TCRAP_Public/130531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, May 31, 2013, Vol. 16, No. 107


                            Headlines


A U S T R A L I A

COMPLETE SECURITY: Federal Court of Australia Orders Liquidation
GUNNS LTD: Growers Prefer Macquarie Bank's Proposal
HBO+EMTB: Units Placed Into Administration
JOHN FARRAGHER: Creditors Approve Deed of Company Arrangement
SCHWARTZ MALL: In Receivership, Seeks Buyer

VILLIERS CONTRACTING: Clifton Hall Appointed as Liquidators


C H I N A

LDK SOLAR: Signs New Wafer Supply Contract
* Dim Sum Bonds Form Bulk of Chinese Property Issuance in May


I N D I A

ALAKNANDA SPONGE: ICRA Places 'B+' Ratings on INR15cr Loans
BHOLENATH COLD: ICRA Assigns 'B-' Ratings to INR6.31cr Loans
BINJUSARIA SOLVENTS: ICRA Rates INR11cr Loans at '[ICRA]B'
GRAINOTCH INDUSTRIES: ICRA Reaffirms B- Ratings on INR43cr Loans
K. K. HOMES: ICRA Reaffirms 'D' Rating on INR10.74cr Term Loans

KRISHNA COTTON: ICRA Reaffirms 'B' Ratings on INR8.85cr Loans
LEELA GOLD: ICRA Assigns 'B' Rating to INR3.50cr Loan
M. VENKATARAMA: ICRA Revises Rating on INR7cr Loan From 'BB'
MEGHALAYA INFRATECH: ICRA Rates INR173cr Term Loans at 'B+'
PRESIDENCY IMPEX: ICRA Assigns 'B' Ratings to INR5.4cr Loans

SRI BALAGANAPATHY: ICRA Reaffirms 'B' Ratings on INR10.35cr Loans
SRI LAKSHMI: ICRA Assigns 'B+' Ratings to INR8.37cr Loans
SRI VIJAYA: ICRA Assigns 'B' Ratings to INR12.26cr Loans
SWARUPA FOODS: ICRA Rates INR7cr Loan at '[ICRA]B+'
TATA CHEMICALS: No Change on Ratings Despite Weak FY2013 Results

VIJAY JEWELLERS: ICRA Reaffirms 'B+' Rating on INR12.50cr Loan


I N D O N E S I A

* Moody's Affirms Deposit Ratings on Five Indonesian Banks


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Set to Get Another Payout
ASCENSION WINE: In Receivership, Seeks Buyer for Business
DOMINION FINANCE: Director Can't Afford Lawyers, Court Hears


P A P U A  N E W  G U I N E A

* Economic Metrics Support Moody's B1 Rating for Papua New Guinea


P H I L I P P I N E S

EXPORT AND INDUSTRY: Uninsured Depositors Appeal Liquidation
G7 BANK: PDIC Files Estafa Case Against Directors, Employees


X X X X X X X X
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


COMPLETE SECURITY: Federal Court of Australia Orders Liquidation
----------------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed liquidator of
Complete Security Services (SA) Pty Ltd on May 29, 2013, by Order
of the Federal Court of Australia.


GUNNS LTD: Growers Prefer Macquarie Bank's Proposal
---------------------------------------------------
Nick Clark at themercury.com.au reports that growers involved in
Gunns Plantations Ltd managed investment schemes have ignored
advice and voted for Macquarie Bank to become responsible for
63,000 hectares of Tasmanian plantations.

Growers preferred a Macquarie Bank/WA Blue Gum proposal rather
than a sale process advocated by liquidators PPB Advisory, the
report says.

But a legal stoush has developed, with a directions hearing due in
the Supreme Court of Victoria last May 29. The developments are
the latest in the dispersal of assets of Gunns, which collapsed
last year with AUD3 billion in liabilities, the report relates.

In the court case, the report says, Gunns Ltd receivers
KordaMentha sought an injunction about the vote alleging
misleading and deceptive conduct by Macquarie and WA Blue Gum.

According to the report, the directions hearing will consider
whether the vote was in the best interest of growers and whether
there had been misleading conduct.

KordaMentha controls 15,000ha of trees after taking possession of
2910ha of trees owned by growers who defaulted on loans owed to
Gunns Finance Ltd, according to themercury.com.au.

                        About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.


HBO+EMTB: Units Placed Into Administration
------------------------------------------
Property Observer reports that several subsidiaries within a large
HBO+EMTB have been placed in administration as part of a corporate
restructure, with redundancies expected as part of a response to
what the company says are "challenging business conditions".

The move comes as the construction and building industries
continue to struggle alongside a sluggish market, according to
Property Observer.  The report relates that businesses associated
with building and fit-outs, such as this high-end blinds
manufacturer placed in administration recently, are under
pressure.

"The restructuring is in response to challenging business
conditions and is designed to consolidate an unwieldy and
complicated corporate structure. . . . The Australian business,
which has grown to more than 30 companies over several decades,
will be streamlined to four operating units structured along
functional lines, namely, architecture, interiors, urban and
landscape design and consulting," the company said in a statement
obtained by the news agency.

The report discloses that the restructure will see all current
offices remain open, although 8% of the current workforce will be
affected. Full redundancy benefits will be offered to staff
affected by the changes.

HBO+EMTB, an architectural services firm with 23 offices across
Australia, New Zealand and Asia, has completed several high-
profile projects including the High Court of Australia, the
National Gallery and the Sydney Entertainment Centre.


JOHN FARRAGHER: Creditors Approve Deed of Company Arrangement
-------------------------------------------------------------
Newcastle Herald reports that creditors have approved a deed of
company arrangement to restructure Hunter transport business John
Farragher Transport Management.

The fourth-generation Hunter-based company was placed in voluntary
administration for a second time, having emerged from a previous
deed of arrangement in 2008.

Newcastle Herald discloses that minutes of a creditors' meeting
earlier this month said the company owed AUD3 million to its banks
and had "outstanding employee entitlements of approximately
AUD800,000", meaning unsecured creditors would be unlikely to
receive anything if the company was wound up.

In a letter to the Newcastle Herald, the company's director, John
Farragher, said he was confident the company would emerge "leaner
but stronger".

"Under the deed, all employee entitlements are preserved and
everything will be done to preserve jobs around the country," the
report quotes Mr. Farragher as saying.  "This will mean change,
restructuring and reorganisation of operating systems, but will
make better use of the significant capital invested in materials
handling equipment, warehousing and transport across Australia."

According to the report, a spokesman for Mr. Farragher said the
correct amount of outstanding employee entitlements was AUD380,000
and that "in the past 80years, every single Farragher employee"
had received their full entitlements.

The spokesman declined to provide the basic terms of the deed,
although he said "the banks are 100per cent behind" the
arrangement, Newcastle Herald relays.

The administrator, Sydney insolvency specialist Adam Shepard, of
Dean-Willcocks Shepard, also declined to provide details of the
deed, saying he would do so once it was formally lodged with the
Australian Securities and Investments Commission, making it a
publicly available document, the report adds.


SCHWARTZ MALL: In Receivership, Seeks Buyer
-------------------------------------------
Greg Brown and Bridget Carter at The Autralian reports that
Schwartz Mall, a shopping centre in southwest Sydney that was
previously part-owned by multi-millionaire cosmetic surgeon Jerry
Schwartz, will be auctioned by receivers.

Dr. Schwartz opened his Brands On Sale Factory Outlet Centre in
Campbell town during the build-up to Christmas 2009, according to
The Australian.


VILLIERS CONTRACTING: Clifton Hall Appointed as Liquidators
-----------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Villiers Contracting Pty Ltd on
May 27, 2013.

