/raid1/www/Hosts/bankrupt/TCRAP_Public/130503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, May 3, 2013, Vol. 16, No. 87


                            Headlines


A U S T R A L I A

ADELAIDE LIFT: Clifton Hall Appointed as Liquidators
AROGEN PTY: Family Dispute, Mismanagement Cause Firm's Collapse
LOVE ENERGY: Appoints Clifton Hall as Liquidators
RIVERLAND WEEKLY: Clifton Hall Appointed as Administrators


C H I N A

LDK SOLAR: Delays Filing of Annual Report in U.S.
MAXCLEAN HOLDINGS: Crowe Horwath Raises Going Concern Doubt


I N D I A

AVADH COTEX: ICRA Reaffirms 'B+' Rating on INR9cr Loan
GL JAIN: ICRA Assigns 'B+' Rating to INR6cr Cash Credit
GOYAL ENGINEERING: ICRA Assigns 'B+' Rating to INR50cr Loan
KABEER TEXTILES: ICRA Reaffirms 'BB+' Rating on INR16.5cr Loan
NIKHIL INT'L: ICRA Reaffirms 'BB+' Rating on INR79.12cr Loans

PLATINUM POLYMERS: ICRA Assigns 'B+' Ratings to INR6.25cr Loans
SAGAR AUTOTECH: ICRA Reaffirms 'BB' Rating on INR15.05cr Loans
SAI SHAKTI: ICRA Assigns 'B+' Ratings to INR11cr Loans
SIONC PHARMACEUTICALS: ICRA Assigns 'B' Rating to INR24cr Loan
SIPAI COTTON: ICRA Reaffirms 'B+' Rating on INR6cr Credit Limit

SIVA SANKAR: ICRA Revises Rating on INR8.5cr Loan to 'BB-'
STEEL & METALS: ICRA Reaffirms 'BB-' Rating on INR5cr Loan
SURYA SYNTHETICS: ICRA Assigns 'B+' Rating to INR15cr Loan


J A P A N

SHARP CORPORATION: Fitch Keeps Issuer Default Ratings at 'B-'


N E W  Z E A L A N D

AORANGI SECURITIES: Reaches Amicable Settlement For Investors


S O U T H  K O R E A

HYUNDAI MERCHANT: May Issue New Stocks to Ease Liquidity Issues


X X X X X X X X

* US Energy Sector and Asian Buyers to Benefit from LNG Exports
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ADELAIDE LIFT: Clifton Hall Appointed as Liquidators
----------------------------------------------------
Mark Hall and Timothy Clifton of Clifton Hall were appointed as
Joint and Several Liquidators of Adelaide Lift & Tractors Pty Ltd
on April 30, 2013.

The first meeting of creditors will be held at 9:30 a.m. on
May 10, 2013, in the offices of Clifton Hall, Level 1, 12 Gilles
Street, in Adelaide.


AROGEN PTY: Family Dispute, Mismanagement Cause Firm's Collapse
---------------------------------------------------------------
Australian Mining reports that family infighting at Arogen Pty Ltd
has left more than 100 Hunter Valley business millions of dollars
out of pocket.

Australian Mining notes that the Kurri Kurri based company was
last month placed into administration with debts totalling almost
AUD4.5 million, although the Newcastle Herald reported this could
possibly be as high as AUD7.3 million.

According to Australian Mining, the dispute behind the company's
downfall is between family matriarch Roslyn O'Meley and her son
Tony and his wife Ellie.

Citing a report prepared for a creditors meeting on May 3, the tax
office is owed about AUD1 million, and trade creditors, the
majority of which are small Hunter businesses, are owed more than
AUD4.2 million.

Australian Mining relates that in the report, administrator
Paul Gidley, from business insolvency firm Shaw-Gidley, said the
"family ownership dispute . . . legal costs . . . and general
mismanagement of the company's affairs" were significant
contributors to the company's demise.

Another contributing factor is said to be a multimillion-dollar
contractual dispute with development giant Leightons, the report
adds.

Last month, Australian Mining recalls, Mr. Gidley said the return
of creditors' money was almost entirely dependent upon a
multimillion-dollar payment currently in dispute between the
company and development giant Leightons.

In October last year, an adjudicator ruled that Leightons pay
Arogen AUD5.7 million following a dispute over a Sydney project.
But uncertainty clouds the payment as Leightons is currently
challenging the judgment, says Australian Mining.

Australian Mining notes that company records show that
Tony O'Meley was a director of Arogen until January 17 this year
when his mother Roslyn, the company secretary, had him removed.
After which she took a sole directorship position and moved to
place the company into administration, the report relates.

According to Australian Mining, the administrator's report also
brings into question large sums of cash taken from company
accounts in the months before it entered voluntary administration.

Australian Mining adds that Mr. Gidley has recommended that
creditors accept a Deed of Company Arrangement on Friday that
would allow the company to continue trading and possibly recoup
more money for creditors.

The money is said to possibly come from Leightons and "related
O'Meley entities," the report says.

In the meantime, creditors would have to accept just 27.56 cents
in the dollar owed to them, Australian Mining relays.

Arogen Pty Ltd is a family-owned business specialising in
horizontal drilling.  Newcastle Herald reported that Arogen Pty
Ltd has gone into voluntary administration owing at least
AUD2 million. Paul Gidley of insolvency specialists Shaw Gidley
was appointed as administrator.


