail-end risk for the transactions, particularly for
the lower-ranking notes.  This makes the lower-ranking notes more
sensitive to slow prepayment rates.  However, S&P believes the
high subordination levels provide a strong buffer to withstand any
losses at the tail end of this transaction, and S&P's sizing of
expected losses at applicable rating levels takes into
consideration the concentrated nature of the portfolios.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

                      REGULATORY DISCLOSURES

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

RATINGS AFFIRMED
Name                                  Class     Rating
Sapphire VI Series 2004-2 Trust       BA        AAA (sf)
Sapphire VI Series 2004-2 Trust       BZ        A (sf)
Sapphire VII Series 2005-1E Trust     MA1       AA- (sf)
Sapphire VII Series 2005-1E Trust     MA2       AA- (sf)
Sapphire VII Series 2005-1E Trust     MZ1       AA- (sf)
Sapphire VII Series 2005-1E Trust     MZ2       AA- (sf)
Sapphire VII Series 2005-1E Trust     BA1       A- (sf)
Sapphire VII Series 2005-1E Trust     BA2       A- (sf)
Sapphire VII Series 2005-1E Trust     BZ        BB+ (sf)
Sapphire VII Series 2005-1E Trust     CA        BB (sf)
Sapphire VIII Series 2005-2 Trust     AA        AAA (sf)
Sapphire VIII Series 2005-2 Trust     AM        AAA (sf)
Sapphire VIII Series 2005-2 Trust     AZ        AAA (sf)
Sapphire VIII Series 2005-2 Trust     MA        AAA (sf)
Sapphire VIII Series 2005-2 Trust     MZ        AA (sf)
Sapphire VIII Series 2005-2 Trust     BA        A- (sf)
Sapphire VIII Series 2005-2 Trust     BZ        BB+ (sf)
Sapphire VIII Series 2005-2 Trust     CA        B (sf)
Sapphire IX Series 2006-1 Trust       AA        AAA (sf)
Sapphire IX Series 2006-1 Trust       AM        AAA (sf)
Sapphire IX Series 2006-1 Trust       AZ        AAA (sf)
Sapphire IX Series 2006-1 Trust       MA        AA (sf)
Sapphire IX Series 2006-1 Trust       MZ        A (sf)
Sapphire IX Series 2006-1 Trust       BA        BBB (sf)
Sapphire IX Series 2006-1 Trust       BZ        BB (sf)
Sapphire IX Series 2006-1 Trust       CA        B (sf)
Sapphire X Series 2007-1 Trust        AA        AAA (sf)
Sapphire X Series 2007-1 Trust        AM        AAA (sf)
Sapphire X Series 2007-1 Trust        AZ        AAA (sf)
Sapphire X Series 2007-1 Trust        MA        AA (sf)
Sapphire X Series 2007-1 Trust        MZ        A (sf)
Sapphire X Series 2007-1 Trust        BA        BBB- (sf)
Sapphire X Series 2007-1 Trust        BZ        BB- (sf)
Sapphire X Series 2007-1 Trust        CA        B (sf)
Sapphire XI Series 2007-2 Trust       AA        AAA (sf)
Sapphire XI Series 2007-2 Trust       AM        AAA (sf)
Sapphire XI Series 2007-2 Trust       AZ        AAA (sf)
Sapphire XI Series 2007-2 Trust       MA        A+ (sf)
Sapphire XI Series 2007-2 Trust       MZ        BBB+ (sf)
Sapphire XI Series 2007-2 Trust       BA        BB (sf)
Sapphire XI Series 2007-2 Trust       BZ        B (sf)
Sapphire XI Series 2007-2 Trust       CA        B- (sf)



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


BEIJING CAPITAL: Moody's Keeps CFR at Ba2; Outlook is Stable
------------------------------------------------------------
Moody's Investors Service has affirmed (1) Beijing Capital Land
Limited's Ba2 corporate family rating; (2) International Financial
Center Property Ltd's (IFC) Ba3 corporate family rating; and (3)
the Ba3 senior unsecured rating of RMB bonds issued by Central
Plaza Development Ltd in November 2012.

This affirmation follows CPD's proposal to issue USD senior
perpetual capital securities.

The ratings outlook remains stable.

Both CPD and IFC are wholly-owned subsidiaries of BJCL. Moody's
refers to the three companies collectively as the BJCL group.

The proposed senior perpetual capital securities will be
guaranteed by IFC, and supported by a Deed of Equity Interest
Purchase Undertaking and a Keepwell Deed between the BJCL group
and the trustee.

The Beijing Capital Group Ltd (unrated), the parent company of
BJCL, will also provide a Letter of Support in favor of BJCL and
IFC with respect to the proposed issuance.

Ratings Rationale:

"The proceeds from the perpetual securities issuance will improve
BJCL group's funding to develop projects and improve sales," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

"The proceeds could also diversify the BJCL group's funding
sources and lengthen the debt maturity profiles," says Tsang, who
is also Moody's lead analyst for BJCL.

"Moody's considers these senior perpetual capital securities as
100% debt, but the incremental debt raised will not materially
pressure the group's credit profile, as part of the proceeds will
be used to repay its maturing high-cost trust finance," adds
Tsang.

Moody's expects BJCL's adjusted net debt/net capitalization will
continue to trend down to 50% over the next 1-2 years, while
EBITDA/interest will trend towards 2.5x.

Meanwhile, IFC's adjusted debt/capitalization ratio will stay at
around 65%-75%, and EBITDA/interest between 2x-2.5x. These metrics
are in line with its single-B standalone credit profile.

BJCL's Ba2 corporate family rating continues to reflect its
medium-sized operation and track record of operating through
business cycles since it was established in 2002.

The rating further reflects BJCL's good access to funding and its
ability to secure good growth opportunities because of its close
relationship with its parent and the Beijing Municipal Government.

IFC's Ba3 corporate family rating reflects its single-B standalone
credit profile, small scale and thin capital base, and also
incorporates a two-notch rating uplift.

The two-notch uplift is based on (1) BJCL's 100% ownership of IFC;
(2) a track record of financial support to IFC from BJCL; (3)
IFC's business direction that is set by BJCL; and (4) IFC's cost
efficiency and strong brand name as all its projects are operated
by BJCL.

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

Incorporated in the British Virgin Islands in 2000, IFC is the
primary overseas holding company for BJCL. It is fully owned by
BJCL. It is also the guarantor for the bonds issued by CPD.

Incorporated in China, BJCL is a mid-sized developer in China's
residential property sector. As of January 31, 2013, it had a
total land bank of 10.7 million square meters in terms of gross
floor area, including total above-the-ground gross floor area of
approximately 9.3 million square meters, of which approximately
7.6 million square meters were attributable to BJCL. This land
bank, which covers 15 cities in China, should support the
company's development for the next 3-4 years.


CHINA ORIENTAL: Poor 2012 Performance No Impact on Ba2 CFR
----------------------------------------------------------
Moody's Investors Service says that China Oriental Group Company
Limited's Ba2 corporate family and senior unsecured ratings and
its negative outlook remain unaffected by the company's 2012
results.

"The company's 2012 operating and financial performance, which was
materially weaker than 2011, has already been incorporated into
the company's current ratings with a negative outlook" says Jiming
Zou, a Moody's Analyst.

