TCRAP_Public/130607.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, June 7, 2013, Vol. 16, No. 112


                            Headlines


A U S T R A L I A

ALCOA OF AUSTRALIA: Moody's Cuts Rating to Baa2; Outlook Stable
BILLABONG INT'L: Loses Half of Market Value as Takeover Talks End
LIBERTY SERIES: Fitch Upgrades Rating on Class D Notes to 'BB+'
SIMPLOT AUSTRALIA: May Close Bathurst and Devonport Plants
* AUSTRALIA: Record High Corporate Insolvency Reported in April


C H I N A

LDK SOLAR: To Release First Quarter Results on June 11
LDK SOLAR: Fulai Investments Held 21.6% Ordinary Shares at May 20


H O N G  K O N G

NETWORK CN: Incurs $1.02-Mil. Net Loss in First Quarter


I N D I A

CHANDNA INFRAPROJECTS: CARE Rates INR22cr LT Loan at 'CARE B'
EDUCOMP SOLUTIONS: CARE Cuts Ratings on INR709.07cr Loans to 'D'
GANGOTRI ELECTROCASTINGS: CARE Rates INR5cr LT Loan at 'CARE B-'
HM JEWELLERS: CARE Assigns 'BB-' Rating to INR6.29cr Loan
KETAN SHAH: CARE Rates INR35cr LT Loan at 'CARE B'

NARAYAN SPINNING: CARE Assigns 'B' Rating to INR28.80cr Loan
PHULCHAND EXPORTS: CARE Assigns 'B' Rating to INR10.66cr Loan
SOMIL ISPAT: CARE Rates INR6.52cr LT Loan at 'CARE B+'
SRG ALUMINUM: CARE Assigns 'B+' Rating to INR4cr LT Bank Loan
YAMUNA INDUSTRIES: CARE Rates INR4.45cr LT Loan at 'CARE B+'


J A P A N

PANASONIC CORP: Pays JPY1.855 Bil. in Retirement Allowances


N E W  Z E A L A N D

CAPITAL + MERCHANT: Perpetual Trust Seeks to End Trusteeship
OTUWHERO ESTATES: Chinese Buys Wine Group Out of Receivership


S I N G A P O R E

PACNET LIMITED: Fitch Cuts Issuer Default Rating to 'B'


S O U T H  K O R E A

STX PAN: Court Receivership Request Hinges On Largest Creditor


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALCOA OF AUSTRALIA: Moody's Cuts Rating to Baa2; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service on June 5, 2013, downgraded the rating
of Alcoa of Australia Ltd ("AOA") to Baa2 from Baa1. The outlook
is stable. This concludes the review for possible downgrade
initiated on December 19, 2012, when the rating of AoA's parent,
Alcoa Inc (corporate family rating Ba1 stable) was placed on
review for downgrade.

Ratings Rationale

"The downgrade to Baa2 follows the recent downgrade of the rating
of AoA's parent - Alcoa Inc - and reflects our expectation that
headwinds pressuring the fundamentals in the aluminium industry
and alumina prices will continue to pressure the operating profile
of AOA", says Matthew Moore, a Moody's Assistant Vice President --
Analyst.

"Weak prices continue to strain the company's margins and earnings
generation" Moore adds. We expect that current industry
fundamentals combined with lower growth from China, a slow
recovery in the U.S., and ongoing weakness in Europe will hinder a
significant global recovery in aluminium and alumina in the near
term", adds Moore.

"AoA has a solid financial profile for the rating resulting from
the low level of balance sheet debt and low gearing levels." says
Moore. AoA's rating also benefits from the company's well
established and integrated operations in alumina production,
efficient operations, and solid reserves base. These factors
position AoA well within the Alcoa Inc group.

The stable outlook reflects our expectations that despite
challenging market conditions, AoA will continue to maintain its
currently strong financial profile with relatively low levels of
debt, and no meaningful debt refinancing over the next 12-18
months. The outlook also captures the company's low cost alumina
assets and sound liquidity position.

The rating could be downgraded if AoA experiences further
deterioration to its operating profile resulting from ongoing
market softness. The rating could also be downgraded if the
company materially increases debt to fund shareholder
distributions, such that Debt-to-EBITDA is sustained above 2.5x.

While we do not envisage an upgrade in the near term, the rating
could be upgraded if AoA's margins and credit metrics improve to
historical levels, including Debt-to-EBITDA strengthening to 1.00
to 1.50x on a consistent basis.

The last rating action was on December 19, 2012 when the rating of
Alcoa of Australia was placed on review for possible downgrade.

The principal methodology used in this rating was the Global
Mining Industry methodology published in May 2009.

Alcoa of Australia Ltd is an integrated bauxite, alumina, and
aluminum company headquartered in Perth, Western Australia. The
company is owned 60% by Alcoa Inc and 40% by Alumina Ltd.


BILLABONG INT'L: Loses Half of Market Value as Takeover Talks End
-----------------------------------------------------------------
Angus Whitley at Bloomberg News reports that Billabong
International Ltd., the 40-year-old Australian surfwear company
that has breached debt-payment terms, lost about half of its stock
market value after takeover talks with two suitors ended.

