TCRAP_Public/130425.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

            Thursday, April 25, 2013, Vol. 16, No. 81


                            Headlines


A U S T R A L I A

AFS GROUP: BDO Appointed as Administrator
BANKSIA SECURITIES: Receivers Sell Loan Portfolio for NZ$238MM
BILLABONG INT'L: Extends Exclusive Talks With Sycamore Partners


C H I N A

BODISEN BIOTECH: Accumulated Losses Prompt Going Concern Doubt
CHINA PEDIATRIC: Clement C. W. Chan Raises Going Concern Doubt
CHINA SHEN: Gets NYSE MKT Listing Non-Compliance Notice
CITIC PACIFIC: Project Delays No Immediate Impact on Ba1 CFR
LDK SOLAR: Subsidiary to Sell LDK Hefei for RMB120 Million


H O N G  K O N G

ACL SEMICONDUCTORS: Albert Wong & Co. Raises Going Concern Doubt


I N D I A

BERIA COMMERCIAL: ICRA Downgrades Rating on INR15cr Loan to 'D'
BHAVANA ISPAT: ICRA Downgrades Ratings on INR15cr Loans to 'D'
DECO EQUIPMENTS: ICRA Assigns 'D' Ratings to INR12cr Loans
JAI MATA: ICRA Assigns 'D' Ratings to INR6cr Loans
J D INDUSTRIES: ICRA Assigns 'B+' Ratings to INR6.93cr Loans

KINGFISHER AIRLINES: Banks to File Case in Debt Recovery Tribunal
KINGFISHER AIRLINES: Lessons Emerge for Lessors Amid Dispute
KK STEEL: ICRA Lowers Rating on INR9cr Loans to 'D'
MAA TARINI: ICRA Cuts Rating on INR9.54cr Loans to 'D'
SANJAY KRAFT: ICRA Reaffirms 'B+' Rating on INR8cr Limits

SIDDHI EDIBLES: ICRA Downgrades Ratings on INR20.75cr Loans to D
SIMHAPURI ENERGY: ICRA Reaffirms 'D' Rating on INR2,206.8cr Loan
SUPREME WOOD: ICRA Lowers Ratings on INR48cr Loans to 'D'
UTTAM RESOURCES: ICRA Cuts Rating on INR15cr Loan to 'D'
* Moody's Says Policy Changes Can Boost India's Infrastructure


I N D O N E S I A

BAKRIE TELECOM: Fitch Downgrades Issuer Default Ratings to 'CC'
BANK OCBC: Fitch Affirms 'bb' Viability Rating


J A P A N

CORSAIR 2: S&P Lowers Rating on JPY3BB Loan to B


N E W  Z E A L A N D

MAINZEAL PROPERTY: Hobson Gardens Disputes Hoists Ownership
PEGASUS TOWN: Unsecured Creditors Left High and Dry After Sale


S O U T H  K O R E A

LEO MOTORS: John Scrudato CPA Raises Going Concern Doubt
RNL BIO: Investors Set to Lose KRW200 Billion on Delisting


T H A I L A N D

UNITED OVERSEAS: Fitch Affirms 'bb+' Viability Rating


                            - - - - -


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A U S T R A L I A
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AFS GROUP: BDO Appointed as Administrator
-----------------------------------------
Rachel Burdett-Baker -- rachel.burdett-baker@bdo.com.au -- and
Luke Targett -- luke.targett@bdo.com.au -- of BDO, on April 23,
2013, were appointed administrator of the following companies of
the AFS Group:

  -- AFS Group Limited (ACN 055 796 211)
  -- Australian Financial Services Limited (ACN 116 900 362)
  -- MDA Private Pty Ltd (ACN 151 974 006)
  -- Strategy Portfolio Limited (ACN 094 486 003)

"We understand that in recent times, the Group has actively been
working with advisers with respect to a transfer to alternate
licensees, however this process was unable to be finalized due to
the withdrawal of existing financial accommodation," BDO said in a
statement.

"The effect of our appointment is to place a moratorium on the
payment of unsecured creditors' accounts in relation to trading
and other debts incurred up to the date of our appointment, until
creditors make a decision about the Group's future.

"We have commenced an assessment of the financial position of the
Group to assess its future viability. We will continue to work
with management and major stakeholders and regulators during the
Voluntary Administration process."


BANKSIA SECURITIES: Receivers Sell Loan Portfolio for NZ$238MM
--------------------------------------------------------------
Receivers and Managers of Banksia Securities Limited,
McGrathNicol, and The Trust Company as trustee announced the sale
of BSL's performing loan portfolio with a face value of
AUD238.8 million to Deutsche Bank.

"We are very pleased with the outcome of the sale which will allow
us to declare a further significant distribution to BSL debenture
holders. The sale was a competitive process with significant
interest from a broad range of suitable parties, leading to a
strong outcome for debenture holders," Receiver Tony McGrath said.

Mr. McGrath noted that the sale transaction was supported by BSL's
Committee of Debenture Holders and approved by The Trust Company.

David Grbin, Group Executive General Manager, Corporate Client
Services at The Trust Company, said the trustee had approved the
sale as it represented a great outcome for debenture holders.
"In our role as trustee we will continue to closely monitor the
process and approve any further loans sales. Our ongoing priority
remains the best interests of debenture holders."

                    Repayments by June 30, 2013

There will be two further repayments made to BSL debenture holders
by June 30, 2013, including:

  -- 10 cents in the dollar to be paid on or around 17 May 2013
     (funded from interest receipts and discharges); and

  -- 35 cents in the dollar to be paid by 30 June 2013 funded
     from the Deutsche Bank sale proceeds.

The Receivers expect to have made total repayments of 65 cents in
the dollar to BSL debenture holders by June 30, 2013 (inclusive of
the first interim repayment of 20 cents paid in
December 2012).

                  Revised Distribution Guidance

McGrathNicol also announced updated distribution guidance to BSL
debenture holders.  Mr. McGrath stated "as the performing loan
sale represents over 50% of BSL's remaining assets, securing the
Deutsche Bank sale allows us to forecast repayments to BSL
debenture holders with greater certainty".

"Whilst ultimate returns may vary due to a number of factors, our
revised best estimate is an overall return of 80 to 85 cents in
the dollar" Mr. McGrath said.

                    Cherry Fund Limited Update

The Receivers continue to progress the sale process for certain
Cherry Fund performing loans.

"In the meantime, we are pleased to advise that a higher than
forecast initial repayment of 20 cents in the dollar to Cherry
Fund debenture holders will be paid on or around May 17, 2013"
Mr. McGrath said.

The Receivers noted that a separate update to Cherry Fund
debenture holders would be released shortly.

               Future Strategy and Public Examinations

Mr. McGrath noted that separate to the loan book sale process, a
tailored approach to each remaining loan was being formulated and
that the Receivers are considering whether a sale of a portion of
remaining loans is appropriate.

Separately, Mr. McGrath noted that the Receivers' investigations
as to the failure of Banksia were continuing and that a number of
individuals had been served with summons for the public
examinations.

The Receivers' public examinations will be held in the Supreme
Court of Victoria from July 23, 2013.

                       About Banksia Securities

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

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

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

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

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

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


BILLABONG INT'L: Extends Exclusive Talks With Sycamore Partners
---------------------------------------------------------------
Myriam Robin at SmartCompany reports that embattled Billabong
International has extended its exclusive talks with private equity
suitor Sycamore Partners.

SmartCompany relates that Billabong said the exclusivity period,
first announced on April 10, would be extended a further 10
business days, to May 8.

According to SmartCompany, LeadingCompany said the extension was
requested by Sycamore and granted by Billabong's board as the
suitors needed more time to assess the quality of earnings report.

SmartCompany relates that Ben Le Brun, an analyst at
optionsXpress, says the extension is unlikely to result in a large
fall in the share price, as a lot of bad news has already been
"factored in".

