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                      A S I A   P A C I F I C

            Friday, August 9, 2013, Vol. 16, No. 157



ASM AUSTRALIAN: Court Appoints Clifton Hall as Liquidators
FORTESCUE METALS: Faces Claims Traded During Insolvency
LISA HO: ATO Flags Concern Regarding Owner's 'Phoenix' Plan
WOODHOUSE FARRUGIA: Clifton Hall Appointed as Liquidators
* Nearly 1,500 Victorian Restaurants Close Doors


DBA TELECOMMUNICATION: S&P Cuts LT Corporate Credit Rating to 'B'


AKTINOS PHARMA: ICRA Assigns 'BB+' Ratings to INR2.70cr Loans
CHAWLA SONS: ICRA Rates INR7cr Cash Credit at 'B+'
EAST COAST: ICRA Reaffirms 'B+' Ratings on INR3,465cr Loans
HARSH ENTERPRISES: ICRA Reaffirms 'BB-' Rating on INR12cr Loans

MANTRI DWELLINGS: ICRA Raises Rating on INR153.94cr Loan to 'BB+'
RAMESHWAR PRASAD: ICRA Assigns 'B+' Ratings to INR7.5cr Loans
STYLE ONE: ICRA Assigns 'B' Ratings to INR31cr Loans
TC SPINNERS: ICRA Upgrades Rating on INR58cr Loans to 'B+'

N E W  Z E A L A N D

SOUTH CANTERBURY FINANCE: Chief to Stand Trial on Fraud Charges


STATS CHIPPAC: Weak First Half Results Support Moody's Ba1 CFR

S O U T H  K O R E A

* SOUTH KOREA: Troubled Sectors' Maturing Bonds Top KRW2.9 Tril.


* Moody's Outlook for Australia REIT Sector Is Stable
* Moody's Sees Lower Profits Ahead for Asian Steelmakers
* Large Companies with Insolvent Balance Sheets

                            - - - - -


ASM AUSTRALIAN: Court Appoints Clifton Hall as Liquidators
Timothy Clifton -- -- of Clifton Hall
was appointed Liquidator of ASM Australian Security Monitoring
Pty Ltd on Aug. 7, 2013, by Order of the Federal Court of

FORTESCUE METALS: Faces Claims Traded During Insolvency
Malavika Santhebennur at Australian Mining reports that Fortescue
Minerals Group is facing claims it traded during insolvency
during 2012's iron ore decline, resulting in lapse of a contract
worth more than $8 million.

According to the report, senior management at the company will
front a liquidator over the claims.

Queensland's Fuel-Sys Installations, a contractor on Fortescue's
Pilbara iron ore project, allege the miner's actions cornered the
contractor, the report adds.

Fortescue has to answer back within 10 days, Australian Mining

The report says FSI blamed the miner's cost cutting measures late
last year for its collapse.

                        About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2013, Standard & Poor's Ratings Services said that it had
revised the outlook on its 'BB-' long-term rating on Australia-
based mining company Fortescue Metals Group Ltd. to stable from
negative.  At the same time, S&P affirmed the 'BB-' corporate
credit rating, 'BB+' senior secured debt rating, and 'B+' senior
unsecured debt ratings.  The recovery rating on the senior
secured debt rating is affirmed at '1' and senior unsecured debt

LISA HO: ATO Flags Concern Regarding Owner's 'Phoenix' Plan
Chris Vedelago at The Age reports that The Australian Taxation
Office has flagged concerns that designer Lisa Ho is attempting
to "phoenix" her failed fashion empire, which collapsed this year
with debts of at least AUD17 million.

The accusation comes after external administrators sold the
rights to the Lisa Ho apparel brand for an undisclosed amount to
a new company recently founded by the fashionista, the report

The report explains that a "phoenix company" is a commercial
entity which has emerged from the collapse of another through
insolvency. The new company is set up to avoid paying tax debts
of the old company, but continues to trade in the same or similar

According to The Age, ATO representative Thilaga Prabhakharan
raised the agency's concerns at a creditors' meeting late last
month, saying the sale of intellectual property from now-defunct
company Lisa Ho Designs to new entity Lisa Ho IP Holdings may
have "indicated phoenixing."

But administrator Todd Gammel of HLB Mann Judd denied the deal
was a phoenix transaction, the report relates.

"The administrators had gone through the sale process and that
the best offer they had received was from the director [Ms Ho]
...  The business was offered for sale to the general public, the
transaction that took place was at arm's length and the business
was not continuing to trade," according to minutes of the
creditors' meeting filed with the Australian Securities and
Investments Commission, The Age relays.

"[Mr Gammel] noted that one of the difficulties in the fashion
industry was separating the designer's name from the brand."

Meanwhile, The Age reports that the Lisa Ho Eyewear brand was
sold to Face Optics in late June, also for an undisclosed amount.

Administrators HLB Mann Judd were appointed as administrators to
iconic Australian fashion brand Lisa Ho earlier in May.  Lisa Ho
recorded AUD13.05 million in revenue in 2012 but made a loss of
AUD2.3 million, which the business attributed to "one-off
issues".  This led to the appointment of administrators to Lisa
Ho Designs and Lisa Ho Retail.  Lisa Ho Designs entered
liquidation on July 10 as a result of a creditors meeting.  The
Lisa Ho chain comprises 10 flagship stores in Australia, two
clearance stores and an online store.

