TCRAP_Public/130409.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 9, 2013, Vol. 16, No. 69


                            Headlines


A U S T R A L I A

CBL INSURANCE: S&P Withdraws 'BB- Issuer Credit Rating
NATIONAL BUILDPLAN: Taps BRI Ferrier as Voluntary Administrators


C H I N A

RENHE COMMERCIAL: S&P Lowers Corporate Credit Rating to 'CCC'
TEXHONG TEXTILE: Proposed Senior Notes Gets Moody's (P)Ba3 Rating
TEXHONG TEXTILE: S&P Puts 'BB-' Rating on US$-Denominated Notes


H O N G  K O N G

EF EDUCATIONAL: Members' Final Meeting Set for April 29
ESSENTIAL ENGINEERING: Court Enters Wind-Up Order
EVER CAPITAL: Commences Wind-Up Proceedings
FAT FAT: Briscoe and Yin Appointed as Liquidators
FIORI APPAREL: Court Enters Wind-Up Order

GAAI BO: Court to Hear Wind-Up Petition on May 15
GAIN ADVANCE: Members' Final Meeting Set for April 29
GIA HONG KONG: Lui and Yuen Appointed as Liquidators
GLOBAL SERVICE: Court Enters Wind-Up Order
GRAND TOYS: Creditors Get 100% Recovery on Claims

GT INSURANCE: Members' Final Meeting Set for April 29
HENISON LIMITED: Members' Final Meeting Set for April 29
HEYNES ENTERPRISES: Fu Wing Cheung Steps Down as Liquidator
HILLING INTERNATIONAL: Creditors' Proofs of Debt Due May 3
HK YUET: Court Enters Wind-Up Order


I N D I A

ANGEL PROMOTERS: ICRA Assigns 'B' Ratings to INR25cr Loans
CLASSY INVESTMENTS: ICRA Rates INR1.75cr Loan at '[ICRA]B'
DASHMESH AGRO: ICRA Reaffirms 'B' Rating on INR17.85cr Loan
HYVOLT ELECTRICALS: ICRA Assigns 'B' Rating to INR4cr Loan
JR SEAMLESS: CRISIL Cuts Ratings on INR305MM Loans to 'D'

KINGFISHER AIRLINES: Creditors May Seize, Sell Airline Property
LEGEND CERAMIC: ICRA Assigns 'B' Ratings to INR11cr Loans
ROXTON (ITALY): ICRA Assigns 'B+' Rating to INR5cr LT Loan
SAI-LAXMI TEXOFAB: ICRA Cuts Rating on INR5.57cr Loan to 'B'
SANDEEP SEEDS: CRISIL Cuts Rating on INR220MM Loan to 'D'

SINGHAL INDUSTRIES: CRISIL Cuts Ratings on INR190MM Loans
TRISHAKTI ALLOYS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit


I N D O N E S I A

PERUM PPD: Jakarta Mulls Buying Nearly Bankrupt Bus Firm


J A P A N

* JAPAN: Monetary Easing Buys Time to Resolve Fiscal Challenges


N E W  Z E A L A N D

FELTEX CARPETS: Supreme Court Grants Vendors Right to Appeal
PAKIRI INVESTMENTS: Liquidators to Reconstruct Share Register


X X X X X X X X

SUI NORTHERN: Islamabad Region Tops Natural Gas Defaulters' List
REPUBLIC OF FIJI: S&P Affirms 'B' Rating; Outlook Stable
* BOND PRICING: For the Week April 1 to April 5, 2013


                            - - - - -


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


CBL INSURANCE: S&P Withdraws 'BB- Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'BB-/Negative' financial strength and issuer credit ratings on CBL
Insurance Ltd. at the request of the company.


NATIONAL BUILDPLAN: Taps BRI Ferrier as Voluntary Administrators
----------------------------------------------------------------
Martin Green -- martin.green@briferrier.com.au -- and
Peter Krejci -- peter.krejci@briferriernsw.com.au -- of BRI
Ferrier have been appointed as Voluntary administrators of
construction company National Buildplan Group Pty Ltd.

The appointment follows a resolution by the company's Director.

The Voluntary Administrators have commenced an urgent assessment
of the financial position of the company. In the interim it has
ceased work on its construction projects.

The Sydney Morning Herald reports that BRI Ferrier was called on
April 8 after work stopped on projects run by the family-owned NSW
company, which include a $65 million expansion of the Port
Macquarie Base Hospital and a redevelopment at Dubbo Base
Hospital.

The move is expected to put an end to a joint venture with Watpac
on the Port Macquarie project, with Watpac hoping to take over
control as the sole contractor, SMH relates.

According to SMH, the company -- which is owned by William Robert
Wheeler and Tonia Jane Wheeler -- generated a net profit of
AUD1.09 million from AUD152.41 million in revenue in the 2011-12
financial year.  The collapse comes amid rising complaints that
subcontractors were not being paid.

The company had forecasted its turnover would exceed
AUD188 million this year and AUD640 million by 2015.

A meeting of creditors will be held on April 18, 2013.



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


RENHE COMMERCIAL: S&P Lowers Corporate Credit Rating to 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on China-based underground shopping mall developer and
operator Renhe Commercial Holdings Co. Ltd. to 'CCC' from 'B-'.
The rating outlook is negative.  At the same time, S&P lowered its
issue rating on the company's senior unsecured notes to 'CCC' from
'B-'.  S&P has also lowered its Greater China scale rating on
Renhe and its senior unsecured notes to 'cnCCC' from 'cnB-'.

"We lowered the ratings because we believe Renhe may not have
sufficient cash to pay interest expenses in the next 12 months,"
said Standard & Poor's credit analyst Frank Lu.  "Our reason for
that is we expect the company's property sales and receivables
collection will likely remain low over the next six to 12 months.
In addition, the prospects for additional funding are weak mainly
because of the company's lack of land-use rights on its
underground malls."

