TCRAP_Public/130402.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 2, 2013, Vol. 16, No. 64


                            Headlines


A U S T R A L I A

BYRON BAY: Creditors Fight Over Ways to Recoup Losses
RAINE SQUARE: Charter Hall, AMP Among Leading Bidders for Tower


C H I N A

CELLULAR BIOMEDICINE: Names Radiology Professor to Board
CHINA ORIENTAL: Fitch Downgrades Issuer Default Rating to 'BB'
CITIC PACIFIC: S&P Rates Proposed Senior Unsecured Notes 'BB+'
SUNAC CHINA: Fitch Assigns 'BB-' Final Rating to US$500MM Notes
SUNAC CHINA: S&P Revises Outlook & Raises Rating to 'cnBB+'

SUNAC CHINA: S&P Rates Proposed US$ Senior Unsecured Notes 'B+'


H O N G  K O N G

EASTLINK ENGINEERING: Court Enters Wind-Up Order
ELEGANT RISE: Court Enters Wind-Up Order
EMEL SKIN: Court Enters Wind-Up Order
ETC ENVIRONMENTAL: Creditors Get 10.09% Recovery on Claims
EXPERT LEGAL: Court Enters Wind-Up Order

FAIRCO INVESTMENTS: Meetings Set for April 30
GLOBE7 HK: Court Enters Wind-Up Order
ITAT GROUP: Court Enters Wind-Up Order
LONG SUMMER: Court to Hear Wind-Up Petition on April 24
M.D. CREATION: Creditors Get 100% Recovery on Claims

MEI CHIU: Court Enters Wind-Up Order
NEW FAITH: Court to Hear Wind-Up Petition on May 8
NEW FAITH PRINTING: Court to Hear Wind-Up Petition on May 8
PACIFICNET POWER: Court Enters Wind-Up Order
SINO OCEAN: Court Enters Wind-Up Order

SKY CITY: Court Enters Wind-Up Order


I N D I A

CITY MALL: CARE Revises Rating on INR47.3cr Loan to 'CARE BB+'
ETCO INDUSTRIES: CARE Assigns 'BB-' Rating to INR51.97cr Loans
KANODIA CEMENT: CARE Reaffirms 'BB' Rating on INR14.23cr LT Loan
NAMAN MALL: CARE Assigns 'BB' Rating to INR76cr LT Loan
NATIONAL CAPSULES: CARE Rates INR8.27cr LT Loan at 'CARE B'

OYSTER PRINTERS: CARE Assigns 'BB' Rating to INR7cr LT Loan
RICHA REALTORS: CARE Rates INR30cr NCD Issue at 'CARE BB-'
SHALCO INDUSTRIES: CARE Assigns 'B+' Rating to INR5cr LT Loan
SRI ANJANEYA: CARE Reaffirms 'BB' Ratings on INR33.8cr Loans
S V CREDITLINE: CARE Assigns 'BB+' Rating to INR70cr LT Loan


I N D O N E S I A

ALAM SUTERA: Fitch Assigns 'B+' Final Rating to US$235MM Notes
BERLIAN LAJU TANKER: Seeks Recognition in the U.S.


J A P A N

MF2 SENIOR: S&P Lowers Rating on 2 Classes of Notes to CCC-


N E W  Z E A L A N D

PARK ROAD: Closes Film Processing Lab; Dozen Jobs at Risk
* NEW ZEALAND: Court of Appeal Backs Liquidators' Clawback Power


S I N G A P O R E

AMARU INC: Employs Wei Wei & Co as New Accountants


S O U T H  K O R E A

* S. Korean Shipping Firms May Face Insolvency, AlixPartners Says


S R I  L A N K A

BANK OF CEYLON: Fitch Affirms 'BB-' Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week March 25 to March 29, 2013


                            - - - - -


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


BYRON BAY: Creditors Fight Over Ways to Recoup Losses
-----------------------------------------------------
dissolve.com.au reports that the creditors of Byron Bay Cookie
Company fight over how the business will be dealt with to recoup
losses.

The report says administrator Lawler Partners' plans for the
company to trade out of insolvency have been stalled as receivers
prefers a sale. Receiver Derrick Vickers of PwC, appointed by
senior creditor National Australia Bank, has confirmed he will try
to sell the cookie company as a going concern, the report notes.

The sale is a departure from what the administrators have planned,
dissolve.com.au says.  According to the report,
Lawler Partners, who were appointed as Voluntary Administrators on
March 7, is reportedly concerned that a sale might return less to
creditors. This was partly because the trademark and intellectual
property was thought to be owned by an offshore associated
company, the report says.

According to dissolve.com.au, Mr. Vickers' investigation confirmed
that the trademark is held within Australia and can be sold to
help creditors recoup loans.

Byron Bay Cookie Company biscuits are well known on a string of
Australian airlines through its partnership with Qantas, Virgin,
Tiger and Strategic Airlines.

National Australia Bank, one of the major secured creditors,
stepped in on March 15 and appointed Derrick Vickers and Michael
Fung from PricewaterhouseCoopers in Brisbane to take over control
of the gourmet biscuit company.

The company's manufacturing arm was only placed in voluntary
administration on March 6, 2013, after the tax office began wind-
up action.  John Vouris and Brad Tonks of the business recovery
team at Lawler Partners in Sydney, were appointed voluntary
administrators. It listed debt of more than $10 million to
creditors.


RAINE SQUARE: Charter Hall, AMP Among Leading Bidders for Tower
---------------------------------------------------------------
Bridget Carter at The Australian reports that some of Australia's
largest companies, including Charter Hall, AMP Capital and the GPT
Group, are believed to be among the bidders for the
AUD450 million Raine Square office tower in Perth which is being
sold by receivers.

Another interested party in the building may be the AUD82 billion
Future Fund, according to sources, and while it is understood that
Dexus initially looked at the property, it is not believed to be a
bidder, The Australian relates.

Expressions of interest for the building closed on March 27, but
Berrick Wilson, of receiver KordaMentha, would not comment on
interested parties, according to The Australian.

Located in Perth, Australia, Raine Square office/retail tower is a
AUD500 million project.

SmartCompany related that major lender Bankwest -- which has also
signed on as the 20-storey tower's major tenant -- called in
receivers to Raine Square after Luke Saraceni and Hossean
Pourzard's joint venture company, Westgem Investments, missed a
AU$50 million payment to their lenders in late 2010.

SmartCompany stated that the properties, placed in Ferrier
Hodgson's hands in 2011, will now be sold to help repay the
debt on the Raine Square project.



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


CELLULAR BIOMEDICINE: Names Radiology Professor to Board
--------------------------------------------------------
Cellular Biomedicine Group Inc. announced the appointment of Dr.
Jianping Dai to the Board of Directors.  Dr. Dai is a professor of
radiology in the Beijing Neurosurgical Institute and Beijing
Tiantan Hospital, Capital Medical University.  He also serves as
the President of Capital Medical University School of Medical
Imaging and Informatics.  He served as the President of Beijing
Tiantan Hospital Affiliated of Capital Medical University from
1993 to 2008.  He is a foreign associate of the Institute of
Medicine (IOM) of the National Academies.

Previously Dr. Dai served as President of the Chinese Society of
Radiology, Vice President of the Chinese Hospital Association and
Chairman of the Neuroimaging Center, Beijing Tiantan Hospital.
Beijing Tiantan Hospital is the largest center for clinical
treatment, teaching and research in neurology in Asia, and is a
partner with WHO (World Health Organization) on neurology training
cooperation.

Dr. Dai is the recipient of several awards from the Chinese
government due to his outstanding contribution to his country and
has focused his research on interventional therapy for
cerebrovascular disease and functional neuroimaging.