Sycamore Partners Management and Altamont Capital Partners, which
had been in separate talks to buy Billabong, are now in
refinancing and asset-sale discussions with the Gold Coast,
Australia-based retailer, it said in a statement obtained by
Bloomberg.

The report says Billabong, whose market value reached AUD3.84
billion in May 2007, fell 49 percent in Sydney trading.  After
raising capital, selling assets and rejecting at least two
takeover bids in less than two years, the retailer on June 4 cut
its earnings forecast again and said it may sell Canadian retail
chain West 49 to repay debt, according to Bloomberg.

"Raising capital is going to be difficult," Nick Berry, an analyst
at Nomura Holdings Inc., told Bloomberg by phone from Sydney. "The
fact that they are flagging asset sales shows the difficulty they
are under."

Billabong fell to as low as 19 cents and traded down 49 percent at
23 cents at the close, cutting its capitalization to
AUD110.2 million, the report notes.  According to Bloomberg,
exclusive talks over a 60 cents-a-share offer from a group
including Sycamore and Paul Naude, the company's Americas
director, ended May 8.  The company had entered separate takeover
discussions with Altamont in January, recalls Bloomberg.

Bloomberg notes that Billabong and founder Gordon Merchant, still
the largest shareholder, rebuffed a takeover approach from TPG
Capital worth almost AUD842 million last year. TPG and another
bidder later made lower offers but walked away after viewing
Billabong's accounts.

There's no guarantee the refinancing talks will succeed and the
company said it will "aggressively" cut costs across the group
while the discussions continue, the report relays.

"The refinancing is intended to provide the company with a
comprehensive solution and an appropriate capital structure,"
Bloomberg quotes Billabong Chairman Ian Pollard as saying. "It's
our intention to conclude these discussions as soon as practically
possible."

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

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

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


LIBERTY SERIES: Fitch Upgrades Rating on Class D Notes to 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Liberty Series 2011-1 Auto Trust's
(Liberty 2011-1) Class B, C and D notes, and affirmed the Class A
notes as listed below. The transaction is a securitisation of
prime and non-prime auto receivables originated by Liberty
Financial Pty Ltd.

Liberty Series 2011-1 Auto Trust
AUD22.5m Class A affirmed at 'AAAsf'; Outlook Stable
AUD14.9m Class B upgraded to 'AAsf' from 'Asf'; Outlook Stable
AUD4.2m Class C upgraded to 'Asf' from 'BBB+sf'; Outlook Stable
AUD3.9m Class D upgraded to 'BB+sf' from 'BBsf'; Outlook Stable

Key Rating Drivers

The rating actions reflect Fitch's view that the increased
available credit enhancement (CE) levels are able to support the
upgrades and affirmation of the notes. The increase in the
guarantee fee reserve amount for the Liberty 2011-1 transaction
and the natural amortisation led to the build-up of credit
enhancement.

Liberty 2011-1 has performed in line with Fitch's expectations and
since closing excess spread has been strong enough to cover all
losses incurred to date. This is expected to continue with
additional support provided by the guarantee fee and credit
reserves. Defaults experienced to date have trended below those of
historical vintages.

As of end-April 2013, cumulative gross losses amounted to AUD1.9m
(2.1% of the initial collateral balance). This compares with the
initial base-case gross loss estimate of 11.8%. Losses have
steadily increased over time and the excess income has been
sufficient to pay for losses with no charge-offs against the
notes. As of end-April 2013, 30+ days arrears were 5.51%.

Rating Sensitivities

In Fitch's rating sensitivity analysis, the likelihood of a
downgrade of the senior note classes is remote, based on
transaction performance.


SIMPLOT AUSTRALIA: May Close Bathurst and Devonport Plants
----------------------------------------------------------
SmartCompany reports that Australia's food manufacturing industry
has come under the spotlight again after the local arm of American
group Simplot, which manages the iconic Chiko rolls brand, along
with Edgell and Birdseye, announced it may close its Bathurst and
Devonport plants.

The announcement has shocked the local food manufacturing sector,
with potential ramifications for farmers in both New South Wales
and Tasmania, the report says.

According to SmartCompany, Simplot said in a statement it would be
considering closing the plants due to "unsatisfactory financial
returns arising from a very competitive food industry
environment".

SmartCompany relates that Simplot local managing director Terry
O'Brien said that after a six-month review, the company felt this
was the appropriate response.

"The frozen and canned vegetable categories have been chronic
profit under-performers for years, regardless of the value of the
Australian dollar," the report quotes Mr. O'Brien as saying.

IBISWorld senior industry analyst Naren Sivasailam told
SmartCompany the decision is a "bit baffling", given industry
trends such as imports aren't necessarily enough to have caused
such a big move.

However, he says the industry has suffered its share of pressures.

"The extended drought certainly had an impact on the industry,"
Mr. Sivasailam told SmartCompany. "The industry has also been
plagued with the threat of imports, and the high Australian dollar
obviously hasn't helped that."

The Simplot statement references competition from importers, but
Mr. Sivasailam said the level of imports isn't necessarily high
enough to "warrant large-scale closures," adds SmartCompany.

Simplot Australia is a wholly owned subsidiary of the J R Simplot
Company, a privately held food and agribusiness corporation based
in Boise, Idaho.