A meeting of creditors will be held at 10:30 a.m., on June 7,
2013, in the offices of Clifton Hall, Level 1, 12 Gilles Street,
in Adelaide.



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


LDK SOLAR: Signs New Wafer Supply Contract
------------------------------------------
LDK Solar Co., Ltd., has signed a wafer supply contract with
Realforce Power Co., Ltd., a photovoltaic company located in
Shandong Province, China.  Under the terms of the agreement, LDK
Solar will provide 120 million 6-inch wafers, totaling
approximately 500 megawatts (MW), with shipments commencing in May
2013 through December 2014.

"We are pleased to enhance our market position in the China region
through this new wafer sales agreement," stated Xingxue Tong,
president and CEO of LDK Solar.  "We believe the China region,
which is expected to reach 10 gigawatts (GW) in 2013, represents
the strongest global growth opportunity.  This contract
demonstrates the continued demand for our solar wafers.  We are
confident that our high quality wafers can meet new market
requirements," concluded Mr. Tong.

                          About LDK Solar

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

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

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.  The Company's balance sheet at
Dec. 31, 2012, showed $5.02 billion in total assets, $5.20 billion
in total liabilities, $323.29 million in redeemable noncontrolling
interest, $15.88 million in ordinary shares, $18.41 million in
noncontrolling interest and a $502.76 million total deficit.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


* Dim Sum Bonds Form Bulk of Chinese Property Issuance in May
--------------------------------------------------------------
Moody's Investors Service says dim sum bond issuance dominated the
bond-raising activities of the Chinese property market in May
after a mild slowdown in nationwide sales and a continuing rise in
property prices in April.

"There were about USD1 billion in offshore bonds issued by four
rated developers and all of these were RMB-denominated dim sum
bonds," says Franco Leung, a Moody's Assistant Vice President and
Analyst.

The issuers include Fantasia Holdings Group Company Limited (B1
stable); Yanlord Land Group Limited (Ba3 stable); Greentown China
Holdings Limited (B2 positive); and Powerlong Real Estate Holding
(B3 positive).

"The surge in RMB issuances was partly due to strong demand driven
by the expectation of an RMB appreciation," says Leung.

Leung was speaking at the release of the latest edition of Moody's
Chinese Property Focus newsletter, which also notes a slowdown in
sales momentum in April.

"The pace of sales growth was slower in April, compared to March,
following the State Council's policy guidelines that were
announced in February to increase controls on the sector," says
Leung.

Total sales in April declined by 13% compared with March figures.

However, property prices in China's 70 major cities continued to
climb in April.

The number of cities with year-on-year growth in prices increased
to 68 in April from 67 in March, the highest level since October
2011.

At the same time, the number of cities with price increases of
more than 5% year-on-year rose to 24 from 12 in the previous
month.

The robust growth in prices was led by solid sales in first-tier
cities; Guangzhou and Beijing reported the highest year-on-year
growth in property prices, at 13.7% and 13.4% respectively,
followed by 11.5% in Shenzhen and 10.2% in Shanghai.

Major second-tier cities like Nanjing, Xiamen, Zhengzhou, Urumqi
and Fuzhou also saw material increases in prices, averaging about
8%.

The newsletter also states that the mildly positive credit trend
for rated developers continued in May, with one positive action in
the month, from SPG Land (Holdings) Ltd (B3 review for upgrade).

Moody's expects the credit profiles of its rated developers to be
largely stable in the next 12 months.

Seventy eight percent of Moody's rated portfolio, or 31
developers, had stable outlooks as of 20 May 2013 versus 20 at
end-2012.

The stable outlooks reflect the improved operating environment,
developers' enhanced liquidity positions, as well as Moody's
expectation that the risks from the government's new tightening
measures will be manageable.



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


ALAKNANDA SPONGE: ICRA Places 'B+' Ratings on INR15cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR1.50
crore term loan, INR12.50 crore cash credit facility, INR0.25
crore bank guarantee facility and INR0.75 crore unallocated
facility of Alaknanda Sponge Iron Limited.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based-Term Loan      1.50     [ICRA]B+ assigned
   Fund Based-Cash Credit   12.50     [ICRA]B+ assigned
   Non Fund Based-Bank       0.25     [ICRA]B+ assigned
   Guarantee
   Unallocated               0.75     [ICRA]B+ assigned

The rating factors in the non-integrated nature of the company's
operations in a highly competitive industry which keeps margins at
low levels and the limited profits of the company from core
business operations, with its net margins primarily being driven
by commodity trading income and commission income which could be
more volatile in nature.

The rating also takes into account the weak financial profile of
the company as characterized by low profitability and depressed
coverage indicators, cyclicality inherent in the steel industry,
which is passing through a difficult phase, putting further
pressure on ASIL's profitability and cash flows, ASIL's exposure
to geographical concentration risks with the entire sales being
made in West Bengal and low, although improving, capacity
utilization levels for the company. The rating, however, favorably
factors in the fact that marketing TMT bars under the Kamdhenu
brand supports sales and market presence of the company, strategic
location of the manufacturing unit that is in close proximity to
raw material sources and key customers which reduces freight cost
and the consistent growth in turnover of the company in the last
three years.

Incorporated in 2006, Alaknanda Sponge Iron Limited manufactures
thermo-mechanically-treated (TMT) bars with an annual production
capacity of 90,000 MTPA. The plant is located at Durgapur in West
Bengal. The company markets TMT bars under the Kamdhenu brand, as
a franchise of Kamdhenu Ispat Limited.

Recent Results

The company reported an operating income (OI) of INR172.88 crore
and a PBT of INR1.24 crore as per the provisional results during
FY13 as compared to an OI of INR134.60 crore and a PAT of INR0.71
crore during FY12.


BHOLENATH COLD: ICRA Assigns 'B-' Ratings to INR6.31cr Loans
------------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR3.54 crore
term loans and INR2.77 crore cash credit facility of Bholenath
Cold Storage.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit facility     2.77    [ICRA]B- assigned
   Term Loan                3.54    [ICRA]B- assigned

The rating assigned is constrained by BCS's small scale and
limited track record of operations. The rating is also constrained
by the high working capital intensity of the company's operations
and the exposure of its profitability to any significant fall in
potato prices. Further, the high reliance on debt for project
funding exposes the firm to possible stress on debt servicing
capability in case of slower than expected ramp up of cash flows.
ICRA also notes that BCS is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure. The rating, however,
favorably considers the experience of partners in potato trading
and their association with other cold storage firms; and the
favorable location of the unit in Deesa (Gujarat), an area with
high output of potato.

Incorporated in April 2012, Bholenath Cold Storage is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis and has commenced commercial operations from February
2013. The facility of the firm is located at Deesa, Gujarat having
storage capacity of 1,40,000 bags each weighing 50 Kg (around 7000
MT of potatoes). The promoters of the firm have long experience in
potato farming and trading business.


BINJUSARIA SOLVENTS: ICRA Rates INR11cr Loans at '[ICRA]B'
----------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B' to the INR11.00 crore
long-term fund based limits of Binjusaria Solvents Private
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       11.00    [ICRA]B assigned

The rating factors in the company's relatively moderate scale of
operations resulting in limited economies of scale; its low
capacity utilization levels, low value addition in the oil
processing business also coupled with the high competition in the
domestic edible oil industry which have resulted in modest revenue
profile and low operating margins. The company's operations would
also remain vulnerable to agro climatic risks affecting the
availability of the key raw material, rice bran. The company's
financial risk profile is also weak characterized by high gearing
which coupled with weak profitability indicators leads to
stretched coverage indicators. However, ICRA draws comfort from
the long standing experience of the promoters in the oil seed
business, favorable demand prospects for rice bran oil due to its
health benefits and pricing compared to soybean and sunflower oil
and easy availability of raw material in the state of Andhra
Pradesh.