Dr. Steve Liu, Chairman and CEO of CBMG said, "Dr. Dai is widely
known for his outstanding contributions to the development of
neurology in China.  His diplomatic ability and extensive
experience in the medical community in China will be a great asset
to the CBMG Board."

In connection with Dr. Dai's appointment to the Board, and in
accordance with a letter agreement between Dr. Dai and the
Company, Dr. Dai will be paid $30,000 per year for his services as
a director.  In addition, Dr. Dai will be entitled to receive a
non-qualified stock option under the Company's Amended and
Restated 2011 Incentive Stock Option Plan to purchase up to 5,300
shares of common stock.  The exercise price of the option will be
set by the administrator of the plan on the effective date of the
option grant.

                About Cellular Biomedicine Group

Cellular Biomedicine Group, Inc., formerly known as EastBridge
Investment Group Corp., develops proprietary cell therapies for
the treatment of certain degenerative diseases and cancers.  The
Company's developmental stem cell, progenitor cell, and immune
cell projects are the result of research and development by
scientists and doctors from China and the United States.  The
Company's flagship GMP facility, consisting of eight independent
cell production lines, is designed, certified and managed
according to U.S. standards.  To learn more about CBMG, please
visit: http://www.cellbiomedgroup.com/

Tarvaran Askelson & Company, LLP, in Laguna Niguel, California,
expressed substantial doubt about EastBridge Investment's ability
to continue as a going concern, following its audit of the
Company's financial statements for the fiscal year ended Dec. 31,
2011.  The independent auditors noted that the Company has
incurred significant losses and that the Company's viability is
dependent upon its ability to obtain future financing and the
success of its future operations.

The Company's balance sheet at Sept. 30, 2012, showed $6.7 million
in total assets, $4.5 million in total liabilities, and
stockholders' equity of $2.2 million.


CHINA ORIENTAL: Fitch Downgrades Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded the leading Chinese section steel
producer China Oriental Group Company Limited's Long-Term Issuer
Default Rating (IDR) and senior unsecured ratings to 'BB' from
'BB+' with Stable Outlook.

Key Rating Drivers:

Weakened Financial Profile: China Oriental's rating downgrade is a
result of a sustained deterioration of its financial profile due
to a poor operating environment. At the same time, a portion of
its capital is tied up in the development of new businesses. China
Oriental's 2012 normalised working capital adjusted net
debt/EBITDAR has risen to 3.1x from 1.6x in 2011, breaching the
2.0x single year guideline. Given the company's commitment in
diversifying its business, its weakened financial metrics will not
likely reverse even when the steel business environment
stabilises.

Persistently Weak Operating Environment: We believe Chinese long
steel products are facing a persistent over-production problem.
Chinese steel producers are still making more long products at a
point where China's rebalancing economy is switching to a more
consumption-driven structure that favours flat steel product
producers. The demand surge as a result of the 2009 government
stimulus had directed capacity towards long products and this
cannot be adjusted quickly. The most affected of China Oriental's
products are H-section steel, billets and rebar that contributed
to 54% of China Oriental's steel production revenue.

Non-steel Businesses Need Capital: China Oriental has secured land
parcels in Suzhou for CNY314m in Dec 2012, indicating its decision
to stay committed to its residential property development
operation. The company has also provided loans of CNY380m to third
parties. While we recognise that these operations are contributing
to the company earnings, they nevertheless absorb over CNY700m of
capital. In past downturns, China Oriental had quickly reduced its
balance sheet to keep itself financially strong. With the new
businesses, it has less financial flexibility to do so.

Product Leadership Supports Ratings: China Oriental's ratings are
still supported by its leadership position in the section steel
product. Despite the poorer performance, section steel remains the
most profitable steel product contributing to 48% of its gross
profit and generated the highest per ton gross profit of CNY170
versus the company's average of CNY99.

ArcelorMittal Assistance Benefits Operations: The company's
ratings are also supported by the operational support from the
world's largest steelmaker, ArcelorMittal S.A. (ArcelorMittal,
BBB/Negative), which continues to render technical assistance to
China Oriental. Fitch expects ArcelorMittal to remain committed to
the Chinese steel market and China Oriental is one of its key
integrated steel manufacturing investments in China.


Rating Sensitivities:

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

- leverage as measured by normalised working capital adjusted net
  debt/EBITDAR above 2.5x for two consecutive years or above 3.0x
  in any single year

- significant weakening of China Oriental's strategic and
  operational ties with ArcelorMittal, one of its major
  shareholders

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

- leverage as measured by normalised working capital adjusted net
  debt/EBITDAR below 1.5x on a sustained basis

- no further working capital increases without a corresponding
  increase in revenue

- no material increases in noncore businesses


CITIC PACIFIC: S&P Rates Proposed Senior Unsecured Notes 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to a proposed issuance of benchmark size senior unsecured notes
under the US$4.5 billion medium-term notes program of CITIC
Pacific Ltd. (BB+/Negative/--; cnBBB/--).  At the same time, S&P
also assigned its 'cnBBB' Greater China regional scale rating to
the proposed notes.  S&P expects the Hong Kong-based conglomerate
to use the proceeds from the proposed notes for refinancing
purposes.

S&P anticipates that CITIC Pacific's debt level will remain high
in 2013 as it continues to invest in its core segments,
particularly at Sino-Iron, a project in Australia.  The company's
leverage, as measured by the ratio of debt to capital, is likely
to approach 60% this year, depending on cash flow generation from
Sino-Iron.  CITIC Pacific aims to sell 4 million-5 million tons of
iron ore this year from the first two production lines at the
project.  S&P will assess the feasibility of this target as the
company ramps up production and constructs the remaining
production lines.

The rating on CITIC Pacific reflects the conglomerate's weak
execution record, its highly leveraged capital structure, and its
exposure to cyclical industries, such as iron ore, real estate,
and special steel.  Strong parental support and CITIC Pacific's
diversified assets across industries temper these weaknesses.  The
rating outlook is negative, based on S&P's expectation of risks
involving the commissioning and ramp-up of production at Sino-
Iron.  S&P believes the company will continue to generate sizable
negative discretionary cash flow in the next couple of years, at
least, until the contribution from the project becomes meaningful.


SUNAC CHINA: Fitch Assigns 'BB-' Final Rating to US$500MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned property developer Sunac China Holdings
Limited's (Sunac, 'BB-'/Stable) USD500 million 9.375% notes due
2018 a final rating of 'BB-'. The assignment of the final rating
follows the receipt of documents conforming to information already
received and the final rating is in line with the expected rating
assigned on 26 Mar 2012.

Key Rating Drivers

Strong Growth: Sunac achieved a 86% year-on-year growth in
contracted sales to CNY35.6bn in 2012 despite a difficult year for
its many peers in the industry. The company is likely to extend
its outperformance in 2013, reflecting strong branding and
execution in its core markets, i.e. mid- to high-end segments,
primarily in Tier-1 cities.

No Significant Deleveraging: Sunac's leverage, as measured by net
debt/adjusted inventory, remained over 40% at end-2012 (2011:
43%), after deconsolidating Shanghai Sunac Greentown Real Estate
Development Ltd, a joint venture with Greentown. This is primarily
due to continued landbank replenishment and project expansion.

Regulatory Risks Remain High: Sunac's focus on mid- to high-end
segments increases its exposure to regulatory risks compared with
mass-market peers, given the government's aim to make housing more
affordable. Sunac's average selling price in 2012 was CNY17,800
per square meter (psm) compared with China Vanke Co., Ltd's
CNY10,900 psm. Vanke is the largest homebuilder in China by sales
and focuses on mass- to mid-market housing.