Renhe's liquidity has further deteriorated since the middle of
2012 as property sales dropped to Chinese renminbi (RMB) 271
million in 2012 from RMB1,888 million in 2011.  Furthermore, S&P
estimates that, up to March 31, 2013, the company only collected
about RMB550 million of its outstanding sales receivables of
RMB3.8 billion as of June 30, 2012.  Most of these receivables are
more than one year overdue now.  In 2012, Renhe drew down its
surplus cash and cash equivalent to meet interest payment.  Its
cash balance declined to RMB1.2 billion from RMB1.4 billion in the
second half of 2012.

In S&P's base-case scenario, it estimates Renhe's primary
liquidity sources, including unrestricted cash, property sales,
receivable collection and rental income, are likely to be 20%-30%
short in meeting its financial and other commitments in 2013.  The
company has a large interest expense of almost RMB900 million each
year.

The rating on Renhe reflects its vulnerable business model due to
its limited access to bank financing and the high regulatory risk.
Renhe and its property buyers have difficulty getting bank
borrowing given they have no land-use rights for use as
collateral.  The regulations governing the mall projects that
Renhe developed from underground civil air defense facilities are
ambiguous in many areas.  Changes in these regulations could
affect the sustainability of the company's business model.

"The negative outlook reflects our expectation that Renhe may miss
its interest payment in the next 12 months.  This is because we
expect the company's property sales and receivables collection to
remain low despite a stabilizing property market in China," Mr. Lu
said.

S&P may lower the rating if Renhe's cash balance depletes faster
than it expected.  This could happen if property sales and
receivables collection do not improve and the company does not
reduce operating expenses and capital expenditure.  A cash balance
of less than RMB500 million would indicate such a deterioration.

S&P may revise the outlook to stable or upgrade Renhe if the
company's property sales improve to well above RMB500 million, it
increases receivables collection significantly, or it raises
funding from asset sales or external parties, including financing
from banks or capital markets, to stabilize its liquidity
position.


TEXHONG TEXTILE: Proposed Senior Notes Gets Moody's (P)Ba3 Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 senior
unsecured debt rating to the US dollar senior notes proposed by
Texhong Textile Holdings Limited.

At the same time, Moody's has affirmed the Ba3 corporate family
rating of Texhong.

The ratings outlook is stable.

Ratings Rationale:

The proceeds from the proposed senior notes will be used for
funding capital expenditures and general working capital purposes.

The provisional status of the notes' senior unsecured debt rating
will be removed after Texhong has completed the notes issue on
satisfactory terms and conditions.

"The proposed notes will provide the funding required by Texhong
to complete its production base in Vietnam, and which is, in turn,
part of efforts to sustain its competitiveness" says Alan Gao, a
Moody's Vice President and Senior Analyst.

Texhong has a business strategy to expand its production in
Vietnam in view of cheaper production costs when compared to
China. Its current capacity in Vietnam accounts for approximately
40% of its total.

Texhong is developing its second production base in Northern
Vietnam. Its Phase One capacity has 170,000 spindles, and the
facility is scheduled to begin operations in 2Q 2013.

Upon the completion of Phase Two, total production from Vietnam
will account for about half of the company's output.

"The proposed senior notes will not increase Texhong's debt
leverage in any significant way and will therefore not affect its
Ba3 ratings," says Gao, who is also the lead analyst for Texhong.

Moody's expects Texhong's credit metrics -- adjusted EBITDA margin
of 10% - 13% and adjusted Debt/EBITDA 2.5x -3.5x for next two
years -- will be consistent with its current Ba3 corporate family
rating after consideration of the proposed senior notes.

Texhong's Ba3 rating continues to reflects its modest position in
China's fragmented yarn market. The rating also considers the
exposure of its profit margins to the fluctuations in the purchase
prices for raw cotton and the selling prices for yarn. Both are
sensitive to end-demand for downstream apparel and textile
products.

Moody's notes that the expansion in Vietnam offers Texhong some
cost savings through its ability to source more competitively
priced cotton yarn, which has been a key driver for its margin
improvements.

Further supporting the Ba3 rating is Texhong's diversified
customer base. A large portion of its sales are associated with
domestic consumption in China, and which is projected to grow
steadily in coming years.

Texhong's liquidity position will improve after it has issued the
senior notes which will cover the company's capital expenditures.

At end-2012, Texhong had a RMB530 million cash balance and RMB630
million in bills receivable, and which together can cover its
RMB206 million in short-term debt and RMB613 million in bills
payable.

The stable outlook reflects our expectation that Texhong will
maintain its gross profit margin at around 15% or higher, and that
it will be able to ramp up production in Vietnam to further
strengthen its cost competitiveness.

Texhong's ratings could be upgraded if it (i) completes and ramps
up its Vietnam production; (ii) demonstrates an ability to reduce
volatility in its profit margins, arising from volatility in
prices for raw cotton and yarn; and (iii) improves its debt
maturity and liquidity position.

Credit metrics indicating upgrade pressure would include
Debt/EBITDA staying below 2.5x and EBITDA margin staying above
13%-15%.

On the other hand, the ratings could be downgraded if Texhong: (1)
shows deterioration in profitability, as reflected by its
inability to maintain its EBITDA margin at 10% or above; (2) shows
a weak liquidity position due to rising short term debt maturities
or an excessive inventory position; (3) adopts an aggressive
cotton-procurement strategy, which exposes it to a greater risk of
cotton-price fluctuations; and/or (4) engages in large-scale debt-
financed expansion projects.

"We may also consider a rating downgrade if adjusted debt/EBITDA
consistently exceeds 4.0x-4.5x," Moody's says.

The principal methodology used in this rating was the Global
Manufacturing Industry Methodology published in December 2010.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, the Texhong Textile Group specializes in producing
core-spun yarn and textile products. The company currently
operates 12 yarn production bases: 11 in the Yangtze River Delta
region in China and one in Vietnam. Its chairman, Tianzhu Hong,
holds a 52.2% stake and is the majority shareholder of the
company.


TEXHONG TEXTILE: S&P Puts 'BB-' Rating on US$-Denominated Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and its 'cnBB+' long-term Greater China regional
scale rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by Texhong Textile Group Ltd. (BB-/Stable/--;
cnBB+/--).  The ratings are subject to S&P's review of the final
issuance documentation.  Texhong intends to use the proceeds from
the proposed notes to fund its capital expenditure and for general
corporate purposes.

