TCRAP_Public/130528.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

            Tuesday, May 28, 2013, Vol. 16, No. 104


                            Headlines


A U S T R A L I A

AUSTRALIAN-CANADIAN OIL: Incurs $364K Net Loss in 2012
AUTODOM LIMITED: Slash Up to 15% of Jobs in Victoria, SA
BABCOCK & BROWN: Deloitte Seeks Buyers for Unit, Loan Account
BECTON PROPERTY: Hits Back at Olney-Fraser Board Seat Bid
BILLABONG INT'L: Sells Off Canadian Stores; Still in Trading Halt

CHECK-IN.COM.AU: Placed in Voluntary Liquidation
LEHMAN BROTHERS: Australia Unit Wins Approval for Creditors' Vote
* AUSTRALIA: Labels Crumble Despite Getting Big Taxpayer Handouts


C H I N A

CHINA LOGISTICS: Reports $185K Net Income in 1st Quarter
CHINA PROPERTIES: S&P Assigns 'B-' CCR; Outlook Stable
CHINA SHEN: Gets NYSE MKT Delisting Notice for Non-Compliance
* Macao Banks' Rapid China Growth Alters Risk Profiles


I N D I A

AGGARWAL RICE: CARE Rates INR24.79cr Loan at 'CARE B'
AISHWARYA TELECOM: CARE Assigns 'C' Rating to INR7.74cr Loans
AMIT CONSTRUCTIONS: CARE Rates INR1.25cr LT Loan at 'CARE B+'
COCKSURE FROZEN: CARE Rates INR9.66cr LT Loan at 'CARE C'
CRACKERS INDIA: CARE Rates INR49cr LT Loan at 'CARE B'

JAHANVI ISPAT: CARE Rates INR6.05cr Loan at 'CARE B+'
KC SOCIAL: CARE Assigns 'D' Ratings to INR22.89cr Loans
PAYORITE PRINT: CARE Assigns 'D' Ratings to INR6.32cr Loans
PHOSPHATE COMPANY: CARE Rates INR18cr LT Loan at 'CARE B+'
PRONOBANANDA MODERN: CARE Rates INR13.06cr Loan at 'CARE B'

ROYAL APPLIANCES: CARE Assigns 'D' Ratings to INR10.32cr Loans


N E W  Z E A L A N D

ALLIED FARMERS: Unit Receives Liquidation Notice
SOUTH CANTERBURY FINANCE: Shareholders Mailout Cost NZ$4,719


P H I L I P P I N E S

PRUDENTIALIFE PLANS: Insurance Commissioner Defers Liquidation


X X X X X X X X

* APAC Structured Finance Ratings Broadly Stable in 2012
* BOND PRICING: For the Week May 20 to May 24, 2013


                            - - - - -


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


AUSTRALIAN-CANADIAN OIL: Incurs $364K Net Loss in 2012
------------------------------------------------------
Australian-Canadian Oil Royalties Ltd. filed on May 22, 2013,
Amendment No. 1 to its Annual Report on Form 20-F for the fiscal
year ended Dec. 31, 2012, originally filed with the Securities and
Exchange Commission on May 16, 2013, for the purpose of: (i)
revising a table in Item 9.A of the Form 20-F, (ii) making certain
revisions to the financial statements included in the Form 20-F,
and (iii) furnishing the Interactive Data.

KWCO, P.C., in Odessa, Texas, expressed substantial doubt about
Australian-Canadian Oil's ability to continue as a going concern,
citing the Company's recurring losses from operations and its
limited capital resources.

The Company reported a net loss of US$346,085 on US$90,353 of
revenues in 2012, compared with a net loss of US$$262,283 on
US$125,726 of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
US$10.6 million in total assets, US$3.7 million in total current
liabilities, and stockholders' equity of US$6.9 million.

A copy of the Form 20-F/A (Amendment No. 1) is available at:

                       http://is.gd/k4QVP6

Cisco, Texas-based Australian-Canadian Oil Royalties Ltd. is
principally engaged in the exploration, development and
production of oil, natural gas, and natural gas liquids in
Australia.  In addition, the Company has acquired and sold
Overriding Royalty Interest ("ORRI") on production in Australia.
The Company previously held ORRI on natural gas production in the
United States, however it has not received any material revenues
from these ORRIs since 2009.


AUTODOM LIMITED: Slash Up to 15% of Jobs in Victoria, SA
--------------------------------------------------------
Sarah Martin at The Australian reports that Autodom Limited has
shed up to 15 per cent of its workforce in Victoria and South
Australia since carmakers Holden and Ford took control of the
company in November.

Autodom and its subsidiaries are in liquidation but the group's
assets are being operated by receivers McGrathNicol to ensure
ongoing supply of components for the carmakers, the report says.

About 70 staff are understood to have been stood down from across
the group, according to the report.

The Australian says the redundancies come after an 11th-hour deal
struck late last year whereby Holden and Ford took over the
company's AUD6.5 million debt to become Autodom's secured creditor
and stave off closure.

According to The Australian, McGrathNicol manager Keith Crawford
said his first responsibility was to Holden and Ford as the
secured creditors, and he was seeking to restructure the company.

"We think that a restructured business is capable of being
profitable, which means it is either saleable because it is
profitable or its tradeable because it is profitable; either way
it is good for the stakeholders involved," the report quotes Mr.
Crawford as saying.  "If we shut the business . . . there would be
no prospect of a return to unsecured creditors."

Because the company is in liquidation, redundancy payments are
covered by the federal government through its Fair Entitlements
Guarantee program. These are understood to have totalled about
AUD2 million of payouts of the total AUD20 million in employee
liabilities.

Unsecured creditors are owed about AUD8 million.

Mr. Crawford said he was trying to find a buyer for the company,
which earlier this month acquired fuel tank manufacturer CMI Fuel
Systems, through subsidiary AiAutomotive, The Australian adds.

                       About Autodom Limited

Based in Australia, Autodom Limited (ASX:AIE) --
http://autodom.com.au/-- engages in automotive component
manufacturing, trades and painting of automotive componentry.
The Company manufactures automotive components at two
manufacturing plants: one in South Australia and one in Victoria.
The Company operates in one segment, Automotive. DAIR
manufactured items found in locally made vehicles include rear
bumper assemblies, foot brakes, clutch mechanisms, hood hinges,
parking brakes and car jacks.

Keith Crawford and Rob Kirman of McGrathNicol were appointed as
Receivers and Managers over Autodom Limited and its subsidiaries
by secured creditors.  The appointment occurred after Autodom's
Directors appointed Voluntary Administrators on Nov. 3, 2012.
Control of Autodom's business and assets now rests with the
Receivers.

