TCRAP_Public/130408.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, April 8, 2013, Vol. 16, No. 68


                            Headlines


A U S T R A L I A

AROGEN PTY: Return of Creditors' Money Uncertain
AXEWEBB PTY: Clifton Hall Appointed as Liquidator
BANKSIA SECURITIES: Investors May Get Up to 80% Recovery
ELDERS LTD: Auditors Cast Doubt Over Rural Services Unit


C H I N A

CHINA: Sub-Debt Rules May Weaken Insurer Capital Base, Fitch Says


H O N G  K O N G

ACCENTO DEVELOPMENT: Ho and Kong Appointed as Liquidators
ALLIED HARBOUR: Court Enters Wind-Up Order
APOLLO LINES: Creditors' Proofs of Debt Due April 30
BABY FISH: Briscoe and Yin Appointed as Liquidators
BEST QUALITY: Briscoe and Yin Appointed as Liquidators

BO LIN: Placed Under Voluntary Wind-Up Proceedings
CHARMING UNION: Muk and Tam Step Down as Liquidators
CHEERFUL FOOD: Briscoe and Yin Appointed as Liquidators
CHICO INT'L: Members' Final General Meeting Set for April 29
CIPHER INTERNATIONAL: Court Enters Wind-Up Order

COIN VIEW: Creditors' Proofs of Debt Due April 27
DERRICK LIMITED: Members' Final Meeting Set for April 29
DUN HO: Members' Final Meeting Set for April 30
EASY DRAGON: Creditors' Proofs of Debt Due April 28
PEREGRINE FIXED: Creditors to Get 2.275% Recovery on Claims


I N D I A

AURO MIRA: ICRA Assigns 'D' Ratings to INR64cr Loans
AURO MIRA BIO: ICRA Assigns 'D' Ratings to INR54cr Loans
DEV FUN: ICRA Rates INR15cr Term Loan at '[ICRA]D'
GAURAV IMPEX: ICRA Assigns 'B+' Rating to INR2cr LT Loan
HIMALAYA POLYTECH: ICRA Assigns 'B+' Ratings to INR9.15cr Loans

JASWANT & CO: ICRA Rates INR4cr LT Loan at '[ICRA]B'
NEZONE PIPES: ICRA Cuts Rating on INR16.25cr Loan to 'D'
S D RICE: ICRA Reaffirms 'B' Rating on INR7cr Fund Based Loan
SUBABHALAJI SPINNING: ICRA Puts 'B' Ratings on INR15.64cr Loans
SUGNANESHWARA HYDEL: ICRA Rates INR44.78cr LT Loan at 'D'


I N D O N E S I A

BERLIAN LAJU: Involuntary Chapter 11 to be Dismissed


P H I L I P P I N E S

RURAL BANK OF KINOGITAN: Placed Under PDIC Receivership


S R I  L A N K A

SINHAPUTHRA FINANCE: Fitch Affirms and Withdraws 'B(lka)' Rating
VALLIBEL FINANCE: Fitch Affirms and Withdraws 'BB-(lka)' Rating


X X X X X X X X

* Fiji's Underperforming Economy Support Moody's B1 Bond Ratings


                            - - - - -


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


AROGEN PTY: Return of Creditors' Money Uncertain
------------------------------------------------
dissolve.com.au reports that the fate of Arogen creditors getting
any return is left hanging on the multi-million dollar payment in
dispute between the company and developer Leightons Contractors.

In October 2012, the report relates, an adjudicator ruled that
Leightons pay Arogen AUD5.7 million following a dispute over a
project undertaken in Sydney. However, the developer is
challenging that judgment, putting the AUD5.7 million in a state
of uncertainty.

According to the report, administrator Paul Gidley of Shaw Gidley
announced at the creditors meeting that Arogen had realiseable
assets of almost AUD3.8 million, but any return of creditors'
money was almost entirely dependent upon the payment in dispute.

Arogen Pty Ltd is a family-owned business specialising in
horizontal drilling.

Newcastle Herald reported that Arogen Pty Ltd has gone into
voluntary administration owing at least AUD2 million. Paul Gidley
of insolvency specialists Shaw Gidley was appointed as
administrator.


AXEWEBB PTY: Clifton Hall Appointed as Liquidator
-------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of
Axewebb Pty Ltd on April 3, 2013, by Order of the Federal Court of
Australia.


BANKSIA SECURITIES: Investors May Get Up to 80% Recovery
--------------------------------------------------------
Mary Alexander at The Standard reports that investors in the
Banksia Securities group are likely to get between 70 cents and 80
cents in the dollar -- an amount higher than originally forecast.

The Standard relates that receivers for the rural lender announced
on April 5 that overall returns to debenture holders were likely
to exceed initial estimates, with another two distributions
expected before the end of the financial year.