S&P do not notch down the issue rating from the corporate credit
rating on Texhong because it expects the company to maintain its
ratio of priority debt to total assets at less than 15% over the
next 12 months, which is the threshold for a notch down.

The rating on Texhong reflects the company's exposure to volatile
cotton prices and its commodity-like product offerings, as well as
the competitive and fragmented nature of the textile industry in
China.  Texhong's good niche market position in core-spun yarns,
stable cash flows, and a proactive and agile management team
temper these weaknesses.  S&P assess the company's business risk
profile as "weak," its financial risk profile as "aggressive," and
its liquidity as "adequate," as S&P's criteria define these terms.

S&P expects Texhong's strong performance in the second half of
2012 to continue in the next 12 months, which should lead to
better cash flow generation.  S&P also expects the company to
maintain its good cost advantage, given its good access to cheaper
international cotton and the ramp up of its production in Vietnam.

The stable rating outlook on Texhong reflects S&P's expectation
that the company can continue to improve its profitability and
maintain good financial discipline over the next 12 months.



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


EF EDUCATIONAL: Members' Final Meeting Set for April 29
-------------------------------------------------------
Members of EF Educational Foundation for Foreign Study Limited
will hold their final meeting on April 29, 2013, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in
Hong Kong.

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


ESSENTIAL ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on March 8, 2013, to
wind up the operations of Essential Engineering Limited.

The company's liquidator is Lau Siu Hung.


EVER CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
Members of Ever Capital Holdings Limited, on March 20, 2013,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


FAT FAT: Briscoe and Yin Appointed as Liquidators
--------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Fat Fat 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


FIORI APPAREL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Fiori Apparel Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


GAAI BO: Court to Hear Wind-Up Petition on May 15
-------------------------------------------------
A petition to wind up the operations of Gaai Bo Engineering
Company Limited will be heard before the High Court of Hong Kong
on May 15, 2013, at 9:30 a.m.

Chevalier (Buildings Supplies & Engineering) Limited filed the
petition against the company on March 6, 2013.

The Petitioner's solicitors are:

          Fried Frank Harris Shriver & Jacobson
          1601, Chater House, 8 Connaught Road
          Central, Hong Kong


GAIN ADVANCE: Members' Final Meeting Set for April 29
-----------------------------------------------------
Members of Gain Advance Limited will hold their final meeting on
April 29, 2013, at 4:00 p.m., at 6/F, Kwan Chart Tower, 6 Tonnochy
Road, Wanchai, in Hong Kong.

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


GIA HONG KONG: Lui and Yuen Appointed as Liquidators
----------------------------------------------------
Kennic Lai Han Lui and Yuen Tsz Chun, Frank, on March 22, 2013,
were appointed as liquidators of Gia Hong Kong - Laboratory
Services Center Limited.

The liquidators may be reached at:

          Kennic Lai Han Lui
          Yuen Tsz Chun, Frank
          c/o Messrs. KLC Kennic Lui & Co.
          5th Floor, Ho Lee Commercial Bldg.
          38-44 D'Aguilar Street
          Central, Hong Kong


GLOBAL SERVICE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 8, 2013, to
wind up the operations of Global Service (Project) Limited
formerly known as South China House of Technology (Project)
Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


GRAND TOYS: Creditors Get 100% Recovery on Claims
-------------------------------------------------
Grand Toys International Limited, which is in creditors' voluntary
liquidation, declared the first and final ordinary dividend to its
creditors on March 28, 2013.

The company paid 100% for ordinary claims.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


GT INSURANCE: Members' Final Meeting Set for April 29
-----------------------------------------------------
Members of GT Insurance (H.K.) Co., Limited will hold their final
meeting on April 29, 2013, at 10:00 a.m., at 7th Floor, Cambridge
House, Taikoo Place, Quarry Bay, in Hong Kong.

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


HENISON LIMITED: Members' Final Meeting Set for April 29
--------------------------------------------------------
Members of Henison Limited will hold their final meeting on April
29, 2013, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, 15 Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HEYNES ENTERPRISES: Fu Wing Cheung Steps Down as Liquidator
-----------------------------------------------------------
Fu Wing Cheung stepped down as liquidator of Heynes Enterprises
Limited on March 28, 2013.


HILLING INTERNATIONAL: Creditors' Proofs of Debt Due May 3
----------------------------------------------------------
Creditors of Hilling International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 3, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 28, 2013.

The company's liquidator is:

         Leung Chi Kwong
         Room 2009, Hang Bong Commercial Centre
         28 Shanghai Street
         Jordan, Kowloon


HK YUET: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 7, 2013, to
wind up the operations of Hong Kong Yuet Foon Textile Co.,
Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.



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


ANGEL PROMOTERS: ICRA Assigns 'B' Ratings to INR25cr Loans
----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to INR24.60
crore fund based and INR0.40 crore non-fund based limits of Angel
Promoters Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long Term: Fund            24.60    [ICRA]B/assigned
   Based Limits

   Long Term: Non-Fund         0.40    [ICRA]B/assigned
   Based Limits

The assigned rating is constrained by the stretched liquidity of
the company which is on account of the significant investment
undertaken in the commercial real estate project being developed,
despite low sales collections and absence of adequate funding tie
up. While the accruals from the residential project being
developed had been healthy, given the comfortable booking and
collection efficiency of the customer advances, the liquidity had
been stretched on account of significant term repayments and most
of the accruals from the residential project being utilized
towards funding the commercial project. This has resulted in high
dependence on the timely funding support from the promoters to
maintain adequate liquidity.

The rating however favorable takes into account the significant
progress on the residential project with the possession of the
apartments expected in H1 2013-14 and the attractive location of
the two projects being developed with the residential project
located in fast developing residential area of Indirapuram and the
commercial project located in the developed industrial area of
Sahibabad (both in Uttar Pradesh). The rating also takes into
account the track record of the promoters in the Delhi NCR real
estate market, having completed a number of commercial and
residential projects in the area, however the regional dependence
had been high, given the concentration of most of the past and
ongoing projects in Noida and Ghaziabad areas of the Delhi NCR
region.

