TCRAP_Public/130816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 16, 2013, Vol. 16, No. 162


                            Headlines


C H I N A

CHINA HANKING: Fitch Downgrades Issuer Default Rating to 'B+'
CHINA METAL: Hong Kong Police Arrests Fourth Person in Probe
HIDILI INDUSTRY: Moody's Lowers CFR to Caa1; Senior Debt to Caa2
PIONEER IRON: Liquidators Sue Over CNY4.12BB Stolen Shares


I N D I A

ANABELL PAPER: CRISIL Assigns 'D' Ratings to INR100MM Loans
ASTRA INFRAPOWER: CRISIL Rates INR290MM Bank Loan at 'B'
GLOBAL FARM: CRISIL Cuts Rating on INR112MM Term Loan at 'B-'
HARIKRISHNA STEEL: CRISIL Reaffirms 'BB+' Rating on INR70MM Loans
HINDUSTAN EVEREST: CRISIL Assigns 'B-' Ratings to INR45.9MM Loans

KALYANESWARI UDYOG: CRISIL Assigns 'B' Ratings to INR90MM Loans
PATRAN FOODS: CRISIL Reaffirms 'B' Ratings on INR295MM Loans
PN MEMORIAL: CRISIL Upgrades Rating on INR245MM Loans to 'BB+'
RAGHAVA CONSTRUCTIONS: CRISIL Puts 'BB+' Ratings on INR250M Loans
RAGHU EXPORTS: CRISIL Upgrades Rating on INR8.3MM Loan to 'B'

R R OOMERBHOY: CRISIL Cuts Ratings on INR140MM Loans to 'D'
SASOONDOCK MATSYODHYOG: CRISIL Rates INR150MM Bank Loan at 'B'


N E W  Z E A L A N D

BRIDGECORP LTD: Former Chairman Fights Ruling Over Collapse
MEDIAWORKS NZ: Lenders Step Closer to Taking Control of Company


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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C H I N A
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CHINA HANKING: Fitch Downgrades Issuer Default Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded China Hanking's (Hanking) Long-Term
Issuer Default Rating (IDR) and senior unsecured rating to 'B+'
from 'BB-'. The Outlook on the IDR is Stable. The downgrade
reflects Hanking's persistently rising cost of iron ore production
and exposure to heightened country risk for its investment in
Indonesia.

Key Rating Drivers

Persistently worsening cost position: Hanking's irreversible cost
surge was driven by its 2012 acquisition of Shangma mine which
drove up cash production cost by 16% to CNY292/ton in the restated
number in 2011. The rising cost of production was also caused by
an accelerated transition of part of Hanking's mining operations
to underground from open-pit, and by an increase in both raw
material prices and the resource tax (22% higher cash cost in 2012
than in 2011). Fitch estimates that Hanking's iron ore production
cost in 2014 will be 12% higher than in 2012.

Although Hanking's cost is still below the industry average, it is
no longer near the industry's lowest, which had supported its 'BB-
' rating. Coupled with the prevailing weak iron ore average
selling price (ASP), Fitch forecasts Hanking's iron ore production
EBITDAR margin will deteriorate further to below 40% after 2013,
and to 20%-30% around 2015. Hanking's EBITDAR margin fell to 45.8%
in 2012 from 64.2% in 2011. Iron ore ASP fell to CNY830/ton for
Hanking in 2012, a 22% drop YoY.

Fitch expects global iron ore prices to continue falling to reach
USD90/tonne in 2015 and thereafter, due to overcapacity of global
iron ore production.

Heightened country risk: Hanking's newly acquired Indonesian
nickel mines expose the company to significant execution risk and
country risk, as evidenced in Indonesia's new foreign ownership
restriction and raw ore export ban. Foreign ownership in
Indonesian mines must be progressively reduced to no more than 49%
by the 10th year after the license issue.

Indonesian raw ore export ban, which takes effect January 2014,
also presents material risk to Hanking's nickel mining operation,
even though the company is investing in a refinery facility in
Indonesia to secure approval for export quota.

Metal diversification, capacity expansion: Hanking is actively
diversifying its mining portfolio by acquiring nickel and gold
mines, partly to mitigate the profitability deterioration due to
the iron ore price drop. The company plans to spend CNY1bn for the
next five years on nickel ore mining and refinery capacities.
Meanwhile, it is also ramping up iron ore production, with the aim
to increase its iron ore concentrate production to 2.9mt in 2015
from 1.6mt in 2012. The production volume growth could partially
mitigate the adverse effect of falling EBITDAR margin and improve
Hanking's future cashflow generation.