China Oriental's financial performance reflected a generally weak
operating environment in 2012 with high raw material costs and
depressed selling prices.

According to Moody's calculation, debt/EBITDA rose to about 5.0x
at end-2012 from 2.6x a year ago, mainly as a result of earnings
deterioration. Such a level of debt leverage is high for the
company's Ba2 ratings.

Nevertheless, Moody's has considered the cyclicality of the steel
industry and expects a slight improvement in the operating
environment in 2013, which should help improve the company's
financial profile. China Oriental's efficient production base
relative to peers and its cost-saving measures will also help
raise its profitability in steelmaking.

"We are closely monitoring the company's efforts to improve its
product mix, cost savings, and management of working capital and
capital spending, all of which are key to improving its financial
profile. Should the company fail to demonstrate a meaning
improvement during the course of 2013, there could be heightened
downward rating pressure," continues Zou.

China Oriental's ability to improve its debt leverage also hinges
on its control over bank acceptance notes receivables. Bank
acceptance notes climbed to RMB5.7 billion at end-2012, reflecting
liquidity constraints among its customers and the ramp-up of its
own steel trading business.

Despite the availability of bank guarantees and a high level of
cash convertibility, such bank acceptance notes may entail credit
risks and negatively affect the company's credit profile.

China Oriental's Ba2 corporate family rating still reflects the
company's leading market position in H-section steel and its
above-average profitability for the Chinese steel industry, as
well as the presence of ArcellorMittal (Ba1 negative) as a major
shareholder.

The negative outlook reflects the weak profitability in its core
steelmaking business, and its efforts to branch out into less
familiar areas of property development and lending with resultant
higher business risks.

Moody's will continue to monitor the trends in the steel industry
and China Oriental's operating performance in the next 2-3
quarters.

A rating upgrade is unlikely, given the negative outlook. Downward
rating pressure will arise if the company fails to show a trend of
improving debt/EBITDA below 3.0x-3.5x and EBITDA/interest above
4.0x during 2013

Moreover, any evidence that ArcelorMittal (Ba1 negative) is
withdrawing its involvement in China Oriental's operations or
reducing its ownership would be negative for the rating.

The principal methodology used in this rating was Global Steel
Industry Methodology published in October 2012.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11 million tons per annum mainly manufactures H-
section steel products and HR strips/strip products at its steel
mills in Hebei province. The company was listed on the Hong Kong
Stock Exchange in 2004. It is 45%-owned by its founder, Mr. Han
Jingyuan, and 29.6% by ArcelorMittal.


SUNTECH POWER: Court Accepts Bid for Chinese Unit's Restructuring
-----------------------------------------------------------------
Suntech Power Holdings Co., Ltd. said that the Wuxi Municipal
Intermediate People's Court in Jiangsu Province, China has
formally accepted the petition for the insolvency and
restructuring of the Company's Chinese subsidiary Wuxi Suntech
Power Co., Ltd.

The Court has appointed an administration committee, consisting of
local government representatives and accounting and legal
professionals, to administer the restructuring of Wuxi Suntech.
The insolvency and restructuring procedure is designed to
facilitate an orderly process for both Wuxi Suntech and its
creditors. The primary goal is to restructure Wuxi Suntech's debt
obligations, while continuing production and operations.

Wuxi Suntech is the Company's principal operating subsidiary in
China engaged in the manufacture of photovoltaic (PV) cells and PV
modules. Wuxi Suntech will continue operations through the
restructuring period. Furthermore, the Company has additional
wholly owned or partially owned subsidiaries with cell and module
production facilities that continue to produce high quality solar
products to meet customer orders. Suntech and the administration
committee are committed to maintaining all of Suntech's product
warranty obligations.

Suntech Power Holdings Co., Ltd., the ultimate parent company of
Wuxi Suntech, has not commenced insolvency proceedings, nor have
any of the Company's other principal operating subsidiaries. The
Company is not aware of any similar proceedings regarding any of
its other entities.

                          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.

On March 18, 2013, a group of eight Chinese banks filed a petition
for insolvency and restructuring of its Chinese subsidiary Wuxi
Suntech Power Holdings Co., Ltd. in the Wuxi Municipal
Intermediate People's Court in Jiangsu Province, China.  Wuxi
Suntech on March 20 notified the Court that it will not file an
objection against the petition.

Bloomberg News reported that investors stand to lose most of the
$1.28 billion they put into Suntech Power Holdings Co. after the
solar manufacturer said it wouldn't resist a bankruptcy petition
filed in China.

The company had more than $2 billion in debt and defaulted on $541
million in bonds due on March 15, prompting eight Chinese banks to
ask a local court to push Suntech's main unit into insolvency,
Bloomberg News related.


SUNTECH POWER: Founder Face Probe Over Solar Firm's Collapse
-------------------------------------------------------------
The Sydney Morning Herald reports that former solar billionaire
and Australian citizen Shi Zhengrong is being investigated by
Chinese authorities over financial dealings that may have
contributed to the insolvency of the company he founded, Suntech
Power.

According to SMH, Chinese-language media report that immigration
officials have been instructed to prevent Dr. Shi from leaving
China so that he can assist with the investigation -- a claim at
odds to the understanding of Australia's Department of Foreign
Affairs.

"He's really in trouble this time," according to an official from
Wuxi, where Suntech is based, the Zhengzhou Evening News reported
on Saturday in an article carried by Xinhua news agency on its
website, SMH relates.

A DFAT spokesperson, though, said Dr. Shi has not been barred from
exiting China: "The Australian Embassy in Beijing has been advised
that the Australian man in question has not been detained and is
not subject to travel restrictions," SMH reports.

As reported in the Troubled Company Reporter-Asia Pacific on
March 22, 2013, Bloomberg News said Dr. Shi saw his fortune
further unravel as the solar company he founded, Suntech Power
Holdings Co., allowed its main unit to tip into insolvency.
Dr. Shi's stake in Suntech Power was valued at $1.7 billion when
he emerged at the top of the Wall Street Journal's rich list for
China in 2006. His roughly 30% stake today is down to about
$32 million, if shareholders get anything out of the Chinese
bankruptcy process, said Bloomberg.

                          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.

On March 18, 2013, a group of eight Chinese banks filed a petition
for insolvency and restructuring of its Chinese subsidiary Wuxi
Suntech Power Holdings Co., Ltd. in the Wuxi Municipal
Intermediate People's Court in Jiangsu Province, China.  Wuxi
Suntech on March 20 notified the Court that it will not file an
objection against the petition.

Bloomberg News reported that investors stand to lose most of the
$1.28 billion they put into Suntech Power Holdings Co. after the
solar manufacturer said it wouldn't resist a bankruptcy petition
filed in China.

The company had more than $2 billion in debt and defaulted on $541
million in bonds due on March 15, prompting eight Chinese banks to
ask a local court to push Suntech's main unit into insolvency,
Bloomberg News related.


YANLORD LAND: S&P Revises Outlook to Stable & Lifts Rating to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Yanlord Land
Group Ltd. to stable from negative.  In line with the outlook
revision, S&P raised its long-term Greater China regional scale
rating on the company to 'cnBB+' from 'cnBB'.  At the same time,
S&P raised the issue rating on Yanlord's outstanding senior
unsecured notes to 'BB-' from 'B+' and S&P's Greater China
regional scale rating on the notes to 'cnBB+' from 'cnBB-'.  S&P
also affirmed its 'BB-' long-term corporate credit rating on
Yanlord.