No Impact From Shanghai Acquisition: In March 2013, Sunac and
Greentown entered into an agreement to acquire a plot of land in
Huangpu District, Shanghai. This acquisition cost Sunac CNY4.5bn
for its 50% stake. The project, which is in an upscale location,
currently has over 271,000 sqm of completed gross floor area ready
for sale, mitigating Sunac's liquidity risk.

Rating Sensitivities:

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

- adverse changes to Sunac's markets and product mix leading to
  an EBITDA margin below 25% (2012: over 25% excluding impact of
  revaluation of acquisitions)

- funds from operations (FFO) interest coverage below 3x
  (2012:2.5x but Fitch expects this to exceed 3x after
  refinancing trust loans)

- net debt/adjusted inventory above 50% (2012: over 40% after
  deconsolidating the joint venture)

- lack of growth in contracted sales in 2013

Positive: Positive rating action is not expected in the next 12-18
months due to Sunac's limited product and geographical
diversification.


SUNAC CHINA: S&P Revises Outlook & Raises Rating to 'cnBB+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Sunac China
Holdings 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'.  S&P also affirmed
its 'BB-' long-term corporate credit rating on Sunac.  At the same
time S&P affirmed the 'B+' long-term issue rating on the company's
senior unsecured notes.  S&P also raised the long-term Greater
China regional scale rating on the notes to 'cnBB' from 'cnBB-'.

"We revised the outlook to stable because we expect Sunac's sales
execution to remain strong and liquidity to improve over the next
12 months," said Standard & Poor's credit analyst Bei Fu.  "This
should lead to stronger revenue recognition and EBITDA that would
offset the company's higher debt."

S&P expects Sunac's operating scale and financial performance to
stabilize in the next two years.  S&P also expects the company's
profitability to recover and stabilize over the next year.

Sunac is likely to maintain its strong sales momentum over the
next year, in S&P's opinion.  S&P expects the company's contract
sales to be Chinese renminbi (RMB) 29 billion-RMB31 billion (on a
consolidated basis) in 2013.  Sunac's operating scale has become
larger than that of most similarly rated peers following business
growth and large acquisitions in 2012 and so far this year.

"We expect Sunac to maintain its aggressive expansion and growth
appetite over the next two years," said Ms. Fu.  "In our base-case
scenario, Sunac's total debt is likely to increase about 20%
annually in 2013-2014.  The company's strong sales execution
leaves some buffer for debt to increase, and we expect its
leverage to improve in 2013. We expect the debt-to-EBITDA ratio
and EBITDA interest coverage to improve to about 3.5x-4x and 3x-
3.5x in 2013-2014, in line with those of similarly rated peers."

S&P affirmed the rating on Sunac to reflect the company's
consistently aggressive debt-funded expansion and acquisition
strategy, its concentration in the high-end residential sector,
and high funding costs compared with peers'.  Sunac's satisfactory
execution record over the past several years, increased operating
scale and business synergy with large developers, and improving
geographic diversification temper the weaknesses.

S&P may lower the rating if: (1) Sunac's financial performance
does not recover in 2013; (2) the company's property sales,
including newly acquired projects, are materially below S&P's
expectation; or (3) Sunac's borrowings are significantly higher
than S&P expects without strong property sales performance to
offset the higher debt, such that its debt-to-EBITDA ratio is more
than 5x or EBITDA interest coverage is less than 3x in 2013.

S&P could consider an upgrade if Sunac expands its funding
channels, reduces its funding costs, and improves its financial
performance, such that its debt-to-EBTIDA ratio is below 4x on a
sustainable basis.


SUNAC CHINA: S&P Rates Proposed US$ Senior Unsecured Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and its 'cnBB' Greater China regional scale rating to a proposed
issue of U.S.-dollar-denominated senior unsecured notes by Sunac
China Holdings Ltd. (BB-/Stable/--; cnBB+/--).  The rating is
subject to S&P's review of the final issuance documentation.

The issue rating on Sunac's proposed notes is one notch lower than
the corporate credit rating on the China-based property developer
to reflect S&P's opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of default.  In S&P's view, the company's ratio of priority
borrowings to total assets will remain above S&P's notching
threshold of 15% for speculative-grade debt.

The rating on Sunac reflects the company's consistently aggressive
debt-funded expansion and acquisition strategy, its concentration
in the high-end residential sector, and high funding costs
compared with peers'.  Sunac's satisfactory execution record over
the past several years, increased operating scale, business
synergy with large developers, and improving geographic
diversification temper the weaknesses.  S&P views Sunac's business
risk profile as "fair" and its financial risk profile as
"aggressive," as S&P's criteria define those terms.

The stable outlook reflects S&P's expectation that Sunac's
business expansion will remain aggressive over the next 12 months,
but the company's satisfactory sales execution will help it to
maintain sufficient liquidity.  S&P also expect Sunac's
profitability to recover and stabilize over the next year.



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


EASTLINK ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Eastlink Engineering Limited.

The official receiver is Teresa S W Wong.


ELEGANT RISE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Elegant Rise Fashion Limited.

The official receiver is Teresa S W Wong.


EMEL SKIN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Emel Skin Care Co Limited.

The official receiver is Teresa S W Wong.


ETC ENVIRONMENTAL: Creditors Get 10.09% Recovery on Claims
----------------------------------------------------------
ETC Environmental Technology Limited, which is in compulsory
liquidation, will declare the first and final preferential
dividend to its creditors on April 16, 2013.

The company will pay 10.09% for preferential claims.

The company's liquidators are:

         Kong Chi How Johnson
         Lo Siu Ki
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


EXPERT LEGAL: Court Enters Wind-Up Order
--------------------------- -------------
The High Court of Hong Kong entered an order Oct. 15, 2012, to
wind up the operations of Expert Legal Systems Limited.

The company's liquidator is Bruno Arboit.


FAIRCO INVESTMENTS: Meetings Set for April 30
---------------------------------------------
Contributories and creditors of Fairco Investments Limited will
hold their meetings on April 30, 2013, at 2:30 p.m., and
3:30 p.m., respectively at Unit 1, 11th Floor, Beautiful Group
Tower, 77 Connaught Road, Central, in Hong Kong.

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


GLOBE7 HK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order Oct. 8, 2012, to wind
up the operations of Globe7 HK Limited.

The company's liquidator is Bruno Arboit.


ITAT GROUP: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Itat Group Limited.

The official receiver is Teresa S W Wong.


LONG SUMMER: Court to Hear Wind-Up Petition on April 24
-------------------------------------------------------
A petition to wind up the operations of Long Summer Limited will
be heard before the High Court of Hong Kong on April 24, 2013, at
9:30 a.m.

Chan Wing Fat filed the petition against the company.


M.D. CREATION: Creditors Get 100% Recovery on Claims
----------------------------------------------------
M.D. Creation Limited, which is in creditors' liquidation,
declared the first and final dividend to its creditors on
March 22, 2013.

The company paid 100% for preferential claims.

The company's liquidators are:

         Roderick John Sutton
         John Howard Batchelor
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


MEI CHIU: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order March 8, 2012, to
wind up the operations of Mei Chiu Plastic Factory Limited.

The company's liquidator is Bruno Arboit.


NEW FAITH: Court to Hear Wind-Up Petition on May 8
--------------------------------------------------
A petition to wind up the operations of New Faith Hi-Tech Printing
Limited will be heard before the High Court of Hong Kong on May 8,
2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Feb. 22, 2013.

The Petitioner's solicitors are:

          Li & Partners
          22nd Floor, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


NEW FAITH PRINTING: Court to Hear Wind-Up Petition on May 8
-----------------------------------------------------------
A petition to wind up the operations of New Faith Hi-Tech Printing
(International) Limited will be heard before the
High Court of Hong Kong on May 8, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Li & Partners
          22nd Floor, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


PACIFICNET POWER: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Pacificnet Power Limited.

