TCRAP_Public/130422.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, April 22, 2013, Vol. 16, No. 78


                            Headlines


A U S T R A L I A

CREDIT UNION: S&P Withdraws 'BB/B' Issuer Credit Ratings
J&J O'BRIEN: ANZ Bank Calls in PPB Advisory as Receivers
MULSANNE RESOURCES: Liquidator Files Insolvent Trading Case
PEPPER RESIDENTIAL 10: S&P Assigns BB Rating to Class E Notes
PORT VILLAGE: Resort Placed Into Liquidation


C H I N A

CHINA FRUITS: Reports $128K Net Income in 2012
FUWEI FILMS: Incurs RMB54.4-Mil. Net Loss in 2012
GOLDEN WHEEL: Moody's Rates Proposed RMB Notes Issuance '(P)B2'
GOLDEN WHEEL: S&P Rates Chinese-Renminbi-Denominated Notes 'B'
HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'CCC+'

XINYUAN REAL: Fitch Assigns 'B+' Long-Term Issuer Default Rating


I N D I A

GOOD LUCK: ICRA Reaffirms 'BB' Rating on INR3.85cr Term Loans
MANSAROVAR COLD: ICRA Assigns 'D' Ratings on INR5.96cr Loans
MARUTI OIL: ICRA Assigns 'B' Ratings to INR6.48cr Loans
MONOPOLY YARNS: ICRA Cuts Ratings on INR6.55cr Loans to 'B'
NATIONAL CENTRE: ICRA Rates INR8.80cr Loan at '[ICRA]B+'

SHREE DURGA: ICRA Lowers Ratings on INR123.2cr Loans to 'BB+'
SHRI DAMODAR: ICRA Reaffirms 'BB-' Ratings on INR21.83cr Loans
SP JAISWAL: ICRA Downgrades Ratings on INR65cr Loans to 'D'
SYSCON ENGINEERS: ICRA Assigns 'BB' Rating to INR5.5cr Loan
UNITED HOTELS: ICRA Downgrades Ratings on INR35cr Loans to 'D'


N E W  Z E A L A N D

STARPLUS HOMES: Mitre 10 Pushes Liquidation of Chinese Builder


S R I  L A N K A

BANK OF CEYLON: Fitch Assigns 'BB-' Rating to US$500MM New Notes


T A I W A N

TRANSAKT LTD: KCCW Accountancy Raises Going Concern Doubt


X X X X X X X X

* CVC Capital to Launch 4th Asian Fund


                            - - - - -


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A U S T R A L I A
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CREDIT UNION: S&P Withdraws 'BB/B' Issuer Credit Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services' said that it has withdrawn its
'BB/B' issuer credit ratings on Credit Union North following a
transfer of that credit union's assets and liabilities to First
Credit Union (FCU; BB/Stable/B).


J&J O'BRIEN: ANZ Bank Calls in PPB Advisory as Receivers
--------------------------------------------------------
SmartCompany reports that PPB Advisory was appointed on April 16
as receivers for the J&J O'Brien group of companies by the ANZ
bank.

PPB Advisory's Marcus Ayres -- mayres@ppbadvisory.com -- and
Stephen Parbery -- sparbery@ppvadvisory.com -- have been appointed
as receivers and managers to the group and Quentin Olde --
quentin.olde@fticonsulting.com --  and Michael Ryan --
michael.ryan@fticonsulting.com -- of FTI Consulting have been
appointed as administrators, according to SmartCompany.

SmartCompany says the receivership follows the recent collapse of
iconic Sydney pubs The Annandale Hotel, The Sando and of pub group
National Leisure & Gaming which operated 35 pubs in New South
Wales and Queensland.

At the time, these collapses were blamed on heavy handed action by
the banks and onerous lease obligations but it is unclear whether
either of these issues are a factor in J&J O'Brien's collapse, the
report relates.

Mr. Ayres told SmartCompany it is still "very early days" in the
receivership process and the receivers have not identified the
cause of the group's collapse.

"[J&J O'Brien] hasn't complied with its banking requirements; it's
pretty hard to identify what is going on," the report quotes Mr.
Ayres as saying.  "We just want to keep everything running
smoothly for the time being."

In the meantime, the receivers will continue to operate J&J
O'Brien's four venues, the report adds.

"We are just making an assessment of the business and it is still
business as usual but we will develop a strategy to put the assets
on the market," Mr. Ayres told SmartCompany.

SmartCompany relates that Mr. Ayres said the group had a turnover
of AUD23 million last year and its major creditors are the
breweries and ANZ bank.

A first meeting of creditors is scheduled for April 29 in Sydney,
the report relays.

J&J O'Brien is a Sydney pub group which includes high profile
venue Jacksons on George.  It also owns and operates the Belvedere
Hotel, the Cohibar and The Watershed Hotel.


MULSANNE RESOURCES: Liquidator Files Insolvent Trading Case
-----------------------------------------------------------
Leo Shanahan at The Australian reports that one-time coal
billionaire Nathan Tinkler is set to face a claim of trading while
insolvent after liquidators from his company Mulsanne Resources
said they would start proceedings as a result of his attempt to
take over miner Blackwood Corp.

The Australian says the court action means Mr. Tinkler could face
a potentially bankrupting compensation payout to Blackwood, a
AUD220,000 fine or up to five years in jail.

Citing an affidavit filed on April 18 in the NSW Supreme Court by
Mulsanne liquidator Robyn Duggan, The Australian relates that it
was alleged Mr. Tinkler as a director of Mulsanne engaged in
insolvent trading when he made the AUD28.4 million offer last
year.