Rating Sensitivities

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

- EBITDAR margin being sustained below 20%; or

- Funds flow from operations (FFO) adjusted net leverage being
  sustained above 2.0x (2012: 0.52x); or

- Sustained material adverse developments in overseas mining
  operations

Positive: No positive rating action is envisaged over the next 18
to 24 months. However, future developments that may collectively
lead to positive rating action include:

- EBITDAR margin being sustained above 40%, and
- FFO adjusted net leverage being sustained below 1.0x, and
- Sustained success in overseas mining operations


CHINA METAL: Hong Kong Police Arrests Fourth Person in Probe
------------------------------------------------------------
Michelle Yun at Bloomberg News reports Hong Kong's police arrested
a fourth person related to the investigation into
China Metal Recycling Holdings Ltd., the company that the city's
securities regulator accused of falsifying sales.

A 47 year-old man surnamed Chun was arrested August 11 on
suspected false accounting and detained for further investigation,
the police said in a statement, according to the report.

Bloomberg said the Securities and Futures Commission won a court
order last month to appoint provisional liquidators to the company
after it found evidence China Metal inflated the size of its
business in its 2009 initial public offering.  Bloomberg says the
liquidator sued Mr. Chun and his wife, Lai Wun Yin, for fraud,
according to a lawsuit filed on July 31 at Hong Kong's High Court.

A 37 year-old man surnamed Fung, a 46 year-old man surnamed Lam
and a 42 year-old woman surnamed Lai were arrested last month
relating to the case. All three are on bail, according police
statements obtained by Bloomberg.

The liquidator's case is HCA1412/2013 and the SFC case is HCCW
210/2013, says Bloomberg.  Both are in Hong Kong's Court of First
Instance, the report relates.

Cosimo Borrelli and Jocelyn Chi Lai-man, from forensic accounting
firm Borrelli Walsh have been appointed as provisional
liquidators.

China Metal Recycling (Holdings) Limited is engaged in the
recycling, processing and marketing of metals, including ferrous
and nonferrous metals, which are the raw materials for a wide
range of metallic end-products. The Company collects scrap steel,
scrap copper and other scrap metals and processes them using
advanced equipment to produce recycled scrap metals. The metals
are classified as ferrous metal, namely iron and steel; non-
ferrous metal, including copper and aluminum, as well as other
materials, including ores, scrap plastic and others.


HIDILI INDUSTRY: Moody's Lowers CFR to Caa1; Senior Debt to Caa2
----------------------------------------------------------------
Moody's Investors Service has downgraded Hidili Industry
International Development Limited's corporate family rating from
to Caa1 from B3, and its senior unsecured debt rating to Caa2 from
Caa1.

The ratings outlook is negative.

This concludes the rating review which commenced on May 15, 2013.

Ratings Rationale:

"The downgrade primarily reflects Hidili's very weak cash flow-
generation ability and heightened refinancing risks, in turn
prompted by persistent operational disruptions to its coal mining
business and lower coking coal prices," says Alan Gao, a Moody's
Vice President and Senior Analyst.

"While its ability to service its maturing debt hinges on the
continuous rolling over of its bank debt and sales of various
assets, there are significant uncertainties in achieving either of
the latter, given the challenging operating environment," adds
Gao.

Based on the company's announcement on June 30, 2013, its 1H 2013
raw coal production dropped by 62% year-on-year to only 780,000
tons from 2.1 million tons.

The drop reflected production losses in Sichuan and Yunnan, where
a series of unrelated mining accidents prompted the local
governments to halt mining in both provinces as they carried out
inspections.

In addition, Moody's notes that the average clean coking coal
price dropped by 19% year-on-year to RMB1078/ton in 1H 2013 from
RMB1,329/ton, highlighting the weak state of demand from the steel
sector.

Moody's expects Hidili's raw coal production to drop substantially
to around 2.0 million tons in 2013 overall from 3.5 million tons
in 2012. Given this outlook, the weak state of coal prices, the
negative outlook for the steel sector in China, revenue will
likely drop by 46% year-on-year to around RMB1.0 billion in 2013
from RMB1.9 billion in 2012.

Accordingly, Moody's expects the company will likely incur
operating losses and only achieve breakeven EBITDA in 2013.

Given such weak earnings, Moody's expects operating cash flow to
remain negative in 2013, necessitating additional external
funding.

Despite the sale of its 50% stakes in various coal mines in Yunnan
for RMB2.4 billion in 2Q 2013, liquidity remains weak. Moody's
estimates that gross debt stood at approximately RMB6.5 billion as
of the end of July 2013, and around 60% of this debt will become
due in the next 12 months.

Although Hidili has a good track record of rolling over short-term
debt, refinancing risk has increased, given its weak operating
performance and the potential impairment of its mining assets,
which are provided to banks as collateral.

The negative outlook reflects the ongoing pressure on Hidili's
financial and liquidity positions from the loss in production and
the sluggish pricing trend for coking coal.