LOVE ENERGY: Appoints Clifton Hall as Liquidators
-------------------------------------------------
Mark Hall and Timothy Clifton of Clifton Hall were appointed as
Joint and Several Liquidators of Love Energy Operations Pty Ltd on
April 30, 2013.

The first meeting of creditors will be held at 11:00 a.m.
on May 10, 2013, in the offices of Clifton Hall, Level 1, 12
Gilles Street, in Adelaide.


RIVERLAND WEEKLY: Clifton Hall Appointed as Administrators
----------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Administrators of Riverland Weekly Pty Ltd on
April 30, 2013.

The first meeting of creditors will be held at 12:00 p.m. on
May 10, 2013, at the offices of Clifton Hall, Level 1, 12 Gilles
Street, in Adelaide.



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


LDK SOLAR: Delays Filing of Annual Report in U.S.
-------------------------------------------------
LDK Solar Co., Ltd., informed the U.S. Securities and Exchange
Commission that it was unable to file its Form 20-F for the year
ended Dec. 31, 2012, on or before the prescribed due date of
April 30, 2013, because it needs additional time to finalize
certain items in its fourth quarter 2012 financial results,
primarily including an impairment analysis of long-lived assets
and an assessment of provisions in certain subsidiaries.

LDK Solar currently anticipates that the Form 20-F will be filed
as soon as practicable and no later than May 15, 2013.

During 2012, the challenging market conditions resulted in a
decrease in average sales price and shipment volume of LDK Solar's
wafers, modules and polysilicon and other materials.  As a result,
LDK Solar's net sales were $862.9 million for 2012, representing a
decrease of $1,294.9 million as compared to net sales of $2,157.8
million for 2011.  In 2012, LDK Solar's gross loss also increased
to $337.8 million from $39.7 million in 2011, primarily due to the
significant drop in the average selling price of LDK Solar's
products, the lower utilization rate, and the recognition of
inventory write-down of $180.9 million.  LDK Solar also recorded
an impairment loss for goodwill and intangible assets of $31.6
million, an impairment loss for assets held for sale of $74.2
million and an impairment loss for property, plant and equipment
of $109.0 million for 2012.  The combined effect of these and
certain other items resulted in an increase in net loss
attributable to shareholders to $939.5 million in 2012 from $620.9
million in 2011, and the diluted loss per share increasing to
$8.38 for 2012 from $4.90 for 2011.  The preliminary financial
results for 2012 have been derived from LDK Solar's unaudited
consolidated financial statements as of and for the year ended
Dec. 31, 2012.

                           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 Dec. 31, 2012, showed $5.27 billion
in total assets, $5.41 billion in total liabilities, $323.29
million in redeemable non-controlling interests, and a
$466.79 million total deficit.


MAXCLEAN HOLDINGS: Crowe Horwath Raises Going Concern Doubt
-----------------------------------------------------------
Maxclean Holdings Ltd filed on April 29, 2013, its annual report
on Form 20-F for the year ended Dec. 31, 2012.

Crowe Horwath (HK) CPA Limited, in Hong Kong, expressed
substantial doubt about Maxclean Holdings' ability to continue as
a going concern.  The independent auditors noted that the Company
has operating and liquidity concerns as the Company had suffered
recurring losses from operations and negative operating cash flows
and incurred an accumulated deficit of RMB82.9 million as of Dec.
31, 2012.

The Company reported a net loss of RMB14.5 million on
RMB59.3 million of revenue in 2012, compared with a net loss of
RMB30.6 million on RMB58.8 million of revenue in 2011.  According
to the regulatory filing, the 52.4% decrease in net loss was
primarily due to the increased selling price of its products,
decreased administrative expenses, and decreased interest on bank
loans.

The Company's balance sheet at Dec. 31, 2012, showed
RMB71.4 million in total assets, RMB55.3 million in total current
liabilities, and net assets of RMB16.1 million.

A copy of the Form 20-F is available at http://is.gd/wPs8U2

Maxclean Holdings Ltd is a holding company, which was incorporated
in the Cayman Islands on May 30, 2011.  The Company owns 100% of
Maxclean (China) Holdings.  The Company develops, manufactures and
sells consumable contamination control supplies for use in clean-
rooms under the trade name "Maxclean".

The Company was incorporated in the Cayman Islands on May 30,
2011, and is owned by the same control group as Maxclean (China).

Pursuant to written board resolutions of the Company, on July 12,
2011, the shareholders of Maxclean (China) effectively exchanged
their outstanding shares of Maxclean (China) for all of the
outstanding shares of the Company.  The Share Swap has been
accounted for as a reverse capitalization whereby Maxclean (China)
will be deemed to be the accounting acquirer (legal acquiree) and
the Company to be the accounting acquiree (legal acquirer).

On Aug. 30, 2012, the Cayman Company filed a Form F-1 Registration
Statement under the Securities Act of 1933 with the U.S.
Securities and Exchange Commission to register certain shares of
the Cayman Company for resale.  The Company's Form F-1
Registration Statement was declared effective by the SEC on
Sept. 20, 2012.

The registered address of the Company is Clifton House, 75 Fort
Street, PO Box 1350, Grand Cayman KY1-1108, Cayman Islands.  The
principal place of business of the Company is located at 88 Yu
Feng Road, Shuo Fang Town, New District, Wuxi City Jiangsu
Province, PRC.



