TCRAP_Public/130523.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, May 23, 2013, Vol. 16, No. 101


                            Headlines


A U S T R A L I A

BRISCONNECTIONS: IMF Bankrolling AUD450-Million Class Action
DTD ENGINEERING: Enters Administration; 50 Jobs at Risk
HOYTS GROUP: S&P Puts 'B+' ICR on CreditWatch Negative
TINKLER GROUP: Liquidators Seek to Freeze Tinkler's Assets
TINKLER GROUP: Nathan Tinkler Puts Mansion Up For Sale

* Australian ABS Program Delinquencies Rise in First Quarter


C H I N A

GREAT CHINA INTERNATIONAL: Incurs $948K Net Loss in 1st Quarter


H O N G  K O N G

CHINA PRECISION: Incurs $13.5 MM Net Loss for Qtr. Ended March 31
* Houlihan Lokey Appoints D. Timblick as Head of Asia


I N D I A

C.P. RE-ROLLERS: CRISIL Rates INR200MM Cash Credit at 'B+'
KANDLA RUGS: CRISIL Upgrades Rating on INR45.6MM Loans to 'B+'
LAKSHMI TECHNOLOGY: CRISIL Reaffirms BB Rating on INR81.3MM Loans
NANCY KRAFTS: CRISIL Reaffirms 'BB-' Rating on INR18.4MM Loans
NARMADA DAL: CRISIL Assigns 'B+' Ratings to INR100MM Loans

PALCO RECYCLE: CRISIL Reaffirms 'BB-' Rating on INR370MM Loans
SUCHITA (INDIA): CRISIL Places 'B+' Ratings on INR75MM Loans
SWASH NONIONICS: CRISIL Assigns 'B' Ratings to INR145MM Loans
SWASTIK SPINNERS: CRISIL Assigns 'B+' Ratings to INR58.9MM Loans
VISHAVKARMA AGRO: CRISIL Assigns 'B+' Ratings to INR80MM Loans

WESTERN HILL: CRISIL Assigns 'B' Ratings to INR200MM Loans


I N D O N E S I A

* Moody's Sees Bullish Properties Market in Greater Jakarta


N E W  Z E A L A N D

SINGH SERVICES: Set to be Struck Off From Companies Register
WAINUIOMATA MEMORIAL: Goes Into Voluntary Liquidation


                            - - - - -


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


BRISCONNECTIONS: IMF Bankrolling AUD450-Million Class Action
------------------------------------------------------------
Business Spectator reports that litigation funder IMF Australia is
bankrolling a AUD450 million class action on behalf of investors
in the defunct Brisconnections against private engineering
consultancy Arup Pty Ltd over its "optimistic" traffic forecasts
for the Brisbane airport link toll road.

According to the report, IMF investment manager Andrew Charles
said the action was only open to investors who bought into the
Brisconnections initial public offering in July 2008, when units
were AUD1 apiece.

Business Spectator says the suit will accuse Arup Pty Ltd, a
subsidary of London-based consulting giant Arup Group, of
breaching the Corporations Act and negligence over traffic
forecasts in the product disclosure statement accompanying the
IPO.

BrisConnections was put in voluntary administration in February,
less than seven months after the airport link opened, after
revenue generated from its tolls failed to offset the level of its
debt.

BrisConnections management company could also be liable under the
action "for making a defective product disclosure statement
available to investors," the report relays.

According to Business Spectator, Mr. Charles said the sponsors of
the IPO were unlikely to join the action, valuing it at up to
AUD450 million.

The report notes that IMF will allege that Arup breached the
Corporations Act by not including all materially relevant
information in the product disclosure statement on its traffic
forecasts, and was negligent for providing figures without a
reasonable basis.

Maurice Blackburn, who is investigating the action with IMF, said
Arup's traffic forecasts for the airport link in the PDS had
proved wildly optimistic, the report adds.

                    About BrisConnections Group

BrisConnections Group is the company behind the $4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


DTD ENGINEERING: Enters Administration; 50 Jobs at Risk
-------------------------------------------------------
Cara Waters at SmartCompany reports that DTD Engineering has
entered administration this week putting at risk the jobs of its
50 full-time employees.

Chris Chamberlain and Steven Priest of Chamberlains SBR have been
appointed as administrators, and Mr. Chamberlain told SmartCompany
DTD Engineering had a turnover last year of over AUD6 million.

"As best we can tell the business is continuing to trade and we
are having discussions with a number of parties in relation to
options going forward," SmartCompany quotes Mr. Chamberlain as
saying.  "We are going through the normal protocols of a voluntary
administration and creditors will be kept involved."

According to the report, Mr. Chamberlain said creditors are owed
around AUD800,000 and the major creditors are steel suppliers
along with "a considerable number" of local creditors from the
Albury region.

"We are looking to try and keep the business afloat and the
employees are receiving their wages this week," he says.

Mr. Chamberlain said it is "far too early" to identify the
problems at DTD Engineering which led to the collapse of the
business.

A meeting of creditors will be held on May 30, 2013, in Albury.

DTD Engineering is a major supplier of stainless and carbon steel
fabrications and provides onsite mechanical project work to
clients in the pulp and paper products industry, wood mill plants,
water treatment, food processing and associated industries.