A rating upgrade is unlikely in the near term, given the negative
outlook. However, the outlook could return to stable if the
company improves its operating performance and liquidity profile
by turning around production and/or carrying out large-scale asset
sales.

Downgrade pressure could emerge if: (1) its liquidity risk rises
due to an inability to roll over maturing debt or to dispose of
its mining assets in a timely manner; and (2) its cash flow-
generation ability remains poor owing to persistent disruptions to
its mining activities.

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

Hidili Industry International Development Ltd is a vertically-
integrated coal mining enterprise in southwestern China that
supplies coking coal products to the domestic steel industry.
Hidili was listed on the Hong Kong Stock Exchange in September
2007.


PIONEER IRON: Liquidators Sue Over CNY4.12BB Stolen Shares
----------------------------------------------------------
Toh Han Shih at South China Morning Post reports the liquidators
of Pioneer Iron and Steel Group have sued Diana Chen Ningning, the
granddaughter of a former Chinese minister, her mother and other
parties for CNY4.12 billion (HK$5.16 billion).

They allege this is the amount stolen from the bankrupt company
Ms. Chen previously owned, a writ filed in the High Court states,
according to SCMP.

The report says Ms. Chen, dubbed the "steel princess", is the
granddaughter of the late Lu Dong, the Chinese metallurgy minister
in the 1960s and 70s.  Ms. Chen and her mother Lu Hui are jointly
ranked 72nd on the 2010 Hurun China Rich List with an estimated
US$1.7 billion, SCMP discloses.

The assets the liquidators seek are shares in Shanghai-listed
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech, according to the
writ cited by SCMP.  A Hong Kong company, Pioneer Metals, owns
9.87 per cent of Baotou Steel -- worth CNY5.89 billion given the
firm's market value of CNY59.65 billion on August 5 -- SCMP
discloses citing Baotou Steel's 2012 annual report.

According to the report, Ms. Chen owns 51.1 per cent of Pioneer
Metals, while her mother owns the remainder, corporate records
show.  Ms. Chen is the legal representative of Pioneer Metals,
which was founded in 1995 and had registered capital of
HK$135 million, Baotou Steel's 2007 annual report said.

SCMP says the liquidators alleged Pioneer Iron and Steel should
rightfully own 70 per cent of Pioneer Metals, which means Pioneer
Iron and Steel should indirectly own 6.9 per cent of Baotou Steel,
a stake worth CNY4.12 billion based on Baotou Steel's market
capitalisation on August 5.  The liquidators are seeking to
recover this 70 per cent stake in Pioneer Metals, which they
alleged has been illegally transferred to Ms. Chen and her mother,
the writ states, the report notes.

The liquidators are Roderick Sutton, Asia-Pacific chairman of
advisory firm FTI Consulting, and Stuart Mackellar, managing
partner of restructuring company Zolfo Cooper, according to
government documents cited by SCMP.

In 2010, Pioneer Iron and Steel, which traded iron ore, went into
provisional liquidation owing more than US$516 million to
creditors, the report discloses.

Pioneer Iron & Steel Group Co. Ltd. is an iron and steel company
based in China. It has interests in steel manufacturing,
logistics, holdings, and investments. Its supply chain services
include resources, investment and development, commodity trading,
shipping, and other logistics services.



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I N D I A
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ANABELL PAPER: CRISIL Assigns 'D' Ratings to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Anabell Paper Mills Pvt Ltd.  The rating reflects
instances of delay by Anabell in servicing its term debt; the
delays have been caused by the company's weak liquidity on account
of power shortages in state affecting its operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL D
   Long Term Loan           50       CRISIL D

The ratings also reflect Anabell's below-average financial risk
profile, marked by a highly leveraged capital structure and weak
debt protection metrics, and modest scale of operations. However,
the company benefits from the extensive industry experience of its
promoters in the paperboards segment.

Incorporated in 2006, Anabell manufactures duplex paperboards. The
company's operations are managed by Mr. C Subhasingh.

For 2012-13 (refers to financial year, April 1 to March 31),
Anabell reported, on a provisional basis, loss of INR1.3 million
on net sales of INR126.6 million; the company reported loss of
INR1.1 million on net sales of INR215.0 million during 2011-12.


ASTRA INFRAPOWER: CRISIL Rates INR290MM Bank Loan at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Astra Infrapower Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term      290       CRISIL B/Stable
   Bank Loan Facility

The ratings reflect Astra Infrapower Pvt Ltd's small scale of
operations, and its exposure to industry competition and to its
project risk. These rating weakness are partially offset by the
extensive experience of AIPPL's promoters in the power
transmission and distribution industry.