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


AVADH COTEX: ICRA Reaffirms 'B+' Rating on INR9cr Loan
------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR9.00 crore
fund-based cash credit facility of Avadh Cotex Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              9.00    [ICRA]B+ reaffirmed

The rating continues to be constrained by the company's weak
financial profile as reflected by stretched liquidity entailing
high reliance on external borrowings and an adverse capital
structure along with weak debt coverage indicators. The rating
also takes into account the low value additive nature of
operations and intense competition on account of fragmented
industry structure leading to thin profit margins. The rating is
further constrained by vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The ratings however consider the long experience of the promoters
in the cotton ginning and pressing industry, favorable location in
Gujarat giving it easy access to raw cotton and a positive demand
outlook for cotton and cottonseed.

Established in 2006, Avadh Cotex Pvt Ltd. is engaged in the
ginning of raw cotton to produce cotton seeds and cotton bales.
The business is promoted and managed by Bharatbhai J. Bhalala. He
has an experience of over 20 years in this industry. The factory
is located at Shapar, Rajkot, Gujarat. The company is equipped
with 24 ginning machines and has an annual installed capacity to
produce 240 cotton bales per day.

Recent Results

For the year ended 31st March, 2012, the company reported
operating income of INR55.26 crore with profit after tax (PAT) of
INR0.03 crore. Further, during FY13 (as per unaudited provisional
financials), the company reported operating income of INR57.92
crore with profit before depreciation and tax of INR0.17 crore.


GL JAIN: ICRA Assigns 'B+' Rating to INR6cr Cash Credit
-------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR6.00 crore, fund based limits of G.L. Jain Button Store Pvt.
Ltd.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-Based Limit-       6.00     [ICRA]B+ assigned
   Cash Credit

The assigned rating takes into account its modest scale of
operations with weak financial profile characterized by the low
profitability (net profit margin of 0.3% in FY12) and highly
leveraged capital structure which results in subdued debt coverage
indicators (interest cover of 1.21 and net cash accruals vis-…-vis
total debt of 2.3% as on March 31, 2012). The rating is also
constrained by the high working capital intensity (Net working
capital is 26.8% of the FY12 operating income) which stretches the
cash flow position of the company, making it heavily reliant on
working capital borrowings and funding support from promoters.

The rating however draws comfort from the vast experience of the
promoters in the garment accessories trading business and
company's diverse customer base. Though operations of the company
are confined to Ludhiana city, established relations with a large
number of customers reduces risk of product off-take and
collections. The rating also factors in the recent equity infusion
of INR0.50 crore which shall lower the gearing from FY12 levels.
Going forward, improvement in the profitability and capital
structure of the company as well as moderation in its working
capital intensity would be the key rating sensitivities.

Incorporated in 1993, G.L. Jain Button Store Pvt. Ltd. is engaged
in the trading of various garment accessories and hosiery
materials like clothes, thread, buttons, zip, sliders, elastic
etc. Company mainly caters to garment manufacturers in Ludhiana
region. While the fabric trade is procured within India,
accessories are mostly imported from China. GLPL is promoted by
members of Ludhiana based Jain family who have been engaged in
this business for over 20 years. Currently, the operations are
being managed by Mr. Ripan Jain and his younger brother Mr. Amit
Jain.

Recent Results

In FY12, GLPL reported net profit of INR0.10 crore on an operating
income (OI) of INR36.12 crore compared to net profit of INR0.08
crore on OI of INR30.34 crore in FY11.


GOYAL ENGINEERING: ICRA Assigns 'B+' Rating to INR50cr Loan
-----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR50 crore
long-term fund-based facilities of Goyal Engineering Polymers
Private Limited; the limits include non-fund based sub-limits of
INR10 crore, which have been assigned '[ICRA]A4'. The rating of
[ICRA]A4 has also been assigned to the INR70 crore non-fund based
facilities of GEPPL. The ratings of [ICRA]B+ / [ICRA]A4 has been
assigned to the INR10 crore unallocated facilities of GEPPL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------                --------   -------
   Cash Credit (Sublimit:      50.00    [ICRA]B+ [ICRA]A4
   Non-fund based limits)               assigned

   Non-fund based, Short-      70.00    [ICRA]A4 assigned
   term facilities

   Proposed Limits             10.00    [ICRA]B+/[ICRA]A4
                                        assigned

The ratings factor in the weak financial risk profile of the
company characterised by low profitability, high gearing levels
and moderate coverage indicators, and the tight liquidity position
of the company as reflected by the high utilisation of working
capital limits, which is expected to sustain given the long
operational cycle. The liquidity position of the company has
further been adversely affected by the indirect support to a joint
venture company of the promoter in the form of delayed receivables
to a substantial extent (representing ~10% of the revenues of the
company in FY2012). The ratings also factor in the vulnerability
of profitability to foreign exchange fluctuations, given that the
company does not hedge its forex exposure; exposure to supplier
and customer concentration risks; and the dependence of revenues
on the automobile sector, which renders its performance vulnerable
to the business cycle of the sector. The ratings, however,
favorably factor in the long experience and established track
record of the promoter in the industry; the favorable demand for
engineering plastics in India, with the country becoming an auto
manufacturing hub and the established customer and supplier base
of the company comprising of reputed companies. Going forward, the
ability of the company to manage its working capital cycle,
improve its capital structure and lower its indirect support to
the promoter-driven joint venture would be the key rating
sensitivities.