* AUSTRALIA: Record High Corporate Insolvency Reported in April
---------------------------------------------------------------
Herald Sun reports that a new April record has been set for
Australian companies becoming insolvent.

Some 941 firms were put under administration, marking the highest
tally for that month since records were first made public in 1999,
according to Herald Sun.

The report relates that creditor wind-ups increased by eight
per cent as voluntary administrations climbed by 16 per cent
during April, an FTI Consulting analysis of Australian Securities
and Investments Commission data found.

Insolvency levels rose in Victoria and Queensland but fell or
remained steady elsewhere, the report notes.

Almost 3,450 companies have gone into administration so far this
year, compared with 3,524 during the same period in 2012.

But the number is higher than the opening four months of 2008 to
2011, which included the global financial crisis, Herald Sun
relays.



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C H I N A
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LDK SOLAR: To Release First Quarter Results on June 11
------------------------------------------------------
LDK Solar Co., Ltd., will report financial results for the first
quarter ended March 31, 2013, before the market opens on Tuesday,
June 11, 2013.  The Company will host a corresponding conference
call and live webcast at 8:00 a.m. Eastern Time (ET) the same day.

To listen to the live conference call, please dial 1-877-941-2068
(within U.S.) or 1-480-629-9712 (outside U.S.) at 8:00 a.m. ET on
June 11, 2013.  An audio replay of the call will be available
through June 21, 2013, by dialling 800-406-7325 (within U.S.) or
303-590-3030 (outside U.S.) and entering the pass code 4621992#.

A live webcast of the call will be available on the Company's
investor relations Web site at http://investor.ldksolar.com.

                           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.


LDK SOLAR: Fulai Investments Held 21.6% Ordinary Shares at May 20
-----------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Fulai Investments Limited and Mr. Cheng Kin
Ming disclosed that, as of May 20, 2013, they beneficially owned
42,000,000 ordinary shares of LDK Solar Co., Ltd., representing
21.6 percent of the shares outstanding.  The reporting persons
previously reported beneficial ownership of 17,000,000 ordinary
shares as of Jan. 21, 2013.  A copy of the amended regulatory
filing is available for free at http://is.gd/sGrTGy

                          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.



================
H O N G  K O N G
================


NETWORK CN: Incurs $1.02-Mil. Net Loss in First Quarter
-------------------------------------------------------
Network CN Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.02 million on $406,637 of advertising services for the three
months ended March 31, 2013, as compared with a net loss of
$623,445 on $406,775 of advertising services for the same period
during the prior year.

The Company's balance sheet at March 31, 2013, showed $1.40
million in total assets, $6.27 million in total liabilities and a
$4.87 million total stockholders' deficit.

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

                        http://is.gd/ZUf4ej

                          About Network CN

Causeway Bay, Hong Kong-based Network CN Inc. provides out-of-home
advertising in China, primarily serving the needs of branded
corporate customers.

In the auditors' report on the consolidated financial statemetns
for the period ended Dec. 31, 2012, Union Power Hong Kong CPA
Limited, in Hong Kong SAR, expressed substantial doubt about
Network CN's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred net
losses of $1.2 million, $2.1 million and $2.6 million for the
years ended Dec. 31, 2012, 2011, and 2010, respectively.

The Company reported a net loss of $1.2 million on $1.8 million of
revenues in 2012, compared with a net loss of $2.1 million on
$1.8 million of revenues in 2011.



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I N D I A
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CHANDNA INFRAPROJECTS: CARE Rates INR22cr LT Loan at 'CARE B'
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Chandna Infraprojects India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        22       CARE B Assigned
   Short-term Bank Facilities        0.50    CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Chandna
Infraprojects India Private Limited are primarily constrained on
account of its recently commissioned debt-funded greenfield
project for processing of granites. The ratings are further
constrained on account its presence in a highly competitive
industry, coupled with linkage with the cyclical real estate
sector.

The ratings, however, favorably take into account the vast
experience of the management in the marble and granite industry,
group support through owned mines and location advantage with an
easy access to raw material and labor.

Stabilization of newly setup capacities with achievement of
envisaged levels of income and profitability is the key rating
sensitivity.

Jaipur-based (Rajasthan) CIIPL was incorporated in 2010 and is a
part of Chandna Group, which is engaged mainly in the mining of
marbles and granites as well as cutting of marbles into slabs and
tiles since 2000. The group promoted by Mr. Den Lal Chandna is a
renowned player in the marble industry in Rajasthan. The group
concern includes - Chandna Marble Private Limited (CMPL;
incorporated in 2005), engaged in the mining and processing of
marbles, Chandna Granite Private Limited (CGPL; incorporated in
2009), engaged in the mining of granites, Chandna Marbles (CHM;
formed in 2000), engaged in the mining of marbles.

In 2010, the group entered in the business of granite cutting,
processing and polishing, and set up a greenfield plant at
Kishangarh, Rajasthan, under CIIPL with an installed capacity of
42.90 Lakh Square feet Per Annum (LSPA) for both cutters and
ganshaw machines. The plant was set up at a cost of INR28.63
crore, which was funded through project debt-equity ratio of 1.83
times. The company has commenced a commercial operation from
November 2012 with a delay of three months due to technical
problems in setting up the newly imported machinery and delay in
release of electricity connection by State Power Utility.