HOYTS GROUP: S&P Puts 'B+' ICR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B+' long-term issuer credit rating on Hoyts Group Holdings LLC on
CreditWatch with negative implications.  At the same time, S&P
also placed on CreditWatch negative its 'BB-' issue credit rating
and '2' recovery rating on the group's proposed first-lien, senior
secured bank loan and revolving credit facility; and on S&P's 'B-'
issue rating and '6' recovery rating on the group's proposed
second-lien, senior secured bank loan.

The CreditWatch placements reflect Hoyts' proposal to increase the
amount of capital that it will distribute to its private equity
owners.  This proposal follows strong debt investor appetite for
the group's proposed debt refinancing.  The additional shareholder
distribution would be funded via an increase in the group's
proposed first-lien senior secured debt facility to U.S. dollar
equivalent of AUD316 million, from U.S. dollar equivalent of
AUD296 million.  S&P notes that the debt amounts denominated in
U.S. dollars remain unchanged.

"The additional debt to fund the increased capital return will
push the group's financial profile outside tolerances for the 'B+'
rating, and reflect a financial risk appetite that is more
consistent with a 'B' rating.  Under this proposal, we expect
fully adjusted debt to EBITDA to be about 7x immediately following
the recapitalization," said Standard & Poor's credit analyst Paul
Draffin.

If the proposed dividend increase and higher debt proposal
proceeds, S&P expects to affirm our recovery rating of '2' but
lower the issue rating on the group's first-lien senior secured
debt facilities to 'B+' from 'BB-'.  At the same time, S&P would
expect to lower the issue rating on the group's second-lien senior
secured debt facilities to 'CCC+' from 'B-', and affirm the
recovery rating of '6'.  The joint borrowers of the debt
facilities will be Aufinco Pty Ltd. and US Finco LLC, and will be
guaranteed by all key Hoyts group entities.  All secured bank
facilities will benefit from a comprehensive security package,
including liens over all material operating and asset holding
entities of the Hoyts group.  The foreign exchange and interest
rate swaps will rank equally with the first-lien debt providers in
the event of a default.

S&P expects to resolve the CreditWatch on Hoyts once it is
confirmed that Hoyts will proceed with the increased dividend
payment and resulting higher leverage.  This is expected in the
next few days once the debt syndication process is complete.


TINKLER GROUP: Liquidators Seek to Freeze Tinkler's Assets
----------------------------------------------------------
Bloomberg News reports that liquidators acting for Blackwood Corp.
(BWD) applied to freeze the assets of former Australian mining
billionaire Nathan Tinkler, including his stake in coal producer
Whitehaven Coal Ltd.

Bloomberg relates that Blackwood said the application to the
Supreme Court of New South Wales state also seeks orders to freeze
the assets of the AUD1.4 billion ($1.4 billion) Tinkler Family
Trust and his wife Rebecca, its trustee.  The report discloses
that Mr. Tinkler's wife owns the units and manages the trust that
holds about 19.5 percent of the outstanding shares of Sydney-based
Whitehaven, Mr. Tinkler testified in the court in March. The stake
is now valued at about AUD452 million.

According to Bloomberg, Blackwood and other Tinkler creditors are
suing the directors of Mulsanne Resources Pty, a company
associated with the Tinkler Group, for insolvent trading and
breach of their duties as directors after failing to complete a
share purchase in Blackwood.

Mr. Tinkler, who testified in court in March that he's living on
an allowance that he gets from his wife, agreed in May 2011 to buy
AUD28.4 million of shares in Blackwood, a Brisbane-based coal
company.  Mulsanne failed to come up with the money, and Blackwood
forced the company into liquidation in November in a bid to recoup
the debt.

Mr. Tinkler was listed as one of three directors of Mulsanne in an
Australian Securities and Investments Commission document.
Blackwood said Mr. Tinkler knew Mulsanne had no assets when he
offered to buy the Blackwood shares, notes Bloomberg. That amounts
to insolvent trading, which is illegal in Australia.

According to Bloomberg, the electrician-turned-entrepreneur was
ranked as Australia's youngest billionaire at the age of 35 by BRW
magazine in 2011 after he sold his house in 2006 to help buy a
AUD30 million Middlemount coal lease in Queensland.

He sold the lease a year later to Macarthur Coal Ltd. for about
AUD465 million in cash and shares. He's now struggling to meet
creditors' demands, with several of his companies having been
threatened with liquidation for not paying debts and taxes,
Bloomberg relays.


TINKLER GROUP: Nathan Tinkler Puts Mansion Up For Sale
------------------------------------------------------
Nichola Saminather at Bloomberg News reports that Nathan Tinkler,
the former Australian billionaire who is being sued by creditors
over unpaid bills, has put his seven-bedroom Queensland mansion up
for sale.

Bloomberg says the 1,600-square-meter (17,222-square-foot)
homestead sits on 10 acres (4 hectares) of land with horse
paddocks and stables and will go to auction on June 15, according
to the Web site of broker Brisbane Real Estate, which is marketing
the property.  The home is held in the name of Mr. Tinkler's wife
Rebecca, government title records show, the report relays.

Bloomberg recalls that Mr. Tinkler last month put up for sale his
Patinack Farm thoroughbred breeding and racing business, including
1,000 racehorses, stallions and broodmares, saying he didn't have
time to manage the operation.  Bloomberg relates that Mr. Tinkler,
who last year abandoned a AUD5.3 billion ($5.2 billion) bid for
Whitehaven Coal Ltd., is struggling to meet creditors' demands,
with several of his companies threatened with liquidation.