BSPL, incorporated in 1982, is engaged in solvent extraction from
rice bran with the product mix of rice bran oil and DOC. Sales of
rice bran oil and DOC are made to oil refineries and cattle feed
firms respectively. The solvent extraction unit has an installed
capacity of 200 TPD (tonnes per day). It has its production
facilities in the Nacharam area of Hyderabad. The Managing
Director, Mr. Arun Kedia has more than 25 years of experience in
the business.

Recent Results

BSPL has, for the financial year ended March 31, 2012 reported an
operating income of INR58.90 crore and a net profit of INR0.14
crore as against INR46.37 crore and INR0.11 crore respectively for
2011-12.


GRAINOTCH INDUSTRIES: ICRA Reaffirms B- Ratings on INR43cr Loans
----------------------------------------------------------------
The rating of '[ICRA]B-' has been reaffirmed for the INR34.00
crore term loan facility and INR9.00 crore long-term fund-based
limits of Grainotch Industries Limited. Further, the rating of
'[ICRA]A4' has been reaffirmed for the INR2.00 crore short-term
non-fund-based limits of GIL.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long-term fund-based:     34.00    [ICRA]B- reaffirmed
   Term Loan

   Long-term fund-based:      9.00    [ICRA]B- reaffirmed
   Cash Credit

   Short-term non-fund-       2.00    [ICRA]A4 reaffirmed
   based: Letter of Credit

The reaffirmation of ratings continues to reflect the weak
financial profile of the company, characterized by its modest
scale, low profitability, leveraged capital structure and
stretched debt coverage indicators. The ratings are further
constrained by the stretched liquidity position of the company on
account of delays in receipt of the State Government subsidy, and
the large inventory requirements of the business; the
vulnerability of operations to agricultural commodity price cycles
and exposure to the inherent regulatory risk in the domestic
liquor industry. ICRA also notes that any fall in molasses prices
can impact the operations of grain-based ENA players given the
partial extent of replacement between molasses-based and grain-
based alcohol products, and the expiry of the subsidy benefits in
December 2013 could have a negative impact on the operations of
the company.

The ratings, however, factor in positively the experience of the
promoters and management of the company in the alcohol industry;
the established customer base of the company comprising of major
IMFL (Indian-made Foreign Liquor) manufacturers; and the subsidy
benefits available from Government of Maharashtra for grain-based
alcohol manufacturers. The ratings also take into account the
favorable demand outlook for the domestic liquor industry, in
particular for grain-based alcohol due to better quality and
anticipated growth in the premium liquor segment, as well as on
account of the ethanol blending programme of the Government of
India.

Originally incorporated as Aditya Breweries Ltd in November 2006,
the company's name has subsequently been changed to Grainotch
Industries Ltd (GIL) from July 2007. GIL has established a grain-
based distillery unit in Aurangabad District (Maharashtra), of 70
KLPD (kilo litres per day) capacity to produce potable and
industrial grade alcohol viz. Extra Neutral Alcohol (ENA) and
Rectified Spirit (RS). Besides, the product mix includes by-
products such as Impure Spirit and DWGS (Distiller's Wet Grain
Soluble). GIL is promoted by Mr. Sanjay Holkar and Mrs. Vaishali
Holkar; the promoters belong to a family of renowned
agriculturists' from North Maharashtra. Mr. Sanjay Patil, Senior
Scientist in the Department of Alcohol Technology and
Environmental Science at Vasantdada Sugar Institute (Pune) is a
Technical Director in the company.

For year ended 31 March 2012, the company has recorded profit
after tax (PAT) of INR2.27 crore on operating income (OI) of
INR60.58 crore. For nine months ended December 31, 2012, the
company has reported profit before tax (PBT) of INR1.67 crore on
OI of INR59.3 crore (provisional results).


K. K. HOMES: ICRA Reaffirms 'D' Rating on INR10.74cr Term Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating to the INR10.74 crore
(enhanced from INR10.00 crore earlier) term loan facilities of K.
K. Homes.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limit-       10.74    [ICRA]D reaffirmed /assigned
   Term Loans

The rating takes into account the continuing delays in meeting the
debt servicing obligations by the firm consequent to the
significant delay in construction and cost overrun. The multiplex
which is a major attraction has not yet started operations
resulting in current low footfall, which in turn has negatively
impacted the overall occupancy level of the project. The firm's
liquidity tightness is likely to continue in the short term at
least because of the substantial debt repayment obligations
compared to its current low level of cash accruals. The rating is
also constrained by the asset concentration risks arising out of
operating a single property, and the legal status of KKH as a
partnership firm, including the risks of withdrawal of capital by
the partners. However, ICRA takes note of the experience of the
promoters of KKH in executing construction projects, and the
favorable location of the commercial complex City Centre,
Sambalpur due to its proximity to the central business area of
Sambalpur in Odisha.

KKH was established as a partnership firm in 2005. The current
partners of the firm are Mr. J. N. Kumar, Mr. Deepak Kapoor, Mr.
Keshab Kumar Dalmia and Mr. Madhab Kumar Dalmia. The promoters
have long experience in the field of commercial and industrial
constructions. KKH has constructed a commercial complex containing
shopping mall, multiplex, restaurant, food court and gaming zone
under the name of City Centre, Sambalpur at the Sambalpur city in
Odisha, with Big Bazaar as the anchor shop and Eylex Fun Films as
the operator of the multiplex. This is the first and only project
taken up by the firm.

Recent Results

During 2012-13 (eight months ending March, 2013), the firm
reported a net loss of INR0.92 crore (provisional) on an operating
income of INR1.74 crore (provisional).


KRISHNA COTTON: ICRA Reaffirms 'B' Ratings on INR8.85cr Loans
-------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B' rating assigned to INR7.00 crore
fund based cash credit facility and INR1.85 crore term loan of
Krishna Cotton.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             7.00     [ICRA]B reaffirmed
   Term Loan               1.85     [ICRA]B reaffirmed

The rating constrained by KC's weak financial risk profile as
reflected by thin profitability, high gearing levels and weak debt
coverage indicators as. Further, the rating continues to factor in
KC's limited earning prospects resulting from lack of
diversification, low value addition and highly competitive and
fragmented ginning industry on account of low entry barriers and
vulnerability of profitability of the firm with adverse movement
in raw material prices since these are linked to the seasonal
nature of cotton industry and government regulations regarding MSP
of raw cotton as well as export of cotton bales. The rating is
also constrained by partnership nature of the firm, which would
affect net worth and gearing level of the firm in case of
substantial withdrawal from capital account.

The rating, however, continues to factor in the experience of
partners in the cotton ginning industry and location advantage, as
the manufacturing plant is located in cotton producing belt of
India which provides regular and easy access to raw materials. The
rating further considers healthy ramp of operation in the first
full year of operations.

KC was established as a partnership firm in 2011, by Mr. Mukesh
Kasundra with other eight partners and is engaged in ginning &
pressing of raw cotton to produce cotton lint and cotton seeds.
The manufacturing plant of firm is located at Jamnagar district
and is equipped with 24 ginning machines to produce 200 cotton
lint bales and 60MT cotton seeds per day.

Recent Results

The firm reported an operating income of INR5.45 crore with net
profit of INR29951 in the two month operations of FY 2012.
Further, during eleven months of FY 2013(unaudited provisional
financials), it has achieved an operating income of INR46.42 crore
and profit before tax of INR0.27 crore.


