---

        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

          Wednesday, January 16, 2013, Vol. 16, No. 11


                            Headlines


A U S T R A L I A

SMART ABS 2013-1US: Fitch Rates AUD12.15MM Class E Notes 'BB'


C H I N A

TEXHONG TEXTILE: Moody's Affirms 'Ba3' CFR; Outlook Stable
* Chinese Small-Sized Scooter Firms May Face Merger or Bankruptcy
* CHINA: Telcos May Face Higher Regulatory Risks, Fitch Says


H O N G  K O N G

BARRICK POWER: Creditors' Proofs of Debt Due Feb. 14
CREDIT SUISSE: Creditors' Proofs of Debt Due Feb. 14
DOUBLETREE PRODUCTIONS: Creditors' Proofs of Debt Due Feb. 14
EXCEL PROPERTIES: Creditors' Proofs of Debt Due Feb. 14
HAPPY CHARITY: Members' Final Meeting Set for Feb. 8

MORGAN STANLEY: Briscoe and Wong Step Down as Liquidators
QUEEN MARY: Creditors' Proofs of Debt Due Feb. 18
THADDEUS CAPITAL: Moyes and Ho Step Down as Liquidators
TMAX SOURCING: Briscoe and Wong Step Down as Liquidators
WALDRON LIMITED: Creditors' Proofs of Debt Due Feb. 10


I N D I A

BRITEX ENGINEERING: CRISIL Ups Rating on INR80MM Loans to 'BB-'
CREATIVE EDUCATIONAL: CRISIL Assigns 'B-' Rating to INR70MM Loans
DECCAN CHRONICLE: Axis Bank Seeks Payment of Additional INR9.69cr
GLOBAL TRADING: CRISIL Cuts Rating on INR80MM Loan to 'BB-'
G. P. OIL: Delays in Interest Payment Cues CRISIL Junk Ratings

IDT CLOTHING: CRISIL Rates INR8MM Term Loan at 'CRISIL B'
KISHOR SORTEX: CRISIL Puts 'B+' Rating on INR110MM Loans
KRYPTON INDUSTRIES: CRISIL Cuts Rating on INR72.7MM Loans to 'B+'
M.P. SHAN: CRISIL Upgrades Rating on INR424.3MM Loans to 'BB'
NEELKANTH INFRACON: CRISIL Assigns 'B+' Rating to INR100MM Loan

P. K. FOUNDATION: Delay in Loan Payment Cues CRISIL Junk Rating
SARATHY MOTORS: CRISIL Puts 'BB-' Rating on INR90MM Cash Credit
SUZLON ENERGY: Lenders Demand Equity Raise, Repower Sale
TKV MARKETING: CRISIL Places 'BB' Rating on INR30MM Loans
VMS INDUSTRIES: CRISIL Places 'BB+' Rating on INR100MM Loan


N E W  Z E A L A N D

FELTEX CARPETS: Liquidators' Case Against E&Y May Start in Sept.
PUBLICIS MOJO: NZ Closure No Impact on Australian Operations


P H I L I P P I N E S

BAYAN TELECOM: Wins Time to Get Court OK of Frequency-sharing


S I N G A P O R E

JCP SERVICE: Court to Hear Wind-Up Petition Feb. 1
OREGON INVESTMENT: Court Enters Wind-Up Order
PWR CONSTRUCTION: Court to Hear Wind-Up Petition Jan. 18
RACING TECHNOLOGY: Court to Hear Wind-Up Petition Jan. 25
SPIROX CORP: Creditors' Proofs of Debt Due Feb. 11

* Fitch Says SG Property-Cooling Measures Curb Risks for Banks
* Moody's Says Asia-Pacific Credit Fundamentals Resilient


T H A I L A N D

THAICOM GROUP: Mfone Unit Files for Insolvency


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


SMART ABS 2013-1US: Fitch Rates AUD12.15MM Class E Notes 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2013-1US Trust's
(SMART) notes expected ratings.  The transaction is a
securitisation backed by Australian automotive lease receivables
originated by Macquarie Leasing Pty Limited.

USD100m Class A-1 notes: 'F1+(EXP)sf'
USD130m Class A-2 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
USD139m Class A-3 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
USD131m Class A-4 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
AUD5.942m Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD19.717m Class C notes: 'A(EXP)sf'; Outlook Stable
AUD13.504m Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD12.155m Class E notes: 'BB(EXP)sf'; Outlook Stable
AUD8.103m seller notes: not rated

The final ratings are contingent on receipt of final documents
conforming to information already received.