Among those suing Mr. Tinkler and his wife is BKK Partners Pty,
which advised him on his Whitehaven bid. BKK claimed Tinkler Group
Pty failed to pay AUD220,000 for advisory work, Bloomberg notes.


* Australian ABS Program Delinquencies Rise in First Quarter
------------------------------------------------------------
Moody's Investors Service says that the delinquencies across all
Australian asset-backed security (ABS) programs have increased in
Q1 2013 from Q4 2012. Nonetheless, losses have remained stable.

"At end-March 2013, for instance, the 30-plus delinquencies were
at 0.46% for SMART ABS deals, and 3.14% for Bella ABS deals,
compared with 0.42% and 2.39% respectively at end-December 2012,"
says Alena Chen, a Moody's Analyst.

"Nonetheless, net losses are stable as can be seen by motor
vehicle recovery rates. ABS portfolios predominantly comprise
motor vehicles and they have stable recovery rates. As a result,
we expect net losses in Australian ABS transactions to remain
low," says Chen, who was speaking on the release of Moody's report
titled: "Australian ABS Performance Review: Q1 2013."

The most seasoned outstanding pools were of the 2009 vintage.
Cumulative defaults stayed the same, at 1.5% in both Q1 2013 and
Q4 2012. Net losses were also unchanged, at 0.7%. Other
outstanding vintages are less seasoned and have incurred less
losses.

"Overall, our stable outlook for Australian ABS in 2013 reflects
our expectation of stable delinquencies and limited losses given
our expectations of: 1) a GDP growth of 2.0% to 3.0%, 2) a
continuation of the low interest rate environment, and 3) an
expected unemployment rate of 5.0% to 6.0%," adds Chen.



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GREAT CHINA INTERNATIONAL: Incurs $948K Net Loss in 1st Quarter
---------------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $948,011 on
$1.7 million of revenues for the three months ended March 31,
2013, compared with a net loss of $626,287 on $1.8 million of
revenues for the same period last year.

The Company's balance sheet at March 31, 2013, showed
$58.6 million in total assets, $34.4 million in total liabilities,
and stockholders' equity of $24.2 million.

Great China International said: "The Company has a working capital
deficit of $22,066,651 and $28,109,045 as of March 31, 2013, and
Dec. 31, 2012, respectively.  As the Company has limited cash flow
from operations, its ability to maintain normal operations is
dependent upon obtaining adequate cash to finance its overhead,
sales and marketing activities.  Additionally, in order for the
Company to meet its financial obligations, including salaries,
debt service and operations, it has maintained substantial short
term bank loans that have historically been renewed each year.
The Company's ability to meet its cash requirements for the next
twelve months largely depends on the bank loans that involve
interest expense requirements that reduce the amount of cash we
have for our operations.  These factors raise substantial doubt
about the Company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/anhP64

                About Great China International

Great China International Holdings, Inc., through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.

                          *     *     *

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following their audit of the
Company's financial statements for the year ended Dec. 31, 2012.
The independent auditors noted that The Company has a working
capital deficit of $28.1 million and $27.6 million as of Dec. 31,
2012, and 2011 respectively, and in addition, the Company has
negative cash flow for each of the two years in the period ended
Dec. 31, 2012, of $366,882 and $3.3 million respectively.



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H O N G  K O N G
================


CHINA PRECISION: Incurs $13.5 MM Net Loss for Qtr. Ended March 31
-----------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $13.48 million on $8.56 million of sales revenues
for the three months ended March 31, 2013, as compared with a net
loss of $3.31 million on $29.49 million of sales revenues for the
same period during the prior year.

For the nine months ended March 31, 2013, the Company incurred a
net loss of $28.59 million on $22.68 million of sales revenues, as
compared with a net loss of $7.93 million on $105.32 million of
sales revenues for the same period a year ago.

The Company's balance sheet at March 31, 2013, showed $163.25
million in total assets, $70.61 million in total liabilities, all
current, and $92.63 million in total stockholders' equity.

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

                        http://is.gd/dkrVc4

                          Director Resigns

On May 9, 2013, David P. Wong resigned as a member of the Board of
Directors and as Chair of the Audit Committee of China Precision.
Mr. Wong informed the Company that his decision to resign was not
the result of any disagreement with the Company on any matter
relating to the Company's operations, policies or practices.

On May 9, 2013, the Board approved by unanimous written consent
the appointment of Li Jian Lin as a member of the Board and as
Chair of the Audit Committee of the Company, effective July 1,
2013.

Li Jian Lin is currently a Partner and Director at Jonten
Certified Public Accountants and has been with Jonten since
September 2006.  From October 2002 to August 2006, Mr. Li was the
Department Manager at China Enterprise Appraisals Company.  From
January 2001 to October 2002, Mr. Li was the Project Manager at
Shenzhen Huaxin CPA Firm.  Mr. Li graduated with a Bachelor's
degree in Accountancy from Hunan University of Commerce and is
also a member of the Expert Advisory Committee for the Ministry of
Information Industry, and a member of the Expert Advisory
Committee for State-owned Assets Supervision and Administration
Commission of Shenzhen.

Mr. Li has extensive experience in accounting and asset valuation
covering a diverse range of industries.  He has an in-depth
knowledge on the business regulations in China and is familiar
with different accounting standards including the US GAAP and
International Accounting Standards.

Mr. Li does not have any family relationship with a current
officer or director of the Company.

