TCRAP_Public/130412.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

           Friday, April 12, 2013, Vol. 16, No. 72


                            Headlines


A U S T R A L I A

BILL EXPRESS: Former CFO Gets 22 Months Jail Term
CRIGHTON GROUP: Delayed Planning Approval Cues Firm's Collapse
LM INVESTMENT: Financial Planners Face Investors Class Suit
PEPPER RESIDENTIAL: S&P Puts Prelim. BB Rating on Class E Notes
RCL GROUP: Wins Approval to Disclose Jack's Point Plan Change


C H I N A

ANV SECURITY: Incurs $8.3-Mil. Net Loss in 2012
SUNWIN STEVIA: Incurs $827,000 Net Loss in Fiscal Q3
WEST CHINA: RMB800MM Notes Issue is Credit Positive Says Moody's


H O N G  K O N G

UNISIGN LIMITED: Keung and Wai Step Down as Liquidators
WING CHUEN: Court Enters Wind-Up Order
XIAO YAU: Creditors' Proofs of Debt Due April 29
YING JUN: Lam Ying Sui Appointed as Liquidator
YU KEE: Briscoe and Yin Appointed as Liquidators

YU KEE TRADING: Briscoe and Yin Appointed as Liquidators
ZETEX INTERNATIONAL: Ho Tsz Tat Appointed as Liquidator


I N D I A

ADRUSTAM MOTORS: ICRA Assigns 'B' Ratings to INR5.5cr Loans
DAVENDER FEEDS: ICRA Assigns 'B' Ratings to INR9.95cr Loans
GANGOTRI IRON: ICRA Assigns 'D' Ratings to INR123.48cr Loans
JANKI NEWSPRINT: ICRA Assigns 'D' Ratings to INR25cr Loans
KINGFISHER AIRLINES: Court Orders DGCA to Deregister Two Planes

KINGFISHER AIRLINES: Submits Second Revival Plan
NK POLYMERS: ICRA Lowers Rating on INR4cr LT Loan to 'B+'
SRI KOUNDINYA: ICRA Assigns 'D' Ratings to INR27cr Loans
SRI UMA: ICRA Assigns 'B' Ratings to INR11.5cr Loans
VAISHNAVI RICE: ICRA Assigns 'B' Ratings to INR11.48cr Loans

VALMARK HOMES: ICRA Rates INR18.5cr Cash Credit at 'B'
XICON INTERNATIONAL: ICRA Rates INR2.9cr LT Loan at 'B+'


N E W  Z E A L A N D

KITCHEN HOUSE: Court Rules No Refund for Customers' Deposits
* Deposit Insurance May Increase Risk of Bank Failure, RBNZ Says


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BILL EXPRESS: Former CFO Gets 22 Months Jail Term
-------------------------------------------------
Peter Couper, the former CFO of the parent company of Bill
Express, has been jailed following an Australian Securities and
Investment Commission appeal against a suspended jail sentence
imposed on him over his role in the collapse of the payments
processor.

The Victorian Court of Appeal on April 10 sentenced Mr. Couper to
22 months in jail, to be released after 60 days, and fined him
AUD10,000.

In July 2012, the Victorian County Court sentenced Mr. Couper, 59,
to 21 months' jail, wholly suspended, and fined him AUD10,000 for
falsifying the accounts of Bill Express and lying to the company's
auditor and ASIC.

In delivering judgment, Justice of Appeal Tate said Mr. Couper's
conduct had the potential to harm the public's confidence in the
integrity of Australia's markets.

"This is particularly so when the financial crime involves deceit
and fraud perpetrated not only on an unidentified class of
individuals who purchased and sold BXP shares during the relevant
times, but a fraud perpetrated on the general public who are
entitled to rely upon the integrity of the market and the
appropriate enforceability of the offences which the Commonwealth
Parliament has created in relation to it," Justice Tate said.

ASIC Deputy Chair Belinda Gibson said lying to the regulator would
not be tolerated.

"This judgment from the Victorian Court of appeal reinforces the
importance of the market not being misled and the very serious
consequences for company officers who breach their obligations
under the Corporations Act 2001 and who then mislead ASIC. They
can expect to be prosecuted and for ASIC to seek jail terms in
appropriate cases," Ms. Gibson said.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

                       About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was
engaged in the management and development of an electronic
distribution system for pre-paid products and services in
excess of 14,000 locations around Australia, including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.  OnQ Group Limited is the parent company of
Bill Express Limited.

                          *     *     *

Bill Express and its parent company OnQ Group Limited went into
administration in July 2008, along with a number of related
companies known as the Bill Express Group.

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


CRIGHTON GROUP: Delayed Planning Approval Cues Firm's Collapse
--------------------------------------------------------------
SmartCompany reports that Crighton Group had administrators
appointed April 10 after the company collapsed as a result of long
delays in planning approvals.

Riad Tayeh -- rtayeh@devriestayeh.com.au -- and David Solomons of
de Vries Tayeh were appointed as administrators of the Crighton
Group, which is made up of 15 companies.