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART ABS Series 2013-1US Trust. The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

The expected ratings of the Class A notes are based on the
quality of the collateral; the 11% credit enhancement provided by
the subordinate Class B, C, D, and E notes; the unrated seller
notes and excess spread. They also reflect the liquidity reserve
account sized at 1% of the aggregate amount of the notes at
closing; the interest rate swap arrangement the trustee has
entered into with Macquarie Bank Ltd ('A'/Stable/'F1'); the
currency swap arrangement the trustee has entered into with
Australia & New Zealand Banking Group ('AA-'/Stable/'F1+') and
Macquarie Leasing Pty Ltd's lease underwriting and servicing
capabilities.

The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

"The transaction benefits from a highly diverse portfolio in
terms of both obligor and regional concentration and is very
similar, in both portfolio characteristics and structure, to
other SMART ABS Series issued in 2011 and 2012 into the US
market," said Courtney Miller, Analyst in Fitch's Structured
Finance team.

At the cut-off date, Macquarie Leasing's representative
collateral portfolio consisted of 30,708 leases totalling
AUD1,063m with an average size of AUD34,620. The pool comprises
passenger and light commercial vehicle lease receivables from
Australian residents across the country, consisting of amortising
principal and interest leases with varying balloon amounts
payable at maturity.

The main industry exposures include property and business
services (36.6%); government, administration & defence (15.6%);
health & community services (9.8%); other industries (8.2%);
transport & storage (7.8%); and construction (6.9%). The weighted
average balloon payment for the portfolio is 26% of the original
lease balance. The majority of leases consist of novated
contracts (61.3%), where the lease is novated to the employer in
salary packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.3% and 1.8%, and between
0.5% and 5%, respectively.

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding presale report entitled "SMART ABS Series 2013-
1US Trust", available on www.fitchratings.com or by clicking on
the above link. Included in a corresponding presale appendix is a
description of the representations, warranties, and enforcement
mechanisms.



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


TEXHONG TEXTILE: Moody's Affirms 'Ba3' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook for Texhong Textile Group Limited's Ba3 corporate family
and senior unsecured debt ratings.

At the same time, Moody's has affirmed both ratings.

Ratings Rationale

"The stable outlook reflects Texhong's ability to gradually
recover its profit margin to a level close to that for 2008 in an
environment of declining cotton prices," says Alan Gao, a Moody's
Vice President and Senior Analyst.

Texhong was able to fully absorb its high-cost cotton inventory
in 2H 2011. Thus its gross margin improved to 13.4% in 1H 2012
from a loss position in 2H 2011.

While international cotton prices dropped more by almost 60%,
Texhong's average selling price for yarn products, which account
for 80% of the company's revenue, dropped a more restrained 12%
to RMB25,296/ton in 1H 2012 from RMB28,857/ton in 2H 2011.

Moody's expects cotton prices to stabilize in the next 12 months
as well as yarn prices in China. Accordingly, Texhong will likely
maintain its gross profit margin of 12 -- 15%, which will in turn
stabilize its credit metrics.

With improving profit margins, Moody's expects it to show better
credit metrics -- adjusted debt/ EBITDA of 2.5x -- 3.0x and
EBITDA/interest of 3.5x -- 4.0x in the next 12 -- 18 months --
which will position the company in the low Ba level.

"Moreover, its expansion in Vietnam will provide some additional
buffer to its exposure to cotton price risk," adds Mr. Gao.

This expansion in Vietnam has allowed the company to secure lower
cotton prices, which have been a key driver for its margin
improvements in 2012.

China's domestic cotton prices have been higher than
international prices as the Chinese government imposes import
restrictions aimed at protecting local farmers. Since 2H 2011,
the gap between domestic and international prices has widened to
historical highs.

Vietnam can offer lower prices because it does not impose quota
restrictions or tariffs on imported cotton, and textile exports
from Vietnam to China are subject to a favorable tariff regime
under the China-ASEAN Free Trade Agreement.

Texhong plans to allocate 40% of its capacity to its Vietnam
facilities which will strengthen its cost competiveness in
China's fragmented textile sector, where its domestic peers are
struggling with still weak demand and high production costs.

Texhong's liquidity profile is adequate. As of June 2012, the
company maintained a RMB589 million cash balance, covering 64% of
RMB994 million in debt due in the next 12 months. Of this total,
87% were bank bills payable.

At the same time, the company held around RMB600 million in bills
receivable, which could be discounted for cash. It had total
committed banking facilities of RMB522 million to finance its
procurement of materials.

The stable outlook reflects Moody's expectation that Texhong will
maintain its gross profit margin at around 15% or higher and that
it will be able to ramp up its facilities in Vietnam to further
strengthen its cost competitiveness.