"We revised the outlook because we expect that Yanlord will
maintain its good sales execution and continue to have a cautious
appetite toward expansion amid a relatively stable property market
over the next 12 months," said Standard & Poor's credit analyst
Christopher Lee.  "We also expect the company's capital
structure and liquidity to improve over the next year."

Yanlord strengthened its operating results for 2012 after
improving its sales execution and reducing debt, which lowered its
leverage.  Further, refinancing risk has decreased because Yanlord
has extended its debt maturity profile and maintained good access
to offshore financing.  S&P continues to view the company's
business risk profile as "fair" and the financial risk profile as
"aggressive," as defined in S&P's criteria.

S&P believes Yanlord's product focus will help it to maintain
satisfactory sales in 2013 despite government restrictions on home
purchases in its key markets.  In the first two months of 2013,
the company's contract sales met about 9% of its full-year target
or about Chinese renminbi (RMB) 1.2 billion.

"We expect Yanlord's cash flow protection to strengthen in 2013 on
higher sales recognition, stable margins, and lower debt levels,"
said Mr. Lee.  The extent of the recovery depends on the company's
ability to deliver and complete properties to the level S&P
expects in its base case.  S&P believes Yanlord's profitability
will be stable over the next two years.

S&P affirmed the rating on Yanlord to reflect the company's
concentration in the high-end residential sector, its limited
number of projects, and small land bank compared with peers'.
Yanlord's good market position and brand recognition in high-end
property projects, and increasing recurring income temper the
weaknesses.

Yanlord's financial flexibility and good banking relationships
also underpin the rating.  In July 2012, the company redeemed 81%
of its Singapore dollar 375 million in convertible bonds due 2014,
using financing from offshore banks and internal funding.

S&P raised the issue rating by one notch because Yanlord has
improved its debt structure by reducing the structural
subordination risk on its offshore debt.

S&P may lower the rating if: (1) Yanlord deviates from its
cautious expansion strategy and that debt-funded expansion is more
aggressive than S&P expected, such that its debt-to-EBTIDA ratio
is over 5x or EBITDA interest coverage is less than 2x; or (2) its
sales execution is weaker than S&P expect, such that property
sales are materially lower than S&P's expectation of RMB12 billion
for 2013.

The rating upside is limited in the next 12 months.  However, S&P
may consider raising the rating if Yanlord increases its operating
scale and geographic diversification, and improves its recurring
income while maintaining disciplined financial management.



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


FUHUA ELECTRONIC: Members' Final General Meeting Set for April 16
-----------------------------------------------------------------
Members of Fuhua Electronic (H.K.) Co., Limited will hold their
final general meeting on April 16, 2013, at 10:00 a.m., at 703,
Hang Bong Commercial Centre, 28 Shanghai Street, in Kowloon.

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


GALA (ASIA): Annual Meetings Set for April 3
--------------------------------------------
Members and creditors of Gala (Asia) Industries Limited will hold
their annual meetings on April 3, 2013, at 2:00 p.m., and
3:00 p.m., respectively at my office at 25/F, Tower One, Tern
Centre, 237-251 Queen's Road Central, in Hong Kong.

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


GREATER SKY: Shareholders' Final Meeting Set for April 15
---------------------------------------------------------
Shareholders of Greater Sky Limited will hold their final meeting
on April 15, 2013, at 10:00 a.m., at 4th Floor, Wing Sing
Commercial Centre, 12-16 Wing Lok Street, in Hong Kong.

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


HONGKONG GIRBA: Court to Hear Wind-Up Petition on April 17
-----------------------------------------------------------
A petition to wind up the operations of Hongkong Girba Chemical
Limited will be heard before the High Court of Hong Kong on
April 17, 2013, at 9:30 a.m.

Micro-Pak Limited filed the petition against the company on
Feb. 7, 2013.

The Petitioner's solicitors are:

          Tanner De Witt
          1806, Tower Two
          Lippo Centre, 89 Queensway
          Hong Kong


JARDINE MOTORS: Members' Final Meeting Set for April 16
-------------------------------------------------------
Members of Jardine Motors (China) Limited will hold their final
general meeting on April 16, 2013, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JINDY STORES: Creditors' Proofs of Debt Due April 15
----------------------------------------------------
Creditors of Jindy Stores 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 7, 2013.

The company's liquidator is:

         Shiu Suk Yin
         Room 1802, 18/F
         Sunbeam Commercial Building
         469-471 Nathan Road, Kowloon
         Hong Kong


KEEN SHING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 6, 2013, to
wind up the operations of Keen Shing Plastic Factory Limited.

The official receiver is Teresa S W Wong.


KENBERG INVESTMENTS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 6, 2013, to
wind up the operations of Kenberg Investments Limited.

The official receiver is Teresa S W Wong.


KIM SUM: Members' Final Meeting Set for April 16
------------------------------------------------
Members of Kim Sum Cantonese Opera Company Limited will hold their
final meeting on April 16, 2013, at 10:00 a.m., at Room 1703,
17/F, Landmark North, 39 Lung Sum Avenue, Sheung Shui, N.T., in
Hong Kong.

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


LECO WATCH: Creditors' Proofs of Debt Due April 14
--------------------------------------------------
Creditors of Leco Watch Case Manufactory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 14, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Chan Yui Hang
          Room 1703, 17/F
          Landmark North
          39 Lung Sum Avenue
          Sheung Shui, N.T.


LINK JET: Court to Hear Wind-Up Petition on April 10
----------------------------------------------------
A petition to wind up the operations of Link Jet (Far East)
Development Limited will be heard before the High Court of
Hong Kong on April 10, 2013, at 9:30 a.m.

The petitioner's counsel is:

          Lewis Law
          Senior Government Counsel
          Counsel for the Petitioner
          Department of Justice
          2nd Floor, High Block
          Queensway Government Office
          66 Queensway, Hong Kong


MARCO HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 6, 2013, to
wind up the operations of Marco Holdings Limited.

The official receiver is Teresa S W Wong.


MARS LINE: Creditors' Proofs of Debt Due April 16
-------------------------------------------------
Creditors of Mars Line Property Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 16, 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:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


MATRIX DISTRIBUTION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 4, 2013, to
wind up the operations of Matrix Distribution Limited.

The official receiver is Teresa S W Wong.


MILLSTREAM LIMITED: Huen and Huen Appointed as Liquidators
----------------------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on Feb. 27, 2013, were
appointed as liquidators of Millstream Limited.

The liquidators may be reached at:

         Messrs. Huen Ho Yin
         Huen Yuen Fun
         22nd Floor, 9 Des Voeux Road
         West, Hong Kong


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

The company commenced wind-up proceedings on March 4, 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


ONE WORLD: Commences Wind-Up Proceedings
----------------------------------------
Members of One World Asia Fund Management Limited, on Feb. 25,
2013, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Tse Ka Yee
         Unit 204, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


ORION ROYAL: Members' Final Meeting Set for April 15
----------------------------------------------------
Members of Orion Royal Pacific (Nominees) Limited will hold their
final meeting on April 15, 2013, at 11:00 a.m., at 7th Floor,
Alexandra House, 18 Chater Road, Central, in Hong Kong.