"It's already trading at a significant discount to the 60c a share
bid," the report quotes Mr. Le Brun as saying.  "In terms of the
quality of earnings report, Sycamore would be looking at the
future projects. Obviously they want to know the earnings are
repeatable, controllable and bankable. And that's where Billabong
has had issues before."

In October, the report recalls, private equity firms TPG and Bain
Capital both walked away from offers to buy Billabong after
examining the company's books, prompting speculation that
Billabong's future was less certain than previously supposed.
"There are obviously some gremlins in the numbers," Mr. Le Brun,
as cited by SmartCompany, said.

"What this means is that there's no certainty the talks will
result in Billabong being bought out," SmartCompany quotes Mr. Le
Bun as saying.

SMH reported last month that the company's path to redemption got
tougher after the surfwear group downgraded earnings guidance and
said a AUD537 million loss for the half-year put it in breach of
debt covenants.  The breach led its banks to seek a secured charge
over most of the business, SMH related.

DealBook said Billabong has fallen on difficult times because of
changing consumer tastes and the financial crisis. It has closed
stores and sold assets as part of an effort to restructure the
company.

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.



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C H I N A
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BODISEN BIOTECH: Accumulated Losses Prompt Going Concern Doubt
--------------------------------------------------------------
Bodisen Biotech, Inc., filed on April 16, 2012, its annual report
on Form 10-K for the year ended Dec. 31, 2012.

Clement C. W. Chan & Co., expressed substantial doubt about
Bodisen Biotech's ability to continue as a going concern.  The
independent auditors noted that the Company incurred a net loss of
$16.4 million for the year ended Dec. 31, 2012, and has
accumulated losses of $30.7 million at Dec. 31, 2012.

The Company reported a net loss of $16.4 million on $8.1 million
of revenue in 2012, compared with a net loss of $2.3 million on
$7.7 million of revenue in 2011.

The Company recorded a loss of $9.1 million for the write down of
property and equipment in 2012.  Also, included in non-operating
income (expense) is a write down on investment in marketable
security of approximately $2.8 million of a long-term equity
investment that was deemed to be other than temporary.  There was
no such write down in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $22.7 million
in total assets, $2.8 million in total current liabilities, and
stockholders' equity of $19.9 million.

A copy of the Form 10-K is available at http://is.gd/sIXUE9

Based in Xi'an, Shaanxi, China, Bodisen Biotech, Inc., is engaged
in developing, manufacturing and selling organic fertilizers,
liquid fertilizers, pesticides and insecticides in the People's
Republic of China, and has developed a product line of over 60
items.


CHINA PEDIATRIC: Clement C. W. Chan Raises Going Concern Doubt
--------------------------------------------------------------
China Pediatric Pharmaceuticals, Inc. filed on April 16, 2012, its
annual report on Form 10-K for the year ended Dec. 31, 2012

Clement C. W. Chan & Co., in Hong Kong, expressed substantial
doubt about China Pediatric's ability to continue as a going
concern, citing the Company's net loss of $9,152,318 for the year
ended Dec. 31, 2012, and accumulated deficit of $6,534,904 at
Dec. 31, 2012.

The Company reported a net loss of $9.2 million on $14.2 million
of sales in 2012, compared with a net loss of $7.0 million on
$27.4 million of sales in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $12.1 million
in total assets, $500,048 in total current liabilities, and
stockholders' equity of $11.6 million.

A copy of the Form 10-K is available at http://is.gd/6RP68T

Located in Xi'an City, P.R.C., China Pediatric Pharmaceuticals,
Inc., engaged in the business of manufacturing and marketing of
over-the-counter and prescription pharmaceutical products for the
Chinese marketplace as treatment for a variety of diseases and
conditions.


CHINA SHEN: Gets NYSE MKT Listing Non-Compliance Notice
-------------------------------------------------------
China Shen Zhou Mining & Resources, Inc. on April 22 disclosed
that on April 17, 2013, China Shen Zhou Mining & Resources, Inc.
received a letter from the NYSE MKT LLC advising that the Company
was no longer in compliance with Sections 134 and 1101 of the
Exchange's Company Guide due to the Company's inability to timely
file its annual report on Form 10-K for the fiscal year ended
December 31, 2012.  In addition, the Company is also in material
violation of its listing agreement with the Exchange for not
timely filing the Form 10-K, and as such the Exchange is
authorized (pursuant to Section 1003(d) of the Company Guide) to
suspend, and unless prompt corrective action is taken, remove the
Company's securities from the Exchange.

The Company is afforded the opportunity to submit a plan of
compliance to the Exchange by May 1, 2013 that demonstrates the
Company's ability to regain compliance with Sections 134 and 1101
of the Company Guide by July 16, 2013.  If the Company does not
submit a plan of compliance, if the plan is not accepted by the
Exchange, or if the Company does not make progress consistent with
the plan if it is accepted, the Company will be subject to
delisting procedures as set forth in the Company Guide.

The Company has indicated its intention to submit a plan to the
Exchange on or before May 1, 2013 and believes it can provide the
Exchange with a satisfactory plan to show that it will be able to
return to compliance with Sections 134 and 1101 of the Company
Guide.

          About China Shen Zhou Mining & Resources, Inc.

Headquartered in Beijing, China, China Shen Zhou Mining &
Resources, Inc., through its subsidiaries, --
http://www.chinaszmg.com/-- is engaged in the exploration,
development, mining, and processing of fluorite and nonferrous
metals such as zinc, lead, and copper in China.  The Company has
the following principal areas of interest in China: (a) fluorite
extraction and processing in the Sumochaganaobao region of Inner
Mongolia; (b) fluorite extraction and processing in Jingde County,
Anhui Province; (c) zinc/copper/lead processing in Wulatehouqi of
Inner Mongolia; and (d) zinc/copper exploration, mining, and
processing in Xinjiang.


CITIC PACIFIC: Project Delays No Immediate Impact on Ba1 CFR
------------------------------------------------------------
Moody's Investors Service says that delays related to CITIC
Pacific's Sino Iron project are credit negative, but will not have
any immediate impact on its Ba1 corporate family and senior
unsecured bond ratings.

The ratings outlook remains negative.

According to an update the company provided on its iron ore
project on 19 April 2013, it said that it is likely to postpone
the load commissioning of its second production line by three
months because its grinding mill failed its voltage test. CITIC
Pacific also said that the first shipment of iron ore concentrate
from its first production line will be delayed to the second half
of May 2013, from late March or early April.

"Such delays indicate that CITIC Pacific continues to encounter
challenges both in ramping up its completed lines and in
constructing new lines. The process toward final completion of the
project will probably not be as smooth as the company previously
expected, despite the experience it has gained from the completion
of the first line," says Alan Gao, a Moody's Vice President.

"Nevertheless, the current delays are not material and we have
already factored their possibility in the negative rating
outlook," adds Gao, also Moody's International Lead Analyst for
CITIC Pacific.

Moody's will continue to monitor the progress of the iron ore
project. Downgrade pressure will emerge if there are more severe
delays or other material negative developments.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Pacific Limited's core industry and believes CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list and invest in overseas markets. It is engaged in
a range of businesses, including special steel manufacturing, iron
ore mining, property development and investment, power generation,
aviation, infrastructure, communications, and distribution. As of
end-2012, it had total consolidated assets of HKD247 billion.

The CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2011, it had total consolidated assets of RMB3.3 trillion.


LDK SOLAR: Subsidiary to Sell LDK Hefei for RMB120 Million
-----------------------------------------------------------
LDK Solar Co., Ltd.'s wholly owned subsidiary, Anhui LDK New
Energy Co., Ltd., signed an agreement to sell and transfer all its
equity interest in its wholly owned subsidiary, LDK Solar High-
Tech (Hefei) Co., Ltd., located in Hefei City of Anhui Province in
China, to an affiliate of the Hefei City government, Hefei High
Tech Industrial Development Social Service Corporation, for
approximately RMB120 million.  Based on the Company's book value,
LDK Solar expects to realize a net loss in the range of US$80
million to US$90 million for this transaction.