The rating could be upgraded if it continues its track record of
growth, while maintaining its profitability and stable financial
profile. Moody's would also expect to see an improved debt
maturity and liquidity profile. Furthermore, Moody's will
consider debt/EBITDA consistently below 2.5x and EBITDA margin
consistently above 13-15% as an indication for a possible
upgrade.

The rating could be downgraded if Texhong: (1) fails to maintain
its EBITDA margin at 10% or above, (2) adopts an aggressive
cotton-procurement strategy, which exposes it to a greater risk
of cotton-price fluctuations, (3) incurs sizable bad debt in its
accounts receivable that affects its liquidity and profitability,
(4) accumulates excessive inventory that burdens its cash
conversion and liquidity, and/or (5) engages in large-scale debt-
financed expansion projects.

Moody's would also consider a rating downgrade if adjusted
debt/EBITDA exceeds 4.0x-4.5x on a consistent basis.

The principal methodology used in this rating was the Global
Manufacturing Industry Methodology published in December 2010.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group specializes in producing core-
spun yarn and textile products. The company currently operates 12
yarn production bases: 11 in the Yangtze River Delta region in
China and one in Vietnam. Its chairman, Tianzhu Hong, holds a
52.2% stake and is the majority shareholder of the company.


* Chinese Small-Sized Scooter Firms May Face Merger or Bankruptcy
-----------------------------------------------------------------
The "Research on China's Electric Scooter Industry, 2012-2017"
and "China Electric Bicycle Industry Report, 2012-2015" reports
provide an overview of current as well as future market
conditions for electric scooters and bicycles manufactured in
China.

Currently, Europe, the United States, Japan and China & Taiwan
are the main regions engaged in the development of electric
scooters. In fact, European countries, the United States and
Japan have paid attention to the social problem of the elderly
population for a long time, and have developed electric
wheelchairs for the elderly and the disabled who have weak
walking ability.

The United States is the largest electric scooter market all over
the world and the demand volume accounts for more than 50%;
Europe is the second largest market; Japan and China mainland are
the emerging markets, and the fast growth rate is worth the
attention of the relevant enterprises.

Companies Mentioned in this report include: Feishen Group Co.,
Ltd., Jinhua ACEME Electric Co., Ltd, Zhejiang Ripu Electronic
Science and Technology Co., Ltd., Wisking Electromechanical
Product Co., Ltd. and Xuzhou Maston Mobility Co., Ltd.

The information in this report is sourced from the National
Bureau of Statistics, China Customs and relevant industry
associations and the data covers market scale, supply and demand,
market competitions, business performance of key enterprises and
their market share and industrial forecast.  It provides
enterprises with decision-making references.

Chinese electric bicycle manufacturers went through a painful
ordeal in 2011.  The circular for rectifying the electric bicycle
industry issued by the Ministry of Public Security, the Ministry
of Industry and Information Technology, the State Administration
for Industry and Commerce, and General Administration of Quality
Supervision, Inspection and Quarantine, the rising price of raw
materials like lead-acid batteries and the slowly growing demand
because of market saturation depressed the electric bicycle
industry into low-speed development from a boom in 2010.  The
output of electric bicycles increased by only 4.8% YoY to 30.96
million units in 2011, with the growth rate slipping by 28
percentage points over 2010.  The slow growth almost continued
into 2012.

Amid the overall industry downturn, the strong get stronger and
the weak fade away, with the acceleration of industry
consolidation.  The leaders like Yadea, AIMA and Xinri have
started to further expand the market share by virtue of their
edges in capital, technology, production scale and brand
influence, while a large number of small-sized firms see the
squeezed market space and plummeting market share and may face
merger or bankruptcy.  As a whole, the industry also embraces
golden opportunity for development, though the majority of
enterprises encounter a crisis.  Firstly, the quality of such
components as batteries and motors needs to be improved, and the
energy-saving and environment-friendly features of Chinese
electric bicycle products wait to be enhanced.  Once these
problems are addressed, the enterprises will rid themselves of
the intense homogeneous competition, enhance their product
profitability and effectively explore the international market;
secondly, the uncertainty of domestic industrial policy and the
imperfect management system hamper the industry development.  As
the State improves the management mechanism of the electric
bicycle and issues new standards for product quality, the Chinese
electric bicycle industry will enjoy huge development space.

The report "China Electric Bicycle Industry Report, 2012-2015"
not only introduces the electric bicycle industry in China,
Europe, the United States and Japan, but also highlights the
electric bicycle business of 28 domestic manufacturers including
Jiangsu Yadea, Jiangsu Xinri, AIMA Hi-tech, Shanghai Lima and
Shandong Bidewen, etc.