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


POPULAR SIGNS: Court to Hear Wind-Up Petition on April 17
---------------------------------------------------------
A petition to wind up the operations of Popular Signs Limited will
be heard before the High Court of Hong Kong on April 17, 2013, at
9:30 a.m.

The Secretary for Justice filed the petition against the company
on Feb. 22, 2013.

The petitioner's counsel is:

          M L Chang
          Government Counsel for the Petitioner
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


POTENTIAL ELECTRONICS: Court to Hear Wind-Up Petition on May 15
---------------------------------------------------------------
A petition to wind up the operations of Potential Electronics
Company Limited will be heard before the High Court of Hong Kong
on May 15, 2013, at 9:30 a.m.

Shanghai Commercial Bank Limited filed the petition against the
company on March 6, 2013.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


POWER OF PRODUCTION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Power of Production Company Limited.

The company's liquidator is Yuen Tsz Chun Frank.


QUEEN MARY: Members' Final Meeting Set for April 16
---------------------------------------------------
Members of Queen Mary Hospital Doctors' Association Limited will
hold their final general meeting on April 16, 2013, at
10:00 a.m., at 6/F, May May Building, Nos. 683-685 Nathan Road,
Mongkok, in Hong Kong.

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


RBC SECRETARIES: Members' Final Meeting Set for April 15
--------------------------------------------------------
Members of RBC Secretaries (Hong Kong) Limited will hold their
final general meeting on April 15, 2013, at 12:00 p.m., at 7th
Floor, Alexandra House, 18 Chater road, Central, in Hong Kong.

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



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


BHARTI AIRTEL: S&P Assigns 'BB+' Rating to Proposed Sr. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a proposed issue of benchmark size senior
unsecured notes by Bharti Airtel International (Netherlands) B.V.
Bharti Airtel Ltd. (Bharti; BB+/Stable/--), which indirectly
wholly owns Bharti Airtel International, will irrevocably
guarantee the notes.  The issue rating is subject to S&P's review
of the final issue documentation.  Bharti expects to primarily use
the proceeds of the proposed notes to refinance a part of its
foreign currency debt.

Bharti recently completed a US$1 billion bond offering, which had
terms and conditions similar to the proposed issue.  The company
used the proceeds of the bond to refinance its foreign currency
debt.


COREY ORGANICS: CRISIL Assigns 'D' Ratings to INR145MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facilities of Corey Organics Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               19.50     CRISIL D
   Cash Credit             90.00     CRISIL D
   Proposed Long-Term      35.50     CRISIL D
   Bank Loan Facility

The rating reflects instances of delays by Corey in servicing its
debt obligations; the delays are because of the company's weak
liquidity owing to working capital intensive operations.

Corey also has a weak financial risk profile, small scale and
working-capital-intensive nature of operations. However, Corey
benefits from its promoters' industry experience and established
market presence.

Corey Organics Pvt Ltd was incorporated in 1996 and promoted by
Mr.D.Rajakumar Reddy is into the business of manufacturing fine
chemicals, pyridine compounds and intermediates. The company has 2
units in Kotthur, Hyderabad and Vizag each.


HEALTHY LIFE: CRISIL Assigns 'B' Ratings to INR86.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Healthy Life Pharma Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 30      CRISIL B/Stable
   Proposed Long-Term         9      CRISIL B/Stable
   Bank Loan Facility
   Letter of Credit           3.5    CRISIL A4
   Bank Guarantee            50.0    CRISIL A4
   Cash Credit               47.5    CRISIL B/Stable

The rating reflects the company's modest scale of operations in a
highly competitive industry, weak financial risk profile marked by
modest networth and high gearing and working capital intensive
nature of operations. These rating weaknesses are partially offset
by the promoter's extensive experience in the pharmaceutical
industry.

Outlook: Stable

CRISIL believes that HLPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive if the company generates significantly
better-than-expected revenue and margins while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of substantially lower than expected profitability or
revenues or higher than expected debt-funded capital expenditure
programme or due to stretch in its working capital cycle.

HLPL, incorporated in 1998 by Mr. Manu T. Shah, is engaged in
manufacturing of pharmaceuticals formulations. The company also
undertake share trading activity. Its manufacturing facilities are
located at Tarapur (Maharashtra). The company's registered office
is in Mumbai (Maharashtra).

HLPL recorded a profit after tax (PAT) of INR1.4 million on net
sales of INR509.5 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on net sales
of INR480.7 million for 2010-11.


IMMENSE INDUSTRIES: CRISIL Assigns 'B' Rating to INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Immense Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL B/Stable
   Letter of Credit          70      CRISIL A4

The ratings reflect IIPL's exposure to risks relating to small
scale of operations in a fragmented industry, customer and
supplier concentration in revenue profile, and working-capital-
intensive operations leading to weak financial risk profile. These
rating strengths are partially offset by the benefits that IIPL
derives from the extensive experience of its promoters in the yarn
industry.

Outlook: Stable

CRISIL believes that IIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if increase in revenue and
improved profitability or equity infusion strengthens IIPL's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if IIPL's profitability or revenue declines, resulting
in low cash accruals and a weaker financial risk profile.

Incorporated in 1988, IIPL trades in yarn and metal products
(scrap, ingots). The company is based in Delhi, and its day-to-day
operations are managed by Mr. Somnath.

IIPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR1069 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR207 million for 2010-11.


KOSHAL POLY: CRISIL Assigns 'D' Ratings to INR200MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Koshal Poly Pack.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           60      CRISIL D

   Proposed Long- Term       96.5    CRISIL D
   Bank Loan Facility

   Bank Guarantee             3.5    CRISIL D

   Cash Credit               40.0    CRISIL D

The ratings reflect instances of delay by KKP in servicing its
term debt; the delays have been caused by the firm's weak
liquidity. KKP has a weak liquidity because of delays in project
execution.

KPP also has large working capital requirements. Moreover, its
operations are in the nascent stage in the intensely competitive
packaging industry. Furthermore, the firm's operating margin is
susceptible to volatility in raw material prices. However, KPP
benefits from its partners' extensive experience in the plastic
packaging industry and established customer relationships through
its group entity.

KPP was set up as a partnership firm on March 24, 2010 by Mr.
Sushil Bhimrajka and his two sons, Mr. Sumeet Bhimrajka and Mr.
Vineet Bhimrajka. It has been manufacturing high density
polyethylene and polypropylene bags and fabrics since January
2013. All its partners are active in the business.


LAVISH EXIM: CRISIL Rates INR90MM Loan at 'CRISIL B-'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Lavish Exim Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL B-/Stable

The rating reflects LEPL's start-up nature of operations, weak
financial risk profile due to low occupancy levels expected during
its initial phase of operations, and vulnerability to regulatory
risks associated with educational institutions. These rating
weaknesses are partially offset by the benefits that LEPL derives
from its promoter's extensive experience in, and the healthy
demand prospects for, the education sector.

Outlook: Stable

CRISIL believes that LEPL will continue to benefit over the medium
term from its promoter's extensive experience in the education
sector. The outlook may be revised to 'Positive' if the company
scales up its operations with high student intake in its first
year of operations, leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in the event
of lower-than-expected ramp-up in LEPL's student intake and
profitability.

