TCRAP_Public/130410.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, April 10, 2013, Vol. 16, No. 70


                            Headlines


A U S T R A L I A

BLUESCOPE STEEL: Moody's Assigns (P)Ba3 Rating to New Notes Issue
BLUESCOPE STEEL: S&P Assigns 'BB' Rating to Proposed Notes
SIGNATURE 27: Regatta Prompts Marketing Firm to Wind-Up
SOUTH SYDNEY LEAGUES: Ferrier Hodgson Appointed as Receivers
TINKLER GROUP: Makes Tax Payments to Avoid Liquidation

* AUSTRALIA: Banks Still Backing Pharmacy Despite Bankruptcies


C H I N A

CHINA METALLURGICAL: Moody's Lowers Senior Bond Rating to Ba1
CHINA ORIENTAL: Fitch Downgrades Issuer Default Rating to 'BB'
CHINA TELETECH: Jane Yu Replaces Andrew Kwok as CFO
CHINA ZHENGTONG: 2012 Results No Impact on Ba3 CFR, Says Moody's


H O N G  K O N G

JET UNIVERSE: Jin Xuejian Steps Down as Liquidator
JOBRENCO LIMITED: Creditors' Proofs of Debt Due April 26
KIND FAMOUS: Members' Final Meeting Set for April 29
KWAI KEE: Briscoe and Yin Appointed as Liquidators
LINFEY TOYS: Creditors' Proofs of Debt Due April 30

LOGOS LEADERSHIP: Members' Final General Meeting Set for April 29
LOWE ALPINE: Members' Final Meeting Set for May 3
LUXUP HK: Commences Wind-Up Proceedings
MARSHEL EXPORTS: Court Enters Wind-Up Order
NATION FUNDS: Members' Final Meeting Set for April 19

NEW CENTURY: Court Enters Wind-Up Order
ORIENTAL STAR: Hill and Fan Step Down as Liquidators
PEARL INNOVATION: Creditors' Proofs of Debt Due April 29
PHYSICAL PROPERTY: Incurs HK$514,000 Net Loss in 2012
P & S DESIGN: Court Enters Wind-Up Order


I N D I A

DAAJ HOTELS: ICRA Lowers Rating on INR79.5cr Loan to 'D'
GARG RICE: ICRA Assigns 'B' Ratings to INR6cr Loans
JAI PRAKASH: ICRA Reaffirms 'B+' Ratings on INR35cr Loans
KINGFISHER AIRLINES: 15 Leased Planes May Head to Scrapyards
KINGFISHER AIRLINES: Air India Keen on Acquiring Check-In Kiosks

KUMAR SPINTEX: ICRA Places 'B+' Rating on INR14.36cr Loans
PP RUBBER: ICRA Rates INR10cr Loan at '[ICRA]B+'
RAJITA COTTON: ICRA Rates INR7cr Fund Based Limits at 'B'
SHANKAR RICE: ICRA Assigns 'B' Ratings to INR7.15cr Loans
SOMAN AND ASSOCIATES: ICRA Assigns 'B+' Rating to INR5.5cr Loan

SURYACHAKRA GLOBAL: ICRA Suspends 'D' Long Term Loan Rating
TAPAN SOLAR: ICRA Revises Rating on INR4cr Term Loans to 'B-'
TC SPINNERS: ICRA Assigns 'C+' Rating to INR58cr LT Loan
TINKA STONES: ICRA Assigns 'B' Rating to INR5cr LT Loan


I N D O N E S I A

INDIKA ENERGY: Fitch Affirms 'B+' Issuer Default Rating
* INDONESIA: S&P Assigns 'BB+' Rating to New US$ Unsecured Bond


J A P A N

SOFTBANK CORP: S&P Expects to Lower Corp. Credit Rating to 'BB+'


N E W  Z E A L A N D

KITCHEN HOUSE: High Court Hears Customers Deposit Case
MAINZEAL PROPERTY: Boss Speaks Out Over Collapse
MAINZEAL PROPERTY: Receivers Slashes Full-Time Staff to 14
* Major NZ Banks Face Growing Risks from Competition, Fitch Says


P H I L I P P I N E S

NATIONAL POWER: Fitch Raises US$100MM Fixed-Rates Notes From BB+


S R I  L A N K A

BANK OF CEYLON: Fitch Assigns 'BB-' Rating to New Unsecured Notes


S O U T H  K O R E A

KOREA RESOURCES: Moody's Rates $3-Bil. MTN Program '(P)A1'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BLUESCOPE STEEL: Moody's Assigns (P)Ba3 Rating to New Notes Issue
-----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 senior
unsecured rating to the proposed $300 million 144A notes to be
issued by BlueScope Steel (Finance) Ltd and BlueScope Steel
Finance (USA) LLC, 100% owned and guaranteed subsidiaries of
BlueScope Steel Limited.

The assignment of a definitive debt rating on the 144A notes is
subject to a review of the final documentation, and to successful
issuance of the proposed debt. The proceeds of the issuance will
be used mainly to repay existing debt.

The outlook on the ratings is stable.

Ratings Rationale:

"BlueScope's Ba3 corporate family rating reflects the company's
strong market position and branding power in Australia, geographic
diversification, and the steps taken by BlueScope to strengthen
its business profile by focusing on midstream and downstream
products", says Arnon Musiker, a Moody's Vice President/Senior
Analyst, adding "the rating however also factors in the
challenging and volatile operating environment facing the company,
with the sovereign debt and banking crisis in Europe, together
with slowing GDP growth in China, continuing to exert negative
pressure on steel prices."

The rating also incorporates BlueScope's elevated financial
leverage which heightens its sensitivity to volatility in the
operating environment, as well as its capital expenditure
programme. The rating reflects the deleveraging following the net
cash payment of approximately USD540 million received on financial
close of the NS BlueScope Coated Products joint venture with
Nippon Steel & Sumitomo Metal Corporation (A3 negative).

Moody's expects financial leverage, as indicated by the Gross
Adjusted Debt/EBITDA ratio, to remain between 3x-3.5x for the
fiscal year ending 30 June 2013.

"Whilst the rating factors in the reduction of loss-making
exported product following the closure of one of its Australian
blast furnaces during 2012, we believe that BlueScope's credit
profile remains dependent on a sustained recovery in the steel
spread", says Musiker, adding "Softer iron ore and metallurgical
coal prices are unlikely to materially ease the impact of weak
shipments and weak steel prices".

"We expect that the changes to BlueScope's business model -
particularly the NS BlueScope Coated Products joint venture - will
over time facilitate the development of new downstream products in
conjunction with its partners which will diversify the company
from steel manufacturing and allow it to access higher margin
market segments in high growth Asian markets", adds Musiker.

The provisional (P) Ba3 rating for the senior unsecured notes has
not been notched from the corporate family rating, which reflects
the absence of a material level of priority debt ranking ahead of
the notes in the capital structure. In particular Moody's expects
that BlueScope's senior secured facilities will not exceed 10% -
12% of the group's total assets.

BlueScope's rating could be upgraded if leverage, as measured by
gross adjusted debt/EBITDA, improves below 3x on a sustained
basis. This could result from a sustained increase in the
Australian dollar steel spread, and/or sustained increases in
margins and volumes from the distribution businesses.

The rating will come under pressure if leverage shows no sustained
decrease below 4x. This could result from weakness in the AUD
steel spread, or adverse conditions in overseas markets
(particularly Asia) which Moody's expects to be a major
contributor to future profitability. The senior unsecured rating
could be notched down if BlueScope raises a material amount of
additional priority debt in future, such that the ratio of senior
secured facilities to total assets increases above 15%.

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


BLUESCOPE STEEL: S&P Assigns 'BB' Rating to Proposed Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' rating to the proposed notes to be issued by Australian
company BlueScope Steel Ltd.'s (BlueScope; BB/Stable/--) wholly-
owned subsidiaries BlueScope Steel (Finance) Ltd. and BlueScope
Steel Finance (USA) LLC.

S&P has also assigned a recovery rating of '4' on the proposed
senior-unsecured US$300 million debt issue.  Due to the prior
ranking of the sizable senior secured debt in S&P's recovery
analysis, it expects the senior unsecured debt to realize an
average recovery of between 30% and 50% following a hypothetical
default.

In S&P's opinion, the most likely hypothetical default scenario
would involve further deterioration in steel market conditions and
BlueScope's inability to restore its financial profile following
significant restructuring of the business.  S&P assumes this
simulated default scenario would occur around 2015.


SIGNATURE 27: Regatta Prompts Marketing Firm to Wind-Up
-------------------------------------------------------
The Canberra Times reports that Signature 27, a Canberra events
and marketing company run by the wife of former New Zealand
cricketer Chris Cairns, has gone into liquidation -- sunk by an
ambitious regatta.