Previously, LDK Solar announced a purchase agreement in January
2013 with Shanghai Qianjiang Group, with its consummation subject
to relevant governmental approvals.  Shanghai Qianjiang Group
failed to secure such government approvals by the expiration date
of March 30, 2013.

"We appreciate the assistance and collaboration from Hefei
Municipal Government," stated Xingxue Tong, president and CEO of
LDK Solar.  "We will do our best to assure a smooth closing of
this transaction."

                 Signs New Module Supply Contract

LDK Solar has signed a module supply contract with EA Solar
Nakornsawan Co., Ltd, a leading developer of photovoltaic (PV)
projects in Thailand.  Under the terms of the agreement, LDK Solar
will provide 63 megawatts (MW) of PV modules with weekly shipments
of approximately 6.3 MW expected to commence in August 2013.

"We are pleased to expand our customer base into Thailand through
this new module sales agreement," stated Xingxue Tong, president
and CEO of LDK Solar.  "We believe this contract demonstrates the
continued demand for our solar modules."

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.



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H O N G  K O N G
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ACL SEMICONDUCTORS: Albert Wong & Co. Raises Going Concern Doubt
----------------------------------------------------------------
ACL Semiconductors Inc., filed on April 16, 2012, its annual
report on Form 10-K for the year ended Dec. 31, 2012.

Albert Wong & Co., LLP, in Hong Kong, expressed substantial doubt
about ACL Semiconductors' ability to continue as a going concern,
citing the Company's accumulated deficit of $3.5 million as of
Dec. 31, 2012.

The Company reported a net loss of $4.9 million on $161.4 million
of sales in 2012, compared with a net loss of $1.7 million on
$368.9 million of sales in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $35.7 million
in total assets, $37.0 million in total liabilities, and a
stockholders' deficit equity of $1.3 million.

A copy of the Form 10-K is available at http://is.gd/0ivNzk

Based in Kowloon, Hong Kong, ACL Semiconductors Inc. was
incorporated under the laws of the State of Delaware on Sept. 17,
2002.  The Company has been primarily engaged in the business of
distribution of memory products mainly under the "Samsung" brand
name.



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BERIA COMMERCIAL: ICRA Downgrades Rating on INR15cr Loan to 'D'
---------------------------------------------------------------
ICRA has revised downwards the short term rating assigned to the
INR15.00 crore letter of credit facility of Beria Commercial Impex
Private Limited from '[ICRA]A4' to '[ICRA]D'.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Non Fund Based Limits-    15.00    [ICRA]D downgraded
   Letter of Credit

The rating actions factor in the stretched liquidity position,
leading to repeated devolvement of letter of credit by the
company.

Incorporated in 1991, BCIPL is engaged in the business of timber
trading. The company procures sawn timber and timber logs
primarily from the domestic market and also imports timber logs
from countries like Malaysia and Myanmar. The company sells both
sawn timber and timber logs to saw mills, plywood and veneer
manufacturers, traders and retailers primarily in the Kolkata
market. The company has a warehouse at Howrah, West Bengal.


BHAVANA ISPAT: ICRA Downgrades Ratings on INR15cr Loans to 'D'
-------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR10.00
crore fund-based bank facilities of Bhavana Ispat Private Limited
from '[ICRA]B-' to '[ICRA]D'. ICRA has also downgraded the short-
term rating assigned to the INR5.00 crore non-fund based facility
of BIPL from '[ICRA]A4' to '[ICRA]D'.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limits-        10.00    [ICRA]D downgraded
   Cash Credit

   Non Fund Based Limits-     5.00    [ICRA]D downgraded
   Letter of Credit

The revision in ratings takes into account the delays by the
company in servicing its debt obligations in a timely manner.

Established in 2000, Bhavana Ispat Private Limited is engaged in
cutting, slitting, recoiling, de-coiling, pickling and de-rusting
of Cold Rolled (CR), Hot Rolled (HR) and Galvanized Plain (GP)
coils/sheets catering to steel dealers, automobile industries and
fabrication industries. The company has its steel processing
facility located in Taloja MIDC, Navi Mumbai and has two
warehouses. The operations of the company are mainly based out of
Mumbai and sales operations are limited to Maharashtra.


DECO EQUIPMENTS: ICRA Assigns 'D' Ratings to INR12cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR8.0
crore term loan facilities and the INR4.0 crore long-term fund
based facilities of Deco Equipments Private Limited.

                         Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                8.0     [ICRA]D /assigned
   Long-term Fund           4.0     [ICRA]D / assigned
   Based Limits

The assigned rating reflects the incidences of delays in debt
servicing in the recent past by the Company due to strained
liquidity conditions. This is largely attributable to the
substantial capital expenditure commitments of the Company and the
de-growth in the M&HCV- segment adversely affecting the cash flows
of DEPL.

The Company's financial profile is characterized by healthy
operating profitability on the back of significant contribution of
high-margin job work revenues but strained net margins owing to
substantial depreciation and interest costs; weak capital
structure marked by high gearing and modest coverage indicators
and high working capital intensity owing to substantial
consumables inventory held by the Company. Further, DEPL's small
scale of operations and significant customer and industry
concentration renders the Company's revenues vulnerable to any
order volatility from customers as well as the inherent
cyclicality of the M&HCV segment. In addition, DEPL's partly debt
funded capital expenditure plans are likely to stretch the
Company's debt coverage metrics going forward. ICRAhowever, takes
note of the promoters' longstanding experience in the automotive
components manufacturing business and the Company's well
established relationships with renowned customers in the domestic
market.

Incorporated in 1989, Deco Equipments Private Limited is engaged
in the manufacturing of brake heads and the associated components
such as pinion cage, hub, spider, anchor and roller, camshaft and
spindles to be used in commercial vehicles and construction
equipment. DEPL is engaged both in own manufacturing (around 42.7%
of total revenues) as well as job-work for its customers (around
57.3% of total revenues). The Company's manufacturing units are
located in Mysore and DEPL presently employs around 150 workers.
The company's forging operations are supported by machining, heat
treatment and grinding facilities.

Recent results
During 2011-12, DEPL reported a net profit of INR0.9 crore on
operating income of INR15.2 crore as against a net profit of
INR0.5 crore on operating income of INR13.3 crore in 2010-11.


JAI MATA: ICRA Assigns 'D' Ratings to INR6cr Loans
--------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR4.00 crore term
loan and INR2.00 crore cash credit facilities of Jai Mata Di
Plastics Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limit-       4.00     [ICRA]D assigned
   Term Loan

   Fund Based Limit-       2.00     [ICRA]D assigned
   Cash Credit

The assigned rating takes into account the irregularity in debt
servicing by the company due to its stretched liquidity position.
The liquidity tightness has been a result of nominal profits and
cash accruals in 2011-12, coupled with stretched receivables
position along with a high build-up of inventory levels. The
rating also takes into account JMDP's weak financial risk profile
as reflected by the operating losses suffered since commencement
of operations and below average debt coverage indicators, the
susceptibility of profitability to adverse movement in polymer
prices, weak bargaining power against stronger raw material
suppliers and customers and a high customer concentration risk,
with the top five customers contributing around 89% of total sales
in 2011-12. The rating also takes into consideration the
fragmented nature of the industry characterized by a large number
of small players, which in turn leads to intense competition
putting pressure on margins and JMDP's small scale of current
operations, which deprives it from the benefits of economies of
scale. ICRA notes that the company's plant was commissioned in
October 2010, and hence it lacks a sufficiently long track record
of conducting its business across business cycles. The rating,
however, favorably factors in the favorable demand outlook for
packaging material business, primarily driven by the expected
growth in the cement sector and the improvement in the capacity
utilization of the company post stabilization of manufacturing
facility.