LEELA GOLD: ICRA Assigns 'B' Rating to INR3.50cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to INR3.50
Cr fund based facilities and short term rating of '[ICRA]A4' to
INR4.00 Cr Non-fund based facilities of Leela Gold Designs Ltd.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   CC*                     3.50     [ICRA] B (assigned)
   LC                      4.00     [ICRA] A4 (assigned)

* Interchangeable one way from CC to LC up to INR3.50 crore

The reaffirmation of ratings factors in the promoter's established
experience and operating track record of over three decades in the
gold jewellery business and comfortable capital structure at
present. The ratings, however, continue to remain constrained by
the modest size of operations of the company in an industry which
is highly fragmented with stiff competitive pressures from
organized and unorganized players. LGDL's profitability faces
uncertainties due to wide fluctuations in gold prices which along
with an unhedged inventory position, which may lead to inventory
losses. The rating also captures the tight liquidity position of
the company as reflected in high utilisation of its working
capital limits and its high customer concentration risk.

Promoted by Mr. Parasmal Sancheti, LGDL is a closely held concern
and is engaged in the manufacturing and selling of gold chains.
LGDL also trades in Gold bullion and undertakes job work for third
parties. It was incorporated in 2003 and prior to that the
promoter was engaged in the same line of business through a
partnership firm named Leela Impex. The company has its
manufacturing unit in Sewri East in Mumbai, and at present has a
capacity of producing 3600 kilograms per annum of machine-made
gold chains.


M. VENKATARAMA: ICRA Revises Rating on INR7cr Loan From 'BB'
------------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]BB' to
'[ICRA]B+' assigned to the INR7.00 crore (enhanced from
INR5.00 Cr) fund based bank facilities of M. Venkatarama Reddy.
ICRA has also reaffirmed the short term rating '[ICRA]A4' to the
INR9.00 crore (reduced from INR10 Cr) short term non fund based
facilities of MVR. The earlier suspension dated December 18, 2012
stands revoked.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits        7.00    Revised from [ICRA]BB(stable)
                                    to [ICRA]B+

   Non fund based limits    9.00    [ICRA]A4/Reaffirmed

The downward revision in the rating takes into account the
moderation in the MVR's revenue in FY13 and its stretched
liquidity position as reflected by increased working capital
borrowings which is mainly on account of the stressed inventory
and receivables position as on March 31, 2013 due to the slow
execution of the orders on hand. Besides, the ratings are
constrained by MVR's modest scale of operations which thereby
limits the ability to bid for larger contracts. Moreover, the
ratings factor in MVR's high geographical, sectoral, & client
concentration risks. The ratings however, draw comfort from MVR's
reputed clientele base, its experienced promoters and reasonable
orderbook position (~1.0 time the FY13 revenue) as on 31.03.2013.
Going forward, the firm's ability to diversify its client base as
well as scale up its operations, while maintaining its
profitability and ensure timely collections of receivables would
be the key rating sensitivities.

M. Venkatarama Reddy, based at Bangalore is a construction firm
promoted by Mr. Venkatarama Reddy. It is a sole proprietorship
concern which began its operations in 1998. The firm mainly caters
to clients such as Bruhat Bengaluru Mahanagara Palike (BBMP),
Bangalore Development Authority (BDA) and Public Works Department
(PWD). It is a registered Class I Contractor in government
departments such as PWD, BDA and BBMP. The nature of works
undertaken by the firm mainly includes improving, widening,
strengthening and asphalting of roads. The firm over the years has
executed many major projects as prime contractors.

Recent results

For the year 2011-12, MVR registered a net profit of INR2.2 crore
on an operating income of INR32.60 crore as against a net profit
of INR4.6 crore on an operating income of INR40.8 crore in 2010-
11.In the year 2012-13 the firm's operating income and profit
after tax stood at INR32.00 Cr and INR2.00 Cr respectively.
(provisional).


MEGHALAYA INFRATECH: ICRA Rates INR173cr Term Loans at 'B+'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for the
INR173.0 crore term loans of Meghalaya Infratech Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              173.0    [ICRA]B+ assigned

The assigned rating factors in the significant time and cost
overruns faced by the hotel project being developed by MIL, the
company's exposure to project execution risk as a significant
construction work is yet to be completed and the market risks
faced by the hotel property. The project has witnessed significant
delays on account of increase in scope of work and the
difficulties faced in constructing the hotel on a hilltop which
was not envisaged earlier, which has led to the increase in the
cost of the project from INR144 crore to INR230 crore. As the
increase in project cost has been largely funded by debt, the
gearing of the project now stands at 3.0 times, thereby
deteriorating the debt protection metrics. The increase in project
cost has also resulted in significant appreciation of the per room
cost, particularly in comparison to the market risks faced by the
property. The ability of the property to command the anticipated
average room rates remains to be seen and ICRA expects MIL's
financial risk profile to be under pressure during the initial
years of operations. This, coupled with the debt servicing
commitments is expected to result in need for external funding
support. Further, given the delays in execution, the moratorium
period for the debt repayment has reduced, thus, any further delay
in project execution or stabilisation can result in cash-flow
mismatch and necessitate additional external funding.

Nevertheless, the rating draws comfort from tie-up with Marriott
for its brand Marriott Hotels and Resorts, which provides access
to its global marketing and reservation systems. The rating also
takes into account the back-ended repayment of the term loans, and
the one-time capital investment subsidy and other fiscal benefits
entitlement, which on realisation, are expected to ease the
liquidity pressure to some extent.

MIL is a joint venture between the Brahmaputra Group and Mr. Ram
Awatar Agarwalla. MIL is setting up a 201 room 5 star hotel
property in Khanapara, Meghalaya. The company has entered into a
tie-up with Marriott Hotels India Pvt Ltd for its brand Marriott
Hotels and Resorts. The hotel is expected to start commercial
operation by April 2014.


PRESIDENCY IMPEX: ICRA Assigns 'B' Ratings to INR5.4cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR2.40
crore term loan and INR3.00 crore cash credit limits of Presidency
Impex Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                2.40    [ICRA]B assigned
   Cash Credit              3.00    [ICRA]B assigned

The rating takes into account the low capacity utilization levels
at present, as the plant is an early stage of operation, although
increased capacity utilization levels with stabilization of
operations is likely to support future revenue growth. The rating
is also constrained by the high project gearing of 1.9 times, with
the overall gearing expected to be higher on account of additional
working capital debt to sustain operations, exposure to
fluctuations in raw material prices, which is further enhanced in
the absence of long term contracts with suppliers. ICRA also notes
that at present, PIPL is only engaged in crushing of sesame seeds,
leading to low value addition in operations which is likely to
profitability at low levels. The rating however, derives comfort
from the experience of the promoters in agro based commodity
trading, the proximity to sources of raw material supplies with
West Bengal being the second largest sesame producing state in
India.

PIPL was incorporated in 2008, with the objective of manufacturing
and marketing sesame oil, sesame seeds and sesame oil cake. The
company is promoted by the Modi and Agarwal families of Kolkata.
The promoters have been engaged in trading of mustard oil, palm
oil and sunflower oil since the last 10 years. The company has set
up a manufacturing facility in Uluberia, West Bengal with an
installed capacity of 60 metric tonnes (MT) of sesame oil per day.
The facility commenced commercial operations in July 2012.

Recent Results

As per the provisional results, PIPL recorded a profit before tax
of INR0.18 crore on the back of an operating income of INR9.84
crore during financial year 2012-13.


