TCRAP_Public/130718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, July 18, 2013, Vol. 16, No. 141


                            Headlines


A U S T R A L I A

BILLABONG INT'L: Strikes AUD325-Mil. Debt Refinancing Deal
CENTRAL MINING: Creditors to Vote on Revival Plan Next Week
DA INFORMATION: Collapses Into Administration
NEW WORLD: Clifton Hall Appointed as Liquidators


C H I N A

CSC PHOENIX: May Face Bankruptcy Over CNY12.5MM Debt


I N D I A

ANMOL ENTERPRISES: CRISIL Places 'B' Rating on INR150MM Loans
HENTECH AGROVET: CRISIL Places 'B+' Ratings on INR117.7MM Loans
KAMACHI STEELS: CRISIL Assigns 'B+' Rating to INR170MM Loan
L N CONSTRUCTIONS: CRISIL Places 'B-' Rating on INR35MM Loan
MUSLIM EDUCATIONAL: CRISIL Puts 'BB+' Ratings on INR285MM Loans

NJA INDUSTRIES: CRISIL Ups Ratings on INR79.3MM Loans to 'B+'
PISCES EXIM: CRISIL Assigns 'B' Rating to INR95MM Cash Credit
PSA IMPEX: CRISIL Assigns 'B' Rating to INR500MM Bank Loan
R.K. MOTORS: CRISIL Assigns 'BB+' Ratings to INR65MM Loans
SANGHI TRADING: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit

SATISH KUMAR: CRISIL Assigns 'BB-' Ratings to INR115MM Loans
SELECT MOTORS: CRISIL Assigns 'BB-' Ratings to INR90MM Loans
UNI STYLE: CRISIL Assigns 'C' Ratings to INR91.5MM Loans
VIJAYA SAI: CRISIL Downgrades Rating on INR50MM Loan to 'D'


I N D O N E S I A

CIKARANG LISTRINDO: Moody's Changes Outlook to Stable
MERPATI NUSANTARA: Mgmt. Hails Government Decision to Sell Shares


N E W  Z E A L A N D

MEDIAWORKS NZ: May Lose Several TV Shows to TVNZ, Prime TV
* FMA Expects to Wrap Up Probe Into Failed Finance Cos. This Year


S O U T H  K O R E A

STX GROUP: Creditors to Infuse KRW3 Tril. Into Shipbuilding Unit
* SOUTH KOREA: Some Builders Likely to Suffer Losses in Q2


X X X X X X X X

* Moody's Notes Cyclical Peak in Credit Quality of AP Banks


                            - - - - -


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


BILLABONG INT'L: Strikes AUD325-Mil. Debt Refinancing Deal
----------------------------------------------------------
Jenny Rogers and Blair Speedy at goldcoast.com.au report
that Billabong has agreed to a AUD325 million debt refinancing
deal that will effectively see control of the company handed over
to US private equity group Altamont, while pushing out chief
executive Launa Inman after just 14 months in the role.

According to the report, the company said it had entered into
agreements with Altamont and fellow US private equiteer Blackstone
to immediately repay its syndicated debt facilities in full, while
providing a long-term financing package to keep the business
operating.

The deal included the sale of the DaKine adventure sports
accessories brand, the report relays.

goldcoast.com.au relates that Billabong said that as a condition
of the deal it was replacing chief executive Launa Inman with
former Oakley chairman and chief executive Scott Olivet.

According to goldcoast.com.au, Billabong chairman Ian Pollard said
the refinancing and other changes "provide the company with a
stable platform and the necessary working capital to continue to
address the challenges it faces".

The report notes that the company had been in extended refinancing
and asset-sale talks with Altamont and Sycamore since June 4 when
it said takeover talks with the two parties had collapsed.

It followed revelations US distressed debt investors Oaktree
Capital Management and Centerbridge Partners had stepped in and
had bought loans worth AUD280 million from all seven banks which
comprised Billabong's original lenders, the report adds.

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.


CENTRAL MINING: Creditors to Vote on Revival Plan Next Week
-----------------------------------------------------------
Sean Smith at The West Australian reports that creditors will next
week vote on a plan to revive Central Mining & Contracting (CMC),
an indigenous-owned mining contractor that went under owing nearly
AUD11 million.

CMC owner, respected Pilbara Aboriginal leader and businessman
Charles Smith, called in HLB Mann Judd (Insolvency WA) last month
after a financial demand from the Australian Tax Office.

The West notes that CMC has been closely linked with Rio Tinto
since its formation in 2006, carrying out excavation and
earthworks on Rio's Pilbara iron ore expansion projects.

According to the report, administrator Kim Wallman --
kwallman@hlbinsol.com.au -- has backed a plan that would see a
fellow Belmont-based contractor, Multiplant, inject AUD500,000
into a deed of company arrangement for CMC.  The funds, together
with a realisation of CMC's assets, would be used to repay
creditors, though the recoveries are expected to be limited to 20
cents in the dollar, the report relays.

The West says the Multiplant injection is conditional on a new
joint venture between it and Mr. Smith winning a contract to build
an access road to Rio Tinto's Brockman mine.

Rio, which like other Pilbara miners is committed to increased
indigenous participation in its local operations, is said to be
keen to help, where it can, get CMC back on its feet, says The
West.