JMDP, incorporated in 2007, is engaged in the manufacturing of
polypropylene (PP) woven sacks and fabrics. The company started
its commercial production in October 2010. The manufacturing
facility of the company is located at Kalunga, in the district of
Rourkela, Odisha and has an installed capacity of 2,616 metric
tonne per annum (MTPA).

Recent Results

The company has reported a net profit of INR0.17 crore on an
operating income of INR10.66 crore in 2011-12 as compared to a net
loss of INR0.20 crore on an operating income of INR2.35 crore in
2010-11.


J D INDUSTRIES: ICRA Assigns 'B+' Ratings to INR6.93cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.93 crore fund
based bank facilities of J D Industries. ICRA has also assigned a
short term rating of '[ICRA]A4' to the INR2.00 crore non fund
based facilities of JDI.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based Limits-       1.43     [ICRA]B+ assigned
   Term Loan

   Fund Based Limit-        5.50     [ICRA]B+ assigned
   Cash Credit

   Non-Fund Based Limit-    2.00     [ICRA]A4 assigned
   Bank Guarantee
   (Performance)

The assigned ratings take into account JDI's weak financial risk
profile characterized by low profitability, leveraged capital
structure, depressed level of coverage indicators, low entry
barrier and intense competition in a highly fragmented rice
milling industry which restricts pricing flexibility. The ratings
also factor in the risks inherent in an agro based business like
rice milling, including the vulnerability towards the changes in
Government policies and raw material supply risks as the level of
harvest and quality of paddy are highly dependent on agro climatic
conditions.

The ratings also reflect the risk associated with the legal status
of JDI as a proprietorship firm, including the risk of withdrawal
of capital by the proprietor. The ratings, however, derive comfort
from the proprietor's experience in the rice milling business and
JDI's proximity to raw material sources, leading to low landed
cost of input material.

JDI, incorporated in 2007, is engaged in the milling of non-
basmati rice with an installed capacity of 72,000 metric tonne per
annum (MTPA). The firm is also engaged in milling of paddy on job-
work for Food Corporation of India (FCI). The manufacturing
facility of the firm is located at Tilda in the district of
Raipur, Chhattisgarh.

Recent Results

The firm posted a net profit of INR0.22 crore on an operating
income of INR23.11 crore during 2011-12, as compared to a net
profit of INR0.18 crore on an operating income of INR15.19 crore
during 2010-11.


KINGFISHER AIRLINES: Banks to File Case in Debt Recovery Tribunal
-----------------------------------------------------------------
The Economic Times reports that lenders to the troubled Kingfisher
Airlines will file the case in the debt recovery tribunal (DRT)
and serve the SARFAESI notice this week, according to sources
close to the development.

ET relates that following this, bankers will start the process of
actually stripping down the airline's assets and selling them to
recover their dues.

According to the report, the consortium will now start the process
of selling the physical assets of the company which includes the
office spaces in Mumbai and a villa in Goa. Banks have already
started selling the pledged shares of United Spirits as well as
Kingfisher Airlines, the report says.

ET relates that sources said the banks will also now start
invoking the corporate guarantee of UB Holdings as well as the
personal guarantee of Vijay Mallya.  The value of both these
guarantees totals to INR3,000 crore, the report says.

Kingfisher owes the consortium of banks over INR7,500 crore and
the value of the collateral totals to around INR6,500 crore.  Last
week, ET recalls, SBI chairman Pratip Chaudhuri said that the
lenders weren't interested in any revival plan that the airline
had to offer. "We have given them enough time. We will not spare
any recourse in out recovery efforts," the report quotes Mr.
Chaudhuri as saying.

                     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: Lessons Emerge for Lessors Amid Dispute
------------------------------------------------------------
An ongoing dispute among major aircraft leasing companies, local
Indian authorities, and Kingfisher Airlines, which has been
grounded since late last year, provides some critical insights
into risk factors for lessors seeking to safeguard interests in
emerging markets, according to Fitch.

While plans to relaunch the airline are still being considered by
Indian regulators, Kingfisher has not operated since December,
when it lost authority to fly in the midst of a liquidity crisis.
Most of the largest global aircraft lessors, including ILFC,
AerCap, BOC Aviation, Aviation Capital Group, and AWAS, had leased
equipment to the carrier, whose fleet of approximately 60 new-
generation aircraft was primarily leased. Since Kingfisher's
grounding, major lessors have taken a number of different
approaches to asset recovery, with varying results.

"Above all, we see the Kingfisher experience as important in
underscoring the risks associated with leasing to start-up
airlines that lack a proven operating track record and often fail
to become profitable after launch. In India and many other
emerging economies, where rapid demand growth has spurred market
entry by unproven carriers, lessors face the need to reflect
higher risk through pricing or potentially stricter concentration
limits," Fitch says.

Kingfisher had been operating in a fast-growing, but still young,
Indian air transport industry only since 2005, and it had never
turned a profit prior to its grounding in 2012.

In addition to credit risk, lessors clearly face substantial legal
risk in India and other countries, where quick recovery of assets
and enforcement of creditor rights is less certain than in
developed markets. Lessors have had difficulty in some cases
recovering aircraft from Kingfisher as a result of India's failure
to cooperate fully in deregistering the aircraft.

India ratified parts of the Cape Town Treaty, an international
agreement setting out common standards for treatment of secured
aircraft claims, in 2008. However, many of the Kingfisher leases
predated that ratification. Even with Cape Town in place, local
laws and precedent remain critical for lessors and other aircraft
creditors to consider.

The experience of lessors in the Kingfisher situation shows that
moves to take assets from lessees at the first sign of trouble
often pay off. This is clear in light of media reports suggesting
that Kingfisher-leased aircraft and engines have, in some cases,
been stolen or damaged. This points to the need for lessors to
remain focused on maintenance reserves, security deposits, and
solid insurance policies -- especially in cases where local laws
and regulatory protection of creditor rights may come up short.

Exposure to Kingfisher among Fitch-rated lessors is small relative
to their total leased aircraft portfolios. The outcome of the
dispute is therefore not a ratings issue for these firms. More
broadly, aircraft lessors tend to lease to airlines that have
weaker credit profiles than their own, which places a natural
limitation on the lessors' ratings.


KK STEEL: ICRA Lowers Rating on INR9cr Loans to 'D'
---------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR8.75
crore fund-based bank facilities and to the INR0.25 crore
unallocated limits of K.K. Steel from '[ICRA]B' to '[ICRA]D'. ICRA
has also downgraded the short-term rating assigned to the INR0.25
crore unallocated limits of KK from '[ICRA]A4' to '[ICRA]D'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-      8.75     [ICRA]D downgraded
   Cash Credit

   Untied/Unallocated      0.25     [ICRA]D downgraded
   Limits

The revision in ratings takes into account the default by the firm
in meeting its debt obligations.

K.K. Steel, a proprietorship concern, was incorporated in the year
1996. The firm is engaged in the business of trading flat steel
products namely Galvanised Plain, Hot rolled, Cold Rolled (GP/
HR/CR) sheets, coils and plates. The operations of the firm are
based out of Mumbai and sales operations are limited to
Maharashtra and Goa.


MAA TARINI: ICRA Cuts Rating on INR9.54cr Loans to 'D'
------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR3.54 crore term loan and INR6.00 crore cash credit facilities
of Maa Tarini Industries Limited from '[ICRA]B-' to '[ICRA]D'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limit-       3.54     [ICRA]D downgraded
   Term Loan

   Fund Based Limit-       6.00     [ICRA]D downgraded
   Cash Credit

The rating action factors in the recent delays by MTIL in meeting
its debt service obligations in a timely manner.

MTIL was incorporated in August, 2000 and started commercial
production in August, 2001. It has sponge iron and ingot
manufacturing facilities of 48,000 tons per annum (TPA) and 21,000
TPA respectively in the Sundargarh district of Odisha. MTIL is
currently engaged in the production of sponge iron.