Goyal Engineering Polymers Private Limited is an importer and
distributor of engineering plastic raw materials, primarily for
the automotive industry. The company was incorporated as a
proprietorship earlier in 2002 (named Goyal Polymers) and was
taken over by Goyal Engineering Polymers Private Limited on April
1, 2011; the latter was originally a Goyal Group company with
limited operations. GEPPL imports a range of engineering plastic
raw materials such as Acrylonitrile Butadiene Styrene (ABS),
Acrylonitrile Styrene Acrylate (ASA), Polycarbonates, Polyamides,
Polypropylene-based compounds, etc. from various reputed global
engineering plastic suppliers. It has warehouses in seven states
in India - Delhi, Haryana, Rajasthan, Uttarakhand, Uttar Pradesh,
Maharashtra and Tamil Nadu - and supplies to a number of Tier-1
and Tier-2 auto ancillaries across India.

The company reported net profit of INR2.8 crore on an operating
income of INR279.8 crore in 2011-12 against net profit of INR11.8
crore on an operating income of INR251.2 crore in 2010-11.


KABEER TEXTILES: ICRA Reaffirms 'BB+' Rating on INR16.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for INR16.50 crore
(enhanced from INR15.00 crore) fund based limits of Kabeer
Textiles Private Limited. The outlook on the long term rating is
stable. ICRA has also reaffirmed '[ICRA]A4+' rating for
INR3.10 crore non fund based limits of the firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-based limits       16.50    [ICRA]BB+(Stable) Reaffirmed
   Non-fund-based limits    3.10    [ICRA]A4+ Reaffirmed

The ratings reaffirmation factors in KTPL's long track record of
operations in the footwear business, its established brand image
and established distribution network. However, the ratings are
constrained by its moderate scale of operations, its moderate
profitability, and vulnerability of its profitability to the
volatility in raw material prices and high competitive intensity
in the footwear industry. The ratings also take into consideration
the losses incurred by the company in FY2012 owing to higher
financial cost and its high debt levels leading to high gearing
which coupled with moderate accruals has resulted in moderate debt
protection metrics. The company's working capital intensity
continues to remain high owing to high inventory holding
requirement leading to relatively high borrowings. Going forward,
the company's ability to scale up its operations and improve its
profitability and capitalization ratios will remain key rating
sensitivities.

                        About Kabeer Textiles

Kabeer Textiles Private Limited was established in 1985. It is
part of the Mr. Hari Kishen Aggarwal faction under the larger
Action group that has been in the footwear business for more than
three decades. KTPL has set up its manufacturing facilities in
Delhi. It manufactures sport shoes under the brand name of
'Campus'

Recent Results

The company reported net loss of INR0.23 crore on an operating
income of INR52.01 crore in FY 2012.


NIKHIL INT'L: ICRA Reaffirms 'BB+' Rating on INR79.12cr Loans
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for INR16.12 crore
(enhanced from INR0.64 crore) term loan and INR63.00 crore
(enhanced from INR15.40 crore - initial rated amount INR18.74
crore) fund based limits of Nikhil International.  The outlook on
the long term rating is stable. ICRA has also reaffirmed
'[ICRA]A4+' rating for INR4.00 crore (enhanced from INR3.20 crore)
non fund based limits of the firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              16.12    [ICRA]BB+(Stable), Reaffirmed
   Fund-based limits       63.00    [ICRA]BB+(Stable), Reaffirmed
   Non-fund-based limits    4.00    [ICRA]A4, Reaffirmed

The ratings reaffirmation factors in NI's long track record of
operations in the footwear business, its established brand image,
established distribution network, and its comfortable
profitability. The ratings also take into consideration the
healthy growth in the company's revenue generation and improvement
in its profitability in FY2012 and 9MFY2013. However, the ratings
are constrained by its high working capital intensity resulting in
high working capital borrowings and hence high gearing, though the
same has declined in last year. High gearing has led to moderate
debt protection metrics. The ratings also take into consideration
vulnerability of its profitability to the volatility in raw
material prices and the high competitive intensity in the footwear
industry. ICRA has also noted the risks inherent in proprietorship
firms like limited ability to raise equity capital and risk of
dissolution upon the death/retirement/insolvency of the proprietor
etc. Going forward the firm's ability to lower its financial
leverage and improve its coverage will remain key rating
sensitivities.

Nikhil International is a proprietorship firm established in 2004.
It is part of Mr. Hari Kishen Aggarwal faction within the larger
Action group that has been in the footwear business for more than
three decades. Nikhil international has set up its manufacturing
facilities in Himachal Pradesh and Uttaranchal. The firm
manufactures sport shoes under the 'Campus' brand.

Recent Results

The firm reported net profit (before tax) of INR8.18 crore on an
operating income of INR129.94 crore in FY 2012.