"I am of the belief that at the time of entry into the SPA (share
purchase agreement), there were no reasonable grounds for the
directors of Mulsanne to expect that Mulsanne could pay the $28.4
purchase price under the SPA when it fell due to remain solvent,"
the affidavit, obtained by The Australian, stated.

According to the report, Ms. Duggan, representing liquidator
Ferrier Hodgson, also said while it was clear Mulsanne, which was
a AUD1 company, did not have the resources to pay the purchase
price, there had been no other finances made available to fund the
takeover from other parts of Mr. Tinkler's business empire.

The Australian adds that Ms. Duggan said as a result the
liquidators would begin a "commencement of proceedings in the
Supreme Court of NSW against the directors of Mulsanne for
insolvent trading".

Liquidators will also file Mulsanne's company records with the
Australian Securities & Investment Commission, and with the
Australian Taxation Office, the report relays.

The Australian says Blackwood is set to fund the litigation led by
the liquidators, which could lead to a compensation payout and the
potential bankruptcy of Mr. Tinkler. The miner successfully
applied to have Mr. Tinkler's Mulsanne Resources placed in
liquidation last year after he failed to proceed with an agreement
to buy a one-third stake in Blackwood, the report notes.


PEPPER RESIDENTIAL 10: S&P Assigns BB Rating to Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
seven classes of nonconforming residential mortgage-backed
securities (RMBS) issued by GT Australia Nominees Ltd. 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 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 S&P's 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

                       REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

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.


PORT VILLAGE: Resort Placed Into Liquidation
--------------------------------------------
Peter Williams at The West Australian reports that Port Village
Accommodation, a Pilbara accommodation development which collapsed
last year owing BHP Billiton and other creditors an estimated
AUD125 million, has been placed into liquidation.

There are still hopes the Port Hedland project can be revived in
some form by companies interested in picking up the liquidated
assets of the developer, the report says.

According to The West Australian, creditors voted on April 18 to
wind up PVA after several proposals to administrators to take over
the incomplete resort, known as The Landing, were withdrawn or
rejected.

KPMG, which had been handling the administration, has been
appointed liquidator.  The liquidators told creditors they had a
chance of getting back 12 cents in the dollar at best and zero at
worst, the report relays.

The West Australian notes that BHP sank about AUD50 million into
helping to finance the development.  That was part of an agreement
to rent rooms in the hotel and in the workers accommodation
complex. It was BHP that forced the troubled developer into
receivership last November, the report says.

The collapse of the project left builders, suppliers and
contractors claiming to be owed up to AUD50 million, the report
discloses.



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CHINA FRUITS: Reports $128K Net Income in 2012
----------------------------------------------
China Fruits Corporation filed on April 15, 2013, its annual
report on Form 10-K for the year ended Dec. 31, 2012.

Lake & Associates CPA's LLC, in Schaumburg, Ill., expressed
substantial doubt about China Fruits' ability to continue as a
going concern, citing the Company's accumulated deficit and
negative cash flow from operations.

The Company reported net income of $128,421 on $3.7 million of
revenues in 2012, compared with a net loss of $376,002 on
$3.5 million of revenues in 2011.

According to the regulatory filing, the net income during the year
of 2012 was also due to the grants received from the local
government in amount of $1.2 million, which was to encourage the
Company's efforts on modern agricultural development.  "Without
the government grant, we suffered loss of $1,091,310 from
operations."

The Company's balance sheet at Dec. 31, 2012, showed $6.2 million
in total assets, $3.7 million in total liabilities, and
stockholders' equity of $2.5 million.

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

Headquartered in Nan Feng County, Jiang Xi Province, P.R.C., China
Fruits Corporation is principally engaged in the manufacturing,
trading and distributing of fresh tangerines and other fresh
fruits in the PRC.


FUWEI FILMS: Incurs RMB54.4-Mil. Net Loss in 2012
-------------------------------------------------
Fuwei Films (Holdings) Co., Ltd., filed on April 11, 2013, its
annual report on Form 20-F for the year ended Dec. 31, 2012.

Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about Fuwei Films' ability to continue as a going concern.
The independent auditors noted that the Company has incurred a net
loss of RMB54.4 million and may not have sufficient working
capital to meet its planned operating activities over the next
twelve months.

The Company reported a net loss of RMB54.4 million on
RMB372.9 million of sales in 2012, compared with net income of
RMB21.0 million on RMB537.6 million of sales in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
RMB747.5 million in total assets, RMB229.1 million in total
liabilities, and stockholders' equity of RMB518.4 million.

A copy of the Form 20-F is available at http://is.gd/jeiulb

Weifang Shandong, P.R.C.-based Fuwei Films (Holdings) Co., Ltd.,
develops, manufactures and distributes high quality plastic film
using the biaxially-oriented stretch technique, otherwise known as
BOPET film (biaxially-oriented polyethylene terephthalate).


GOLDEN WHEEL: Moody's Rates Proposed RMB Notes Issuance '(P)B2'
---------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 senior
unsecured rating to the proposed RMB notes issuance of Golden
Wheel Tiandi Holdings Co Ltd (B2 stable). The rating outlook is
stable.

Golden Wheel plans to use the proceeds primarily to fund new
property projects, and for general corporate purposes.

Moody's will remove the provisional status from the rating after
Golden Wheel completes the issuance on satisfactory terms and
conditions.