According to the report, Mr. Wallman said that on his appointment
CMC was incurring "significant" trading losses on the back of cost
blowouts on contracts. Trade creditors are owed
AUD7.5 million and the tax office AUD2.2 million.



DA INFORMATION: Collapses Into Administration
---------------------------------------------
Patrick Stafford at Smart Company reports that an academic book
publishing company with $40 million in turnover has now collapsed
in administration, yet another sign the print and publishing
industries are continuing to face severe transition pains.

The news comes after discount book group allbooks4less also fell
into administration last week, following an aggressive expansion
plan, according to Smart Company.

The report notes that publishers have commented bookstores and
booksellers have struggled to prop up book prices in the face of
dynamic online competition.

The report relates that DA Information Services Group, which
contains the businesses Information Specialists, DA Information
Services Pty and Central Book Services, has been placed into
administration.

A spokesperson for administrator Ferrier Hodgson told SmartCompany
while it was too early to give any detailed information about the
business or its collapse, the business is trading as usual.

The company counts 45 employees, while a first creditors' meeting
is set to be heard, the report adds.

DA Information Services Group claims to be Australia's largest
locally based full service academic library supplier, providing
books, journals, eBooks and other media products for professional
purposes across Australia and New Zealand.  The business was
founded 60 years ago. Customers include academic libraries,
research facilities, medical centres, government departments,
universities and TAFEs, along with law libraries.


NEW WORLD: Clifton Hall Appointed as Liquidators
------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of New World Bio Pty Ltd on
July 16, 2013.


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


CSC PHOENIX: May Face Bankruptcy Over CNY12.5MM Debt
----------------------------------------------------
Max Tingyao Lin at Lloyds List reports that CSC Phoenix, part of
Chinese state conglomerate Sinotrans & CSC, faces the risk of
liquidation after receiving bankruptcy petitions from two
creditors owed around CNY12.5 million (US$2 million).

Both firms have written to CSC Phoenix and Wuhan Intermediate
People's Court arguing that the carrier cannot repay its debts and
that it is therefore necessary for CSC Phoenix to begin bankruptcy
procedures, according to regulatory filings obtained by Lloyds
List.



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


ANMOL ENTERPRISES: CRISIL Places 'B' Rating on INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Anmol Enterprises.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                150       CRISIL B/Stable

The rating reflects Anmol's exposure to project risks associated
with its ongoing project and susceptibility to inherent risks and
cyclicality in the real estate sector in India. These rating
weaknesses are partially offset by the extensive experience of
Anmol's promoters in the real estate sector.

Outlook: Stable

CRISIL believes that Anmol will benefit from the extensive
experience of its promoters in the real estate sector over the
medium term. The outlook may be revised to 'Positive' if there is
a significant improvement in its business and financial risk
profiles, backed by timely implementation and high salability of
its ongoing project, leading to healthy cash accruals. Conversely,
the outlook may be revised to 'Negative' if there is time and cost
overruns in its ongoing project exerting significant pressure on
Anmol's liquidity, or there are delays in receiving customer
advances, constraining its revenues and profitability, and
eventually its debt-servicing ability.

Anmol is promoted by Ahmedabad-based Mr. Arvind Patel and his
family members. The firm develops a residential project in Gota
(Ahmedabad). It has commenced construction of the project in
January 2012.


HENTECH AGROVET: CRISIL Places 'B+' Ratings on INR117.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Hentech Agrovet Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              72.2      CRISIL B+/Stable
   Term Loan                45.5      CRISIL B+/Stable

The rating reflects HAPL's exposure to risks related to project
implementation, stabilization and offtake in respect of its
ongoing rice mill project at Bihar. The performance of the company
is expected to be susceptible to the competitive nature of the
rice milling industry, adverse regulatory changes and fluctuations
in raw material prices. The rating weaknesses are partially offset
by the established background of the promoters and benefits
derived from the locational advantage of the milling unit due to
its proximity to the rice growing belt of Bihar.

Outlook: Stable

CRISIL expects HAPL to benefit from the resourceful background of
the promoters and benefits derived from the locational advantage
of the milling unit. The outlook may be revised to 'Positive' in
case the project commences its operations without any significant
time and cost overruns and generates higher-than-expected cash
accruals while improving its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case if there are
significant delays in project completion, cost overruns or
significantly lower-than-expected cash accruals leading to
pressure on the company's liquidity.

Incorporated in 2007, HAPL is engaged in trading of agro
commodities such as maize. It is setting up a modern par-boiled
and raw rice processing unit of 8 MTPH capacity in Muzaffarpur,
Bihar. HAPL plans to complete the project by June 2014. The day-
to-day operations of the company are managed by Mr. Ashish Kumar
Sarawgi and other family members.


KAMACHI STEELS: CRISIL Assigns 'B+' Rating to INR170MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Kamachi Steels Ltd and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the bank facilities of KSL. The
rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated May 3, 2013, since KSL had not provided the
necessary information required for a rating review. KSL has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             170       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Inland/Import             5       CRISIL A4 (Assigned;
   Letter of Credit                  Suspension Revoked)

   Letter Of Guarantee       5       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect KSL's moderate scale of operations in
intensely competitive secondary steel industry and its working
capital intensive operations. The ratings also factor in its
below-average financial risk profile marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of KSL's promoters and
benefits derived from its synergies with group entities.