The official receiver is Teresa S W Wong.


SINO OCEAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Sino Ocean Enterprises Limited.

The official receiver is Teresa S W Wong.


SKY CITY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order Oct. 15, 2012, to
wind up the operations of Sky City International Limited.

The company's liquidator is Bruno Arboit.



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CITY MALL: CARE Revises Rating on INR47.3cr Loan to 'CARE BB+'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
City Mall Developers Pvt. Ltd.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       47.3      CARE BB+ Revised
                                             from 'CARE BB'

Rating Rationale

The revision in the rating is on account of the sustained level of
high occupancy with reputed clients.  However, the rating
continues to be constrained by the moderate risk profile marked by
high leverage and high collection period, significant exposure in
a group company, increasing level of competition from upcoming
malls in Raipur and dependence on the fortunes of retail sector,
which in turn, is reliant on the macro-economic factors. The
rating, however, draws strength from the advantageous mall
location and association with major national and international
brands as anchor tenants. The ability of the company to sustain
the current occupancy level, increase other operating income by
attracting high level of footfalls in the mall and renew lease
agreements with tenants at favorable rates would be the key rating
sensitivities going forward.

City Mall Developers Pvt. Ltd. was incorporated in February 2005
for the purpose of development of shopping cum entertainment mall,
"City Mall 36" in Raipur, Chhattisgarh. CMDPL was promoted by Mr
Sanjay Gupta and his family members. The mall was opened to public
in July 2007 and has a total rentable area of 2.4 lakh square feet
comprising retail shops, four-screen multiplex, food court, gaming
zone and a number of restaurants.

In FY12 (refers to the period April 1 to March 31), CMDPL reported
a PBILDT of INR7.1 crore (FY11 - INR8.7 crore) and a Profit After
Tax of INR0.9 crore (FY11 - INR1.0 crore) on a total operating
income of INR11.0 crore (FY11 - INR11.9 crore).


ETCO INDUSTRIES: CARE Assigns 'BB-' Rating to INR51.97cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB-/CARE A4+' ratings to the bank facilities of
Etco Industries Pvt Ltd.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.97       CARE BB- Assigned
   (Term Loan)

   Long-term Bank Facilities     45.00       CARE BB- Assigned
   (Working Capital)

   Short-term Bank Facilities     9.00       CARE A4+ Assigned
   (Non Fund based)

Rating Rationale

The ratings assigned to Etco Industries Pvt Ltd are constrained by
low profitability, leveraged capital structure, stretched
liquidity profile, project risk, fragmented nature of the industry
leading to intense competition within industry players and
susceptibility to regulatory restrictions on cotton yarn exports.
The ratings, however, derive strength from the experienced
promoters, reputed client base, infusion of equity capital and
growth in operations. The ability of the company to successfully
complete its ongoing capital expenditure without any cost and time
over runs and optimally utilize the expanded capacities and
maintain its profitability in the external environment
characterized by intense competition remains the key rating
sensitivity.

ETCO Industries Pvt Limited is engaged in the business of
manufacturing cotton yarn. In 2004, EIPL (formerly known as ETCO
Spinners Pvt Ltd) took over cotton spinning unit situated at MIDC
area Parbhani, Maharashtra from the liquidators of Sahakari Soot
Girni Ltd at a cost of INR4.30 crore. EIPL replaced the old
equipment and modernized the set up by importing state of the art
Plant and Machinery from Germany, Italy and China at a cost of
INR40 crore (46% funded by promoters). The unit commenced its
operations from January 1, 2007. As on March 31, 2012, EIPL has
24,912 spindles. Majority of EIPL's revenues is earned from the
manufacture of slub yarn (low count yarn up to 10 counts) which is
used mainly in the manufacture of denims and towels. The revenue
stream is more inclined towards domestic market, contributing
approximately 78% to the total revenues in FY12 (refers to the
period April 1 to March 31). The company supplies yarn to reputed
domestic players and exports majorly to countries like Bangladesh,
Israel, Sri Lanka and Columbia.

During FY12 (refers to the period April 1 to March 31), EIPL
reported net sales of INR85.32 crore and PAT of INR1.59 crore.
Also, as per H1FY13 (provisional), EIPL had achieved operating
income of INR54.87 crore and PAT of INR3.50 crore.


KANODIA CEMENT: CARE Reaffirms 'BB' Rating on INR14.23cr LT Loan
----------------------------------------------------------------
CARE reaffirms 'CARE BB' rating to the bank facilities of
Kanodia Cement Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       14.23     CARE BB Reaffirmed

Rating Rationale

The rating of Kanodia Cement Limited is constrained by its nascent
stage coupled with small size of operation with lack of backward
integration vis--vis volatility in the raw material prices, bulky
nature of the product leading to higher freight cost, highly
competitive & cyclical nature of industry and present subdued
demand in the cement industry. These factors far outweigh the
benefits derived from the experienced promoter and their support
and strategic location of the plant.

The ability of the company to increase the scale of operations and
achieve the profitability margins and the ability to manage
working capital requirements efficiently would be the key rating
sensitivities.

Kanodia Cement Limited, incorporated in 2009, was promoted by Mr
Kamal Narayan Poddar and Mr Vishal Kanodia, along with his family
members to set up a mini cement plant manufacturing Portland
Pozzolana Cement (PPC) at Sikandarabad (Uttar Pradesh). KCL
commenced commercial operation at its unit in April 2011 and
started marketing its product under the brand name 'Bigcem'. The
plant, having an installed capacity of 300,000 metric tonnes per
annum (MTPA), was set up at an aggregate project cost of INR29.6
crore being financed at an overall debt-equity ratio of 0.77:1.

In FY12 (refers to the period April 1 to March 31), KCL reported
PBILDT of INR2.6 crore and PAT of INR0.1 crore on a total income
of INR38.5 crore. Furthermore, until 11MFY13, KCL has achieved
total sale of about INR75.0 crore.


NAMAN MALL: CARE Assigns 'BB' Rating to INR76cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Naman
Mall Management Co. (P) Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        76       CARE BB Assigned
   Term Loan

Rating Rationale

The rating is constrained by the significant client concentration
risk and strained debt servicing parameters. The above constraints
more than offset the benefits derived from experience of the
promoters in the real estate industry, satisfactory occupancy
level, long-term lease agreements coupled with in-built escalation
clause and low agreement roll over risk.

The ability of the company to maintain its occupancy levels in the
coming years and lease rates in Indore will remain the key rating
sensitivities.

Naman Mall Management Co. (P) Ltd. was formed to develop and
operate a shopping mall cum multiplex and entertainment complex,
namely, Central Naman Mall, at Indore, Madhya Pradesh. NNMPL is
jointly owned and promoted by Kshitij Venture Capital Fund (KVCF)
and Entertainment World Developers Ltd. (EWDL), having equal stake
in the company. KVCF is promoted by Pantaloons Retail (India) Ltd.
(rated 'CARE A/CARE A1' under credit watch). EWDL, based in
Indore, initially promoted by the Manish Kalani group, focuses on
the development and management of shopping malls, hospitality, and
residential projects in tier II cities. Subsequently, Phoenix
Mills Limited acquired 33% stake in the company. Furthermore,
ICICI Ventures Fund Management Limited has invested INR75 crore in
EWDL in the form of optionally convertible debentures.

In FY12 (refers to the period April 01 to March 31), NMMPL
reported PBILDT of INR12.78 crore (FY11 - INR9.10 crore) and a PAT
(after deferred tax) of INR1.29 crore (FY11 - 1.63 crore) on a
total operating income of INR19.37 crore (FY11 - INR23.94 crore).