Going forward timely funding support from the promoters which
shall be required to maintain adequate liquidity would be the key
rating sensitivity. Moreover, while the funding mix for the
commercial project is yet to be finalized, in case of primarily
bank funding, comfortable maturity profile of the debt along with
project execution within scheduled cost and timelines while
maintaining adequate sales and collection efficiency would be
important.

APPL was incorporated in October 2007 and is developing a
residential project in Indirapuram (Ghaziabad, Uttar Pradesh)
under the name Angel Mercury and an office cum retail cum hotel
project in Sahibabad (Uttar Pradesh) under the name of Angel
Business Square. The residential project which is being developed
on an area of 2.28 acres, comprises of 3 residential towers having
a total of 362 apartments with a total built up area of 4.9 lac
square feet and saleable area of 5.1 lac square feet. The
commercial project has a built up area of 3.2 lac square feet with
a total saleable area of 2.25 lac square feet.


CLASSY INVESTMENTS: ICRA Rates INR1.75cr Loan at '[ICRA]B'
----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR1.75
crore cash credit facilities of Classy Investments Private
Limited.  ICRA has also assigned the short term rating of
'[ICRA]A4' to the INR6.04 crore non-fund based facilities of CIPL.
ICRA has also assigned [ICRA]B and [ICRA]A4 to the INR0.21 crore
untied limits of the company. The combined fund based and non-fund
based utilization should not exceed INR8.00 crore at any point of
usage.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Cash Credit limits        1.75     [ICRA]B (assigned)
   Non Fund based limits     6.04     [ICRA]A4 (assigned)
   Untied limits             0.21     [ICRA]B/[ICRA]A4 (assigned)

The ratings are constrained by CIPL's small scale of operations
with limited track record; the cyclicality associated with the
business of the company, as the ship breaking prospects are linked
to international shipping business fundamentals, environmental
regulatory risks and vulnerability of profitability to fluctuating
foreign exchange rates and steel prices. The ratings are also
constrained by the company's stretched liquidity and leveraged
capital structure with a gearing of 3.5X as on
Dec. 31, ember 2012.

However ICRA derives some comfort from the fact that a significant
proportion of total debt is from the promoters.

The ratings, however, favorably consider the long standing
experience of CIPL's promoters in the ship breaking industry and
the location advantage accruing due to its proximity to customers.

Classy Investments Private Limited erstwhile known as Paneri
Finance & Investments Private Limited was promoted by Mr.
Murarilal Gupta and incorporated in the year 1996. The company was
previously engaged in financial and mercantile activities with
interest & commission income. Recently the company ventured into
ship dismantling business operating from Darukhana, Mumbai
(Maharashtra).

The company has dismantled a Bulk Carrier partially till
December 2012. The company has its registered office in Mumbai.

Recent Results:

The company recorded a net profit of Rs.0.3 crore on an operating
income of INR3.1 crore as on December 31, 2012.


DASHMESH AGRO: ICRA Reaffirms 'B' Rating on INR17.85cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating for INR17.85 crore
(enhanced from INR12.00 crore) fund based bank facilities of
Dashmesh Agro Industries.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits          17.85    [ICRA]B (re-affirmed)

The rating continues to be constrained by DAI's presence in a
highly competitive nature of the industry, its moderate scale of
operations, weak profitability metrics, high gearing level and
consequently weak debt protection indicators. The rating is also
constrained by its stretched liquidity position as reflected by
consistently high working capital limits utilization arising out
of high inventory holding period and risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution due to death/retirement/insolvency of partners
etc. However, the ratings favorably factor in DAI's experienced
promoters with long track record in rice milling industry.

Dashmesh Agro Industries is a partnership firm promoted by Mr.
Ashwani Sidana 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. DAI'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 firm reported a profit
after tax (PAT) of INR0.28 crore on an operating income of
INR40.58 crore as against PAT of INR0.03 crore on an operating
income of INR17.91 crore in 2010-11. As per the provisional
figures, the firm reported sales of INR45 crore (ytd).


HYVOLT ELECTRICALS: ICRA Assigns 'B' Rating to INR4cr Loan
----------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR4.0 crores fund based
limits of Hyvolt Electricals. ICRA has also assigned '[ICRA]A4'
rating to INR12.0 Crores letter of credit limits and INR9.0 crores
Bank guarantee of Hyvolt.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits           4.0     [ICRA]B assigned
   Cash Credit

   Non Fund Based Limits-LC   12.0     [ICRA]A4 assigned

   Non Fund Based Limits-BG    9.0     [ICRA]A4 assigned

The rating takes into account the inherently low value additive
nature of Hyvolt's operations which coupled with its moderate
scale of operations have resulted in low profitability indicators
for the company. This in turn has resulted in modest cash accruals
and moderate debt protection indicators for the firm. The rating
is also constrained by high client concentration risk as 87% of
Hyvolt's sales are made to single client-Indian Railways. This has
lead to significant fluctuation in firm's revenues over the past
three years in line with variability in order inflow from
Railways. The ratings also factor in exposure of the firm's
profitability to adverse movements in raw material prices
(copper); however this risk is mitigated to an extent by price
escalation clauses present in Hyvolt's contracts with Indian
Railways. Nevertheless the ratings derive comfort from Hyvolt's
experienced partners with established track record of operations
in the cable manufacturing business and low counterparty credit
risk faced by the firm.

Hyvolt Electricals, set up in 1967 is engaged in the manufacturing
of railway traction wires and supplies mainly to Indian Railways.
The firm is promoted by Mr. Kaushal Mittal and has its
manufacturing facility in Jhilmil Industrial Area with an
installed capacity of 7000 MT/ year. The unit produces over head
equipment including copper conductors and catenary wires for
railways along with production of copper strips and aluminium
stranded conductors. Hyvolt is approved by the Research Design and
Standards Organisation (RDSO) as a Part-11 and Part-2 supplier of
copper cables to Indian Railways.