Outlook: Stable

CRISIL expects KSL shall continue to benefit from the extensive
industry experience of its promoters and established relationship
with key customers. The outlook may be revised to 'Positive' in
case of significant growth in revenues and higher-than-expected
profitability resulting in higher accruals or improvement in
working capital management leading to improvement in financial
risk profile. Conversely the outlook may be revised to 'Negative'
in case of decline in revenues or profitability or in case the
company undertakes higher-than-expected debt funded capital
expenditure leading to further deterioration in its liquidity.
KSL, taken over from Tulsyan Steels in 1996, manufactures mild
steel ingots and thermo-mechanically-treated bars. KSL is a part
of Kamachi group of companies set up by Mr. G L Kothari in 1978;
the group is an integrated secondary steel player in Chennai
(Tamil Nadu).

KSL reported a profit after tax (PAT) of INR5.6 million on net
sales of INR1.9 billion during 2011-12 (refers to financial year,
April 1 to March 31) as against PAT of INR24 million on net sales
of INR2.3 billion during 2010-11.


L N CONSTRUCTIONS: CRISIL Places 'B-' Rating on INR35MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of L N Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            75      CRISIL A4

   Cash Credit               35      CRISIL B-/Stable

The ratings reflect LN's small scale of operations and high
geographic concentration, and average financial risk profile,
marked by its small net worth. These rating weaknesses are
partially offset by the extensive experience of LN's promoters in
the construction industry and moderate order book position.

Outlook: Stable

CRISIL believes that LN will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of a higher-than-expected increase in the firm's scale of
operations along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lack of continued order flow, lower profitability, and significant
pressure on firm's working capital management on account of delays
in project execution and receivables.

LN was established by Mr. Sudershan Reddy and his family in 2004
as a partnership firm. The firm is engaged in civil construction
activities for irrigation, roads and bridges for the Government of
Andhra Pradesh, and the Indian Railways.


MUSLIM EDUCATIONAL: CRISIL Puts 'BB+' Ratings on INR285MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of The Muslim Educational Welfare Society.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               150       CRISIL BB+/Stable

   Bank Guarantee           70       CRISIL A4+

   Proposed Long-Term      135       CRISIL BB+/Stable
   Bank Loan Facility

The ratings reflect MEWS' established position in the education
sector with a diversified course profile, and above-average
financial risk profile, marked by low gearing and above-average
debt protection metrics. These rating strengths are partially
offset by MEWS' exposure to medical college project implementation
risk and exposure to risks related to changing government
regulations in the educational sector.

Outlook: Stable

CRISIL believes that MEWS will maintain its established position
and its diversified revenue profile on the back of its track
record in the education sector. The society's financial risk
profile is also expected to remain healthy over the medium term on
the back of healthy accruals. The outlook may be revised to
'Positive' in case of MEWS' accruals improve, most likely due to
significant and sustainable improvement in scale of operations.
Conversely, the outlook may be revised to 'Negative' in case MEWS
undertakes any significant debt-funded capex programme, thus
adversely affecting its financial risk profile, or in case of the
society's significantly lower cash accruals, and in case of delay
in commencement of operations of its medical college.

MEWS was registered in 1987 under the Society Registration Act,
1860 and is based in Nidhauli Kalan, Etah district, Uttar Pradesh.
The society manages education institutes in Uttar Pradesh offering
various courses such as Masters in Business Administration (MBA),
Bachelor of Technology (BTech) and other graduation degree
courses. MEWS was set up in 1969 and has been running institutes
since 1969 but was registered as a society in 1987. Its key
members, Mr. Javed Anwar Warsi, Mr. Zakir Hussain and Mrs. Nighat
Jahan, have experience of more than 20 years in the education
field.


NJA INDUSTRIES: CRISIL Ups Ratings on INR79.3MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded the rating on the long-term bank facilities of
NJA Industries Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', and has reaffirmed the rating on the company's short-
term bank facilities at 'CRISIL A4'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          19.6      CRISIL A4 (Reaffirmed)

   Cash Credit             74.0      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        27.5      CRISIL A4 (Reaffirmed)

   Term Loan                5.3      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in NJA's liquidity, marked
by the company's sufficient cash accruals vis--vis its debt
obligations. The rating upgrade also reflects improvement in NJA's
business and financial risk profiles, marked by sharp growth in
the company's scale of operations. NJA's liquidity has witnessed
an improvement over the past one year, marked by improvement in
the company's cash accruals. NJA's expected cash accruals of
around INR12 million in 2013-14 (refers to financial year, April 1
to March 31) will be sufficient to meet its debt obligations of
around INR3.5 million in the same year. Furthermore, the company's
liquidity is also supported by need-based funding support from its
promoters in the form of unsecured loans, which are estimated at
INR5.1 million as on March 31, 2013. However, NJA's operations
continue to remain working capital intensive, as reflected in
estimated Gross Current Assets (GCA) of around 180 days as on
March 31, 2013NJA's business risk profile has also improved, with
the company's turnover estimated at INR398 million (year-on-year
growth of 61 per cent) supported by large orders from Gujarat
state electricity boards, which include Paschim Gujarat Vij
Company Ltd, Uttar Gujarat Vij Company Ltd, and Madhya Gujarat Vij
Company Ltd. CRISIL believes that NJA's topline will continue to
grow at a moderate pace over the medium term, backed by the
company's healthy relationship with its existing customers, and
the healthy demand prospects of the power distribution and
transmission segment in India. NJA's operating profitability is
estimated at around 6.4 per cent in 2012-13, broadly in line with
the past trend. CRISIL believes that the company's operating
margin will remain at around the current levels over the near to
medium term. NJA's financial risk profile has also improved on the
back of improvement in accretion to reserves, as reflected in the
company's estimated net worth of INR43 million and gearing of
around 2 times as on March 31, 2013. CRISIL believes that NJA will
sustain its financial risk profile over the medium term, in the
absence of debt-funded capital expenditure plans.