Ratings Rationale:

"The proposed notes will provide Golden Wheel the funding it needs
to grow its investment property portfolio and expand its scale of
property development," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

The company plans to adopt a fast growth strategy, and the
proposed notes will help it achieve its target of increasing its
contract sales by nearly four times to over RMB2 billion by 2015
from RMB525 million in 2012.

"The planned expansion, if successful, will help the firm
diversify its sales," adds Leung.

Currently, Golden Wheel has a limited number of development
projects on hand, and which could result in cash flow
concentration risk and volatility in its sales performance. For
instance, its book revenue of RMB964 million for 2012 came from
only four projects, while about 60% of its development land bank
is located in Nanjing.

The proceeds from the notes will help the company fund three to
six new development projects. Most of these projects are scalable,
and Golden Wheel will have the flexibility to determine the time
period for their completion. Therefore, it will have better
control over its financial profile.

Moody's expects the company to maintain debt/total capitalization
of 30%-40% and EBITDA/interest of around 3x after the notes are
issued. These metrics will still be consistent with its B2 rating.

Golden Wheel's B2 rating is supported by its good track record in
developing diverse property projects in Nanjing, and the recurring
rental income from its investment properties. In addition, the
firm has a track record of conservatively managing its financials,
as highlighted by its low debt leverage compared with other B-
rated Chinese developers.

However, the rating is constrained by its small operating scale
and geographic concentration. As indicated earlier, the company is
exposed to cash flow concentration risk and volatility in sales
performance. Moreover, it could face operational and financial
risks owing to its fast growth strategy.

The stable rating outlook reflects Moody's expectation that the
company will preserve adequate liquidity, adopt a disciplined
approach for expansion, and develop a pipeline of investment
properties that generate stable recurring income.

Moody's would consider upgrading the rating if Golden Wheel: (1)
grows its scale through stable revenue growth; (2) achieves net
rental income that covers a significant portion of its gross
interest expenses; (3) maintains a stable financial profile when
pursuing expansion; and/or (4) maintains a solid liquidity
profile.

On the other hand, downgrade pressure could emerge if Golden
Wheel: (1) experiences a significant shortfall in sales, and net
rental income to gross interest declines below 0.3x on a sustained
basis; (2) materially increases its debt-funded investment
projects; or (3) fails to maintain an adequate liquidity profile.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Golden Wheel is an integrated commercial and residential property
developer, owner and operator focusing on developing projects in
Jiangsu and Hunan provinces. These developments are physically
connected or in close proximity to metro stations or other
transportation hubs.

The company leases and manages shopping malls owned by third
parties. As of end-2012, the company had a total land bank of
347,080 sqm in gross floor area located in Nanjing, Yangzhou and
Zhuzhou.


GOLDEN WHEEL: S&P Rates Chinese-Renminbi-Denominated Notes 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and its 'cnBB-' long-term Greater China regional
scale rating to a proposed issue of Chinese-renminbi-denominated
senior unsecured notes by Golden Wheel Tiandi Holdings Co. Ltd.
(GW Tiandi: B/Stable/--; cnBB-/--).  The ratings are subject to
S&P's review of the final issuance documentation.

GW Tiandi, a Nanjing-based property developer, intends to use the
notes' proceeds to fund new property projects and for general
corporate purposes.

S&P has equalized the issue rating to the corporate credit rating
on GW Tiandi because S&P believes the company's ratio of priority
debt to total assets will likely remain below its 15% notching
threshold for speculative-grade issuers.

The rating on GW Tiandi reflects the company's revenue
concentration in a limited number of projects and cities, its
small land bank, and the execution risk associated with
accelerated expansion.  GW Tiandi's small but growing recurring
income from investment properties, and relatively disciplined
financial management temper these risks.  S&P views the company's
business risk profile as "vulnerable" and its financial risk
profile as "aggressive," as S&P's criteria define these terms.

The stable outlook on GW Tiandi reflects S&P's expectation that
the company will generate sufficient cash flow to fund its land
acquisition and expansion needs.  S&P also believes the company
will maintain some discipline in land acquisition to maintain
"adequate" liquidity, as defined in S&P's criteria.  GW Tiandi is
likely to continue to increase its investment properties to
generate more recurring rental income.


HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based coking coal producer Hidili Industry
International Development Ltd. to 'CCC+' from 'B-'.  The outlook
is negative.  At the same time, S&P lowered the rating on the
company's senior unsecured notes to 'CCC' from 'CCC+'.  S&P also
lowered its long-term Greater China regional scale rating on
Hidili to 'cnCCC+' from 'cnB-', and on the notes to 'cnCCC' from
'cnCCC+'.  S&P removed all ratings from CreditWatch, where they
had been placed with negative implications on Jan. 23, 2013.

The downgrades reflect the adverse impact of prolonged mine
closures in the Sichuan province on Hidili's business risk profile
and diminished financial flexibility.  The company's production
volumes fell about 15% in 2012.  As a result, the company's
liquidity has weakened.  In S&P's view, the company's EBITDA
interest coverage could be less than 1x, and its ability to repay
its 2015 bullet maturity on its senior unsecured notes has
diminished.  S&P assess Hidili's business risk profile as
"vulnerable" and financial risk profile as "highly leveraged," as
the terms are defined in S&P's criteria.

"We believe Hidili's total production level in 2013 will be less
than our original projections because of the mine closures," said
Standard & Poor's credit analyst Jian Cheng.  "Although Hidili has
a reasonable safety record, the authorities ordered all coal mines
in Panzhihua, Sichuan province, closed for safety checks because
of accidents in the mines of other companies."