Autodom's subsidiaries include AiDAIR Dandenong Pty Limited,
AiAutomotive Pty Limited, AiDAIR New Gisborne Pty Limited,
Henderson Components Pty Limited, Motive Energy Pty Limited ABN,
and AiAutomotive (Victoria) Pty Limited ABN.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2012, SmartCompany said the administrators were called in
after the company shut its doors in early November, with the high
cost of redundancy payments a key reason behind the beleaguered
auto component manufacturer's collapse.

Autodom's major creditors are the National Australia Bank, which
is a secured creditor, and car companies General Motors Holden,
Ford and Toyota, SmartCompany disclosed.


BABCOCK & BROWN: Deloitte Seeks Buyers for Unit, Loan Account
-------------------------------------------------------------
Dissolve.com.au reports that Deloitte Australia is seeking
expressions of interest for Babcock & Brown International Pty Ltd.
(BBIPL), the subsidiary of Babcock & Brown Ltd. (BBL).  The search
also includes a sale of Babcock & Brown's loan account.

BBL is BBIPL's main shareholder by owning 100 percent of the A
class shares of BBIPL. The shares represent about 99.8 percent
ownership of the subsidiary.

The total assets of BBIPL are in $1.5 billion excess and the
subsidiary got loans and owed debt in excess worth $5.7 billion.
BBIPL has an unsecured loan account and is subordinated behind the
project and secured debt with a book value of about
$849 million.

Expressions of interest are due to be submitted on June 7, 2013.
In order for the interested parties to get more information
regarding the assets, they need to pre-qualify themselves.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add scale, infrastructure, air operating
leasing and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary
administrators after investors in the company's subordinated
notes listed in New Zealand voted against a special resolution to
restructure the terms of the notes.  Under the special
resolution, the company's equity and subordinated note holders
won't receive any return.  Babcock & Brown appointed David Lombe
and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


BECTON PROPERTY: Hits Back at Olney-Fraser Board Seat Bid
---------------------------------------------------------
Business Spectator reports that the lending constortium for the
failed Becton Property Group Ltd has threatened to put the group
into administration if corporate raider Mariner Corporation Ltd
continues its push to elect its boss Darren Olney-Fraser to the
board.

Goldman Sachs and Fortress Investment Group put Becton Property
Group into receivership in February, after refusing to grant it a
further extension on its debt, which had blown out to $25 million,
according to Business Spectator.

The report relates that in an update to the Australian Securities
Exchange, Mariner Corporation said it had advised its directors
not to continue to push for the meeting to elect Mr. Olney-Fraser,
which was initially called for 8 February, about two weeks before
Becton was put into KordaMentha's hands.

The current tilt to elect the Corporation Chief Executive Officer
comes after a failed bid in October, the report recalls.

Mariner Corporation, the report discloses, said an administration
would not be in shareholders' interests so it would no longer
press directors to call the meeting.

"As this is not in the interests of Becton shareholders, or
Mariner's shareholders, Mariner has advised the Becton directors
that, while it does not withdraw its 8 February 2013 requisition
at this stage, it does not press the directors to call the meeting
pending further advice from Mariner," the report quoted
Corporation as saying.

The report notes that Goldman Sachs/Fortress had advised Mariner
Corporation that it would put Becton into administration if "Mr.
Mariner continues to press for a shareholder meeting to elect Mr
Olney-Fraser to the Becton board".

Marnier Corporation Chairman Don Christie sits on the Becton
board.

The report relays that Mariner Corporation said in the update that
it wanted Mr. Olney-Fraser on the board "so the Becton board could
meet its minimum number of directors and quorum requirements, and
to improve the prospects of the Becton board bringing Becton out
of receivership."

When Becton was put into receivership, receiver Mark Korda said
the move mainly affected the ownership and control of Becton, not
its business operations, the report relays.

Last month, Mariner Corporation renegotiated the terms of its loan
over its Becton stake, winning a three month extension, the report
recalls.

Under the revised terms, the $600,000 loan will be charged over
Mariner Corporation shares, instead of Becton, and extended for
three months until September 30, the report adds.


BILLABONG INT'L: Sells Off Canadian Stores; Still in Trading Halt
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Billabong has
started selling its Canadian stores, in a move which suggests the
troubled surfwear company doesn't expect any private equity sale
to include the current full line-up of retail outlets.

SmartCompany says Billabong remains in a trading halt while it
continues due diligence discussions with private equity suitors,
although the length of the suspension has left some commentators
puzzled.

"The fact these guys are taking so long in terms of their due
diligence is probably indicative of what both companies want," the
report quotes Bentleys partner and retail expert David Gordon as
saying.

According to SmartCompany, a new report from The Australian
suggests the business has started selling off its Canadian stores,
including the West 49 chain which the company purchased for a
massive AUD91 million in 2010.

The sale of the Canadian stores is also reported to include six
Billabong branded locations, 18 trading under the Amnesia brand,
and two others under the Element brand, SmartCompany adds.

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

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

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


CHECK-IN.COM.AU: Placed in Voluntary Liquidation
------------------------------------------------
Martin Kelly at Travel Trends reports that popular Australian
accommodation website Check-in.com.au -- which claims to have
taken one million bookings since it was founded in 2002 -- was
placed in voluntary liquidation and is no longer processing new
bookings.

Travel Trends relates that an e-mail sent to the industry said
there'll be a creditor's meeting in June and told hoteliers that
if they are holding "future bookings to please contact the guest
to arrange direct booking and payment.

"For a refund to be issued, please advise the guest to submit a
claim to their credit card provider . . . if their credit card
provider is unable to assist in providing the guest with a refund,
the guest should contact the liquidator, Holzman Associates for
further assistance," the e-mail said.

According to the report, liquidator Manfred Holzman said he'd been
only given the job and declined to comment on the number and
nature of creditors.


LEHMAN BROTHERS: Australia Unit Wins Approval for Creditors' Vote
-----------------------------------------------------------------
Joe Schneider, writing for Bloomberg News, reports that Lehman
Brothers Australia's liquidator won court approval for a
creditors' vote on a proposed claims settlement giving them as
much as about half of what they're owed.

John Sheahan, a lawyer for PPB Advisory, the liquidator, said
creditors will be paid between 33 Australian cents and 49.9 cents
for each dollar of debt in the local currency, according to the
report.

U.S. insurers agreed to pay $45 million and Australian insurers
A$3 million ($2.9 million) to fund the settlement, Mr. Sheahan
said at a hearing in federal court in Sydney.

The meeting of creditors will be held June 19, with a request for
final approval from the court for the settlement scheduled for
June 27, according to the report.

Lehman Brothers Australia appointed a voluntary administrator
under the country's bankruptcy laws on Sept. 26, 2008, after
Lehman Brothers Holdings Inc. filed for bankruptcy protection.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal&Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley &McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
HoulihanLokey Howard &Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


* AUSTRALIA: Labels Crumble Despite Getting Big Taxpayer Handouts
-----------------------------------------------------------------
Business Day reports that the fashion industry's latest high-
profile victim Lisa Ho pocketed nearly $200,000 in taxpayer
subsidies before collapsing and jeans queen Bettina Liano was
given $300,000 in innovation grants after going into voluntary
administration, records show.