Investors originally faced the prospect of getting back between 50
cents and 65 cents in the dollar, an amount they labelled as
"unacceptable," the report notes.

According to the report, the creditors urged receivers
McGrathNicol not to take a "fire sale" approach to giving Banksia
Securities Limited (BSL) investors a return on their money.
Receiver Tony McGrath delivered the good news to debenture holders
in a circular on April 5.

The report relates Mr. McGrath said overall returns to debenture
holders were likely to exceed initial estimates following
indicative bids received during the loan portfolio sale process
and the receiver's increased knowledge of the loan book generally.

Investors received 20 cents in the dollar in December and will
receive another 10 cents next month following higher-than-expected
interest receipts and loan repayments made to date, the Standard
adds.

                       About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately $660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


ELDERS LTD: Auditors Cast Doubt Over Rural Services Unit
--------------------------------------------------------
BusinessDesk reports that Elders Rural Holdings, the unprofitable
rural services company, had its annual accounts tagged by its
auditor because of uncertainties including its ability to continue
to rely on financial support of 50% owner Elders Ltd.

BusinessDesk relates that the Auckland-based company's annual
report showed the net loss narrowed to AUD5.89 million in the 12
months ended September 30, from a loss of AUD10 million a year
earlier. Sales fell to AUD121 million from AUD132 million, the
report relays.

According to BusinessDesk, notes to the accounts said that based
on cashflow forecasts, the company is dependent on continued
financial support from ASX-listed Elders Ltd, its ultimate
controlling company.


The Adelaide-based company has undertaken to provide that support
for 12 months though it "has also incurred losses and is dependent
on continued support from its bank to continue as a going
concern," the notes, as cited by BusinessDesk, said.

"This creates some doubt as to the ultimate parent's ability to
provide support to the group."

Adding to the uncertainty, Elders put its entire Rural Services
division, which includes the Elders Rural group in New Zealand, up
for sale last October, BusinessDesk says.  The notes said
Directors of the New Zealand business made the judgment that a new
owner would provide continued support, according to BusinessDesk.

BusinessDesk notes that auditor Ernst & Young listed three
fundamental uncertainties when it signed off on Elders Rural's
latest accounts, including the uncertainty of continued support
from the parent, its ability to recover AUD6.29 million of
deferred tax assets if a sale goes ahead and the ability of the
parent to recover AUD48.9 million in receivables from
subsidiaries.

                          About Elders

Elders Limited, formerly Futuris Corporation Limited, --
http://www.elders.com.au/-- is Australia's rural and regional
company.  The company's businesses consist of Elders Rural
Services, Elders Financial Services, Forestry and Automotive.



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


CHINA: Sub-Debt Rules May Weaken Insurer Capital Base, Fitch Says
-----------------------------------------------------------------
The capitalisation of Chinese insurance groups could weaken
following the relaxation of subordinated debt issuance rules for
holding companies, as insurers are more likely to fund growth by
issuing sub-debt instead of through new equity injections, Fitch
Ratings says.

The lifting of the restrictions on holding company sub-debt could
encourage insurance groups to utilise capacity at the holding
company level to issue sub-debt. We believe the issuance of sub-
debt is not a sustainable solution to improve capital strength
because the effective tenor of such debt is typically short - five
years or less. Issuers tend to redeem the debt before the actual
due date to head off higher interest costs from step-up
provisions.

Furthermore, proceeds from holding companies' sub-debt issuance
may flow down to subsidiaries in order to support the operating
companies' solvency margins. This is likely to increase double-
leverage and expose holding company debt to deeper legal
subordination than debt carried at the operating companies.

Solvency is under pressure as premium growth, although slowing,
continues to outpace internal capital generation. Allowing
insurance holding companies in China to issue sub-debt, subject to
a cap of 50% of net assets, increases the flexibility in capital
management for insurance groups. The new rule applies to 10
Chinese insurance groups that may benefit from the ability to
manage their leverage on a consolidated basis.

China's insurance regulator, the China Insurance Regulatory
Commission, issued a new directive easing subordinated debt
issuance rules last month as it moves to manage insurance groups'
leverage on a consolidated basis. The regulator had banned such
issuance and only allowed operating companies to issue sub-debt as
recently as 2011.



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


ACCENTO DEVELOPMENT: Ho and Kong Appointed as Liquidators
---------------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on Nov. 1, 2012, were
appointed as liquidators of Accento Development Limited.

The liquidators may be reached at:

          Ho Man Kit Horace
          Kong Sze Man Simone
          Unit 511-512 5/F
          Tower 1, Silvercord
          30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


ALLIED HARBOUR: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 8, 2013, to
wind up the operations of Allied Harbour Holdings Limited.

The company's liquidator is Lau Siu Hung.