Hidili's mines in the Guizhou and Yunnan provinces have resumed
production after safety check suspensions recently.  In Panzhihua,
two out of five mining regions have resumed production.  The two
regions contribute more than 50% of the production of Panzhihua.
However, as Panzhihua accounted for most of Hidili's production in
the past, the closures will still affect its overall output.

S&P considers that Hidili's financial flexibility has diminished.
The company refinanced its convertible bonds early in 2013, but
the interest costs associated with the new debt have risen to a
point where the company may not generate enough cash flow to meet
interest payments in the next 12 months.  In addition, S&P
believes the company's cash flow will not be sufficient to repay
its bond maturity in 2015.

"The negative outlook reflects our view that Hidili's coal mining
operations may not generate enough cash flow to cover the high
interest burden in the next 12 months.  The outlook also reflects
the company's limited options for repaying its debt, and the
possibility that it will be unable to roll over its short-term
debt," Mr. Cheng said.

S&P may lower the rating if, over the next six months, it believes
that Hidili will:

   -- Fail to roll over its short-term loans, or

   -- Miss an interest payment, or

   -- Fall into a technical default, which would lead to
      accelerated payment of outstanding bonds.

S&P could also lower the rating if it was to further reduce its
base-case forecast for Hidili's production volumes.

S&P may revise the outlook back to stable if it believes the
company can pay its interest burden using its own operating cash
flow, the likelihood of bond payment acceleration is low, and
Hidili's short-term debt will be rolled over.  This could occur if
the company is successful in obtaining new funding or selling
assets.


XINYUAN REAL: Fitch Assigns 'B+' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned US-listed China-based homebuilder
Xinyuan Real Estate Co., Ltd. a Long-Term Issuer Default Rating
(IDR) of 'B+' with Stable Outlook and a senior unsecured rating of
'B+' and Recovery Rating 'RR4'.

Fitch has also assigned Xinyuan's proposed senior unsecured USD
notes an expected 'B+(EXP)'/'RR4' rating. The notes are rated at
the same level as Xinyuan's senior unsecured rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company. The final rating is contingent on the
receipt of final documents conforming to information already
received.

Key Rating Drivers

Financial strength balances scale: Xinyuan's rating is dependent
on its financial strength remaining solid, especially in
maintaining sufficient cash to meet short-term debt obligations.
Its small scale constrains its business diversity in terms of a
narrow product mix, limited geographical spread, and a small
number of projects being sold in a year relative to peers.
Xinyuan's low EBITDA margin of about 13% on a five-year rolling
average basis reflects that it is susceptible to sudden sharp home
price swings, such as that in 2008.

Asset-light small homebuilder: Xinyuan's small holding of property
development assets give its creditors less protection in the event
of asset liquidation. Its land bank by saleable gross floor area
(GFA) of 1.2 million square metres (sqm) at end-2012 was less than
the size of similarly rated peers. Even including the new land
Xinyuan is close to acquiring, its land bank will still be less
than half of that of its peers. Further, its land acquisition
strategy will continue to focus on fast-growing 2nd and 3rd tier
cities with a concentration on Henan Province. Xinyuan's
contracted sales of CNY5.2bn in 2012 were, however, comparable to
other 'B+' rated Chinese homebuilders.

Land cost affects margin: Xinyuan's high proportion of land cost
versus its selling price kept profit margin low. Land cost has
been between 20% and 30% of its average selling prices (ASP). This
is compared with less than 20% for most Chinese homebuilders. The
higher proportion of land cost was in part due to its land being
acquired in land auctions and also partly because Xinyuan's fast
turnover business model does not allow for much land price
appreciation, given the short lead time between land acquisition
and the start of presales. However, the company aims to partly
mitigate this acquiring land plots through negotiated land
auctions, whereby land costs may be closer to 20% of ASP.

Healthy credit metrics: Xinyuan has been in a net cash position
since 2011. Its low inventory levels are a result of its high
asset turnover strategy, thus minimising investments in
development properties. The company's 2012 contracted sales/total
debt ratio of 2.7x was the highest among Fitch-rated Chinese
homebuilders.

Replicating home base success: Xinyuan has developed 24 projects
since 2001, 16 of which are in Zhengzhou. Since 2007, Xinyuan has
replicated its successful Zhengzhou developments in other cities.
This has helped Xinyuan gain new markets in Jinan, Kunshan,
Chengdu, Suzhou and Xuzhou. These new markets are now growth
opportunities for Xinyuan as seen by its development presence in
Jinan, Suzhou, and Xuzhou.

Undergoing faster expansion: Xinyuan has gone through financial
consolidation between 2008 and 2012 in the face of market
uncertainty. Its financial strength makes it an attractive
strategic partner to local land authorities for participation in
early stage land development. This will help Xinyuan undergo a
faster pace of land acquisition in Zhengzhou.

Rating Sensitivities

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

- reduction of scale as reflected by a fall in GFA land bank to
  less than two years
- contracted sales falling below CNY5bn
- net debt/adjusted inventory falling below 25
- changes to its fast turnover model where contracted sales/gross
  debt fall below 1.5x

Positive: Positive rating action is not expected in the next 18-24
months due to Xinyuan's small operational scale and lack of
business diversification. However, future developments that may,
individually or collectively, lead to positive rating action
include:

- significant increase in scale as reflected by contracted sales
  exceeding CNY15bn
- increase in business diversification by geography, by product
  mix as well as in presence in a greater number of cities
- maintaining a strong financial profile



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GOOD LUCK: ICRA Reaffirms 'BB' Rating on INR3.85cr Term Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR10.35 crore (reduced from INR10.76 crore) fund based bank
facilities and INR0.41 crore proposed facilities of Good Luck
Corporation. The outlook on the long term rating remains "Stable".