SRI BALAGANAPATHY: ICRA Reaffirms 'B' Ratings on INR10.35cr Loans
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B' outstanding
on the INR5.60 crore term loan facilities and the INR4.75 crore
fund based facilities of Sri Balaganapathy Spinning Mills. ICRA
has also re-affirmed the short-term rating of '[ICRA]A4'
outstanding on the INR0.75 crore fund based (sub-limit) facilities
of the Firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan facilities     5.60    [ICRA]B/reaffirmed
   Fund based facilities    4.75    [ICRA]B/reaffirmed
   Fund based (sub-limit)   (0.75)  [ICRA]A4/reaffirmed
   facilities

The re-affirmation of the ratings factors in the stabilisation of
the Firm's performance on the back of the recent improvement in
cotton yarn demand which is expected to aid the Firm's
profitability. The experience of promoters in the textile industry
which has supported the Firm's operations over the years also
continues to provide comfort. The ratings are, however,
constrained by the Firm's financial profile which continues to be
characterized by stretched debt protection metrics and the Firm's
modest business profile as reflected by SBSM's small scale of
operations, which restrict scale economies and the intense
competition prevalent in the spinning industry which restricts the
Firm's pricing flexibility to an extent. Going forward, ability to
improve volumes and margins on a consistent basis would remain key
to improving the Firm's overall risk profile.

Sri Balaganapathy Spinning Mills, incorporated in 2004, is
primarily engaged in producing cotton yarn of coarser and medium
counts. Based in Rajapalayam (Tamil Nadu), the Firm operates with
a capacity of 12,096 spindles. The Firm markets yarn primarily in
Tamil Nadu and Maharashtra. Promoted by Mr. P Palani Kumar and Mr.
P Mariappan, the firm has four partners with equal shares.


SRI LAKSHMI: ICRA Assigns 'B+' Ratings to INR8.37cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR8.37
crore bank limits of Sri Lakshmi Poultry Farm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash credit              5.50    [ICRA]B+ Assigned
   Term Loan                2.87    [ICRA]B+ Assigned

The assigned rating is constrained by SLPF's relatively modest
scale of operations; cyclicality associated with the Indian
poultry industry which results in table egg price volatility and
vulnerability of profits to fluctuation in prices of feed
(primarily maize and soya) which accounts for over 80% of
manufacturing cost (PAT of 0.43% in FY2012).

The rating however, favorably factors the experience of the
management in commercial layer poultry farming and healthy demand
outlook for the layer segment of the industry on account of
increasing acceptance of eggs as a daily meal component.

Sri Lakshmi Poultry Farm was incorporated as a partnership firm
during the year 2007, to engage in the business of commercial
layer poultry farming. SLPF operates through facilities located in
Brahmanagudem Village and Chikkala Village (capacity of 2,80,000
layers) as is involved in the sale of table eggs.

Recent Results

The company reported an operating income and net profit of
INR15.44 crore and 0.07 crore respectively in FY2012 as against an
operating income and net profit of INR11.69 crore and INR0.04
crore respectively in FY2011.


SRI VIJAYA: ICRA Assigns 'B' Ratings to INR12.26cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR12.26 crore fund based
facilities of Sri Vijaya Venkateswara Cotton Mills Private
Limited. ICRA has also assigned a short term rating of 'ICRA A4'
to the INR0.74 crore non fund based facilities of SVVPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit Limits      11.00    [ICRA]B (assigned)
   TL                       1.26    [ICRA]B (assigned)
   BG                       0.03    [ICRA] A4 (assigned)
   Unallocated              0.71    [ICRA] A4 (assigned)

The rating is constrained on account of modest scale of operations
of SVVP coupled with the low value added nature of business and
high competitive intensity leading to pressure on margins as
reflected in thin operating profitability. Commoditized nature of
the product and the highly fragmented industry provides low
pricing power to the company.

The rating assigned is further constrained by the vulnerability of
profitability to raw material prices, which are subject to
seasonal factors, crop harvest and regulatory risks. The ratings
are constrained by weak financial risk profile of SVVPL as
reflected by low annual cash accruals and poor coverage indicators
with Total Debt/EBITDA of 5.8 times and interest coverage ratio
(OPBDIT/Interest & Finance Charges) of 1.64 times as on 31st March
2013. Nevertheless, ICRA draws comfort from promoters experience
in ginning industry along with location advantages of the plant
resulting in ease of raw material availability and logistic cost
savings.

Sri Vijaya Venkateswara Cotton Mills Private Limited was
incorporated in 2006 to set up a ginning and pressing unit. It is
promoted by Mr. Rajshekhara Rao and his family members. The family
has been involved in the ginning business since last three decades
through other partnership firms. The unit currently has 42 double
roller gins with complete automated system, with a processing
capacity of 300 bales per day.

Recent Results

As per the provisional results in FY13 the company recorded
revenues of INR52.38 crore and PAT of INR0.19 crore.


SWARUPA FOODS: ICRA Rates INR7cr Loan at '[ICRA]B+'
---------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR7.00 crore
fund based limits of Swarupa Foods Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        7.00    [ICRA]B+ assigned

The assigned rating is constrained by weak financial profile of
the firm characterized by low profitability and high gearing
levels; profitability & revenues susceptible to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions. The ratings however take comfort from the long
track record of the promoters in the rice mill business and
favorable demand prospects for rice with India being the second
largest producer and consumer of rice internationally.

Incorporated in 1999, Swarupa Foods Private Limited is engaged in
the milling of paddy and produces raw and boiled rice. The company
has a rice mill and it processes paddy into raw and parboiled
rice. It has installed paddy milling capacity of 4 tonnes per hour
(tph) for paddy processing.

Recent Results

For FY2013 (unaudited and provisional), the company has reported
an operating income of INR20.17 crore and a PAT of INR0.25 crore.


TATA CHEMICALS: No Change on Ratings Despite Weak FY2013 Results
----------------------------------------------------------------
Moody's Investors Service says that Tata Chemicals Limited's (TCL,
Ba2 stable) financial year results ending March 2013 are broadly
in line with expectations, despite the continued softening in the
domestic fertilizer segment and its weak European soda ash
position.

Net profit for FY2013 was reported at INR4 billion, a reduction of
over 52% from the previous financial year, primarily due to write-
downs totaling INR4.7 billion related to its European division,
Tata Chemicals Europe Holdings Limited (TCEHL), which includes
British Salt Ltd and Brunner Mond Group.

"Although the write-down is non-cash and one-off, we believe that
the write-down is an indication of possible further weakening of
the European operations," says Alan Greene, a Moody's Vice
President and Senior Credit Officer. "While the weaker operations
will be credit negative, we do not expect the consolidated
performance to deteriorate significantly given that TCEHL
contributes less than 11% of consolidated revenue," adds Mr.
Greene.

TCL's operating performance remains primarily driven by the Indian
operations, contributing over 50% of consolidated revenues yearly.
In FY2013, net revenues from TCL's Indian operations (including
other operating income) generated approximately INR85 billion out
of consolidated revenues of approximately INR149 billion.

However, government subsidies continue to form a large part of
TCL's revenues and the delays in disbursements of subsidies remain
a key working capital constraint.

"Moody's estimates that about 20% of consolidated revenue for
FY2013 was in effect derived from government subsidies. As such,
timely disbursements by the Government of India are necessary to
ensure healthy working capital and strong liquidity," continues
Mr. Greene.

Unpaid subsidies stood at INR17.5 billion as of 31 March 2013 --
almost INR6 billion increase from the previous financial year. The
cash flow drain also resulted in the reported debt service
coverage ratio decreasing to 1.12x as at financial year end from
2.49x in the previous financial year.

"Despite the weaker performance during the year, TCL remains well
within the parameters of its rating," comments Mr. Greene, adding,
"we take comfort in the company's ability to generate strong funds
from operations (FFO) from its leading market position in India
and its synthetic soda ash business in the USA, which are key
components towards the company's stability".

The principal methodology used in this rating was the Global
Chemical Industry published in December 2009.