WOODHOUSE FARRUGIA: Clifton Hall Appointed as Liquidators
Timothy Clifton and Mark Hall -- -- of
Clifton Hall were appointed as Joint and Several Liquidators of
Woodhouse Farrugia Pty. Ltd. on Aug. 5, 2013.

A meeting of creditors will be held at 11:00 a.m. on Aug. 16,
2013 in the offices of Clifton Hall, Level 1, 12 Gilles Street,
in Adelaide.

* Nearly 1,500 Victorian Restaurants Close Doors
Cameron Houston and Chris Vedelago at The Age report that almost
1,500 Victorian restaurants have closed their doors over the past
12 months, which has been blamed on soaring labour costs,
corporate belt-tightening and the "Masterchef effect" that has
inspired a generation of home cooks.

The Age relates that restaurant and Catering Australia chief
executive John Hart said the industry was gripped by a "systemic
crisis" that had forced some owners to flout award wage laws and
avoid tax.

The Age says a company associated with prominent restaurateur
Paul Mathis, who sold Transport Bar and Taxi Dining Room in
Federation Square for AUD20 million in 2006, is facing
liquidation action in the Supreme Court of Victoria. The company
is alleged to have traded while insolvent for more than two years
at Mathis' defunct Soulmama restaurant in the St Kilda Sea Baths

According to The Age, corporate liquidators found the company
owed millions of dollars to the landlord, suppliers and the
Australian Tax Office. It had also failed to pay some
superannuation benefits and workers compensation insurance.

Between 2008 and 2010, the company lent more than AUD470,000 to
five other businesses linked to Mr. Mathis, which were unable to
repay the loans and have been shut down or placed into

"Based on my examination of the books and records of the company,
it is my opinion that the company was insolvent at all times
during the period of July 1, 2008 to Dec. 15, 2010," liquidator
Philip Newman of PCI Partners said in documents filed in the
Supreme Court, the Age reports.

Mr. Mathis declined to comment other than to say the allegations
of insolvent trading made by the liquidator were "his opinion,"
the report adds.


DBA TELECOMMUNICATION: S&P Cuts LT Corporate Credit Rating to 'B'
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on DBA Telecommunication (Asia)
Holdings Ltd. to 'B' with a negative outlook from 'BB-'.

"We also lowered our long-term Greater China regional scale
rating on the company to 'cnB+' from 'cnBB+'. We removed the
ratings from CreditWatch, where they were placed with negative
implications on June 21, 2013.  We then withdraw all the ratings
on the company because reliable financial reports were not
available on a timely basis," S&P said.

DBA Telecommunication is a manufacturer and operator of
intelligent self-service terminals in China.

"We downgraded the company because of increased information risk
and our view that its corporate governance has deteriorated. DBA
Telecommunication has not released timely and reliable financial
reports. Its auditor has also resigned because of a lack of
agreement over the scope and timing for finalizing the audit of
the 2012 annual report. Although the company has just appointed a
new auditor, the publication of the results is likely to be
delayed to mid-October 2013," S&P said.

"Prior to the rating withdrawal, we lowered our assessment of the
company's financial risk profile to "highly leveraged" from
"significant" and of its management and governance to "weak" from
"fair", as our criteria define the terms.

Prior to the rating withdrawal, the negative outlook reflected
the lack of sufficient information on DBA Telecommunication's
financial performance.

Further adjustment to our assessment of the company's credit
profile may have been necessary depending on the availability of
subsequent information," S&P said.


ICRA has assigned the long term rating of '[ICRA]BB-' to
INR30.0 crore fund based bank facilities of Aadinath Probuild
(India) Private Limited. The outlook on the long term rating is

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term: Fund         30.00    [ICRA]BB-(Stable)/assigned
   Based Limits

The assigned rating takes into account the comfortable level of
booking (73% of the total area sold as on March 31, 2013) and
customer advances which has funded most of the project cost being
incurred (65% of the project cost as on March 31, 2013 is funded
through customer advances). While the current pace of booking and
collections along with tie up of the entire bank debt reduces the
funding risk, ability to sustain the sales momentum, construction
and payment collections from customers will be crucial for timely
servicing of debt which commences from June 2015 as against
likely project completion in December 2015. In the past, there
have been instances whereby the company had given advances to
group companies and in-case of any incremental advances from the
project accruals, the extent of advances given and the timeliness
of their recovery would have an impact on the liquidity of the
company. Moreover, as the company proposes to increase the built
up area of the project by applying for additional FAR (Floor Area
Ratio), the timely financial closure of the additional funding
requirement, repayment profile of the new bank loan and achieving
adequate level of booking and collection for the additional area
would be important for maintaining adequate liquidity profile.

The assigned rating also takes into account the satisfactory
progress on the project with 49% of the total project cost
incurred as on March 31, 2013 (including the land cost, which is
fully paid), attractive location of the project in Indirapuram
(Ghaziabad) which is a fast developing residential area in Delhi
NCR region and also the track record of the promoters in the
Delhi NCR real estate market, having completed a number of
residential and commercial projects in the area. The rating is
constrained by the company's dependence on a single project for
its entire cash flows and the high regional dependence of the
group with most of the past and ongoing projects concentrated in
Ghaziabad and Noida. Going forward, pace of incremental booking
and level of customer advances received along with construction
of the project as per the scheduled timelines and budgeted costs
would be the key rating sensitivities.