The companies now in administration are the Hermitage Lifestyle
Resort, Crighton Properties, Myall River Downs, Crighton Building
Co, Crighton Lifestyle Resorts Real Estate, Myall Quays Shopping
Village, Lifestyle Resorts, Woodstock at Jamberoo, Crighton
Bowral, Myall Down Angus Stud, Red Gum Grove, Laurieton Lifestyle
Resort, Crighton Mudgee, Crighton Byron and Crighton Bathurst.

The company Hermitage Management has not been placed in
administration and Mr. Tayeh told SmartCompany at this stage the
retirement village, Hermitage Lifestyle Resort, will continue to
operate as usual.

"In the main the group has been the victim of the slow and
unyielding process of getting approvals for developments,"
SmartCompany quotes Mr. Tayeh as saying.  "It has taken 11 years
to get zoning through for some developments and no company can
survive that sort of delay, and with the prevailing economic
conditions it could no longer continue to trade."

The Crighton Group's major creditors are the ANZ, Commonwealth
Bank and St George.

Mr. Tayeh says the Crighton Group is "not a fly-by-night group"
and at its full valuation had land holdings worth over $100
million. However, recent falls in value mean the valuation is now
closer to $30 or $40 million.

"The thing that has really hampered this industry and similar
developers has been the inability to get projects up and going
that have been supported by the community, this is not a good
thing for the industry," he says.

The Crighton Group is an aged care and property development group.
It has been operating for over 25 years and has around 30 staff.


LM INVESTMENT: Financial Planners Face Investors Class Suit
-----------------------------------------------------------
Larry Schlesinger at SmartCompany reports that a "steady stream"
of investors are adding their names to what could become a Slater
& Gordon class action against financial planners who recommended
they invest in mortgage funds issued by collapsed Gold Coast-based
fund manager and developer LM Investment Management (LMIM).

SmartCompany says Slater & Gordon had already issued legal
proceedings against financial advisors on behalf of a number of
those investors and says more proceedings will be issued in coming
weeks.

LMIM was placed into voluntary administration last month with
initial reports suggesting there may be irregularities in how some
of the funds operated, SmartCompany discloses.

According to the report, administrators John Park and Ginette
Muller from FTI Consulting have applied to become the receivers of
the $400 million LM Managed Performance Fund, which has the
$1 billion Maddison Estate on the Gold Coast as its primary
investment asset.  The application has the backing of ASIC,
SmartCompany relates citing The Australian Financial Review.

SmartCompany notes that another Gold Coast residential development
backed by the same LMIM fund, the 271-unit Rhodes apartment
development on Mount Cotton Road at Capalaba is caught up in the
collapse of LMIM.

Slater & Gordon commercial litigation lawyer Mark Walter has told
Property Observer the firm continues to field inquiries from
investors and is confident of commencing proceedings in the "near
future," the report relays.

The exact form they will take has not been decided but it could a
class action with Slater & Gordon specialists in this area, adds
SmartCompany.

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.


PEPPER RESIDENTIAL: S&P Puts Prelim. BB Rating on Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of nonconforming residential
mortgage-backed securities (RMBS) to be issued by G.T. Australia
Nominees Limited as trustee of Pepper Residential Securities
Trust No.10.  Pepper Residential Securities Trust No.10 is a
securitization of nonconforming residential mortgages originated
by Pepper HomeLoans Pty Ltd. (Pepper).

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount built from excess
      spread, and applied monthly to the most subordinated rated
      note at that time.

   -- The availability of a yield reserve built from excess
      spread, and made available to meet interest shortfalls on
      the class A and class B notes.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one, available to meet extraordinary expenses.  The
      reserve will be topped up via excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 1.9 % of the outstanding balance of the
      notes plus A$2.1 million, and principal draws, are
      sufficient under its stress assumptions to ensure timely
      payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

A copy of Standard & Poor's complete report for Pepper Residential
Securities Trust No.10 can be found on Global Credit Portal,
Standard & Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this press release or whether relevant information remains non-
public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

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

        http://standardandpoorsdisclosure-17g7.com/1465.pdf

PRELIMINARY RATINGS ASSIGNED

Class        Rating         Amount (mil. A$)
A-1          AAA (sf)       245.0
A-2          AAA (sf)        38.85
B            AA (sf)         18.2
C            A (sf)          17.15
D            BBB (sf)        12.25
E            BB (sf)          8.05
F            B (sf)           5.6
G            N.R.             4.9
N.R.--Not rated.


RCL GROUP: Wins Approval to Disclose Jack's Point Plan Change
-------------------------------------------------------------
NBR Online reports that troubled Australian-based RCL Group has
been given the go ahead to publicly notify a plan change at Jack's
Point, Queenstown.

The land involved is on the 520 hectare Henley Downs to the north
of the developed Jack's Point land. If approved, the private plan
change will allow for an extra 1,000 sections in addition to the
1,364 already approved.

NBR Online says RCL also seeks to make development more flexible
and eliminate requirements for schools, retail outlets and other
commercial activities. RCL's original schedule was to bring 450
residential sections to market by 2015.

But the big question for the company and its backers is the effect
on current prices at Jack's Point, the report says.

RCL Group was placed in receivership in early 2012 by Torchlight,
a company associated with George Kerr, who has been a business
partner with Jack's Point developer John Darby.