EDUCOMP SOLUTIONS: CARE Cuts Ratings on INR709.07cr Loans to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the instruments/bank
facilities of Educomp Solutions Limited.

                                Amount
   Facilities                 (INR crore)  Ratings
   -----------                -----------  -------
   Long-term Bank Facilities     299.07    CARE D Revised from
                                           CARE BBB-

   Long/Short-term Bank          410.00    CARE D/CARE D Revised
   Facilities                              from CARE BBB-/CARE A3

   Non-Convertible Debentures    200.00    CARE C Revised from
                                           CARE BBB-

Rating Rationale

The revision in the ratings of Educomp Solution Limited takes into
consideration the ongoing delays by the company in the servicing
of its debt obligations pertaining to the bank facilities, on
account of a significant deterioration in its liquidity position
and financial risk profile during FY13 (refers to the period April
1 to March 31).

The ratings revision further takes into consideration the weak
financial performance of the company during FY13 characterized by
a decline in the operating income, low PBILDT margins and net loss
incurred during the year. Though the sale of two of its non-core
assets during the year helped the company to post positive cash
accruals, the liquidity position of the company has remained
stressed as depicted by delays in the servicing of the company's
obligations related to the bank facilities. The liquidity stress
has also impacted the operational growth of ESL as reflected by
lower addition in the classrooms for its Smart_Class business and
decline in schools in the Edureach segment in FY13. The same
coincides at a time when the industry is witnessing increasing
competition, pricing pressures and a foray of several new players
in the Smart_Class and Edureach segment. Furthermore, the ratings
are also constrained by ESL's high investments in subsidiaries and
the extension of large corporate guarantees to the debt of the
subsidiaries/ group companies, whose performance has been lower
than expected, thereby, requiring regular support from ESL.

Going forward, the company has plans to reduce its debt levels and
improve its liquidity profile by sale of some more non-core
assets, including land parcels and the ability of the company to
realize proceeds from the same as envisaged would be a key rating
sensitivity. Furthermore, the ability to improve its operational
performance, maintain its market leadership position amidst a
competitive scenario and improvement in the performance of its
group companies would remain the key rating sensitivities.

ESL was incorporated in 1994 as Educomp Datamatics Pvt Ltd and the
name of the company was changed to the present one in August 2005.
The company is engaged in providing digital educational content in
the classroom through its patented product 'Smart_Class' and
'Edureach' (ICT). Smart_Class is a first of its kind, teacher-led
educational content-based solution, which provides technology-
based learning into the classrooms. Edureach works closely with
various State and Central Government agencies to implement the
large-scale Public-Private-Partnership projects. The company is
also engaged in providing other services like vocational, higher
education and professional development, K-12 schools and online,
supplementary and global services.

As on March 31, 2013, the company serves 6.8 million students
under the Smart Class across 14,823 schools and 5.1 million
students under Edureach across 10,771 schools.


GANGOTRI ELECTROCASTINGS: CARE Rates INR5cr LT Loan at 'CARE B-'
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Gangotri
Electrocastings Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Gangotri
Electrocastings Ltd is constrained by small scale of operations
with low net profitability margins, lack of backward integration
vis-a-vis volatility in raw material prices, low capacity
utilization coupled with high customer concentration risk, stiff
competition due to fragmented nature of the industry with presence
of many unorganized players and working capital intensive nature
of business. The aforesaid constraints are partially offset by the
experience of the promoter with long track record of the
operations.

The ability to increase its scale of operations and profitability
margin, and the ability to manage working capital effectively are
the key rating sensitivities.

Gangotri Electrocastings Ltd, incorporated on June 17, 1994, was
promoted by one Mr. Sanjeev Choudhary of Bihar. GEL is engaged in
the manufacturing of steel ingots, having an installed capacity of
42,000MTPA and its manufacturing unit is located at Patna, Bihar.
The company sells majority of its products to its sister concern
Gangotri Iron & Steel Company Limited accounting for about 69% of
its total turnover in FY12.

As per the audited results of FY12 (refers to the period April 1
to March 31), GEL reported a PAT INR0.01 crore (INR0.41 crore in
FY11), on a total income of INR20.53 crore (INR50.08 crore in
FY11). Furthermore, during FY13 (provisional), the company has
achieved net sales of about INR20 crore.


HM JEWELLERS: CARE Assigns 'BB-' Rating to INR6.29cr Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of HM Jewellers Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.29      CARE BB- Assigned
   Short-term Bank Facilities      0.90      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of HM Jewellers Pvt
Ltd are primarily constrained by its modest scale of operation in
an industry, which is highly fragmented with stiff competitive
pressures from unorganized and organized retail players, and high
working capital intensity of the business. The ratings also factor
in its exposure to volatility in gold/silver prices, its
dependence on single retail outlet for entire revenue and below
average financial risk profile.

The above constraints are partially offset by the strengths
derived from the long track record of operations, experience of
the promoters in the retailing of gold and silver jewellery, and
moderate financial risk profile.

The ability of the company to increase its scale of operation with
improvement in the profitability parameters and effective
management of working capital will be the key rating
sensitivities.