APIPL was incorporated in February 2008 and is developing a
residential project in Indirapuram (Ghaziabad, Uttar Pradesh)
under the name Angel Jupiter. The residential project has a
saleable area of 5.3 lac square feet (built up area of 3.5 lac
square feet) and comprises of 4 residential towers with a total
of 405 apartments. APIPL is promoted by Mr. Abhay Kumar Jain, Mr.
Parveen Jain and Mr. Desh Bhushan Jain; and is part of the Angel
group which has been engaged in development of residential and
commercial projects in the Delhi NCR region for over a decade. A
group company, Angel Promoters Private Limited, which is
developing a residential project in Indirapuram (Ghaziabad) and a
commercial project in Sahibabad (Ghaziabad) is rated [ICRA]B.

AKTINOS PHARMA: ICRA Assigns 'BB+' Ratings to INR2.70cr Loans
ICRA has assigned a long-term rating of '[ICRA]BB+' to the
INR2.50 crore fund based facilities and INR0.20 crore non-fund
based facilities of Aktinos Pharma Private Limited. ICRA has also
assigned a short term rating of '[ICRA]A4+' to the INR3.00 crore
non fund based facilities of APPL. The outlook on the long term
rating is Stable.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       2.50     [ICRA]BB+ (Stable) assigned
   Non-fund based limits   0.20     [ICRA]BB+ (Stable) assigned
   Non-fund based limits   3.00     [ICRA]A4+ assigned

The [ICRA]BB+/ A4+ ratings take into account the promoter's
experience of more than 15 years in the bulk drug and
intermediate industry and its established relationship with Mylan
Laboratories Limited, for whom it is an exclusive approved vendor
of Valacyclovir intermediates. ICRA also takes into account the
steady growth in the operating income as the volume of
Valacylcovir intermediates sold to MLL has improved year on year.
The ratings also positively factor in APPL's comfortable gearing
of 0.24 times as on March 31, 2013 resulting into healthy
coverage indicators.

The ratings are however constrained by APPL's low scale of
operations and its presence in low value intermediates segment
with sales of Valacyclovir intermediates to MLL contributing to
more than 80% of the total sales in the last few years. ICRA also
notes that APPL holds 49% stake in a group concern Aktinos
Healthcare Private Limited, to which APPL has lent support of
INR3.92 crore in the past. The risk of further funding support to
this entity by APPL given its recent commencement of operation

APPL was incorporated in the year 2007 by Dr. Murali Krishna and
the commercial operations of the company started in November,
2008. APPL is primarily into the manufacturing of bulk drug
intermediates with about 80% of the total revenues coming from
sale to Valacyclovir intermediates to Mylan Laboratories Limited
in the last 3 years. The company has a manufacturing facility
with a capacity of about 400 TPA in Medak district of Andhra

Recent Results

APPL recorded INR53.52 crore of operating income and a profit
after tax of INR3.25 crore in FY13 on a provisional basis as
against an OI of INR38.63 crore and profit after tax of INR2.19
crore in FY12

CHAWLA SONS: ICRA Rates INR7cr Cash Credit at 'B+'
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR7.0 crore cash credit fund based facilities of Chawla Sons.

   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund based limits-       7.0      [ICRA]B+ assigned
   Cash Credit

   Fund Based limits        3.5      [ICRA]A4 assigned
   Buyer's Credit (Sub-
   Limit of cash credit)

ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR 3.5 crore fund based facilities (sublimit of cash credit
facility) of CS. The ratings are constrained by CS's modest scale
of operations in a fragmented industry with low entry barriers
and its vulnerability associated with the movements in metal
scraps & alloy prices, owing to its commoditized nature, though
partially mitigated by effective pricing and low inventory
levels. The ratings also take into the low value additive nature
of metal recycling business leading to strained profitability
metrics and its leveraged capital structure attributable to low
net-worth against high reliance on working capital borrowings.
The firm's operations are further exposed to adverse forex
movements in the absence of any firm hedging policy though the
reliance on imports at present remains low. ICRA also notes that
CS is a partnership concern and any significant withdrawals from
capital account would further affect the capital structure.

However, the ratings positively factor in the long standing
experience of its partners in the non-ferrous industry and the
presence of secured orders through annual sale contracts which
lends visibility to the revenues of the firm in the near to
medium term. About the Firm: CS promoted by late Mr. Ajitsingh
Chawla initially started its business as proprietorship concern
in 1978. The corporate status of the entity was converted to
partnership firm in 2010. However, the partnership deed was later
revised on November 5, 2012 following the demise of a partner Mr.
Ajitsingh Chawla. CS was initially engaged in trading of
aluminium scrap & metals and gradually in 2008 the firm started
its own manufacturing unit with an installed capacity of 15,600
MTPA for manufacturing aluminum ingots and base alloys. The firm
has its registered office at Thane and manufacturing unit in
Bhiwandi, Maharashtra.

Recent Results:
The firm's has recorded a profit before tax of INR0.4 crore on an
operating income of INR 60.2 crore for the year ending March 31,
2013 (Provisional).