The company was delisted as part of the receivership but continues
to trade.

A Darby-related trust initially funded and retained an investment
in Jack's Point and neighbouring Henley Downs, until it sold the
holdings to RCL Group in November 2007 just before the global
financial crash, NBR Online states.



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


ANV SECURITY: Incurs $8.3-Mil. Net Loss in 2012
-----------------------------------------------
ANV Security Group, Inc., filed its annual report on Form 10-K,
reporting a net loss of $8.32 million on continuing operations
revenues of $185,175 for the year ended Dec. 31, 2012, compared
with a net loss of $4.72 million on $nil revenue for the year
ended Dec. 31, 2012.

The Company's balance sheet at Dec. 31, 2012, showed $2.83 million
in total assets, $174,363 in total liabilities, and stockholders'
equity of $2.66 million.

According to the regulatory filing, the Company has incurred
$15 million losses since inception.  "Further, as of Dec. 31,
2012, the cash resources of the Company were insufficient to meet
its current business plan.  These and other factors raise
substantial doubt about the Company's ability to continue as a
going concern."

A copy of the Form 10-K is available at http://is.gd/TWsXfO

Headquartered in Shenzhen, China, ANV Security Group, Inc., is a
Nevada company and was incorporated on Dec. 18, 2006, in
Vancouver, BC, Canada.  The Company specializes in network video
surveillance and video alarm service, and conducts new products
research & development, software solution and technologies on its
current platforms.  The Company plans to become a fully integrated
developer, designer, manufacturer, marketer, installer and
servicer of web-based security systems for residential, commercial
and government customers operating in the People's Republic of
China.


SUNWIN STEVIA: Incurs $827,000 Net Loss in Fiscal Q3
----------------------------------------------------
Sunwin Stevia International, Inc., filed on March 25, 2013, its
quarterly report on Form 10-Q, reporting a net loss of $826,841 on
$2.0 million of revenues for the three months ended Jan. 31, 2013,
compared with a net loss of $1.3 million on $2.9 million of
revenues for the three months ended Jan. 31, 2012.

The Company reported a net loss of $3.1 million on $7.7 million of
revenues for the nine months ended Jan. 31, 2013, compared with a
net loss of $3.0 million on $9.4 million of revenues for the nine
months ended Jan. 31, 2012.

The Company's balance sheet at Jan. 31, 2013, showed $31.2 million
in total assets, $4.2 million in total current liabilities, and
stockholders' equity of $27.0 million.

"As reflected in the accompanying consolidated financial
statements, the Company had a net loss and net cash used in
operations of $3,064,956 and $2,471,580, respectively, for the
nine months ended Jan. 31, 2013, and has cash and cash equivalents
and an accumulated deficit of $68,294 and $11,883,934 at Jan. 31,
2013, respectively.  These matters raise substantial doubt about
the company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/NcksdL

Shandong, China-based Sunwin Stevia International, Inc., a Nevada
corporation, sells stevioside, a natural sweetener, as well as
herbs used in traditional Chinese medicines.  Substantially all of
the Company's operations are located in the People's Republic of
China.


WEST CHINA: RMB800MM Notes Issue is Credit Positive Says Moody's
----------------------------------------------------------------
Moody's Investors Service says West China Cement's issuance of
medium-term notes totaling RMB800 million for three-years at 6.1%
is credit positive.

The notes were issued on March 28, 2013 through WCC's indirectly
wholly owned onshore subsidiary Yaobai Special Cement Group Co.
Ltd., which owns the vast majority of the group's assets in
Mainland China.

The proceeds from the MTN issuance will be used to refinance
onshore bank loans, expand production facilities and for general
working capital purposes.

"The issuance of the domestic MTNs is credit positive because it
will improve WCC's liquidity profile and reduce its interest
costs," says Jiming Zou, a Moody's Analyst.

WCC's interest expenses will be lowered by using the proceeds from
the 6.1% MTNs to redeem short-term bank loans with higher funding
cost of around 7%.

"The MTN issuance has also reduced WCC's refinancing risk, and its
overall debt maturity will lengthen after it repays short-term
bank loans," adds Zou.

"In addition, WCC's first time issuance of domestic MTNs is a
milestone in broadening its funding channels," says Zou.

"The company has successfully overcome the high hurdles of issuing
RMB MTNs in China, despite its status as a non-state-owned entity.
It has managed to do so because of its growing business scale,
increasing market share and acceptable debt leverage," adds Zou.

The regulatory authorities have authorized WCC to issue a total of
RMB1.6 billion in MTNs, with approval for a second tranche of
RMB800 million to be issued not later than March 2015.

Moody's expects WCC's debt/EBITDA to increase to about 4.0x
including MTNs by end-2013 from an estimated 3.7x at end-2012,
because only part of the proceeds will be used to refinance debt.
Nonetheless, such a result would fall within the parameters of the
company's B1 corporate family rating and B1 senior unsecured
rating, given the improvement in its funding and liquidity
profiles.

In addition to the debt refinancing element, some of the proceeds
will fulfill part of its committed capital expenditure of about
RMB450 million in 2013, which includes general plant upgrade
spending and completion of retention payments on capacity
commissioned in 2012. Such a level of investment illustrates a
slowing down in the company's pace of expansion.