In 9MFY13, NMMPL has earned PBT of INR3.23 crore on a total
operating income of INR13.21 crore.


NATIONAL CAPSULES: CARE Rates INR8.27cr LT Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of National
Capsules Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.27      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of National Capsules
Private Limited is primarily constrained by the stabilization-
related risk for recently implemented project, presence in the
highly competitive industry due to low entry barriers,
susceptibility of profit margins to the raw material price
fluctuations and exposure to regulatory risk.

The ratings derive benefit from the resourceful promoters and
positive demand outlook for (hard gelatin capsules).

The ability of NCPL to stabilize its operations and thereby
generate sufficient accruals and improve its capital structure are
the key rating sensitivities.

Incorporated in 2010, National Capsules Private Limited was
promoted by Mr Rakesh Sharma and Mrs Preeti Sharma. The company
has recently completed a project and commenced commercial
production from January 1, 2013, to manufacture empty hard gelatin
capsules at Vidisha, Madhya Pradesh, with the total cost of
INR12.60 crore, funded in debt to equity of 1.32x. The
company has an installed capacity of manufacturing 55.30 lakh
capsules per day.

During its two months of operations since January 2013, NCPL
reported sales of INR0.80 crore with manufacturing capacity of 25
lakh capsules per day. Furthermore, NCPL has order book position
of INR1 crore to be executed in the next 2 months.


OYSTER PRINTERS: CARE Assigns 'BB' Rating to INR7cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Oyster Printers And Publishers Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7.00     CARE BB Assigned
   Short-term Bank Facilities       4.61     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Oyster Printers and
Publishers Private Limited are primarily constrained by the small
scale of operations with substantial decline in the income in FY12
(refers to the period April 1 to March 31), small net worth base,
customer concentration risks and large operating cycle. The
ratings are further constrained by fragmented nature of the
printing and publishing industry.

The above constraints are partially offset by the experienced
promoters of OPP, comfortable capital structure and stable demand
prospects.

The ability of OPP to scale up the operations while maintaining
its profitability margins and expand client base shall remain the
key rating sensitivities.

Incorporated in 1999, OPP is engaged in offset printing, pre-press
and post-press activities. OPP primarily prints and publishes text
books for state education boards. It is an ISO 9001:2000 certified
company and the company has two manufacturing units situated at
Mathura (Uttar Pradesh) and Haldwani (Uttarakhand).

In FY12, OPP has achieved a total operating income of INR1.25
crore with a PAT of INR0.03 crore.


RICHA REALTORS: CARE Rates INR30cr NCD Issue at 'CARE BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the NCD issue of Richa Realtors
Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Non-Convertible Debentures       30       CARE BB- Assigned

Rating Rationale

The rating is constrained by the pending debt tie-up for the
Kalina project, lack of adequate approvals, cash flow risk as none
of the area under the projects is sold, and inherent project
execution risks associated with the real estate sector.
The rating, however, takes into consideration the experience of
the promoters in redevelopment projects, prime locations of
projects at Kalina, Santacruz and Ville Parle (East) and
repayments through escrow account.

The ability of the company to achieve financial closure and
execute the projects as per planned schedule is a rating
sensitivity.

Incorporated in 1995 Richa Realtors Pvt Ltd is a part of the Richa
group. The group has an experience of nearly two decades and
primarily in residential real estate market in and around
Mumbai. The Richa group is headed by Mr Prakash Joshi, who is the
Chairman and Managing Director (CMD).

The proposed NCDs of INR30 crore would be mostly utilised for its
Sundernagar Project located at Kalina, Santacruz, in the Mumbai
Metropolitan Region (MMR). It is a redevelopment project and
RRPL has entered into an agreement with the Sundernagar Co-
operative Housing Society. The project would involve construction
of a saleable area of 0.53 lsf and rehabilitation of 60 tenants.
The project would have 35 units with 2BHK and 3BHK apartments.
The total project cost of INR60 crore (including interest cost) is
proposed to be funded by debt (NCDs) of INR30 crore, Equity of
INR12 crore and customer advances of INR18 crore. In case of
healthy sales momentum, part of NCDs may also be used for working
capital requirements of any other project of the group.


SHALCO INDUSTRIES: CARE Assigns 'B+' Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Shalco Industries Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE B+ Assigned
   Short-term Bank Facilities       9        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shalco Industries
Private Limited are constrained by the weak financial risk profile
characterized by small scale of operations, susceptibility of
profitability margins to the volatile raw material prices, high
leverage and weak debt coverage indicator. The ratings are further
constrained by the operations in the highly fragmented &
competitive industry, customer & supplier concentration risk and
inherent project execution risk.

The aforesaid constraints are partially offset by the strengths
derived from experienced management and diverse product range.

The ability of Shalco to improve the overall financial risk
profile amidst the intense competition and successful completion
of the project without any cost and time over-run are the key
rating sensitivities.

Incorporated in 2000, Shalco Industries Private Limited is engaged
in the manufacturing of Stainless Steel seamless and welded pipes
and tubes. The company started commercial operations from FY10
(refers to the period April 1 to March 31).

Shalco has two manufacturing units; first unit located at Taloja
and another unit at Mahad. The installed capacity as on March 31,
2012 was 2,200 tons per annum with a capacity utilization of 50%.
The company is certified by ISO 9001:2008, AD2000 MERKBLATT W0
Standard and the PED 97 23 EC. Shalco is part of the Sanghvi
group, which has been engaged in the trading of various metals,
tubes and pipes for over four decades through various entities
namely Nishant Infin Private Limited (rated 'CARE BB/ A4'),
Sanghavi Stainless & Alloys Private Limited and Sanghavi Bothra
Engineering Company Private Limited.

During FY12, Shalco reported operating income of INR20.77 crore
(up from INR4.59 crore in FY11) and PAT of INR0.28 crore (up from
INR0.15 crore in FY11). During 9MFY13, the company has posted
a total income of INR12.56 crore and PAT of INR0.41 crore.
Furthermore, the company has an order book of INR10 crore, which
is likely to be entirely executed in Q4FY13.


SRI ANJANEYA: CARE Reaffirms 'BB' Ratings on INR33.8cr Loans
------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Sri Anjaneya
Cotton Mills Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       13.8      CARE BB Reaffirmed
   (Term Loan)

   Long-term Bank Facilities       20        CARE BB Reaffirmed
   (Fund Based Working capital)

   Short-term Bank Facilities       5        CARE A4 Reaffirmed
   (Non Fund Based)

   Short-term Bank Facilities       5        CARE A4 Reaffirmed
   (Fund Based)

Rating Rationale

The ratings continue to be constrained by the medium scale of
operations, working capital intensive nature of operations,
leveraged capital structure and moderate profit margins. The
ratings also take note of the poor performance in FY12, adversely
impacted by volatile raw material prices and subsequent recovery
in performance during 9MFY13, aided by improved demand scenario
and stable cotton prices.

The ratings continue to draw strengths from the promoters' vast
experience in the industry and diverse product offering across a
range of counts of yarn.  The ability of the company to improve
profitability and effectively manage its working capital, are
the key rating sensitivities.

Sri Anjaneya Cotton Mills Limited was incorporated in 1962 as a
private limited company.  Till 1990, SACM was operated by a
different management with an initial capacity of 13,784 spindles
when it became a sick unit and was referred to Board for
Industrial and Financial Reconstruction (BIFR). However, in 1991,
the current management under Mr R. Manjunath (Promoter and
Managing Director), took over the unit, infused capital, turned
around the unit with modernization/expansion activities and as a
result SACM came out of BIFR. In April 2007, SACM was converted to
a Public Limited Company. SACM operates two spinning mills, one
owned mill and another mill on lease (since January 2006).