APOLLO LINES: Creditors' Proofs of Debt Due April 30
----------------------------------------------------
Creditors of Apollo Lines Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 18, 2013.

The company's liquidator is:

         Tai Yiu Wah
         21st Floor, 128 Connaught Road
         Central, Hong Kong


BABY FISH: Briscoe and Yin Appointed as Liquidators
---------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Baby Fish Limited.

The liquidators may be reached at:

          Stephen Briscoe
          Mark Hau Yin
          c/o Briscoe Wong Ferrier
          602 The Chinese Bank Building
          61-65 Des Voeux Road Central
          Hong Kong


BEST QUALITY: Briscoe and Yin Appointed as Liquidators
------------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Best Quality Services Limited.

The liquidators may be reached at:

          Stephen Briscoe
          Mark Hau Yin
          c/o Briscoe Wong Ferrier
          602 The Chinese Bank Building
          61-65 Des Voeux Road Central
          Hong Kong


BO LIN: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on March 19, 2013,
creditors of Bo Lin Tang Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Lau Kwan Lun Kenneth
         Flat C, 7th Floor
         Wing Sum Building
         6A Playing Field Road
         Kowloon, Hong Kong


CHARMING UNION: Muk and Tam Step Down as Liquidators
----------------------------------------------------
Jacky Chung Wing Muk and Gabriel Chi Kok Tam stepped down as
liquidators of Charming Union Investments Limited on March 26,
2013.


CHEERFUL FOOD: Briscoe and Yin Appointed as Liquidators
-------------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Cheerful Food & Beverage Holdings Limited.

The liquidators may be reached at:

          Stephen Briscoe
          Mark Hau Yin
          c/o Briscoe Wong Ferrier
          602 The Chinese Bank Building
          61-65 Des Voeux Road Central
          Hong Kong


CHICO INT'L: Members' Final General Meeting Set for April 29
------------------------------------------------------------
Members of Chico International Development Company Limited will
hold their final general meeting on April 29, 2013, at Room 1307-8
Dominion Centre, 43-59 Queen's Road East, Wanchai, in
Hong Kong.

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


CIPHER INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 21, 2013, to
wind up the operations of Cipher International Limited.

The company's liquidator is Lau Siu Hung.


COIN VIEW: Creditors' Proofs of Debt Due April 27
-------------------------------------------------
Creditors of Coin View Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 27, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 26, 2013.

The company's liquidator is:

         Lau Chung Sun
         Unit 901, 9th Floor
         Omega Plaza, 32 Dundas Street
         Kowloon, Hong Kong


DERRICK LIMITED: Members' Final Meeting Set for April 29
--------------------------------------------------------
Members of Derrick Limited will hold their final meeting on
April 29, 2013, at 11:30 a.m., at Room 601, 6/F., Kimberley House,
35 Kimberley, in Hong Kong.

At the meeting, Kwan Wing Yee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


DUN HO: Members' Final Meeting Set for April 30
-----------------------------------------------
Members of Dun Ho Investment Company Limited will hold their final
meeting on April 30, 2013, at 10:00 a.m., at Room 206, 2nd Floor,
Alliance Building, 130-136 Connaught Road Central, in
Hong Kong.

At the meeting, Ng Kwok Piu, Philip, the company's liquidators,
will give a report on the company's wind-up proceedings and
property disposal.


EASY DRAGON: Creditors' Proofs of Debt Due April 28
---------------------------------------------------
Creditors of Easy Dragon Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 28, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 15, 2013.

The company's liquidator is:

         Ho Sun Fung Allan
         Room 2702-3, C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


PEREGRINE FIXED: Creditors to Get 2.275% Recovery on Claims
-----------------------------------------------------------
Peregrine Fixed Income Limited, which is in compulsory
liquidation, will declare the sixth and final dividend to its
creditors on April 15, 2013.

The company will pay 2.275% for ordinary claims.



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


AURO MIRA: ICRA Assigns 'D' Ratings to INR64cr Loans
----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR64.0
crore term loans and fund based working capital facilities of Auro
Mira Bio Power India Private Limited. ICRA has also assigned a
short term rating of '[ICRA]D' to the INR13.5 crore non-fund based
bank limits of AMBPIPL.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long term, Term Loans      21.25    [ICRA]D, assigned
   Long term, Fund based
   Facilities                 16.00    [ICRA]D, assigned

   Long term, Proposed fund
   based facilities           26.75    [ICRA]D, assigned

   Short term, Fund based
   Facilities                 (9.50)   [ICRA]D, assigned

   Short term, Non fund
   based facilities           (4.00)   [ICRA]D, assigned

The ratings factor in the weak credit profile of the company
characterised by large losses, high gearing, weak debt coverage
indicators and significant delays in repayment of term loan
obligations. The ratings also consider the low Plant Load Factor
(PLF) levels following technical outages, challenges in fuel
sourcing and poor grid availability. Rising biomass fuel costs and
large interest expenses have resulted in stress on the
profitability and this further constrains the ratings. ICRA also
takes note of the Group's aggressive expansion plans, with nine
other plants in various stages of commissioning, likely to result
in stretched liquidity in the near to medium term. ICRA, however,
considers the strong operational expertise of the Group, the
funding support extended by the financial investors for the
expansion plans and the growing policy focus by the Government on
renewable power generation.