The principal methodology used in this rating was the Global
Building Materials Industry Methodology published in July 2009.

West China Cement is one of the leading cement producers in
China's Shaanxi province. As of December 2012, the company's
annual cement production capacity amounted to 23.7 million tons.
Its revenues totaled RMB3.5 billion in 2012.



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


UNISIGN LIMITED: Keung and Wai Step Down as Liquidators
-------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Unisign Limited on March 6, 2013.


WING CHUEN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 8, 2013, to
wind up the operations of Wing Chuen Metal Factory Limited.

The company's liquidator is Lau Siu Hung.


XIAO YAU: Creditors' Proofs of Debt Due April 29
------------------------------------------------
Creditors of Xiao Yau Bu Qi Gong Cancer Rehabilitation Center
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 20, 2013.

The company's liquidator is:

         Cheng Chun Wah
         Flat A1, 10/F
         May Ming Building
         312 Nathan Road
         Yaumatei, Hong Kong


YING JUN: Lam Ying Sui Appointed as Liquidator
----------------------------------------------
Lam Ying Sui on March 21, 2013, was appointed as liquidator of
Ying Jun Limited.

The liquidator may be reached at:

          Lam Ying Sui
          10/F., Allied Kajima Building
          138 Gloucester Road
          Wanchai, Hong Kong


YU KEE: Briscoe and Yin Appointed as Liquidators
------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Yu Kee Development 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


YU KEE TRADING: Briscoe and Yin Appointed as Liquidators
--------------------------------------------------------
Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed
as liquidators of Yu Kee Trading Company 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


ZETEX INTERNATIONAL: Ho Tsz Tat Appointed as Liquidator
-------------------------------------------------------
Ho Tsz Tat on March 15, 2013, was appointed as liquidator of Zetex
International Limited.

The liquidators may be reached at:

          Ho Tsz Tat
          Rm. 1006, 10/F.
          Landmark North
          39 Lung Sum Avenue
          Sheung Shui, N.T.
          Hong Kong



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


ADRUSTAM MOTORS: ICRA Assigns 'B' Ratings to INR5.5cr Loans
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR5.50 crore
fund based limits of Adrustam Motors Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash credit                5.00     [ICRA]B
   Unallocated                0.50     [ICRA]B

The assigned rating factors in the vast experience of the
management in the automobile industry, established presence of the
company in Nellore district in Andhra Pradesh and the dominance of
Piaggio, whose vehicles are dealt with by the company, in the
goods carrier segment.

However, the ratings are constrained by stable but low
profitability of the company as margins on vehicles and spares are
controlled by Piaggio and revenue concentration on a single
principal. The ratings are also constrained by its moderate
financial profile, characterized by gearing of 1.98 times,
interest coverage ratio of 1.66 times and NCA/Debt of 10% as on
FY2012, and high competitive intensity from other OEMs resulting
in severe pricing pressures.

Adrustam Motors Private Limited was established in 2006. The
company is the exclusive authorized dealer of Piaggio vehicles in
Nellore district in AP. The company has four showrooms and one
workshop in the district. The group also has two other firms,
namely Fortune Motors and Adrustam Aqua. While Fortune Motors is
involved in the sales of Hero motor parts, Adrustam aqua is set to
commence its packaged drinking water business.

Recent Results

In FY2012, the company reported an operating income of INR37.89
crore and an operating profit of INR1.38 crore as against an
operating income of INR37.63 crore and an operating profit of
INR1.35 crore in FY2011.


DAVENDER FEEDS: ICRA Assigns 'B' Ratings to INR9.95cr Loans
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' rating for INR9.95
Crore long term, fund based facilities of Davender Feeds India
Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loan                  4.95     [ICRA]B assigned
   Cash Credit                5.00     [ICRA]B assigned

The assigned rating takes into account DFIPL's location advantage
in proximity to the hatchery companies and the recent
commissioning of poultry feed mill that is expected to contribute
to growth in revenues and allow improvement in profit margin.

However, the rating is constrained by highly competitive nature of
business and thus thin profit margin for the company, stretched
liquidity position with negative fund flow from operation and high
leverage. Going forward, DFIPL's ability to manage its
profitability, and generate sufficient cash flows to meet its
repayment obligations and maintain its financial profile would be
key rating sensitivities going forward.

DFIPL is part of Bharti group and is engaged in manufacturing of
poultry feed supplement. The company started its commercial
production in October, 2012 with an installed capacity at 72,000
tons per annum. The company is fulfilling the internal requirement
for all the other group companies, which are engaged in the
business of breeding and Hatchery. The in-house consumption for
the entire group is around -40tons of feed per day. Mr. Narendra
Singh, Mr. Jitendra Kumar and Mr. Sudhir Kumar are the directors
for the company and taking care of day to day management.


GANGOTRI IRON: ICRA Assigns 'D' Ratings to INR123.48cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR60.48
crore term loan and INR47.00 crore cash credit facilities of
Gangotri Iron & Steel Company Limited. ICRA has also assigned a
short term rating of '[ICRA]D' to the INR16.00 crore non fund
based bank facilities of GISCO.