As on March 31, 2012, the aggregate installed capacity was 62,256
spindles (including leased capacities of 25,240 spindles).
Furthermore, SACM operates a wind power unit at Maharashtra with
installed capacity of 2.5 MW. Mr R. Manjunath, MD, looks after the
day-to-day operations of the company and has 30 years of
experience in the textile industry.

During FY12, the company reported a loss of INR0.8 crore on total
income of INR82.4 crore (FY11: Rs 91.1 crore). During 9MFY13, SACM
reported a profit of INR0.7 crore on a total income of INR69.6
crore.


S V CREDITLINE: CARE Assigns 'BB+' Rating to INR70cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of S V
Creditline Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       70        CARE BB+ Assigned

Rating Rationale

The rating assigned to S V Creditline Private Limited is
constrained by its moderate scale of operations and modest
earnings profile. Furthermore, the rating continues to be
constrained by the inherent risks in the microfinance industry
including socio-political intervention risk, regulatory
uncertainty and operational risks. However, the rating derives
strength from the experience of the board and management team, and
its comprehensive loan portfolio management and accounting
systems. The rating also factors in the comfortable capital
adequacy, good asset quality and a moderately diversified resource
base.

Going forward, the evolving regulatory environment of microfinance
industry, access to funding, profitability and asset quality are
the key rating sensitivities.

SV Creditline Pvt. Ltd is registered with RBI as a non-deposit
accepting, non-banking financial company (NBFC). Incorporated in
August 1996 as Mantrana Finlease Pvt. Ltd, the company was renamed
as SVCL on September 2008. The Microfinance business was started
in January 2010. SVCL provides loans to the individual members in
the group (joint liability group) with each group consisting of
five members. The loans provided to individuals are based on the
mutual guarantee from members. As of December 31, 2012, the
company was operating in 26 districts spread across three states
of India (i.e. Rajasthan, Uttar Pradesh and Madhya Pradesh).

During FY12 (refers to the period April 01 to March 31), SVCL
reported PAT of INR0.37 crore on a total income of INR13.94 crore.
As on March 31, 2012, the total loan portfolio was INR36.94 crore
and capital adequacy ratio (CAR) was 37.18%. During the nine
months ended December 31, 2012 (provisional), the company reported
PAT of INR0.26 crore on a total income of INR11.57 crore.



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


ALAM SUTERA: Fitch Assigns 'B+' Final Rating to US$235MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Alam Sutera Realty
Tbk's (ASRI, B+/Stable) USD235 million 6.95% notes due 2020 a
final 'B+' rating, with a Recovery Rating of 'RR4'. The new notes,
issued by Alam Synergy Pte. Ltd., are guaranteed by ASRI.

Key Rating Drivers

The rating action follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on 15 March 2013.

ASRI plans to use the issue proceeds for the following: to fund
land acquisitions including those acquired from Modernland; to pay
the remaining acquisition costs of Wisma Agro Manunggal (WAM)
office tower; to refinance existing bank facilities; to develop
residential and commercial properties; and for general working
capital purposes.

The ratings reflect ASRI's small scale, lack of project
diversification and inherent volatility in the property
development business. The ratings, however, also recognise ASRI's
low-cost, large land bank inventory, strategic development
location, growing recurring income base, and strong financial
metrics. The latter is characterised by high profit margins, low
leverage, and comfortable liquidity.

Rating Sensitivities

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

- A sustained increase in leverage as measured by presales/gross
  debt to below 0.75x (2012: 1.5x) on a sustained basis. However,
  even in Fitch's stress case of weaker presales, leverage has
  managed to remain above this threshold

- An increase in its exposure to non-core businesses

Positive rating action is not expected due to the cyclical nature
of the property development business, the company's small scale
and lack of project diversification


BERLIAN LAJU TANKER: Seeks Recognition in the U.S.
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that PT Berlian Laju Tanker Tbk, an Indonesian operator of
about 70 tankers, is the subject of another bankruptcy proceeding,
this time a Chapter 15 cross-border bankruptcy filed March 26 in
New York.

PT Berlian was already the subject of an involuntary Chapter 11
bankruptcy filed in December in New York by investor Gramercy
Distressed Opportunity Fund II along with two sister funds.  In
addition, more than a dozen subsidiaries have been under Chapter
11 protection in New York since last year.

In March 2012, PT Berlian put the subsidiaries into Chapter
15 proceedings in Manhattan to complement a bankruptcy
reorganization in Singapore, where the subsidiaries are based.
In April the U.S. judge ruled that Singapore is home to the so-
called foreign main proceeding for the operating subsidiaries.

In June 2012, Indonesian bank PT Bank Mandiri (Persero) Tbk began
involuntary bankruptcy proceedings in Indonesia against the PT
Berlian parent, followed by the involuntary petition the Gramercy
funds filed in New York in December.

With creditors voting in favor, the Indonesian court approved the
parent's bankruptcy reorganization on March 22.  The company filed
the new Chapter 15 so the U.S. Court can enforce the Indonesian
restructuring.

                         About PT Berlian

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

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

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

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

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

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

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

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

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



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


MF2 SENIOR: S&P Lowers Rating on 2 Classes of Notes to CCC-
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings on the class A2, A3, and A4 senior asset-backed loans
(ABLs) issued under the MF2 Senior Loan transaction.  At the same
time, S&P kept its rating on class A2 on CreditWatch with negative
implications, where it was placed on Nov. 28, 2012.

A loan that defaulted in March 2012 backs the transaction, and the
settlement for the sale of the loan's collateral assets--three
office buildings in Tokyo--is set.  S&P lowered its ratings on the
class A2 to A4 ABLs and kept its rating on class A2 on CreditWatch
negative, because it received a report from the transaction's
servicer that includes the settlement price and believe that a
risk exists that class A2 might not fully redeem based on the
price.  S&P will review its rating on class A2 after considering
the collection amount from the loan.  S&P lowered its ratings on
classes A3 and A4 because they are subordinate to class A2 and
thus have a greater risk of incurring losses after the sale.

Morgan Stanley Japan Securities Co. Ltd. arranged this commercial
mortgage-backed securities (CMBS) transaction.  The ratings
reflect S&P's opinion on the likelihood of the full payment of
interest and the ultimate repayment of principal by the legal
final maturity date for the class A2 to A4 ABLs.

          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 LOWERED, KEPT ON CREDITWATCH NEGATIVE

MF2 Senior Loan
25.4 billion senior ABLs due March 2014

Class     To                   From                 Initial issue
amount
A2 ABL    B- (sf)/Watch Neg    BB (sf)/Watch Neg    JPY4.0 bil.

RATINGS LOWERED
MF2 Senior Loan
Class     To           From        Initial issue amount
A3 ABL    CCC- (sf)    B- (sf)     JPY1.4 bil.
A4 ABL    CCC- (sf)    CCC (sf)    JPY1.0 bil.



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


PARK ROAD: Closes Film Processing Lab; Dozen Jobs at Risk
---------------------------------------------------------
Paul Easton at Stuff.co.nz reports that jobs may be lost to the
digital tide when Sir Peter Jackson closes a historic 35-
millimetre-film processing lab at Park Road Post Production.

The dozen staff who work at the Miramar lab have been told the
likely date of closure will be the end of June.

According to the report, Park Road general manager Cameron Harland
said it was likely some jobs would be lost. However, it was hoped
most workers would get new roles, either within Park Road or
elsewhere in the industry.

"We have some very talented people here, and we're still working
through that process. Sadly, labs like these are closing all over
the world," the report quotes Mr. Harland as saying.

"Film processing work had dropped away across all aspects of the
industry.  It's becoming digital at the camera end, and digital at
the processing end."