LEPL was incorporated on December 23, 2005. The company is setting
up an international school under the name Greater Noida World
School, at Greater Noida (Utttar Pradesh). 2012-13 (refers to
financial year, April 1 to March 31) will be the first year of
operations for the school.


METRIX HEALTHCARE: CRISIL Rates INR150MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Metrix Healthcare Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       150      CRISIL B/Stable
   Bank Loan Facility

The rating reflects MHPL's weak financial risk profile, marked by
high gearing and small net worth. The rating also factors in
MHPL's working-capital-intensive and small scale of operations in
fragmented industry. These rating weaknesses are partially offset
by the extensive experience of MHPL's promoters in the
pharmaceutical industry.

Outlook: Stable

CRISIL believes that Metrix Healthcare Private Limited will
benefit over the medium term from its promoters' extensive
experience in pharmaceutical industry. The outlook may be revised
to 'Positive' if the company successfully ramps up its operations,
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company is not able to
increase its scale of operations or if its financial risk profile
deteriorates because of large debt-funded capital expenditure
programmes, or significant increase in working capital or decline
in operating profitability.

Incorporated in 2004, Metrix Healthcare Private Limited is engaged
in distribution and marketing of pharmaceuticals drugs including
tablets, Syrups, Capsules and Injectables. The company sells its
products under its brand namely "Metrix" and gets its products
manufactured through third party manufacturers. The company is
promoted by Mr. Yogesh Gupta, Ms. Nirupama Gupta and Mr. Anuj
Gupta.

MHPL reported a profit after tax (PAT) of INR4.3 million on net
sales of INR39.0 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.1 million on net
sales of INR26.3 million for 2010-11.


RMJ MODERN: CRISIL Assigns 'B+' Ratings to INR72.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of RMJ Modern Rice Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B+/Stable
   Term Loan                 12.5    CRISIL B+/Stable

The rating reflects RMJ's small scale of operations in a
fragmented industry and working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of RMJ's partners in the rice industry and
its moderate financial risk profile.

Outlook: Stable

CRISIL believes that RMJ will maintain its credit risk profile on
the back of its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case RMJ generates more-
than-expected revenues and profitability leading to better
accruals, and sustaining its financial risk profile. Conversely,
the outlook may be revised to 'Negative 'in case there is an
increase in RMJ's working capital requirements or it undertakes a
large debt-funded capital expenditure programme, constraining its
financial risk profile.

RMJ processes and sells non-basmati rice. Its facility is located
at Madurai (Tamil Nadu). The firm is managed by Mr. Sundara
Pandian and Mr. Thangapandi.

RMJ reported a net profit of INR0.6 million on net sales of INR136
million for 2011-12 (refers to financial year, April 1 to March
31), against a net profit of INR1.9 million on net sales of INR105
million for 2010-11.


SAIBABA COTTON: CRISIL Assigns 'B-' Ratings to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Saibaba Cotton Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Warehouse Financing       40      CRISIL B-/Stable

   Term Loan                  0.5    CRISIL B-/Stable

   Cash Credit               50.0    CRISIL B-/Stable

   Proposed Long-Term       109.5    CRISIL B-/Stable
   Bank Loan Facility

The ratings reflect Saibaba's weak financial risk profile marked
by a small net worth, high gearing, and weak debt protection
metrics; and susceptibility to raw material price fluctuations and
changes in government policy. These weaknesses are partially
offset by Saibaba's partners' experience in the cotton industry.

Outlook: Stable

CRISIL believes that Saibaba will continue to benefit from its
partners' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the firm ramps up its
accruals significantly, marked by improvement in revenue and
profitability, while prudently managing its working capital and
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's working capital management deteriorates
or its liquidity weakens significantly, most likely because of
lower-than-expected cash accruals, or if the firm undertakes a
large, debt-funded capital expenditure programme, further
weakening its capital structure.

Saibaba was set up in 2006 as a partnership firm and is managed by
Mr. Narbheram S Dhandhaliya and Mr. Haribhai J Pandya. The firm is
engaged in cotton ginning and has a capacity of producing 18,000
cotton bales per year. It is based in Velavadar (Gujarat).

Saibaba reported a book profit of INR0.1 million on net sales of
INR399.6 million for 2011-12 (refers to financial year, April 1 to
March 31), as against book profit of INR2.3 million on net sales
of INR554.2 million for 2010-11.


SRI SAI KRISHNA: CRISIL Rates INR30MM Loan at 'CRISIL B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Sai Krishna Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          40.00     CRISIL A4
   Cash Credit             30.00     CRISIL B+/Stable

The ratings reflect SSKC's below-average financial risk profile,
marked by a small net worth and highly leveraged capital
structure, and its exposure to intense competition resulting from
the fragmented nature of the construction industry. These rating
weaknesses are partially offset by the extensive experience of
SSKC's prompters as civil works contractors, and the firm's
healthy order book, ensuring revenue visibility over the medium
term.

Outlook: Stable

CRISIL believes that SSKC will benefit over the medium term from
its healthy order book and its promoters' industry experience. The
outlook may be revised to 'Positive' if the firm achieves higher-
than-expected revenues and profitability, while improving its
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if there are delays in completion of its
ongoing projects or in receipt of payments from its customers,
leading to pressure on its liquidity, or if SSKC contracts a
larger-than-expected quantum of debt to fund its capital
expenditure.

SSKC was established in 2011 as a partnership firm. SSKC is a
contractor undertaking infrastructure development projects. It
mainly undertakes sub-contracted projects from other engineering,
procurement, and construction (EPC) contractors. SSKC is promoted
by Mr. Murli Krishna and his family members.


SURYAAMBA SPINNING: CRISIL Ups Ratings on INR288.2M Loans to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Suryaamba Spinning Mills Ltd to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             130.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Cash Credit              20.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Long-Term Loan          138.2     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Bank Guarantee            2.5     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Letter of Credit         10.0     CRISIL A4 (Upgraded from
                                     'CRISIL D')

The upgrade in ratings reflects timely repayment of debt
obligations by the company on the back of reschedulement of
repayment structure and an improvement in liquidity due to
enhancement in fund-based bank lines by INR30 million and infusion
of fresh funds by promoters. An increase in the company's cash
accruals will ensure that the liquidity is sustained over the
medium term.

The ratings on the bank facilities of Suryaamba reflect a weak
financial risk profile marked by small net worth, high gearing and
weak debt protection indicators and the company's limited ability
to pass on the increase in raw material prices. These rating
weaknesses are partially offset by the benefits that the company
derives from the experience of its promoters in the yarn
manufacturing business.

Outlook: Stable

CRISIL believes that Suryaamba's overall credit risk profile will
remain constrained by its weak liquidity emanating from its
working capital intensity of operations. The outlook may be
revised to 'Positive' if the company's accruals improve
significantly or if the promoters infuse sizeable long-term funds
to substantially alleviate the pressure on its liquidity.
Conversely, the outlook may be revised to 'Negative' if
Suryaamba's working capital cycle stretches further or if the
company undertakes any large debt-funded capital expenditure
programme, further weakening its financial risk profile.