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              3.85     [ICRA]BB (Stable) reaffirmed

   Fund Based Limits       6.50     [ICRA]BB (Stable) reaffirmed/
   (Cash Credit)                    Assigned

   Proposed Limits         0.41     [ICRA]BB (Stable) Assigned

The rating reaffirmation takes into account the firm's modest
financial profile as indicated by low net margins and high working
capital intensity (NWC/OI of 52% in FY 2012) owing to stretched
inventory and receivables position. The rating continues to remain
constrained by GLC's modest scale of operations which increases
its vulnerability to competitive pressures in a fragmented weaving
industry and susceptibility of profitability to fluctuations in
yarn prices. The rating however continues to draw comfort from the
experience of the promoters in the manufacture of grey fabric
favorable capital structure, along with the firm's long standing
relationships with its suppliers and customers.

GLC was incorporated in 1990 as a proprietorship entity and was
changed to a registered partnership firm in November, 2002.
Managed by two partners, Mr. JK Mundhra and Mr. Praveen Bansal, it
is engaged in the business of manufacturing grey fabrics for
curtains from Polyester Texturised Filament Yarn of count 150-700
Denier.GLC has a registered office in Mumbai and a manufacturing
unit at Bhiwandi, Maharashtra.

Recent Results:
GLC recorded a profit before tax of INR3.53 crore on an operating
income of INR17.08 crore for the nine months ending December 31,
2012 (provisional).


MANSAROVAR COLD: ICRA Assigns 'D' Ratings on INR5.96cr Loans
------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]D' to INR5.96 crore long
term fund based bank limits of Mansarovar Cold Storage.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Pledge Loan                2.32     [ICRA]D assigned
   Cash Credit                0.20     [ICRA]D assigned
   Term Loan                  3.44     [ICRA]D assigned

The assigned rating takes into consideration the stretched
liquidity position of the company resulting in delays in interest
servicing obligations and the small scale and limited track record
of the operations of the firm. Besides, the firm's capital
structure is highly leveraged resulting from the predominantly
debt funded setting up of the cold storage unit; gearing is
expected to remain high going forward as well given the working
capital intensive nature of operations arising from the need to
provide advances to farmers/customers. Further, ICRA's rating
takes into consideration the partnership nature of concern;
withdrawals from capital account can adversely affect gearing of
the firm.

The rating, however, favorably considers the experience of the
partners in potato trading business and favorable location of the
firm in Deesa (Gujarat), an area with a high output of potato.

Mansarovar Cold Storage started commercial operations from Feb
2012. The firm is located at Deesa, Gujarat; it is engaged in the
business of providing cold storage facility for potatoes. The
company has a total capacity to stock 1,50,000 bags of potato of
50 kg each. MCS has received capital subsidy of INR1.14 crore from
National Horticulture Board for setting up cold storage and
receives interest subsidy of 6% from Gujarat Agro Industries
Corporation.


MARUTI OIL: ICRA Assigns 'B' Ratings to INR6.48cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR6.48 crore of
long-term fund based limits of Maruti Oil Mills.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             5.75     [ICRA]B Assigned
   Term Loan               0.73     [ICRA]B Assigned

The assigned rating is constrained by the weak financial risk
profile of the firm marked by low profitability with operating
margins of 1.9%, stretched coverage indicators with NCA/TD of 5%,
TD/OPBDIT of 3.44 times and high gearing of 1.74 times as on 31st
March 2012. The rating is also constrained on account of low value
additive nature of operations and relatively small scale of MOM in
a highly fragmented nature of industry thereby limiting its
ability to pass on any adverse raw material price fluctuations to
its customers. The rating further takes into account the high
geographical concentration of the firm with more than 70% of the
revenues in FY12 accounted from sale of cotton lint in Tamil Nadu.
However, the rating favorably factors in the promoter's long track
record of over two decades in the cotton ginning industry,
proximity of the firm's ginning unit to cotton growing areas in
Warangal (Andhra Pradesh) facilitating easy procurement of raw
materials.

Setup in 2007, Maruti Oil Mills is engaged in cotton ginning,
pressing and extraction of cotton seed oil. The firm's plant is
located in Warangal district of Andhra Pradesh with a capacity of
24 gins, 1 pressing unit and 6 oil expellers for ginning, pressing
and oil extraction.

Recent Results

As per provisional 11MFY13 results, the firm registered an
operating income of INR39.6 crore with an operating profit of
INR0.40 crore. During FY12, the OI and PAT of the firm stood at
INR21.9 crore and INR0.10 crore, respectively.