Auro Mira Biopower India Private Limited is a wholly owned
subsidiary of Auro Mira Energy Company Limited and operates an
18.5 MW biomass based power plant in Tirunelveli, Tamil Nadu. The
total project cost was ~Rs 78 crore and Commercial operations were
commenced in July 2011. The plant has been supplying power to
industrial users under short term supply agreements and has also
been accruing income through the Renewable Energy Certificates.
AMBEML reported a loss of INR12.4 crore on net sales of INR11.8
crore in FY 2012.

Auro Mira Group is a Chennai based business group focused on
generation of renewable power. It was founded in December 2005 by
professionals with domain experience. Baring Private Equity
Partners, a global private equity fund, is the largest investor
and the Group has also attracted investments from International
Finance Corporation, Aureos South Asia Fund and ePlanet Capital.
The Group is presently focusing in the Biomass, Small Hydro and
Wind Sectors and has 13 projects across the southern states (four
operational plants).


AURO MIRA BIO: ICRA Assigns 'D' Ratings to INR54cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR49.0
crore* term loans and fund based working capital facilities of
Auro Mira Bio Energy Madurai Limited. ICRA has also assigned a
short term rating of '[ICRA]D' to the INR5.0 crore non-fund based
bank limits of AMBEML.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long term, Term Loans      44.00    [ICRA]D, assigned

   Long term, Fund based       5.00    [ICRA]D, assigned
   Facilities

   Short term, Non fund        5.00    [ICRA]D, assigned
   based facilities

The ratings factor in the weak credit profile of the company
characterised by continuing losses, high gearing, weak debt
coverage indicators and significant delays in repayment of term
loan obligations. The ratings also consider the low Plant Load
Factor (PLF) levels following technical outages, challenges in
fuel sourcing and poor grid availability. Rising biomass fuel
costs and large interest expenses have resulted in stress on the
profitability and this further constrains the ratings. ICRA also
takes note of the Group's aggressive expansion plans, with nine
other plants in various stages of commissioning, likely to result
in stretched liquidity in the near to medium term. ICRA, however,
considers the strong operational expertise of the Group, the
funding support extended by the financial investors for the
expansion plans and the growing policy focus by the Government on
renewable power generation.

Auro Mira Bio Energy Madurai Limited (formerly known as Astro
Energy and Bio Systems Limited) is a wholly owned subsidiary of
Auro Mira Energy Company Private Limited and operates a 10 MW
biomass based power plant in Kallupatti, Madurai. The plant was
commissioned in April 2009 and uses Juliflora as the primary fuel.
The company initially supplied power to the Tamilnadu state
electricity utility. However, the company has opted out of the PPA
in July 2011 and has been supplying power to industrial users.
AMBEML reported a loss of INR5.2 crore on net sales of INR33.5
crore in FY 2012.

Auro Mira Group is a Chennai based business group focused on
generation of renewable power. It was founded in December 2005 by
professionals with domain experience. Baring Private Equity
Partners, a global private equity fund, is the largest investor
and the Group has also attracted investments from International
Finance Corporation, Aureos South Asia Fund and ePlanet Capital.
The Group is presently focusing in the Biomass, Small Hydro and
Wind Sectors and has 13 projects across the southern states (four
operational plants).


DEV FUN: ICRA Rates INR15cr Term Loan at '[ICRA]D'
--------------------------------------------------
The rating of '[ICRA]D' has been assigned to the INR15.00 crore
term loan facility of Dev Fun Point Reality Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loan                 15.00     [ICRA]D assigned

The assigned rating is constrained by the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment and interest payment obligations to the bank.
The assigned rating further takes into account the continued low
occupancy levels of hotel as well as party plot in past 2-3 years,
weak financial profile as reflected by net losses booked in last 2
years leading to wipe out of net worth, highly adverse capital
structure and poor debt coverage metrics. While assigning the
rating, ICRA has also considered the limited facilities and low
brand awareness of the company making it highly susceptible to
high competitive intensity of hospitality business in Ahmedabad

However, the assigned rating takes into account the long past
experience of the promoters in the hotel and real estate
development industry and the combination of large party plot,
banquet hall and rooms facility which is likely to help the
company tap into the marriage/social event market in Ahmedabad.