HM Jewellers Pvt Ltd was set up as a proprietorship firm in the
year 2000 by Mr. Umesh Chandra Maharana. Subsequently, in October
2007, it was converted into a private limited company. Since
inception, the company is engaged in the retailing of gold and
silver jewellery, and precious and semi-precious stones studded
gold jewellery, through its sole retail outlet located in
Bhubaneswar, Odisha. It offers a wide range of products to its
customer that includes rings, earrings, pendants, bracelets,
necklaces, bangles and medallions.

It gets the jewellery made through contract manufacturers as well
as purchases it from the third-party manufacturers.

During FY12 (refers to the period April 01 to March 31), HJPL
reported a total operating income of INR26.9 crore and a PAT
(after deferred tax) of INR0.7 crore. Furthermore, in FY13
(provisional), the company reported a total operating income of
INR29 crore.


KETAN SHAH: CARE Rates INR35cr LT Loan at 'CARE B'
--------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Ketan Shah
Industries Limited Liability Partnership.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        35       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Ketan Shah
Industries Limited Liability Partnership (KSI) is primarily
constrained by the partner's lack of experience in executing hotel
and shopping mall projects, marketing risk along with project
execution risk and high funding risk. The rating is further
constrained by constitution of the entity as a limited liability
partnership and cyclical nature of the industry.

The aforesaid constraints are partially offset by the tie-up with
a reputed mall advisory company 'Beyond Square Feet' and favorable
location of the project.

The firm's ability to execute the project in a timely manner and
to achieve the envisaged occupancy levels are the key rating
sensitivities.

Established in May 2011 by Mr. Ketan V. Shah and Ms. Radhika K.
Shah, Ketan Shah Industries Limited Liability Partnership is in
the process of developing a mid-scale shopping mall cum 3-star
hotel with 60 rooms at Jalna, Maharashtra, with a total
developable area of 2.25 lakh square feet (lsf) proposed on an
owned land admeasuring approximately 6,816 square meters. The firm
has tied-up with reputed mall advisory company Beyond Squarefeet
for managing the operations of the mall.

KSI is a part of the K10 group (founded in 1992 by Mr. Ketan Shah)
involved into diversified businesses such as Tobacco, Pan Masala,
Construction, Trading, Food Products and Exports through entities
such as Sanket Food Products Private Limited and Sanket Industries
Limited.


NARAYAN SPINNING: CARE Assigns 'B' Rating to INR28.80cr Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Narayan Spinning Mills Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       28.80     CARE B Assigned
   Long-term /Short-term Bank       1.25     CARE B/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Narayan Spinning
Mills Private Limited are primarily constrained due to the risk
associated with its debt-funded greenfield project of yarn
spinning mill. The ratings are further constrained on the account
of NSMPL's presence in highly fragmented cotton yarn industry
coupled with susceptibility of the operating margins to the raw-
material price fluctuation risk.

The ratings, however, derive strength from wide experience of the
promoters in the textile industry, benefits under various
government schemes and operational linkages with associate
concerns.

The ability of NSMPL to complete project within envisaged time or
cost parameters and achieve the projected level of sales and
profitability amidst presence in highly competitive cotton yarn
industry would be the key rating sensitivities.

NSMPL was incorporated as a private limited company in September
2012 by Mr. Jayantilal Patel, Mr. Kuldeep Patel and Mr. Anil
Patel. NSMPL is currently implementing a greenfield project of
setting up a spinning mill with an installed capacity of 17,280
spindles or 3,476 MTPA for manufacturing of the cotton yarn having
counts range of 20 and 30 at the Mangvapal region in Amreli
district of Gujarat.

The total cost of the project is estimated at INR38.25 crore which
would be funded with debt-equity ratio of 3.35 times. The project
is under implementation and the commercial production is expected
to commence from Q4FY14 (refers to the period April 1 to
March 31).


PHULCHAND EXPORTS: CARE Assigns 'B' Rating to INR10.66cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B'/'CARE A4' ratings to the bank facilities of
Phulchand Exports Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.66     CARE B Assigned
   Short-term Bank Facilities      27        CARE A4 Assigned

Rating Rationale

The ratings are constrained by Phulchand Exports Pvt Ltd's high
gearing level, weak debt coverage indicators, significant loans
and advances extended, and high corporate guarantee extended on
the behalf of group companies. The ratings are also constrained by
disruption in iron ore trading and export of iron ore business on
account of ensuing mining ban in Goa, customer concentration risk
and exposure to adverse movement in commodity prices.

The ratings, however, take into account the promoters' significant
experience in trading business and their funding support to the
business in the form unsecured loans.

Going forward, realization of loans and advances in timely manner
and working capital management are the key rating sensitivities.

Incorporated in 1975, PEPL was promoted by Mr. Phulchand Agarwal.
PEPL is engaged in the trading of iron ore, zinc, yarn, chemicals
and agro-products. During the period FY10-FY12, PEPL derived its
sales mainly from the export of iron ore fines to China. In FY12
(refers to the period April 1 to March 31), revenue from iron ore
trading was 86.91% of total sales. However, the domestic iron ore
supply was affected on account of temporary mining ban, coupled
with regulatory restriction on export of iron ore and higher
export duty.