Outlook: Stable

CRISIL believes that AIPPL will maintain its current business risk
profile on the back of the extensive experience of its promoters
in transmission and distribution industry. The outlook may be
revised to 'Positive' in case of a significant improvement in its
business and financial risk profiles, backed by timely
implementation and high saleability of its ongoing project,
leading to healthy cash accruals on a sustainable basis. The
outlook may be revised to 'Negative' in case of time and cost
overruns in AIPPL's ongoing project or in case of significant
pressure on the AIPPL's liquidity, or in case of any delays for
the company in receiving customer advances, leading to pressure on
revenues and profitability, thereby resulting in the deterioration
of its debt servicing ability.

Incorporated in 2012, AIPPL is promoted by Mr. B Mishra and his
family members, based in Bharuch (Gujarat). The company is engaged
in the power transmission and distribution and real estate
businesses.

For 2012-13 (refers to financial year, April 1 to March 31), AIPPL
reported, on a provisional basis, a net profit of INR3.3 million
on net sales of INR110.7 million.


GLOBAL FARM: CRISIL Cuts Rating on INR112MM Term Loan at 'B-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Global Farm Fresh Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                112      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects the deterioration in GFFPL's
liquidity, with its cash accruals expected to tightly match its
term debt repayment obligations, and high utilisation of its bank
limits to meet its large working capital requirements. CRISIL
believes that GFFPL will need fresh capital from its promoters, or
it would have to register a substantial improvement in its cash
accruals, to alleviate the pressure on its liquidity.

GFFPL started commercial operations in May 2012, and is estimated
to have generated low cash accruals of around INR13 million in
2012-13 (refers to financial year, April 1 to March 31). Though
the company's cash accruals are expected to increase in 2013-14,
they would tightly match its term debt repayment obligations of
INR16 million maturing during the year. Furthermore, GFFPL's
working-capital-intensive operations, as reflected in its
estimated gross current assets (GCAs) of 240 days as on March 31,
2013, have resulted in high average bank limit utilisation of over
84 per cent during the 12 months through June 2013. CRISIL
believes that GFFPL's GCA days will continue to be high, resulting
in large working capital requirements over the medium term.

The rating reflects GFFPL's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of GFFPL's promoters in the food-processing industry.

Outlook: Stable

CRISIL believes that GFFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins, or an improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in GFFPL's profitability margins, or significant
deterioration in its capital structure, most likely because of
larger-than-expected working capital requirements.

Incorporated in December 2010, GFFPL is promoted by Mr. V
Umapathi. GFFPL undertakes food processing; it primarily processes
mango, guava, and banana pulp, and tomato paste. The company
started commercial operations in May 2012.


HARIKRISHNA STEEL: CRISIL Reaffirms 'BB+' Rating on INR70MM Loans
-----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Harikrishna Steel Corporation to 'Negative' from
'Stable', while reaffirming the rating on the same at 'CRISIL
BB+'; the rating on the firm's short-term bank facilities has been
reaffirmed at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL BB+/Negative (Outlook
                                     revised from 'Stable' and
                                     Rating Reaffirmed)

  Letter of Credit          680      CRISIL A4+(Reaffirmed)

The outlook revision reflects CRISIL's belief that HKSC's
financial risk profile, particularly its liquidity, will remain
under pressure over the medium term, on account of the highly
volatile and depreciating Indian rupee and the firm's high outside
liabilities for the ships it has purchased. HKSC has purchased
ships at lower foreign exchange (forex) rate. However, the
repayment of the liabilities will arise in October 2013 and
January 2014. Hence, the firm will have to bear the impact of the
depreciation of the Indian rupee and the stretch will be greater
if the rupee depreciates further; in 2012-13 (refers to financial
year, April 1 to March 31), the firm incurred a forex loss of
around INR72 million. HKSC's financial risk profile has also
weakened, with interest coverage ratio declining to around 2.1
times in 2012-13 in comparison to around 3.3 times in 2011-12. The
adjusted total outside liabilities to tangible net worth (TOLTNW,
adjusted for fixed deposits) ratio of the firm has also remained
quite high at over 7 times as on March 31, 2013.

The ratings continue to reflect HKSC's established track record in
the ship-breaking industry and improved scale of operations. These
rating strengths are partially offset by HKSC's high TOLTNW ratio,
and susceptibility to cyclicality in the ship-breaking industry
and to volatility in steel scrap prices and in forex rates.

Outlook: Negative

CRISIL believes that HKSC's financial risk profile, particularly
its liquidity, will deteriorate further with impact of the rupee
depreciation on its accruals and consequently on its debt
protection metrics. The ratings may be downgraded if HKSC's
operating margin declines significantly, most likely because of
decline in scrap prices, if the firm is unable to recover the cost
of ships purchased because of further depreciation in the value of
the Indian rupee, or if the firm's TOLTNW ratio weaken, causing
its financial risk profile to weaken. Conversely, the outlook may
be revised to 'Stable' if HKSC achieves more-than-expected
profitability, thereby improving its debt protection metrics, and
if it manages its forex exposure prudently, leading to better
accruals.