                       About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines. China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.

China Precision reported a net loss of $16.94 million for the
year ended June 30, 2012, compared with net income of $256,950
during the prior fiscal year.

Moore Stephens, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statement for the
year ended June 30, 2012.  The independent auditors noted that
the Company has suffered a very significant loss in the year
ended June 30, 2012, and defaulted on interest and principal
repayments of bank borrowings that raise substantial doubt about
its ability to continue as a going concern.


* Houlihan Lokey Appoints D. Timblick as Head of Asia
-----------------------------------------------------
Houlihan Lokey appointed David Timblick Managing Director and Head
of Asia, including Houlihan Lokey's Tokyo office.

Mr. Timblick is based in Hong Kong and joins from Lazard Asia,
where he has held a number of roles over the past 14 years. He
recently served as head of Lazard's Asia advisory practice,
overseeing strategy, planning, and client coverage across the
region.

Prior to Lazard, Mr. Timblick held senior positions at the Korea
Merchant Banking Corporation and Arthur Andersen Consulting. Mr.
Timblick began his banking career in 1990 at Arthur Andersen & Co.
Mr. Timblick holds a B.A. with Honors in Politics, Philosophy and
Economics from Oxford University and an M.B.A. in Finance from
INSEAD Fontainebleau France.



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C.P. RE-ROLLERS: CRISIL Rates INR200MM Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of C.P. Re-Rollers Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL B+/Stable

The ratings reflect susceptibility of operating margins to
volatility in raw material prices, and CPRL's subdued financial
risk profile marked by moderate gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of CPRL's promoters in the steel industry and
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that CPRL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the steel industry and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if there is a significant improvement in its
revenues and margins, while improving its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case there
is significant deterioration in its profitability or a stretch in
its working capital cycle, leading to deterioration in its capital
structure.

C.P. Re-Rollers Ltd., incorporated in 2000, is a closely-held
public limited company promoted by Kolkata-based Chawla family. It
is engaged in manufacturing of ingots, TMT bars and structural
steel products like MS rounds, angles and channels. The company's
TMT bars are marketed under its own brand name 'CP Turbo'. The
day-to-day operations of the company are managed by Mr. Mohan
Chawla and Mr. Dilip Chawla.


CPRL reported a profit after tax (PAT) of INR13.1 million on net
sales of INR1.08 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR17.3 million on net
sales of INR1.05 billion for 2009-10.


KANDLA RUGS: CRISIL Upgrades Rating on INR45.6MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kandla Rugs Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.
The ratings on the short-term bank facilities have been reaffirmed
at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           15       CRISIL A4 (Reaffirmed)

   Packing Credit           30       CRISIL A4 (Reaffirmed)

   Proposed Long-Term       30       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                15.6     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that KRPL's credit
risk profile will continue to improve over the medium term, backed
by an increase in its scale of operations and improvement in its
financial risk profile. The company's topline is estimated to have
increased to INR145 million in 2012-13 from INR90 million in 2011-
12 backed by better order flow from its export customers. The
company's financial risk profile has also improved, marked by
improvement in its debt protection metrics. Its net cash accruals
to total debt ratio is also estimated to have improved to about
0.14 times in 2012-13 (refers to financial year, April 1 to
March 31) from about 0.08 times in 2011-12. Interest coverage is
also expected to remain moderate at about 2 times as on March 31,
2013. CRISIL believes that KRPL will maintain the improvement in
its business and financial risk profiles over the medium term
supported by increase in scale of operations.

However, the rating continues to reflect KRPL's below-average
financial risk profile, marked by a small net worth and high
gearing. The rating also factors in the company's working-capital-
intensive operations. These rating weaknesses are partially offset
by KRPL's long track record in the hand-tufted carpets business,
and its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that KRPL will continue to benefit over the medium
term from its established market position and extensive experience
of its promoters in the hand-tufted carpets and woollen yarn
industry. The outlook may be revised to 'Positive' in case of
significant improvement in KRPL's capital structure, driven most
likely by more-than-expected accretion to reserves or equity
infusion by the promoters, along with improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of stress on the company's liquidity, on
account of lower-than-expected cash accruals and debt-funded
capital expenditure.

KRPL was incorporated in 2007, promoted by Mr. Harish Baranwal and
Mr. Vivek Baranwal in Varanasi (Uttar Pradesh). The company
commenced its commercial operations from November 2009. It
manufactures hand-tufted carpets, and mainly sells customised
carpets.

KRPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR110.9 million for 2011-12, as against a PAT of INR0.4
million on net sales of INR40.5 million for 2010-11.


LAKSHMI TECHNOLOGY: CRISIL Reaffirms BB Rating on INR81.3MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmi Technology and
Engineering Industries Ltd continue to reflect LTEIL's niche
product offering and established clientele, supported by healthy
order book and state of the art facilities.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee        200.00    CRISIL A4+ (Reaffirmed)
   Cash Credit            40.00    CRISIL BB/Stable (Reaffirmed)
   Letter of Credit       35.00    CRISIL A4+ (Reaffirmed)
   Term Loan              41.30    CRISIL BB/Stable (Reaffirmed)

These rating strengths are partially offset by LTEIL's working-
capital-intensive and small scale of operations in the aerospace
components industry. The rating also factors in the company's
below-average financial risk profile, marked by weak debt
protection metrics and exposure to inherent risks in the aerospace
business.