The ratings also reflect NJA's below-average financial risk
profile, marked by a modest net worth, a high gearing and below-
average debt protection metrics, and the company's modest scale of
operations and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
NJA's promoters in the lamination cores and transformers industry.

Outlook: Stable

CRISIL believe that NJA will continue to benefit over the medium
term from its promoters' extensive experience in the lamination
cores and transformers industry. The outlook may be revised to
'Positive' in case in case NJA's revenues and profitability
improve significantly or in case of any large equity infusion
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case NJA witnesses
lower-than-expected order flow, or if its financial risk profile,
especially its liquidity, weakens, most likely because of larger-
than-expected working capital requirements or debt-funded capital
expenditure.

NJA was incorporated in 2009 via the merger of NJA Industries and
Jyoti Trading Company. NJA primarily manufactures distribution
transformers (10 kilovolt-amperes). It manufactures lamination
cores that are used in the manufacture of transformers. In
April 2011, NJA forward integrated into manufacturing of
transformers.


PISCES EXIM: CRISIL Assigns 'B' Rating to INR95MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Pisces Exim (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               95      CRISIL B/Stable

The rating reflects PEIPL's below-average financial risk profile,
marked by a modest net worth and high total outside liabilities to
tangible net worth (TOL/TNW), high customer concentration and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in trading business, and healthy order book position.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PEIPL and its group company, Basil
Resources Private Limited (BRPL). This is because these entities
together referred to as the Pisces group, have significant
business and financial linkages between each other and have common
management.

Outlook: Stable

CRISIL believes that PEIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
healthy order book position. The outlook may be revised to
'Positive' if PEIPL registers a higher-than-expected growth in
revenues, while substantially improving its profitability, thereby
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's profitability or revenues
decline, or its working capital cycle is stretched, resulting in
lower-than-expected cash accruals, thereby weakening its financial
risk profile.

PEIPL was incorporated in 2009, by Mr. Soumit Jena along with his
wife Mrs. Preeti Jena. The company is a trader and deals in
various products ranging from agro commodities to steel products.
PEIPL has its registered office at Andheri, Mumbai.


PSA IMPEX: CRISIL Assigns 'B' Rating to INR500MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of PSA Impex Pvt. Ltd (PSA; part of Shubhkamna Group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       500      CRISIL B/Stable
   Bank Loan Facility

The rating reflects Shubhkamna Group's exposure to risks
associated with project implementation, susceptibility to
cyclicality inherent in the real estate sector in India, and
geographical concentration. These rating weaknesses are partially
offset by the experience of Shubhkamna Group's promoters in the
real estate industry and the group's moderate financial risk
profile marked by moderate gearing and debt protection metrics

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shubhkamna Buildtech Pvt. Ltd and its
subsidiaries PSA Impex Pvt. Ltd (PSA) and JSS. This is because all
these entities, together referred to as Shubhkamna Group, are in
the same line of business and share the same management team. The
analytical approach also factors in the holding company-subsidiary
relationship between the entities, and the presence of inter-
company investments.

Outlook: Stable

CRISIL believes that Shubhkamna Group will continue to benefit
over the medium term from its promoters' experience in the
residential real estate industry. The outlook may be revised to
'Positive' if the group registers significant improvement in its
business and financial risk profiles, backed by higher-than-
expected customer advances and timely implementation of its on-
going project leading to healthy cash accruals. The outlook may be
revised to 'Negative' if Shubhkamna Group faces time and cost
overrun in its on-going projects, or significant pressure on its
liquidity in case of delays in receiving customer advances,
resulting in pressure on its revenues and profitability.

Shubhkamna Group was established in 2006 through the incorporation
of SBPL by Mr. Diwakar Sharma. The group is primarily involved in
residential real estate development in Noida, Greater Noida, and
along the Yamuna Expressway (Uttar Pradesh). SBPL holds 50 per
cent stake in JSS and 70 per cent stake in PSA. The Company is
currently undertaking projects with name Shubhkamna TecHomes,
Shubhkamna City, Shubhkamna Legend and Shubhkamna Shikhar.

JSS, incorporated in 2010, is currently developing 'Shubhkamna
Monarch', a luxurious residential real estate project situated in
Noida Extension.

PSA, incorporated in 2010, is currently developing 'Shubhkamna
Levia', a residential real estate project situated in Greater
Noida.


R.K. MOTORS: CRISIL Assigns 'BB+' Ratings to INR65MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of R.K. Motors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       24       CRISIL BB+/Stable
   Bank Loan Facility

   Bank Guarantee           15       CRISIL A4+

   Cash Credit              41       CRISIL BB+/Stable

The ratings reflect RKM's established regional presence in
automobile dealership, aided by extensive industry experience of
its promoters, and longstanding relationship with principals. The
rating also reflects RKM's moderate financial risk profile, marked
by moderate capital structure and debt protection metrics. These
rating strengths are partially offset by RKM's exposure to risks
relating to modest scale of operations and intense competition in
the automobile dealership business.