Another well-known women's fashion chain, Ojay, took $20,000 in
government handouts just months before its financial woes tipped
it into administration in September, according to Business Day.

The report relates that the taxpayer subsidies were part of a six-
year $112.5 million federal government program to "drive
innovation and renewal" in the textile and clothing industry.
An A-list of fashion labels applied for, and were given, $22.5
million last financial year, despite the severe retail downturn
forcing many high-profile players to pack up their designer dress
racks and head for the door, the report notes.

Fashion brand Lisa Ho collapsed this month.

The report discloses that Midway through last year the loss-making
business was given a $188,731 grant.

Ms. Liano's venture went into voluntary administration in July
2011, the report recalls.  During the previous financial year she
applied for $297,526 in Building Innovation Capability grants from
the Department of Innovation's AusIndustry body, the report adds.



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


CHINA LOGISTICS: Reports $185K Net Income in 1st Quarter
--------------------------------------------------------
China Logistics Group, Inc., reported net income of $185,185 on
$3.40 million of sales for the three months ended March 31, 2013,
compared with net income of $559,265 on $5.37 million of sales for
the same period last year.

The Company's balance sheet at March 31, 2013, showed
$3.97 million in total assets, $3.87 million in total
Liabilities, and stockholders' equity of $101,593.

"The Company has an accumulated deficit of approximately
$20,231,516 at March 31, 2013, and a working capital deficit of
approximately $306,000 at December 31, 2012.  During the three
months ended March 31, 2013, the Company used cash in operating
activities of $95,000.  The Company has incurred net income of
$185,185 and $559,265 for the three months ended March 31, 2013,
and 2012, respectively.  The Company's ability to continue as a
going concern is dependent upon its ability to generate profitable
operations in the future and to obtain any necessary financing to
meet its obligations and repay its liabilities arising from normal
business operations when they come due.  The outcome of these
matters cannot be predicted at this time.  These matters raise
substantial doubt about the ability of the Company to continue as
a going concern."

A copy of the Form 10-Q is available at http://is.gd/994Cbs

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, the
Company changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, the Company changed its
name from MediaReady, Inc.. to China Logistics Group, Inc.

On Dec. 31, 2007, it entered into an acquisition agreement with
Shandong Jiajia International Freight and Forwarding Co., Ltd.,
and its sole shareholders Messrs. Hui Liu and Wei Chen, through
which it acquired a 51% interest in Shandong Jiajia.  The
transaction was accounted for as a capital transaction,
implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Shandong Jiajia acts as an agent for
international freight and shipping companies.  Shandong Jiajia
sells cargo space and arranges land, maritime, and air
international transportation for clients seeking to import or
export merchandise from or into China.  Headquartered in Qingdao,
Shandong Jiajia has branches in Shanghai, Xiamen, Lianyungang and
Tianjin with additional sales office in Rizhao.


CHINA PROPERTIES: S&P Assigns 'B-' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' long-term corporate credit rating to China Properties Group
Ltd.  The outlook is stable.  S&P also assigned its 'cnB' Greater
China regional scale rating to the China-based property developer.

At the same time, S&P assigned its 'B-' long-term issue rating and
'cnB' Greater China regional scale rating to the company's
proposed issue of U.S. dollar-denominated senior unsecured notes.
The rating on the notes is subject to S&P's review of the final
issuance documentation.

"The rating on China Properties reflects the company's very
limited number of projects, significant execution risks, and weak
liquidity," said Standard & Poor's credit analyst Bei Fu.  "China
Properties' fully-paid and low-cost land bank, and support from
its largest shareholder temper these weaknesses."  We view China
Properties' business risk profile as "vulnerable" and its
financial risk profile as "highly leveraged."  We assess the
company's management and governance as "weak."

China Properties is likely to continue to face execution risks in
the coming two years because it has yet to prove its capability to
execute its business strategy as planned.

The company's financial performance is likely to remain volatile
and weak over the next 12 months at least, in line with that of
peers that S&P rates at a similar level.  The weakness is
attributable to China Properties' very limited number of projects
available for sale and completion each year.  S&P believes
financial support from China Properties' largest shareholder will
continue to support the company's financial risk profile.

China Properties has a low-cost land bank, some of which is in
prime locations.  According to S&P's calculation, the company's
average land costs are reasonable, at less than 10% of its average
selling price.

In S&P's base-case scenario, it anticipates that China Properties'
contract sales will increase to Hong Kong dollar
(HK$) 1.5 billion-HK$3.0 billion in 2013 as more properties become
ready for sale.  The company's EBITDA margin is likely to dip to
about 20% from 22.7% in 2012.  S&P expects total debt to rise to
HK$6 billion-HK$7 billion as of Dec. 31, 2013, to fund
construction and delivery, compared with HK$5.9 billion at the end
of 2012.

S&P assess China Properties' liquidity as "weak," as defined in
S&P's criteria.  S&P estimates that the company's liquidity
sources will not be sufficient to cover its liquidity uses in the
next 12 months.

"The stable outlook reflects our expectation that China Properties
will improve its property sales in the next 12 months and that the
company's largest shareholder will continue to support China
Properties' weak financial performance," said Ms. Fu.

S&P could lower the rating if China Properties is unable to meet
its operational or financial obligations.  This could happen if:
(1) shareholder support for the company weakens; (2) China
Properties cannot refinance its short-term debt; or (3) the
company fails to improve its property sales.

S&P could raise the rating if China Properties materially improves
its property sales execution and financial leverage.


CHINA SHEN: Gets NYSE MKT Delisting Notice for Non-Compliance
-------------------------------------------------------------
China Shen Zhou Mining & Resources, Inc. on May 23 disclosed that
the Company received a delisting notice from the staff of NYSE
Regulation, Inc. on behalf of NYSE MKT LLC indicating that the
Company had failed to demonstrate its ability to regain compliance
with Sections 1003(a) (iv) of the Exchange's Company Guide.
Section 1003(a)(iv) of the Company Guide applies if a listed
company has sustained losses that are substantial in relation to
its overall operations or its existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether the
company will be able to continue operations and/or meet its
obligations as they mature.  The Notice further stated that the
Company is not in compliance with Sections 134 and 1101 of the
Company Guide for not filing its annual report on Form 10-K for
the fiscal year ended December 31, 2012.  Additionally, the
Company is not in compliance with Sections 134 and 1101 of the
Company Guide for not filing its quarterly report on Form 10-Q for
the quarter ended March 31, 2013.

As previously disclosed, on October 24, 2012, the Company received
a letter from the Exchange advising that the Company was not in
compliance with Section 1003(a)(iv) of the Company Guide.  Also,
on April 22, 2013, the Company disclosed it received a letter from
the Exchange advising that the Company was not in compliance with
Sections 134 and 1101 of the Company guide for failure to file its
annual report on Form 10-K for the fiscal year ended December 31,
2012.