Tata Chemicals Limited, based in Mumbai, India, is the flagship
chemical company of the Tata Group, which owns 31.06% of TCL. It
is currently the world's second largest producer of soda ash and a
domestic leader for branded salt, fertilizers and urea products.


VIJAY JEWELLERS: ICRA Reaffirms 'B+' Rating on INR12.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]B+' to the INR12.5
crore Fund based (Cash Credit) bank facility of Vijay Jewellers.
ICRA has also reaffirmed short term rating of '[ICRA]A4' to the
INR6.50 crore Fund based limit (Gold Loan, which is a sub limit of
Cash Credit) bank facility of Vijay Jewellers.  The overall
utilisation should not increase INR12.5 crore.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limit        12.50    [ICRA]B+ Reaffirmed
   (Cash Credit)
   Fund based sub           6.50    [ICRA]A4 Reaffirmed
   limit (Gold Loan)

The ratings reaffirmation factor in the weak financial profile of
the firm as indicated by thin profitability levels, stretched
capital structure as reflected by a gearing of 1.61 times as on
March 31, 2012 and the high working capital intensity of
operations on account of high inventory levels.

The ratings are further constrained by the modest scale of
operations of the firm, risk arising out of the partnership nature
of the concern, susceptibility of profitability to volatility in
gold and diamond prices and the high competitive intensity
inherent in the industry. The ratings, however, draw comfort from
the long experience of the partners in the gems and jewellery
industry, the diversified customer profile and long established
relations with most of its clients.

Incorporated in 1996 as a partnership concern by the Shah family,
the firm is primarily engaged in the manufacturing and selling of
gold and diamond jewellery items like necklaces, rings, bracelets,
bangles, cufflinks, etc. The jewellery manufacturing is undertaken
by a group company, Kesbo Private Limited on a job work basis. The
firm specializes in custom handmade jewellery and has its own
retail outlet located in Mumbai. However the major clients of the
firm comprises of other domestic jewellery retailers.



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


* Moody's Affirms Deposit Ratings on Five Indonesian Banks
----------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 local and foreign
currency deposit ratings of five banks.

At the same time, Moody's has raised by one notch its baseline
credit assessments (BCA) of four of these banks, with two now
being investment grade.

After these rating actions, the affected banks will have the
following bank financial strength ratings (BFSRs) and BCAs:

PT Bank Central Asia Tbk (BFSR/BCA D+/baa3/stable);

PT Bank Rakyat Indonesia (Persero) Tbk (BFSR/BCA D+/baa3/stable);

PT Bank Mandiri (Persero) Tbk (BFSR/BCA D+/ba1/stable);

PT Bank Negara Indonesia (Persero) Tbk (BFSR/BCA D/ba2/positive);
and

PT Bank Permata Tbk (BFSR/BCA D/ba2/stable).

The outlook on the BFSRs is stable in each case, except for Bank
Negara Indonesia whose BFSR has a positive outlook.

Ratings Rationale:

The higher BCAs for Bank Central Asia, Bank Rakyat Indonesia, Bank
Mandiri and Bank Permata and the positive outlook assigned to Bank
Negara Indonesia's BFSR reflect three years of consistently strong
financial performance, characterized by improving asset quality
and strong profitability.

Moody's expects Indonesia's favorable operating environment to
persist, supporting asset quality and profitability, which will
continue to be among the strongest recorded by banks globally.
This will sustain the banks' strong capital generation capacity.

Credit growth has been strong, averaging 18% to 26% among these
banks during the past five years. While strong credit growth can
frequently be a leading indicator for future asset quality
problems, Moody's believes that much of the growth can be
explained by the trend of financial deepening after credit
penetration had reached very low levels in the wake of the Asia
financial crisis in 1997.

Moreover, the exceptionally strong pre-provision profits posted by
Indonesian banks provide a powerful buffer in the event that
credit costs eventually pick up.

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in
June 2012.

Bank Central Asia

Moody's has raised the BCA of Bank Central Asia by one notch to
baa3, from ba1. The action reflects the bank's consistently strong
financial performance, solid funding profile, low and steady asset
quality, high profitability, and strong banking franchise. It also
has dominant positions in the consumer, commercial, and small- and
medium-sized enterprise (SME) markets.

Moody's views Bank Central Asia as having the strongest standalone
credit assessment in Indonesia and as having the potential to be
at a higher level, but Moody's constrains it to the government
level given the close correlation of its creditworthiness with
that of the government of Indonesia.

Moody's has affirmed the Baa3/P-3 deposit ratings and the Baa3
foreign currency issuer rating of Bank Central Asia. While there
is a very high probability of systemic support given the bank's
strong position, its deposit ratings do not include any uplift for
systemic support because these ratings are at the same level as
the sovereign rating. But this means that if the bank's intrinsic
credit worthiness were to deteriorate in the future and its
standalone credit assessment lowered, it is highly probable that
the bank's long-term deposit and issuer ratings would benefit from
support and remain at Baa3.

For Bank Central Asia's BCA and long-term deposit ratings to be
raised, an upgrade of the sovereign rating would be needed.

Bank Central Asia is the third-largest bank in Indonesia by assets
and deposits. It is also -- by the same measures -- the largest
private lender in the country. It accounted for 11.5% of system
deposits and 20% of system savings at end-2012.

Bank Rakyat Indonesia

Moody's has raised the BCA of Bank Rakyat Indonesia by one notch
to baa3, from ba1. The action reflects the improvement in the
bank's asset quality in recent years, its solid and highly
profitable micro-financing franchise, as well as its highly
capitalized and liquid balance sheet.

Moody's believes Bank Rakyat Indonesia's BCA is appropriately
positioned at baa3, and it is unlikely to move up again over the
near term, as this would require a combination of both further
improvement in its standalone credit profile and an upgrade of the
sovereign rating.

Moody's would consider lowering the BCA if the gross adjusted non-
performing loan (NPL) ratio, which incorporates restructured
loans, increases to 6%.

Moody's has also affirmed the Baa3/P-3 deposit ratings and the
Baa3 foreign currency senior unsecured rating of Bank Rakyat
Indonesia. While there is a very high probability of systemic
support given the bank's strong position, its deposit ratings do
not include any uplift for systemic support because the BCA is at
the same level as the sovereign rating.

Bank Rakyat Indonesia is the second-largest bank in Indonesia by
assets and is 56.8%-owned by the government. It accounted for
13.5% of system deposits at end-2012.

Bank Mandiri

Moody's has raised the BCA of Bank Mandiri by one notch to ba1
from ba2, and the BFSR to D+ from D. The action reflects the
bank's consistent improvement in its financial performance in
recent years, dominant banking franchise, favorable funding
profile, and improving profitability. However, the bank has a
weaker asset quality and lower capital buffers compared to the
more highly rated peers.

Given the latest rise in its BCA, it is unlikely to move up again
over the near term. Moody's would consider lowering the BCA if
gross problem loans plus restructured loans -- as a percentage of
its gross loans ratio -- exceed 8.0% for an extended period (6.9%
at end-2012), and the Tier 1 ratio falls below 11% (13.2% at end-
2012) owing to significant credit slippage.

Moody's has also affirmed the Baa3/P-3 deposit ratings of Bank
Mandiri. Moody's assumes a very high probability of systemic
support, resulting in a one-notch uplift from its BCA.

Bank Mandiri is the largest bank in Indonesia by assets and is
60%-owned by the government. It accounted for 13.5% of system
deposits at end-2012.

Bank Permata

Moody's has raised the BCA of Bank Permata by one notch to ba2
from ba3, and the BFSR to D from D-. The BFSR and BCA reflect the
bank's improved financial metrics, bringing it on par with
similarly rated banks in the region, particularly with respect to
asset quality and capitalization.