EAST COAST: ICRA Reaffirms 'B+' Ratings on INR3,465cr Loans
ICRA has reaffirmed the long term rating at '[ICRA]B+' for the
term loans and non-fund based facilities of East Coast Energy
Private Limited aggregating to INR3,465 crores.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term loans              3,025    Reaffirmed at [ICRA]B+
   Non-fund based            440    Reaffirmed at [ICRA]B+

ICRA's rating factors in the significant cost overruns at 30% of
the project cost arising out of delay of more than two years in
execution of the project due to suspension of project
construction by MoEF from March, 2011 to April, 2012 and due to
local disturbances from October, 2012 to March, 2013. The rating
is also constrained by the implementation risks owing to the
early stage of the execution, package mode of implementation and
limited track record of the project sponsors in development of
thermal power projects of this magnitude. Further, financing
risks remain as the project is yet to tie-up debt for cost
overruns and a substantial portion of the equity (60%) is pending
to be infused. The rating also factors in the fuel supply risks
owing to shortfall in domestic coal production for linkage coal,
limited track record of imported coal supplier, exposure to
pricing risks after the first 5 years for imported coal and
regulatory risks with respect to coal from Indonesia. Further,
off-take risks arise from the fact that PTC has only tied-up 300
MW and is yet to tie-up firm back to back arrangements for the
rest of the capacity contracted from ECEPL. Overall cost of
generation for ECEPL is expected to be relatively high owing to
escalation in project costs (project cost of INR 6.46 crores per
MW), shortfall in domestic coal supply and use of imported coal.

However, the rating is supported by the availability of the land
required for the main plant area, receipt of major approvals and
re-commencement of project construction from March, 2013 onwards
after resolution of dispute with MoEF and the locals. The rating
draws comfort from the arrangements for coal supply with LoA in
place for domestic coal from Mahanadi Coal Fields, agreement with
Global Fuels Pte Limited for supply of imported coal and from the
ownership of mining assets in Indonesia by one of the sponsor's
(Asian Genco group). Further, comfort is drawn from the LoI
received from APCPDCL for supply of 300 MW, which is expected to
be converted into formal PPA shortly.

ECEPL is developing a 1320 MW (2 X 660 MW) supercritical unit at
Kakarapalli, in Srikakulam District, Andhra Pradesh. The project
sponsors are Asian Genco Pte Limited (18% holding), Cobalt Power
Private Limited (33% holding), Athena Energy Ventures Private
Limited (26% holding), Abir Infrastucture Private Limited (13.5%
holding), PTC India Financial Services Limited (8.10% holding)
and AIP Power Private Limited (1.3% holding). ECEPL has received
all required permits for the construction of the plant,
transmission line and water supply. Land required for the main
plant area has been acquired, while land required for water
pipeline and railway corridor of about 95 acres is pending to be
acquired. The project cost is proposed to be revised from INR
6570 crores to INR 8530 crores owing to the delay in execution.

HARSH ENTERPRISES: ICRA Reaffirms 'BB-' Rating on INR12cr Loans
ICRA has reaffirmed the long term rating of '[ICRA]BB-' for
INR12.00 crore fund based bank facilities of Harsh Enterprises.
The outlook on the long term rating is stable.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       12.00    [ICRA]BB- (stable) reaffirmed

The reaffirmation of the rating continues to take into account
the firm's moderate scale of operations, the highly competitive
and fragmented nature of the footwear industry and vulnerability
of the firm's profitability to raw material price volatility.
Further, the rating also takes into account the relatively high
working capital intensity of business, which has led to the
increase in the interest expenses and the consequent decline in
the profitability.

ICRA also takes into cognizance the high degree of customer
concentration with top three clients accounting for 58% of the
total revenues, risks inherent in a partnership firm such as
limited ability to raise equity capital, and risk of dissolution
due to death/retirement/insolvency of partners. However the
rating continues to draw comfort from the long experience of the
promoters in footwear industry, firm's established relations with
its clients as indicated by steady stream of repeat orders from
existing customers, steady growth of revenues over the years, and
the tax benefits available to the firm on account of being
located in a tax free zone.

Incorporated in the year 2005, Harsh Enterprises is a partnership
firm engaged in the manufacturing of shoe soles. The firm has
been promoted by Mr. Harbhajan Singh and Mr. Harshpal Singh.
Harsh Enterprises has its manufacturing facilities situated in
Sirmour, Himachal Pradesh.

Recent Results

HE reported a net profit after tax of INR 2.02 crore on an
operating income of INR 55.63 crore for FY 2013 as per
provisional results, as against a PAT of 2.42 crore on an
operating income of INR 46.40 crore in FY2012.

MANTRI DWELLINGS: ICRA Raises Rating on INR153.94cr Loan to 'BB+'
ICRA has revised the long term rating assigned to the INR153.94
crore fund based facilities of Mantri Dwellings Private Limited
from '[ICRA]BB' to '[ICRA]BB+'. The outlook on the long term
rating is 'Stable'.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Facilities    153.94    [ICRA]BB+ (Stable)(revised)

The rating action follows the improvement in credit risk profile
of MDPL's parent - Mantri Developers Pvt Ltd (Mantri)*, whose
support was taken into account while assigning the rating to
MDPL. Besides, the rating continues to derive comfort from Mantri
Group's established position in the Bangalore real estate market
and strong booking position in MDPL's ongoing project. Though
Pinnacle project has witnessed relatively sluggish bookings due
to high-ticket size, it is expected to benefit from its good
location, Mantri's brand recognition and good project features.
However, the rating is constrained by MDPL's high debt repayment
commitment over the short term, which along with the fact that
MDPL has provided significant advances to Mantri and its group
companies, has weakened the liquidity position of MDPL. Thus, the
timely cash inflow from Mantri and its group companies to MDPL
remains the key rating sensitivity.