As previously disclosed, with respect to the Original Notice, the
Company submitted a plan to regain compliance on November 30,
2012, which the Exchange accepted on January 11, 2013.  On
April 24, 2013, the Company submitted a request for an extension
of the period for compliance under the Original Plan to
October 24, 2013. On May 1, 2013, the Company submitted an
additional compliance plan with respect to the Late Filer Notice.

After a review of the information provided by the Company, the
Exchange determined that the Company had not made progress
consistent with the Original Plan and failed to present a
reasonable basis to conclude that the Company could regain
compliance with the Exchange's continued listing standards by the
requested date of October 24, 2013, and that the Exchange would
(1) deny the Extension Request, (2) reject the Late Filer Plan,
and (3) move to delist the Company's securities from the Exchange.
As such, the Exchange intends to strike the Company's stock from
the Exchange by filing a delisting application with the Securities
and Exchange Commission pursuant to Section 1009(d) of the Company
Guide.

The Company does not intend to appeal the Exchange's decision.
The Company's stock is subject to immediate delisting proceedings.
Upon delisting, there can be no assurance that a trading market
will ever resume.

          About China Shen Zhou Mining & Resources, Inc.

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


* Macao Banks' Rapid China Growth Alters Risk Profiles
------------------------------------------------------
Fitch Ratings says in a new report that Macao banks could see
their risk profiles weaken as their exposure to China continues to
climb. The agency expects credit growth to accelerate to 30% in
2013 (2012: 26%), primarily led by China-related trade financing.

Generally the Chinese exposures are driven by parent referrals and
associated risk is adequately mitigated with collateral and
parental guarantees. Because the Macao regulator's rules and
guidelines are not geared towards building forward-looking risk
buffers, management of the more China-biased risk profile relies
strongly on individual banks' risk appetite and risk- monitoring
practices.

Macao banks' exposures to China are likely to grow further, given
increasing interconnectivity between the two banking systems and
economies. Macao's mainland exposure was 16% of total assets at
end-2012 based on official data, but indirect lending is
understated in the calculation. Fitch believes that Macao banks'
actual mainland exposure (including direct and indirect lending)
relative to total assets is almost the same size as that of Hong
Kong banks (2012: 25%). Over 70% of Macao's foreign-owned banking
system assets relate to Chinese parents.

Macao banks are also exposed to China's risk through its lending
to the gaming sector, whose revenues are mainly supported by
mainland Chinese tourists. Direct lending to the gaming sector is
limited (2012: 4% of total assets) as Chinese parents prohibit
direct lending to casinos. However, lending to gaming operators
for working capital and related industries such as hotel and
construction is equally sizable as mortgages at 10% of total
assets at end-2012. Credit risk of mortgage lending is mitigated
by adequate household debt servicing capacity and moderate loan-
to-deposit ratio, which averaged at 62% in 2012 in Macao, compared
with 56% in Hong Kong.

Fitch expects the system-wide regulatory capital ratio to fall
from 2012's 14.6% due to further loan growth and weaker profit.
Volume-driven profit growth is likely to offset inflationary cost
pressure while loan impairment charges will rise as non-performing
loans are unsustainably low (2012: 0.2% of total loans). Fitch
assesses the current capital level as moderate considering the
system's high potential volatility.

The report, 'Macao Banks: Steady Growth on Light Regulation -
China Linkages Dominate Risk Profiles; Prominent Gaming and
Property Exposures', is available at www.fitchratings.com.



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


AGGARWAL RICE: CARE Rates INR24.79cr Loan at 'CARE B'
-----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Aggarwal
Rice Mills.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      24.79      CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners, in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Aggarwal Rice Mills
(ARM) is constrained by its modest scale of operations, weak
financial risk profile marked by thin profitability margins,
highly leveraged capital structure and stressed debt coverage
indicators, presence in a highly fragmented and competitive
industry, with seasonal availability of paddy resulting in working
capital intensive operations, and its constitution as a
partnership firm with inherent risk of the withdrawal of capital.

The rating, however, derives strength from the long-standing
experience of the partners and management in the industry, and the
presence of the firm proximity to major paddy cultivation area,
resulting in an easy access to raw material procurement. The
ability of the firm to scale up its operations and improve its
profitability with improvement in its overall financial risk
profile is the key rating sensitivity.

Aggarwal Rice Mill was started in 2001 as a partnership firm and
managed by Mr. Ashok Kumar Aggarwal along with three other
partners. Mr. Ashok Kumar Aggarwal has an experience of more than
25 years in rice milling and processing industry, and other
partners have an experience of around two decades in the rice
processing. The firm is engaged in the milling and processing of
rice, broken rice and rice bran at its processing unit located at
Gurdaspur, which is one of the major paddy cultivation regions in
Punjab. Currently, the firm has paddy de-husking capacity of 4
Metric Tonne per Hour (MTPH).

During FY12 (refers to the period April to March), ARM reported a
total operating income of INR36.21 crore (FY11: INR34.44 crore)
and a PAT of INR0.33 crore (FY11: INR0.31 crore).


AISHWARYA TELECOM: CARE Assigns 'C' Rating to INR7.74cr Loans
-------------------------------------------------------------
CARE assigns 'CARE C/CARE A4' ratings to the bank facilities of
Aishwarya Telecom Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.74      CARE C Assigned
   Short-term Bank Facilities      4.50      CARE A4 Assigned
   Long/Short-term Bank            6.00      CARE C/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aishwarya Telecom
Limited (ATL) are constrained by the liquidity issues being faced
by the company due to delayed receivables primarily from telecom
clients, sharp decline in the revenue and deterioration in
profitability margins in the last two financial years. The ability
of the company to recover long outstanding receivables,
successfully execute projects in the defence segment and reduce
dependence on the telecom sector going forward are the key rating
sensitivities.

Aishwarya Telecom Limited was promoted by Mr G. Rama Manohar Reddy
as a partnership firm by the name Advanced Electronics &
Communications System. ATL was formed by taking over the business
of the said partnership firm and was incorporated as Aishwarya
Telecom Private Limited in 1995, and was subsequently converted
into a Public Limited Company in 2005 with a change in name to
Aishwarya Telecom Limited. ATL manufactures products for telephone
service providers, defence, cable TV operators and railways. The
products include RF power meters, data testers, fiber optic test
equipments and cable fault locators. The company's manufacturing
unit is situated in Hyderabad, Andhra Pradesh. ATL's clientele
include among others, Bharat Sanchar Nigam Limited (BSNL), Tata
Tele Services, Bharati Telenet, MTNL and other public & defence
organizations in India.

During FY13 (refers to the period April 1 to March 31), ATL
reported profit after tax of INR0.84 crore on a total income of
INR25.03 crore.