PLATINUM POLYMERS: ICRA Assigns 'B+' Ratings to INR6.25cr Loans
---------------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the fund-
based limits aggregating to INR6.25 crore of Platinum Polymers
Private Ltd.  Further, a short-term rating of '[ICRA]A4' has been
assigned to the INR0.75 crore non-fund-based limits of PPPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-based limits       2.75     [ICRA]B+ assigned
   Term Loans              2.66     [ICRA]B+ assigned
   Proposed                0.84     [ICRA]B+ assigned
   Non-fund-based limits   0.75     [ICRA]A4 assigned

The assigned ratings are constrained by the modest financial
profile characterized by small scale of operations, leveraged
capital structure and working capital intensive nature of
operations. The ratings are further constrained by the
vulnerability of the profitability to any adverse fluctuations in
raw material prices and to currency fluctuations and the high
competitive pressures given the fragmented nature of the industry.
The ratings, however, reflect favorably the experience of the
promoters and established track record of the company in the
manufacture of flexible packaging material, the favorable demand
indicators for the company's products and the diverse customer
base.

Incorporated in 2007, Platinum Polymers Pvt. Ltd. (PPPL) is
promoted by Mr. B.P Poshia, Mr. Ashish Desai and Mr. Prem Motwani.
PPPL is engaged in the manufacture of flexible packaging material
viz. stretch cling film, laminated pouches & bags, air bubble film
and BOPP (bi-axially oriented polypropylene) woven fabric. PPPL
has its manufacturing facility at Badlapur, near Mumbai.

For the year-ended March 31, 2012, the company reported an
operating income (OI) of INR10.37 crore and Profit after Tax (PAT)
of INR0.17 crore. For the nine-months-ended December 31, 2012
(provisional results), the company reported an OI of INR9.31 crore
and Profit before Tax of INR0.37 crore.


SAGAR AUTOTECH: ICRA Reaffirms 'BB' Rating on INR15.05cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' and the
short term rating of '[ICRA]A4' for the INR16.70 Crore bank
facilities of Sagar Autotech Private Limited.  The outlook on the
long term rating is "Stable".

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             12.00    [ICRA]BB (Stable) reaffirmed
   Term Loan                3.05    [ICRA]BB (Stable) reaffirmed
   Unallocated              1.65    [ICRA]BB (Stable)/[ICRA]A4
                                     Reaffirmed

The ratings reaffirmation take into account the company's position
as the only authorised dealer of Skoda in its area of operations
as well as the comfort of steady income source from after sales
related activities. The ratings also take comfort from the support
extended by promoters in the form of equity infusion for funding
of expansion plans. The ratings are, however, constrained by the
firm's thin profit margins as well as the stretched financial risk
profile characterised by adverse debt protection metrices.
Besides, the weak demand growth for passenger cars may constrain
the company's revenue growth in the near term. Going forward, the
firm's ability to improve its profit margin by growing its
relatively high margin service business, exhibit sustained growth
in scale of operations, strengthen its financial risk profile and
manage its working capital intensity would remain key rating
sensitivities

SAPL is the authorised dealer of passenger cars manufactured by
Skoda. The company was awarded the dealership of Skoda in 2008 and
started its operations with a 3S facility in Bhopal, Madhya
Pradesh. As on date, the company has 3S facilities in Bhopal,
Jabalpur and Mysore. SAPL sells all variants of passenger cars
manufactured by Skoda, viz. Fabia, Rapid, Laura, Yeti and Superb.


SAI SHAKTI: ICRA Assigns 'B+' Ratings to INR11cr Loans
------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR11.00
crore bank lines of Sai Shakti Kraft Papers Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       10.35    [ICRA]B+
   Unallocated              0.65    [ICRA]B+

The [ICRA]B+ rating takes into account the recent commencement of
operations, the modest scale of operations coupled with the
competitive and fragmented nature of the industry which puts
pressure on the company's profitability. Further, the margins of
the company are exposed to the fluctuation in the raw material
prices. The rating also takes into account the company's high
product concentration with its presence only in kraft paper
segment and adverse power scenario in the state of Andhra Pradesh.
The cost of setting up the unit was INR12.70 crore which was
funded by INR6.95 crore of term loans and the rest though
promoters funds.

The rating however draws comfort from the experience of the
promoters in the paper manufacturing industry resulting into
established relationships with suppliers and customers, the easy
availability of raw material and the favourable demand outlook for
kraft paper.

Sai Shakti Kraft Papers Private Limited was incorporated in the
year 2009 and started its commercial operation from April-2012.
SSKPPL is involved in the manufacturing of kraft paper with a
burst factor of 14 to 25 using recycled waste paper/fibre as raw
material. The company operates through a manufacturing facility
located in Hindupur Anantapur district of Andhra Pradesh. SSKPPL
is currently managed by Mr. Umesh Marda who has experience of over
a decade in the paper industry. The company has reported an
operating income of INR17.88 crore in 11 months ending February-
2013 on a provisional basis.