ReportsnReports.com is an online market research reports library
of 200,000+ in-depth studies of over 5,000 micro markets.  Its
database includes reports by leading publishers from across the
globe.


* CHINA: Telcos May Face Higher Regulatory Risks, Fitch Says
------------------------------------------------------------
Fitch Rating cautions that China's telecoms industry may face
growing regulatory risks as the government consults on proposals
to force incumbents to open their networks to mobile virtual
network operators (MVNOs).

This proposal in itself is unlikely to significantly affect the
cash flows of China Mobile Limited (CML, 'A+'/Stable), China
Telecom Corporation Limited (CTCL, 'A'/Stable) and China Unicom
(Hong Kong) Limited.  The MVNO business model has not been
successful globally with only a handful of MVNO operators, such
as Virgin Mobile and Boost Mobile, being major surviving
entities. Fitch believes that China will not be an exception and
the introduction of MVNOs may not raise mobile competition
significantly. Smartphone distributors are the most likely MVNO
entrants.

However, CML's and CTCL's credit ratings may be affected if this
development signals the beginning of a series of regulatory moves
that may impinge on the incumbents' profitability. In this
respect, Fitch points to the Ministry of Industry and Information
Technology's plans to adjust interconnection policies, expand
mobile number portability trials and tighten supervision and
regulations over China's internet industry in 2013. The agency
believes that any reduction in fixed-line and broadband
interconnection rates may exert pressure on CTCL's and CUHKL's
profit margins, and a potential introduction of asymmetric
mobile-to-mobile interconnection rates may hurt CML's
profitability.

Fitch also believes that there is a 50% chance of the government
accelerating the schedule for long-term evolution (LTE)
licensing, possibly by late 2013 or early 2014. Given China's
national hi-tech strategy, both CML and CTCL may face the risk of
being tasked to adopt China's homegrown 4G technology - the time
division long-term evolution (TD-LTE) - which has limited global
scale and suffers from a less than mature eco-system. However,
Fitch is positive on the chances of CTCL being awarded the
globally deployed frequency division duplexing long-term
evolution (LTE FDD) standard as its main 4G technology. The
agency also does not rule out the less-than-ideal possibility
that CTCL may be awarded both LTE FDD and TD-LTE, which may lead
to duplication of networks and inefficient capex.

Finally, Chinese telecoms operators may face the challenge of an
on-going value-added tax (VAT) reform that is being rolled out
across certain parts of the service sector in select cities.
While the VAT reform - if extended to the telecoms sector -
should not increase operators' overall tax burden, the outcome
remains uncertain.



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


BARRICK POWER: Creditors' Proofs of Debt Due Feb. 14
----------------------------------------------------
Creditors of Barrick Power Gold Corporation of China Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 14, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


CREDIT SUISSE: Creditors' Proofs of Debt Due Feb. 14
----------------------------------------------------
Creditors of Credit Suisse Futures (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Feb. 14, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 28, 2012.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


DOUBLETREE PRODUCTIONS: Creditors' Proofs of Debt Due Feb. 14
-------------------------------------------------------------
Creditors of Doubletree Productions (RHG) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 14, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 2, 2013.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


EXCEL PROPERTIES: Creditors' Proofs of Debt Due Feb. 14
-------------------------------------------------------
Creditors of Excel Properties Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 14, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 7, 2013.

The company's liquidator is:

         Cheng Seng Chong Edward
         Room 1802, Harbour Centre
         25 Harbour Road
         Wanchai, Hong Kong


HAPPY CHARITY: Members' Final Meeting Set for Feb. 8
----------------------------------------------------
Members of Happy Charity for Public Foundation Limited will hold
their final general meeting on Feb. 8, 2013, at 3:00 p.m., at
Room 10, 16/F, Parklane Centre, 25 Kin Wing Street, Tuen Mun,
N.T., in Hong Kong.

At the meeting, Pui Chiu Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MORGAN STANLEY: Briscoe and Wong Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Morgan Stanley Properties Hong Kong Limited on Dec. 31, 2012.


QUEEN MARY: Creditors' Proofs of Debt Due Feb. 18
-------------------------------------------------
Creditors of Queen Mary Hospital Doctors' Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 18, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 7, 2013.

The company's liquidator is:

         Tsang Wai Kit
         6/F, May May Building
         Nos. 683-685 Nathan Road
         Mongkok, Hong Kong


THADDEUS CAPITAL: Moyes and Ho Step Down as Liquidators
-------------------------------------------------------
Paul David Stuart Moyes and Ho Siu Pik stepped down as
liquidators of Thaddeus Capital Management (HK) Limited on
Dec. 27, 2012.