Signature 27, headed by Melanie Cairns, was responsible for the
first Burley Griffin Regatta on Lake Burley Griffin in December,
which made a splash with its strict dress code and AUD90 garden
party tickets but attracted only a modest crowd.

According to the report, liquidator Frank Lo Pilato --
frank.lopilato@rsmi.com.au -- of RSM Bird Cameron, said the
regatta ultimately sent Signature 27 under, with 1,200 to 1,400
guests expected but only 300 paying customers turning up.  The
company had 37 creditors owed collectively almost AUD345,000.

Canberra Times relates that Mr. Lo Pilato said none of the
creditors, which also included food and wine suppliers, a security
firm and a multimedia company, would be receiving any dividend.

Signature 27 offered services including sponsorship consultancy,
event creation and implementation and talent procurement and
management.


SOUTH SYDNEY LEAGUES: Ferrier Hodgson Appointed as Receivers
------------------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of South
Sydney Leagues' Club Limited on April 5, 2013, by The
Castellorizian Club Limited, the holder of an all present and
after acquired property security interest.

"The Receivers now control the Club's assets and operations with
exception. The Receivers are not continuing the operations of the
Club," Ferrier Hodgson said in a statement.

"At this stage, it is too early to advise creditors of the likely
outcome of the Receivership."

The Receivers' appointment follows the appointment of
Adam Shepard and Adam Farnsworth of Dean Willcocks Shepard as
Voluntary Administrators to the Club on March 6, 2013.

Payment of unsecured creditors' accounts as at 5 April 2013 is
deferred.


TINKLER GROUP: Makes Tax Payments to Avoid Liquidation
------------------------------------------------------
The Sydney Morning Herald reports that a series of companies owned
or controlled by besieged businessman Nathan Tinkler have made
payments to the Australian Tax Office in a bid to stave off
liquidation.

The Newcastle-based Buildev Group, in which Mr. Tinkler is the
major shareholder, and four related companies are being pursued by
the ATO for more than AUD620,000 in unpaid tax, according to SMH.

SMH relates that the tax office is also pursuing him over a
sizable tax debt owed by the Hunter Valley Sports Group, owner of
Newcastle Jets Football club and the Newcastle Knights.

Late last year it sought to wind up all of the companies, the
report relays.

But during a brief appearance in the Federal Court on April 5, a
lawyer representing the tax office, Sharif Hammoud, said all but
one had made payments to the ATO in recent weeks, SMH reports.

The court heard that at least one of the liquidation proceedings
may be formally dismissed when the matter returns to court in a
week's time.  This would be the latest in a string of tax
proceedings against Mr. Tinkler to be dropped, SMH notes.

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

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


* AUSTRALIA: Banks Still Backing Pharmacy Despite Bankruptcies
--------------------------------------------------------------
Pharmacy News reports that Australian banks are confident that
community pharmacy is still a good investment, despite the recent
announcement that Harrison's Pharmacies have gone into
receivership.

Kos Sclavos, Pharmacy Guild of Australia national president, told
Pharmacy News that while some pharmacies were struggling with the
impact of price disclosure the banking sector had increased its
profile in community pharmacy in recent months.

"There is confidence in the community pharmacy sector as evidenced
by the strong and high profile of numerous banks at this year's
APP conference. . . . The presence and support of the banks at APP
has never been higher . . . that alone should indicate strong
lending in the sector continues, but banks have tightened their
paperwork, [and] we support the need for rigour in the paperwork,"
the report quoted Mr. Sclavos as saying.

The report notes that Mr. Sclavos' comments follow the
announcement that all 15 pharmacies and seven medical centres in
the Harrison's Group -- including a new store in Manly, NSW, which
had its grand opening on March 20 -- were placed in receivership
on 28 March, as reported by Pharmacy News.

Mr. Sclavos, the report relates, said the Guild was continuing to
provide support for pharmacies that have been going though
financial difficulties as a result of the impact of PBS reform.


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C H I N A
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CHINA METALLURGICAL: Moody's Lowers Senior Bond Rating to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded China Metallurgical Group
Corporation's issuer and senior unsecured bond rating to Ba1 from
Baa3. The bond was issued by its subsidiary MCC (Hong Kong)
Holding Limited Corporation, and guaranteed by CMGC.

At the same time, Moody's has withdrawn CMGC's Ba1 issuer rating
and assigned a Baa3 corporate family rating.

The ratings outlook is stable.

This action concludes CMGC's rating review for downgrade which was
initiated on 3 December 2012.

Ratings Rationale:

"The rating downgrade reflects our expectation that the company's
debt leverage will remain at a high level in the next two years
and that its growth prospects are limited in the near term due to
its weak key end-markets, predominantly in the steel sector," says
Jiming Zou, a Moody's Analyst, and the International Lead Analyst
for CMGC.

In 2012, the company experienced a large loss in its various
business lines, especially its resources development segment. Its
Huludao Non-Ferrous Metals Group Co. Ltd. subsidiary and its
polysilicon business reported substantial losses. Several of its
overseas mining projects also suffered significant cost overruns
and project delays.

The company's debt hit a high level at end-2102 because of its
aggressive investment strategy over the last few years, and
adjusted debt/EBITDA stayed above 10.5x during the past year.

"While we have seen management's committed efforts in the last two
quarters to cut capex, contain debt, improve cash flow through
proactive working capital management, and dispose of loss-making
businesses, adjusted debt/EBITDA will remain around 7-8x in the
next two years due to its already very high debt level and slow
EBITDA growth," says Zou.

Moody's expects the company to largely reduce its investments in
other businesses, such as resources development, and focus on its
core construction business and property development.

However, the company's key end-market -- the steel industry -
remains weak. Its infrastructure construction business faces a
very competitive market, lacking the dominance the company has in
metallurgical construction.

CMGC's high leverage and inherently volatile business portfolio
are more consistent with the lowered baseline credit assessment
(BCA) of ba3 from ba2.

The final Baa3 corporate family rating reflects 3 notches of
uplift from the expected strong support of the Chinese government
(Aa3, positive) under Moody's joint default analysis approach for
Government Related Issuers (GRI). The strong support reflects 100%
government ownership, CMGC's position as a leading engineering and
construction company in China's metallurgical sector, and the
track record of government support, especially in the last 3-6
months.

"The State-owned Assets Supervision and Administration Commission
(SASAC) has been instrumental in helping CMGC dispose of its loss-
making businesses -- such as paper and its Huludao subsidiary,"
says Ping Luo, a Moody's Vice President and Local Market Analyst
for the company. "Without SASAC's support, CMGC would not have
been able to make such progress in such a short time".

The Ba1 bond rating, which is one-notch lower than the corporate
family rating, incorporates structural subordination risk, given
CMGC's holding company status and the fact that a meaningful
proportion of its debt is at the subsidiary levels.

GMGC has a modest liquidity profile. It had an approximately RMB35
billion cash balance at end-2012 and has projected RMB7 billion in
operating cash flow in 2013. However, it has around RMB90 billion
in short-term borrowings due and an estimated capex requirement of
RMB6 billion in the next 12 months.

But, Moody's draws comfort from its continued access to domestic
banks and the capital market, given its state-owned enterprise
background. The company has been using its bank credit facility
and short-term note offerings in the domestic capital market to
support its liquidity requirements.

The rating outlook is stable as Moody's expects the company will
focus on its core businesses, and continue its efforts in cost
control and working capital management.

Upward rating pressure is limited in the near term, giving the
company's high debt leverage and slow growth. However, the rating
could be upgraded over the longer term if CMGC (1) significantly
improves its operating margins across its key business lines, (2)
further strengthens its working capital management, and
substantially improves its operating cash flow, (3) shows
meaningful growth in its new contracts and backlog orders, and (4)
further reduces leverage, so that adjusted debt/EBITDA stays below
5-6x on a sustained basis.

However, the rating could be downgraded if (1) CMGC's core E&C
business declines significantly, (2) its overall profit margins
continue to drop, such that its adjusted EBITDA margin falls below
5%, and (3) the company fails to reduce leverage and its adjusted
debt/EBITDA stays above 8x on a consistent basis.

A weakening in the relationship with and expected support from the
government will also pressure the rating.

The methodologies used in this rating were Global Construction
Methodology published in November 2010, and Government-Related
Issuers: Methodology Update published in July 2010.

China Metallurgical Group Corporation is engaged in the
engineering and construction, equipment manufacturing, property
development and resources development businesses. Headquartered in
Beijing, it is a central state-owned enterprise and is fully owned
by the State-owned Assets Supervision and Administration
Commission of the State Council of China.