Incorporated in 2009, Dev Fun Point Reality Pvt. Ltd (DFPRPL) is
promoted by the Ahmedabad-based Dev Group and operated a hotel by
the name of 'Dev Comfort' which is located at S.G Highway in
Ahmedabad. The facility includes a hotel with 62 deluxe rooms, 6
luxury suite rooms and a banquet hall, with an adjoining party
plot, which is rented out for marriages and other social
occasions. The group has presence in the Ahmedabad Hotel segment
through Dev Regency (27 rooms), Dev Corporate (32 rooms) and Dev
Fun Point Resorts which runs a 37 room hotel property by the name
of Fun Point Resorts at the same location as that of DFPRPL.

Recent Results

During FY 2012, the company reported an operating income of
INR1.90 crore and net loss of INR2.53 crore as against operating
income of INR1.85 crore and net loss of INR1.97 crore during FY
2011. Further, in first nine months of FY 2013, the company has
reported operating income of INR1.15 crore and loss before
depreciation of INR0.94 crore (as per unaudited provisional
financials).


GAURAV IMPEX: ICRA Assigns 'B+' Rating to INR2cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' for INR2 crore
fund based facilities and a short term rating of '[ICRA]A4' to the
INR8 crore non fund based facilities of Gaurav Impex.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long term, fund
   based limits               2.00     [ICRA]B+ Assigned

   Short term, non-fund
   based limits               4.00     [ICRA]A4 Assigned

   Short term, unallocated    4.00     [ICRA]A4 Assigned

The ratings take into account the long standing experience of the
partners' family in the silicone trading business and the
diversified customer base of the firm resulting in low client
concentration risk. The ratings are however, constrained by the
small scale of operations and the partnership nature of the
business, the thin margins in the business and their vulnerability
to price fluctuations in silicone rubber, the stretched capital
structure characterised by low net worth, high leverage and the
exposure of the business to currency fluctuations.

Gaurav Impex is a partnership firm involved in trading of silicon
rubber. The partnership was established in 2012 by converting an
HUF of the same name. The promoter family has been involved in
this business since 1965. The firm imports silicon rubber and
sells it primarily to automobile ancillary components
manufacturers.

Recent Results

Gaurav Impex reported a profit after tax (PAT) of INR0.13 crore on
an operating income of INR23.34 crore in FY 2012, as against a PAT
of INR0.33 crore on an operating income of INR22.16 crore in FY
2011. Gaurav Impex reported an operating income of INR21.73 crore
and a PAT of INR0.65 crore for 6M FY2013.


HIMALAYA POLYTECH: ICRA Assigns 'B+' Ratings to INR9.15cr Loans
---------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to INR13.0 Crore bank limits of Himalaya
Polytech Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund-Based limits           5.0     [ICRA]B+ assigned
   Term Loan                   4.15    [ICRA]B+ assigned
   Non Fund-Based limits        1.5    [ICRA]A4 assigned
   Proposed limits             2.35    [ICRA]B+/[ICRA]A4 assigned

The ratings are constrained by modest scale of operations; highly
competitive nature of the industry with low entry barriers and
limited product differentiation; susceptibility of profitability
to adverse movement in polymer prices; moderate financial risk
profile with adverse capital structure and high working capital
intensity and tight liquidity position as reflected in high
utilisation of working capital limits. However, the ratings
favorably factor in the established presence of the promoters in
the plastic industry, favorable demand outlook for PET packaging
industry in the domestic market and fiscal incentives available to
the company for its plant at Pant Nagar in the state of
Uttarakhand.

Himalaya Polytech Private Limited was established in the year 2005
and started full time commercial operation in the year 2010. The
company has set up a manufacturing unit at SIDCUL Industrial Area
in Uttarakhand. The company manufactures PET bottles/Jars, castors
(PP wheels) and PET pre-forms.

Recent Results

The company reported a turnover of INR14.19 Crore and a net profit
of INR0.45 Crore during 2011-12. The company reported revenues of
INR7.15 Crore and a net profit of INR0.25 Crore during 2010-11.


JASWANT & CO: ICRA Rates INR4cr LT Loan at '[ICRA]B'
----------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4.00 Crore long
term fund based bank facility of Jaswant & Co.  ICRA has also
assigned an '[ICRA]A4' rating to JC's INR1.00 Crore short term
non-fund based bank facility.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long Term Fund Based        4.00    [ICRA]B; Assigned
   Limits

   Short Term Fund Based       1.00    [ICRA]A4; Assigned
   & Non Fund Based Limits

The ratings take into account JC's weak financial profile
characterised by decline in revenue in FY 12 given the limited
flow of fresh contracts, highly leveraged capital structure
following high working capital borrowings and stretched liquidity
position. The ratings also incorporate the high sectoral and
geographical concentration amidst the intense competition in civil
construction business and the firm's high dependence on government
and semi-govt clients which augments tender procurement risk, as
well as entails delays in project execution as also receivables
realization The ratings however favourably reflect the firm's
comfortable order book position at present; its established client
base and experienced management with a reasonable-track record in
civil construction business.