TMAX SOURCING: Briscoe and Wong Step Down as Liquidators
--------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Tmax Sourcing Limited on Dec. 31, 2012.


WALDRON LIMITED: Creditors' Proofs of Debt Due Feb. 10
------------------------------------------------------
Creditors of Waldron Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 10, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 7, 2013.

The company's liquidator is:

         Damien Aquinas Laracy
         2102, Tower Two, Lippo Centre
         89 Queensway, Admiralty
         Hong Kong



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


BRITEX ENGINEERING: CRISIL Ups Rating on INR80MM Loans to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Britex
Engineering Works to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            73.5     CRISIL BB-/Stable
   Long-Term Loan          4       CRISIL BB-/Stable
   Packing Credit         70       CRISIL A4+
   Proposed Long-Term      2.5     CRISIL BB-/Stable
   Bank Loan Facility

The rating upgrade reflects the improvement in Britex's liquidity
due to the recent enhancement in its bank lines coupled with
healthy cash accruals because of maintenance of moderate
profitability. The upgrade also factors in the firm's sustained
strong business risk profile supported by steady exports, which
have offset the lull in the domestic market. Britex is expected
to register a revenue growth in line with the past trend while
maintaining its operating profitability, in 2012-13 (refers to
financial year, April 1 to March 31).

The ratings also reflect the extensive experience of Britex's
partners in manufacturing flanges, and its moderate financial
risk profile, marked by moderate gearing and strong debt
protection metrics, though constrained by a modest net worth.
These rating strengths are partially offset by Britex's small
scale of operations and large working capital requirements.

Outlook: Stable

CRISIL believes that Britex will continue to benefit over the
medium term from the extensive industry experience of its
promoters and stable demand for its products in the export
markets, thus consolidating its business risk profile. The
outlook may be revised to 'Positive' if Britex is able to ramp up
its business while improving its profitability, primarily backed
by its new products' sales. Conversely, the outlook may be
revised to 'Negative' if the firm is unable to improve its
capacity utilization levels, or if its debt levels increase, most
likely because of a stretched working capital cycle or
unanticipated debt-funded capital expenditure.

                          About Britex

Britex was established in 1973 by Mr. Yogesh Kadakia, his two
brothers, and his brother-in-law to manufacture pipe flanges. The
firm manufactures forged flanges and other generalised pipe
fitting components, which are used in various industries,
including petrochemicals, oil, fertilisers, and infrastructure.
The firm's plant in Navi Mumbai (Maharashtra) has a capacity of
350 tonnes per month.


CREATIVE EDUCATIONAL: CRISIL Assigns 'B-' Rating to INR70MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Creative Educational Society.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan          60      CRISIL B-/Stable
   Overdraft Facility      10      CRISIL B-/Stable

The rating reflects CES's stretched receivables, exposure to
intense competition, and susceptibility to changes in regulation
in the education sector. These rating weaknesses are partially
offset by CES's above average financial risk profile, marked by
healthy debt protection metrics and capital structure and its
established regional market position.

Outlook: Stable

CRISIL believes that CES will continue to benefit from its
established regional market position and healthy profitability.
The outlook may be revised to 'Positive' if the society increases
its scale of operations substantially, most likely by increasing
the number of courses it offers or by extending its geographical
reach in addition to a sustainable improvement in its realization
of receivables. Conversely, the outlook may be revised to
'Negative' if the society undertakes any large debt-funded
capital expenditure programme resulting in deterioration in
financial risk profile or faces any adverse regulatory change,
resulting in significant decline in its student intake or its
cash accruals.

Established in 2005, Creative educational society (CES) runs two
colleges offering undergraduate courses in engineering and
pharmacy and post graduate courses in pharmacy. The day-to-day
operations of the society are managed by its Chairman - Mr. S.
Rama Subbha Reddy.

For 2011-12 (refers to financial year, April 1 to March 31), CES
reported a surplus of INR 22.8 million on net income of INR 76.8
million; the university reported a surplus of INR13.8 million on
net income of INR 55.74 million for 2010-11.


DECCAN CHRONICLE: Axis Bank Seeks Payment of Additional INR9.69cr
-----------------------------------------------------------------
The Times on India reports that Axis Bank, which had earlier
approached the Debt Recovery Tribunal (DRT) in Hyderabad seeking
recovery of INR418 crore it gave to the beleaguered Deccan
Chronicle Holdings Ltd, has now filed an interim application
seeking recovery of another INR9.69 crore.

According to the report, Axis Bank said it gave the money to DCHL
when the company was desperately seeking money to make payments
to its erstwhile Deccan Chargers in October 2012.  With this, the
bank has said that its total loan exposure to DCHL went beyond
INR427 crore, the report relays.