CHINA ORIENTAL: Fitch Downgrades Issuer Default Rating to 'BB'
--------------------------------------------------------------
This is a correction of the release dated March 28, 2013. The
rating of one of its major shareholders, ArcelorMittal S.A.,
should be 'BB+' with Stable Outlook, and not 'BBB-' with Negative
Outlook as previously stated. The correct version is as follows:
Fitch Ratings has downgraded the leading Chinese section steel
producer China Oriental Group Company Limited's Long-Term Issuer
Default Rating (IDR) and senior unsecured ratings to 'BB' from
'BB+' with Stable Outlook.

Key Rating Drivers:

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

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

Non-steel Businesses Need Capital: "China Oriental has secured
land parcels in Suzhou for CNY314 million in Dec 2012, indicating
its decision to stay committed in its residential property
development operation. The company has also provided loans of
CNY380m to third parties. While we recognise that these operations
are contributing to the company earnings, they nevertheless absorb
over CNY700 million of capital. In past downturns, China Oriental
had quickly reduced its balance sheet to keep itself financially
strong. With the new businesses, it has less financial flexibility
to do so," Fitch notes.

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

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

Rating Sensitivities:

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

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

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

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

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

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

- no material increases in noncore businesses


CHINA TELETECH: Jane Yu Replaces Andrew Kwok as CFO
---------------------------------------------------
Andrew Kwok Ming Wai notified China Teletech Holding, Inc., on
Jan. 24, 2013, that he would resign from his position as Chief
Financial Officer, Secretary, and as a member of the board of
directors of the Company, effective Feb. 1, 2013.  Mr. Kwok's
resignation was not as a result of any disagreements with the
Company.

The Board unanimously appointed Jane Yu as Chief Financial Officer
and Secretary of the Company, effective March 5, 2013.  Ms. Yu
will hold office until the next annual general meeting of the
Company's shareholders or until removed from office in accordance
with the Company's bylaws.

Jane Yu, age 41, has been a manager in the auditing department of
Shanghai KRC Business Consulting Co., Ltd., and Shanghai KRC
Certified Public Accountant Co., Ltd., since December 2007.  From
December 2004 to November 2007, Ms. Yu worked as the Project
Manager at Wanlong Certified Public Accountants Co., Ltd.  From
October 1999 to October 2004, Ms. Yu was an accountant at
Rheinland (Shanghai) Co., Ltd.  Prior to 1999, Ms. Yu worked for
Bartech Data Information Co., Ltd, CITIC rial Bank and Hong Kong
Dao Heng Bank Group Ltd. as an executive assistant, bank teller,
and accountant, respectively.  Ms. Yu is a Certified Public
Accountant and is familiar with US GAAP, IFRS, and PRC GAAP.

There are no family relationships between any of the Company's
directors or officers and Ms. Yu.

Ms. Yu's term expires on March 4, 2014, and calls for a monthly
salary of RMB$5,000, or approximately $800.  Additionally, the
Company agreed to issue Ms. Yu 500,000 shares of the Company's
common stock upon execution of the Agreement.

                        About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., formerly
known as Guangzhou Global Telecom Inc., is a national distributor
of prepaid calling cards and integrated mobile phone handsets and
a provider of mobile handset value-added services.  The Company is
an independent qualified corporation that serves as one of the
principal distributors of China Telecom, China Unicom, and China
Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

The Company's balance sheet at Sept. 30, 2012, showed $4.3 million
in total assets, $2.4 million in total liabilities, and
stockholders' equity of $1.9 million.

Samuel H. Wong & Co., LLP, in San Mateo, Calif., expressed
substantial doubt about Guangzhou Global's ability to continue as
a going concern, following the Company's results for the year
ended Dec. 31, 2011.  The independent auditors noted that the
Company has incurred substantial losses, and has difficulty to pay
the PRC government Value Added Tax and past due Debenture Holders
Settlement.


CHINA ZHENGTONG: 2012 Results No Impact on Ba3 CFR, Says Moody's
----------------------------------------------------------------
Moody's Investors Service says China ZhengTong Auto Services
Holdings' 2012 results are within expectations, and sees no
immediate impact on its Ba3 Corporate Family Rating and stable
outlook.

"ZhengTong achieved strong sales in 2012, which had in turn
improved its debt leverage", says Lina Choi, a Moody's Vice
President and Senior Analyst, and the international lead analyst
for ZhengTong.

ZhengTong's revenue grew by 91% in 2012, as Top Globe, which was
acquired in December 2011, made its full-year revenue
contribution. Excluding the acquisition factor, organic growth was
estimated at around 25%.

Such figures indicate that luxury car sales are still strong in
China, although with a slower growth rate than in the last three
years. BMW had reported that its sales in China grew by 40% in
2012, while Land Rover Jaguar reported 70%, and Audi 30%.

ZhengTong's debt leverage, measured by adjusted Debt/EBITDA,
declined to 4.2x from 5.7x in 2011 as EBITDA increased 67% year-
on-year from the high sales growth.

In addition, inventory days-on-hand fell to 47 days at end-2012
from 56 days at end-2011, showing improved inventory management.
Its operating cash flow turned positive to RMB820 million from a
negative RMB60 million in 2011.

"However, ZhengTong's gross margin declined, reflecting price
competition in the market in 2012", says Ping Luo, a Moody's Vice
President and Senior analyst.

ZhengTong reported a gross margin of 8.9% in 2012, compared to
9.6% in 2011, primarily due to the price competition in China's
luxury auto market.

If automotive manufacturers adjust their supply to market
conditions, the pressure on profit margins could be relieved in
2013. Moody's expects ZhengTong with its large scale to manage a
gross margin of 9% - 10% in the next 12 -- 18 months.

"ZhengTong's capital structure is still weak as it has not
stabilized its funding after the acquisition of Top Globe," says
Luo.

ZhengTong needs to improve its debt maturity profile. Its RMB2
billion acquisition loan was refinanced by 2 tranches of 15-month
bridge loans, which are due in 8 to 12 months from now. If it
cannot replace such short-term borrowing with mid-to-long-term
borrowings or equity financing, its ratings will be under
pressure.

The principal methodology used in this rating was Global
Automotive Retailer Industry Methodology published in December
2009.

China ZhengTong is a top auto dealership in China with primary
focus on the luxury and ultra-luxury car market. It operated 86
retail outlets in China at end-2012. It has been listed on the
Hong Kong Stock Exchange since 2010.



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H O N G  K O N G
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JET UNIVERSE: Jin Xuejian Steps Down as Liquidator
--------------------------------------------------
Jin Xuejian stepped down as liquidator of Jet Universe
International Limited on March 28, 2013.


JOBRENCO LIMITED: Creditors' Proofs of Debt Due April 26
--------------------------------------------------------
Creditors of Jobrenco Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 26, 2013, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


KIND FAMOUS: Members' Final Meeting Set for April 29
----------------------------------------------------
Members of Kind Famous Limited will hold their final meeting on
April 29, 2013, at 10:00 a.m., at Unit 402, 4/F, Malaysia Building
in Hong Kong.

At the meeting, Chan Chi Bor and Li Fat Chun, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


KWAI KEE: Briscoe and Yin Appointed as Liquidators
--------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Kwai Kee Fruit Vegetable 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


LINFEY TOYS: Creditors' Proofs of Debt Due April 30
---------------------------------------------------
Creditors of Linfey Toys Company 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's liquidator is:

         Lun Kwok Ming
         Room 904, 9/F
         Chevalier Commercial Centre
         8 Wang Hoi Road
         Kowloon Bay, Kowloon
         Hong Kong


LOGOS LEADERSHIP: Members' Final General Meeting Set for April 29
-----------------------------------------------------------------
Members of Logos Leadership Development International 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, Luk Lai Yee, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


LOWE ALPINE: Members' Final Meeting Set for May 3
-------------------------------------------------
Members of Lowe Alpine (Far East) Limited will hold their final
meeting on May 3, 2013, at 10:00 a.m., at Via Mancino 17, 31040
Nervesa della Battaglia (Treviso), C.F. 03021130269, in Italy.

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


LUXUP HK: Commences Wind-Up Proceedings
---------------------------------------
Members of Luxup Hong Kong Limited, on March 21, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


MARSHEL EXPORTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Jan. 25, 2013, to
wind up the operations of Marshel Exports Limited.

The company's liquidator is Lau Siu Hung.


NATION FUNDS: Members' Final Meeting Set for April 19
-----------------------------------------------------
Members of Nation Funds International Limited will hold their
final meeting on April 19, 2013, at 10:00 a.m., at Flat 12, 12/F.,
Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, in Hong
Kong.

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


NEW CENTURY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 8, 2013, to
wind up the operations of New Century Properties Limited.

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


ORIENTAL STAR: Hill and Fan Step Down as Liquidators
----------------------------------------------------
Nicholas Timothy Cornforth Hill and Fan Wai Kuen stepped down as
liquidators of Oriental Star Manufacture Development Company
Limited on March 18, 2013.