Outlook: Stable

CRISIL believes that RKM will continue to benefit over the medium
term from its revenue diversity and established position in the
automobile dealership business. The outlook may be revised to
'Positive' if substantial improvement in sales volumes and
operating margin or any significant equity infusion by the
promoter results in stronger capital structure and debt protection
metrics for RKM. Conversely, the outlook may be revised to
'Negative' if decline in market share considerably weakens RKM's
revenue and profitability, or if any large, debt-funded capital
expenditure programme weakens its capital structure and cash
accruals further.

Based out of Villupuram, Tamil Nadu, RKM was set up as a
partnership firm in 2000 by Mr. K Balamurugan. RKM undertakes
dealership for all two wheelers of Hero MotoCorp Ltd (HMCL; rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+') and all tractors of Mahindra
and Mahindra Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+').

For 2011-12 (refers to financial year, April 1 to March 31), RKM
reported a profit after tax (PAT) of INR 8.13 million on net sales
of INR449.2 million, against a PAT of INR 2.81 million on net
sales of INR 343.4 million for 2010-11.


SANGHI TRADING: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Sanghi Trading Corporation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL BB/Stable

The rating reflects STC's above-average financial risk profile,
marked by a comfortable capital structure. The rating also factors
in the extensive experience of STC's partners in the steel
products trading segment and the firm's established relationships
with its customers and suppliers. These rating strengths are
partially offset by STC's modest scale of operations in the
intensely competitive steel products trading industry.

Outlook: Stable

CRISIL believes that STC will continue to benefit over the medium
term from its established track record in the steel trading
business. The outlook may be revised to 'Positive' if the firm
records more-than-expected increase in its revenues and
profitability, leading to better-than-expected cash accruals,
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if STC registers deterioration in its
cash accruals, because of lower-than-expected growth in its
operating revenues, or decline in its margins, or if it undertakes
a significant debt-funded capital expenditure programme, or in
case of large capital withdrawals by its partners, resulting in
deterioration in its financial risk profile.

STC, set up in 1967 and based in Chennai (Tamil Nadu), is a
partnership concern promoted by Mr. Suresh Kumar Sanghi and his
family. The firm trades in cold-twisted bars, plates, channels,
angles, joists, and beams.

STC reported a profit after tax (PAT) of INR5.1 million on net
sales of INR202.6 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR4.7 million on net sales
of INR150.8 million for 2010-11.


SATISH KUMAR: CRISIL Assigns 'BB-' Ratings to INR115MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Satish Kumar & Sons.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL BB-/Stable

   Overdraft Facility        25      CRISIL BB-/Stable

The rating reflects the extensive experience of SKS's promoters in
the coal trading industry and the firm's established relations
with its suppliers. These rating strengths are partially offset by
SKS's average financial risk profile, mainly because of low
profitability and the commodity nature of its business, and
susceptibility to volatility in raw material prices.

Outlook: Stable

CRISIL believes that SKS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case the firm registers
more-than-expected increase in its revenues and profitability,
resulting in improvement in its debt protection metrics and, as a
result, improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SKS records steep decline
in its revenues and profitability, resulting in further weakening
of its financial risk profile.

SKS was established as a proprietorship firm in 2007 by Mr. Satish
Aggarwal. It was reconstituted as a partnership firm on April 1,
2012. It is involved in domestic coal trading; it mainly supplies
to brick kiln operators in Ludhiana (Punjab). Its day-to-day
operations are managed by its partners Mr. Satish Aggarwal and his
wife, Mrs. Rajni Aggarwal.

SKS's net profit and net sales are estimated at INR5.01 million
and INR825 million respectively for 2012-13 (refers to financial
year, April 1 to March 31); the firm reported a net profit of
INR4.04 million on net sales of INR713 million for 2011-12.


SELECT MOTORS: CRISIL Assigns 'BB-' Ratings to INR90MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Select Motors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              82.5     CRISIL BB-/Stable

   Proposed Long-Term        7.5     CRISIL BB-/Stable
   Bank Loan Facility

The rating reflects the extensive experience of Select's promoters
in the automobile dealership business and the company's
established market position in the Warangal and Karimnagar
districts of Andhra Pradesh (AP). These rating strengths are
partially offset by Select's weak financial risk profile, marked
by small net worth, weak total outside liabilities to tangible net
worth ratio, modest debt protection metrics, low operating
profitability owing to trading nature of business and exposure to
risks related to intense competition in the automobile dealership
business.

Outlook: Stable

CRISIL believes that Select will continue to benefit over the
medium term from its established regional presence in the auto
dealership market. The outlook may be revised to 'Positive' if
Select's volumes and operating margin improve substantially or in
case of any significant equity infusion by the promoter, resulting
in an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if Select reports a decline
in its market share, significantly impacting its revenues and
profitability, or if it undertakes any large, debt-funded capital
expenditure programme, or in case of significant withdrawals by
the promoters, weakening its financial risk profile.