HKSC, set up in 1997, is being actively managed by Mr. Nikhil
Gupta and his father, Mr. Ashok Gupta. It undertakes ship-breaking
activities at Sosiya, an extension of Alang (Gujarat).

HKSC reported, on a provisional basis, a profit after tax (PAT) of
INR24.2 million on net sales of INR1.6 billion for 2012-13,
against a PAT of INR15.4 million on net sales of INR1.2 billion
for 2011-12.


HINDUSTAN EVEREST: CRISIL Assigns 'B-' Ratings to INR45.9MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Hindustan Everest Tools Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                5.9      CRISIL B-/Stable

   Packing Credit          70.0      CRISIL A4

   Cash Credit             40.0      CRISIL B-/Stable

   Letter of credit &      15.0      CRISIL A4
   Bank Guarantee

The ratings reflect HETL's weak financial risk profile marked low
margins and negative accruals, and the company's small scale of
operations in the highly fragmented hand tools industry. These
rating weaknesses are partially offset by the extensive industry
experience of HETL's promoters.

Outlook: Stable

CRISIL believes Hindustan Everest Tools Ltd will face pressure on
its liquidity over the medium term, as its cash accruals are
expected to tightly match its debt repayment obligations and
because of large incremental working capital requirements. The
outlook may be revised to 'Positive' if the company scales up its
operations and profitability significantly resulting in better
than expected cash accruals and reports improvement in its
financial flexibility driven by increase in its net worth, most
likely through fresh equity infusion. Conversely, the outlook may
be revised to 'Negative' if the company's revenues and
profitability come under pressure or undertakes any large, debt-
funded capex over the medium term.

Hindustan Everest Tools Limited is a public listed company engaged
in manufacturing of hand tools like spanners, wrenches, screw
drivers, etc. HETL was promoted by Late Mr. D P Mandelia in 1963
to manufacture hand tools. In early 1980's, the promoter's sons-
Mr. Shravan Mandelia and Mr. Balgopal Mandelia joined the company
as directors. Currently, the operations of HETL are managed by
them. The company's manufacturing facility based in Sonepat,
Haryana and has a capacity of 1800 tonnes per annum (tpa).

HETL reported on a provisional basis 2012-13 (refers to financial
year, April 1 to March 31) a negative profit after tax (PAT) of
INR15.5 million on net sales of INR364.8 million, against negative
PAT of INR6.6 million on net sales of INR396.5 million for 2011-
12.


KALYANESWARI UDYOG: CRISIL Assigns 'B' Ratings to INR90MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kalyaneswari Udyog Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 56      CRISIL B/Stable
   Cash Credit               34      CRISIL B/Stable
   Letter Of Guarantee        3      CRISIL A4

The ratings reflect KUPL's modest scale of operations in the
intensely competitive packaging industry, vulnerability of
operating margins to volatility in raw material prices, working
capital intensive nature of operations and moderate financial risk
profile marked by modest networth, high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the packaging
industry.

Outlook: Stable

CRISIL believes that KUPL will continue to benefit over the medium
term from its promoters' extensive experience in the packaging
industry. The outlook may be revised to 'Positive' in case there
is significant and sustained improvement in the company's revenues
and profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the company's
revenues or profitability margins or an elongation of its working
capital cycle or larger than expected debt funded capex resulting
in a weakening in its financial risk profile.

KUPL, incorporated in 2010 by Kolkata based Agarwal family, is
engaged in the manufacturing of Polypropylene (PP) and High
Density Polyethylene (HDPE) woven sacks. KUPL has its
manufacturing facility at Kulti (West Bengal).

KUPL commenced commercial operations from January 2011. Mrs. Anita
Agarwal and Mrs. Puja Agarwal are the directors of KUPL. Mr. Vijay
Agarwal (husband of Mrs Anita Agarwal) and Mr. Rakesh Agarwal
(husband of Mrs. Puja Agarwal) oversee the day to day operations
of the company. The key personnel have extensive experience of
more than a decade in this business by virtue of their association
with other units in similar line of business.

For 2011-12 (refers to financial year, April 1 to March 31), KUPL
reported a net loss of INR 5.1 million on net sales of INR129.1
million, against a net loss of INR6.4 million on net sales of
INR16.4 million for 2010-11.