PEARL INNOVATION: Creditors' Proofs of Debt Due April 29
--------------------------------------------------------
Creditors of Pearl Innovation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 29, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 21, 2013.

The company's liquidator is:

         Heung Sai Kit
         11th Floor, Li Ka Shing Tower
         The Hong Kong Polytechnic University
         Kowloon, Hong Kong


PHYSICAL PROPERTY: Incurs HK$514,000 Net Loss in 2012
-----------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss and comprehensive loss of HK$514,000 on HK$841,000 of
rental income for the year ended Dec. 31, 2012, as compared with a
net loss and comprehensive loss of HK$524,000 on HK$835,000 of
rental income in 2011.

The Company's balance sheet at Dec. 31, 2012, showed HK$9.99
million in total assets, HK$11.52 million in total liabilities and
a HK$1.53 million total stockholders' deficit.

Mazars CPA Limited, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012, citing negative working capital as of
Dec. 31, 2012, and loss for the year then ended, which raised
substantial doubt about its ability to continue as a going
concern.

A copy of the Form 10-K is available for free at:

                        http://is.gd/wCQR1r

                      About Physical Property

Located in Hong Kong, Physical Property Holdings Inc., through its
wholly-owned subsidiary, Good Partner Limited, owns five
residential apartments located in Hong Kong.  The Company was
incorporated in the State of Delaware.


P & S DESIGN: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 18, 2013, to
wind up the operations of P & S Design Consultants Limited.

The company's liquidator is Lau Siu Hung.



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


DAAJ HOTELS: ICRA Lowers Rating on INR79.5cr Loan to 'D'
--------------------------------------------------------
ICRA has revised the long term rating assigned to the INR79.5 cr
term loan facility of Daaj Hotels And Resorts Private Limited to
'[ICRA]D' from '[ICRA]B+' earlier.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits          79.50    [ICRA]D revised

The revision in rating takes into account the recent delays in
debt servicing by DHPL on account of the low occupancy during the
first 6 months of operations of DHPL's 157-room 5-Star Hotel at
Banjara Hills, Hyderabad. There had been a delay of more than two
years in the commencement of the hotel leading to substantial cost
overruns necessitating sizeable infusion from promoters to meet
the additional cost. DHPL's promoters had also been infusing
sufficient funds to meet debt servicing commitments in a timely
manner till recently. DHPL has now decided to restructure its loan
through the Corporate Debt Restructuring (CDR) process which is
currently under consideration - the fund infusion by promoters has
not been timely for debt servicing after Nov 2012 since the
application for CDR. Post restructuring also, if occupancy levels
in the Hyderabad market were to remain constrained in the medium
term due to additional supply of rooms, the hotel is likely to
face a cash shortfall in the initial years of its operations,
which would require further external funding.

Daaj Hotels, promoted by Mr. B.S. Sahney, has developed a 157 room
five star deluxe hotel at Banjara Hills, Hyderabad at a cost of
INR158 crore. The hotel, to be operated under the 'Radisson Blu'
brand, commenced operations in June 2013. Apart from Daaj Hotels,
other companies belonging to the Sahney Group include REIL
Electricals India Limited, an OEM supplier of starter motors for
passenger/commercial vehicles and mining/construction equipment.


GARG RICE: ICRA Assigns 'B' Ratings to INR6cr Loans
---------------------------------------------------
ICRA has assigned the long term rating of '[ICRA] B' to the
INR5.00 Crore* fund based limits and INR1.00 Crore bank term loan
of Garg Rice & General Mills.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund-Based Limits          5.00     [ICRA]B assigned
   Bank term loan             1.00     [ICRA]B assigned

ICRA rating is constrained by the modest scale of operations of
the firm and high working capital intensity resulting in low debt
protection metrics. The rating also factors in intensely
competitive nature of business, agro climatic risks and risks
inherent in a proprietorship firm. The rating however takes
comfort from the long and established operations of the firm,
satisfactory profitability indicators and adequate raw material
i.e. Paddy availability.

Going forward, the firm's ability to improve its scale of
operations while maintaining adequate profit margins and manage
its working capital cycle effectively will be the key rating
drivers.

Garg Rice & General Mills is a proprietorship firm which was set
up in 1980 by Mr. Ram Lal Garg. GRGM is engaged in processing and
selling of basmati rice mainly to local traders. It has a plant at
Cheeka, Kaithal (Haryana) which has a milling capacity of 5 tonnes
per hour.

Recent Results:

As per the audited results, GRGM reported a net profit of INR0.04
crore on an operating income of INR11.08 crore for the year ended
March 31, 2012 as against a net profit of INR0.03 crore on an
operating income of INR9.85 crore for the year ended March 31,
2011.


JAI PRAKASH: ICRA Reaffirms 'B+' Ratings on INR35cr Loans
---------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]B+' to the
INR16.49 crore term loans, INR17.30 crore fund based limits and
INR1.21 crore unallocated bank limits of Jai Prakash Educational
Trust Society. The rating suspension done in September, 2012 has
been revoked and the rating has been reinstated at the previous
level.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund-Based Limits-         16.49    [ICRA]B+ Reaffirmed
   Term loans

   Fund-Based Limits-Cash     17.30    [ICRA]B+ Reaffirmed
   Credit/ Overdraft
   Facility

   Fund Based Limits-          1.21    [ICRA]B+ Reaffirmed
   Unallocated

The rating reaffirmation takes into account JPETS's modest scale
of operations and its limited reach on account of only two
campuses. The rating also takes into account increasing
competition in the private education sector in India and highly
regulated nature of the Indian education industry. The rating also
factors in high gearing (2.07 times as on March'12) and modest
debt protection metrics of the society with NCA/Debt of 14% and
interest coverage of 2.36 times. Nevertheless, the rating derives
comfort from presence of the society in diverse set of
professional courses, its experienced faculty profile and overall
high occupancy levels of more than 80% enjoyed by the society. The
rating also takes into account the steady growth in society's
operating income, its healthy profitability and experienced and
highly qualified promoters.

Going forward, the rating would remain sensitive to the ability of
the society to attract quality students and faculty members and
its ability to establish the infrastructure required to position
itself as a centre of educational excellence and meet competitive
pressures.

Incorporated in 1993, Jai Prakash Educational Trust Society
(JPETS) is a registered society which is presently running about
four institutes/ colleges offering diverse range of courses at the
undergraduate as well as post graduate level offering degrees in
B.Tech, BHMCT (Bachelors in Hotel Management & Catering
Technology), B.Ed., BBA, BCA, M.Ed., MBA, MCA and diploma courses
like DHMCT (Diploma in Hotel Management & Catering Technology),
Diploma in engineering and Diploma in Modern Office Management &
Secretarial Practices (DMOM). JPETS is also running two co-
educational senior secondary schools namely, J.P. Academy and J.P.
International Academy and a junior secondary co-educational school
named J.P. Academy Colts (conducting classes from Pre-nursery to
V).

Recent Results:

As per the audited results, JPETS reported a net profit of INR5.52
crore on an operating income of INR30.74 crore for the year ended
March 31, 2012 and a net profit of INR4.97 crore on an operating
income of INR26.98 crore for the year ended March 31, 2011.


KINGFISHER AIRLINES: 15 Leased Planes May Head to Scrapyards
------------------------------------------------------------
The Times of India reports that a majority of the 15 leased planes
that still remain on Kingfisher Airlines' name may be headed to
the scrapyards.  While 13 aircraft leased to the grounded airline
have been de-registered from the airline's name and will now be
flown out of India, lessors of 15 planes have discovered that
their Airbus planes are in simply no condition to fly, the report
says.

"These lessors have discovered that aircraft parts have been so
badly cannibalized that it is very difficult to restore the
planes. In its last few months of operation (KFA stopped flying
from October 1, 2012), the airline kept taking parts from its
fleet to keep a handful of planes airworthy. Now the planes have
been ravaged beyond repair and they can't fly," TOI quotes a
senior Airports Authority of India (AAI) official as saying.

According to the report, the planes rendered unfit to fly are the
Airbus A-320s, each of which today costs upwards of INR500 crore
and leasing a new one costs about INR2 crore per month at current
rates.  Now AAI brass are going to hold an internal meeting this
week to see how precious airport parking slots occupied by these
planes across Indian airports could be freed up. "The only way for
these aircraft may be the junk yard. Lessors will drag KFA
promoters to court to recover their losses," the official, as
cited by TOI, 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.


KINGFISHER AIRLINES: Air India Keen on Acquiring Check-In Kiosks
----------------------------------------------------------------
The Times of India reports that national carrier Air India has
shown interest in acquiring some of the self check-in kiosks of
Kingfisher Airlines at the city's domestic airport, weeks after
private carrier Jet sought to take over some of the international
and domestic routes of KFA, airport sources said.