SANJAY KRAFT: ICRA Reaffirms 'B+' Rating on INR8cr Limits
---------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]B+' for
INR8.00 crore fund based limits of Sanjay Kraft Paper Private
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       8.00     [ICRA]B+ reaffirmed

The rating reaffirmation continues to be constrained by the high
product concentration risk as the company solely manufactures
kraft paper; modest scale of operations and high competitive
intensity in the fragmented kraft paper industry resulting in thin
profitability and high working capital intensity as reflected in
NWC/OI of 37% for FY2012 & high utilisation of cash credit
facilities. The rating is also constrained by the adverse power
supply situation in the state of Andhra Pradesh which constrained
the production in the current year. With SKPPL looking to
undertake capex in the medium term (-INR60.00 crore planned capex
funded by INR48.00 crore planned term loan) the capital structure
of the company is likely to deteriorate in the medium term. The
rating reaffirmation however takes into account the established
and diverse customer base of SKPPL on the back of the management's
experience in paper distribution through group concern - Vaishnavi
Impex; steady increase in operating income over the last 3 years
and easy access to raw material - recycled waste paper.

Sanjay Kraft Paper Private Limited was incorporated as a Private
Limited company on April 19, 2006. SKPPL is involved in the
manufacturing of kraft paper using recycled waste paper/fibre as
raw material. The company has a manufacturing facility located in
the west Godavari district and has a capacity of 50 TPD. SKPPL is
currently managed by Mr. Nageswar Rao who has experience of over a
decade in the paper industry.


SIDDHI EDIBLES: ICRA Downgrades Ratings on INR20.75cr Loans to D
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.25 crore cash credit facility of Siddhi Edibles Private
Limited from '[ICRA]BB-' to '[ICRA]D'. ICRA has also revised
downwards the short term rating assigned to the INR16.50 crore non
fund based bank facilities of SEPL from '[ICRA]A4' to '[ICRA]D'.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limits         4.25     [ICRA]D downgraded
   (Cash Credit)

   Non-Fund Based Limits    16.50     [ICRA]D downgraded
   (Letter of Credit)

The rating actions factor in the constant over utilisation of
working capital limits and continuing devolvement of letter of
credit by SEPL owing to its stretched liquidity position.

SEPL was incorporated in July 2003 and has been promoted by the
Bhura family based in Kolkata. The company has been engaged in
trading of agro-commodities like yellow peas, black matpe, yellow
maize, gwar seeds, soya bean and chana. Since 2007-08, the company
started trading in mobile phones, walkie talkie sets, telecom
equipments and other related electronic and hardware fittings,
which are used for fabrication of telecommunication towers. Since
2008-09, the company has also started trading in electronic
equipments like Digital Trunking System, LCD Monitors, CPU Cabinet
and other computer related accessories.


SIMHAPURI ENERGY: ICRA Reaffirms 'D' Rating on INR2,206.8cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR2206.8
crore term loan programme of Simhapuri Energy Private Limited.

The rating reaffirmation factors in the continued delays in
servicing of the debt pertaining to Phase 1 of the 570 MW imported
coal based power plant at Nellore, Andhra Pradesh. Phase 1
commenced commercial operations in end-Q1 2012-13 (against
scheduled commissioning of February 2011), after a substantial
cost and time overrun, with debt repayments commencing in May
2012. Both the cost overrun and the debt repayments have had to be
supported by periodic equity infusions from the parent, Madhucon
Projects Limited (MPL, rated at [ICRA]D). Owing to the Madhucon
Group's liquidity pressures, funding support to Simhapuri Energy
has been untimely in the past. Phase 2 is expected to be
commissioned in Q1 2013-14 (against scheduled commissioning of
October 2012) although debt repayments would only commence in
September 2014.

Simhapuri Energy, promoted by the Hyderabad based Madhucon Group,
is setting up a coastal coal based thermal power plant with an
ultimate capacity of 1920 MW, to be developed in four phases near
Krishnapatnam, in Nellore District, Andhra Pradesh. The Madhucon
Group largely undertakes EPC works across various sectors with
Madhucon Projects Limited as its flagship; the Group also has
several investments in BOT projects. Simhapuri Energy has
commissioned Phase 1 (270 MW) and is currently in the final stages
of implementing Phase 2 of the project (300 MW). For both phases,
Simhapuri Energy has a power tolling arrangement in place with PTC
India Limited (PTC) for a major portion of the capacity (350 MW of
570 MW) with the balance capacity to be sold on merchant basis.


SUPREME WOOD: ICRA Lowers Ratings on INR48cr Loans to 'D'
---------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR6.00 crore cash credit facility of Supreme Wood Products
Private Limited from '[ICRA]BB+' to '[ICRA]D'.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limits-        6.00     [ICRA]D downgraded
   Cash Credit

   Non-Fund Based Limits-   42.00     [ICRA]D downgraded
   Letter of Credit

ICRA has also revised downwards the short term rating assigned to
the INR42.00 crore non fund based bank facilities of SWPPL from
'[ICRA]A4+' to '[ICRA]D'.

The rating actions factor in the stretched liquidity position,
leading to continuous over utilisation of working capital limits
and repeated devolvement of letter of credit by the company.

SWPPL, incorporated in 1990 by Mr. Suresh Kumar Beria and Mr.
Manoj Kumar Beria is currently engaged in trading of timber and
manufacturing of veneer and plywood with installed capacity of
25,000 cbm and 15,000 cbm respectively. The manufacturing facility
of the company is located at Howrah, West Bengal.


UTTAM RESOURCES: ICRA Cuts Rating on INR15cr Loan to 'D'
--------------------------------------------------------
ICRA has revised downwards the short term rating assigned to the
INR15.00 crore letter of credit facility of Uttam Resources
Private Limited from '[ICRA]A4' to '[ICRA]D'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Non Fund Based Limits-     15.00    [ICRA]D downgraded
   Letter of Credit

The rating actions factor in the stretched liquidity position,
leading to repeated devolvement of letter of credit by the
company.

Incorporated in 1993, URPL is engaged in the business of timber
trading. The company procures sawn timber from the domestic market
and imports timber logs from countries like Malaysia and Myanmar.
The company sells both sawn timber and timber logs to saw mills,
plywood and veneer manufacturers, traders and retailers primarily
in the Kolkata market.


* Moody's Says Policy Changes Can Boost India's Infrastructure
--------------------------------------------------------------
Moody's Investors Service says India's recent reforms do not
address all the regulatory, financial and pricing constraints on
infrastructure investment, but they could still attract private
investment because the policy changes coincide with a conducive
financing environment characterized by low global interest rates
and falling domestic interest rates.

Moody's detailed its conclusions in a newly released report
titled, "Indian Infrastructure: Increased Private Investment Would
Benefit Sovereign Credit Profile".

The report says that given the Indian government's weak fiscal
position, the country's vast infrastructure needs cannot be
bridged without private investment.

Infrastructure shortages are a constraint on India's Baa3
sovereign rating because the country's infrastructure is weaker
than in comparable emerging markets. This has hurt potential
growth, as well as the competitiveness of its export and import-
competing sectors, thus contributing to its trade and current
account deficits. Moreover, poor infrastructure discourages
foreign direct investment inflows, which could finance these
deficits and stimulate growth. Infrastructure deficiencies also
heighten the supply bottlenecks that fuel inflation.

Nonetheless, Moody's stable outlook on the sovereign rating
assumes that infrastructure investments will increase over the
next 12--18 months, as the country's medium term demand for
infrastructure remains robust despite the recent slowdown in GDP
growth. Domestic demand for infrastructure is fueled by a critical
mass of Indian consumers with growing disposable incomes as well
as corporations willing to pay for improved infrastructure in
order to remain internationally competitive.