Set up in 2005, Select is a Tata Motors Ltd (TML) dealer for
passenger cars segment with 9 showrooms (7 showrooms exclusively
for Nano car and rest 2 flagship showrooms for full range of TML
passage cars in Warangal and Karimnagar) and corresponding
workshops in AP. The company is promoted by Mr. M Sreedhar, Mr. M
Vijay Kumar Reddy, Mr. N Vishnuvardhan Rao and Mr. A Rama Mohana
Rao.


UNI STYLE: CRISIL Assigns 'C' Ratings to INR91.5MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Uni Style Images Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       32.5     CRISIL C
   Bank Loan Facility

   Cash Credit              59.0     CRISIL C

   Letter of Credit          1.0     CRISIL A4

The ratings reflect USI's weak liquidity profile on account of
high working capital requirements, exposure to intense market
competition, and susceptibility of to changes in fashion trends.
These rating weaknesses are partially offset by USI's established
brand presence and promoter's extensive experience in the ready-
made garment industry.

USI was established in 1994 by Mr. Ashwinder Singh and his family
members in Delhi. USI is engaged in the business of manufacturing
and retailing of ready-made garments in the domestic market under
the brand 'USI'.

For 2012-13 (refers to financial year, April 1 to March 31), USI
reported a net profit of INR1.1 million on estimated sales of
INR146.6 million; the company reported a net profit of INR4.6
million on net sales of INR188.3 million for 2011-12.


VIJAYA SAI: CRISIL Downgrades Rating on INR50MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijaya Sai Cotton Corporation to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by VSCC in
servicing its debt obligations; the delays have been caused by the
firm's weak liquidity arising because of its working-capital-
intensive operations.

The rating also reflects VSCC's small scale of operations in a
highly fragmented industry and below-average financial risk
profile, marked by small net worth, high gearing, and subdued debt
protection metrics. The rating also factors in the vulnerability
of the firm's business risk profile and profitability to changes
in government policy. These rating weaknesses are partially offset
by the extensive industry experience of VSCC's proprietor.

VSCC was established in 2009 and is engaged in ginning and trading
of cotton. VSCC's proprietor, Mr. P Sai Suresh Kumar, has more
than 10 years of experience in the cotton industry.

For 2012-13 (refers to financial year, April 1 to March 31), VSCC
reported, on a provisional basis, a net profit of INR2.14 million
on net sales of INR297.42 million; the firm reported a net profit
of INR1.96 million on net sales of INR313.22 million for 2011-12.



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


CIKARANG LISTRINDO: Moody's Changes Outlook to Stable
------------------------------------------------------
Moody's Investors Service has revised the outlook on the ratings
of Indonesia's PT Cikarang Listrindo to stable from negative.

Moody's has also affirmed Cikarang's Ba2 corporate family rating
and senior unsecured bond rating. The bond is issued by Listrindo
Capital B.V., and is unconditionally and irrevocably guaranteed by
Cikarang Listrindo.

Ratings Rationale:

"The stable outlook reflects better visibility on the company's
capacity expansion program that is currently underway. The coal-
fired power project is progressing according to schedule, in terms
of equipment procurement and construction works, and has remained
within its budget thus far," says Ray Tay, a Moody's Associate
Vice President and Analyst.

"We expect the 280MW coal-fired power project to maintain its
initial capex of $475 million and to commence full operations in
late 2016. Furthermore, the business fundamentals of Cikarang
remains stable over the past 18 months, reflecting its strong
market position, sound operating performance, good electricity
demand, robust tariff structure with full cost pass through
mechanism and manageable gas supply risk," adds Tay, who is also
the Lead Analyst for Cikarang.

The progress of the coal-fired power project is in line with the
projected timeline set in 2011. The company has completed its land
acquisition and the procurement of key equipment, and started its
site preparation. The total contract value in relation to
equipment procurement and construction placed up to June 2013
represents 44% of the total capex.

Moody's notes that execution risks will remain until the full
commissioning of the project in late 2016. There is also
uncertainty on long-term coal supply contracts, as Cikarang will
be able to secure them only closer to the commissioning of the
project. Nevertheless, the risk of securing a coal supply is
moderate given the coal-fired power project will use sub-
bituminous coal which is readily available in Indonesia.

However, strong electricity demand from industrial-estate
customers partially mitigates the medium-term uncertainty over
capacity utilization and future operating cash flow when one of
the company's two existing 150MW take-or-pay contracts with PT
Perusahaan Listrik Negara (PLN, Baa3 stable) expires in January
2016.

In addition, Cikarang has just finalized the renewal of its gas
supply contract with PGN, and which lowers its gas supply risk in
the near term. It also plans to add another 109MW gas-fired power
plant as backup unit for peak demand by 2014

Cikarang's Ba2 ratings are supported by its status as the sole
independent power producer supplying electricity to a large and
diversified base of industrial-estate customers in Indonesia, its
off-take agreements with PLN, as well as the track record of solid
demand and the payment record of its customers throughout the
economic cycle.

The ratings also reflect the company's strong operating
performance and liquidity position, its robust tariff structure
and its strong management team.

On the other hand, the ratings are constrained by the current lack
of operational flexibility, given the company's single site and
its relatively small capacity, and a moderate degree of
uncertainty regarding the extent of demand for the additional
capacity to come from its expansion programs, as well as its off-
take risk exposure to PLN.

Moody's believes that Cikarang has a predictable business, which
has some similarities -- on a small scale -- to that of a utility,
given its captive industrial-user base.