Suryaamba was formed by the demerger of Suryalata Spinning Mills
Ltd's (Suryalata's) unit in Nayakund (Maharashtra) from Suryalata
in June 2007. Suryaamba manufactures polyester yarn and
polyester/viscose blended yarn in the 20s to 45s count range. The
company's manufacturing unit at Nayakund has 31,104 spindles.

Suryaamba reported a net loss of INR60.5 million on net sales of
INR996.8 million for 2011-12 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR45.9 million on
net sales of INR1200.6 million for 2010-11.



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


STAR ENERGY: Fitch Assigns 'B+' Rating to Senior Secured Notes
--------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based Star Energy Geothermal
(Wayang Windu) Limited's USD350 million seven-year senior secured
6.125% notes a final rating of 'B+' with a Recovery Rating of
'RR4'.

Key Rating Drivers

The final rating is in line with the expected rating assigned on
March 10, 2013 and follows a review of final documentation
materially conforming to the draft documentation previously
reviewed. The notes are rated at the same level as SEG's Issuer
Default Rating (IDR) of 'B+', as they constitute direct,
unconditional and senior secured obligations of the company.

Proceeds from the notes are largely to be used to refinance SEG's
existing senior secured USD notes of USD337.5m, of which USD12.5m,
USD25m and USD300m are due in 2013, 2014 and 2015 respectively.
The refinancing process gives SEG the option of repaying USD85m of
its USD102m subordinated shareholder loan immediately and a
further USD1m per annum thereafter. Fitch expects the repayment of
the shareholder loan to be made out of SEG's existing cash at hand
(USD139m at end-December 2012) and as such does not expect SEG's
total indebtedness to change materially.

While the refinancing exercise improves SEG's liquidity in the
medium-term, leverage -- on a net of cash basis -- will increase
due to the repayment of USD85m of the subordinated shareholder
loan. This is because Fitch has not treated the loan as debt due
to its subordinated nature and it being interest-free. However,
Fitch does not expect SEG's funds from operations (FFO)-adjusted
net leverage to exceed the negative guidance of 5.0x on a
sustained basis. This is based on Fitch's expectation that SEG
will generate positive operational cash flows, incur limited
maintenance capex and not pay out any substantial dividends in the
medium-term. Fitch has also taken into account the company's
scheduled amortisation of the recently completed USD notes issue
of USD30m-USD40m per year starting in 2017.

SEG's ratings reflect geological risks inherent to operating in an
active seismic area as well as the high visibility of its
earnings. The ratings remain constrained by geological risks,
particularly given its single site operation, and by potential
heavy capex relative to its balance sheet. On the other hand, the
company has demonstrated reliable operating performance,
underpinned by its long-term 'take or pay' energy sales contract
with the state power utility, PT Perusahaan Listrik Negara (BBB-
/Stable).

Rating Sensitivities

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

- FFO-adjusted net leverage exceeding 5.0x (2.4x at end-9M12) and
FFO interest coverage falling below 2.0x (1.9x at end-9M12), both
on a sustained basis.

Positive: A positive rating action is unlikely in the next 12 to
18 months. However, Fitch may consider a positive rating action
once greater clarity is available on SEG's future capex, on its
capital structure and on whether the company can reduce its
financial leverage to below 3.5x on a sustained basis.


STAR ENERGY: Moody's Assigns B2 Rating to US$350MM of Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a definitive B2 senior secured
bond rating to the US$350 million, 6.125%, 7-year notes issued by
Star Energy Geothermal (Wayang Windu) Limited.

The rating outlook is stable.

Ratings Rationale:

Moody's definitive rating on this debt obligation confirms the
provisional bond rating assigned on 11 March 2013 as the bond
amount raised and the covenants stated in the Offering Memorandum
Circular dated March 21, 2013 are in line with Moody's
expectation.

The net proceeds from the new bond issuance will be primarily used
to refinance the outstanding bond.

As of March 25, 2013, bondholders of around 96% of the current
outstanding 2015 notes had agreed to accept Star Energy's tender
offer.

The principal methodology used in this rating was Power Generation
Projects published in December 2012.

Star Energy operates one of the largest geothermal power stations
by installed capacity in Java, Indonesia. The plant has an gross
installed generation capacity of 227 megawatts (MW). Commercial
operations began in June 2000 with Unit 1, a 110 MW geothermal
turbine-generator unit. The plant's Unit 2 began operating in
March 2009, increasing the company's installed-generation capacity
by 117 MW to 227 MW. Star Energy has the right to develop and sell
up to 400 MW to Perusahaan Listrik Negara (P.T). (Baa3 stable),
the state owned electricity utility in Indonesia and the off taker
of Star Energy.



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


CORSAIR (JERSEY): S&P Keeps B+ Rating on Creditwatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has kept its
rating on Corsair (Jersey) No. 2 Ltd.'s fixed rate credit-linked
loan series 58 on CreditWatch with negative implications.  S&P
placed its rating on series 58 on CreditWatch negative on
Jan. 18, 2013.  This transaction is a synthetic collateralized
debt obligation (CDO) that is referenced to portfolios of global
corporate names.

The transaction's synthetic rated overcollateralization (SROC)
level was less than 100% as of the March review.  However,
assuming no rating migration of the reference entities in the
portfolio, S&P projects that the loan's SROC would exceed 100% in
90 days.  As a result, S&P kept its rating on this transaction on
CreditWatch negative.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING KEPT ON CREDITWATCH NEGATIVE

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


SHARP CORP: Continues Talks With Foxconn as Deadline Expires
------------------------------------------------------------
Tim Culpan & Mariko Yasu at Bloomberg News report that Foxconn
Technology Group and Sharp Corp. will continue talks after the
deadline to complete an investment agreement made a year ago
passed March 26.

Bloomberg News relates that Sharp said payment from the Taiwanese
electronics group was not made by the deadline, and Sharp will
review the amount and terms, including examining other funding
methods.

Sharp, the unprofitable maker of Aquos TVs, display panels and
refrigerators, on March 27 last year announced Foxconn group
companies would buy a 9.9% stake for JPY66.9 billion ($709
million), recalls Bloomberg News.  According to Bloomberg News,
Foxconn's billionaire founder Terry Gou invested JPY66 billion of
his own funds to buy a stake in the Osaka-based company's
TV-panel unit, later renamed Sakai Display Products Corp.

Both companies have been unable to resolve differences about
control and no agreement is expected in the near term, two people
familiar with the talks told Bloomberg News, asking not to be
identified as the talks are private.

Miyuki Nakayama, a Sharp Tokyo-based spokeswoman said Sharp and
Foxconn will continue discussing tie-ups which may or may not
include a share sale to Foxconn under different terms, Bloomberg
News adds.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

Standard & Poor's Ratings Services said earlier this month that it
had lowered to 'B' from 'B+' its senior unsecured debt rating on
Sharp Corp.  At the same time, S&P kept the senior unsecured debt
rating and 'B+' long-term and 'B' short-term corporate credit
ratings on Sharp and its overseas subsidiaries-- Sharp Electronics
Corp. and Sharp International Finance (U.K.) PLC -- on CreditWatch
with negative implications.  S&P lowered the senior unsecured debt
rating by one notch from the issuer rating because it believes
Sharp's priority liabilities have increased and will likely remain
high against the company's assets in the next six to 12 months.