The BCA also recognizes the continued ongoing support from its two
major shareholders, Standard Chartered (BFSR/BCA B-/a1/stable) and
Astra International, to the development of its franchise.

Nevertheless, Bank Permata has a much smaller branch network,
lower current and savings account ratio, and higher expense
profile than the other four banks. To address these shortfalls,
the bank is expanding its retail business and increasing its
number of branches. However, successful implementation of this
strategy will be challenging in Indonesia's competitive
environment.

Given the latest rise in its BCA, it is unlikely to move up again
over the near term. At the same time, a deterioration in asset
quality, such as an NPL ratio of over 2.5%, or deterioration in
profitability would indicate undisciplined growth, and could lead
to a potential lowering of the BCA.

Moody's has affirmed the Baa3/P-3 deposit ratings of Bank Permata.
Moody's assumes a high probability of systemic support, resulting
in a two-notch uplift from its BCA.

The bank is the eighth-largest bank in Indonesia by assets and had
a 3.3% share of system deposits at end-2012.

Bank Negara Indonesia

Moody's has affirmed Bank Negara Indonesia's BFSR of D, which maps
to a BCA of ba2, but has changed the outlook on its BFSR of D to
positive from stable.

The positive outlook reflects the bank's improving credit
fundamentals over recent years, as characterized by a consistent
improvement in asset quality, and a steady increase in
profitability. The bank has maintained a well-capitalized and
liquid balance sheet. However, the bank's entrenched corporate
culture and legacy banking practices may hinder its efforts to
improve its weak corporate governance and internal controls in the
short term.

Moody's would consider raising the bank's BCA if it exhibits a
sustained improvement in profitability through improvements in
asset quality and operational efficiency with its adjusted NPL
ratio, which incorporates restructured loans, falling below 4.0%
(5.70% at end-2012), and its net income-to-average risk-weighted
asset ratio rising above 3.50% (3.20% at end-2012).

Moody's has affirmed the Baa3/P-3 deposit ratings and the Baa3
foreign currency senior unsecured rating of Bank Negara Indonesia.
Moody's assumes a very high probability of systemic support,
resulting in a two-notch uplift from its BCA.

Bank Negara Indonesia is the fourth-largest bank in the country by
assets and is 60%-owned by the government. It accounted for 7.7%
of system deposits at end-2012.



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


AORANGI SECURITIES: Investors Set to Get Another Payout
-------------------------------------------------------
The New Zealand Herald reports that investors in two of Allan
Hubbard's frozen businesses are getting another payout, their
statutory managers said.

The Herald says four hundred Aorangi Securities investors are set
to get another 5c in the dollar, a payout of about NZ$4.8 million.
It is the first since the statutory managers reached a settlement
with the late Timaru financier's widow.

In total, investors have received NZ$19.3 million of the
NZ$96 million they are owed -- about 20 cents in the dollar.

According to the Herald, Aorangi's statutory managers said another
payout could happen before the end of June.

"Scheduled farm settlements occurring at the end of May and early
June should allow a further distribution to be made by the end of
June 2013," the report quotes statutory managers, Graeme McGlinn,
Richard Simpson and Trevor Thornton, as saying.

Further payouts to investors, some of whom are elderly or in
financial hardship, hinged on a High Court dispute between the
statutory managers and Jean Hubbard (Allan Hubbard's widow) over
NZ$60 million of assets, the report relays.

The outcome of this stoush, which was due to be heard in Timaru
this month, would have decided whether investors received a third
of their money or nearly all of it back, the report adds.

                     About Aorangi Securities

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

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

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

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

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

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


ASCENSION WINE: In Receivership, Seeks Buyer for Business
---------------------------------------------------------
Vaimoana Tapaleao and Morgan Tait at The New Zealand Herald report
that Ascension Wine Estate in Matakana, north of Auckland, is for
sale after being placed in receivership.

The land and buildings, with a capital value of $2,318,000, is
being advertised by Bayleys Real Estate, according to The New
Zealand Herald.  Tenders close on June 27.

The report notes that agent Scott Kirk said the land, buildings,
hospitality business and winery/vineyard assets were all being
marketed for sale but the business was still running for the time
being.

"To all intents and purposes, the business is running as usual and
is being sold with a substantial number of corporate and private
function bookings already confirmed throughout the year and right
up until Christmas and beyond," the report quoted Mr. Kirk as
saying.

"A number of concert acts are also scheduled to perform at
Ascension throughout the second half of 2013 and the receiver's
expectations are that those dates will be honoured should a new
owner look to buy the business with that intention," Mr. Kirk
added, the report notes.

Andrew McKay -- amckay@corpfin.co.nz -- of Corporate Finance is
appointed as receiver.

The popular Ascension Wine Estate in Matakana, north of Auckland,
was established by Darryl Soljan and his wife, Bridget, in 1994.


DOMINION FINANCE: Director Can't Afford Lawyers, Court Hears
------------------------------------------------------------
The New Zealand Herald reports that Dominion Finance and North
South Finance director Paul Forsyth says he cannot afford a lawyer
and will probably have to represent himself at trial after a High
Court judge refused to delay his case.

According to the report, Mr. Forsyth, with Richard Bettle and
Vance Arkinstall, faces seven Securities Act charges for allegedly
signing offer documents that contained untrue statements.

The Herald relates that the case against the men is being brought
by the Financial Markets Authority -- six directors were
originally facing charges but one has died and two others pleaded
guilty.

The trial is due to begin next month but Mr. Forsyth applied to
the High Court last week to have his case put off because he
cannot afford a lawyer, the report says.

The Herald notes that Mr. Forsyth, a chartered accountant, earns a
gross annual income of NZ$140,000, well above the threshold where
someone can get legal aid.

However, the court was told he could not afford to pay defence
lawyers for this trial, who could cost between NZ$500,000 and
NZ$1 million.

Although Mr. Forsyth found lawyers who would represent him for a
retainer of NZ$150,000, he has been unable to raise that amount,
the report relays.

The only real prospect of Mr. Forsyth paying for full
representation at trial would be if insurance company QBE provided
cover for his defence costs, the court was told.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



=============================
P A P U A  N E W  G U I N E A
=============================


* Economic Metrics Support Moody's B1 Rating for Papua New Guinea
-----------------------------------------------------------------
Moody's Investors Service says that Papua New Guinea's B1 local
and foreign government issuer ratings have been supported by
robust growth and low public debt, but the outlook remains stable
despite the large expenditures called for by the government's
ambitious development program.

PNG's B1 ratings and stable outlook reflect Moody's assessment of
four factors: its "low" economic strength, "very-low-to-low"
institutional strength, its "moderate" government financial
strength, as well as its "low-to-moderate" susceptibility to risks
from financial, economic and political events.

According to a just-released Moody's report titled, "Credit
Analysis: Papua New Guinea," the country's medium-term economic
outlook is favorable. Its economy has grown by 8.0% on average per
year between 2007 and 2012, driven by high commodity prices,
increased activity in the mining sector, and the construction of a
$19 billion PNG Liquefied Natural Gas (LNG) Project.

However, PNG's economy is small, lacks diversification, and --
along with its low per capita income which reflects the country's
poor human capital -- are major constraints on its sovereign
ratings.

Institutional strength remains a weakness, as highlighted by the
inadequacies related to the effectiveness of governance, control
of corruption, and the rule of law.

On the other hand, the government's financial strength is
moderate, supported by its low levels of debt, an improving debt
structure, and the increasing reliance on domestic funding.

In addition, financing conditions for the government and the
domestic banking system are insulated from external financial
shocks.