MONOPOLY YARNS: ICRA Cuts Ratings on INR6.55cr Loans to 'B'
-----------------------------------------------------------
The long term rating for the INR6.55 crore fund based facility of
Monopoly Yarns Pvt. Ltd. has been revised to '[ICRA]B' from
'[ICRA]B+'. The short term rating for the INR0.50 crore non fund
based facility of MYPL has been reaffirmed at '[ICRA]A4'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loan                   5.05    Revised to [ICRA]B

   Long term Fund
   Based Limits (CC)           1.50    Revised to [ICRA]B

   Short term Fund
   Based Limits (BG)           0.50    [ICRA]A4 reaffirmed

   Short term Non Fund
   Based Limits (Import LC)   (0.30)   [ICRA]A4 reaffirmed

   Short term Non Fund Based  (0.75)   [ICRA]A4 reaffirmed
   Limits (Import /Inland LC

The rating revision reflects the slow ramp up of operations as
compared to levels envisaged earlier and consequently weak
financial profile characterized by negative networth, high debt
levels and consequently weak coverage indicators. Net losses in
the past have led to erosion of networth while debt levels have
been high on account of the debt funded expansion undertaken by
the company. The rating also takes into consideration the
susceptibility of profitability margins to volatility in prices of
polyester chips and a concentrated customer and supplier base
resulting in weak bargaining power.

Monopoly Yarns Pvt. Ltd. (formerly Advin Tradefin Pvt. Ltd),
incorporated in 1995 is part of Shri Damodar Group, engaged in
processing and manufacturing of polyester filament yarn and 20D
mono polyester filament yarn. MYPL has a group concern, Shri
Damodar Yarn Manufacturing Pvt. Ltd. (Rated [ICRA]BB-
(Stable)/[ICRA]A4), engaged in the business of manufacturing and
processing of yarn. MYPL has a registered office in Mumbai and
manufacturing unit at Silvassa, Gujarat.

Recent Results:

During 2011-12, the company has reported a net loss of INR1.45
crore on an operating income of INR11.43 crore. As per the 9M
unaudited results of 2012-2013, the company has reported a sale of
INR8.90 crore.


NATIONAL CENTRE: ICRA Rates INR8.80cr Loan at '[ICRA]B+'
--------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR8.8 crore fund
based facilities of National Centre for Development of Technical
Education.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based limits          8.80     [ICRA]B+ assigned

The rating reflects the small scale of operations with a single
institute at present, limited number of courses offered by the
college, limited track record of operations and an adverse student
faculty ratio, which is lower than the prescribed norms. The
rating also reflects the limited financial flexibility of the
Trust with respect to determining the fee structure, which is
entirely regulated by the State Government, and hence limits
profitability. The ratings are supported by favorable demand
outlook for higher education in India, the accreditation of the
college and courses by AICTE, and moderate capital structure and
coverage indicators of the company. ICRA also notes that the trust
is in the process of starting new courses in the near term which
is likely to mitigate the risks arising out of limited number of
courses.

National Centre for Development of Technical Education is a
charitable trust established in 2007 with a motive to impart
higher education in India. The trust currently manages Global
Institute of Management and Technology which was established in
2009 at Krishnanagar, West Bengal. GIMT offers bachelor degree in
five streams viz. Computer Science & Engineering, Electronics &
Communication Engineering, Electrical Engineering, Civil
Engineering and Mechanical Engineering. The total intake capacity
is 360 at present.

Recent Results:

NCDTE posted a PAT of INR1.30 crores on an OI of INR4.02 crore in
2011-12. During 2010-11, it posted a PAT of INR0.61 crores on the
back of an OI of INR2.44 crores.


SHREE DURGA: ICRA Lowers Ratings on INR123.2cr Loans to 'BB+'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR123.20Cr.
(enhanced from INR26.41 crore) long term fund based facilities of
Shree Durga Syntex Private Limited to '[ICRA]BB+' from
'[ICRA]BBB-'. ICRA has also revised the short-term rating assigned
to INR2.00 crore (reduced from INR10.00 crore - sublimit of CC
limit) short-term facilities of SDSPL from '[ICRA]A3' to
'[ICRA]A4+'. The outlook has been revised from Stable to Negative.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based-Cash Credit    15.00     Revised from [ICRA]BBB-
                                       (Stable) to
                                       [ICRA]BB+(negative)

   Fund Based-Term Loans    108.20     Revised from [ICRA]BBB-
                                       (Stable) to
                                       [ICRA]BB+(negative)

   Short Term-Non Fund       2.00      Revised from [ICRA]A3 to
   Based                               [ICRA]A4+

The revision in ratings factors in deterioration in the capital
structure of the company on account of aggressive debt-funded
capacity expansion incurred during FY 13 and decline in operating
margins due to increased power and fuel cost and limited ability
of the company to fully pass on the same to customers. The ratings
are, further, constrained by the highly fragmented nature of the
textile industry leading to intense competition from organised as
well as unorganised players which limits the pricing power of the
company, availability of natural gas at competitive prices for the
company in order to maintain a competitive conversion cost and
achieve desired utilization levels, vulnerability of profitability
to adverse fluctuations in raw material prices which are
ultimately linked to crude oil prices and low bargaining power of
the company due to reliance on a limited number of raw material
suppliers who also happen to be large industry players. ICRA also
takes note of the proposed debt funded expansion plan of FDY
capacity which may result in material weakening of debt protection
metrics of the company over the short to medium term.

The ratings, however, take into consideration the long experience
and established track record of the promoters in the textile
industry; consistent growth in operating income as well as healthy
capacity utilization maintained by the company over the last four
years. ICRA also notes that the SDSPL continues to receive
substantial operational support from other group entities which
act as consistent source of demand for company's products. Apart
from this, access to established marketing network of the group
spanning the major yarn consumption centres partly mitigates the
marketing risk for the company. The ratings also positively factor
in the possible benefits to be derived from the company's backward
integration into manufacturing of PET chips/melt with respect to
improvement in cost competitiveness and quality of the final
product.