Consequently, the private sector may be more interested in
investing in Indian infrastructure, as demand for infrastructure
and the lowering of regulatory and pricing barriers revives the
prospects for profits. Moreover, financing for infrastructure
investment may now be easier to obtain, as investors seek real
investment assets, against the backdrop of lower interest rates
and slower global growth.

However, since policies will only selectively and slowly address
current supply constraints, Moody's believes any investment will
likely commence as a trickle rather than a surge. Nevertheless,
according to the report, even incremental infrastructure
improvements will alleviate pressures on the balance of payments
and inflation, while enhancing growth and living standards.

The report further notes that while pre-election politics pose
risks, these risks are not exclusively negative. India's
fragmented politics have often hindered the economic policy
process, regardless of the electoral cycle. Now, as incumbent
governments seek to revive sluggish growth ahead of state and
national elections in 2013 and 2014, they may accelerate policy
implementation in order to attract investment.



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


BAKRIE TELECOM: Fitch Downgrades Issuer Default Ratings to 'CC'
---------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Bakrie Telecom's
Long-Term Foreign- and Local-Currency Issuer Default Ratings to
'CC' from 'CCC'.  Also, the agency has downgraded the May 2015
USD380m bond fully guaranteed by BTEL to 'CC' from 'CCC'. The
Recovery Rating of the bond is 'RR4'. The Stable Outlook has been
removed.

Key Rating Drivers

Default is Probable: Fitch now believes that BTEL will most likely
restructure its USD380m senior unsecured bond, given the company's
poor liquidity and the low-likelihood of an operational turn-
around. BTEL has failed to fund an interest reserve account under
its bond documentation - which requires the company to maintain a
minimum of one coupon payment at all times and to have at least
two coupon payments (about USD43.7m) in the account at least 30
days before the coupon date (7 May 2013). The balance in the
account was only USD8m at end-December 2012, rendering this an
'event of default' under the terms of the bond.

While it is still possible that the company may be able to pay the
coupon of USD21.9m due on May 7, 2013, non-payment is likely to
result in a downgrade of BTEL's rating to 'C'. Fitch believes that
holders of the senior unsecured USD380mn bond have limited options
and may not accelerate the debt repayment at this juncture. The
bond is already trading well below 50 cents on the dollar, and the
likelihood is that the company will find it hard to repay the bond
due in May 2015.

Poor Liquidity: BTEL's 2013 cash balance and EBITDA generation
will most likely fall short of its obligations. Fitch estimates
that the cash deficit will be about USD50m-60m out of which a
maximum of USD30m can be funded through debt. Under the terms of
its USD bond, BTEL can raise a maximum of USD30m as fresh debt as
it continues to be in breach of an incurrence covenant. Its
consolidated debt/last 12 months EBITDA was 5.2x at end-December
2012, compared with the incurrence covenant of 4.75x.

Turn-around unlikely: The agency feels that BTEL's data EBITDA
generation is unlikely to fully offset the decline in voice and
SMS over the next two years. BTEL is likely to lose its
competiveness against larger GSM operators given its limited
flexibility to expand its network infrastructure. Its 2013 capex
guidance of USD25m or 10%-11% of its revenue is much lower than
Indonesia's top three GSM operators, which will invest at least
25%-30% of their revenues to expand their data franchises. During
2010-12, BTEL's EBITDA declined by 28% to USD102m (2010: USD141m)
due to a 10.7% reduction in subscribers to 11.6 million (2010: 13
million) on higher competition and operating costs.

CDMA consolidation: Struggling CDMA operators - including BTEL and
PT Smartfren Telecom Tbk (Smartfren, CC(idn)) - may participate in
consolidation, as they face tight liquidity amid weak
profitability. CDMA operators are struggling due to a lack of
variety of CDMA handsets and a narrowing of the tariff spread
between CDMA and GSM operators. PT Telekomunikasi Indonesia Tbk's
(Telkom, BBB-/Stable) CDMA unit, Flexi, which had discussed a
unsuccessful merger plan with BTEL in 2010, could acquire one of
the smaller CDMA operators to strengthen its customer base.

Rating Sensitivities

Positive: BTEL has limited upside given its liquidity constraints.
However, future developments that may, individually or
collectively, lead to positive rating action include:

- A significant improvement in business performance leading to
  improved liquidity, although Fitch regards this as unlikely

- An M&A transaction with a larger operator/stronger investor
  which improves its financial and operating performance

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

- A debt restructuring announcement, constituting in Fitch's
  opinion, a distressed debt in line with agency's criteria will
  lead to a downgrade of BTEL's rating to 'C'.

- A non-payment of a coupon on the company's USD380m senior
  unsecured bond.


BANK OCBC: Fitch Affirms 'bb' Viability Rating
----------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Ratings (IDR) and National ratings of three Indonesian
foreign-owned banks and one of their subsidiaries - PT Bank CIMB
Niaga Tbk (CIMB Niaga), PT Bank OCBC NISP Tbk's (OCBC NISP), PT
Bank UOB Indonesia (UOBI) and PT CIMB Niaga Auto Finance (CNAF).
Fitch has also upgraded OCBC NISP's Long-Term Local Currency IDR
to 'A-' from 'BBB'.

Rating Action Rationale

The affirmation of the Long-Term Foreign Currency IDRs and
National Long Term ratings reflects unchanged parental support and
linkage for the three banks, and the VRs reflect their continued
stable stand-alone credit profiles. The upgrade of OCBC NISP's
Long-Term Local Currency IDR, which is constrained by a 3-notch
maximum uplift from the Sovereign's Long-Term Local Currency IDR,
reflects Fitch's reassessment of the bank's debt servicing
capacity on local currency obligations, which is viewed to be of a
lower risk relative to that of its foreign currency obligations,
according to Fitch's criteria.

Rating Drivers

The Long-Term Local Currency IDRs and National Long-Term ratings
reflect Fitch's view of a high propensity of timely support from
each local bank's higher-rated foreign parent, if needed. The
Long-Term Foreign Currency is constrained by Indonesia's Country
Ceiling at 'BBB'. Fitch's view of support is reinforced by the
growing strategic importance of these Indonesian subsidiaries to
the parents' Asia franchise, increased financial and technical
resources needed to develop their Indonesian banking franchises,
parents' majority ownership/control, name sharing and a high level
of integration with their parents. CIMB Niaga is owned by
Malaysia-based CIMB Group, while OCBC NISP and UOBI are majority
owned by Singapore-based Overseas-Chinese Banking Corp (OCBC, 'AA-
'/Stable) and United Overseas Bank Limited (UOB; 'AA-'/Stable).

CIMB Niaga's Viability Rating (VR) of 'bb' reflects the bank's
moderate standalone financial position with satisfactory asset
quality and improved profitability despite its weaker capital
position and funding profile compared to its peers. OCBC NISP's VR
of 'bb' takes into account its consistently strong asset quality
and satisfactory capital position, despite its smaller franchise
and its weaker profitability and funding profile compared with its
larger peers.

Rating Sensitivities- IDRs, National and Support Ratings

Upside potential for the banks' IDRs and Support Rating may result
from an upgrade of the Indonesian Country Ceiling. There is no
rating upside for National Ratings as their National Ratings are
already at the top of the scale.

Downward rating pressure may arise from any developments leading
to a weakening of perceived support from their parents, such as
major changes to ownership or a significant weakening in their
parents' financial ability, although Fitch believes this to be a
remote prospect in the near- to medium-term. Deterioration in the
banks' standalone financial profile is unlikely to impact their
IDRs and National Rating unless the factors underpinning the
parent support also weaken.

Rating Sensitivities- VRs

Rating upside on the VR may result from more comparable franchises
relative to the major Indonesian banks, while maintaining healthy
risk-adjusted profitability, high core capitalisation,
predominantly deposit-funded balance sheets, and sound asset
quality record. Rating downside may result from rapid loan growth
adversely affecting asset quality and capital, and significantly
weakened profitability, particularly if the economic environment
were to deteriorate.