                              Amount
   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Fund Based Limits-          60.48    [ICRA]D assigned
   Term Loan

   Fund Based Limits-          47.00    [ICRA]D assigned
   Cash Credit

   Non Fund Based Limits       16.00    [ICRA]D assigned
   Letter of Credit

The assigned ratings take into account the liquidity pressures
being faced by GISCO primarily due to high working capital
requirement of the business, leading to delays in interest
servicing. The ratings are also constrained by significant decline
in revenues of the company during FY12 owing to shutdown of
operations for a better part of 2011-12 and weak financial profile
of the company which is characterized by net losses, depressed
level of coverage indicators and high gearing. The company is also
exposed to cyclicality inherent in the prices of raw material and
finished goods, which is likely to keep its cash flows volatile.
The ratings, however, favorably considers the experience of the
promoters in the steel industry, the established brand name of
GISCO in Bihar and favorable long term demand outlook for TMT
bars, because of substantial requirement in construction and
infrastructure sectors in India .

GISCO formerly known as Esskayjay Ispat Limited was incorporated
in 1992. In the year 2000, the management of the company was taken
over by the Choudhary family based out of Patna, under leadership
of Mr. Sanjiv Choudhary. The company is engaged in manufacturing
of TMT bars of various grades. The company has two manufacturing
unit located at Nayatola and Bhita in Patna with combined
installed capacity to manufacture 145,000 MTPA of TMT Bars. The
company also has a billet manufacturing division with installed
capacity of 108,900 MTPA, which is mainly consumed internally by
the company for manufacturing TMT bars.

Recent Results

The company reported a loss of INR2.17 crore in 2011-12 on an
operating income of INR95.10 crore, as compared to a profit after
tax of INR0.47 crore on an operating income of INR180.32 crore in
2010-11.


JANKI NEWSPRINT: ICRA Assigns 'D' Ratings to INR25cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' and a short term
rating of '[ICRA]D' to the INR25.0 Crore bank facilities of Janki
Newsprint Ltd.


                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund-Based limits-         14.0     [ICRA]D assigned
   Long Term scale

   Term Loan-Long Term         9.75    [ICRA]D assigned
   Scale

   Non-Fund based limits-      1.25    [ICRA]D assigned
   Short term scale

The ratings are constrained by liquidity pressures in the business
as evidenced by the recent delays in debt servicing and
overutilization of working capital limits; highly fragmented and
competitive industry structure; industry-wide challenges including
increasing input costs, raw material shortages, stricter
regulations and capacity additions in the domestic industry;
inability to pass on increase in input costs to customers renders
profitability vulnerable and weak financial risk profile
characterized by high gearing levels, modest coverage indicators
and high working capital intensity.

Nevertheless, while assigning the rating, ICRA takes note of the
long track record and experience of the promoters' in the paper
business; diversified product profile comprising of newsprint and
kraft paper and favorable demand prospects for paper industry in
the domestic market.

Janki Newsprint Limited (earlier known as Sumit Agro Products
Limited) was incorporated in 2000 as Private limited company. The
company was later on changed to a Limited company in March 2003
and its name was changed to Janki Newsprint Limited in March 2010.
The company has Kraft paper manufacturing capacity of 24750 MTPA
and newsprint manufacturing capacity of 16500 MTPA at its
manufacturing facilities located in Meerut in the state of Uttar
Pradesh. The Company has cogeneration plant of 3 MW for its
captive use.

Recent Results

JNL reported a turnover of INR43.56 Crore and a net loss of
INR4.61 Crore during financial year 2011-12. The company had
reported a turnover of INR62.21 Crore and a net profit of INR0.01
Crore during financial year 2010-11.


KINGFISHER AIRLINES: Court Orders DGCA to Deregister Two Planes
----------------------------------------------------------------
International Business Times reports that the Delhi High Court has
directed the Directorate General of Civil Aviation (DGCA) to de-
register two planes of crisis-struck Kingfisher Airlines leased by
German aircraft leasing firm DVB Aviation Finance Asia PTE Ltd.

DVB had seized the two planes to Kingfisher Airlines in Turkey
where it was flown for maintenance and repair work, IBT relates.

Asking DGCA to de-register the two aircraft, the High Court Judge
Justice Rajiv Shakdher said, "The petition is allowed. DGCA is
directed to deregister the two aircraft which are lying outside
the jurisdiction of this court," IBT relates citing Press Trust of
India.

IBT says the judge has also asked authorities of the debt-ridden
airline, which remains grounded since last October, to hand over
the original documents of the leased out aircraft to the German
firm within four weeks.

The judge went on to say that the DGCA cannot hold back de-
registration of the aircraft as Kingfisher owes money to the
government and its agencies, IBT relays.

"It is made clear that if any dues remain payable from the
airlines, the respondent (DGCA) can take recourse to appropriate
measures against respondent 2 (Kingfisher)," IBT quotes Justice
Shakdher as saying.

According to IBT, the judgment on the de-registration of the two
aircraft came soon after it was reported that a majority of the 15
planes leased to the airline by various lessors were not fit to
fly.