PATRAN FOODS: CRISIL Reaffirms 'B' Ratings on INR295MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Patran Foods
Pvt Ltd continues to reflect the company's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics; large working capital requirements;
susceptibility to volatility in raw material prices and adverse
monsoon conditions; and change in government policies. These
rating weaknesses are partially offset by the benefits that PFPL
derives from its promoters' extensive experience in the rice
industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL B/Stable
   Term Loan                  5      CRISIL B/Stable
   Warehouse Financing      150      CRISIL B/Stable

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
industry. CRISIL, however, believes that PFPL's financial risk
profile will remain constrained during this period because of the
company's highly working-capital-intensive operations. The outlook
may be revised to 'Positive' if PFPL improves its profitability
leading to better cash accruals, or if its capital structure
improves significantly because of capital infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
PFPL reports significant deterioration in its capital structure
because of large, debt-funded working capital requirements or
pressure on its profitability.

Update

PFPL's operating income, estimated at around INR830 million in
2012-13 (refers to financial year, April 1 to March 31), is higher
than that of INR584 million during 2011-12. Increase in PFPL's
operating income is driven by higher capacity utilisation and
export of non-basmati rice in 2012-13 which the company started
undertaking in 2012-13. PFPL's operating margin, estimated at
around 4.9 per cent in 2012-13, has remained in line with that of
2011-12.

PFPL has a weak financial risk profile, marked by weak debt
protection metrics and high gearing. PFPL's interest coverage and
net cash accruals to total debt ratios estimated at 1.2 times and
at 0.02 times, respectively, for 2012-13 continue to remain weak
because of high reliance of the company on short-term debt to fund
its working capital requirements, and because of its moderate
operating margin. PFPL's gearing is estimated at 9.03 times as on
March 31, 2013. CRISIL believes that PFPL's financial risk profile
will continue to remain weak over the medium term because of the
company's substantial reliance on short-term debt to fund its
working capital requirements. PFPL has moderate liquidity, marked
by moderate utilisation of its cash credit limit at an average of
71 per cent for the 12 months ended February 2013; and expected
cash accruals of INR8 million vis--vis its debt repayment
obligation of INR1.2 million in 2013-14.

For 2012-13, PFPL reported an estimated profit after tax (PAT) of
INR2.9 million on estimated net sales of INR830 million; the
company reported a PAT of INR1.1 million on net sales of INR583.8
million for 2010-11.

PFPL was incorporated in 1999 as a private limited company by Mr.
Naresh Kumar Goyal. The company processes and sells basmati and
non-basmati rice.


PN MEMORIAL: CRISIL Upgrades Rating on INR245MM Loans to 'BB+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
PN Memorial Neuro Centre & Research Institute Ltd to 'CRISIL
BB+/Stable' from 'CRISIL BB/Stable.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              130      CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

   Term Loan                115      CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

The rating upgrade reflects improvement in PN's business risk
profile, driven by better-than-expected occupancy of beds at its
hospital, addition of corporate clients, and set up of new units
for burns, maternity care, and kidney transplants. PN's occupancy
rates have improved and remained between 85 and 90 per cent in
2012-13 (refers to financial year, April 1 to March 31). PN's
operating income, therefore, improved by 27.9 per cent to INR951
million in 2012-13 over the previous year. The upgrade also
reflects PN's improved liquidity, supported by stronger cash
accruals, low utilisation of bank limits despite large working
capital requirements, and regular infusions of capital by the
promoters. CRISIL believes that PN will maintain moderate growth
in revenue over the medium term, supported by increasing demand
for its services. Its liquidity is also expected to remain stable
over the medium term.

The rating continues to reflect PN's above-average financial risk
profile and the extensive experience of its promoters in the
healthcare industry. These rating strengths are partially offset
by PN's moderate scale of operations, geographic concentration in
revenue, and large working capital requirements.

Outlook: Stable

CRISIL believes that PN will continue to benefit from its
promoters' extensive experience in the healthcare industry. The
rating may be revised to 'Positive' if PN's revenue and
profitability improve while it maintains a stable capital
structure, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' if occupancy
and profitability at the hospital are lower than expected, or if
deterioration in working capital management or any large, debt-
funded capital expenditure weakens PN's liquidity.

PN began operations in January 2009 by setting up a multi-
specialty hospital under brand, Desun in Kolkata. PN is being
managed by its promoter Mr. Sajal Dutta.


RAGHAVA CONSTRUCTIONS: CRISIL Puts 'BB+' Ratings on INR250M Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Raghava Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term      150.00   CRISIL A4+
   Bank Loan Facility

   Bank Guarantee          1450.00   CRISIL A4+

   Cash Credit               50.00   CRISIL BB+/Stable

   Proposed Long-Term       200.00   CRISIL BB+/Stable
   Bank Loan Facility

The ratings reflect RGC's moderate scale of operations, extensive
experience of its promoters in the civil construction industry,
and its healthy order book. The ratings also factor in the firm's
comfortable financial risk profile, marked by low gearing, and
above-average net worth. These rating strengths are partially
offset by the working-capital-intensive nature of RGC's
operations, geographical concentration in its revenue profile, and
its exposure to intense competition in the tender-based
construction business.