Most cinemas had also moved to digital, which had also affected
demand for the lab's services, the report says.

The lab at Park Road dates back to 1941. It was established in
Wellington as part of the government-owned National Film Unit,
which was bought by Peter Jackson and Fran Walsh in 1999.


* NEW ZEALAND: Court of Appeal Backs Liquidators' Clawback Power
----------------------------------------------------------------
Maria Slade at stuff.co.nz reports that the Court of Appeal has
backed liquidators' power to claw back payments made by an
insolvent company up to two years before its collapse.

Three High Court decisions last year undid a commonly held belief
about voidable transactions, where a liquidator can order a
creditor to repay money received from a troubled firm, the report
says.

stuff.co.nz notes that the voidable transaction process is
designed to prevent creditor queue jumping. A creditor can defend
against a claim if it can prove it acted in good faith in
accepting the payment, had no reason to suspect the business it
was trading with was in trouble and gave value for the funds
received.

According to the report, the High Court ruled a creditor should
not be disadvantaged just because it provided its services before
being paid, as many suppliers did.

The High Court decisions meant voidable transactions would be
virtually unenforceable and so appeals were lodged, the report
notes.


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


AMARU INC: Employs Wei Wei & Co as New Accountants
--------------------------------------------------
Amaru, Inc., retained Wei, Wei & Co LLP as the Company's new
independent registered public accounting firm.  This engagement
was approved by the Board of Directors.

During the years ended Dec. 31, 2012, and 2011 and any subsequent
interim period through March 19, 2013, the Company has not
consulted with Wei, Wei & Co LLP regarding the application of
accounting principles related to a specified transaction, either
completed or proposed, or the type of audit opinion that might be
rendered on the Company's financial statements or as to any
disagreement or reportable event as described in Item
304(a)(1)(iv) and Item 304(a)(1)(v) of Regulation S-K under the
Securities Act of 1933, as amended.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue as
going concern, the auditors said.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million in
2010.  The Company's balance sheet at Sept. 30, 2012, showed $3.28
million in total assets, $3.08 million in total liabilities and
$195,261 in total stockholders' equity.



====================
S O U T H  K O R E A
====================


* S. Korean Shipping Firms May Face Insolvency, AlixPartners Says
-----------------------------------------------------------------
TheAsset.com reports that an analysis by AlixPartners revealed
that on the heels of a recent Moody's report lowering Korea's GDP
growth projections for this year from 3.5% to 3.0%, 44% of
shipping companies and 35% of construction companies in Korea are
in danger of possible insolvency, absent aggressive preventive
measures.

TheAsset.com relates that other industries facing the greatest
danger, according to the analysis of about 1,400 listed Korean
companies, are telecommunications and high tech (with 18% of
companies studied "on alert" for distress), industrials (16%),
metals (14%), consumer products and retail (13%), automotive
(13%), life sciences (11%) and chemicals (10%). In all, the
AlixPartners analysis finds that 17% of Korean industry is in the
"on-alert" zone for distress, with another 45% in the "on-watch"
zone.

"Korea and Korean industry today face many of the same problems
that General Motors faced prior to its turnaround -- high debt,
slow growth and seemingly intractable long-term structural issues,
some of them culturally oriented. However, just as GM, working in
concert with the US government, was able to reexamine past
orthodoxies as part of its turnaround, I'm confident that Korea
and Korean companies can reexamine their own past orthodoxies to
do the same," TheAsset.com quotes AlixPartners vice chairman Al
Koch, as saying.

While Korea has long had bankruptcy and other restructuring rules
on the books, many experts believe that ingrained business norms
in the country, including the reluctance to take decisive actions
in struggling companies, have led to the creation of zombie
companies -- and, in aggregate, to a self-perpetuating weakening
of the Korean economy, TheAsset.com relays.

TheAsset.com reports that AlixPartners' head of Asia, CV
Ramachandran, noted, "It's very telling that in addition to the
17% of companies in our analysis rated as 'on alert' for distress,
another 45% are rated as 'on watch,' leaving only 37% of the
Korean companies in the 'healthy' zone. Obviously, these are
challenging times for all types of Korean companies, and one of
the biggest issues companies should be worrying about is cash
flow. That's always a number-one issue in times like these."



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


BANK OF CEYLON: Fitch Affirms 'BB-' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Bank of Ceylon (BOC)'s Long-Term (LT)
Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) at 'BB-' with a Stable Outlook. The agency has also
affirmed BOC's Viability Rating (VR) at 'b+' and its National LT
rating at 'AA+(lka)' with a Stable Outlook. BOC's Support rating
and Support Rating Floor have also been affirmed at '3' and 'BB-'
respectively, the latter at the same level as the sovereign.

Fitch has also assigned BOC's proposed senior unsecured USD-
denominated notes an expected rating of 'BB-(EXP)', same as its FC
IDR given that the notes are expected to rank equally with the
bank's senior unsecured creditors. The proposed notes will have a
maturity of five years, while semi-annual coupon payments will be
at a fixed rate. The final rating is contingent upon receipt of
final documents conforming to information already received. A full
list of rating actions is provided at the end of this commentary.

Key Rating Drivers

BOC's LT IDRs are driven by the Government of Sri Lanka's (the
State) high propensity and limited ability to provide support to
the bank under extraordinary situations. In Fitch's view, the
State's high propensity stems from BOC's systemic importance as
the largest bank in the country (accounting for nearly 20% of
banking system deposits and assets), its quasi-sovereign status,
its role as a key lender to the Government and full government
ownership, while the State's limited ability is reflected in the
'BB-'/Stable Sovereign rating.

BOC's VR -- which is one notch lower than the LT IDR -- reflects
the growing pressures particularly in terms of its weakening
capitalisation and deteriorating asset quality, which may
experience further deterioration in the near term. While BOC's
strong domestic franchise remains a strength from a funding
perspective, near-term funding challenges will likely remain,
considering the high loans-to-deposits ratio (LDR) amid rising
interest rates.

BOC's loan book has a high exposure to the State and State owned
entities (SOE) and while a sizeable portion of the exposure is
state guaranteed, the resulting concentration risk is significant.
For e.g. Ceylon Petroleum Corporation itself accounts for nearly
20% of BOC's total exposure. Notwithstanding state exposures,
BOC's gross non-performing loan (NPL) ratio weakened to 2.8%
(FY11: 2.1%) in FY12 owing to one-off event risks such as floods
and drought (in Q412) and the Maldives' political turmoil.

BOC's capitalisation (Tier 1 Capital Adequacy Ratio, 2012:9%,
2011:9.3%) - which is already impacted by high dividend pay-outs
(FY12: 38.4%, FY11: 34%) - has been steadily weakening. High loan
growth, deteriorating net NPL-equity (FY12: 15%) and the absence
of fresh capital injection since 2007 remain the key reasons.
While slowing loan growth and higher SOE exposure (zero risk
weight for state guarantee) may help BOC to negotiate the
difficulty in the interim, timely capital injections from the
State remains critical to BOC's future capitalisation.

The dip in BOC's low-cost deposits ratio (FY12: 44%, FY11: 51%)
was broadly in line with the industry trend. Given the intense
competition for deposits and high credit demand from the State,
Fitch believes that BOC's endeavor to reduce its LDR to around 90%
may not be possible in the near term.

Rating Sensitivities

Any change in Sri Lanka's Sovereign rating or the perception of
state support to BOC could result in a change in BOC's IDRs and
National Ratings. Visible demonstration of preferential support
for BOC will be instrumental to an upgrade of its National LT
Rating.