                     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: Submits Second Revival Plan
------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that Kingfisher
Airlines Ltd., grounded since October following five years of
losses, submitted a revival plan to Indian authorities for a
second time after the previous proposal was rejected as
inadequate.

Parent UB Group will give INR6.5 billion ($119 million) to help
the carrier restart flights, Kingfisher Chief Executive Officer
Sanjay Aggarwal said after meeting India's aviation regulator in
New Delhi on April 11, Bloomberg News reported.  The airline plans
to resume services with seven aircraft, he said.

According to the report, a government official said Kingfisher's
present plan is more "practical" as private airport operators and
aircraft lessors support it.  Bloomberg News relates that liquor
tycoon Vijay Mallya's latest attempt to revive the Bangalore-based
airline comes as Indian carriers struggle with high operating
costs and competition is set to intensify with the entry of
AirAsia Bhd. later this year.

"It's a good thing if the regulator is seeing substance in the
plan," Bloomberg News quotes Harsh Vardhan, chairman of Starair
Consulting, a New Delhi-based company that advises airlines, as
saying. "Nobody, whether it's creditors or lessors, would like to
come in the way of a restart. They know it's a trade-off between
write-off and possibility of recovery."

Mr. Mallya's UB Holdings lost some of its stake in United Spirits
and Kingfisher after banks sold a part of their pledged shares on
April 1, Bloomberg News reports citing stock exchange filings on
April 10.

                     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.


NK POLYMERS: ICRA Lowers Rating on INR4cr LT Loan to 'B+'
---------------------------------------------------------
The rating for the INR4 crore long-term fund-based facilities of
N.K. Polymers & Additives Mfg. Co. has been revised to '[ICRA]B+'
from '[ICRA]BB-'.  The rating of '[ICRA]A4' has been reaffirmed
for the INR11 crore short-term non-fund based facilities of NKP.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund-based, Long-term      4.00     Revised to [ICRA]B+
   Facilities                          from [ICRA]BB- (Stable)

   Non-fund Based, Short-    11.00     [ICRA]A4 reaffirmed
   term facilities

The revision in the long-term rating factors in the erosion of
capital base of the firm on account of significant loss in FY12.
Besides the loss in FY12, high borrowings have led to a
substantial deterioration in the capital structure of the firm.
The financial risk profile of the firm is weak, characterized by
low profitability, high gearing levels, high working capital
intensity and free cash outflows over the past few years.

The ratings continue to factor in the fragmented industry
structure and stiff competition from di-octyl phthalate (DOP)
imports leading to low margins, although competition from imports
is expected to be mitigated over the next two years due to
imposition of safeguard duty on the import of DOP. While the long-
term demand outlook remains strong, near-term demand headwinds may
be expected on account of substantial increase in raw material
prices over the past one and a half years. Further, the industry
faces regulatory risks associated with health effects of
phthalates, leading to these being phased out in several developed
countries; any similar legislation in India may adversely impact
the firm's sales. The profitability is vulnerable to forex
fluctuations in absence of a firm hedging policy, as witnessed in
2011-12 when rupee depreciation led to forex losses and hurt
profitability. Further, being a proprietorship concern, the
capital structure of the firm is vulnerable to withdrawal of
capital.

The ratings, nevertheless, continue to factor in the favorable
long-term demand outlook for the key customer industry - polyvinyl
chloride (PVC) products. The entity is a part of the Action Group
of companies, a major player in the footwear and power devices
industries in India. The financial strength of the group leads to
availability of low-cost funding; besides, there is fungibility of
cash flows within the group. However, defaults by certain
group/associate companies in the past remains a concern. The
ability of the firm to improve its profitability and capital
structure and manage its liquidity position continue to be the key
rating sensitivities.

N.K. Polymers & Additives Mfg. Co. is a part of the Action Group
of companies, known for its footwear and power devices products.
It is a proprietorship firm of Mr. Nand Kishore Aggarwal, the
promoter Chairman of the Action Group, although it is managed by
his brother Mr. Subhash Chander Aggarwal and the latter's son Mr.
Varun Aggarwal. The firm was incorporated in 1996 and is engaged
in the manufacturing of plasticisers, primarily dioctyl phthalate
(DOP) and n-butyl phthalate (DBP). Plasticisers are used to obtain
the desired characteristics during the manufacture of plastic
material and are primarily used in polyvinyl chloride (PVC)
manufacturing. The manufacturing unit of the firm is located in
Daman with an installed capacity of 16,750 metric tonnes per annum
(MTPA). The customers include various Action Group companies in
the footwear, PVC pipes, cables and leather cloth segments --
accounting for about 30-40% of the revenues,
while the rest is sold to other external customers.


SRI KOUNDINYA: ICRA Assigns 'D' Ratings to INR27cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to INR27.00
crore fund based limits of Sri Koundinya Educational Society.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash credit                7.00     [ICRA]D
   Term Loan                  9.00     [ICRA]D
   Unallocated               11.00     [ICRA]D

The assigned rating factors in the delays in servicing of term
loan obligations by the society. This is on account of delays in
disbursement of cash by the government under its fee reimbursement
scheme, which has been the scenario in Andhra Pradesh for some
time now. The assigned rating is also constrained by lower
profitability last year due to higher interest and depreciation
costs.