"Since Kingfisher Airlines is no longer operating, Air India has
evinced interest in acquiring a few of its kiosks," TOI quotes
sources at Mumbai airport as saying.

TOI says Air India is negotiating for taking over of six of the 18
kiosks lying unused due to the grounding of Vijay Mallya's airline
in October last year.

Air India and Kingfisher had been equally using the 36 self check-
in kiosks at the Terminal A. "Of these 18 vacant kiosks, Air India
is negotiating with the airport operator to take over six," the
sources said, adding that other airlines are also looking at a few
of them, TOI reports.

According to the report, no-frills carrier GoAir, along with a few
other carriers, is reportedly in negotiations with the airport
authorities for shifting its operations from Terminal B to
Terminal A with an eye on the Kingfisher office space.

Soon after the government had said in February that it was
withdrawing both the domestic slots as well as the international
flying rights of Kingfisher, Naresh Goyal-owned Jet Airways had
approached the aviation ministry to buy six of them-- four
domestic and two international-- from Mumbai, TOI adds.

                      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.


KUMAR SPINTEX: ICRA Places 'B+' Rating on INR14.36cr Loans
----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR4.00 crore
cash credit facility and INR10.36 crore term loan facility of
Kumar Spintex Private Limited. The rating of '[ICRA]A4' has also
been assigned to the INR0.75 crore short-term non-fund based limit
of KSPL.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                4.00     [ICRA]B+ assigned
   Term Loan                 10.36     [ICRA]B+ assigned
   Bank Guarantee             0.75     [ICRA]A4 assigned

The assigned ratings are constrained by the KSPL's modest scale of
operations and weak financial profile of the company as evident
from stretched capital structure and subdued debt coverage
indicators. The ratings are further constrained by the highly
competitive and fragmented textile industry and regulatory risks
with frequent policy level changes such as restrictions on export
of cotton, cotton yarn and availability of export benefits by
Government of India. The ratings also take into consideration the
vulnerability of the company's profitability to adverse movements
in raw material prices and cyclicality of the textile industry.
ICRA also notes that the recent debt funded capacity expansion in
FY 2013 is expected to further stretch the capital structure.
However, the rating favorably factors in the experience of the
promoters in the cotton yarn industry and favorable location of
the company's manufacturing facility in Changodar near Ahmedabad
in Gujarat giving it an easy access to quality raw material.

Incorporated in the year 2002, Kumar Spintex Private Limited is
engaged in the manufacturing of cotton yarn in counts ranging from
20s to 40s. The company's manufacturing facility is located at
Changodar, Ahmedabad in Gujarat with an installed capacity of
24,000 spindles. The company is promoted by Mr. Vishal Agarwal and
other family members.

Recent Results

During FY 2012, KSPL reported an operating income of INR29.11
crore and profit after tax of INR0.53 crore as against an
operating income of INR26.84 crore and profit after tax of INR0.32
crore during FY 2011. Based on provisional un-audited financials
of first 11 months FY 2013, KSPL has reported operating income of
INR33.31 crore.


PP RUBBER: ICRA Rates INR10cr Loan at '[ICRA]B+'
------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to the INR10.0 crore
fund based limits of P. P. Rubber Products Pvt Ltd. ICRA's ratings
of PPRPL factors in its modest scale of operations and thin profit
margins which coupled with high gearing (gearing of 3.87 times as
of March 31, 2012) have resulted in weak coverage indicators (Net
Cash Accrual/Total debt of 5% and interest coverage ratio of 1.56
times as of FY12).

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits          10.0     [ICRA]B+; Assigned

The ratings are also constrained by high competitive intensity in
the footwear industry, vulnerability of company's profits to
volatility in raw-material prices (being a raw-material intensive
business). The ratings positively factors in the promoter's
experience in the footwear business, and support in the form of
equity/unsecured loans, healthy growth in the scale of the company
over the past few years and positive demand outlook for the
footwear industry. Going forward, company's ability to manage its
working capital intensity and improve in its profitability and
capital structure will be the key rating sensitivities.

Incorporated in 1990, PRPPL is promoted by Mr. Prem Prakash
Poddar, Mr. Rajesh Poddar and family. PRPPL is based out of Jaipur
(Rajasthan) and is engaged in manufacturing of footwear primarily
Rubber, Hawai, EVA etc.

In FY12, PRPPL reported operating income (OI) of INR46.4 crore and
profit after tax (PAT) of INR0.26 crore as compared to OI of
INR37.7 crore and PAT of INR0.18 crore in FY11.


RAJITA COTTON: ICRA Rates INR7cr Fund Based Limits at 'B'
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR7.00
crore fund based facilities of Rajita Cotton Mills.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund based limits           7.00    [ICRA]B

The [ICRA]B rating takes into account of the recent commencement
of operation and hence the limited track record of operations of
the company. The rating assigned is further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality, crop harvest and regulatory risks.
The low value added nature of business coupled with high
competitive intensity and presence of large number of players in
the region has led to pressure on margins as reflected in thin
operating profitability.

Commoditized nature of the product and the highly fragmented
industry provides low pricing power to the company. The cost of
setting up the unit was INR4.38 crore which was funded by INR2.60
crore of term loans and the rest though promoters own funds. The
ratings are constrained by weak financial risk profile of RCM as a
result of low margins and high gearing resulting into weak
interest and debt coverage indicators. Nevertheless, ICRA draws
comfort from promoters' long standing experience of in
ginning industry resulting into established relationships with
suppliers and customers along with location advantages of the
plant resulting in ease of raw material availability and logistic
cost savings.

Rajita Cotton Mills was incorporated in December 2011 and has a
TMC (Technology Mission on Cotton) cotton ginning mill in Adilabad
district of AP with a capacity of 24 gins. The operations of
the plant commenced from November 2012. The business is promoted
by Mr Kotawar Laxman and his family. The family has been involved
in the business since last two decades.


SHANKAR RICE: ICRA Assigns 'B' Ratings to INR7.15cr Loans
---------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' for
INR7.15 crore fund based limits of Shankar Rice Mills.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                7.00     [ICRA]B
   Term Loans                 0.15     [ICRA]B

The assigned ratings factor in firm's weak financial profile, as
reflected by low profitability, high gearing and weak debt
coverage indicators. 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 conditions.
ICRA however draws comfort from long experience of promoters in
rice industry, proximity of the mill to major rice growing area
which results in easy availability of paddy and stable demand
outlook with rice being an important part of the staple Indian
diet.

Incorporated in the year 2008, Shankar Rice Mill is a partnership
firm engaged milling and processing of basmati and non basmati
rice. The firm has its plant located in Karnal, Haryana with
milling capacity of 3 tons/hour. The firm has been promoted by Mr.
Ashok Kumar, Mr. Shishan Kumar, Mr. Shiv Charan Dass and Mr.
Mangal Sain.

Recent Results

The firm reported a net profit after tax of INR0.03 crore on an
operating income of INR19.88 crore in FY2012 as against net profit
of INR0.02 crore on an operating income of INR8.87 crore in
FY2011.


SOMAN AND ASSOCIATES: ICRA Assigns 'B+' Rating to INR5.5cr Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR5.50
Crore long-term, fund based facilities of Soman and Associates.
ICRA has also assigned a long-term rating of '[ICRA]B+' and a
short-term rating of '[ICRA]A4' to the INR9.50 Crore unallocated
limits of the firm.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long Term, fund based       5.50    [ICRA]B+ assigned
   Limits (Working Capital
   Finance)

   Unallocated, long-term/     9.50    [ICRA]B+/[ICRA]A4 assigned
   short-term limits

The ratings factor in the healthy track record of the Soman group
in real estate development in Kalyan to Titwala region of
Maharashtra and the low regulatory risk of the project currently
being undertaken (Soman Prathamesh). ICRA has also favorably
factored in the current level of bookings received in the on-going
projects under the Group, along with the high quality and
experience of the management team at the firm. The ratings,
however, are constrained by the execution risk associated with the
project as the construction is still at a nascent stage,
uncertainty in the near term over sale of units in the projects
which would impact the debt servicing capacity of the firm,
stretched capital structure, and large group outlay over near to
medium term on other ensued projects which might lead to further
weakening of the capital structure.

Soman and Associates was originally founded as Soman Mistry and
Associates in the year 1966 as a civil engineering contracting
firm by Mr. M.S Soman and Mr. Damji Mistry. As a contractor, the
firm handled various projects with - Nicholas Piramal, Cadbury
India, Bayer, BASF, Hindustan Organic and Galaxy Surfactants.
Later, the firm ventured into residential and commercial realty
business and has completed many residential and commercial
projects in Ambernath and Badlapur up to 3.5 Lakh sq. ft. of area.
Currently, the firm has undertaken a residential project - "Soman
Prathmesh" at Titwala, Mumbai and has also entered into a joint
venture (with 22.5% stake) with Sun Enterprises for construction
of another residential cum commercial project - "Soman Sun Square"
at Kalyan, Mumbai.