Outlook: Stable

CRISIL believes that RGC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
the company extends its geographical reach and diversifies its
customer base, thus strengthening its business risk profile, and
if its revenues and profitability increase significantly, while it
maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if RGC registers a significant decline in
its revenues and profitability, faces considerable delays in
realisation of receivables, or undertakes a larger-than-expected,
debt-funded capital expenditure programme, thereby weakening its
financial risk profile, particularly its liquidity.

Set up in 2003 as a partnership firm, RGC is a civil contractor
for various government organisations majorly irrigation projects.
The firm is presently managed by Mr. P Srinivasa Reddy and Mr. P
Prasad Reddy. It mainly undertakes irrigation and highway
projects. RGC is based in Hyderabad (Andhra Pradesh).


RAGHU EXPORTS: CRISIL Upgrades Rating on INR8.3MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Raghu Exports India Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase            71.7     CRISIL A4 (Reaffirmed)

   Letter of Credit         15.0     CRISIL A4 (Reaffirmed)

   Packing Credit          160.0     CRISIL A4 (Reaffirmed)

   Term Loan                 8.3     CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in REPL's liquidity,
driven by the prepayment of its corporate loans from non-banking
financial companies (NBFCs), infusion of unsecured loans, and
sufficient cash accruals to meet term debt repayment obligations.
The company has prepaid its corporate loans from India Bulls
Financial Services (availed to repay its ad hoc limit in 2010-11
[refers to financial year, April 1 to March 31]) to the extent of
INR24.3 million, which was partly funded through additional
unsecured loans of INR40 million from promoters in 2012-13.
Furthermore, REPL is expected to generate cash accruals of INR17
million in 2013-14, which will be sufficient to meet its term debt
obligations of around INR6.5 million during the year. However, the
company's average bank limit utilisation remained high at 98 per
cent over the 12 months through June 2013. The rating upgrade also
reflects REPL's improved business risk profile, reflected in a 19
per cent year-on-year increase in turnover in 2012-13 and a stable
operating margin. REPL's operating income increased to INR620
million in 2012-13 from INR512 million in the previous year. The
company has maintained its operating margin at 7.5 to 8.5 per cent
over the past three years.

The ratings continue to reflect REPL's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
small-scale and working-capital-intensive operations, customer
concentration, and susceptibility to volatility in raw material
prices and in foreign exchange rates. These rating weaknesses are
partially offset by the extensive experience of REPL's promoters
in the leather industry.

For arriving at its ratings, CRISIL has treated the unsecured
loans of INR61 million from promoters as on March 31, 2013, as
neither debt nor equity, because the same is expected to be
retained in the business during the currency of REPL's bank loan.

Outlook: Stable

CRISIL believes that REPL will maintain its business risk profile
over the medium term, supported by its promoters' experience in
the leather industry. The company's financial risk profile is,
however, expected to remain weak over this period, marked by high
gearing and weak debt protection metrics, because of its large
working capital requirements. The outlook may be revised to
'Positive' if REPL's scale of operations increases substantially,
while it diversifies its customer profile and improves its capital
structure and working capital management. Conversely, the outlook
may be revised to 'Negative' if the company's operating margin
declines, or if its capital structure weakens, most likely because
of increase in working capital borrowings or larger-than-expected,
debt-funded capital expenditure.

REPL was incorporated in 2003. The company manufactures and
exports finished leather and other products, including leather
tool bags, cotton/canvas tool bags, polyester tool bags, leather
garments, and leather upholstery. Earlier, REPL was a partnership
firm started by Mr. Praveen Kumar in 1986.

REPL has reported, on a provisional basis, a net profit of INR4.0
million on net sales of INR578.5 million for 2012-13; it had
reported a net profit of INR3.8 million on net sales of INR486.5
million for 2011-12.


R R OOMERBHOY: CRISIL Cuts Ratings on INR140MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R R Oomerbhoy Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             123.3     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                16.7     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by RRO in
servicing its debt; the delays have been caused by the company's
weak liquidity. RRO has weak liquidity, marked by low cash
accruals and large working-capital requirements, resulting in high
utilisation of its bank limits.

RRO also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics, and is exposed to
risks related to intense competition in the edible oil industry.
However, the company benefits from the extensive experience of its
promoters in the edible oil industry and funding support received
from them.

RRO was incorporated in 1992, promoted by Mr. Rashid Oomerbhoy, a
third generation member from the family of Mr. Ahmed Oomerbhoy.
The operations are currently managed by Mr. Rashid Oomerbhoy along
with his son Mr. Riyad Oomerbhoy and daughter Mrs. Roohi
Oomerbhoy. RRO is engaged in refining and selling edible oils and
also in trading in international pasta and cheese brands such as
Barilla, Boursin and Auricchio.