JR SEAMLESS: CRISIL Cuts Ratings on INR305MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of JR Seamless Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long-Term Loan           215      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by JRSPL in
servicing its debt; the delays have been caused by JRSPL's weak
liquidity, driven by large working capital requirements.

The ratings reflect JRSPL's below-average financial risk profile,
marked by a small net worth, moderate gearing, and weak debt
protection metrics, its large working capital requirements, and
modest scale of operations. These rating weaknesses are partially
offset by the benefits that JRSPL derives from its promoter's
extensive industry experience.

JRSPL was incorporated in April 2007. The company's plant, which
became fully operational in April 2010, manufactures carbon steel
and alloy steel seamless pipes and tubes. JRSPL is promoted by Mr.
Narender Agarwal and his brothers.


KINGFISHER AIRLINES: Creditors May Seize, Sell Airline Property
---------------------------------------------------------------
Debi Prasad Nayak and Nupur Acharya at Dow Jones' DBR Small Cap
report that Kingfisher Airlines Ltd.'s creditors may start seizing
and selling its property, an executive with the lead bank in a
lenders' consortium said.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


LEGEND CERAMIC: ICRA Assigns 'B' Ratings to INR11cr Loans
---------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR4.00 crore
cash credit facility and INR7.00 crore term loan facility of
Legend Ceramic Private Limited. The rating of '[ICRA]A4' has also
been assigned to the INR1.00 crore short-term non-fund based limit
of LCPL.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                4.00     [ICRA]B assigned
   Term loan                  7.00     [ICRA]B assigned
   Non-fund Based, Short      1.00     [ICRA]A4 assigned
   term facilities

The assigned ratings are constrained by the relatively small scale
of envisaged operations and the limited operational track record
of the company, disadvantages resulting from its single product
portfolio of ceramic floor tiles and the highly competitive
business environment given the fragmented nature of the tiles
industry. The ratings also take into account the vulnerability of
LCPL's profitability to the cyclicality associated with the real
estate industry as well as to volatility in the prices of raw
materials and natural gas. The ratings are further constrained by
the weak financial profile as reflected by its adverse capital
structure and high working capital intensity.

The assigned ratings, however, favorably factor in the long
experience of the promoters in the ceramic tile industry through
other entities of the promoters in the similar line of business,
distribution and sales support from established distribution
network of other entities of the promoters and the location
advantage enjoyed by LCPL being located in the ceramic hub Morbi,
giving it easy access to raw material.

Legend Ceramic Pvt. Ltd. was incorporated as a closely held
company in July 2011 by Mr. Shankar Patel and his family members.
The promoters have long standing experience in the tiles industry
through other group concerns - Space Ceramics Pvt. Ltd. and Spice
Ceramic Pvt. Ltd. which are also involved in manufacturing of
ceramic wall tiles. LCPL commenced commercial operations in June,
2012 and is engaged in manufacturing of ceramic floor tiles of a
single size 16"X16".

Recent Results

In the first six months of operations from June 2012 to November
2012 the company has reported an operating income of INR5.98 crore
and profit before depreciation and tax of Rs.0.73 crore (as per
unaudited provisional numbers).


ROXTON (ITALY): ICRA Assigns 'B+' Rating to INR5cr LT Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR5.00
crore long-term fund based facilities of Roxton (Italy) Clothing
Private Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR1.50 crore short term non fund based
facilities of the company.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long-term, fund-           5.00     [ICRA]B+ assigned
   based facilities CC

   Short-term, non fund-      1.50     [ICRA]A4 assigned
   based facilities-LC

The assigned ratings take into account the promoter's experience
and operating track record of over two decade in textiles
industry, established relationship with Chinese suppliers for
fabric procurement and steady revenue and profitability growth
over the years albeit on a lower base. ICRA also takes note of the
company's presence into the branded retail space where there is
considerable long-term potential especially in Tier-II and Tier-
III cities and semi-urban areas which remain relatively unbranded
and under-penetrated.

The ratings are however constrained by the limited track record in
the branded retail segment, working capital intensive nature of
the retail business and intense competition in domestic apparel
market limiting pricing flexibility. The ratings also take into
account the small scale of operations limiting scale benefits.
ICRA also notes the weak demand outlook for retail segment in the
near to medium term given the inflationary pressures and the
prevailing economic slowdown impacting discretionary spending by
consumers.

Roxton (Italy) Clothing Private Limited was incorporated in the
year 2008 by Mr. C. Purohit, who has over 20 years experience in
the fabric trading business. RICPL is primarily engaged in trading
of fabric. RICPL imports fabric from China and sells them in the
domestic market. Apart from trading, it also manufactures
readymade garments (RMG) and exports to Dubai; albeit on a small
scale.

In May 2010, the company commenced retailing of RMG, comprising
only menswear. The company markets a range of casual shirts,
casual T-shirts, denim and accessories through its brand 'Roxton'.
With no production facility of its own, RICPL operates through a
contract manufacturing model for its entire merchandise, with its
job workers located mainly in Mumbai. It has a central warehouse
in Bhiwandi and garments are supplied to retail stores through the
in-house distribution network. The company derives majority of its
retail sales from North India where it has strong presence. At
present, there are 42 Roxton outlets across India under both COCO
and COFO formats, located primarily across Tier-II and Tier-III
cities and towns.

Recent results:

RICPL reported profit before tax (PBT) of INR0.61 crores on
operating income of INR27.25 crore for the ten months ended
January 2013. As per its audited results for FY12, RICPL reported
profit after tax (PAT) of INR0.26 crores on operating income of
INR20.78 crores.


SAI-LAXMI TEXOFAB: ICRA Cuts Rating on INR5.57cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.57
crore fund based bank limits from '[ICRA]B+' to '[ICRA]B' for Sai-
Laxmi Texofab. ICRA has revised the long-term rating to [ICRA]B
and/or reaffirmed the short term rating at '[ICRA]A4' assigned to
INR0.80 crore unallocated limit of SLT.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long-term Fund             5.57     [ICRA]B Revised
   Based Limits

   Unallocated Limit          0.80     [ICRA]B and/or [ICRA]A4
                                        Revised /Reaffirmed

The revision in rating reflects the weakening of financial profile
of SLT, characterized by dip in profitability margins; increase in
gearing levels following its working capital intensive operations
and stretched liquidity position resulting in almost full
utilization of bank limits.