Incorporated in 2007, MDPL was promoted by Mantri to take-over
and develop three land parcels of DSK Southern Projects Pvt Ltd
(DSPPL), a subsidiary of D S Kulkarni Developers Ltd (DSK). MDPL
is currently developing the following three residential projects:
1) Mantri Pinnacle (4.13 lakh sft super built-up area) at
Bannerghatta Road, Bangalore 2) Mantri Glades (2.49 lakh sft SBA)
at Sarjapur Road, Near Wipro, Bangalore 3) Mantri Navratna (2.3
lakh sft SBA) at Chrompet, Chennai

Promoted by Mr. Sushil Mantri in 1999, Mantri Group is a leading
real estate developer in South India with an established brand
name in the Bangalore market. The group is engaged in the
development of residential, commercial, retail and hospitality
projects. It has completed 23 projects in Bangalore comprising
11.03 msf of development, which includes residential, retail and
office space development. In the past, it was focused mainly in
Bangalore residential market (81% of development), but is now
expanding footprints across all asset classes and geographies
such as Pune, Chennai and Hyderabad. It has development rights on
large land bank of over 915 acre having development potential of
over 100 msf, of which 26.21 msf will be launched in near future.
Currently, the group has 11.5 msf space under development through
fifteen projects in residential (69%) and commercial office space
(31%). The group has another ~27.29 msf of upcoming projects,
which includes 16.99 msf of residential development and 10.3 msf
of commercial development. It also provides post-sales service
through its Propcare division, which provides services such as
property management & maintenance, rentals and resales

RAMESHWAR PRASAD: ICRA Assigns 'B+' Ratings to INR7.5cr Loans
ICRA has assigned long term rating of '[ICRA]B+' to the INR7.5
crore(including unallocated) fund based facility of Rameshwar
Prasad Sharma Contractor. ICRA has also assigned short term
rating of '[ICRA]A4' to the INR6.50 crore non fund based facility
of RPS.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Facility       6.25     [ICRA]B+(Assigned)
   Non Fund Based Facility   6.50     [ICRA]A4(Assigned)
   Unallocated               1.25     [ICRA]B+(Assigned)

The ratings draws comfort from long experience of the promoters
in the road construction segment and RPS's status as an AA class
contractor which enables it to bid for contracts of unlimited
amount under Public Works Department (PWD), Rajasthan. The rating
also draws comfort from the pending order book of INR87.82 crore,
which provides revenue visibility in the medium term and moderate
debt coverage indicators which imparts financial flexibility.

The rating is however constrained by modest scale of operations
of the firm and exposure to high project concentration since top
two orders constitute ~88% of the pending order book. The ratings
are also constrained on account of exposure to sectoral and
geographical risks emanating from RPS's pending order book, which
is highly concentrated towards the state of Rajasthan and road
segment. Further, RPS's high dependence on government entities
for orders exposes the company to risks arising out of budgetary
allocation and spending of such government entities. The
partnership constitution of the firm also subjects it to risk of
fund withdrawal.

Going forward, timely completion of the orders while maintaining
the profitability and capital structure will be amongst the key
rating sensitive factors.

Based in Bharatpur, Rajasthan, Rameshwar Prasad Sharma Contractor
is a partnership firm established in the year 1995. In 1997, the
firm was awarded super special class contractor status. Currently
Mr. Rameshwar Prasad Sharma, his wife Mrs. Geeta Sharma and his
son Mr. Anil Sharma serve as the partners in the firm.RPS is
registered as a AA class contractor under Public Works Department
(PWD) of Rajasthan. It undertakes contracts for development, up
gradation and maintenance of roads under PWD, Rajasthan. Apart
from PWD, the firm has also executed contracts under Rajasthan
State Road Development and Construction Corporation (RSRDC) and
from Pradhan Mantri Gram Sadak Yojana (PMGSY).

Recent Results

As per the provisional results for FY13, the firm reported
operating income of INR10.50 crore and net profit of INR0.63

STYLE ONE: ICRA Assigns 'B' Ratings to INR31cr Loans
ICRA has assigned long term rating of '[ICRA]B' to the INR13.4
crore term loans and INR17.6 crore fund based limits of StyleOne
Retail Private Limited. The rating of '[ICRA]D' was previously
Suspended vide the Rating Rationale dated September 4, 2012,
owing to lack of necessary information. The company has now
shared the requisite information, thereby enabling ICRA to assign
the rating to the bank facilities.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans               13.4    [ICRA]B assigned
   Fund Based Limits        17.6    [ICRA]B / assigned

The assigned rating considers the experience of the promoters in
the apparel retail business, improving brand presence of StyleOne
in the Chennai market and the consistent performance of the
company over the years characterized by steady volume and revenue
growth and stable margins. The same has been driven by its
locational advantage and wide product portfolio coupled with the
integrated nature of operations with the presence of the group
across retail as well as wholesale operations providing cost
competitiveness. The rating however is constrained by the
stretched financial profile of the company characterised by high
gearing, inadequate coverage indicators and strained liquidity
position. High working capital intensity in the business coupled
with debt repayment obligations and increasing operating expenses
result in tight cash flow position for the company leading to
periodical over-drawls of its bank facilities. The rating also
factors in the intense competition in the business which
restricts pricing flexibility amidst fluctuating raw material
prices and continuous marketing initiatives undertaken by the
company limiting margin expansion. The ability of the company to
successfully scale up and improve its cash conversion cycle
amidst intense competition would be critical owing to the
moderately high debt repayment obligations in the ensuing years.