AMIT CONSTRUCTIONS: CARE Rates INR1.25cr LT Loan at 'CARE B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Amit Constructions.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      1.25       CARE B+ Assigned
   Long/Short-term Bank           6.00       CARE B+/CARE A4
   Facilities                                Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of the withdrawal of
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Amit Constructions
(ACT) are primarily constrained on account of the limited revenue
visibility owing to the modest order book position of ACT and its
presence in the highly competitive construction industry. The
ratings are further constrained on account of its constitution as
a proprietorship firm, customer and geographical concentration
risk with majority of the projects being executed in Rajasthan and
its proposed debt-funded capex program.

The ratings, however, favorably take into account the vast
experience of the proprietor in the construction industry, its
longstanding association with government bodies and financial risk
profile marked by moderate profitability, comfortable solvency
position and moderate liquidity position.

Improvement in the scale of operations through geographical
diversification and improvement in the profitability margins are
the key rating sensitivities.

Kota (Rajasthan)-based ACT was formed in 1994 as a proprietorship
concern by Mr. Amit Rohada. ACT is engaged in the business of
civil construction contract works with major focus on construction
of roads, canals and railway tracks. ACT has executed contract
works for various government organizations in the past and is a
recognized 'AA' class (highest on the scale of AA to E) approved
government contractor for the Government of Rajasthan (GoR).

During FY12 (refers to the period April 1 to March 31), ACT
reported a total income of INR9.42 crore (FY11: INR8.67 crore)
with a PAT of INR0.52 crore (FY11: INR0.45 crore). As per the
provisional results of FY13, ACT has achieved a total operating
income of INR18.83 crore.


COCKSURE FROZEN: CARE Rates INR9.66cr LT Loan at 'CARE C'
---------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Cocksure
Frozen Foods Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.66      CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Cocksure Frozen
Foods Private Limited is constrained by strained financial risk
profile marked by small scale of operations, along with weak
profitability, solvency and liquidity position, limited experience
of promoters in food processing business, competition from other
units, tender driven nature of business, and perishable nature of
raw material and finished goods resulting in high wastage.

The above weaknesses largely offset the strengths derived from
adequate availability of the raw materials, with favorable
climatic conditions, and various incentives available from the
government.

An improvement in the overall financial risk profile is the key
rating sensitivity.


CRACKERS INDIA: CARE Rates INR49cr LT Loan at 'CARE B'
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Crackers
India Infrastructure Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        49       CARE B Assigned

Rating Rationale

The ratings assigned to the bank facilities of Crackers India
Infrastructure Ltd are primarily constrained due to low occupancy
of hotels, on-going project risk, cyclicality and seasonality
associated with the hotel industry, intense competition and
subdued industry outlook.

The above-mentioned constraints are partially offset by the
experience of the promoters and the locational advantage of the
existing and the proposed hotel.

Ability to improve its scale of operations and profitability
margins and ability to complete the envisaged
project on time without any cost or time overrun and derive
benefits therefrom, are the key rating sensitivities.

Crackers India Infrastructure Ltd. was incorporated in October
1999 by Mr Srinibash Sahoo and his wife Mrs Suprasanna Sahoo of
Odisha. CIIL is a part of The World Group of Odisha, having
interest in hospitality, retail, iron & steel, mining,
transportation, etc.

Until June 2012, CIIL mostly garnered revenue from its retail
division (in addition to the hotels division) comprising of four
shopping malls namely "The World" located at Bhubaneswar,
Berhampur, Dhenknal & Cuttack in Odisha. The malls sold apparels,
home furnishing items, electronics and groceries. Its retail
division also consisted of five "The World Grains" FMCG counters
located at Bhubaneswar and Dhenknal in Odisha. Since July 2012,
CIIL de-merged its retail wing into a separate entity by the name
of The World Retails Pvt. Ltd. Presently, CIIL generates its
revenue from its two hotels, namely The World Barbil in
Barbil, Odisha and The World Backwaters in Thaneermokkam, Kerala
having an accommodation of 25 and 30 rooms respectively. While The
World Barbil was constructed, The World Backwaters was purchased
in FY12.

The company is also in the process of setting-up another hotel,
The World Bhubaneswar. The project is in the initial stage of
implementation and the same is likely to start commercial
operation from March 2014.

As per the audited results of FY12 (refers to the period April 1
to March 31), CIIL reported PBILDT and PAT of INR2.6 crore (INR2.5
crore in FY11) and INR0.5 crore (INR0.5 crore in FY11),
respectively, on a total income of INR27.8 crore (INR24.9 crore in
FY11).


JAHANVI ISPAT: CARE Rates INR6.05cr Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Jahanvi
Ispat Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.05      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Jahanvi Ispat Pvt
Ltd is primarily constrained on account of its limited track
record, low profit margins, modest capital structure and weak
liquidity.

The rating is further constrained on account of the customer
concentration risk, susceptibility to volatility in raw material
prices, modest scale of operations in competitive and cyclical
steel industry.

The rating, however, draws strength from the experience of the
promoters in steel trading business albeit relatively naive in the
manufacturing segment.

The ability of JIPL to improve its overall financial risk profile
with increase in the scale of operations and profitability are the
key rating sensitivities.

JIPL was incorporated in January 2009 by Mr Pramod Gupta and Mrs
Deepti Gupta to undertake manufacturing of Mild Steel (MS) Ingots.
The commercial operations commenced from October 2010. JIPL
operates from its sole manufacturing facility in Raisen (Madhya
Pradesh) with total installed capacity of 28,000 Metric Tonnes Per
Annum (MTPA) as on March 31, 2013.

JIPL also has associate firms namely Salasar Steel & Profile
Industries (SSPI) and Rohit Steel & Profile Industries (RSPI)
which are in the business of trading of steel products.

During FY12 (refers to the period April 1 to March 31), JIPL
reported a total operating income of INR34.62 crore (FY11:
INR11.96 crore) and PAT of INR0.06 crore (FY11: INR0.04 crore).
During FY13 (provisional), JIPL registered a total income of
INR46.47 crore and PAT of INR0.14 crore.


KC SOCIAL: CARE Assigns 'D' Ratings to INR22.89cr Loans
-------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of
KC Social Welfare Trust (REGD).

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       21.39     CARE D Assigned
   Short-term Bank Facilities       1.50     CARE D Assigned

Rating Rationale

The ratings take into account the ongoing delays in debt servicing
due to the stressed liquidity position of KC Social Welfare Trust
(KSWT).

K.C. Social Welfare Trust is a not-for-profit organization
established in 1999 by Mr. Prem Pal Gandhi and his family members
with an objective of providing educational services. Currently,
the trust is running one campus having five colleges and one
school under the brand name of 'K.C Group of Institutions'
in Nawanshahar, Punjab. The first academic session of the college
started in 1999-2000. The institutions are offering courses in the
field of management, engineering, polytechnic, hotel management,
teaching, science, animation & media technology and commerce. KSWT
has a total strength of 4,297 and 1,024 students in colleges and
school, respectively, as on March 31, 2013.