Jaswant & Company was established in 1993 as a partnership concern
by Mr. Jaswant Jain. JC is involved in civil construction business
in the Maharashtra region. The main activities of JC in these
areas include installation of pipelines, building Elevated Service
Reservoirs, desilting of drains and operations and maintenance of
the facility. The firm has its head office at Borivli, Mumbai.

Recent Results:

The firm earned net profit of INR0.46 Crore on an operating income
of INR15.22 Crore for the year ended March 31st 2012.


NEZONE PIPES: ICRA Cuts Rating on INR16.25cr Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR16.25
crore term loan to '[ICRA]D' from '[ICRA]BB+' of Nezone Pipes &
Structures. ICRA has assigned a long term rating of '[ICRA]D' to
the INR17.00 crore cash credit facilities and INR1.70 crore
standby line of credit.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limit
   (Term Loan)                16.25    [ICRA]D downgraded

   Fund Based Limit
   (Cash Credit)              17.00    [ICRA]D assigned

   Fund Based Limit
   (Stand By-Line of Credit)   1.70    [ICRA]D assigned

The rating revision and assignment of ratings primarily take into
account NPS's unsatisfactory track record in timely servicing of
debt obligation due to delay in project commissioning. The delay
in project commissioning not only led to a cost overrun which was
funded by the promoters, but also necessitated debt restructuring.
The ratings also factor in the low value addition in the business
and its dependence on the various fiscal incentives to run the
business profitably. The profitability and cash flows of NPS will
remain susceptible to the volatility in the raw material and
finished goods prices as is inherent in the steel business. The
ratings also take into account the risks associated with the
entity's status as a partnership firm, including the risks of
withdrawal of capital by the partners. The ratings, however,
favorably consider the experience of the promoters in the steel
pipe manufacturing business, the fiscal incentives currently being
enjoyed by the firm and the favorable demand outlook of the
entity's products driven by the demand from the various Government
departments in North-East India.

ICRA also notes that there is limited threat of competition to NPS
with Nezone group being one of the largest galvanized iron (GI)
and black pipe manufacturers in that region.

Established in March, 2010 as a partnership firm, NPS is currently
engaged in the manufacturing of mild steel black & galvanized
pipes, steel tubular poles and steel structures with an installed
capacity of 56,000 metric tonne per annum (MTPA). The
manufacturing facility of NPS is located at New Industrial Area,
Byrnihat, Meghalaya. The firm started commercial production in
January 2013. Besides NPS, the Nezone group has other entities
engaged in the steel tube and related businesses, including Nezone
Industries Limited (rated at [ICRA]BBB/Stable and [ICRA]A3+),
Nezone Strips Limited (rated at [ICRA]BBB-/Stable and [ICRA]A3),
Nezone Tubes Limited (rated at [ICRA]BBB-/Stable and [ICRA]A3),
North Eastern Tubes Limited (rated at [ICRA]BBB-/Stable and
[ICRA]A3), Nezone Poles & Towers (rated at [ICRA]BB/Stable and
[ICRA]A4) and NTL Steels (rated at [ICRA]D).


S D RICE: ICRA Reaffirms 'B' Rating on INR7cr Fund Based Loan
--------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating for INR7.00 crore fund
based bank facilities of S D Rice Mills.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based limits          7.00     [ICRA]B (re-affirmed)

The rating continues to be constrained by SRM's weak financial
profile, reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators coupled with high
working capital requirements. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating, however favorably takes into
account long standing experience of promoters in rice industry and
the proximity of the mill to major rice growing area which results
in easy availability of paddy.

S D Rice Mill is a partnership firm established in 1983 promoted
by Mr. Darshan Wadhwa and his family members. The firm is
primarily engaged in milling of basmati rice. The firm is also
engaged in converting semi processed rice into parboiled Basmati
rice. SRM's milling unit is based out of Jalalabad, Distt.
Ferozpur, Punjab which is in close proximity to the local grain
market.

Recent Results

During the financial year 2011-12, the company reported a profit
after tax (PAT) of INR0.02 crore on an operating income of
INR24.24 crore as against PAT of INR0.01 crore on an operating
income of INR16.29 crore in 2010-11. For the current year, the
company has reported sales of INR~22 crore.