ICRA however, takes into consideration the vast experience of the
promoters in the education sector and established presence of the
society's colleges in Rajahmundry area. Going forward, the ability
of the society to service its debt obligations in a timely manner
will be the key rating sensitivity.

Sri Koundinya Educational Society was established in 1997 in
Rajahmundry. The society consists of colleges in various domains
such as engineering, polytechnic, pharmacy etc.

Recent Results

In FY2012, the company reported an operating income of INR25.11
crore and an operating profit of INR8.02 crore as against an
operating income of INR25.75 crore and an operating profit of
INR13.46 crore in FY2011.


SRI UMA: ICRA Assigns 'B' Ratings to INR11.5cr Loans
----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA] B' to INR11.50
crore fund based limits of Sri Uma Jewellers India Private
Limited.


                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash credit                8.00     [ICRA] B
   Term Loan                  2.53     [ICRA] B
   Unallocated                0.97     [ICRA] B

The assigned rating factors in the strong growth in revenues over
the last two years, the long-standing experience of the promoters
in the industry and established presence of the company in an
upmarket residential area in Hyderabad. The rating also favorably
factors in the healthy demand outlook in the long term for the
jewellery segment owing to rising disposable income levels,
buoyant economic growth and strong demand from smaller towns and
rural areas.

However, the assigned rating is constrained by low operating
margins of the company on account of industry dynamics and the
price structure being decided by the principal; moderate financial
profile characterized by moderate gearing and weak coverage
indicators; exposure of the company to volatility in gold prices
due to high levels of inventory maintained; and competition from
upcoming jewelers, which is negated to a certain extent by the
brand reputation enjoyed by Tanishq. Company Profile Sri Uma
Jewellers India Private Limited was established in 2009 in AS Rao
Nagar, Hyderabad in Andhra Pradesh. It is an authorized dealer of
Tanishq jewelers. The company is managed by Mr Yugender who has
vast experience in the industry. The company at present has one
showroom in Hyderabad.

Recent Results

In FY2012, the company reported an operating income of Rs.36.00
crore and an operating profit of Rs.2.33 crore as against an
operating income of INR23.35 crore and an operating profit of
INR1.92 crore in FY2011.


VAISHNAVI RICE: ICRA Assigns 'B' Ratings to INR11.48cr Loans
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR11.43 crore
fund based limits and INR0.05 crore non-fund based limits and
short-term rating of '[ICRA]A4' to INR0.02 crore of non-fund based
limits of Vaishnavi Rice Industries. ICRA has also assigned
ratings of [ICRA]B/[ICRA]A4 to INR3.50 crore unallocated limits of
VRI.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund based limits          11.43    [ICRA]B assigned
   Non-Fund based limits       0.05    [ICRA]B assigned
   Non-Fund based limits       0.02    [ICRA]A4 assigned
   Unallocated limits          3.50    [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by significant project
execution risks due to nascent stage of construction in the form
of time & cost overruns. Moreover, the debt funded nature of the
project is likely to put pressure on the capitalization and
coverage indicators of the company in the initial period.  The
ratings are further constrained by intensely competitive nature of
the rice industry with presence of several small-scale players
which further increases the pressure on the operating margins;
susceptibility to agro-climatic risks which impact the
availability of the paddy in adverse weather condition and the
government policy restrictions on the quantity of rice which can
be sold in the open market limit the flexibility and realizations
for the firm.

The ratings however take comfort from more than 20 years of
experience of promoters in the rice milling and trading business
through Sri Parvathi Parameswara Foods (rated [ICRA]B+/[ICRA]A4);
easy availability of paddy from proximity of plant in major paddy
cultivating region of the country and favorable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally.

Founded in 2012 as a partnership firm by Mr. Mallidi Venkata
Krishna Reddy and other family members, Vaishnavi Rice Industries
is engaged in the milling of paddy to produce raw and boiled rice.
The firm is located in the East Godavari District of Andhra
Pradesh and the installed capacity is 10 tonnes per hour. The
promoters were earlier the partners of Sri Parvathi Parameswara
Foods (SPPF) which was engaged in producing raw and boiled rice.
SPPF had taken a mill on lease and lease expired in October, 2012.
The total cost of the project is INR11.58 crore and the partners
have infused their share of capital in VRI.


VALMARK HOMES: ICRA Rates INR18.5cr Cash Credit at 'B'
------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to INR18.5
crore cash credit facility of Valmark Homes.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                 18.5    [ICRA] B

The rating reaffirmation takes into account from current healthy
booking status of Ananda Valmark at 67% (valmark's share), the
long experience of the promoters in real estate industry and
strong collection efficiency of the firm. However, the assigned
rating is constrained by high debt repayment obligation of the
group in the near term, the intensely competitive nature of the
Bangalore real estate industry, and significant upcoming supply of
residential projects in the vicinity of Ananda Valmark. These
apart, the rating also factors in the risks inherent in
partnership firms inter alia limited ability to raise capital, and
risk of dissolution of the firm.