StyleOne Retail Private Limited, formerly known as Leela P
Clothing Private Limited, was incorporated in 2007 and is engaged
in the business of readymade garment (RMG) retail business. The
Company benefits from experienced promoters' profile who have
been part of the RMG business for over a decade. The promoters
also have interests in other textile segments including wholesale
business and catering to the requirements of institutional
customers and real estate in Chennai through other promoter owned
entities. The showroom is constructed on land spanning 13,250 sq.
ft with built up area of 26,715 sq. ft (Ground + three floors),
marketing collections of a wide supplier base including designer
wear and branded apparels.

TC SPINNERS: ICRA Upgrades Rating on INR58cr Loans to 'B+'
ICRA has upgraded the long-term rating assigned to the INR58.00
crore fund based facilities of T.C. Spinners Private Limited to
'[ICRA]B+' from '[ICRA]C+'. ICRA has reaffirmed the short-term
rating assigned to INR7.00 crore non-fund based facilities of the
company at '[ICRA]A4'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-Term Fund           58.00   [ICRA]B+ (Upgraded)
   Based Facilities

   Short-Term Non-Fund       7.00   [ICRA]A4 (Reaffirmed)
   Based Facilities

The rating upgrade takes into account the improvement in the
company's financial profile in FY 2013 which was driven by
improvement in the demand for yarn. While the healthy demand had
resulted in an increase in the yarn realization, the cotton
prices were largely stable, which improved the contribution
margin and thereby the operating profitability of the company to
9.24% from 3.31% in the previous year. Satisfactory utilization
of the spinning mill along with improvement in the operating
profitability led to significant improvement in the debt coverage
indicators with OPBDITA/Interest increasing to 2.1 times from 0.5
times, Total Debt/OPBDITA increasing to 5.7 times from 23.7 times
and NCA/Total Debt increasing to 9% from -0.1% in the previous
financial year. Notwithstanding the improvement in the financial
profile, it continues to remain modest, on account of high
leverage and modest profitability levels. Moreover, the liquidity
of the company has remained stretched on account of increasing
working capital requirement, given the healthy revenue growth and
modest accruals; however the company has been able to maintain
satisfactory financial discipline. The rating also takes note of
the susceptibility of the demand and profitability in the
industry to the policy changes in China with respect to release
of cotton reserves and continuation of import duty on cotton. The
assigned rating continues to factor in the considerable
experience of the promoters in the textiles industry and
proximity of the cotton spinning plant to a major agricultural
belt of the country which ensures easy and timely availability of

Going forward, the ability of the company to optimally utilize
its installed capacity, improve its profitability margins,
maintain a prudent capital structure and manage liquidity in the
light of increasing working capital requirements due to
increasing scale of operations & significant schedule debt
repayments will remain the key rating sensitivities.

Recent Results
As per the audited results, the company reported a PAT of INR5.18
crore with an Operating Income (OI) of INR150.19 crore for FY
2013 as against loss of INR1.58 crore with the OI of INR105.67
crore in FY 2012.

TCSPL was incorporated in FY-08 with the acquisition of cotton
spinning facility of Euro Cotspin Limited from Punjab National
Bank under SARFAESI Act. TCSPL is engaged in the production of
spun cotton yarn, polyester yarn and sewing thread at its
facility in Lalru (Punjab) located on main Chandigarh-Ambala
Highway (NH-22). The spinning facility is having an installed
capacity of 30,432 spindles and it can manufacture 10,328 MT of
yarn at an average count of 30s annually. TCSPL is promoted by
Dr. Ajay Satia and his family members with other companies in the
group include - Satia Industries Ltd., rated at [ICRA]BB-
/[ICRA]A4 and Bhandari Export Industries Ltd.

N E W  Z E A L A N D

SOUTH CANTERBURY FINANCE: Chief to Stand Trial on Fraud Charges
Tom O'Connor at APNZ reports that former South Canterbury Finance
chief executive Lachie John McLeod is to stand trial on five
fraud charges in relation to the failure of the company.

APNZ relates that an application by Mr. McLeod to have the
charges against him dismissed under section 347 the Crimes Act
1961 was rejected by Justice Paul Heath in the High Court at
Timaru on August 8.

The reasons for the decision are suppressed, the report notes.

APNZ says the charges against Mr. McLeod are:

   * joining the Crown Guarantee Scheme by deception and
     breaching the rules of the scheme by making an
     advancing NZ$39 million from SCF to Hilltop Hotels;

   * making a false entry in relation to an advance of
     NZ$25 million from SCF to Hilltop Hotels;

   * false accounting and transferring a loan of
     NZ$10 million from SCF to Kelt Finance which was
     then transferred to Southbury; and

   * theft by a person in a special relationship arising
     from a loan of NZ$12 million from SCF to Dairy Holdings.