Along with DCHL, TOI notes, Axis Bank made company promoters T
Venkatram Reddy and Vinayak Ravi Reddy as respondents to the
plea.  Canara Bank, another lender bank that is also looking into
the DCHL financial fiasco as a forensic auditor, was also made a
respondent.

TOI says the DRT had earlier issued show cause notices to DCHL
and its promoters asking them to respond to the earlier plea of
Axis Bank.  In its latest interim plea, the bank had sought
immediate attachment of Venkatram Reddy's flat in Pentagoan block
in Road No 12, Banjara Hills and his 1,050 sq yards plot also in
Road No 12, Banjara Hills. Axis Bank also sought the attachment
of Vinayak Ravi Reddy's building in Jubilee Hills Colony , DCHL's
seven-acre land in Kollur in Medak district, and a house on 1,066
sq yards in Road No 14, Banjara Hills.

According to TOI, B S Phaneendra, Axis Bank's assistant vice-
president, who filed the interim plea, said DCHL and its
promoters were in a financially crippled state and various
financial institutions and banks had already initiated legal
action against the company.  TOI relates that V Dharma Suri,
counsel for Axis Bank, told the tribunal that both the company
and its promoters were trying to dispose of their properties with
an ulterior motive to defraud their creditors. "If that is
allowed to happen, then the personal guarantees furnished by
these promoters at the time of availing loans would be rendered
futile," the counsel, as cited by TOI, said and sought immediate
attachment of the scheduled properties.

The tribunal gave notices to DCHL, Venkatram Reddy and Vinayak
Ravi Reddy along with Canara Bank and posted the case to
February 7 for further hearing, the report adds.

Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals.  The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily.  It also owns franchise rights for the
Hyderabad team of the Indian Premier League.


GLOBAL TRADING: CRISIL Cuts Rating on INR80MM Loan to 'BB-'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Global Trading Solutions Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB+/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            80       CRISIL BB-/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

The rating downgrade reflects the weakening of GTSL's liquidity
due to a stretch in its working capital cycle. This is reflected
in the deterioration of the company's gross current asset (GCA)
days to more than 185 days as on March 30, 2012 from around 90
days previously. The stretched working capital cycle was mainly
because of increased government regulation on the movement of
iron ore fines in Odisha. This resulted in delays in procurement
and disposal of stock. Therefore, the debt funding of the large
inventory resulted in GTSL's fully utilized bank limits. With the
company's large orders being bunched over the near term, its
inventory funding requirements will remain high, due to which,
its liquidity will remain stretched.

The rating downgrade reflects the benefits that GSTPL derives
from the extensive experience of its promoters in the iron ore
fines trading business and its above average financial risk
profile, marked by a moderate net worth, healthy gearing and
adequate debt protection metrics. These rating strengths are
partially offset by GTSL's customer and geographical
concentration, large working capital requirements and
susceptibility of the company's operating margin to volatility in
raw material prices and to adverse government regulations.

Outlook: Stable

CRISIL believes that GTSL's financial risk profile will remain
above average over the medium term, on the back of continued
support from promoters and also believes that the company will
continue to benefit from its established relationships with its
overseas customers. The outlook may be revised to 'Positive' in
case of a significant improvement in the company's liquidity,
most likely through improvement in working capital management
coupled with increase in accruals. Conversely, the outlook may be
revised to 'Negative' in case GTSL's liquidity deteriorates due
to a further stretch in its working capital cycle, or if the
company's scale of operations and profitability are adversely
affected by economic and regulatory changes.

GTSL was set up in August 2010 by Mr. Abinash Mohanty; in
December 2010, the company acquired the business of Trading
Solution, a partnership firm set up by Mr. Abinash Mohanty and
his cousin, Mr. Satyajit Mohanty in 2006. GTSL exports iron ore
fines to overseas traders, including its associate company Global
Trading Solution Overseas Pvt Ltd. GTSL also imports scrap and
coal from Singapore and sells it in the local market.

GTSL reported a profit after tax (PAT) of INR18.0 million on net
sales of INR512.2 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR24.5 million on net
sales of INR958.3 million for 2010-11.