SURYACHAKRA GLOBAL: ICRA Suspends 'D' Long Term Loan Rating
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR22.38 crore,
long term loan & working capital facilities of Suryachakra Global
Enviro Power Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company. According to its suspension policy,
ICRA may suspend any rating outstanding if in its opinion there is
insufficient information to assess such rating during the
surveillance exercise.


TAPAN SOLAR: ICRA Revises Rating on INR4cr Term Loans to 'B-'
-------------------------------------------------------------
ICRA has revised the long term rating of '[ICRA]B' assigned to the
INR10.00 crore long term fund based facilities of Tapan Solar
Energy Pvt. Ltd. to '[ICRA]B-'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term loans                  4.00    Revised to [ICRA]B- from
                                       [ICRA]B

   Cash credit limits          6.00    Revised to [ICRA]B- from
                                       [ICRA]B Total 10.00

The rating revision takes into account the operating losses made
by TSEPL in FY2012 and in FY2013 (as per provisional numbers) due
to modest scale of operations accentuated by low capacity
utilization averaging to 8.8% over the past 14 months and high
fixed overheads amortized over low revenue base. Furthermore, the
rating also took note of exposure to high customer concentration
risk with top 5 customers accounting for 40% of revenue; exposure
to exchange rate fluctuations risk as no hedging is employed
against foreign currency purchases; high working capital intensity
and depleting net-worth upon piling up of losses resulting in
stretched capital structure.

The rating has however taken comfort from the location advantage
in terms of excise duty exemption and VAT exemption for sales
happening in Rajasthan. The rating is also supported by the
company's well established sales & distribution network, fully
automated assembling process ensuring high quality output and
supportive government policies for the indigenous Solar PV module
manufacturers.

Tapan Solar Energy (P) Ltd.was incorporated on Aug. 3, 2010 by Mr.
Kailash Nath Harlalka and Mr. Rajendra Mittal &
Mr Surendra Harlalka. TSEPL is engaged in the manufacturing of
crystalline solar photovoltaic module (sizes ranging from 3W to
290W), under the brand name of 'ELECSSOL'. In addition the company
is also engaged in manufacturing of solar lantern and trading of
solar home lighting system, solar street lights and solar water
heaters. The manufacturing plant is located at Neemrana,
Rajasthan, and is spread over 30,000 Sq.Ft. with a capacity of 20
MW. The company is at nascent stage of operations with its plant
commencing operations in May, 2011. The company's clientele
comprises predominantly EPC contractors and the manufacturers of
solar systems.


TC SPINNERS: ICRA Assigns 'C+' Rating to INR58cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]C+' and a short-
term rating of '[ICRA]A4' to INR65.00 crore bank facilities of
T.C. Spinners Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long-Term Fund Based       58.00    [ICRA]C+ Assigned
   Facilities

   Short-Term Non-Fund         7.00    [ICRA]A4 Assigned
   Based Facilities

The rating factors in the considerable experience of the promoters
in the textiles industry, leveraging on which the company - T.C.
Spinners Private Limited successfully re-started the cotton
spinning facility of Euro Cotspin Limited, acquired in FY-08 from
Punjab National Bank (PNB) under SARFAESI Act. The cotton spinning
plant is located at the main Chandigarh - Ambala Highway (NH-22)
which is close to a major agricultural belt of the country,
ensures easy and timely availability of the raw-material. Owing to
the high vintage, the capacity utilization of the spinning
facility remained at sub-optimal levels during the initial years
of operations resulting in limited contribution to company's
profitability. Over the past 3-4 years, the company has incurred
significant capital expenditure to modernize its facility; which
helped it in increasing the utilization of the installed capacity
as getting reflected in improvement in the Operating Income (OI)
to INR105.67 crore in FY-12 from INR45.51 crore in FY-09, CAGR of
around 33%. However, owing to adverse movement in cotton prices
corresponding losses suffered on the inventory, the OPM declined
from 11.51% in FY-11 to 3.31% in FY-12. With expansion of the
installed capacity (from 26,016 spindles to 30,432 spindles) and
satisfactory capacity utilization during H1'FY-13, the OI of the
company further increased to INR70.59 crore, (annualized) growth
of 33.5% over FY-12. Further, a stable cotton prices in the
current financial year helped TCSPL to improve the OPM to 11.61%
in H1'FY-13. With improved capacity utilization and turnover, the
working capital requirements for the company has also increased
thereby resulting in stretched liquidity profile as reflected in
consistently high utilization of sanction limits. High working
capital requirements coupled with debt availed for funding of
acquisition, modernisation and expansion of spinning facilities
coupled with limited accretion to net worth owing to modest
profitability has resulted in weak capital structure as reflected
in gearing of 5.53 times as on Sep-12. However, considering that
around 30% of total debt is unsecured and non-interest bearing,
the adjusted gearing** would improve to 1.48 times; although
remained on a higher side. As a result of low profitability the
debt coverage indicators remained weak, as reflected in Total
Debt/ OPBDITA of 4.95 times and NCA/TD of 12%.

Going forward, the ability of the company to grow its revenues by
optimally utilizing its enhanced capacity, protect the
profitability margins, maintaining a prudent capital structure and
manage liquidity in the light increasing working capital
requirements as a result of expanding scale of operations &
significant schedule debt repayments will remain the key rating
sensitivities.

T.C. Spinners Private Limited was incorporated in FY-08 with the
acquisition of cotton spinning facility of Euro Cotspin Limited
from Punjab National Bank under SARFAESI Act. TCSPL is engaged in
the production of cotton yarn, polyester yarn and spun sewing
thread at its facility in Lalru (Punjab) located on main
Chandigarh-Ambala Highway (NH-22). The cotton spinning facility is
having an installed capacity of 30,432 spindles and it can
manufacture 10,328 MT of yarn at an average count of 30s annually.
TCSPL is promoted by Dr. Ajay Satia and his family members with
other companies in the group include - Satia Industries Limited,
rated at [ICRA]B+/[ICRA]A4 and Bhandari Export Industries Limited.


TINKA STONES: ICRA Assigns 'B' Rating to INR5cr LT Loan
-------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR5.00 crore long-
term fund based facilities of Tinka Stones Private Limited. ICRA
has also assigned an '[ICRA]A4' rating to the INR3.00 crore short-
term non-fund based facilities of TSPL.

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

   Short-term, non fund-       3.00    [ICRA]A4 assigned
   based facilities-LC

The assigned ratings take into account the promoter's experience
and operating track record of over three decades in marble
industry. The ratings also consider the import licence granted to
TSPL for importing rough marbles and procurement from group
companies located abroad mitigating raw material availability
risk.

The ratings are however constrained by the small scale of
operations and intense competition in a highly fragmented industry
with low entry barriers, thereby limiting pricing flexibility. The
ratings consider the vulnerability of margins to foreign exchange
fluctuations since purchases are denominated in foreign currency.
ICRA also notes the slowdown in real estate sector impacting
demand for polished marbles.

Tinka Stones Private Limited was initially incorporated as Nagma
Stones Private Limited in the year 1998 by taking over the
proprietorship concern of Mr. Shaikh Mohammad Abdullah. In 2007,
its name was changed to its current name. The company is closely
held by the promoter family. The firm is engaged in the business
of importing of crude marble, processing and selling of marble
slabs which is widely used by construction companies and real
estate developers.

Recent results:

TSPL reported profit after tax (PAT) of INR0.12 crore on operating
income of INR17.18 crore for FY 2011-12.



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


INDIKA ENERGY: Fitch Affirms 'B+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based Indika Energy Tbk's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
at 'B+'. The Outlook is Positive. Indika's senior unsecured notes
have also been affirmed at 'B+' with a Recovery Rating of 'RR4'.
Key Rating Drivers

Positive outlook: Indika's Positive Outlook reflects Fitch's
expectation of a sustained improvement in its credit metrics,
despite weakened coal prices. The improvement will be driven by
rising earnings from its 69.8%-owned mining sub-contractor,
Petrosea, and its 51%-owned PT Mitrabahtera Segara Sejati, a
logistics service supplier to the coal industry, as well as by low
expansionary and acquisition-related expenses.

Weak coal prices: Fitch expects dividends from Indika's 46%-held
associate PT Kideco Jaya Agung (Kideco) to fall substantially next
year, due to lower profitability in 2013 on account of weak coal
prices. Fitch believes that thermal coal prices have bottomed out
but are unlikely to materially improve in the next 18 to 24
months. However, Fitch expects Indika's leverage, as measured by
adjusted debt net of cash/operating EBITDAR (including dividends
from Kideco), to improve from 1.9x in 2012 due to increasing
earnings from other sectors.