The ratings are also constrained on account of modest size of
operations; vulnerability of profit margins to volatility in raw
material prices and the high competitive pressure prevailing in
the industry because of the presence of many unorganized players.
Further, SLT is a partnership concern and any significant
withdrawals from the capital account would affect its capital
structure. However, the ratings favorably factor in the promoter's
long track record in textile industry and location advantages due
to its presence in the textile belt of Surat.

Sai-Laxmi Texofab started its operations in 2002. The firm is
involved in texturing of yarns and manufacturing of grey cloth.
Its registered office and its manufacturing facility for grey
cloth are located at Surat city, while the facility for yarn
texturing is located at Kim village, Surat.

Recent Results

SLT recorded a net profit of INR0.43 crore on an operating income
of INR49.55 crore for the year ending March 31, 2012. For the half
year ended September 30, 2012, the company recorded a net loss of
INR3.68 crore on an operating income of INR21.98 crore
(Provisional numbers).


SANDEEP SEEDS: CRISIL Cuts Rating on INR220MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sandeep Seeds and Farms Pvt Ltd (SSF; part of the SSF group) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             220.0     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by SSF in
servicing its debt; the delays have been caused by SSF's weak
liquidity, driven by large working capital requirements.

The SSF group has a below-average financial risk profile, marked
by modest net worth, moderate gearing, and weak debt protection
metrics, its working capital requirements are large, and its
profitability is susceptible to volatility in raw material prices.
The SSF group, however, derives benefits from its established
regional presence and promoters' extensive experience in the seeds
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSF, Ajay Seed Processing Plant,
Sandeep Seed Processing Plant, and Santosh Seed Processing Plant,
collectively referred to as the SSF group. This is because all the
entities are owned and managed by the same promoter and are in the
same line of business. Furthermore, SSF has extended corporate
guarantee to the debt facilities of the other three entities.

The SSF group processes and sells self-pollinated seeds such as
paddy, Bengal gram, ground nuts, and soya bean. SSF, before being
reconstituted as a private limited company in April 2009, was a
proprietary concern. Furthermore, the promoters have promoted Ajay
Seed Processing Plant, Sandeep Seed Processing Plant, and Santosh
Seed Processing Plant, which are in the same line of business as
SSF.


SINGHAL INDUSTRIES: CRISIL Cuts Ratings on INR190MM Loans
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Singhal Industries Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               55      CRISIL B/Stable (Downgraded
                                     from CRISIL B+/Stable)

   Proposed Long-Term        70.5    CRISIL B/Stable (Downgraded
   Bank Loan Facility                from CRISIL B+/Stable)

   Rupee Term Loan           64.5    CRISIL B/Stable (Downgraded
                                     from CRISIL B+/Stable)

The downgrade reflects deterioration in SIPL's financial risk
profile, driven by its weak liquidity. The liquidity was stretched
on account of increase in its working capital requirements due to
significant rise in its scale of operations and stretch in its
cash conversion cycle. The working capital requirements are
dominated by high inventory holdings as well as higher book debts.
This is reflected in the average bank limit utilisation of 96 per
cent for the 12 months through January 2013. Over the medium term,
its working capital requirements are expected to remain large,
with high gross current assets in the range of 200 to 205 days,
coupled with increase in scale of operations. CRISIL believes that
SIPL's large working capital requirements, as reflected in high
average bank line utilisation for the 12 months ended January
2013, will continue to have a bearing on its overall liquidity.

The ratings continue to reflect SIPL's below-average financial
risk profile, marked by its weak liquidity and susceptibility to
intense industry competition. These rating weaknesses are
partially offset by the benefits that SIPL derives from its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive experience in the packaging
industry. The outlook may be revised to 'Positive' in case the
company reports significant improvement in its liquidity position,
driven by better-than-expected working capital management.
Conversely, the outlook may be revised to 'Negative' if SIPL's
liquidity position deteriorates due to further stretch in its cash
conversion cycle, jeopardising SIPL's ability to service its debt
obligations in a timely manner.

SIPL, incorporated in 2007 and based in Gujarat, manufactures leno
bags, various types of high density polyethylene and polypropylene
bags, wide width fabric, and warning mats. These products are used
as packaging material in industries such as sugar, cement, and
fast-moving consumer goods; the warning mats are used as mandatory
protection layers on underground gas pipelines. The company is
promoted by Mr. Pradeep Agarwal and his two sons, Mr. Tushar
Agarwal and Mr. Pulkit Agarwal.


For 2011-12 (refers to financial year, April 1 to March 31), SIPL
reported a profit after tax (PAT) of INR3.5 million on net sales
of INR240 million, against a profit after tax of INR2.7 million on
net sales of INR202 million for 2010-11.


TRISHAKTI ALLOYS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' for INR5.00
Crore fund based facilities of Trishakti Alloys Private Limited.
ICRA has also assigned a short-term rating of '[ICRA]A4' to the
INR3.50 Crore non fund based facilities of TAPL.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                 5.00    [ICRA]B+ assigned

   Letter Of Credit            3.50    [ICRA]A4 assigned

The assigned ratings draw comfort from the proven track record of
TAPL's promoters in the domestic aluminium recycling industry and
established relationships with its customers. ICRA notes that the
repeat orders that the company generates from such customers,
shows the acceptance of the company's product portfolio to an
extent. The ratings are however constrained by susceptibility of
revenues and profitability to various factors like competitive and
fragmented market, close coupling with macroeconomic situation,
foreign currency fluctuations and volatility in commodity prices.
The operations of the company still remain at a nascent stage with
low capacity utilisations resulting in low profitability and
adverse coverage indicators.