Upward rating pressure will be limited in the near to medium term,
given the remaining execution risk associated with the capacity
expansion and because the new capacity additions will only
commence operations at end-2016.

Moody's would consider upgrading the ratings if the company's
retained cash flow (RCF)/debt exceeds 25% and/or debt/ EBITDA
stays below 2x on a sustainable basis.

The rating will be under pressure if: (1) Cikarang suffers
financial strain due to unforeseen cost overruns and related
delays to its capacity expansion project, or (2) there is a
significant deterioration in its operational and financial
profiles which will result in a RCF/debt of below 10%-12% and/or
debt/EBITDA of more than 4x over an extended period.

The principal methodology used in this rating was Power Generation
Projects published in December 2012.

PT Cikarang Listrindo is the sole IPP supplier of electricity to a
wide range of mostly foreign-owned companies in five industrial
estates in the Cikarang area outside of Jakarta. It owns and
operates a 755MW natural gas-fired combined cycle power station,
and distributes directly to companies on the industrial estates.

Its capacity expansion plan, upon completion, will increase
installed generation capacity to 1,144MW by end-2016. It also has
an off-take agreement for part of its power with PT Perusahaan
Listrik Negara (PLN, Baa3 stable). Cikarang is owned by three
Indonesian families.


MERPATI NUSANTARA: Mgmt. Hails Government Decision to Sell Shares
-----------------------------------------------------------------
ANTARA News reports that the management of Merpati Nusantara
Airlines has hailed the government's decision to sell part of the
ailing state airline company`s shares to strategic investors.

Merpati corporate secretary Herry Saptanto said Merpati supported
the decision to invite strategic investors to strengthen its
capital, according to the report.

ANTARA relates Mr. Saptanto said the decision was the best thing
to do both for Merpati and the Indonesian nation.

The news agency notes that the State Enterprises Ministry has many
times restructured Merpati by injecting funds to it, reducing the
number of its employees, relocating its head office, and
restructuring its debts to private creditors through debt-to-
equity swap. However, the restructuring programs have not run as
expected.

"Selling shares to strategic investors means inviting them to
strengthen Merpati's capital by buying part of its shares," the
report quotes Mr. Saptanto as saying.

State Enterprises Minister Dahlan Iskan has given strategic
investors until two months to buy Merpati shares, ANTARA notes.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.



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


MEDIAWORKS NZ: May Lose Several TV Shows to TVNZ, Prime TV
----------------------------------------------------------
John Drinnan at The New Zealand Herald reports that television New
Zealand and Prime TV are fighting to take shows away from
MediaWorks channels TV3 and Four while it is in receivership.

The Herald says receivers at KordaMentha have refused to comment
on what shows -- if any -- it has secured in talks with Hollywood
studios.

According to the report, MediaWorks has owned rights for shows
like Modern Family, The Simpsons and Family Guy for several years,
but ownership and programming deals with these and other Fox TV
and NBC shows are in limbo.

The Herald relates that TV industry sources said receivers at
KordaMentha assumed studios were willing to keep MediaWorks
strong, but they may have underestimated the willingness of Sky
and TVNZ to poach shows, said a source familiar with the stand-
off.

However, advertising consultant Martin Gillman doubted there would
be a big shift of shows between channels, saying advertisers were
not concerned about the next three to four months, the report
relates.

The Herald says MediaWorks receivers at KordaMentha will be hoping
that the loss of the soap opera Home and Away is the first and
last hit show lost.

But it is understood that TVNZ has been aggressive and there is
even talk of the state-funded broadcaster creating a third channel
on Freeview, if it can pick up the bulk of Fox programming,
according to the Herald.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.

MediaWorks funders on June 17 appointed Brendon Gibson and Michael
Stiassny of financial advisory firm KordaMentha to oversee the
receivership of MediaWorks NZ Limited and its subsidiaries,
including RadioWorks Ltd and TVWorks Ltd.


* FMA Expects to Wrap Up Probe Into Failed Finance Cos. This Year
-----------------------------------------------------------------
interest.co.nz reports that the Financial Markets Authority (FMA)
expects to wrap up its ongoing investigations into failed finance
companies by the end of the year.

Speaking at the FMA's quarterly stakeholder market update in
Auckland, the FMA's head of enforcement, Belinda Moffat, said
completing ongoing investigations into finance companies has been
a priority, according to interest.co.nz.

"Announcements will be made on seven of our major finance company
investigations over the next two to three months and the remaining
investigations will be concluded by the end of the year," the
report quotes Mr. Moffat as saying.

interest.co.nz notes that in terms of failed finance companies
still being probed, the FMA's website lists Allied Nationwide
Finance, Equitable Mortgages, LDC Finance, Mutual Finance, OPI
Pacific Finance (formerly MFS Pacific Finance), South Canterbury
Finance, St Laurence, Strategic Finance (including Strategic
Nominees), and Viaduct Capital.

Of South Canterbury Finance the FMA website noted its inquiry is
into civil proceedings, with it separately supporting Serious
Fraud Office criminal proceedings filed in December 2011, the
report relates.  And in terms of Strategic Finance, the FMA said
its investigation concluded in February and it has notified
directors to provide them with an opportunity to respond,
interest.co.nz relates. In February the FMA said six Strategic
Finance directors were likely to have breached the Securities Act.