PEPL, therefore, discontinued iron ore exports in FY13. In FY13,
PEPL derived its sales mainly from trading of yarn and zinc.

PEPL, as per the provisional result provided, reported a net loss
of INR1.53 crore on the total income of INR37.33 crore in FY13 as
against profit after tax of INR7.28 crore on the total income of
INR130.68 crore in FY12.


SOMIL ISPAT: CARE Rates INR6.52cr LT Loan at 'CARE B+'
------------------------------------------------------
CARE assigns 'CARE B+' and 'CAREA4' rating to the bank facilities
of Somil Ispat Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.52      CARE B+ Assigned
   Short-term Bank Facilities      1.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Somil Ispat Private
Limited are primarily constrained by SIPL's short track record
with small scale of operations and its weak financial risk
profile marked by leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by high
competition from other local players and susceptibility to
cyclicality of the steel industry, and exposure to raw material
price volatility.

The ratings, however, draw comfort from SIPL's experienced
promoters and healthy growth in revenue over the years and healthy
operating cycle.

Going forward, the ability of SIPL to manage raw material price
volatility risk, improve its profitability margins, along with
improvement in its capital structure, shall be the key rating
sensitivities.

Somil Ispat Private Limited was incorporated in 2009 as a private
limited company by Mr. Rakesh Kumar Jain and his son, Mr. Ankit
Jain. SIPL is engaged in the manufacturing of Mild Steel
(MS) ingots. The company has its manufacturing facility situated
at Muzaffarnagar, Uttar Pradesh with an installed capacity of
18,200 TPA (tonnes per annum) for manufacturing of ingots as on
March 31, 2012. The main raw materials used by the company for
manufacturing ingot are sponge iron and steel scrap. Around 80% of
the raw material is procured from the domestic market, while
the balance of 20% is imported mainly from the UAE. The company
sells its products directly to various rolling mills in
Muzaffarnagar on a credit period of around 30-40 days.

During FY12 (refers to the period April 1 to March 31), SIPL
reported a PAT of INR0.11 crore on a total operating income of
INR49.81 crore as against a PAT of INR0.06 crore on a total
operating income of INR32.26 crore in FY11.


SRG ALUMINUM: CARE Assigns 'B+' Rating to INR4cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' ratings to the bank facilities
of SRG Aluminum Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        4        CARE B+ Assigned
   Short-term Bank Facilities       1.35     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of SRG Aluminium
Private Limited are constrained by weak financial risk profile
marked by nascent and small scale of operations, moderately weak
profitability margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by the
operations in highly competitive and fragmented ingots industry,
along with susceptibility of profitability margins to volatile raw
material prices.

The ratings, however, derive strength from the experienced
management.

Going forward, the ability of SRG to improve the overall scale of
operations and efficiently manage the working capital cycle,
amidst the increasing competition, would be the key rating
sensitivity.

Incorporated in November 2010, SRG is engaged in the manufacturing
of aluminium alloy ingots from metal scraps (which it procures
from Middle East, African and Europea n countries). SRG had set up
a green field project with a total cost outlay of INR1.27 crore,
funded with the debt-equity mix of 2.18x. The said facility is
located at Gwalior (Madhya Pradesh) with an installed capacity of
7,000 Metric tonne per annum. The commercial operations commenced
in August 2011 and, therefore, FY13 (refers to the period April 1
to March 31) was the first full year operational for SRG.

During the eight months operations in FY12, SRG reported total
operating income of INR5.26 crore and PAT of INR0.04 crore. In
11MFY13, SRG has posted total operating income of INR25 crore with
PAT of INR0.40 crore.


YAMUNA INDUSTRIES: CARE Rates INR4.45cr LT Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Yamuna Industries Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.45      CARE B+ Assigned
   Short-term Bank Facilities      3.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Yamuna Industries
Limited are constrained by its small scale of operations, past
history of one time settlement, fluctuating profitability margins,
and moderate operating cycle. The ratings also factor in the
susceptibility of YIL's profitability margins to fluctuations in
the raw material prices along with its presence in highly
fragmented synthetic yarn manufacturing industry.

The ratings, however, draw comfort from the experienced &
resourceful promoters and growing scale of operations.

Going forward, the company's ability to increase the scale of
operations and profitability margin while improving its capital
structure shall be the key rating sensitivities.

YIL a closely-held public limited company incorporated in May 2001
by Mr. Naresh Kumar Mittal, Mr. Sanjay Mittal and Mrs Deepika
Mittal. YIL is engaged in the manufacturing of kite flying yarn,
monofilament yarn and breeches. The company has two manufacturing
facilities located in village Chokkahalli, Bengaluru, and Sector-
60, Noida, with an installed capacity of 900 Tonne Per Annum (TPA)
of kite flying and monofilament yarn and 180,000 Pieces Per Year
(PPY) of breeches (dress material for horse jockeys). The company
procures raw materials consisting majorly of nylon and polyester
chips etc from the domestic market. The final products are sold
through a network of agents and distributors domestically as well
as in the international market in countries like USA, England,
Norway etc.