G. P. OIL: Delays in Interest Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of G. P. Oil Mills.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             60      CRISIL C
   Proposed Long-Term      30      CRISIL C
   Bank Loan Facility

The rating reflects GP's weak liquidity profile, marked by recent
delays in interest payment on bank lines, on account of high
inventory and debtor levels

The rating also factors in GP's below-average financial risk
profile, marked by low networth, and weak debt protection metrics
and modest scale of operations in intensely competitive edible
oil industry. These rating weaknesses are partially offset by the
extensive experience of partners' in edible oil industry and
established customer relations

GP set up in 2003, is promoted by Mr. Gajendra Jha, along with
his wife Mrs. Rukmani Jha. GP is engaged in manufacturing of
edible mustard oil (kachi ghani) under the brand name 'Ugna', and
also sells its by-product mustard cake. The firm has its seed
crushing unit located at Alwar, Rajasthan, with an installed
capacity of 70 metric ton per day.

GP reported a profit after tax (PAT) of INR2.2 million on net
sales of INR278.1 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net
sales of INR133.6 million for 2010-11.


IDT CLOTHING: CRISIL Rates INR8MM Term Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of IDT Clothing Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               8       CRISIL B/Stable (Assigned)
   Standby Letter          7       CRISIL A4 (Assigned)
   of Credit
   Bill Discounting       15       CRISIL A4 (Assigned)
   Packing Credit         65       CRISIL A4 (Assigned)

The ratings reflect IDT's modest scale of operations in the
intensely competitive readymade garment industry, customer
concentration in revenue profile, vulnerability of profitability
margins to exchange fluctuations and working capital intensive
nature of operations. These weaknesses are partially offset by
the extensive experience of IDT's promoters in the readymade
garment industry.

Outlook: Stable

CRISIL believes that IDT will continue to benefit over the medium
term from its promoters' extensive experience in the readymade
garment industry. The outlook may be revised to 'Positive' in
case there is significant and sustained improvement in the
company's revenues, profitability and capital structure.
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, resulting
in a weakening in its financial risk profile.

                          About IDT Clothing

IDT was established as a partnership firm (as International
Design & Trade) in 1993 by Mr. Suraj Gupta and his brother Mr.
Amar Gupta. It was reconstituted as a private limited company in
2007. The company is engaged in manufacture and export of
readymade garments for men, women and children to France, Spain,
Italy and Germany. The company primarily manufactures casual wear
shirts and tops.

The company's manufacturing facility is in Bhiwandi
(Maharashtra).

Mr. Suraj Gupta and Mr. Amar Gupta are the directors and oversee
the day to day operations of the company.

For 2011-12 (refers to financial year, April 1 to March 31), IDT
reported a profit after tax (PAT) of INR0.85 million on net sales
of INR 292.8 million, as against a PAT of INR0.2 million on net
sales of INR 415.0 million for 2010-11.


KISHOR SORTEX: CRISIL Puts 'B+' Rating on INR110MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Kishor Sortex and Rice Mill Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             30      CRISIL B+/Stable
   Proposed Long-Term      80      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects KRPL's below average financial risk profile,
marked by a small net worth and moderate debt protection metrics,
modest scale of operations in a highly fragmented rice industry,
and large working capital requirements, with susceptibility to
erratic rainfall. The rating weaknesses are partially offset by
promoters' extensive experience in the rice industry.

For arriving at the rating, CRISIL has treated unsecured loans of
INR16.16 million as on March 31, 2012, as neither debt nor
equity, as they are expected to remain in the business over the
medium term.

Outlook: Stable

CRISIL believes that KRPL's business risk profile will continue
to be supported by its promoters' experience. The outlook may be
revised to 'Positive' if KRPL is able to achieve a significant
improvement in its scale of operations or profitability or in
case of equity infusion by promoters, leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative'
if there is pressure on its profitability, or in case of a more-
than-expected increase in working capital requirements.

                       About Kishor Sortex

Incorporated in 2005, KRPL is promoted by Mr. Krishna Kumar
Agarwal and Mr. Bishwanath Agrawal. The company is engaged in the
milling and processing of non-basmati rice. The company has a
processing unit located at Durg (Chattisgarh).


KRYPTON INDUSTRIES: CRISIL Cuts Rating on INR72.7MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Krypton
Industries Ltd (KIL; part of the Krypton group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          0.8     CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            45       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Foreign Bill Purchase  25       CRISIL A4(Downgraded from
                                   'CRISIL A4+')

   Letter of Credit       21.5     CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Packing Credit         10       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Cash Credit   17.6     CRISIL B+/Stable (Downgraded
   Limit                           from 'CRISIL BB-/Stable')

   Term Loan              10.1     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects the substantial pressure on its
operating margins due to increasing competition and the
volatility in the price of its key raw material, Polyurethane
(PU), and the significant debt funded capex expected taken up,
expected to strain the company's liquidity position and its
financial risk profile.