Valmark Homes is a partnership firm, specifically created for
development of a residential project Ananda Valmark, located off
Bannerghatta Road in Bangalore. The partners of the firm are SNCL,
Mr. Tejas H.V. and Ms. Vipula V. Reddy with their respective
shares being 52%, 24% and 24%. Ananda Valmark is being developed
under a joint development agreement between the developer and the
land owner with the latter share in the project being 34%. The
project is planned in 2 acres and comprises of 4 blocks and over
150 flats. The project was launched in May 2011 and is 65%
completed till date. The project would be handed over by June
2013.

Recent Results

During Fy12, the firm generated a net loss of INR0.1 crore on an
operating income of INR8.7 crore. During the 9 months ending
December 2012, the company generated a PAT of INR0.1 crore on an
operating income of INR20.5 crore.


XICON INTERNATIONAL: ICRA Rates INR2.9cr LT Loan at 'B+'
--------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR2.90 Crore long
term fund based bank facility of Xicon International Limited. ICRA
has also assigned an '[ICRA]A4' rating to XIN's INR4.00 Crore
short term non-fund based bank facility.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long Term Fund             2.90     [ICRA]B+; Assigned
   Based Limits

   Short Term Non             4.00     [ICRA]A4; Assigned
   Fund Based Limits

The ratings are constrained by Xicon's small size of operations,
high working capital intensity given the slow movement of
receivable and vulnerability of the margins to input commodity
price risks due to the 'fixed price' nature of the contracts. The
ratings also consider the significant increase in financial
expenses relative to the growth in operating income, which
adversely impacted the profitability and coverage indicators.

ICRA has also taken note of the de-growth in the company's
operating income in FY 2012 owing to slower than anticipated pace
of execution of certain orders and its exposure to intense
competition. The ratings, however take into account XIN's
comfortable capital structure, experienced and technically
qualified management and low counterparty credit risk due to
healthy client profile.

Xicon International Limited, an ISO 9001:2008 certified entity, is
a closely held public limited company established in 1986. It is
engaged in the business of providing products & services to
infrastructure projects in the field of electric heat tracing and
turnkey project services covering instrumentation, mechanical and
electrical projects for captive power plants, oil, metallurgical
and process industries. It is also engaged in Balance of
Plant/Equipment (BOP) for DG sets and carries out thermal
insulation works. The company has its own fabrication facility at
Murbad, Thane admeasuring about 4050 sq mt. and registered office
at Andheri, Mumbai.



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


KITCHEN HOUSE: Court Rules No Refund for Customers' Deposits
------------------------------------------------------------
Stuff.co.nz reports that customers of failed kitset kitchen
company Kitchen House will not be refunded hundreds of thousands
of dollars of deposits paid on products they didn't receive.

According to Stuff.co.nz, the High Court in Auckland has decided
Kitchen House's owners -- trusts associated with directors Brian
and Walter Smaill which have second-ranking security agreements
-- will be first in line for payment by receivers from the
company's remaining $177,876 fund.

The decision means Andy Morse and about 25 other customers who
paid 20% deposits on kitchen designs and materials which were not
delivered will probably not get any of those deposits back.

Stuff.co.nz recalls that lawyer Dafydd Malcolm took on the case in
February saying that the odds often seemed stacked against average
people in a receivership, particularly in a case perceived from
the outside as a "money-go-round".

In court, Mr. Malcolm argued that Kitchen House's directors had
displayed an intention to create a trust into which deposits would
be paid and protected from raiding by creditors under future
receivership proceedings.

However Justice Murray Gilbert found that there was not enough
evidence to support the argument and that while the company may
have discussed such a plan, it was never carried out, the report
relates.

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.


* Deposit Insurance May Increase Risk of Bank Failure, RBNZ Says
----------------------------------------------------------------
Tracy Withers at Bloomberg News reports that New Zealand's central
bank says deposit insurance may make banks more susceptible to
failure because it reduces the incentives to properly manage risk.

"We believe it is better to keep the risk of failure very low
including through a strong regulatory framework, than to build
structures that can distort incentives and behavior," Toby
Fiennes, head of prudential supervision at the Reserve Bank of New
Zealand, said in a speech in Wellington, Bloomberg News relates.

According to the report, Mr. Fiennes said deposit insurance is not
always effective in preventing bank runs by depositors, and is
hard to price fairly with a chance that least risky banks
subsidize more risky ones. When bank losses are large it may
overwhelm the resources of the deposit insurance fund, he said.

A recent World Bank report concluded that deposit insurance led to
more risky behavior by banks in the 2004-2009 period,
Mr. Fiennes, as cited by Bloomberg News, said.

Bloomberg News says New Zealand doesn't have deposit insurance,
and the central bank is proposing a system of open bank resolution
as a better tool to manage a bank in the event that it fails. That
system uses a form of statutory management to freeze a bank's
accounts, then release a proportion of those accounts the next day
with a government guarantee to prevent further runs on the bank,
the report relays.

Mr. Fiennes said the two systems could work alongside each other,
and it may make it easier to manage a crisis by having insurance
to deal with the "political noise" from depositors, Bloomberg News
reports.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


CHINA

ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


HONG KONG

ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


INDONESIA

APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


INDIA

ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


JAPAN

DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZEALAND

ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


SINGAPORE

ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

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
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