The VR remains under pressure and could be downgraded if a sharp
asset-quality downturn is not complemented by timely re-
capitalization from the state. An upgrade to VR, though unlikely
in the near-term, will be triggered by consistent improvement in
both asset quality parameters and capital levels and supported by
BOC's ability to lower loan-deposits ratio overtime.

BOC is the largest bank in terms of assets in Sri Lanka and has a
wide domestic presence across Sri Lanka. BOC has 13 subsidiaries
and five associates and has branches in Chennai, India and Male
(Maldives); and a fully-owned subsidiary, Bank of Ceylon (UK) Ltd,
in the UK.

A full list of BOC's ratings:

Long-term Foreign- and Local-Currency IDRs: affirmed at 'BB-';
Outlook Stable

Viability Rating: affirmed at 'b+'

Support Rating: affirmed at '3'

Support Rating Floor: affirmed at 'BB-'

USD senior unsecured notes: affirmed at 'BB-'

Proposed USD senior unsecured notes: assigned at 'BB-(exp)'

National Long-Term rating: affirmed at 'AA+(lka)' ; Outlook Stable

Outstanding subordinated debentures: affirmed at 'AA(lka)'.


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


* BOND PRICING: For the Week March 25 to March 29, 2013
------------------------------------------------------

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


  AUSTRALIA
  ---------

COM BK AUSTRALIA       1.50    04/19/22   AUD      74.12
MIDWEST VANADIUM      11.50    02/15/18   USD      61.41
MIDWEST VANADIUM      11.50    02/15/18   USD      58.13
NEW S WALES TREA       0.50    09/14/22   AUD      69.30
NEW S WALES TREA       0.50    10/07/22   AUD      69.10
NEW S WALES TREA       0.50    10/28/22   AUD      68.92
NEW S WALES TREA       0.50    11/18/22   AUD      68.73
NEW S WALES TREA       0.50    12/16/22   AUD      69.06
NEW S WALES TREA       0.50    02/02/23   AUD      68.62
NEW S WALES TREA       0.50    03/30/23   AUD      68.12
TREAS CORP VICT        0.50    08/25/22   AUD      70.96
TREAS CORP VICT        0.50    03/03/23   AUD      69.26
TREAS CORP VICT        0.50    11/12/30   AUD      48.30


CHINA
-----

CHINA GOVT BOND        4.86    08/10/14   CNY     102.47
CHINA GOVT BOND        1.64    12/15/33   CNY      68.22


INDIA
-----

CORE PROJECTS          7.00    05/07/15   USD      50.79
DR REDDY'S LABOR       9.25    03/24/14   INR       5.00
JCT LTD                2.50    04/08/11   USD      20.00
MASCON GLOBAL LT       2.00    12/28/12   USD      10.00
PRAKASH IND LTD        5.63    10/17/14   USD      68.00
PRAKASH IND LTD        5.25    04/30/15   USD      65.61
PUNJAB INFRA DB        0.40    10/15/24   INR      31.52
PUNJAB INFRA DB        0.40    10/15/25   INR      28.60
PUNJAB INFRA DB        0.40    10/15/26   INR      25.98
PUNJAB INFRA DB        0.40    10/15/27   INR      23.62
PUNJAB INFRA DB        0.40    10/15/28   INR      21.53
PUNJAB INFRA DB        0.40    10/15/29   INR      19.68
PUNJAB INFRA DB        0.40    10/15/30   INR      18.03
PUNJAB INFRA DB        0.40    10/15/31   INR      16.54
PUNJAB INFRA DB        0.40    10/15/32   INR      15.21
PUNJAB INFRA DB        0.40    10/15/33   INR      14.01
PYRAMID SAIMIRA        1.75    07/04/12   USD       1.00
REI AGRO               5.50    11/13/14   USD      72.08
REI AGRO               5.50    11/13/14   USD      72.08
RELIGARE FINVEST      11.75    02/08/15   INR       3.92
SHIV-VANI OIL          5.00    08/17/15   USD      44.44
SREI INFRA FIN         8.90    03/22/22   INR      28.31
SUZLON ENERGY LT       7.50    10/11/12   USD      65.13
SUZLON ENERGY LT       5.00    04/13/16   USD      50.76


JAPAN
-----

EBARA CORP             1.30    09/30/13   JPY      99.95
ELPIDA MEMORY          2.03    03/22/12   JPY       8.75
ELPIDA MEMORY          2.10    11/29/12   JPY       8.75
ELPIDA MEMORY          2.29    12/07/12   JPY       8.75
JPN EXP HLD/DEBT       0.50    09/17/38   JPY      72.10
JPN EXP HLD/DEBT       0.50    03/18/39   JPY      72.48
KADOKAWA HLDGS         1.00    12/18/14   JPY     112.94
SHARP CORP             2.07    03/19/19   JPY      71.91
SHARP CORP             1.60    09/13/19   JPY      70.79
TOKYO ELEC POWER       1.96    07/29/30   JPY      74.16
TOKYO ELEC POWER       2.37    05/28/40   JPY      71.17


MALAYSIA
--------

AMAN SUKUK             4.25    03/08/28   MYR       4.19
DUTALAND BHD           7.00    04/11/13   MYR       0.90


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

BAYAN TELECOMMUN      13.50    07/15/06   USD      22.63
BAYAN TELECOMMUN      13.50    07/15/06   USD      22.63


SINGAPORE
---------

BAKRIE TELECOM        11.50    05/07/15   USD      48.85
BAKRIE TELECOM        11.50    05/07/15   USD      47.00
BLD INVESTMENT         8.63    03/23/15   USD      68.75
BLUE OCEAN            11.00    06/28/12   USD      36.38
BLUE OCEAN            11.00    06/28/12   USD      36.38
CAPITAMALLS ASIA       2.15    01/21/14   SGD      99.92
CAPITAMALLS ASIA       3.80    01/12/22   SGD     101.10
DAVOMAS INTL FIN      11.00    12/08/14   USD      29.25
DAVOMAS INTL FIN      11.00    12/08/14   USD      29.25
F&N TREASURY PTE       2.48    03/28/16   SGD     100.64
INDO INFRASTRUCT       2.00    07/30/49   USD       1.88


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

CHEJU REGION DEV       3.00    12/29/34   KRW      69.12
EXP-IMP BK KOREA       0.50    08/10/16   BRL      74.05
EXP-IMP BK KOREA       0.50    09/28/16   BRL      74.03
EXP-IMP BK KOREA       0.50    10/27/16   BRL      73.51
EXP-IMP BK KOREA       0.50    11/28/16   BRL      72.93
EXP-IMP BK KOREA       0.50    12/22/16   BRL      69.18
EXP-IMP BK KOREA       0.50    10/23/17   TRY      70.91
EXP-IMP BK KOREA       0.50    11/21/17   BRL      66.33
EXP-IMP BK KOREA       0.50    12/22/17   TRY      69.85
EXP-IMP BK KOREA       0.50    12/22/17   BRL      66.49
SINBO 14TH ABS         8.00    02/02/15   KRW      30.28
SINBO 3RD ABS          9.00    07/27/15   KRW      30.45


SRI LANKA
---------

SRI LANKA GOVT         6.20    08/01/20   LKR      73.00
SRI LANKA GOVT         7.00    10/01/23   LKR      67.01
SRI LANKA GOVT         5.35    03/01/26   LKR      56.31
SRI LANKA GOVT         9.00    07/01/28   LKR      74.76
SRI LANKA GOVT         8.00    01/01/32   LKR      67.89
SRI LANKA GOVT         9.00    01/10/32   LKR      74.00


THAILAND
--------

BANGKOK LAND           4.50    10/13/03   USD       6.38
G STEEL                3.00    10/04/15   USD       8.00
MDX PUBLIC CO          4.75    09/17/03   USD       4.00



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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.



                 *** End of Transmission ***