"so far 32 directors of failed finance companies have been
convicted as a result of prosecutions pursued by the FMA. And that
has related not only to breaches of the Securities Act, but also
breaches of the Companies Act and Crimes Act as well,"
Mr. Moffat, as cited by interest.co.nz, said.

"These cases illustrate that we will hold to account financial
markets participants who fail to meet the standards that we expect
in New Zealand's financial markets."

Dozens of finance companies collapsed between the receivership of
National Finance 2000 in May 2006 and NZF Money's receivership in
July 2011 with billions of dollars of investors' money lost, the
report discloses.



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


STX GROUP: Creditors to Infuse KRW3 Tril. Into Shipbuilding Unit
----------------------------------------------------------------
Yonhap News reports that creditors of ailing STX Offshore &
Shipbuilding Co. on Tuesday drew up the final rescue plan to
salvage the firm from a cash crunch, which will inject
KRW3 trillion (US$2.67 billion) into the company, officials said.

The news agency relates that main creditor Korea Development Bank
(KDB) said that it plans to ask other creditor banks of the
shipbuilder for an agreement in which the banks will provide the
cash-strapped company with a total of KRW3 trillion until the end
of next year.

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

STX Group -- with businesses ranging from shipbuilding to
components that go into vessels -- is the largest shareholder of
Seoul-based Pan Ocean.  The parent has been trying to raise
KRW2.5 trillion (US$2.2 billion) by selling stakes in units as a
slump in bulk shipping rates caused ship orders to tumble,
Bloomberg said.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg noted.


* SOUTH KOREA: Some Builders Likely to Suffer Losses in Q2
----------------------------------------------------------
Yonhap News reports that some major builders in South Korea are
likely to suffer losses in the second quarter as lower-priced
overseas deals they clinched in recent years could continue to cut
into their bottom line, industry officials said Tuesday.

Samsung Engineering Co., one of South Korea's largest industrial
plant builders, has been recently told by its parent Samsung Group
to stay conservative in accounting, a practice that requires a
thorough verification of any profit and recognizes all probable
losses, according to the officials.



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


* Moody's Notes Cyclical Peak in Credit Quality of AP Banks
-----------------------------------------------------------
Moody's Investors Service says that banks in Asia Pacific --
against the backdrop of generally strong fundamentals -- have
likely reached a cyclical peak.

Moody's highlights that banks in Asia Pacific have been resilient
in the wake of the global financial crisis and enjoy some of the
highest ratings of banks globally. The rating agency notes that
Asian banking systems have been operating in a favorable operating
environment for an extended period, with low interest rates,
robust economic growth and strong loan growth.

"However, during that period, borrowers' leverage has increased,
asset prices have materially appreciated and, in the process, both
borrowers and banks may have become more susceptible to asset
quality deterioration, especially if the interest rate cycle
turns" says Stephen Long, Managing Director for Moody's Financial
Institutions Group in Asia Pacific.

Moody's says that while it is difficult to exactly predict turning
points in banking credit cycles, the increased likelihood of
tightening of US monetary policy -- with a higher probability of a
tapering of quantitative easing during Moody's outlook period --
is a potential trigger.

"In this context, Moody's notes that the exit from loose monetary
policies in the developed economies will test Asian banks' asset
quality during the next 2-3 years," says Long.

There are also other factors more directly emanating from the Asia
Pacific region that will influence the extent to which credit
conditions could be pressured. Key among them are whether
Abenomics in Japan will work as intended, China's economic
rebalancing as well as Asian regulators' stance with regards to
bank resolution regimes.

"We are further mindful that Abenomics will have an important
impact on Japanese and Asian banks, but outcomes at this stage are
uncertain. At the same time, we recognize that Japan's loose
monetary policy compounds the effects, at a late stage of the
credit cycle, of quantitative easings by the US and Europe," says
Long.

"Moreover, exchange rate volatility -- a side-effect of Abenomics
-- creates some asset quality challenges for banks in the region,
while the behavior of Japanese banks internationally is another
key consideration," says Long.

"Meanwhile, with Chinese banks, because the Mainland's economy is
now rebalancing and its growth is slowing, we are seeing negative
pressures on asset quality, profitability and liquidity
management. Part of these pressures also comes from concerns over
the risks associated with the shadow banking sector and local
government financing vehicles," says Long. "The debt related to
both sectors is large, despite government attempts to rein it in."

"In terms of specifics, Moody's expects the asset quality of
Chinese banks to deteriorate, particularly in terms of their
lending to export-related industries located in coastal regions,"
adds Long. "But in our base case sceneario, the banks will avoid a
hard landing, and will also have no problems meeting Basel III.
And their internal capital generation will be enough to support
mid double-digit loan growth."

"And with the ASEAN banks, while we expect them to remain
resilient by and large, we note that downside risks are
increasing, and these growing risks to economic and financial
stability are driving diverging outlooks for the region's banking
systems," says Long.

"In terms of continued supports, ASEAN banks face expanding
markets as domestic wealth continues to rise, and they have also
been improving their profitability and capital buffers against any
weakness in asset quality and liquidity," adds Long.

"And finally, another key question is whether Asia Pacific remains
unaffected by the global shift towards burden-sharing in bank
resolution."

Long was speaking at Moody's annual Asian Banking Conference in
Singapore held on Tuesday, July 16, which will also be held in
Hong Kong on Thursday, July 18.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***