TAPL, incorporated in 1993, is engaged in manufacturing aluminium
alloys mostly from recycled aluminium scrap. The company has its
manufacturing facility located near Pune with an installed
capacity of 3600 tpa (two shifts) and commenced production in
February 2010. The company's product portfolio is used in power
transmission, auto components and other engineering units.

Recent results

TAPL has reported a Profit after Tax (PAT) of INR0.02 crore on an
operating income of INR16.02 crore in FY12.



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


PERUM PPD: Jakarta Mulls Buying Nearly Bankrupt Bus Firm
--------------------------------------------------------
The Jakarta Post reports that the Jakarta administration is set to
acquire nearly bankrupt state-owned bus company Perum PPD and to
use its assets to develop city bus pools as well as low-cost
apartments.

According to the report, Deputy Governor Basuki Tjahaja Purnama
said on Friday that although PPD was suffering great losses it had
valuable assets the administration could use to solve the city's
public transportation and affordable housing problems.

The Post says the city plans to procure 1,000 new medium buses to
replace the existing vehicles that have been unfit to drive. PPD
has 12 bus pools spread out in Jakarta and neighboring Tangerang
and Depok that house 230 operational buses. Basuki stressed that
regulating public vehicles was one of the administration's
priorities.

He also said that the administration would hear more from the
Development Finance Controller (BPKP) about the financial
condition of the company and how much debt should be paid by the
city, the report relays.

"The Finance Ministry will decide whether we can buy the firm,"
the report quotes Mr. Basuki as saying.

PPD president director Parlindungan Situmorang said the company's
accumulated debt, since 2000, is around IDR110 billion (US$11.28
million).

Perum PPD has 395 employees, a 6-hectare plot in Ciracas, East
Jakarta, a villa in West Java and shares in PT Transjakarta with
370 buses that serve 36 routes.



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


* JAPAN: Monetary Easing Buys Time to Resolve Fiscal Challenges
---------------------------------------------------------------
The Bank of Japan's expansion of monetary easing can buy Japan
additional time to resolve its long-term structural economic and
fiscal challenges by reducing pressure on the public finances and
potentially boosting economic output in the short to medium term,
Fitch Ratings says. However, without efforts to address these
deeper issues, the benefits will probably prove temporary.
The latest announcement of "a new phase of monetary easing both in
terms of quantity and quality" has already pushed down both the
yen and Japanese government bond yields. This shows how the BoJ's
ability to issue one of the world's reserve currencies remains a
powerful asset, helping to keep sovereign debt servicing costs low
and potentially boosting Japanese exports through a weaker
currency.

"Experience in other major advanced economies shows that
quantitative easing is not in itself an economic panacea. QE
cannot be extended indefinitely. However, in the short to medium
term, it can buy time to tackle other issues by holding down the
government's debt servicing costs and by giving a broader fillip
to activity," Fitch says.

"Therefore, developing and implementing a credible fiscal strategy
over the medium term, and enacting structural reforms to raise the
real economic growth rate remain central issues for Japan and its
sovereign credit rating.

"Having announced a JPY10trn stimulus in January, Prime Minister,
Shinzo Abe, has indicated that he will outline his government's
medium-term fiscal policy in June. We will assess this in due
course as part of our review of the new government's fiscal and
economic strategy as a whole.

"Our downgrade of Japan to 'A+' in May 2012, and the Negative
Outlook on the rating, already reflect the risk posed by high and
rising general government debt ratios. As we said then, a lack of
new fiscal policy measures aimed at stabilising public finances
amid further rises in general government debt ratios could lead to
a downgrade.

"The BoJ will increase purchases of government bonds to JPY7.5trn
per month out to 2014 and extend purchases to longer-dated
government bonds and other assets. The purchases will double the
monetary base in two years as the BoJ aims to hit the 2% inflation
target agreed with Mr Abe.

"By extending its JGB purchases out along the yield curve and
including other assets such as ETFs, the BoJ may be more effective
in boosting the supply of credit to the domestic economy than it
has achieved so far. However, given the persistent weaknesses in
the Japanese economy after a protracted period of deflation, we
are doubtful that inflation will be close to or exceed 2% for a
sustained period over the next two years.

"We expect an important channel for Japan's quantitative easing
will be through depreciating the exchange rate to boost export
competitiveness. While global partners have tolerated a weaker yen
so far, if that changed, Japan could come under pressure to
moderate its policy stance."



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


FELTEX CARPETS: Supreme Court Grants Vendors Right to Appeal
------------------------------------------------------------
3news.co.nz reports that the Supreme Court has granted the sellers
of failed carpet maker Feltex Carpets leave to appeal a class
action being led by former shareholder Eric Houghton over whether
some or all of the 3,000 investors who have joined the action were
time-barred.

According to the report, Chief Justice Dame Sian Elias and Justice
Robert Chambers on April 8 granted Credit Suisse Private Equity
and Credit Suisse First Boston Asian Merchant Partners leave to
appeal a ruling which paved the way for a class suit over the way
Feltex was floated on the stock market in mid-2004.

The investment bank can re-litigate whether some or all of the
shareholders represented by Mr Houghton are time-barred from
joining the action, 3news.co.nz relates citing a judgment
published Monday.

3news.co.nz recalls that last November, the Court of Appeal turned
down an attempt by Credit Suisse, Feltex's former directors and
executives and joint lead managers Forsyth Barr and First NZ
Capital to throw out the case.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


PAKIRI INVESTMENTS: Liquidators to Reconstruct Share Register
-------------------------------------------------------------
Rob O'Neill at Stuff.co.nz reports that liquidators of Pakiri
Investments are calling on shareholders to help them unravel the
company's affairs and reconstruct a share register after more than
100 of them, spread across New Zealand and Australia, were removed
as shareholders from the Companies Office register.

Stuff.co.nz relates that just before Pakiri Investments went into
liquidation in mid-February, the shareholdings were removed,
replaced by what appears to be a family trust associated with New
Zealander Evan James Read, a bankrupt now living in the Russian
Federation.

The report says the Pakiri Group claims to be developing an
"internet operating system" and products that will replace
Facebook, YouTube, LinkedIn and Twitter and revolutionise the
financial services and banking industries.