CRISIL had downgraded its ratings on the bank facilities of LTEIL
to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL BBB+/Stable/CRISIL
A2'on January 24, 2013.

Outlook: Stable

CRISIL believes that LTEIL will maintain its market position,
supported by its healthy order book, over the medium term. The
outlook may be revised to 'Positive' in case of a sustained
increase in LTEIL's revenues and cash accruals, leading to
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme or
if its working capital requirement increases further or in case of
lower-than-expected volumes, leading to lower cash accruals.

LTEIL was incorporated in 1968 as the export division of Lakshmi
Machine Works Ltd. LTEIL is in the business of manufacturing
components such as valves and sensors for the aerospace industry.


LTEIL reported a profit after tax (PAT) of INR6.7 million on net
sales of INR105 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.2 million on net
sales of INR255 million for 2010-11.


NANCY KRAFTS: CRISIL Reaffirms 'BB-' Rating on INR18.4MM Loans
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Nancy Krafts Pvt Ltd
(NKPL; part of the Nancy group) continue to reflect the benefits
that the Nancy group derives from its promoters' experience in the
ready-made garments business and its established relationships
with its key customers. These rating strengths are partially
offset by the group's large working capital requirements, and
below-average financial risk profile, marked by weak debt
protection metrics, though partially supported by its low gearing
and healthy net worth.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Standby Line of        10.0     CRISIL BB-/Stable (Reaffirmed)
   Credit

   Export Packing        166.6     CRISIL A4+ (Reaffirmed)
   Credit

   Letter of credit &     45.0     CRISIL A4+ (Reaffirmed)
   Bank Guarantee

   Proposed Long Term      8.4     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NKPL, Nancy Krafts and Kitty Overseas.
This is because the three entities, together referred to as the
Nancy group, are in the same line of business with a common
customer base and common promoters and management.


Outlook: Stable

CRISIL believes that the Nancy group will continue to benefit over
the medium term from its established relationships with its
customers and the efforts initiated in the recent past to minimise
customer concentration in its revenue profile. The outlook may be
revised to 'Positive' if the Nancy group's working capital cycle
improves substantially, most likely by fastening its collection
period and/or if the group's operating profitability improves
beyond CRISIL's expectation, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a decline in demand from its key customers,
leading to decline in its scale of operations and/or if the group
undertakes any significant debt-funded capital expenditure,
thereby further weakening its capital structure.

Update

For 2012-13 (refers to financial year, April 1 to March 31), the
Nancy group provisionally reported operating revenues of INR1033
million, a marginal year-on-year decline of around 5 percent;
however the same was in line with CRISIL's expectation for
2012-13. This was primarily on account of the management's
strategy of gradually shifting its customer base to reduce the
high debtor situation. CRISIL believes that the Nancy group will
continue to report nil or low growth in its operating revenues
over the medium term, in the wake of subdued demand from its key
customers, coupled with management's initiatives to strengthen its
relationship with its existing customer and go slow on adding
newer customers to control the high debtor situation. The group's
profitability is expected to remain low in the range of 5.5 to 6.0
per cent over the medium term, owing to its weak bargaining power
in highly fragmented industry.

The Nancy group's financial risk profile remains below-average,
marked by weak debt protection metrics, though partially supported
by low gearing. The group's gearing has remained low in the range
of 0.65 to 0.80 times for the past five years. The gearing is
estimated at 0.71 times as on 31st March 2013. CRISIL believes
that the Nancy group's gearing will remain low over the medium
term owing to absence of any debt-funded capex plans. The group's
debt protection metrics are expected to remain weak owing to its
low profitability, with interest coverage ratio and net cash
accruals to total debt ratio expected to be 1.6 to 1.8 times and
0.03 to 0.04 times, respectively, over the medium term.

The group's liquidity is weak, marked by fully utilised bank
limits, owing to its large working capital requirements with high
gross current assets of more than 400 days for the past three
years, primarily on account of high debtor days, and instances of
withdrawals by the management. However, the same is partially
supported by interest free unsecured loans and advances from the
promoters, which are estimated at INR43.7 million as on March 31,
2013.

The Nancy group provisionally reported a profit after tax (PAT) of
INR7.3 million on net sales of INR969.8 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR5.8 million on net sales of INR1006.1 million for 2010-11.

NKPL, incorporated in 1988, manufactures ready-made garments for
women and children. Nancy Krafts, set up in 1980 as partnership
firm, manufactures ready-made garments, specialising in women's
and children's wear. Kitty Overseas, a partnership firm
incorporated in 1993, manufactures ready-made garments,
specialising for women's and children's wear. The group is
currently managed by Mr. Narender Pal Singh and has a capacity to
manufacture about 20000 pieces per day.


NARMADA DAL: CRISIL Assigns 'B+' Ratings to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Narmada Dal Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash            50       CRISIL B+/Stable
   Credit Limit

   Proposed Term Loan       50       CRISIL B+/Stable

The ratings reflect NDM's small scale of operations in the highly
competitive industry and average implementation and funding risk
for the ongoing project. These rating weaknesses are partially
offset by the extensive experience of NDM's promoters in the agro-
commodity industry.

Outlook: Stable

CRISIL believes that NDM will benefit from the promoters'
experience in the agro-commodity industry. The outlook may be
revised to 'Positive' if the firm completes the project within
expected time and cost estimates and stabilises the operations
according to the schedule. Conversely, the outlook may be revised
to 'Negative' if it faces any significant delay in project
completion or in breaking even, or suffers any cost overrun.