Incorporated in 2003, Shree Durga Syntex Private Limited is
promoted by Mr. Bachharaj Begani and his son Mr. Pawan Begani. The
company has implemented fully drawn yarn (FDY) and grey fabric
manufacturing facility at Surat in Gujarat having a capacity of
around 65 TPD (Tonnes per day) and 25 TPD respectively. The
company commenced commercial operations in September 2007 and has
steadily ramped up its operations. The Begani group is engaged in
processing/trading/weaving of synthetic fabrics like furnishing,
sarees and dress materials in Surat for more than two decades.
During FY 13, the company has backward integrated into
manufacturing of PET chips by setting up a continuous
polymerization plant of 300 TPD capacity.


SHRI DAMODAR: ICRA Reaffirms 'BB-' Ratings on INR21.83cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to the
INR21.83 crore (previous year INR16.93 crore) long term fund based
facilities of Shri Damodar Yarn Manufacturing Pvt. Ltd. The
'[ICRA]A4' rating for the INR3.00 crore (previous year INR2.50
crore) short term non fund based facilities has also been
reaffirmed. The outlook assigned on the long term rating is
"Stable".

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan I             4.07     [ICRA]BB-(Stable) reaffirmed
   Term Loan II            1.01     [ICRA]BB-(Stable) reaffirmed
   Term Loan III (New)     5.75     [ICRA]BB-(Stable) reaffirmed
   Long term Fund Based   11.00     [ICRA]BB-(Stable) reaffirmed
   Limits (CC)
   Short term Fund         1.00     [ICRA]A4 reaffirmed
   Based Limits
   Short term Non Fund     3.00     [ICRA]A4 reaffirmed
   Based Limits

The rating reaffirmation continues to factor in the modest
financial profile of the firm characterized by a highly leveraged
capital structure, weak coverage indicators and tight liquidity
resulting in high utilization of bank limits. The ratings are also
constrained by DYMPL's moderate scale of operations in a highly
competitive and fragmented industry together with fluctuating raw
material prices affecting the margins.

The rating however favorably takes into consideration the
entrenched experience of the promoters in the business of yarn
processing, diversified and reputed client base, operational
backing from group concerns and moderate growth in revenues and
profit margins in the last three financial years.

Shri Damodar Yarn Manufacturing Pvt. Ltd., incorporated in 1983 is
a part of Shri Damodar Group engaged in the business of
manufacturing and processing of yarn. DYMPL has a group concern,
Monopoly Yarns Pvt. Ltd. (Rated [ICRA]B/[ICRA]A4), engaged in
manufacture of polyester filament yarn and 20D mono polyester
filament yarn. DYMPL has a registered office in Mumbai and
manufacturing unit at Sarigam, Gujarat.

Recent Results:

During 2011-12, the company has reported a net profit of INR1.71
crore on an operating income of INR55.43 crore. As per the 9M
unaudited results of 2012-2013, the company has reported a sale of
INR70.02 crore.


SP JAISWAL: ICRA Downgrades Ratings on INR65cr Loans to 'D'
-----------------------------------------------------------
ICRA has downgraded the rating assigned to the INR62 crore long
term bank lines of S. P. Jaiswal Estates Private Limited to
'[ICRA]D' from '[ICRA]BBB+'. ICRA has also downgraded the rating
assigned to the INR3 crore non fund based bank limits of SPJEPL to
'[ICRA]D' from '[ICRA]A2+'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loans                 57.75    Downgraded to [ICRA]D

   Fund Based Limits           4.25    Downgraded to [ICRA]D

   Non Fund Based Limits       3.00    Downgraded to [ICRA]D

The revision in the rating takes into account the recent delays
made by the company in servicing its debt in a timely manner.

SPJEPL was incorporated in 1969 with the setting up of a hotel in
Kolkata under the brand name 'The Hotel Hindusthan International'
(HHI). Subsequently, the company set up a hotel each in Varanasi
and Bhubaneshwar in 1988 and 2007 respectively. SPJEPL also
acquired a hotel in Bangalore in Sep'11. Currently, the company
has a total room inventory of 433 rooms spread across these four
cities. The company also provides hotel management education under
the name 'Regency HHI Institute of Hotel Management & Catering
Technology' in Varanasi.


SYSCON ENGINEERS: ICRA Assigns 'BB' Rating to INR5.5cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' for INR5.50
Crore fund based facilities of Syscon Engineers. ICRA has also
assigned a short-term rating of '[ICRA]A4+' to the INR1.75 Crore
non fund based facilities of SE. The long term rating carries a
stable outlook.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                5.50     [ICRA]BB (stable) assigned
   Bank Guarantee             1.25     [ICRA]A4+ assigned
   Letter Of Credit           0.50     [ICRA]A4+ assigned

The assigned ratings take into account the long experience of
promoters in execution of fabrication for moderately complex
structures which have resulted in strong relationships with its
customers comprising of reputed companies and assisting in
procuring repeat orders. The rating also positively factors in the
wide product portfolio of the firm which reduces industry specific
risks and its healthy profitability indicators as reflected by
RoCE of 27% in FY12. The ratings are, however, constrained by the
modest scale of operations of the firm with revenue growth linked
to timeliness of project execution by its large clients; the
competition from established peers and the vulnerability of
profitability to any unfavorable fluctuations in prices of key raw
materials given the fixed price nature of equipment supply
contracts. The ratings are further constrained by the working
capital intensive nature of operations on account of long
fabrication timelines.