For FY12 (refers to the period April 1 to March 31), KSWT achieved
a total operating income of INR24.04 crore with a surplus of
INR1.02 crore as against total operating income of INR20.26 crore
and a deficit of INR1.38 crore in FY11.


PAYORITE PRINT: CARE Assigns 'D' Ratings to INR6.32cr Loans
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of
Payorite Print Media Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.42      CARE D Assigned
   Long/Short term Bank            0.90      CARE D Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Payorite Print
Media Private Limited (PPMPL) are constrained on account of the
ongoing delays in servicing of interest and installment of its
term loan due to stressed liquidity position.

Udaipur (Rajasthan) based PPMPL was formed in 1998 and promoted by
Mr. Ashish Bapna, Mr. Manish Indrawat and Mr. Sanjay Kothari.
PPMPL is primarily a printing house for multiple products like
brochures, leaflets, magazines, labels, banners etc. PPMPL does
various types of printing viz. commercial printing, magazine
printing, label and packaging, outdoor publicity and special
effect printing for both private as well as government clients. It
covers all types of functions related to pre-press and post-press
(binding, lamination, etc) activity. PPMPL has its printing unit
set up in Udaipur and Jaipur.

During FY12 (refers to the period April 1 to March 31), PPMPL
reported a total income of INR9.14 crore (FY11: INR9.54 crore)
with a net profit of Rs -0.56 crore (FY11: INR0.20 crore). As per
the provisional results for FY13, PPMPL has reported total
operating income of INR10.51 crore.


PHOSPHATE COMPANY: CARE Rates INR18cr LT Loan at 'CARE B+'
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of The Phosphate Company Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        18       CARE B+ Assigned
   Short-term Bank Facilities       22.2     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of The Phosphate
Company Limited are primarily constrained due to its small scale
of operations with geographical concentration risk, high leverage
ratios, susceptibility of margins to volatility in raw material
prices, presence in the highly regulated industry and working
capital intensive operations.

The above-mentioned constraints are partially offset by the
experience of the promoters and the company's established brand
image and marketing network.

The ability of TPCL to improve its scale of operations and
profitability margins, along with managing working capital
effectively and the government policies towards the fertilizer
industry clubbed with timely release of the subsidy, are the key
rating sensitivities.

The Phosphate Company Limited was incorporated in February 1949 by
Mr. S.N. Bangur and his friend Mr. B.M. Khaitan of Kolkata to
manufacture Single Super Phosphate (SSP), a phosphatic fertilizer.

TPCL's manufacturing unit is located in Hooghly, West Bengal, and
has a total installed capacity of 120,000 MTPA of SSP. TPCL sells
its finished products under the brand name of "Laxmi". The product
is sold by the company to wholesalers and retailers, who sell the
same to the farmers. Currently, TPCL is in the process of
modernization of its Granular SSP plant.

As per the audited results of FY12 (refers to the period April 1
to March 31), TPCL reported PBILDT and PAT of INR5.98 crore
(INR1.76 crore in FY11) and INR1.60 crore (INR0.01 crore in FY11),
respectively, on a total operating income of INR75 crore (INR47.59
crore in FY11). Furthermore, as per provisional FY13 results, the
company achieved a total operating income of
INR63 crore.


PRONOBANANDA MODERN: CARE Rates INR13.06cr Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Pronobananda Modern Rice Mill.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank                 13.06      CARE B Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of (PMRM) is
constrained by the partnership nature of the constitution small
scale of operation high working capital intensity and exposure to
vagaries of nature high gearing level highly fragmented nature
with intense competition and regulated industry.

The above constraints are partially offset by experienced partners
and proximity to raw material sources. The ability of the firm to
increase the scale of operations, along with increase in the
profitability margins and manage its working capital effectively,
shall remain the key rating sensitivity.

Pronobananda Modern Rice Mill, set up in the year 2004 is a
Dinajpur-based (West Bengal) partnership firm. It is engaged in
the processing and milling of rice with two factory units (Unit I
and II), both located in Dinajpur, having an aggregate installed
capacity of 43,200 metric tonne per annum (MTPA).

PMRM has enhanced its installed capacity to 72,000 MTPA, in the
month of February 2013, in view of growing demand of rice. The
enhanced capacity has already been commissioned and is expected to
commence production from April 2013. Apart from local paddy
growers, PMRM procures paddy from Orissa and Uttar Pradesh, and
sells rice in the state of West Bengal, Bihar, Nagaland, Gujarat
and Delhi.

As per the audited results of FY12 (refers to the period April 1,
2011 to March 31, 2012), PMRM reported a PBILDT and PAT of INR1.7
crore (INR0.9 crore in FY11) and INR0.2 crore (INR0.1 crore in
FY11), respectively on a total income of INR21.2 crore (INR11.1
crore in FY11). Furthermore, the firm has achieved a
turnover of INR26.3 crore during 11MFY13.


ROYAL APPLIANCES: CARE Assigns 'D' Ratings to INR10.32cr Loans
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Royal
Appliances.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6.77     CARE D Assigned
   Short-term Bank Facilities       3.55     CARE D Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the entity at
present. The ratings may undergo change in case of withdrawal of
the capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings factor in the instances of delays in the debt
servicing along with regular overdrawal in the Cash Credit account
of Royal Appliances (ROYAL) due to delay in receiving payments
from the customers.

Royal Appliances is a proprietary firm set up in 1987 by
Mr. Suresh Agarwal. ROYAL is engaged in manufacturing of pressure
cookers and other kitchen appliances, with total installed
capacity to manufacture nine lakh units per annum. The
manufacturing facility of the firm is located at Sonepat, Haryana.

The firm derives half of its revenue by selling under its own
brand 'Tempo', and other half comes from selling to reputed
Original Equipment Manufacturers (OEMs) like Sunflame Enterprises
Private Limited, Bajaj Electricals Ltd and Usha Shriram
Enterprises Pvt. Ltd.

During FY12 (refers to the period April 1 to March 31), ROYAL had
reported a total operating income of INR22.3 crore (as against
INR20.9 crore in FY11) and PAT of INR0.2 crore (as against PAT of
INR0.2 crore in FY11). Furthermore, as per the provisional results
for FY13, the entity has achieved total operating income of INR20
crore.



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


ALLIED FARMERS: Unit Receives Liquidation Notice
------------------------------------------------
Allied Farmers Rural Limited, a wholly owned subsidiary of Allied
Farmers Limited, has been served with a liquidation notice from
Inland Revenue for NZ$4.2 million.

"On Feb. 25, 2013, AFRL announced that it had received a statutory
demand from the Commissioner of Inland Revenue (IRD) for
outstanding debts totaling $3.7 million," the company said in a
statement.