SIONC PHARMACEUTICALS: ICRA Assigns 'B' Rating to INR24cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR21.38
crore fund based facilities of Sionc Pharmaceuticals Private
Limited.  Further, ICRA has assigned a short term rating of
'[ICRA]A4' to the INR1.00 crore non fund based facilities of SPPL.
ICRA has also assigned ratings of [ICRA]B/ [ICRA]A4 to the INR2.62
crore unallocated limits of SPPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       24.00    [ICRA]B assigned
   Non fund based limits    1.00    [ICRA]A4 assigned

The ratings are constrained by the project stage of the company
and the delayed completion of SPPL's manufacturing facility and
consequent delay in commencement of trial runs by more than 4
months.  Further, commencement of operations is contingent on
successful audits from the US Food and Drug  Administration
(expected to take place by May/June-2013) given that the company
is primarily focusing  on exports to US and European markets
through its marketing partner Biophore India Pharmaceuticals
Private Limited. The total cost of setting up the unit is INR30.05
crore which is being funded by INR18.88 crore of term loans and
INR11.17 crore of equity of which about INR10.00 crore of equity
has been infused as on March-2013. The debt repayments commence in
August-2013 while the commercial production is expected to only
start in June/July-2013 (subject to receiving US FDA clearances).
The rating is further constrained by the exposure to fluctuations
in foreign exchange rates as most of the sales for the company
will be through exports. The ratings however favourably factor in
the experience of the directors in the pharmaceutical industry
resulting into established relationships with the customers and
suppliers and the diversified product portfolio of active
pharmaceutical ingredients (API) in various therapeutic segments
like Acitretin, Zileuton, Thioctic Acid, Taurolidine, Pentetic
Acid etc.

Sionc Pharmaceuticals Private Limited was floated by Mr. Babu Rao
in collaboration with Biophore India Pharmaceuticals Private
Limited (which owns about 22.5% shares in SPPL) in the year 2008
to set up a facility to manufacture APIs to be sold to regulated
and semi regulated markets. The product will be developed in the
labs of Biophore and the manufacturing will be done in the
facilities of SPPL. Biophore will be responsible for the selling
and marketing of the products. The current facility
has been built with a capacity of 72 KL and the total project cost
is INR30.05 crore which is being funded by INR18.88 crore of term
loans and INR11.17 crore of equity. Currently the company is
sending validation batches for its products and awaiting FDA
audits for commencement of commercial operations.


SIPAI COTTON: ICRA Reaffirms 'B+' Rating on INR6cr Credit Limit
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to INR6.00 crore fund
based cash credit facility of Sipai Cotton Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit Limit       6.00     [ICRA]B+ reaffirmed

The rating continues to be constrained by SCI's weak financial
profile as reflected by low profitability, leveraged capital
structure and weak debt coverage indicators. The rating also takes
into account the low value add nature of operations and intense
competition on account of fragmented cotton industry which exerts
further pressure on profitability. The rating further incorporates
the vulnerability of profitability due to fluctuations in raw
material prices given the seasonal availability of cotton and
government regulations on MSP of raw cotton and export quota. The
rating, however, favorably considers the long experience of the
promoters in the cotton industry as well as favorable location of
the company giving it easy access to high quality raw cotton.

Going forward, the firm's ability to scale up the operations,
while improving the profitability and capital structure, given the
seasonality of the business, volatility in prices of cotton, high
competitive intensity and uncertain regulatory scenario, will
remain critical to the credit profile of the firm.

Recent Results

For the year ended March 31, 2012, the firm reported an operating
income of INR50.19 crore with profit after tax (PAT) of INR0.27
crore as against operating income of INR40.66 crore and PAT of
INR0.22 crore for FY 2011. Further during FY 2013, the firm
reported the operating income of INR44.60 crore with profit before
depreciation and tax of INR0.29 crore (as per unaudited
provisional numbers).


SIVA SANKAR: ICRA Revises Rating on INR8.5cr Loan to 'BB-'
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR8.50 crore
fund based limits of Siva Sankar Motors Private Limited from
'[ICRA]BB' to '[ICRA]BB-'.  The outlook on the long term rating is
stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       8.50     Revised to [ICRA]BB- from
                                    [ICRA]BB; stable outlook

The rating revision takes into account the deterioration in the
capital structure of SSMPL as reflected in gearing of ~4.50 times
as on March 31, 2012 and stretched liquidity position as reflected
in full utilisation of bank facilities. The rating continues to be
constrained by the competition amongst dealers of same principal
(2 dealers in passenger vehicles of Tata Motors Limited (TML) in
the catchment area including SSMPL) and other OEMs (Original
Equipment Manufacturers) and low profitability as margins on
vehicles, spares, service and accessories are all controlled by
principal, TML. The rating however favorably factors the steady
increase in operating income albeit on small base and SSMPL's
experienced management with more than 20 years experience in the
vehicle dealership business.

Incorporated in the year 2008, Siva Sankar Motors Private Limited
is an authorised dealer of passenger vehicles of Tata Motors
Limited. The company has two 3S facilities located at
Visakhapatnam and Srikakulam and a sales point at Vizianagaram.
SSMPL commenced operations from the month of September 2008.

Recent Results

As per the audited results of FY2012, SCPL reported an operating
income and net profit of INR58.01 crore and INR0.08 crore
respectively as against an operating income and net profit of
INR50.56 crore and INR0.14 crore respectively in FY2011.


STEEL & METALS: ICRA Reaffirms 'BB-' Rating on INR5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR5.00 crore
cash credit facility of Steel & Metals.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Fund Based Limit-         5.00     [ICRA]BB- (Stable)
   Cash Credit                        reaffirmed

   Proposed Fund Based       1.00     [ICRA]BB- (Stable) assigned
   Limit

   Non-Fund Based Limit       5.00    [ICRA]A4 reaffirmed
   Inland Letter of Credit/
   Letter of Guarantee

ICRA has also assigned an '[ICRA]BB-' rating to the INR1.00 crore
proposed fund based bank facility of SM. The outlook on the long
term rating is stable. ICRA has also reaffirmed the '[ICRA]A4'
rating to the INR5.00 crore non-fund based bank facilities of SM.