Syscon Engineers, incorporated in 1995 by two mechanical
engineers- Mr. C.A.Benadikar and Mr. Gautam Ghosh, is engaged in
providing process equipments and solutions required for chemical,
power, petrochemical, fertiliser, water treatment, pharmaceutical
and other associated industries. SE also undertakes turnkey
projects involving, engineering, procurement, fabrication, supply
and erection of mechanical systems. SE has its fabrication unit in
Ambernath, Thane with an installed capacity of 1,000 MTPA

Recent results

SE has reported a profit after tax (PAT) of INR0.66 crore on an
operating income of INR20.02 crore in FY12 as against a PAT of
INR0.47 crore on an operating income of INR13.38 crore in FY11.


UNITED HOTELS: ICRA Downgrades Ratings on INR35cr Loans to 'D'
--------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR35 crore long
term bank lines of United Hotels & Properties Private Limited to
'[ICRA]D' from '[ICRA]BB+'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term Loans                  34      Downgraded to [ICRA]D
   Fund Based Limits            1      Downgraded to [ICRA]D

The revision in the rating takes into account the recent delays
made by the company in servicing its debt in a timely manner.

Incorporated in 1992, UHPL was acquired by the present management
in 2007. UHPL has leased out its assets (land, building and other
equipments) at Bhubaneshwar to S. P. Jaiswal Estates Private
Limited, the flagship company of the HHI group. The company is
earning a lease rental from SPJEPL for its Bhubaneshwar property.
The company has also set up a 3 star hotel at Pune in 2012,
branded as 'The HHI Pune'.



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


STARPLUS HOMES: Mitre 10 Pushes Liquidation of Chinese Builder
--------------------------------------------------------------
Waikato Times reports that Mitre 10 Hamilton has asked the High
Court to put Chinese house builder Starplus Homes into
liquidation.

The Times relates that the big hardware outlet said Starplus
Homes, which ceased trading over earlier this month, owes it
NZ$1.1 million in unpaid bills.

According to the report, Hamilton lawyer Murray Branch of Harkness
Henry said Hamilton Hardware Retail, which owns Mitre 10 Hamilton,
has applied to the High Court at Hamilton for an interim
liquidator to be appointed.

The Times previously reported that Starplus, which was heading to
be the Waikato's biggest house building company, had ceased
trading and let go its sales staff amid reports of contractors and
subcontractors owed hundreds of thousands of dollars.

Mr. Branch said the application to the High Court would be heard
on April 24, the report notes.



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


BANK OF CEYLON: Fitch Assigns 'BB-' Rating to US$500MM New Notes
----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based Bank of Ceylon's USD500
million unsecured notes due 2018 a final rating of 'BB-'. This
follows the receipt of the final documents conforming to
information previously received.

The final rating is at the same level as the expected rating
assigned on 28 March 2013 (see 'Fitch Affirms Bank of Ceylon's
'BB-' IDRs' on www.fitchratings.com). The notes have a maturity of
five years and coupon payments will be at a fixed rate of 5.325%
on a semi-annual basis. The issue proceeds are to be partly used
for refinancing near-term maturities, as well as for balance sheet
growth.

Key Rating Drivers

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 unsecured obligations of the bank, and
will rank equally with all its other unsecured and unsubordinated
obligations.

BOC's Long-Term IDR is driven by the Government of Sri Lanka's
(GOSL) 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 the GOSL's ability or propensity to extend support
to BOC will result in a corresponding change in BOC's IDRs and
hence the issue rating.



===========
T A I W A N
===========


TRANSAKT LTD: KCCW Accountancy Raises Going Concern Doubt
---------------------------------------------------------
TransAKT Ltd. filed on April 15, 2013, its annual report on Form
10-K for the year ended Dec. 31, 2012.

KCCW Accountancy Corp., in Diamond Bar, Calif., expressed
substantial doubt about TransAKT Ltd.'s ability to continue as a
going concern, citing the Company's accumulated deficit of
$3,911,792 at Dec. 31, 2012, including net losses of $1,338,033
and $337,463 during the years ended Dec. 31, 2012, and 2011,
respectively.

The Company reported a net loss of $1.3 million on $202,636 of
sales in 2012, compared with a net loss of $337,463 on $nil sales
in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $11.7 million
in total assets, $4.6 million in total liabilities, and
stockholders' equity of $7.1 million.

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

Based in Yangmei City, Taoyuan, Taiwan, TransAKT Ltd., a Nevada
corporation, has operated principally as a research and
development company since the Company's inception but abandoned
its telecommunications technology business in fiscal 2012.
Through its wholly owned subsidiary, Vegfab Agriculture Technology
Co., Ltd., the Company is now engaged in the manufacture,
marketing and sale of hydroponic and LED based agricultural
equipment for commercial and home use.



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


* CVC Capital to Launch 4th Asian Fund
--------------------------------------
Karlee Weinmann of BankruptcyLaw360 reported that London private
equity house CVC Capital Partners is preparing to launch its
fourth Asian fund, this time setting a target of about $3 billion
-- well below the goal for its 2008 Asia-focused effort, which
brought in $4.1 billion, sources told Dow Jones Newswires on
Thursday.

The new vehicle's lower target comes as a generally weak economy
has investors keeping a tighter grip on their pocketbooks,
especially as private equity owners strain to unload the big-
ticket assets already in their portfolios, the report said.



                             *********

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
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                 *** End of Transmission ***