Formed in 2013, NDM is a partnership firm promoted by Mr. Sagar
Modi and his family members. The company is setting up a plant for
processing of agricultural products such as moong dal and polished
moong. The firm is expected to commence operations in July 2013.


PALCO RECYCLE: CRISIL Reaffirms 'BB-' Rating on INR370MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Palco Recycle
Industries Ltd (Palco; part of the Palco group) continue to
reflect the established track record of the Palco group's
promoters in the aluminium industry and its comfortable capital
structure. These rating strengths are partially offset by the
group's weak debt protection metrics and vulnerability of its
operating margin to volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4+ (Reaffirmed)
   Cash Credit           200       CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit       50       CRISIL A4+ (Reaffirmed)
   Proposed Long-Term    150       CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              20       CRISIL BB-/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Palco, Palco Metal Ltd, and Palco
Recycle Exchange Ltd.  This is because these companies, together
referred to as the Palco group, have intercompany transactions,
are in the same line of business, and are owned by the same
promoter group. Besides, the assets of PML have been transferred
to Palco.

Outlook: Stable

CRISIL believes that the Palco group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports higher-than-expected revenues and operating margin,
leading to improvement in its liquidity and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
there is significant deterioration in the Palco group's financial
risk profile, most likely because of a decline in its operating
margin or large, debt-funded capital expenditure, and pressure on
its liquidity due to increase in working capital requirements.

Update

The performance of the Palco group in 2012-13 (refers to financial
year, April 1 to March 31) remained moderate, with revenue growth
of around 8 per cent year-on-year; the group is expected to
maintain similar growth over the medium term. The group's
operating margin too was moderate at around 4 per cent for 2012-
13. The margin has been fluctuating between 3 and 6 per cent over
past five years because of volatility in raw material prices,
which the group has not been able to completely pass on to its
customers.

The Palco group's operations are working-capital-intensive,
reflected in an inventory of around 46 days and debtors of around
50 days as on March 31, 2013. The group's financial risk profile
is constrained by weak debt protection metrics, with interest
coverage and net cash accruals to total debt ratios estimated at
below 2 times and below 0.05 times, respectively, for 2012-13. The
Palco group's gearing, however, has improved to around 1.8 times
as on March 31, 2013, against over 2 times maintained till March
31, 2012. The group's liquidity remains stretched, with high bank
limit utilisation and low accruals. Its average bank limit
utilisation for the 12 months through March 2013 was 97 per cent.
The Palco group has repayment obligations of around INR5 million
in 2013-14, against which it is expected to generate accruals of
over INR10 million.

Palco reported, on a provisional basis, a profit before tax (PBT)
of INR8.8 million on net sales of INR990.1 million for 2012-13, as
against a PBT of INR8.1 million on net sales of INR918.8 million
for 2011-12.

Incorporated in 1965, the Palco group was taken over by the
present promoters in 1996. The group manufactures aluminium de-
oxidants such as wire rods, ingots, shots, cubes, and castings in
addition to aluminium alloys. Based in Ahmedabad (Gujarat), the
group is owned and managed by Mr. Kiran Kumar Agarwal and Mr.
Kanhaiyalal Agarwal.


SUCHITA (INDIA): CRISIL Places 'B+' Ratings on INR75MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Suchita (India) Alloys & Steels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              30       CRISIL B+/Stable
   Term Loan                45       CRISIL B+/Stable

The rating reflects Suchita's small scale of operations in
fragmented and highly competitive mild steel (MS) ingots industry,
its weak financial profile marked by high gearing and weak debt
protection metrics and susceptibility of its margins to volatility
in steel prices. These rating weaknesses are partially offset by
the promoter's extensive experience and funding support.

Outlook: Stable

CRISIL believes that Suchita will continue to benefit from its
promoter group's extensive experience in steel industry. The
outlook may be revised to 'Positive' in case of better than
expected financial risk profile backed by improvement in cash
accruals and equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates due to stretched working capital or pressure on
margins or due to large, debt-funded capital expenditure.

Suchita was incorporated in September 2009 and started operations
in January 2011. During December 2012, Mr. Kamlesh Gupta acquired
majority stake in the company and his son Mr. Rahul Gupta looks
after the day-to-day operations. Suchita is engaged in
manufacturing of mild steel (MS) ingots and has its manufacturing
unit situated in Raisen, Madhya Pradesh.

Suchita reported a profit after tax (PAT) of INR0.05 million on
net sales of INR204 million for 2012-13 on provisional basis
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.74 million on net sales of INR294.6 million for 2011-12.


SWASH NONIONICS: CRISIL Assigns 'B' Ratings to INR145MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Swash Nonionics Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       110      CRISIL B/Stable
   Bank Loan Facility

   Cash Credit               35      CRISIL B/Stable

   Proposed Letter of         5      CRISIL A4
   Credit

The rating reflects SNPL's modest scale of operations in the
highly competitive chemical products industry, susceptibility of
its margins to volatility in raw material prices and working
capital intensive nature of operations. The rating also factors in
SNPL's weak financial risk profile marked by modest net worth,
high gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of SNPL's promoters.