SASOONDOCK MATSYODHYOG: CRISIL Rates INR150MM Bank Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sasoondock Matsyodhyog Sahakari Society Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       150      CRISIL B/Stable
   Bank Loan Facility

The rating reflects SMSSL's modest scale of operations and
working-capital intensive nature of activity coupled with
susceptibility of operating margins to level of fiscal incentives.
These rating weaknesses are partially offset by extensive
experience of SMSSL's promoters in the seafood industry.

Outlook: Stable

CRISIL believes that SMSSL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the sea food processing industry. The outlook
may be revised to 'Positive' if SMSSL's financial risk profile
improves significantly driven by higher-than-expected revenues and
profitability, while improving its working capital cycle and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals decrease significantly
resulting in deterioration in SMSSL's financial risk profile.

Established in 1996, Sasoondock Matsyodhyog Sahakari Society Ltd.
(SMSSL) is a co-operative society engaged in processing and
exports of various types of seafood products. SMSSL primarily
deals in different types of fishes and squids. Its products are
mainly exported to the US and Europe. The society started by Mr.
Keshav Koli, has its processing facilities at Uran (Maharashtra).

SMSSL reported a net loss of INR34.5 million on net sales of
INR255 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR2 million on
net sales of INR364 million for 2010-11.



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


BRIDGECORP LTD: Former Chairman Fights Ruling Over Collapse
-----------------------------------------------------------
Laura Walters at stuff.co.nz reports that the Law Society's
Auckland Standards Committee said the millions of dollars lost by
thousands of Bridgecorp Ltd investors was a factor in its former
chairman having been found to have brought the legal profession
into disrepute.

According to the report, former Bridgecorp chairman Bruce Davidson
is appealing a decision by the New Zealand Lawyers and
Conveyancers Disciplinary Tribunal last year that his convictions
over the finance company collapse brought the legal profession
into disrepute.

stuff.co.nz relates that Mr. Davidson, who has practised as a
lawyer for 50 years, is appealing that decision in the High Court
in Auckland before Justice Brendan Brown.

In 2011 Mr. Davidson admitted 10 charges of misleading Bridgecorp
investors and was sentenced to nine months' home detention and 200
hours' community service, and ordered to pay NZ$500,000 in
reparations.

According to stuff.co.nz, Auckland Standards Committee lawyer
Peter Davey said Mr. Davidson's part in the loss of millions of
investor dollars had a tendency to bring the legal profession into
disrepute in the eyes of the public.

"The public would have expected a senior leadership practitioner
to have done better in these circumstances," the report quotes Mr.
Davey as saying.

stuff.co.nz relates that Mr. Davey said it did not matter why Mr.
Davidson undertook the offending.  However, the consequences from
that offending and convictions were relevant, he said.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


MEDIAWORKS NZ: Lenders Step Closer to Taking Control of Company
---------------------------------------------------------------
BusinessDesk reports that the lending syndicate to broadcaster
MediaWorks NZ is a step closer to taking control, two months after
tipping the company into receivership.

Receivers Brendon Gibson and Michael Stiassny of KordaMentha said
they have signed a conditional sale and purchase agreement with a
new holding company for the broadcaster, BusinessDesk relates.
According to the report, the new structure will see US private
equity firm Oaktree Capital emerge as the biggest shareholder with
26.7 per cent.  Lender RBS will hold 21.9 per cent, private equity
firm TPG Capital 15.7 per cent, Westpac Banking Corp and Rabobank
each will hold 14.6 per cent, and JP Morgan will hold 6.5 per
cent, BusinessDesk relates.

According to BusinessDesk, the deal is expected to settle on
September 30, and will see the broadcaster's assets transferred to
a new company chaired by Australian businessman Rod McGeoch.
Former Eyeworks Touchdown boss Julie Christie, best known in
New Zealand for a string of reality TV series, and ex-PBL director
Martin Dalgleish will join him on the board, the report says.

"At the outset of the receivership, we focused on ensuring a swift
transition of the business to a new owner to provide certainty for
the management team, staff, customers and suppliers," BusinessDesk
quotes Mr. Gibson as saying. "Today's announcement is an important
milestone toward selling and transitioning the business."

BusinessDesk relates that the June appointment of the receivers
was to oversee a restructuring plan where the broadcaster's assets
would be placed in a new entity owned by the debt holders, though
they were obliged to entertain any bids.

The deal ended Ironbridge's involvement in the business since its
debt-funded purchase of CanWest's 70 per cent stake in 2007
valuing the broadcaster at some $741 million, BusinessDesk notes.

The new capital structure will cut the broadcaster's debt to less
than NZ$100 million, the report adds.

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, 2013, 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.



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


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

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

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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