Fitch Ratings also said continued support from main creditor banks
will be essential for a sustained recovery of Sharp Corporation's
('B-'/Rating Watch Negative) operating performance. The Japanese
electronics manufacturer's liquidity position remains vulnerable
despite a turnaround to post marginally positive EBIT margins in
the third quarter of financial year ending March 2013 (Q3FY13).



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


KELTERN STUD: Placed Into Liquidation Due to Insolvency
-------------------------------------------------------
The Dominion Post reports that Keltern Stud Ltd, a horse stud run
by merchant banker Sam Kelt, has been put in to liquidation after
a judge ruled it was insolvent.

Keltern Stud was placed into liquidation in the High Court at
Napier on March 25, 2013, after Associate Judge David Gendall
ruled in favor of an application by Mr. Kelt's sister and brother-
in-law, the Post reports.

According to the report, Susanne and Stuart Foote were forced to
take court action after Mr. Kelt failed during many months to
acknowledge a claim for NZ$313,213 that had been lent to the
company from Mrs. Foote's family inheritance.

The Post relates that Mr. Kelt claimed it was not a loan but a
capital investment, despite it appearing as a loan on the company
books until Mr. Kelt asked accountants to alter its
categorisation.

In December, the report recalls, Judge Gendall gave Mr. Kelt time
to resolve the issue.

The Footes' lawyer, Jol Bates, said March 25 that Mr. Kelt had
done nothing to resolve the matter and the Footes wanted the
company liquidated on the grounds that it was insolvent, the
report relays.

The Post says Mr. Bates produced affidavits showing the company
also owed Crown Asset Management (inherited from the South
Canterbury Finance receivership) more than NZ$1.4 million and PGG
Wrightson more than NZ$100,000.

According to the Post, Mr. Kelt's lawyer, Nick Russell, said it
was acknowledged the company had to be liquidated, but he wanted
this done on the basis that the shareholders could no longer work
together, not because it was insolvent.

He said Mr. Kelt did not admit the debt to Crown Asset Management,
the Post adds.


LA FAMIA: Shareholders Placed Trading Firm Into Liquidation
-----------------------------------------------------------
Martin Van Beynen at press.co.nz reports that a long-term
Christchurch overstayer has hit the financial rocks with the
liquidation of his main trading company, La Famia No 2 Ltd, which
owes nearly NZ$300,000 to Inland Revenue.

La Famia No 2 Ltd, trading as La Famia Function Centre at Wigram
Manor, was placed in liquidation last month by a resolution of the
shareholders, the report discloses.

Harmon Wilfred, believed to be one of New Zealand's longest-term
overstayers, is a director and shareholder of the company, says
press.co.nz.

According to press.co.nz, liquidator Murray Allot, in his first
report, said the company had not traded profitably for some years
and relied on shareholder support and unsecured advances to keep
operating.

His report shows the company has assets of about NZ$36,000 with
preferential creditors claiming NZ$365,000. Employees are owed
NZ$9,570 in holiday pay and NZ$61,000 in awards against the
operation made by the Employment Relations Authority (ERA).

Inland Revenue is owed NZ$66,810 in GST and NZ$228,000 in PAYE
payments. General creditors are owed NZ$246,000.

In 2005, Mr. Wilfred, who came to New Zealand in 2001 and is on
his third marriage, formally renounced his United States
citizenship after being upset by family support claims and other
concerns about the United States Government. He was still pursuing
New Zealand citizenship last year, press.co.nz relays.



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


BANCO FILIPINO: Appeals Court Junks Bid to Stop Liquidation
-----------------------------------------------------------
Inquirer.net reports that the Court of Appeals dismissed the bid
of depositors of Banco Filipino to stop the Bangko Sentral ng
Pilipinas, Monetary Board and the Philippine Deposit Insurance
Corporation (PDIC)) from proceeding with the liquidation of the
bank and stop the sale of its assets.

Early this month, Inquirer.net recalls, intervenors led by St.
Martin's Foundation and other depositors with more than P500,000
deposit and the bank's employees said declaring the bank as
insolvent was done hastily and without proof of notice to the
bank's board. They said not only was the stockholders who already
has a separate petition with the appeals court would be prejudiced
but the employees and depositors as well, Inquirer.net relates.

"Banco Filipino's illegal closure has effectively resulted in the
BSP divesting depositors of their hard-earned savings and in the
BSP depriving employees of their permanent means of livelihood,
which at bottom is a serious deprivation of live and liberty,"
Inquirer.net quotes the intervenors as saying.  "Depositors and
employees are literally dying and continuously incurring debts to
sustain their daily needs," they said adding that they have no
other recourse but to join the stockholders in their petition
against the bank's liquidation and sale of assets.

According to the report, the appeals court, however, said on
March 21 that, "allowing the intervention will unduly delay the
adjudication of the rights of the original parties
[stockholders]."

Inquirer.net relates that the appeals court said the depositors'
uninsured deposits, in case the liquidation of Banco Filipino
pushes through can be the subject of a separate case.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.



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


K I AUTO: Court to Hear Wind-Up Petition April 5
------------------------------------------------
A petition to wind up the operations of K I Auto Pte Ltd will be
heard before the High Court of Singapore on April 5, 2013, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
March 15, 2013.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


KINGLAND INVESTMENTS: Creditors' Proofs of Debt Due April 22
------------------------------------------------------------
Creditors of Kingland Investments 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:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


KY HOLDINGS: Court to Hear Wind-Up Petition April 5
---------------------------------------------------
A petition to wind up the operations of KY Holdings Pte Ltd will
be heard before the High Court of Singapore on April 5, 2013, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
March 15, 2013.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


LINGUA TECH: Creditors' Proofs of Debt Due April 9
--------------------------------------------------
Creditors of Lingua Tech (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 9, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Joo Wan
         c/o Alternative Advisors Pte Ltd
         78 South Bridge Road
         #04-01 TKH Building
         Singapore 058708


TBG GLOBAL: Fitch Assigns 'BB' Rating to Guaranteed Notes
---------------------------------------------------------
Fitch Ratings has assigned TBG Global Pte Ltd.'s proposed USD
guaranteed notes an expected 'BB(EXP)' rating. The final rating of
the proposed notes is contingent upon the receipt of documents
conforming to information already received.

TBG Global Pte Ltd is a finance subsidiary of Indonesia-based
telecommunications tower operator PT Tower Bersama Infrastructure
Tbk (TBI, BB/Stable).

Key Rating Drivers

Proposed notes not notched: The notes will be unconditionally and
irrevocably guaranteed by TBI but not by TBI's operating
subsidiaries (opcos) which generate all of the group's revenue.
Therefore the notes will be subordinated to the opcos' secured
debt which totaled IDR8.1trn (USD834m) at end-December 2012.
However, a high proportion of the group's operating cash flows are
contractually locked in (USD2bn at end-December 2012), which leads
to strong creditor recovery in a distressed scenario. Therefore,
despite subordination, Fitch believes that recovery given default
on the notes would be at least average, which warrants an
instrument rating at the same level as the TBI's Issuer Default
Rating.

Unsecured debt replaces secured: As opco secured debt amortises,
the company's financing strategy is to replace this with holding
company unsecured debt which will reduce the level of
subordination, further supporting recovery on the proposed notes.