According to APNZ, Mr. McLeod joined South Canterbury in 1993 and
resigned in 2009, about two years before the company collapsed in
August, 2011 triggering a NZ$1.775 billion taxpayer bailout to
investors under the Government's Crown Retail Deposit Guarantee

Three other former associates, Edward Oral Sullivan, Robert
Alexander White, and Terrence William Hutton face 18 charges
between them in one of the biggest alleged corporate fraud crimes
in New Zealand's history, the report relays.

Messrs. Sullivan and White have denied all charges and Hutton has
yet to enter a plea.

A single count of fraud against former SCF finance officer,
Graeme Robert Brown, was withdrawn on the first day of pre-trial
hearings on August 6, the report adds.

                      About South Canterbury

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

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

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

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


STATS CHIPPAC: Weak First Half Results Support Moody's Ba1 CFR
Moody's Investors Service says STATS ChipPAC's 1H 2013 operating
results were weak, but still support its Ba1 corporate family
rating and senior unsecured rating.

Total reported revenue in 1H 2013 was down 1% year-on-year at
$803 million from $813 million, driven mainly by the 19.1% year-
on-year decrease of its wirebond packaging revenue to $247.2

This decrease was partially offset with higher demand from the
wireless communications market, mainly the result of strong
growth in its smartphone segment.

The decline in its wirebond packaging business -- that includes
the bulk of the personal computers market as well as consumer,
multi-application and others markets -- is a reflection of the
challenges in the personal computers industry.

"However, given the company's focus on the communications market
-- which accounted for 72% of its total revenue in 1H 2013, and
which is isolated from the challenges faced in the personal
computers industry -- we can expect total revenue in 2013 to
remain stable with modest revenue growth of 1%-2%," says Annalisa
Di Chiara, a Moody's Vice President and Senior Analyst.

Following its weaker-than-expected revenue during the year, the
company recorded net operating income of around $18 million for
1H 2013 (excluding bond redemption costs and plant closure costs)
compared to $23 million for 1H 2012.

Last June, STATS ChipPAC announced its plan to close its
Malaysian plant and consolidate its operations in China. The
closure will be conducted over several phases and is expected to
be completed by end-2014.

Moody's expects the closure of the Malaysian plant to achieve
cost savings over the long run. For the twelve-month period ended
June 2013, the company's adjusted EBITDA margin was 24%, which
was similar to its margin in the financial year (FY) 2012.

Moody's expects the company's EBITDA margin to be stable -- in
the range of 24%-25% over the next two years -- as the company
continues to roll out cost savings initiatives despite modest
revenue growth.

"However, the overall impact of the company's weaker performance
on its key interest coverage ratios was less pronounced over the
last twelve months, as it managed to reduce its average interest
rate of its refinancing activities," says Di Chiara, who is also
Moody's Lead Analyst for the company.

In March 2013, STATS ChipPAC issued $611 million 4.5% senior
notes due in 2018 to refinance its $600 million 7.5% senior notes
due in 2015.

As a result, Moody's expects its interest coverage -- measured by
adjusted EBIT/interest -- to improve slightly for FY2013 compared
to 1.8x for FY2012.

STATS ChipPAC continues to maintain a strong liquidity profile,
which is supported by its flexible capital expenditure
requirements and strong cash flow.

Its liquid assets included cash-on-hand of $145 million and
marketable securities of $39 million as of June 2013.

The company has maintained liquid assets in the $200 million
range over the past three years. In addition, the company had
approximately $137 million in undrawn credit facilities as of
June 2013.

The principal methodology used in this rating was the Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd is the fourth largest player in the global
outsourcing semiconductor assembly and test (OSAT) industry. It
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.

S O U T H  K O R E A

* SOUTH KOREA: Troubled Sectors' Maturing Bonds Top KRW2.9 Tril.
Yonhap News Agency reports that South Korea's builders,
shipbuilders, and shippers have to repay maturing bonds worth
KRW2.9 trillion (US$2.6 billion) through October 2013, data
showed August 7, raising woes over their financial health.

The figure accounts for 72.2 percent of their combined maturing
debts of KRW4.02 trillion in the second half, the report relates.

The industry data showed that local builders' maturing debts came
to KRW2.3 trillion through October, trailed by shippers with
KRW280 billion and shipbuilders with KRW250 billion, according to
the report.

Yonhap News relates that the three sectors in South Korea have
emerged as the most vulnerable, according to many experts here
and abroad, as they have been suffering from the economic
downturn, with their profits crimping amid faltering demand.

According to the report, market watchers said October will become
a watershed moment for local builders as they will have to repay
maturing bonds worth KRW1.1 trillion, amid the rising economic
uncertainties that make it harder for them to bear the burden.

The South Korean government, meanwhile, rolled out a set of
measures last month to have state-run financial institutions buy
the bonds issued by local firms so that the companies could face
less risk in refinancing to repay their debts, Yonhap News

The government said the measures are intended to help the three
ailing industries raise necessary funds at a time of sustained
jitters stemming from the global downturn, the report adds.