The reaffirmation of the ratings take into consideration the
experience of promoters in trading of aluminium products,
improvement in SM's operating profitability during 2011-12,
established relationship of the firm with its existing clients and
a moderate working capital intensity of its operations. The
ratings are, however, constrained by SM's weak financial profile
characterised by low net profitability, leveraged capital
structure and depressed level of coverage indicators. The ratings,
also take into account the firm's low bargaining power against
established suppliers and the risk associated with the status of a
partnership firm, including the risk of withdrawal of capital by
the partners.

SM was set up as a partnership firm in 1979; founded by Mr. Bihari
Lal Ajitsaria and Mr. Arun Kumar Ajitsaria, who have been engaged
in the trading of aluminium products for more than three decades.
Currently, the firm is engaged in the trading of aluminium sheet
and section. At present, SM has two warehousing facilities, with a
total storage capacity of around 300 metric tonne, at Cossipore
and Belur (both in West Bengal).

Recent Results

The firm reported a net profit of INR0.07 crore during 2011-12 on
an operating income of INR63.82 crore, as compared to a net profit
of INR0.08 crore on an operating income of INR63.76 crore during
2010-11


SURYA SYNTHETICS: ICRA Assigns 'B+' Rating to INR15cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR15.00
crore* fund-based facilities of Surya Synthetics.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-Term Fund          15.00    [ICRA]B+ Assigned
   Based Facilities

The rating factors in the long track record of the promoters in
the fabric weaving business leveraging on which the firm maintains
established relationship with its customers. The weaving facility
of the firm being located in Ludhiana (Punjab) ensures easy access
to raw-materials and manpower. Although SS is present in the
industry since 1990; however despite this, the scale of operations
remained modest as reflected in Operating Income (OI) of around
INR43 crore for FY-12, which along with fragmented nature of
industry, limits the bargaining power and resulting in weak
profitability indicators (OPM at 7.7%, NPM at 0.52% and ROCE at
13.0% for FY-12). With improving capacity utilization and
increased capacities over the years and working capital intensive
nature of operations, the working capital requirements of the firm
have steadily increased thereby resulting in stretched liquidity
profile as reflected in consistently high utilization of
sanctioned limits. Increased working capital borrowings coupled
with debt availed for funding of expansion of manufacturing
facilities and limited accretion to net worth owing to modest
profitability weakens the capital structure as reflected in
gearing of 4.41 times as on Mar-12. Around 24% of the total debt
is interest bearing unsecured loans from the partners, adjusting
for it the gearing would improve to 3.36 times, however will
continue to remain on the higher side. As a result of low
profitability and high gearing levels, the debt coverage
indicators of the firm remained weak as reflected in Total Debt/
OPBDITA of 4.54 times and NCA/TD of around 8% as on Mar-12. Going
forward, the ability of the firm to grow its operations in a
profitable manner, maintain adequate liquidity and maintain a
prudent capital structure will remain the key rating
sensitivities.

                       About Surya Synthetics

Surya Synthetics, a partnership firm established in 1990 is
managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is
engaged in the production of cotton and synthetic fabrics which is
used in making ladies suits, dress materials, shawls, etc. The
firm's manufacturing unit is located in Ludhiana and comprises of
74 looms, 40 embroidery machines and 1 printing machine.

During FY-2012, the firm reported Profit After Tax (PAT) of
INR0.22 crore with an Operating Income (OI) of INR42.89 core as
compared to PAT of INR0.18 crore and OI of INR36.47 crore for the
previous financial year.



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


SHARP CORPORATION: Fitch Keeps Issuer Default Ratings at 'B-'
-------------------------------------------------------------
Fitch Ratings is maintaining Japan-based Sharp Corporation's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of
'B-' on Rating Watch Negative (RWN).

Rating Rationale

Weak liquidity: The RWN reflects growing risks to Sharp's
liquidity position in the short-term, due to its upcoming debt
maturities and limited access to the capital markets, as the
technology company struggles to turn around its business. Sharp's
cash balance was JPY164bn at end-December 2012, significantly
short of the JPY908bn debt and commercial paper maturing in 2013.

Significant upcoming maturities: Although Sharp succeeded in
raising JPY360bn secured loans from its major banks in September
2012, continuing support from these creditors may not be
forthcoming when the loans fall due in June 2013. In addition the
company has a JPY200bn convertible bond due in September 2013.

Turnaround fragile: The company's Q3FYE13 (financial year ended
March 2013) operating income of JPY2.6bn was better than each of
the previous four quarters (aggregate operating loss of JYP240bn),
and it has forecast an operating profit of JPY11.2bn for Q4FYE13.
However, Fitch believes that the company's turnaround plan will
continue to be a challenge as its trading position is fragile.

Average recovery rating: A 'RR4' Recovery Rating on its local-
currency senior unsecured debt rating indicates average recovery
(31%-50%) in the event of a default.

Rating Sensitivities

Fitch aims to resolve the Rating Watch within the next three to
six months, depending on further developments on Sharp's liquidity
position, including whether the company will continue to receive
support from its creditor banks.

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

- failure to obtain further sources of liquidity to meet
  short-term obligations

Positive: As the ratings are currently on RWN Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to a
positive rating action.