Rating Sensitivities - Subsidiary's Ratings

The ratings of CNAF reflect Fitch's expectation of continued
strong support from its majority shareholder, CIMB Niaga, and its
ultimate parent, CIMB Group. The ratings also take into account
CNAF's strong linkage with CIMB Niaga as illustrated in the common
brand name, operational alignment and funding support through
without-recourse joint financing scheme. Any significant dilution
in ownership by, or perceived weakening support from CIMB Niaga
and CIMB Group would put pressure on CNAF's ratings.

Rating Sensitivities - Debt Ratings

The ratings of the companies' Rupiah-denominated senior bonds and
bond programme are the same as their National Long-Term and Short-
Term Ratings. This is because these debts constitute direct,
unsubordinated and senior unsecured obligations of the concerned
entities and rank equally with all their other unsecured and
unsubordinated obligations. Any changes in the National Long-Term
and Short-Term Ratings would affect these issue ratings.

The subordinated debts are rated two notches below the banks'
National Long-Term Rating, comprising one notch for loss severity
and one notch for non-performance risk to reflect their
subordination status and coupon and/or principal deferral risk.

The list of rating actions is:

CIMB Niaga
Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook Stable
National Long-Term rating affirmed at 'AAA(idn)'; Outlook Stable
Viability Rating affirmed at 'bb'
Support Rating affirmed at '2'
Rupiah Senior Bond Programme 1 2012 affirmed at 'AAA(idn)'
Rupiah Senior Bond Programme 1 tranche 1 2012 affirmed at
'AAA(idn)'
Rupiah Subordinated bond affirmed at affirmed at 'AA(idn)'

OCBC NISP
Long-Term Foreign Currency IDRs affirmed at 'BBB'; Outlook Stable
Long-Term Local Currency IDRs upgraded to 'A-'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F3'
National Long-Term rating affirmed at 'AAA(idn)'; Outlook Stable
National Short-Term rating affirmed at 'F1+(idn)'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '2'
Rupiah Subordinated bond affirmed at 'AA(idn)'
Rupiah Senior Bond Programme 1 2012 affirmed at
'AAA(idn)'/'F1+(idn)'
Rupiah Senior Bond Programme 1 tranche 1 2013 affirmed at
'AAA(idn)'/'F1+(idn)'

UOBI
National Long-Term rating affirmed at 'AAA(idn)'; Outlook Stable

CNAF
National Long-Term rating affirmed at 'AA+(idn)'; Outlook Stable
National Short-Term rating affirmed at 'F1+(idn)'
Medium Term Notes affirmed at 'AA+(idn)'
Rupiah Senior Bonds affirmed at 'AA+(idn)' /'F1+(idn)'


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


CORSAIR 2: S&P Lowers Rating on JPY3BB Loan to B
-------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
rating on Corsair (Jersey) No. 2 Ltd.'s fixed rate credit-linked
loan series 58 and removed the rating from CreditWatch with
negative implications.  S&P placed its rating on series 58 on
CreditWatch negative on Jan. 18, 2013.

S&P's downgrade of the transaction reflects its synthetic rated
overcollateralization (SROC) level.  S&P has lowered its rating to
the level at which the SROC equals or exceeds 100 percent as of
the April review.

This transaction is a synthetic collateralized debt obligation
(CDO) that is referenced to portfolios of global corporate names.

          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 Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED, REMOVED FROM CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To            From                     Amount
B (sf)        B+ (sf)/Watch Neg        JPY3.0 bil.



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


MAINZEAL PROPERTY: Hobson Gardens Disputes Hoists Ownership
-----------------------------------------------------------
Stuff.co.nz reports that two hoists sitting on one of Mainzeal
Property and Construction Ltd stalled Auckland construction sites
are at the centre of a battle between receivers and an apartment
complex's body corporate.

According to Stuff.co.nz, the High Court at Auckland has heard
that the hoists -- external elevators which are worth about
NZ$350,000 each -- were put in place by Mainzeal to give workers
access to the exterior and the higher storeys of the multi-level
Hobson Gardens building in Auckland's CBD.

Mainzeal was forced to carry out remedial recladding work on the
97-apartment complex after its initial construction was found to
be leaky, Stuff.co.nz says.

The report relates that the financial impact of leaky building
remedial work is understood to be a major reason for Mainzeal
Property & Construction slipping into receivership, and subsequent
liquidation.

It is believed the cost of the work on Hobson Gardens was about
NZ$15 million, the report notes.

According to the report, Hobson Gardens' body corporate is arguing
that its construction contract with Mainzeal allows it to take
ownership of the hoists.

It argues the contractual arrangement outranks both general and
specific security agreements held by secured creditor BNZ over the
hoists, the report relates.

Stuff.co.nz discloses that BNZ is owed NZ$11.2 million by
Mainzeal, and is listed by receivers as the first-ranking secured
creditor.

However Hobson Gardens' lawyer Ross Dillon said the bank should
have known the terms of the contract and had effectively consented
to the transfer of ownership of the hoists when receivers shut
down the construction project, Stuff.co.nz reports.

Stuff.co.nz relates that the receivers' lawyer Matthew Kersey said
his client had offered to lease the hoists to Hobson Gardens while
the recladding was completed by another contractor, but the body
corporate responded that it did not need to lease them because it
now owned them.

Mr. Kersey said the bank's "perfected" security agreements trumped
Hobson Gardens' claim because, among other reasons, it was
registered with the Companies Office, the report adds.

                      About Mainzeal Property

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

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

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

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

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

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


PEGASUS TOWN: Unsecured Creditors Left High and Dry After Sale
---------------------------------------------------------------
NBR Online reports that the North Canterbury Pegasus Town property
development and its sections sold for NZ$68.8 million, leaving
unsecured creditors -- who were largely related parties
-- out in the cold, according to the latest receiver's report.

NBR Online notes that the Todd Property Group bought the
development in December last year, saying it expected to complete
the town by 2015, though it is unclear whether the sections sold
were part of the deal. The price was not disclosed at the time.

According to NBR Online, receivers David Ruscoe and Richard
Simpson of Grant Thornton said in their latest report that the
development's business and assets were sold for NZ$66.2 million
and its sections for NZ$2.6 million. Secured creditors were paid
NZ$1.8 million from the section sales, and received
NZ$65.9 million as a settlement distribution.

The sale and purchase agreement also included a NZ$117,000
transfer of cash assets.

That leaves secured creditors New Zealand Property Finance
Partners, a joint venture between Goldman Sachs and Brookfield
Asset Management, owed NZ$89.5 million as at April 15, having
previously been owed NZ$142.8 million by the development,
according to NBR Online.

That does not necessarily mean the venture is out of pocket, with
the Goldman-Brookfield partnership buying the loans at a steep
discount in 2011 from Bank of Scotland International as part of a
larger NZ$1.3 billion portfolio in New Zealand.

NBR Online says the receivers' report revealed that the other
secured creditor, Wai Ora, was owed NZ$368,137, while unsecured
creditors, who will not be paid, were owed almost NZ$12 million.
Messrs. Ruscoe and Simpson's first report said some NZ$11.4
million of unsecured claims were from related parties, NBR Online
discloses.

Preferential creditors, including employees and IRD, were paid
NZ$81,121 in the period, NBR Online relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2012, Fairfax NZ News said Pegasus Town Ltd was placed
in receivership. Simon Thorne has been appointed as receiver.
Owner Bob Robertson said that difficulty refinancing a loan
was behind the Pegasus trouble but there was no "contagion
effect" for other projects, according to Fairfax NZ News.
The receivership action was taken by New Zealand Property Finance
Partners, an investment consortium owned by Australia's
Brookfield group and investment banker Goldman Sachs.  The
consortium bought a loan over Pegasus Town from the Bank of
Scotland last year, Fairfax NZ News related.  Pegasus agreed to
buy back the loan from Brookfield and Goldman Sachs, but could
not get the finance, Fairfax NZ News disclosed.