According to Stuff.co.nz, the first liquidator's report on Pakiri,
lodged by Norrie & Daughters last week of March, said there was
evidence that as late as November 4, 2012, the company had allowed
investors to purchase shares at varying prices, generally over
AUD200 per share, from controlling shareholder the Read Family
Trust.

However, it said the liquidators had received enough information
to conclude that the company had been insolvent since
November 2010 and "probably earlier," Stuff.co.nz relays.

Stuff.co.nz says the liquidator has sent a letter and
questionnaire to all known shareholders requesting information and
documents under section 261 of the Companies Act.

Stuff.co.nz relates that the report said shareholders were
required to respond despite what are described as "false and
incorrect" statements to the contrary in an e-mail sent to
shareholders from Pakiri Investments director Igor Sutich.

According to Stuff.co.nz, joint liquidator Mark Norrie said since
the beginning of the liquidation, Pakiri tried to place a "cloak
of silence" over shareholders with a suggestion that any
communication with the liquidators would place them in breach of
their confidentiality obligations.  However, a notice under
section 261 of the Companies Act means they are obliged by statute
to provide the information requested, he said.

"The company is now under the supervision and control of the
liquidators and so there can be no breach of confidentiality by
the shareholders disclosing information to the liquidators," Mr.
Norrie told Sunday Star-Times.  "The liquidators would appreciate
any communications and documents from shareholders."

The report said the liquidator's understanding is some or most
shareholders in the company had their shareholdings transferred to
another company Time3 Global, adds Stuff.co.nz.



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


SUI NORTHERN: Islamabad Region Tops Natural Gas Defaulters' List
----------------------------------------------------------------
Munawar Hasan at The News reports that Islamabad Region has topped
the defaulters' list for industrial and commercial categories of
consumers followed by Peshawar, as active defaulters of the
nearly-bankrupt Sui Northern Gas Pipelines Ltd swell to more than
2,750.

The News says the company has identified the biggest defaulters in
the industrial and commercial categories who owe a cumulative
INR8.86 billion. Consumers under the first head owe INR7.96
billion while commercial consumers owe SNGPL INR0.90 billion.

The defaulters continue to receive a supply of natural gas despite
the massive amounts due, the report relays.  By making meager
partial payments, they continue to receive gas supply and are
aggravating the energy crisis afflicting Pakistan.

The News notes that non-active defaulters of SNGPL owe an even
larger amount in dues. Their cases are in process and show little
progress.

Of a total of 12 regions, The News discloses, Islamabad Region has
proved to be a haven for those who do not pay their gas bills,
housing 378 industrial consumers of about 1,500 top defaulters of
SNGPL, followed by 349 from Peshawar Region, 170 from Faisalabad
Region, 134 from Sheikhupura Region, 128 from Lahore Region, 87
from Gujranwala Region, 80 from Abbotabad Region, 76 from Multan
Region, 52 from Bahawalpur Region, 42 from Gujrat Region, 19 from
Sargodha Region and 33 defaulters from Sahiwal Region.

Among the industrial category of consumers, the biggest defaulter
is Amtex Pvt Ltd of Faisalabad Region with dues totaling INR179.62
million while Naeem Sons is second with dues totaling INR110.84
million, the report discloses.

The News says other top 25 defaulters include S M Food Makers who
owe INR99,449,975, Ravi Glass Industries owing INR85,877,050,
Bhimra Textile Mills owing INR81,886,390, Nishat Mills Ltd owing
INR75,415,536, Bismillah Corporation owing INR66,647,198, Sardar
Khan (Pvt Ltd owing INR66,243,247, Malik Board Paper
owing`62,044,311, Muhammad Waris Co owing INR61,675,515, Imam Din
Steel Mills owing INR57,105,677, Cherat CNG, Abdul Qayyum Khan CO
owing INR50,426,365, Lucky Cement owing INR47,873,943, Midway
Petroleum owing INR 46,416,013, Malik CNG Station owing
INR46,397,319, Al-Umer Dying owing INR46,112,105, Margala Textile
Mills owing INR44,550,575, Ar Rehman Glass (Pvt) owing
INR39,578,484, Royal Textile Mills Ltd owing INR 38,126,912, Saif
Textile Mills owing INR34,636,591, Sardar Khan owing
INR34,590,302, Aysha Textile Mills Ltd owing INR32,595,871, Global
CNG owing INR32,465,786 and Mian Petroleum owing INR32,282,953.


REPUBLIC OF FIJI: S&P Affirms 'B' Rating; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
foreign and local currency issuer credit ratings on the Republic
of Fiji at 'B/B'.  The outlook remains stable.

The affirmation reflects S&P's view that Fiji has continued to
stabilize its external position, including its level of foreign
exchange reserves.  However, the country's persistent fiscal and
current account deficits, weak economic growth and institutional
settings, as well as deficiencies in available data partly offset
the improvement.

"Political uncertainty, weak investment, and low productivity
further reduce  Fiji's growth prospects.  While the economy
improved in the past two years after a very weak performance, we
expect growth to remain low without further progress in structural
reforms," Standard & Poor's credit analyst Kim Eng Tan said.
"Fiji's credit quality remains vulnerable to external shocks
associated with the durability of the global economic recovery,
adverse weather conditions, and changes in tourism preferences.
These factors underscore the downside bias in Fiji's growth
outlook.  We also believe that Fiji's debt burden and contingent
liabilities are high for a country faced with these
vulnerabilities."

The stable outlook reflects S&P's expectation that Fiji's external
position will continue to improve, including in the level of
foreign exchange reserves, supported by a continuing recovery in
agricultural exports and the tourism sector.

Standard & Poor's may raise the ratings if improvements occur in
one of several areas, including: Fiji's growth prospects through
greater political certainty and structural reforms; further
liberalization in capital and price controls and in exchange rate
management; improved external indicators; or a falling government
debt trajectory.  On the other hand, the ratings could be lowered
if political pressures intensify or if public finances and
external imbalances worsen, leading to sharply lower reserves.


* BOND PRICING: For the Week April 1 to April 5, 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.



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