List of rating actions:

-- Long-Term Foreign- and Local-Currency IDRs 'B-' remain
    on RWN

-- Local-currency senior unsecured rating 'B-' remains on RWN;
    Recovery Rating is 'RR4'

-- Short-Term Foreign- and Local-Currency IDRs 'B' remain
    on RWN



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


AORANGI SECURITIES: Reaches Amicable Settlement For Investors
-------------------------------------------------------------
Grant Thorton, the Statutory Managers of Aorangi Securities
Limited and Jean Hubbard, widow of the late Allan Hubbard,
announced on May 2 that an amicable settlement has been reached in
the "introduced assets" proceedings.  The terms of the settlement
are confidential but it can be disclosed that the settlement is
expected to return most, if not all, of the Aorangi Investors'
capital over time.

"The process will involve the co-operative realisation of assets,
some of which are due to settle during June 2013. Investor's
capital will be repaid progressively as funds become available,"
Grant Thorton said in a statement.

"Court proceedings planned for the week commencing May 20, 2013,
have now been discontinued.

"The next Statutory Managers' report which is due at the end of
July will provide an update on the asset realisation process for
returning capital to investors."

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.



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


HYUNDAI MERCHANT: May Issue New Stocks to Ease Liquidity Issues
---------------------------------------------------------------
The Korea Herald reports that Hyundai Merchant Marine may move to
increase its capital by issuing new stocks this year to overcome a
prolonged liquidity problem.

According to the report, officials said the logistics company, in
an inquiry disclosure earlier this week, denied that it has plans
to recapitalize, saying it would issue KRW130.4 billion
(US$118 million) in convertible bonds on the Singapore Exchange.

But considering the KRW200 billion ($181 million) worth of
corporate bonds that expire this month, it is widely expected that
the cash-strapped shipper will have no choice but to issue new
stocks or bonds to make up for its sales deficits, the Korea
Herald relates.

The report notes that this expectation grew when HMM revised
internal rules last month, despite opposition from its second-
largest shareholder, Hyundai Heavy Industries, to allow itself
more discretion over the issuance of new stocks and bonds.

HMM faces estimated first-quarter operating losses this year of
KRW55.9 billion, the report discloses citing securities
information service provider FnGuide.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specialized in the provision of shipping services.  The Company
provides its services under two main segments: container and bulk.



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

* US Energy Sector and Asian Buyers to Benefit from LNG Exports
---------------------------------------------------------------
US energy companies will benefit from the US becoming an exporter
of liquefied natural gas (LNG) over the next several years, says
Moody's Investors Service in the report "The Prospect of US LNG
Exports Influences Pricing and Gas Markets Worldwide." Those who
will gain the most from the US exports, however, will be buyers in
Japan and Korea, the world's largest LNG consumers.

"Buyers in Japan and Korea will have widening supply options, in
addition to new supplies from Australia," says Mihoko Manabe, a
Moody's Vice President -- Senior Credit Officer. "They will
benefit from the increased quantity and diversity of their gas
supply, as well as a stronger negotiating position when signing up
to new contracts."

Examples of the buyers likely to benefit include Tokyo Electric
Power Company, Inc. (Ba3 corporate family rating with negative
outlook) and Korea Gas Corporation (A1 with stable outlook).

Sectors that will face greater competition from the US LNG exports
include the Australian LNG producers, who will need to compete
harder for future projects to supply their targeted Asian buyers.
These include Woodside Petroleum Ltd (Baa1 with stable outlook)
and BHP Billiton Limited (A1 with stable outlook).

In addition, European gas wholesalers face ongoing pressure from
increased supply in the short-term gas market, which reduces spot
prices and squeezes margins.

Moody's does not expect US LNG exports to be a ratings-changer for
most of the players involved. With the highly visible exception of
Sabine Pass Liquefaction (Ba3 with stable outlook), LNG will
remain the domain of big, highly rated companies, and expensive
LNG export facilities take several years to build. Sales will
continue to be made under decades-long agreements, allowing
players to adjust to shifts in market conditions gradually.

In the US, 20 applications to export LNG await US Department of
Energy (DOE) approval. Moody's expects at most four of these
projects to be built. Mostly likely to move forward are those
positioned near the top of the DOE's list for approval, as well as
projects in brownfield locations, which have a cost advantage,
because they already come with some necessary infrastructure. For
the most part, those that move forward will be backed by companies
with investment-grade balance sheets and substantial experience in
the LNG business.

Moody's expects US LNG exports to be minor during this decade, as
the Sabine Pass LNG export project is expected to begin operations
in 2015, with others to be completed in 2018-19.

Most Canadian exports will not start until after 2020, says
Moody's. In Canada, three projects have requisite government
approvals, but have yet to secure the commercial agreements and
pipeline infrastructure needed to move forward.

The new exports will mainly target Asia, and compete directly
against rising production from Australia, which has projects under
construction that will be adding enough export capacity between
2014 and 2017, overtaking Qatar as the largest LNG producer.

On the demand side, Moody's expects Japan to remain by far the
largest importer of LNG, accounting for roughly a third of the
global LNG market. South Korea will hold steady as the second-
largest importer, while China will ramp up its imports almost to
the level of Korea's by 2020.


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

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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




                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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.



                 *** End of Transmission ***