Pegasus Town has been designed for 7,000 residents in 2,500
homes.



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


LEO MOTORS: John Scrudato CPA Raises Going Concern Doubt
--------------------------------------------------------
Leo Motors, Inc., filed with the U.S. Securities and Exchange
Commission on April 16, 2012, its annual report on Form 10-K for
the year ended Dec. 31, 2012

John Scrudato CPA, in Califon, New Jersey, expressed substantial
doubt about Leo Motors' ability to continue as a going concern,
citing the Company's significant losses since inception of
$16.2 million and working capital deficit of $632,161.

The Company reported a net loss of $1.9 million on $25,605 of
revenues in 2012, compared with a net loss of $5.4 million on
$920,587 of revenues in 2011.

In 2011 the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

The Company's balance sheet at Dec. 31, 2012, showed $1.4 million
in total assets, $1.7 million in total liabilities, and a
stockholders' deficit of $269,422.

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

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.


RNL BIO: Investors Set to Lose KRW200 Billion on Delisting
----------------------------------------------------------
Yonhap News reports that local retail investors are expected to
lose up to KRW200 billion (US$178.3 million) from the scheduled
delisting of RNL Bio Co., a stem cell researcher, sources said
Wednesday.

The news agency says the outlook came as RNL Bio is set to be
delisted from the main bourse after posting a net loss of
KRW56.1 billion last year and receiving a disclaimer of opinion
from auditors on their financial statements earlier this month.

Based in Seoul, South Korea, RNL Bio Co., Ltd. engages in the
research and development of stem cell therapies and natural
material screening techniques.



===============
T H A I L A N D
===============


UNITED OVERSEAS: Fitch Affirms 'bb+' Viability Rating
-----------------------------------------------------
Fitch Ratings has affirmed the National Long-Term ratings of three
foreign-owned Thai banks -- United Overseas Bank (Thai) Public
Company Limited (UOBT) and Industrial and Commercial Bank of China
(Thai) Public Company Limited' (ICBCT) at 'AAA(tha)' and CIMB Thai
Bank Public Company Limited (CIMBT) at 'AA-(tha)'. The Outlook is
Stable. At the same time, Fitch has also affirmed UOBT's and
CIMBT's Long-Term Foreign-Currency IDR at 'A-' and 'BBB',
respectively.

Rating Action Rationale

The three banks' National ratings, as well as the IDRs and Support
Ratings of UOBT and CIMBT are based on Fitch's view that there is
a high probability of support, if required, from their respective
parents, United Overseas Bank Limited (UOB, 'AA-'/Stable), CIMB
Bank Berhad (CIMB) and Industrial and Commercial Bank of China
(ICBC; 'A'/Stable). This view is based on their parent banks'
near-full ownership, name sharing, and their strategic importance
to their parents.

The Stable Outlooks for UOBT and ICBCT are consistent with that of
their parents, while the Stable Outlook of CIMBT reflects Fitch's
expectation that the parent bank's ability and propensity to
provide extraordinary support to CIMBT is unlikely to change over
the next one to two years.

UOBT's Viability Rating (VR) of 'bb+' reflects its modest lending
and deposits franchise, relatively weak funding profile, and
persistently low profitability which is weaker than similarly
rated peers, while the bank's capital position remains one of the
strongest among Thai peers. The VR also takes into consideration
UOBT's sound risk management culture and effective system,
supported by UOB.

CIMBT's VR of 'bb-' is based on its still modest franchise, low
profitability and moderate liquidity. Despite improvements,
CIMBT's overall credit profile remains generally in line with
similarly rated peers. The VR also reflects ordinary support from
CIMB.

CIMBT's short-term senior unsecured debentures program is
consistent with the National rating of the bank's Short-Term
National Rating of 'F1+(tha)', as the debentures represent
unsecured and unsubordinated obligations of the bank.

CIMBT's Thai baht-denominated subordinated Upper Tier 2 debts are
currently rated two notches below CIMBT's National Long-term
Rating, based on its subordination and coupon deferral feature.
Its subordinated unsecured debts (Lower Tier 2) are rated one
notch below. The notching for these debts instruments reflects
their subordination in the capital structure and are in line with
Fitch's rating approach for such instruments.

Rating Drivers and Sensitivities - IDRs, Support Rating, and
National Ratings

A material change in the parent banks' ability and willingness to
support its Thai subsidiaries would have an impact on the
subsidiaries' ratings. A reduction in the stake in the
subsidiaries by the parent banks could result in a negative rating
action.

Since UOB Thai's LT FC IDR is constrained by Thailand's country
ceiling, an upgrade of country ceiling would be positive to UOB
Thai's LT FC IDR, while a downgrade of the country ceiling would
be negative to UOBT's LT FC IDR.

A material improvement in CIMB's credit profile may result in an
upgrade of CIMBT's IDRs and National Ratings, conversely a
significant deterioration may result in downgrades.

A downgrade of ICBC's IDRs will negatively affect ICBCT's National
ratings. An upgrade of Thailand's Long-Term Local Currency IDR,
without any upgrade in the ratings of the parent ICBC, may result
in a downgrade of ICBCT's National ratings.

Rating Drivers and Sensitivities - Viability Rating and debts
ratings

UOBT's sustainable improvement in profitability without a material
deterioration in asset quality or capital position would be
positive to its VR, while deterioration in capital position may be
negative to UOB Thai's VR.

Significant and sustainable improvement in CIMBT's overall
financial strength compared with peers could positively affect the
VR, while a significant deterioration in key financial measures
particularly for asset quality, liquidity and capital could
negatively impact the VR. CIMBT's senior unsecured and
subordinated debt ratings will be affected by changes to the
bank's National Ratings.

The performances of all three banks should continue to gradually
improve over the medium-term due to the banks' growth momentum and
supportive economic outlook. However, CIMBT's net profit in 2013
may be affected by reduced shared contributions from the
management of legacy non-performing loans (NPLs). While, asset
quality pressure could heighten in the medium-term for CIMBT and
ICBCT due to their aggressive loan growth over the past two years,
the risks could be mitigated by their strengthening loan loss
coverage ratios of about 85%-90%. Moreover, expected capital
support, if needed, from the parents should provide an additional
buffer against the risks.

UOB has a 99.7% stake in UOBT. UOBT is the 9th-largest bank in
Thailand with 2.1% market share in assets. CIMB has a 93.7% stake
in CIMBT. CIMBT is the 11th-largest bank in Thailand with 1.7%
market share in assets. ICBCT is 97.7%-owned by ICBC. It has a
market share of assets at 0.9%.

The list of ratings actions is as follows:

UOBT:
- Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook Stable
- Short-Term Foreign Currency IDR affirmed at 'F2'
- Viability Rating affirmed at 'bb+'
- Support Rating affirmed at '1'
- National Long-Term Rating affirmed at 'AAA(tha)'; Outlook
  Stable
- National Short-term Rating affirmed at 'F1+(tha)'

CIMBT:
- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
  Stable
- Short-Term Foreign Currency IDR affirmed at 'F3'
- Viability Rating affirmed at 'bb-'
- Support Rating affirmed at '2'
- National Long-term rating affirmed at 'AA-(tha)'; Outlook
  Stable
- National Short-term rating affirmed at 'F1+(tha)'
- National Short-term debts affirmed at 'F1+(tha)'
- Upper tier 2 debt affirmed at 'A(tha)'
- Lower tier 2 debt affirmed at 'A+(tha)'

ICBCT:
- National Long-term rating affirmed at 'AAA(tha)'; Outlook
  Stable
- National Short-term rating affirmed at 'F1+(tha)'



                             *********

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

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

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


                            *********


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

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

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

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

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



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