Outlook: Stable

CRISIL believes that SNPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
chemical products industry. The outlook may be revised to
'Positive' if the company substantially increases its scale of
operations while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case SNPL registers significant decline in its revenues or
margins, elongation of its working capital cycle or undertakes a
larger-than-expected debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

SNPL established in 1990 by Mr. Nimish Munim manufactures
surfactants and other specialty chemicals. The company has its
manufacturing facility at Chiplun (Maharashtra) and its office in
Mumbai. The company caters to industries including Textiles,
Metal, Pesticides and Paints. Mr. Yash Munim (son of Mr. Nimish
Munim) oversees the day-to-day operations of the company. The
Munim family has been in the business of manufacturing surfactants
since 1971 through other group entities.

For 2012-13 (refers to financial year, April 1 to March 31), DC
reported, on a provisional basis, a profit after tax (PAT) of
INR0.7 million on net sales of INR159.2 million, against a PAT of
INR0.2 million on net sales of INR144.0 million for 2011-12.


SWASTIK SPINNERS: CRISIL Assigns 'B+' Ratings to INR58.9MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Swastik Spinners (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              7.5      CRISIL B+/Stable
   Long-Term Loan          51.4      CRISIL B+/Stable

The rating reflects SSIPL's exposure to project implementation
risks, and constrained financial risk profile marked by a highly
leveraged capital structure; the rating also factors in the
susceptibility of the company's operating margin to volatility in
cotton and cotton yarn prices. These rating weaknesses are
partially offset by the benefits that SSIPL derives from the
extensive experience of its promoters in the cotton industry.

Outlook: Stable

CRISIL believes that SSIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
stabilises its operations earlier than expected, leading to more-
than-expected cash accruals and, consequent improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SSIPL witnesses significant cost or time overrun in
its on-going project or delays in ramping up its operations,
resulting in weaker-than-expected cash accruals, or if its
financial risk profile deteriorates on account of larger-than-
expected debt-funded capital expenditure.

SSIPL, incorporated in 2012, is setting up a unit for
manufacturing polyester blended cotton yarn. The company is
promoted by Mr. S V Ramaswamy and his family.


VISHAVKARMA AGRO: CRISIL Assigns 'B+' Ratings to INR80MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vishavkarma Agro Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              70       CRISIL B+/Stable
   Term Loan                10       CRISIL B+/Stable

The rating reflects VAI's large working capital requirements and
small scale of operations in the intensely competitive
agricultural equipment industry. These rating weaknesses are
partially offset by the benefits that VAI derives from its
promoters' extensive experience in the agricultural equipment
industry.

Outlook: Stable

CRISIL believes that VAI will maintain its business risk profile
over the medium term, backed by its promoters' long-standing
presence in the industry. The outlook may be revised to 'Positive'
in case of substantial improvement in the company's working
capital management, leading to improvement in its liquidity
profile or substantial improvement in revenues and profitability
leading to higher than expected accruals. Conversely, the outlook
may be revised to 'Negative' in case of further stretch in working
capital requirements or if the company undertakes a large, debt-
funded capital expenditure, or lower than expected accruals
leading to deterioration in its financial risk profile.

Established in 1991, VAI is engaged in the production of
agricultural equipment such as wheat thresher and combine
harvester. The company is promoted by Sangrur (Punjab)-based Mr.
Amarjeet Singh and Mr.Surjit Singh.

VAI reported a net profit of INR8.74 million on net sales of
INR222.1 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR7.27 million on net sales of
INR162.1 million for 2010-11.


WESTERN HILL: CRISIL Assigns 'B' Ratings to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Western Hill Foods Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       8.8      CRISIL B/Stable
   Bank Loan Facility

   Term Loan              191.2      CRISIL B/Stable

The rating reflects WHFL's exposure to risks associated with the
timely completion and stabilisation of its ongoing cold chain
project in Pune (Maharashtra) and the challenges that WHFL is
expected to face in attaining optimum capacity utilisation levels
in its initial years of operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that WHFL would continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if WHFL implements its cold
chain project in a timely manner without any significant cost
overruns, and is able to demonstrate higher than expected capacity
utilisation levels and cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of any significant time or cost
overruns in commissioning of WHFL's project leading to pressure on
its liquidity.

WHFL was set up in 2008 in Mumbai (Maharashtra) for starting a
cold chain facility for various vegetables and fruits. The company
is currently setting up the facility at Pune (Maharashtra) which
is expected to be operational by October 2013. Mr. Bhagwan
Malharrao Bende, Mr. Vivek Prataprao Walse Patil and Mr. Girish
Kumarpal Samdadia are the promoters of the company. The promoter
Mr. Bende has been a wholesaler of fruits and vegetables over the
past 3 decades in the APMC Market, Mumbai through the entity
Malharrao Baurao & Co.



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


* Moody's Sees Bullish Properties Market in Greater Jakarta
-----------------------------------------------------------
Moody's Investors Service says that Indonesian developers will
benefit from the solid demand for properties on sale in the
residential, office and retail space in Greater Jakarta over the
next 12-18 months. The developers will also see stable to high
rental occupancy rates in their office and retail portfolios, as
well as higher rental returns from these two commercial segments.

Moody's defines Greater Jakarta as the area including Jakarta,
Depok, Bogor, Tangerang and Bekasi.

"We expect strong sales in the residential sector of Greater
Jakarta because demand is driven by a growing population,
urbanization and falling unemployment rate," says Jacintha Poh, a
Moody's Analyst.