The company has achieved a total operating income of INR23.17
crore with PBILDT and PAT of INR1.60 crore and INR0.69 crore in
FY12 (refers to the period April 1 to March 31), respectively, as
against the total operating income of INR10.17 crore with PBILDT
and PAT of INR-0.37 crore and INR1.17 crore in FY11.

Based on the unaudited results, YIL has achieved a total operating
income of INR25.44 crore in FY13 (based on unaudited results).



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


PANASONIC CORP: Pays JPY1.855 Bil. in Retirement Allowances
-----------------------------------------------------------
The Japan Times reports that struggling electronics maker
Panasonic Corp. paid a total of JPY1.855 billion in retirement
allowances to four board members who stepped down in fiscal 2012,
the company revealed Wednesday in its invitation to a shareholders
meeting later this month.

The Japan Times relates that Panasonic stopped paying retirement
allowances in 2006, but the four were eligible for the payment
because they had served on the board from before that year.

According to the report, the company paid a total of
JPY862 million in remuneration to 23 board members in fiscal 2012,
meaning the average per member is some JPY37.48 million, down
about 22 percent from the previous year.

In the just-ended business year, the Japan Times discloses,
Panasonic incurred a group net loss of JPY754.25 billion,
suffering a massive loss for the second straight year due to
sluggish sales of digital appliances, including flat-panel
televisions, and hefty restructuring costs.

The company will hold a shareholders meeting June 26, the report
notes.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd. -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of
the company's products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.

In February, Fitch Ratings put Panasonic Corporation's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) and local
currency senior unsecured ratings at 'BB', respectively. The
Outlook on the Long-Term IDRs is Negative. Simultaneously,
Panasonic's Short-Term Foreign- and Local-Currency IDRs have been
affirmed at 'B'.

Fitch said the speculative-grade ratings reflect Panasonic's weak
competitiveness in its core businesses, particularly in TVs and
panels, as well as weak cash generation from operations (CFO).
The Negative Outlook reflects the agency's view that the
company's financial profile is not likely to show a material
improvement in the short- to medium-term. Fitch acknowledges that
the company is heading in the right direction with its
restructuring efforts which could potentially lead to margin
recovery over the long-term. However, the company's turnaround
programme remains exposed to execution risk.



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


CAPITAL + MERCHANT: Perpetual Trust Seeks to End Trusteeship
------------------------------------------------------------
Stuff.co.nz reports that Perpetual Trust is seeking to off-load
its trusteeship of Capital + Merchant Finance because the failed
finance company's receivers are suing it over its role in
investors' NZ$167 million loss.

Stuff.co.nz notes that three of the five Capital + Merchant
directors are serving jail terms, with the other two on home
detention, after pleading or being found guilty of making untrue
statements in the company's offer documents.

According to the report, receivers Kordamentha filed legal
proceedings against Perpetual Trust last August to try to get some
money for creditors and investors, and the case is set to go to
trial next April.

Stuff.co.nz relates that in the High Court in Auckland on
April 6, Perpetual Trust's lawyer, Martin Smith, said the
receivers' legal action against it put it in a position of
conflict of interest because it would not be able to fulfill its
duty to direct the receivers.

In realising its position, Perpetual Trust had then asked the
Crown-owned Public Trust to take over the trusteeship, but was
turned down, the report recalls.

Stuff.co.nz says Perpetual has now applied to the court to appoint
Public Trust as a trustee "of last resort" under the terms of the
Trustee Act.

However, Public Trust argues that if it is made trustee of Capital
+ Merchant it would incur significant costs and expenses that
would not be met by the company or from realisation of its assets,
relays Stuff.co.nz.

According to the report, Public Trust's lawyer, Kristy McDonald,
QC, said her client's role as a trustee "of last resort" was
usually done to step in for family trustees who could no longer
act, not for collapsed debenture issuers with 7500 investors such
as Capital + Merchant.

She said the costs and expenses of running the trusteeship should
be paid by Perpetual Trust, the report relays.

Ms. McDonald said Perpetual already had such an arrangement to
manage insolvent finance companies on its books with Foundation, a
company recently formed by former management of Perpetual Trust's
corporate trustee division.

However, she said, Capital + Merchant could not be managed by
Foundation because many of its managers had the same conflict of
interest as Perpetual.

Alternatively, Ms. McDonald said, Perpetual should remunerate
Public Trust for fees and expenses in the same way it did for
Foundation, and under the terms of section 71 of the Trustee Act.
She asked Justice Mark Woolford to make a finding on the principle
so that the parties could come to a settlement of those costs and
expenses on their own, Stuff.co.nz reports.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.


OTUWHERO ESTATES: Chinese Buys Wine Group Out of Receivership
-------------------------------------------------------------
BusinessDay reports that a group of Chinese investors have
purchased Otuwhero Estate vineyards in New Zealand's Marlborough
region from receivership, securing a foothold in the booming
sauvignon blanc wine sector and further tightening Chinese control
on local agricultural assets.

According to the report, New Zealand's Overseas Investment Office
has given its stamp of approval for the purchase of more than 300
hectares of Awatere Valley land in Malborough to a Chinese
company. The sale price has not been disclosed, the report notes.

A company called O:TU Investments, controlled by Chinese nationals
Min Jia and Xiumei Lin, has bought the land from Otuwhero Estates,
Otuwhero Estate Wines, Otuwhero Estates No 3 and Tui Concepts,
BusinessDay reports.