* Moody's Outlook for Australia REIT Sector Is Stable
Moody's Investors Service sees a stable outlook for the
Australian REIT sector over the next 12-18 months on the
expectation for a still supportive, albeit softening, macro-
economic environment.

"Continued, but lower, growth in GDP in 2013-14, fixed
contractual rent increases and the generally restrained supply of
new properties should continue to support positive rental
growth," says Maurice O'Connell, a Moody's Vice President and
Senior Analyst.

"However, macro-economic risks reflected in subdued business
confidence, patchy demand for white-collar employment and a
challenging retail environment, present increasing headwinds for
the sector, " added O'Connell.

Supporting the stable outlook is Moody's expectation for a slight
increase in underlying net operating income and for steady-to-
slightly higher upward valuations over the next 12-18 months.
Also supporting the stable outlook is the sector's solid
financial profile. Issuers best positioned in their ratings are
GPT (A3/stable) and Goodman (Baa2/stable), whereas Westfield
(A2/negative) is weakly positioned.

"Low cost of debt and low leverage levels provide an incentive
for A-REITs to raise leverage," says O'Connell, adding "This
possibility is enhanced by a number of A-REIT's leverage levels
currently below their own targeted benchmarks". "Re-leveraging in
the current operating environment has the potential to pressure
credit profiles", said O'Connell

O'Connell was speaking on the release of Moody's outlook on the
sector, and which is entitled, "Stable Outlook for Australian
Real-Estate Investment Trusts (A-REITs)."

The report is authored by O'Connell and covers a broad range of
topics, including Key Trends and Rating Implications. Moody's
rates a total of five REITs in Australia with ratings ranging
from A2 to Baa2.

The report says the sector maintains solid debt maturity and
robust liquidity profiles.

"A key supportive feature of the A-REITs credit profiles is their
success in lengthening tenors, diversifying funding sources and
smoothing out maturity profiles," says O'Connell.

* Moody's Sees Lower Profits Ahead for Asian Steelmakers
Moody's Investors Service has changed its outlook for Asia's
steel industry to negative from stable.

"The negative outlook reflects our expectation that Asian steel
manufacturers will report historically low profits over the next
12 months, as demand for steel is expected to weaken in the
second half of this year, owing to destocking and slower economic
growth; particularly in China," says Jiming Zou, a Moody's
Assistant Vice President and Analyst.

"Manufacturers, distributors and customers will reduce their
stocks because of weak demand and excess steel supply in the
Asian market; a move that will put further pressure on the
overall profits of steelmakers," adds Zou.

Zou was speaking on a just-released Moody's report titled,
"Destocking, Weak Demand and Excess Supply Depress Steel
Manufacturers' Profits."

Moody's estimates in its report that demand in Asia will increase
only by around 2%-3% in the 12 months to June 2014, significantly
lower than the 16% compound annual growth rate between 2000 and
2010, because of the Chinese government's shift in emphasis from
infrastructure spending to consumption and the country's slower
GDP growth.

As Moody's report points out, data from the World Steel
Association (WSA) shows that China accounts for over 70% of
Asia's consumption and production of steel.

Figures from the China Iron and Steel Association show that total
inventory levels held by China's major steelmakers remain at
historically high levels.

Moreover, according to the WSA, China's monthly steel production
decreased to 64.7 million tonnes in June from its record high of
67 million tonnes in May.

"Even if inefficient Chinese steelmakers lower production levels
in the second half of this year to stem the losses they are
facing, the reductions will not be enough to improve the supply
and demand imbalances for steel," says Zou.

"In addition, the supply-demand situation will worsen if China's
GDP growth falls," adds Zou.

Moody's report explains that besides profitability, the outlook
for Asia's steel industry is also determined by monitoring
China's Purchasing Managers' Index (PMI). Moody's report points
out that the PMI fell to 50.3 last month from 50.8 in May.
Although the reading in July was up slightly from June's 50.1,
the lowest level in the past nine months, China's PMI remained
weaker than at the beginning of the year. The low reading
indicates very limited expansion in the country's manufacturing

Moody's report further explains that Asian steelmakers will not
benefit from the lower prices of iron ore and coking coal -- the
two main raw materials used in producing steel -- because steel
prices will also fall owing to the weak bargaining power of the
manufacturers against their customers.

Nonetheless, Japanese steelmakers are better positioned than
their Asian peers to maintain or increase their profitability
slightly, because of the depreciating yen and the improving
domestic economy.

By contrast, the profits of Korean steelmakers will fall, due to
a worsening supply-demand imbalance following capacity expansions
by major domestic players, as well as a likely appreciation of
the won against the yen and renminbi, and the weak demand from
Korea's shipbuilding sector, which is one of the key end-users of
domestically produced steel.

According to Moody's report, while Chinese steel mills will
continue to sell products at close to or below breakeven cost,
making them the least profitable of all their Asian peers, the
profits of Indian steel manufacturers are helped by their
management of input costs through their ownership of iron ore

Moody's report concludes by saying that the industry outlook
could be changed back to stable if China's PMI improves and stays
above 50, and if the EBITDA per tonne for the region's largest
steel makers does not deteriorate during the outlook period.

* Large Companies with Insolvent Balance Sheets

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

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


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


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


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


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


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


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


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


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


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


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


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


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

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 ***