Predictable cash, strong margins: TBI's ratings reflect its
ability to generate predictable cash flows backed by long-term
contracts (average contract life: 7.7 years) with Indonesian
telcos. Further, 72% of TBI's of Q412 revenue was contributed by
investment-grade telcos. Fitch expects TBI's operating EBITDAR
margin to remain above 80% in the medium term. In addition,
incremental organic capex required to expand its tenancies is low.
Its tenancy ratio, measured in total tower tenants/towers, was
1.75x in 2012, which has potential to increase given ample co-
location opportunities in the industry.

Acquisitions drive leverage: Given the predictability of its
operating and capex cash flows, credit metrics are only likely to
be affected by M&A activity. However, the ability to add
additional tenants can reduce leverage quickly (12-18 months)
after an acquisition. Barring acquisitions, Fitch expects funds
from operations (FFO)-adjusted net leverage to improve to 4.5x in
2013 and 3.2x in 2014 (2012: 5.9x).

Counterparty risks manageable: TBI could also face difficulties in
payments from weaker telcos (28% of Q412 revenue). PT Bakrie
Telecom (BTel, CCC) and PT Smartfren (CC(idn)), which together
contributed about 8.3% of TBI's Q412 revenue, could face liquidity
problems as they struggle to grow their market share and generate
sufficient cash flows to meet their obligations and capex
commitments. However, Fitch believes that telcos typically regard
leases as senior obligations as their business continuity is
dependent on tower infrastructure.

No liquidity concerns: TBI has strong liquidity due to its robust
access to domestic and foreign-owned banks. This is evident from
TBI's committed undrawn facilities of USD250m. At end-December
2012, cash balance of IDR705bn (including restricted cash marked
for short term debt of IDR198bn) and undrawn committed facilities
were sufficient to cover its short-term debt of IDR856bn.

Rating Sensitivities

Negative: Future developments that could individually or
collectively lead to negative rating actions include

- A debt-funded acquisition of another tower portfolio or lease
  defaults by weaker telcos leading to deterioration in FFO-
  adjusted net leverage to over 4.0x on a sustained basis

- A fall in revenue contribution from investment-graded telcos to
  below 50%

A positive rating action is not expected in the medium term as the
company is unlikely to deleverage significantly as it invests to
maintain growth.


TBG GLOBAL: Moody's Rates Proposed US$300MM Senior Notes (P)Ba3
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 rating
to the proposed US$300 million senior unsecured notes of TBG
Global Pte., Ltd., a wholly-owned subsidiary of Tower Bersama
Infrastructure Tbk ("TBI", Ba2 stable). The rating has a stable
outlook.

The proposed notes will be unconditionally and irrevocably
guaranteed by TBI. The bond proceeds will be primarily used for
refinancing existing debt -- specifically the outstanding
revolving credit facilities of US$50 million under Tower Bersama
Group's US$2 billion debt programme, and loans at the holding
company of US$95 million. The remaining funds will be used for
business growth.

Moody's expects to remove the provisional status of the bond
rating upon closing of the proposed issuance and a review of its
final terms.

Ratings Rationale:

The senior unsecured notes are rated one-notch lower than the
corporate family rating, reflecting legal and structural
subordination of bond holders at the holding company level. Pro-
forma for the notes issue, TBG will have approximately 70% secured
debt in its debt structure, and the ratio of secured debt to total
assets will also be high at around 50-55%.

"Although these priority debt ratios are currently running higher
than Moody's tolerance levels, it is our expectation that TBI's
management will bring the ratio of secured debt/total assets
within the range of 28-30% by end-2014, failing which there could
be potential for widening the gap between the CFR and senior
unsecured bond rating," says Nidhi Dhruv, a Moody's Analyst.

"We note that under the bond terms, TBI retains the flexibility to
tap on its US$2 billion secured bank debt programme to fund future
business growth and acquisitions. While this could lead to some
volatility in the priority debt ratios, we do not expect material
deviations in the broadly declining trend of priority debt in the
company's capital structure," adds Dhruv, also Lead Analyst for
TBI.

TBI's CFR of Ba2 remains supported by its position as one of the
two leading independent telecommunications tower companies in
Indonesia. In addition, TBI's tenant base substantially comprises
Indonesia's largest telecommunications operators, including --
Telekomunikasi Indonesia (P.T.) (Baa1 stable), Telekomunikasi
Selular (P.T.) (Baa1 stable), PT XL Axiata (Ba1 stable) and PT
Indosat (Ba1 stable) -- collectively accounting for 71% of total
revenue for FY 2012.

"Customer concentration, a weakness of the tower sector generally,
can be mitigated by the underlying tower business model which is
supported by long-term, non-cancellable and non-assignable
contracts, which provide visibility on the revenue stream", adds
Dhruv.

TBI's CFR also incorporates the relatively short track record of
the tower business in Indonesia, including a limited history of
tenancy renewals, the limited scale of the business and the need
for acquisition to grow the business materially.

Acquisitions have been central to TBI's growth strategy. In August
2012, the company completed the acquisition of 2,500 towers from
Indosat for a total consideration of US$406 million - its largest
acquisition to date. The Indosat acquisition led the company to
exceed Moody's downward rating triggers in 2012, partly due to the
timing of the acquisition, with only partial EBITDA benefit for
the year.

"Given the EBITDA accretive nature of the business model, and in
the absence of material further acquisitions, we expect TBI's
leverage metrics to fall in line with our tolerances for the
rating (Adjusted debt/EBITDA of 4.0-4.5x) within the next 1-2
years. While further acquisitions cannot be ruled out, we note
that TBI's current rating has limited flexibility to accommodate
materially large debt-funded acquisitions in the near-term," notes
Dhruv.

The stable outlook reflects Moody's expectation that TBI will
continue to grow and delever in accordance with its business model
and that the regulatory environment continues to remain relatively
benign. The stable outlook also incorporates a gradual decline in
the proportion of priority debt in TBI's capital structure.

Upward rating pressure in the near term is limited. However, over
time, the rating could be upgraded should TBI grow the business in
accordance with projections and improve its fundamental credit
profile; in particular Moody's would like to see adjusted
debt/EBITDA fall below 3.0-3.5x, interest cover as measured by
(FFO + interest)/interest to rise above 4.0x and RCF/debt to
increase above 25-30% on a consistent basis.

Downward pressure could arise should competition intensify such
that TBI cannot meet its business plan objectives. Such pressures
would be evidenced in adjusted debt/EBITDA staying above 4.5x,
(FFO + interest)/interest falling below 2.0x, and RCF/debt
remaining below 10% on a consistent basis.

In addition, Moody's would be concerned should the proportion of
revenues contributed by its key customer group -- comprising
Telkom Indonesia, Telkomsel, Indosat and XL Axiata -- fall below
50-55%.

It is Moody's expectation that the company will bring down the
ratio of priority debt/total assets in the range of 28-30% by end-
2014, and for the ratio to continue declining thereafter. Any
developments contrary to this expectation will lead to a downgrade
of the senior unsecured bond rating by one-notch.

The principal methodology used in rating TBI was the Global
Communications Infrastructure Rating Methodology published in June
2011.

TBI is the holding company of the TBG, one of the 2 leading
independent tower operators in Indonesia, with 8,439
telecommunication sites serving 13,708 tenants as of December
2012. It leases space on its telecommunications towers to cellular
telecommunications operators on long-term contracts.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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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