Exposure to coal industry: Most of Indika's earnings are derived
either directly or indirectly from the coal industry, exposing the
company to volatile coal prices, weather risks and an evolving
regulatory environment. The volume of business of sub-contracted
mining and coal barging is vulnerable to a prolonged downswing in
the coal industry, although these operations are insulated by the
nature of their contracts from coal price fluctuations in the
short term.

Integrated business model: Indika's increasing earnings from sub-
contracted mining and coal barging help limit the sensitivity of
its earnings to commodity price fluctuations. Earnings from these
divisions are based mainly on long-term contracts, mostly with
fixed prices and fuel-price pass-through mechanisms. Sub-
contracted mining and coal barging accounted for more than 50% of
Indika's adjusted EBITDAR, including dividends from Kideco in
2012, and Fitch expects these operations to increase their share
of earnings in the medium term.

Healthy liquidity: Fitch expects Indika to generate positive
annual free cash flow in the medium term, as the agency believes
it has mostly completed its expansionary investments. Indika had
an estimated USD649m in cash at end-March 2013, compared with
current debt maturities of about USD115m. Indika raised USD500m
via a 10-year senior unsecured bond issue in January this year, of
which USD235m was used to refinance some of its existing debt. The
excess proceeds would be used to repay USD230m of its 2016 bonds
later this year.

Rating Sensitivities

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

- adjusted debt net of cash/operating EBITDAR (including
  dividends from Kideco) falling below 1.5x on a sustained basis

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

- failure to reduce leverage below 1.5x by end-2014, possibly due
  to large debt-funded investments, a significant fall in coal
  prices beyond Fitch's medium-term expectations, or due to a
  failure to increase production from the recently acquired coal
  miner PT Multi Tambangjaya Utama. This would lead to the
  Outlook being revised to Stable.


* INDONESIA: S&P Assigns 'BB+' Rating to New US$ Unsecured Bond
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured long-term foreign currency debt rating to a proposed
U.S. dollar-denominated benchmark-size global unsecured bond issue
by the Republic of Indonesia (BB+/Positive/B; axBBB+/axA-2).  It
will be part of the country's US$20 billion global medium-term
notes program.

The bond will constitute the direct, unconditional, and unsecured
obligations of the sovereign, and will rank equal with Indonesia's
other unsecured and unsubordinated external debt.

The sovereign credit ratings on Indonesia reflect its low per
capita income, structural and institutional impediments to higher
economic growth, still-high private sector external debt, and
shallow domestic capital markets.  The ratings are supported by
low reported central government fiscal deficits, declining public
sector debt burden, strengthening external liquidity, and
resilient economic performance.



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


SOFTBANK CORP: S&P Expects to Lower Corp. Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'BBB'
issue ratings to Softbank Corp.'s (BBB/Watch Neg/--) U.S. dollar
notes and euro notes due in 2020.  At the same time, S&P placed
the ratings on CreditWatch with negative implications.  The Japan-
based telecommunications company will use the proceeds of the
issuance mainly to finance its planned acquisition of U.S.-based
wireless company Sprint Nextel Corp.  If the acquisition does not
go ahead, Softbank will use the funds to repay debt and for
general corporate purposes.  In the event that the acquisition
proceeds, S&P expects to lower its long-term corporate credit
ratings on Softbank to 'BB+' and resolve the CreditWatch status.
If the acquisition does not proceed, S&P will likely affirm the
ratings.  Accordingly, the level of the issue ratings depends on
the progress of the acquisition.

Major Softbank subsidiaries Softbank Mobile Corp., a mobile
communication operator in Japan, and Softbank Telecom Corp., a
fixed-line carrier in Japan, will guarantee the notes.  Softbank
has a pure holding company structure.  In some cases with a
holding company structure, S&P notch down a holding company's
issue ratings from the corporate credit rating, reflecting the
structural subordination to the corporate credit rating.  However,
in Softbank's case the guarantee from the subsidiaries allows the
company to avoid notching down of the issue ratings on the notes,
in S&P's view.  The notes will rank pari passu (equal) with all of
Softbank's existing and future senior unsecured obligations.

If Softbank's acquisition of Sprint Nextel proceeds, S&P would
expect to lower the long-term corporate credit ratings on Softbank
to 'BB+' from 'BBB' and to remove the ratings from CreditWatch.
S&P would do this to reflect its view that Sprint Nextel's "fair"
business risk profile would pressure Softbank's business risk
profile, currently at the upper end of the "satisfactory" score,
because Sprint Nextel is at a competitive disadvantage compared
with its rivals and has lower profitability.  In addition,
completion of the planned acquisition would lower Softbank's
financial risk profile to "significant" from "intermediate," in
S&P's view.  This would be due to large debt-finance acquisition
costs and heavy debt at Sprint Nextel and Clearwire Corp., a U.S.-
based wireless high-speed Internet service provider Sprint Nextel
plans to acquire.



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


KITCHEN HOUSE: High Court Hears Customers Deposit Case
------------------------------------------------------
William Mace at Stuff.co.nz reports that a stoush over who will
get their hands on more than NZ$177,000 owed by failed kit-set
kitchen company Kitchen House has been heard in the High Court at
Auckland on April 8.

The report relates that a lawyer for a group of 25 Kitchen House
customers argued that even if Kitchen House's directors did not
place customers' deposits into a trust account, evidence showed
that they had intended to and staff thought they were.

According to the report, Kitchen House's ownership company CGKH
Ltd was placed into receivership twice, first by HSBC Bank which
recovered the NZ$200,000 owed to it through the sale of assets.

The second receivership was initiated by its owners -- two trusts
associated with Brian and Walter Smaill which are also second-
ranked creditors, the report relays.

Stuff.co.nz says receiver Anthony Harris has asked the High Court
to rule whether he can pay the NZ$177,876 to the Smaills' trusts
or whether the customers have any rights to the money, in an issue
that has wider implications for other consumers faced with the
same situation.

According to evidence in the High Court the Smaills initially
discussed how customer deposits would be safeguarded because they
had bought the company out of receivership and were wary of it
happening again, Stuf.co.nz relays.

However there was no evidence that any formal action was taken to
secure the deposits until shortly before Kitchen House was put
into receivership when Brian Smaill transferred the customers'
money into a trust account held by the company's solicitors, says
Stuff.co.nz.

According to Stuff.co.nz, the receiver's lawyer Howard Thompson
said Smaill acted "unilaterally", without his fellow directors'
knowledge or the company's authority, to transfer the money.

However the customers' lawyer Dafydd Malcolm said the initial
discussions about putting the money into trust, alongside Kitchen
House's general manager's statement that he believed the money was
in trust, meant the directors had an intention to do so, the
report relays.

Stuff.co.nz relates that Mr. Malcolm said the intention, as well
as Brian Smaill's eventual transfer of the money into the
solicitors' trust account, was enough to secure the money for
customers.

Justice Murray Gilbert reserved his decision, the report notes.

Kitchen House manufactures cabinets, bench tops and doors. It has
six retail sites around the North Island.  CGKH Ltd, which traded
as Kitchen House, was placed into receivership on Feb. 22, 2012.
The company owes creditors NZ$2.4 million.


MAINZEAL PROPERTY: Boss Speaks Out Over Collapse
------------------------------------------------
William Mace at Stuff.co.nz reports that Mainzeal boss Richard
Yan, "more than anyone else", wants the truth to come out about
his failed construction company but he's keeping quiet until the
liquidators have done their duty.

In his first public comments since the collapse of Mainzeal,
Mr. Yan told the Sunday Star-Times he had every confidence "the
system works" and liquidators BDO would "do justice to their
duties and obligations and all the truth will come out in good
time".

According to the report, Mr. Yan said he, more than anyone else,
wanted the truth to come out but that it was best that the truth
emerged in the course of a well-defined and independent process so
that there could be no "finger-pointing anywhere".

Stuff.co.nz notes that creditors of the Mainzeal group of
companies voted to retain BDO as liquidators at a meeting in
Auckland on April 3 after BDO partner Brian Mayo-Smith dismissed
claims that BDO had acted as an auditor for Mainzeal companies in
the past.

Mr. Mayo-Smith said liquidators would pay particular attention to
recovering NZ$72 million worth of "related party assets", NZ$27
million of which had been converted from a loan to a local related
company to a "forward purchase agreement" with a related Chinese
company, Richina Pacific China Investments, the report relays.

Mr. Yan also said last week that his four-level retail and office
building development -- called "New Zealand House Shanghai" -
would not be going ahead because it had "proved to be too
difficult for the Government".

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.