"Since that time AFRL has been in discussions with the IRD on a
proposal to satisfy the amount outstanding to IRD. However, AFRL
was served with a liquidation notice by the IRD for
NZ$4.2 million.

"It appears that the notice was filed with the High Court some
time ago -- May 1, 2013 -- without AFRL being advised or served,
which is surprising given that AFRL understands the statutory
demand had expired by that date.

"AFRL will be seeking legal advice to clarify the matter, but in
the meantime continues its discussions with IRD, and remains
hopeful of achieving a settlement with the IRD before the hearing
which is set down for 23 July 2013."

Allied Farmers Rural Limited forms part of the Allied Group over
which Crown Asset Management Limited (CAML) has first ranking
security, and is subject of the liquidation notice. NZ Farmers
Livestock Ltd does not form part of this CAML security group, and
is therefore not affected by this demand from the IRD or any
enforcement action that may be taken by CAML.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

nzherald.co.nz said the future of Allied Farmers is in doubt after
its accounts revealed it needs to sell property, collect money
owed to it, and reach an agreement with its rural creditors in
order to survive as a going concern.  The rural services business,
which acquired the assets of Hanover and United Finance in
December 2009, revealed its position in half-year accounts filed
to the NZX on March 26, 2012.

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.


SOUTH CANTERBURY FINANCE: Shareholders Mailout Cost NZ$4,719
------------------------------------------------------------
Emma Bailey at Stuff.co.nz reports that the High Court has ruled
that South Canterbury Finance (SCF) liquidators do not have to
send 3,141 preference shareholders, who are owed NZ$120 million,
six-monthly reports.  The reports cost NZ$4,719 for each mailout,
Stuff.co.nz relates.

Stuff.co.nz notes that Judge D I Gendall exempted liquidators John
Fisk and David Bridgeman from sending out the six-monthly
liquidators' reports required by the Companies Act.

On August 31, 2010, SCF was placed in receivership. The
receivership has been completed and SCF is now being liquidated
and absorbed into FCS Loans. Preference shareholders are not
likely to recover any of the 120 million $1 preference shares owed
to them.

"Weighing up all these matters, I am of the view that the costs of
supplying six-monthly reports by the applicant liquidators to the
3,141 preference shareholders, likely initially to attract a
direct cash cost of NZ$4,719.16, is out of proportion to any
benefit those preference shareholders will receive from the
reports being mailed out to them," Judge Gendall said.

"If what is suggested in the present application is adopted, any
particular shareholder who wishes to view the six-monthly report
can do so by searching either the website of the Registrar of
Companies or the PricewaterhouseCoopers website.

"Due to the insolvency of the company, there is little or no
prospect of any preference shareholders receiving any dividends in
the liquidation. This is because any funds received will simply go
towards payment of creditors and there will be nothing left for
preference shareholders," Judge Gendall, as cited by Stuff.co.nz,
said.

The liquidators will mail all the preference shareholders
explaining the exemption, the report says.

"The liquidation of this company is complex and could take
considerable time. With the present application the applicant
liquidators simply seek orders to save considerable and avoidable
mailout costs in the liquidation," Judge Gendall said.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



=====================
P H I L I P P I N E S
=====================


PRUDENTIALIFE PLANS: Insurance Commissioner Defers Liquidation
--------------------------------------------------------------
Leila B. Salaverria at Philippine Daily Inquirer reports that
Insurance Commissioner Emmanuel Dooc has deferred the liquidation
of the troubled preneed firm Prudentialife Plans Inc. on the
request of some plan holders themselves.

In a hearing at the House of Representatives on May 21, plan
holders who formed the Prudentialife Warriors called on the
Insurance Commission to defer the liquidation process because they
wanted more time to study the firm's records.

According to the report, Prudentialife Warrior member Eleuteria
Buhay said they had yet to peruse the actuarial report of the
firm.  They want to know what assets and liabilities the firm has
so they would be sure to get the maximum amount they could from
the failed company.

"If we liquidate the firm, how will we safeguard our interests? We
do not have documents in our possession so that we can check if we
would be able to get the maximum amount that we are supposed to
receive from the liquidation process," the Inquirer quotes Mr.
Buhay as saying.

The Inquirer notes that the Insurance Commission wants to go ahead
and liquidate the failed preneed company.

Under the liquidation plan, the Inquirer relates, some
PHP8 billion in trust funds is to be divided among 300,000 holders
of educational, pension and memorial plans. The trust funds
consist of cash and noncash assets, but the latter would have to
be sold first.

But the plan holders are expected to receive only a portion of the
principal amount they paid for, and this would depend on the kind
of plan they hold. Educational plan holders could get back an
average of only 20 percent; pension plan holders, around 43
percent; and memorial plan holders, 80 percent.

As the trust fund is being distributed, the Insurance Commission
intends to file insolvency proceedings in a regular court to run
after the other corporate assets of Prudentialife, including those
held by its subsidiaries, the Inquirer relays.

Prudential Life Plans Inc. -- http://www.prudentialife.com/-- is
a pre-need company.  The company offers life, pension and
education plans.  It has diversified into financial services,
non-life insurance, memorialization, real estate and travel and
leisure.

In September 2012, Prudentialife Plans Inc. was placed in
receivership by the Insurance Commission, which says the
continuance of the business would be "hazardous to its present and
future planholders."

"The Insurance Commission has decided that the conservatorship of
PPI be now terminated. We find that the only remaining option
under the law is to declare PPI under receivership," Insurance
Commissioner Emmanuel Dooc said in a directive dated Sept. 19,
2012.

"Since there is no clear intention on the part of the
stockholders of PPI to infuse additional capital or to submit
infusion plan to cure the company's huge financial deficiencies,
it is now very clear that PPI will remain insolvent.

"The Insurance Commission hereby orders PPI to desist from
transacting further business," the regulator said.

The commission said PPI's proposal for rehabilitating the company,
as well as proposals filed by a group of planholders known as the
Batiles Group and a pre-need company called Loyola Plans
Consolidated Inc., were "not exhaustive enough."



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


* APAC Structured Finance Ratings Broadly Stable in 2012
--------------------------------------------------------
Fitch Ratings says that Asia-Pacific (APAC) structured finance
(SF) tranches remained largely stable in 2012, with over 95% of
tranches maintaining their ratings or being paid in full (PIF),
compared with 89% in 2011.

As in previous years most downgrades (92.8%) were to Japanese
transactions, three quarters of which were CMBS. Ratings from two
credit-linked notes referencing a Japanese government bond were
also downgraded following a similar action on Japan's Local
Currency Issuer Default Rating. All impairments (downgrades to
'CCsf' or 'Csf') in 2012 came from the 'CCCsf' category and were
concentrated in Japanese CMBS which contributed to eight of the
nine impairments. The remaining impairment was a New Zealand non-
conforming RMBS tranche.