SUBABHALAJI SPINNING: ICRA Puts 'B' Ratings on INR15.64cr Loans
---------------------------------------------------------------
ICRA has assigned long rating of '[ICRA]B' on the INR10.76 Crore
term loans, INR1.88 crore proposed facilities and INR3.00 crore
long-term fund based facilities of Subabhalaji Spinning Mills
India Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loans                 10.76    [ICRA]B assigned

   LT-Proposed                 1.88    [ICRA]B assigned

   LT-Fund based facilities    3.00    [ICRA]B assigned

The assigned rating factors the experience of the promoters in the
domestic textile industry that lends stability to the Company's
operations, the job work nature of operations undertaken by the
Company that limits inventory risk and the healthy operating
margins generated as inherent in the business model. These
strengths are more than offset by the Company's present and
expected small scale of operations that restrict scale economies,
the Company's limited diversification with heavy dependence on
group entities for a large portion of revenues and the Company's
present financial profile characterised by stretched capital
structure and modest coverage indicators. Going forward, ability
to improve its margins and generate higher accruals would be
crucial to improve the financial profile of the Company.

Subabhalaji Spinning Mills India Private Limited was promoted in
the year 2010 by Mr. R Subramaniam. The Company is primarily
engaged in the manufacture of cotton yarn in the 40's count range
(semi-combed and carded) commencing operations during 2011-12.
SSIMPL is part of larger INR70 crore group of companies, promoted
by Mr. R Subramaniam and other directors of SSIMPL, which are
engaged in the manufacture of grey cloth. The Company was setup,
largely, as a backward integration measure to supply yarn to these
group companies on a job work basis. SSIMPL has a manufacturing
unit located in Erode district (TN) and has a spindlage capacity
of 12,000 spindles.

Recent Results

According to un-audited results, the Company reported net profit
of INR0.03 crore on an operating income of INR17.1crore during the
nine months ended December 2012. For the financial year 2011-12,
the Company recorded net losses of INR0.05 crore on an operating
income of INR15.5 crore.


SUGNANESHWARA HYDEL: ICRA Rates INR44.78cr LT Loan at 'D'
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR44.78
crore term loan facilities of Sugnaneshwara Hydel Power Private
Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long term, Term Loans     44.78     [ICRA]D, assigned

The rating is constrained by delays in debt servicing given the
large repayment commitments and stretched liquidity scenario
considering the lack of inflows at present. The rating also
factors in the nascent stage of operations of the company with
commercial power generation yet to commence; though the plant was
commissioned in 2011, the generation is yet to commence due to the
failure of monsoons in 2012. ICRA also takes note of the Group's
aggressive expansion plans, with nine other plants in various
stages of commissioning, likely to result in stretched liquidity
in the near to medium term. ICRA, however, considers the strong
operational expertise of the Group, the funding support extended
by the financial investors for the expansion plans and the policy
focus of the Government on renewable power generation.

Sugnaneshwara Hydel Power Private Limited is a wholly owned
subsidiary of Auro Mira Energy Company Limited and has set up a 15
MW run-of-the-river plant at Sonathi Barrage across river Bhima in
Karnataka. The total project cost was INR75 crore and the
commisioning was achieved in December 2011. The power generation
is expected to commence once water levels at intake channels are
at adequate levels. The company has a long term Power Purchase
Agreement with Tata Power Limited.

Auro Mira Group is a Chennai based business group focused on
generation of renewable power. It was founded in December 2005 by
professionals with domain experience. Baring Private Equity
Partners, a global private equity fund, is the largest investor
and the Group has also attracted investments from International
Finance Corporation, Aureos South Asia Fund and ePlanet Capital.
The Group is presently focusing in the biomass, small hydro and
wind sectors and has 13 projects across the southern states (four
operational plants).



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


BERLIAN LAJU: Involuntary Chapter 11 to be Dismissed
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that PT Berlian Laju Tanker Tbk settled disputes with U.S.
investors, clarifying that the foreign court will control the
bankruptcy reorganization of the Indonesian operator of about
70 tankers.

The report recounts that in December investor Gramercy Distressed
Opportunity Fund II along with two sister funds filed an
involuntary Chapter 11 petition in New York against the PT Berlian
parent.  The investors agreed to support the Chapter 15 petition
the PT Berlian parent filed in New York in March to implement the
Indonesian reorganization in the U.S.  Once there is permanent
relief in Chapter 15, the investors agreed to dismiss the
involuntary Chapter 11 petition.

                         About PT Berlian

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.
It has about 70 tankers.

Beginning in the latter half of 2008, the financial crisis in the
United States and Europe led to dramatic decreases in various
industrial production capabilities.  As a result BLT suffered
significant financial difficulties.  In January 2012, BLT breached
a covenant to maintain certain cash ratios and some of its
subsidiaries had failed to pay certain charter hires.

In March 2012, PT Berlian put 15 subsidiaries into Chapter
15 proceedings in Manhattan (Bankr. S.D.N.Y. Lead Case No. 12-
11007) to complement a bankruptcy reorganization in Singapore,
where the subsidiaries are based, and to prevent creditors from
seizing the company's vessels when they call on U.S. ports.  In
April 2012 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.