MAINZEAL PROPERTY: Receivers Slashes Full-Time Staff to 14
----------------------------------------------------------
BusinessDesk reports that Mainzeal Group's receivers have slashed
the number of full-time workers to just 14 from 500 as they focus
on quantifying liabilities at the failed construction firm, their
first report said.

The group owes NZ$11.3 million to its only first ranking secured
creditor, Bank of New Zealand, according to the report from Colin
McCloy and David Bridgman of PwC obtained by BusinessDesk. In
addition, there are 114 specific security financing statements
(PMSIs) for the supply of goods and services, including seven from
BNZ, which are still being assessed, BusinessDesk relays.

BusinessDesk discloses that unsecured trade creditors are the
biggest by value at NZ$70 million, made up of NZ$51.7 million in
accounts payable and NZ$18.3 million in retentions held. That does
not include payments and invoices for January and February.

Of preferential creditors, employees are owed NZ$5.2 million and
the Inland Revenue Department is likely owed NZ$600,000,
BusinessDesk relates citing company records.  The receivers also
identify contingent liabilities including NZ$33.5 million in
contractor bonds. How much of the bonds may be called is not known
yet, the receivers, as cited by BusinessDesk, said.

According to BusinessDesk, the receivers have kept on nine
construction management staff to assist in completing projects and
recover receivables, three finance and admin workers, and two
asset management workers.  Other former employees have been hired
on a casual basis.

BusinessDesk adds Mainzeal's key assets are listed at book value
of NZ$111.4 million, of which NZ$71 million are related party
receivables, NZ$21.2 million are contract receivables, fixed
assets NZ$12.3 million and residential properties NZ$5.9 million.
Its 50% interest in a Christchurch project management services
firm is not quantified, BusinessDesk discloses.

                       About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.


* Major NZ Banks Face Growing Risks from Competition, Fitch Says
----------------------------------------------------------------
Fitch Ratings says that challenges are increasing for
New Zealand's major banks with strong asset growth and fierce
price competition potentially leading to asset bubbles. This in
turn may impact bank financial strength and place negative
pressure on Viability Ratings (VR).

In a report published on April 8, Fitch highlights that
New Zealand's high household debt and a low national savings rate
could pose a risk to the financial system if asset prices decline
or if the unemployment rate increases. Potential asset quality
pressure could contribute to weaker future earnings, and
ultimately impact capitalisation.

In addition, New Zealand's property market has seen strong house
price inflation and credit growth - particularly in higher
loan/value (LVR) mortgages - in the past 12 months, while leverage
remains high in some segments of the agriculture sector which
could leave bank asset quality susceptible to weather-related
events such as drought.

However, the banks' current strong capitalisation and impairment
reserves, and healthy operating profitability provide buffer for a
moderate house price correction. Significant deterioration in
these measures is only likely after a material housing or economic
downturn.

To address some of these issues, the Reserve Bank of New Zealand
(RBNZ) has recently announced consultation on measures to
strengthen its macro-prudential regulation. Any additional
regulation which limits the creation of asset bubbles, and ensures
strong banking balance sheets will be viewed positively by Fitch.
The consultation paper outlines measures which include limits on
LVRs for mortgage lending and sector exposure, the counter-
cyclical buffer to strengthen capital levels, and a temporary
increase in the core funding ratio. The consultation process
closes on April 10, 2013.

At end- December 2012, New Zealand's banking system remained sound
with the largest four banks (ANZ Bank New Zealand, ASB Bank
Limited, Bank of New Zealand Limited, and Westpac New Zealand
Limited; all rated AA-' with Stable Outlook. They are all owned by
major Australian banks and together hold a market share of 85% of
New Zealand's mortgage assets.



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


NATIONAL POWER: Fitch Raises US$100MM Fixed-Rates Notes From BB+
----------------------------------------------------------------
This announcement corrects the version published on 3 April 2013.
The Power Sector Assets and Liabilities Management (PSALM)
Corporation, a wholly-owned and -controlled Philippine government
entity, has taken over the ownership of all existing generation
assets of the National Power Corporation, independent power
producer contracts, real estate, and all other disposable assets.
By the same token, PSALM assumed all outstanding obligations of
NPC arising from loans, issuance of bonds, securities, and other
instruments of indebtedness. Hence, the notes for the captioned
transaction have been transferred to PSALM.

A correct version is as follows:

Fitch Ratings has upgraded PSALM's notes as listed below.

National Power Corporation PSALM Notes

-- USD500m fixed-rate notes due November 2016 upgraded to 'BBB-'
    from 'BB+'; Outlook Stable

Key Rating Drivers

The rating on the notes is credit-linked to that of the
Philippines as the notes are irrevocably and unconditionally
guaranteed by the Republic of Philippines.

The rating action follows the upgrade of Philippines' Long-Term
Foreign Currency Issuer Default Rating (LT FC IDR) to 'BBB-' from
'BB+' with a Stable Outlook on 27 March 2013 (see "Fitch Upgrades
Philippines to Investment Grade; Outlook Stable" on
www.fitchratings.com).

Rating Sensitivities

Changes to the Philippines' rating will result in a corresponding
action on the notes' rating.



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


BANK OF CEYLON: Fitch Assigns 'BB-' Rating to New Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based Bank of Ceylon's (BOC)
proposed issue of senior unsecured notes an expected rating of
'BB-(EXP)'.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

The notes will have a maturity of five years and coupon payments
will be at a fixed rate on a semi-annual basis. The issue proceeds
will be used for BOC's refinancing and growth requirements and
also for lengthening the maturity profile of its foreign currency
liabilities.

Rating Action Rationale

The notes are rated at the same level as BOC's Long-Term Foreign
Currency Issuer Default Rating (IDR) as they will constitute
direct, unsubordinated and senior unsecured obligations of the
bank, and will rank equally with all its other unsecured and
unsubordinated obligations.

Key Rating Drivers

BOC's Long-Term IDR is driven by the Government of Sri Lanka's
high propensity but somewhat limited ability to provide timely
support to the bank at times of distress. In Fitch's view, the
state's high propensity stems from BOC's systemic importance as
the largest bank in the country - accounting for nearly 20% of
banking system's deposits and assets - its quasi-sovereign status,
its role as a key lender to the government and full government
ownership. The state's limited ability is reflected in the 'BB-
'/Stable sovereign rating.

Rating Sensitivities

Any change in Sri Lanka's sovereign rating or the propensity of
state support to BOC could result in a change in BOC's IDR.



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


KOREA RESOURCES: Moody's Rates $3-Bil. MTN Program '(P)A1'
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)A1 rating to
Korea Resources Corporation's proposed $3 billion global medium-
term note ("MTN") program. Moody's has also affirmed KORES' A1
issuer and senior unsecured ratings.

The notes to be issued under the program will rank pari passu with
KORES' other senior unsecured obligations.

The outlook for the ratings is stable.

Ratings Rationale:

"The A1 rating primarily reflects KORES' distinct policy role and
high level of operational integration with the Korean government,
as well as its receipt of regular financial support from the
government," says Chris Park, Moody's lead analyst for KORES.

Despite its weak financial profile, as reflected in its low
baseline credit assessment of ba3, the high likelihood of
extraordinary support from the Korean government (Aa3 stable)
results in rating uplift to the A1 level under Moody's joint
default approach for government related issuers.

KORES' financial profile remained weak in 2012, as highlighted by
negative funds from operations and debt/capitalization of around
73%.

Given its low profitability and plan to expand direct investments
in overseas mines and lending to mining companies, its financial
profile will remain weak over the medium- to long-term.

"In view of the government's increasing emphasis on securing
mineral resources and KORES' central role in fulfilling such
goals, Moody's expects KORES' strategic importance to the
government will further grow over the long term. This means the
likelihood of a government bail-out -- in a distressed scenario --
is very high," says Park.

In addition, Moody's expects its quasi-sovereign credit profile to
allow it to raise necessary funds in the domestic/international
financial markets.

KORES' stable outlook is based on Moody's expectation that its
public role and close ties to the government will be sustained
over the medium term, while maintaining strong access to the debt
markets.

An upgrade of Korea's sovereign rating would not automatically
trigger an upgrade of KORES' rating. Upward pressure remains
limited, without stronger forms of legal support and/or material
improvement in the company's standalone credit profile.

A downgrade of Korea's sovereign rating, which is unlikely in the
near term, given its stable outlook, could trigger a review on
KORES' rating. Also, the rating would be downgraded if KORES'
access to the debt markets weakens considerably, due to any change
in its relationship with the government and/or further pressure on
its standalone credit profile.

The principal methodology used in this rating was the Government-
Related Issuers: Methodology Update published in July 2010.

KORES is 100% owned by the Korean government. The company is
tasked with implementing national mineral resources-related
policies to promote stability in the country's procurement of
these resources.



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


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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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