Downgrades outnumbered upgrades for the fifth consecutive year,
the ratio being 2:1 in 2012. However, the number of downgrades
declined sharply to 28 in 2012 from 66 in 2011 and from the peak
of 143 in 2009. This reflects a stabilising trend in the sector.
Upgrades remain limited due to the fact that 52% of Fitch's APAC
SF rated tranches are rated 'AAAsf'.

The Outlook for APAC SF remains largely Stable. Negative Outlooks
are limited to three Japanese CMBS tranches and two New Zealand
non-conforming RMBS tranches. Distressed ratings ('CCCsf' or
below), which are expected to contribute to rating volatility, are
isolated in Japanese CMBS and Australian and New Zealand non-
conforming RMBS.

The report, '2012 Asia-Pacific Structured Finance Transition and
Default Study and Outlook', is available on www.fitchratings.com.


* BOND PRICING: For the Week May 20 to May 24, 2013
---------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

MIDWEST VANADIUM     11.50     2/15/2018    USD    65.75
MIDWEST VANADIUM     11.50     2/15/2018    USD    64.22
NEW S WALES TREA      0.50     9/14/2022    AUD    71.16
NEW S WALES TREA      0.50     10/7/2022    AUD    70.96
NEW S WALES TREA      0.50    10/28/2022    AUD    70.77
NEW S WALES TREA      0.50    11/18/2022    AUD    70.58
NEW S WALES TREA      0.50    12/16/2022    AUD    71.23
NEW S WALES TREA      0.50      2/2/2023    AUD    70.81
NEW S WALES TREA      0.50     3/30/2023    AUD    70.31
TREAS CORP VICT       0.50     8/25/2022    AUD    72.60
TREAS CORP VICT       0.50      3/3/2023    AUD    71.77
TREAS CORP VICT       0.50    11/12/2030    AUD    51.02


CHINA
-----

CHINA GOVT BOND       4.86     8/10/2014    CNY   102.30
CHINA GOVT BOND       1.64    12/15/2033    CNY    69.57


INDIA
-----

CORE PROJECTS         7.00      5/7/2015    USD    50.50
COROMANDEL INTL       9.00     7/23/2016    INR    16.14
DR REDDY'S LABOR      9.25     3/24/2014    INR     5.02
GRAMEEN FIN SERV     14.05      6/7/2016    INR    55.18
JCT LTD               2.50      4/8/2011    USD    20.00
MASCON GLOBAL LT      2.00    12/28/2012    USD    10.00
PRAKASH IND LTD       5.63    10/17/2014    USD    68.41
PRAKASH IND LTD       5.25     4/30/2015    USD    63.48
PUNJAB INFRA DB       0.40    10/15/2024    INR    33.49
PUNJAB INFRA DB       0.40    10/15/2025    INR    30.56
PUNJAB INFRA DB       0.40    10/15/2026    INR    27.93
PUNJAB INFRA DB       0.40    10/15/2027    INR    25.54
PUNJAB INFRA DB       0.40    10/15/2028    INR    23.40
PUNJAB INFRA DB       0.40    10/15/2029    INR    21.47
PUNJAB INFRA DB       0.40    10/15/2030    INR    19.73
PUNJAB INFRA DB       0.40    10/15/2031    INR    18.17
PUNJAB INFRA DB       0.40    10/15/2032    INR    16.75
PUNJAB INFRA DB       0.40    10/15/2033    INR    15.47
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.03
REI AGRO              5.50    11/13/2014    USD    70.03
SHIV-VANI OIL         5.00     8/17/2015    USD    34.64
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.13
SUZLON ENERGY LT      5.00     4/13/2016    USD    50.93


JAPAN
-----

AVANSTRATE INC        1.94     11/5/2013    JPY    59.60
EBARA CORP            1.30     9/30/2013    JPY   100.41
ELPIDA MEMORY         2.03     3/22/2012    JPY     9.00
ELPIDA MEMORY         2.10    11/29/2012    JPY     9.00
ELPIDA MEMORY         2.29     12/7/2012    JPY     9.00
ELPIDA MEMORY         0.50    10/26/2015    JPY     9.50
JAPAN ATOMIC PWR      1.28     9/25/2020    JPY    69.58
JPN EXP HLD/DEBT      0.50     9/17/2038    JPY    69.59
JPN EXP HLD/DEBT      0.50     3/18/2039    JPY    69.54
KADOKAWA HLDGS        1.00    12/18/2014    JPY   126.55


MALAYSIA
--------

AMAN SUKUK            4.25      3/8/2028    MYR     4.14


PHILIPPINES
-----------

BAYAN TELECOMMUN     13.50     7/15/2006    USD    22.75
BAYAN TELECOMMUN     13.50     7/15/2006    USD    22.75


SINGAPORE
---------

BAKRIE TELECOM       11.50      5/7/2015    USD    38.33
BAKRIE TELECOM       11.50      5/7/2015    USD    40.00
BLD INVESTMENT        8.63     3/23/2015    USD    69.00
BLUE OCEAN           11.00     6/28/2012    USD    38.00
BLUE OCEAN           11.00     6/28/2012    USD    38.00
CAPITAMALLS ASIA      2.15     1/21/2014    SGD    99.92
CAPITAMALLS ASIA      3.80     1/12/2022    SGD   102.13
DAVOMAS INTL FIN     11.00     12/8/2014    USD    14.63
DAVOMAS INTL FIN     11.00     12/8/2014    USD    14.63
F&N TREASURY PTE      2.48     3/28/2016    SGD   100.62
F&N TREASURY PTE      3.15     3/28/2018    SGD   101.85
INDO INFRASTRUCT      2.00     7/30/2049    USD     1.88


SOUTH KOREA
-----------

CHEJU REGION DEV      3.00    12/29/2034    KRW    69.42
EXP-IMP BK KOREA      0.50     9/28/2016    BRL    74.81
EXP-IMP BK KOREA      0.50    10/27/2016    BRL    74.59
EXP-IMP BK KOREA      0.50    11/28/2016    BRL    74.22
EXP-IMP BK KOREA      0.50    12/22/2016    BRL    69.68
EXP-IMP BK KOREA      0.50    10/23/2017    TRY    73.06
EXP-IMP BK KOREA      0.50    11/21/2017    BRL    67.98
EXP-IMP BK KOREA      0.50    12/22/2017    TRY    73.01
EXP-IMP BK KOREA      0.50    12/22/2017    BRL    67.44


SRI LANKA
---------

SRI LANKA GOVT        6.20      8/1/2020    LKR    74.66
SRI LANKA GOVT        7.00     10/1/2023    LKR    67.38
SRI LANKA GOVT        5.35      3/1/2026    LKR    56.82
SRI LANKA GOVT        8.00      1/1/2032    LKR    69.67


THAILAND
--------

G STEEL               3.00     10/4/2015    USD     8.25
MDX PUBLIC CO         4.75     9/17/2003    USD    16.25



                             *********

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

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

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


                            *********


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

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

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

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

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



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