Starting this year, the government has embarked on an ambitious
development program that calls for a wide fiscal deficit of 7.2%
of GDP in 2013 and a tentative return to surplus by 2017.

The country's susceptibility to event risk is low-to-moderate
largely because of economic and political risks. The economy --
which already has a high reliance on exports and lacks
diversification -- is subject to even greater concentration risks
owing to the scale of the PNG LNG Project.

But, political risks have decreased following the strong
leadership mandate received by Prime Minister Peter O'Neill's
coalition in parliamentary elections held in the middle of last
year.



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


EXPORT AND INDUSTRY: Uninsured Depositors Appeal Liquidation
------------------------------------------------------------
Doris C. Dumlao at Philippine Daily Inquirer reports that a group
of uninsured depositors of Export and Industry Bank has petitioned
the government to discontinue the liquidation of the bank, citing
the need for a reasonable period of time to map out a viable
rehabilitation plan for the defunct bank.

The Inquirer relates that at a meeting held on May 27 at the Dusit
Hotel, uninsured depositors representing a "substantial" portion
of the uninsured deposits unanimously approved an appeal to the
Bangko Sentral ng Pilipinas and Philippine Deposit Insurance Corp.
to reconsider the liquidation process.

"The uninsured depositors of EIB-ho had placed their hard earned
funds with the bank believing in the bank's soundness, stand to
lose billions of pesos in deposits if the liquidation proceeds. We
appeal to the BSP and PDIC to give the uninsured depositors of EIB
consideration and window to propose a viable rehabilitation plan
for the bank. By doing so, all EIB depositors will get a fighting
chance to redeem what they would lose in a liquidation scenario,"
the report quotes lawyer Alfonso Reyno Jr. as saying.  Mr. Reyno
leads the effort to propose a new rehabilitation plan for EIB.

According to the report, the uninsured depositors stated that a
viable rehabilitation plan was in their best interests. During
their meeting, the Inquirer relates, they formed a steering
committee comprised of uninsured depositors from Luzon, Visayas
and Mindanao.

The Inquirer says the group acknowledged that a vital component of
EIB's rehabilitation would require the conversion of their
uninsured deposits into equity, the deferral of time deposits or a
combination of these at a ratio to be determined with new
strategic investors.

But if banking regulators would proceed with their liquidation
plan, the group said "billions of pesos that were the life savings
of families, farm cooperatives, small businesses and more around
the country will be irretrievably lost," according to the
Inquirer.

Based on PDIC numbers, EIB has PHP11 billion uninsured deposits
from 2,666 accounts.

The majority shareholders of EIB have likewise gone to court in an
attempt to fend off the bank's liquidation, alleging "indecent
haste" and "grave abuse of discretion amounting to lack or excess
of jurisdiction" among banking regulators which ordered such
dissolution.

                            About EIB

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com said Bangko Sentral ng Pilipinas
placed EIB under receivership on April 26, 2012.  The Monetary
Board cited the bank's "inability to meet obligations as they
becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."

The Philippine Deposit Insurance Corporation (PDIC) took over the
Export & Industry Bank on April 27, 2012, to implement Monetary
Board Resolution No. 686 dated April 26, 2012.  As Receiver, PDIC
will gather all the assets of the closed bank and verify and
validate all bank records.

The Monetary Board (MB) of the BSP this month ordered PDIC to
proceed with the liquidation of EIB.  The order was issued
pursuant to Section 30 of Republic Act 7653 (the New Central Bank
Act) after the MB received the report of the PDIC on the non-
satisfaction to the conditions for the rehabilitation of EIB.

The March 20, 2013 rebidding for the rehabilitation of EIB was
declared a failure when no letter of interest was received from
any of the pre-qualified strategic third party investors (STPIs).
For the bidding last Oct. 18, 2012, no bids were received from
the pre-qualified STPIs who submitted letters of interest to
participate in the bidding.

The net realizable value of EIB's recorded assets estimated at
PHP13.65 billion is deficient by PHP11.02 billion to cover its
liabilities aggregating to PHP24.67 billion as of December 31,
2012.


G7 BANK: PDIC Files Estafa Case Against Directors, Employees
------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has filed with
the Department of Justice (DOJ) charges of syndicated estafa and
economic sabotage against 19 former directors, officers and
employees of the closed G7 Bank, Inc. and an individual who is a
relative of one of the bank's officers. The case was filed on
May 9, 2013.

Charged for conspiring to misappropriate, convert and divert G7
Bank's funds solicited from the general public for a total amount
of PHP208.55 million were former G7 Bank Chairman Fidel L. Cu;
Directors Allan S. Cu, Marietta C. Cu, Norma B. Cueto (also Senior
Vice President [SVP]/Treasurer), Lucia C. Pascual (also SVP and
Treasurer; and Credit Committee Member); Independent Directors
Ramon C. Borja and Candelaria R. Soler; Naga Business Center Head
Dennis P. Cu (also Credit Committee Chairman); Branch Manager Ma.
Lourdes Ang; Assistant Treasurer Marilyn Manaog; Loan Division
Head Jose Eduardo Imperial; Credit Committee Members Oscar P.
Ubalde and Cristeta R. Calinog; Accounts Servicing Head Gloria M.
Templonuevo; Credit Services Head Eduardo B. Samo, Jr.; Account
Officer Sancho E. Zate; Processing Staff Gaudencia R. Recoso;
Messenger Eduardo dela Pena; and George Lim, father-in-law of
Allan Cu.

PDIC's complaint arose from the findings of the forensic
accounting team from SGV that from the period May to October 2007,
Cu, et al. falsified commercial documents and made it appear that
19 individuals and two corporations applied for 37 loans for an
aggregate amount of PHP208.55 million. These fictitious loans
endorsed by the Credit Committee were shown to have been processed
to give a semblance of legitimacy.

Respondents were accused of conspiring to make it appear that the
borrowers on record received net loan proceeds amounting to
PHP191,740,250.30 through Cashier's checks and checks but these
were found to be payable to "Cash" and to respondents, Lim and
Recoso. Said loan proceeds were received by respondents Recoso,
Lim, dela Pena and Manaoag.

The alleged borrowers denied applying for the loans and this was
supported by investigation findings that the loan proceeds were
actually received by the respondents themselves. The complaint
also alleged that the Bank's Board members knew about the
fictitious nature of these loans which the Board approved even
before the loan applications were submitted by the alleged
borrowers.

The PDIC continues to pursue legal actions against bank officials
and personnel who engage in unsafe and unsound banking practices
that pose grave threats to the stability of the country's banking
system. Republic Act 3591, as amended, or the PDIC Charter
mandates the PDIC to strengthen the mandatory deposit insurance
coverage system to generate, preserve and maintain confidence in
the stability of the banking system as well as protect it from
illegal schemes and machinations. In relation to its functions as
co-regulator of banks, deposit insurer and receiver/liquidator of
closed banks, the PDIC is authorized to conduct investigations and
file necessary cases against erring bank officials and
unscrupulous individuals. The quest for justice against erring
bank owners, officers and employees is an important undertaking of
PDIC to protect the Deposit Insurance Fund, PDIC's funding source
for payment of insured deposits.

G7 Bank Inc. is a seven-unit bank with branches mostly in the
Bicol Region.  Its head office is in Naga City and its branches
are in Daraga, Albay; Ligao, Albay; Naga-E. Angeles-Panganiban
Streets; Polangui, Albay; Nabua, Camarines Sur; and Pasig City
in Metro Manila.

The Monetary Board ordered the closure of G7 Bank and placed it
under the receivership of the PDIC by virtue of MB Resolution No.
961 dated July 31, 2008.



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


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

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


AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74


                             *********

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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