The Otuwhero Marlborough wine group lurched into receivership in
2010, owing NZ$29.93 million. Since its failure it had been
managed by accounting and receivership firm Deloitte.



=================
S I N G A P O R E
=================


PACNET LIMITED: Fitch Cuts Issuer Default Rating to 'B'
-------------------------------------------------------
Fitch Ratings has downgraded Pacnet Limited's Long-Term Foreign-
Issuer Default Rating (IDR) to 'B' from 'B+'. At the same time,
Fitch has downgraded the company's USD300m guaranteed senior
secured bonds to 'BB/RR1' from 'BB+/RR1'. The Outlook is Stable.

The telecoms network and IT infrastructure company has dual
headquarters in Hong Kong and Singapore.

Key Rating Drivers

Fierce competition: The downgrade reflects the difficult
conditions that Pacnet continues to face in its key markets and
Fitch's expectation that funds flow from operations (FFO)-adjusted
net leverage will be greater than 4.0x for the next 18 months at
least. The ratings also incorporate Pacnet's relatively small
operational scale, the lack of a cash generative local telecoms
business, weak financial position, and strong competition from
better capitalised market participants.

Pacnet competes with large telecoms incumbents in its primary
service offerings, such as managed data connectivity solutions.
The scale of Pacnet's data centre operations is also smaller than
rivals in its key markets.

Substantial execution risk: The downgrade is also driven by
Fitch's expectation that EBITDA improvement will be slow in the
next few quarters and the execution risk associated with the
planned rollout of data centres in Singapore, China and
Hong Kong. "We expect capex to continue to exceed operating cash
flow. Successful execution and rapid take-up of new capacity are
critical to long-term viability," Fitch says.

Negative free cash flow persists: Pacnet has had negative free
cash flow since inception and we expect this to remain for at
least the next two years due to investment in data centres.
However, both maintenance capex and committed capex are low and
therefore the company has some flexibility to manage its cash
requirements should internal funds need to be retained, as the
company has demonstrated in the past.

Restructuring showing results: The company's profitability has
been boosted by the elimination of non-strategic services to small
medium enterprises (SMEs), the termination of wholesale voice
services and a streamlined cost structure. Pacnet's EBITDA
adjusted for non-cash employee share option compensation rebounded
9% sequentially to USD24m in Q113. "However, we believe that
improvement in cash generation to a level consistent with an IDR
of 'B+' - which will take at least 18 months - is subject to
execution risks," Fitch says.

High Recovery Rating: The 'RR1' Recovery Rating on the USD300m
2015 guaranteed notes reflects that recovery on these bonds should
be at least 90% in the event of financial distress. Therefore,
under our recovery rating methodology, the bonds are rated three
notches higher than the IDR.

Rating Sensitivities

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

-- FFO-adjusted net leverage rising over 5x and FFO fixed
   charge coverage falling below 2x, both on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- FFO-adjusted net leverage falling below 4x, and FFO fixed
   charge coverage rising above 2.5x both on a sustained basis



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


STX PAN: Court Receivership Request Hinges On Largest Creditor
--------------------------------------------------------------
Jungah Lee, Shinhye Kang and Sharon Cho at Bloomberg News report
that STX Pan Ocean Co. will make a decision on applying for court
receivership after hearing from its largest creditor Korea
Development Bank on its request for funding.

"No decision has been made as we're still waiting to hear back
from KDB," Jang SJ, a spokesman at Seoul-based STX Pan Ocean, told
Bloomberg in a phone interview.

South Korea's MoneyToday newspaper earlier reported the company
will apply for court receivership as KDB rejected its request for
200 billion won ($179 million), according to Bloomberg News.

Bloomberg News notes that Pan Ocean shares slumped by the daily
limit 15 percent in Seoul on June 5, and were temporarily halted
from Singapore trading as the company's Chief Executive Officer
Seon Ryung Bae stepped down "due to personal matters," according
to a Singapore Exchange filing.

STX Group put its controlling stake in Pan Ocean up for sale last
year after a slump in the shipping market in 2008 crippled the
group's ability to raise funds, Bloomberg News says.

"The government was pushing to normalize the company by having
Korea Development Bank buy its stake, but it seems like the bank
came to the conclusion that the risk is too big. . . . This
indicates that the conglomerate's restructuring may be delayed or
even become impossible, as STX Group needed the cash from its STX
Pan Ocean stake," the report quoted Kang Dong Jin, a Seoul-based
analyst at HMC Investment Securities Co., as saying.

                        Reviewing Options

Bloomberg News discloses that Korea Exchange on June 5 requested
STX Pan Ocean clarify its position on reports that it will seek
court receivership or debt rescheduling by 6:00 p.m. on June 7.
The company asked for a suspension in Singapore trading pending
"clarification of the rumor in the market in regard to the company
will file for company reorganization," according to a statement,
Bloomberg News relays.

Bloomberg News says that Pan Ocean is reviewing options including
court receivership or restructuring after KDB decides whether to
proceed with acquisition, the company's spokesman Jang said.

STX Pan Ocean Co. is the shipping arm of South Korean conglomerate
STX Group.



===============
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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