"The take-up rate on completed residential properties should be
above 90% in 2013, judging by the healthy presale levels achieved
by our rated developers at end-2012," adds Ms. Poh.

Ms. Poh was speaking on a just-released Moody's report titled,
"Sustained Demand for Greater Jakarta Property Supports Indonesian
Developers."

Moody's rates three Indonesian property developers: Lippo Karawaci
(Ba3 stable), Alam Sutera Realty (B1 stable) and Pakuwon Jati (B2
stable).

According to the report, both demand and supply in the residential
market in Greater Jakarta have been growing steadily, even through
the global financial crisis in 2008-09.

The report also says that the growth in residential prices has
been backed by real demand and a proportionate growth in household
incomes. Average residential prices (per square meter) have
increased at a compound annual growth rate (CAGR) of 15.6% over
the last three years and remained broadly in line with the CAGR of
per capita income of 16.4% during the same period.

"Indonesia's low interest rate environment has also increased
affordability for homebuyers in terms of lower mortgage payments,"
says Ms. Poh.

"However, we would reassess our position on the residential
property market in Greater Jakarta, if growth in property prices
significantly outpaces growth in household incomes," adds Ms. Poh.

"The office segment will see high occupancies and rising rental
rates because new supply is limited. Demand in the sector is being
fuelled by new corporate set-ups and expansions," says Ms. Poh.

Moody's report quotes the property consulting firm, Colliers
International Indonesia (Colliers) as saying that office occupancy
rates will reach 95%-98% in 2013, providing a favorable backdrop
for rental rates to grow by 7%-16% this year.

"Given the rising rental rates, we expect sales of strata-titled
office space to be strong, as the cost of renting office space is
almost equivalent to the monthly mortgage payments for purchasing
strata-titled office space," says Ms. Poh.

On the retail segment in Greater Jakarta, Moody's further quotes
Colliers as saying that occupancies will be broadly stable, at
between 87%-98%, and rental rates will improve by up to 10%, with
supply growing in accordance with the expected increase in demand.

The report adds that demand for retail space will remain supported
by buoyant domestic consumption and an influx of foreign retailers
seeking to cash in on the higher spending.

"While the retail segment is expected to be competitive, we expect
strong demand for retail space in middle- to upper-class malls
located within large-scale developments or townships, as these
malls cater to residents in captive areas," says Ms. Poh.

Moody's report noted that although there is some market commentary
regarding the risk of an asset bubble in Indonesia's property
market, the mitigating factors include: 1) the market is supported
by real buyers rather than speculators and healthy household
finances; and 2) Indonesian regulations over property purchases
and land rights have so far curbed foreign and domestic
speculation. These regulations include a 70% loan to value limit
on housing loans for properties of more than 70 square meters and
disallowing foreigners from owning freehold land.



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


SINGH SERVICES: Set to be Struck Off From Companies Register
------------------------------------------------------------
The Marlborough Express reports that one of the two companies
owned by deported Marlborough vineyard contractor Prubhjit Singh
is to be struck off the companies register, and liquidators are
looking for the companies' other director to trace assets.

The Express relates that liquidators HFK advertised to remove
Singh Services Ltd from the companies register, and liquidator
Lynda Smart said the company had ceased trading in 2008 and
effectively transferred all its business to a related company,
Singh Services NZ Ltd.

In the final liquidators report on Singh Services, Ms. Smart said
liquidators had been unable to identify any assets owned by the
company, the Express reports.

According to the Express, the liquidators investigated taking
action against the company's two directors for reckless and
insolvent trading, and the directors' personal liability for
unpaid preferential tax debts.

Most of the company's debt was to the Inland Revenue Department,
and the liquidators' report said they had been told by IRD that
one of the directors, Mr. Singh, had been deported, the report
relays.

"Accordingly, any actions against him would have been uneconomic
to pursue," the report quotes Ms. Smart as saying.

But Ms. Smart said there was another director, Mrinal Sardana, and
liquidators were trying to contact him.  Mr. Sardana was a
director of both Singh Services and Singh Services NZ, the report
adds.

Singh Services (NZ) Ltd is a New Zealand-based vineyard
contracting company.  It employs 80 people during the peak
season.  The Company was put into liquidation by Inland Revenue
under an order issued by the High Court in Blenheim on Dec. 10,
2012.  Lynda Smart and Keiran Horne from HFK Ltd have been
appointed liquidators.


WAINUIOMATA MEMORIAL: Goes Into Voluntary Liquidation
-----------------------------------------------------
Hutt News reports that the Wainuiomata Memorial RSA has gone into
voluntary liquidation, with committee members warned if the move
wasn't taken, they might be responsible for ongoing debts.

"It's pretty disappointing, but in the end that's the way it was,"
Hutt News quotes president Bart Bartlett as saying.  "It's another
facility that has disappeared from Wainuiomata."

The premises had also been regularly used by the Stroke Club,
Wainuiomata Grey Power and Development Wainuiomata, the report
relates.

One fulltime staff member and nine part-timers have lost their
jobs, according to Hutt News.

Late last year the RSA put out an urgent rallying call: The
organisation had about 700 members but only 50 to 60 were
regularly turning up.  For a while, it seemed to do the trick.

A public meeting in October drew 200 people and about NZ$10,000 in
donations.

But Mr. Bartlett said last week it wasn't long before it was just
the same core of people coming along for drinks or a meal in the
Spitfire Grill Restaurant, the report adds.



                             *********

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 ***