PT Berlian was the subject of an involuntary Chapter 11 bankruptcy
filed in New York (Bankr. S.D.N.Y. Case No. 12-14874) on Dec. 13,
2012, by investor Gramercy Distressed Opportunity Fund II along
with two sister funds.  The funds, all located in Greenwhich,
Conn., are allegedly owed $125.5 million.

In addition, more than a dozen subsidiaries have been under
Chapter 11 protection in New York since 2012.

PT Berlian Laju filed a Chapter 15 cross-border bankruptcy (Bankr.
S.D.N.Y. Case No. 13-10901) on March 26, 2013, in
New York to enforce its restructuring in Indonesia.



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


RURAL BANK OF KINOGITAN: Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Kinogitan
(Misamis Oriental), Inc. under the receivership of the Philippine
Deposit Insurance Corporation (PDIC) by virtue of MB Resolution
No. 508.B dated March 26, 2013. As Receiver, PDIC took over the
bank on March 27, 2013.

Rural Bank of Kinogitan is a single-unit bank with Head Office
located in Kinogitan, Misamis Oriental. Latest available records
show that as of December 31, 2012, Rural Bank of Kinogitan had
1,492 accounts with total deposit liabilities of P17.22 million.
According to the latest Bank Information Sheet (BIS) as of
December 31, 2012 filed by the Rural Bank of Kinogitan with the
PDIC, the bank is majority-owned by Rizaflor D. Sarraga (36%),
Geronimo G. Reyes (18%) and Maria Teresa F. Sarraga (13%). Its
Chairman is Gigi C. Roa and its President is Rizaflor D. Sarraga.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.



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


SINHAPUTHRA FINANCE: Fitch Affirms and Withdraws 'B(lka)' Rating
----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri-Lanka-based Sinhaputhra
Finance PLC's National Long-Term rating of 'B(lka)' with Stable
Outlook and simultaneously withdrawn the rating.

Rating Action Rationale

SFL's rating reflects its weak asset quality, limited provisions
against non-performing loans as well as its low profitability
relative to higher rated peers.

Fitch has withdrawn the rating as SFL has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the rating.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for SFL.


VALLIBEL FINANCE: Fitch Affirms and Withdraws 'BB-(lka)' Rating
---------------------------------------------------------------
Fitch Ratings Lanka has affirmed and simultaneously withdrawn Sri
Lanka-based Vallibel Finance PlC's National Long-Term rating at
'BB-(lka)'. The Outlook is Negative.

Rating Action Rationale

VFL's rating and outlook reflect its small but rapidly growing
asset base which has expanded nearly five-fold since March 2010,
its modest profitability and a developing franchise. Deterioration
in asset quality indicators, along with comparatively weak
capitalisation, is also a risk. Elevated liquidity pressures are a
risk for all finance companies in Sri Lanka, including VFL.

Fitch has withdrawn the rating as VFL has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the rating.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for VFL.



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


* Fiji's Underperforming Economy Support Moody's B1 Bond Ratings
----------------------------------------------------------------
Moody's Investors Service says that the Fijian government's B1
foreign currency and local currency bond ratings reflect Moody's
methodological assessment of its low level of economic and
financial strengths.

At the same time, in February 2013, Moody's had revised the
outlook to stable from negative, based on 1) improved fiscal and
macroeconomic outcomes, and 2) the demonstrated stability of the
external payments position.

Contrary to expectations of continued economic stagnation and an
increase in debt that previously underpinned the negative outlook,
growth has returned and has helped to stabilize the government's
debt levels. Nevertheless, Fiji's economy continues to
underperform against similarly rated peers.

The balance of payments has been largely stable since the
devaluation of the Fijian dollar in 2009, while foreign exchange
reserves continue to hover around historical highs.

Moody's conclusions were contained in its latest sovereign report
on Fiji, entitled Credit Analysis Fiji. On four key methodological
factors, the report classifies Fiji's Economic Strength as Low;
Institutional Strength as Low; Government Financial Strength as
Low; and Event Risk as High. The report is an annual update and
does not constitute a rating action.

The report notes that Fiji's economy is small and suffers from a
lack of a diversification which, in turn, has lessened its
resilience to shocks and has led to structurally weaker growth as
compared to similarly rated countries.

The decline in institutional strength reflects weaknesses in
governance and the rule of law, while fiscal management has
arguably improved under the current government.

In addition, Fiji's low financial robustness is driven by a low
assessment of government financial strength and a high
susceptibility to event risk. In this context, the successful
resolution of political uncertainties -- such as the restoration
of electoral democracy -- could drive improved economic prospects,
as well as gains in institutional quality and fiscal
sustainability, according to the report.



                             *********

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 ***