The company has witnessed a significant decline in its operating
margins, down to around 6 per cent in 2011-12 (refers to
financial year, April 1 to March 31), from 13 per cent in 2010-
11. The company's margins in the first six months of 2012-13 also
continue to remain constrained, at around 6.5 per cent. This drop
in margins can be primarily attributed to the increase in
competition from Chinese players, and the volatility in PU
prices.

The company is also planning to take up a debt funded capex of
around INR200 million in 2013-14. This capex is expected to be
funded by term loans of around INR130 million, and the balance by
internal accruals and promoters funds. After the capex, the
company's manufacturing capacity is expected to increase to 60
lakh units/year of tyre, from an earlier capacity of 16.6 lakhs.
The company is also expected to avail additional INR60 million of
other fund and non-fund based limits for its additional working
capital requirements.

This large capex requirement and the resulting debt intake is
expected to strain the company's liquidity position and financial
risk profile, over the near to medium term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Krypton Industries limited and its
subsidiaries, Eco-Wheels Private Limited and Krypton Developers
Ltd. collectively referred to as the Krypton group.

Outlook: Stable

CRISIL believes that the Krypton group will continue to benefit
over the medium term from its established relationship with its
customers. The outlook may be revised to 'Positive' in case
better-than-expected growth in revenues and profitability thereby
improving its financial risk profile, or if the group's business
risk profile improves through greater geographical
diversification and stability in its operating margin.
Conversely, the outlook may be revised to 'Negative' in case the
Krypton group's turnover and profitability decline, or if it
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme.

                        About the Group

KIL is the flagship company in the Krypton group. It was
established 1991 and had set up a 100 per cent export-oriented
unit in Falta export processing zone in West Bengal to
manufacture tubeless cycle tyres. The company is presently
manufacturing tubeless polyurethane (PU) tyres, tubes, wheels,
castors, polyurethane shoe soles, and footwear. Also, the
subsidiaries of KIL are engaged into similar line of operations
i.e. manufacturing of PU Tyres, Wheel chairs crutches and
walkers. The majority stake of its subsidiaries is held by KIL.

The Krypton group reported a profit after tax (PAT) of INR2
million on net sales of INR449 million for 2011-12, as against a
PAT of INR9.6 million on net sales of INR365 million for 2010-11.


M.P. SHAN: CRISIL Upgrades Rating on INR424.3MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of M.P.
Shan Tex Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            24.3     CRISIL BB/Stable(Upgraded from
                                   'CRISIL B+/Stable')

   Long-Term Loan        400       CRISIL BB/Stable(Upgraded from
                                   'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that MPST's revenues
and accruals will grow at a healthy rate over the medium term
supported by the increasing utilization of enhanced capacities in
its knitting and dyeing facilities, and addition of new
customers. The company reported sales of INR1.95 billion for
2011-12 (refers to financial year, April 1 to March 31), while
maintaining its operating profitability at a healthy level of 15
per cent; MPST has reported, on a provisional basis, operating
revenues of INR1.14 billion for the six months ended September
30, 2012.

The upgrade also reflects the expected improvement in MPST's
financial risk profile, driven by steady repayment of debt and
absence of any major debt funded capex. Though the company's
liquidity remains constrained by large working capital
requirements, CRISIL believes that MPST will generate adequate
cash accruals to meet its maturing debt obligations over the
medium term.

The ratings reflect MPST's partially integrated operations,
resulting in sound operating efficiencies, and the extensive
experience of its promoter in the textile industry. These rating
strengths are partially offset by the company's below-average
financial risk profile, marked by a leveraged capital structure
and below-average debt protection metrics, and its large working
capital requirements.

Outlook: Stable

CRISIL believes that MPST will continue to benefit over the
medium term from its promoter's extensive industry experience and
increase in capacities. The outlook may be revised to 'Positive'
if MPST reports a sustained improvement in its liquidity and
capital structure, most likely driven by more-than-anticipated
cash accruals. Conversely, the outlook may be revised to
'Negative' if MPST undertakes a larger-than-expected, debt-funded
capital expenditure programme, or if its profitability declines
sharply, thereby weakening its financial risk profile.

MPST, incorporated in 1992, is managed by its promoter-director,
Mr. P Umashankar. The company manufactures ready-to-stitch
knitted fabrics. Based in Tirupur (Tamil Nadu), MPST is partially
integrated and has facilities for manufacturing cotton and lycra
fabrics, dyeing, and compacting.

For 2011-12, MPST reported a profit after tax (PAT) of INR63.0
million on net sales of INR1829.3 million, against a PAT of
INR48.3 million on net sales of INR1009.0 million for 2010-11.


NEELKANTH INFRACON: CRISIL Assigns 'B+' Rating to INR100MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Neelkanth Infracon.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Project Loan          100.0     CRISIL B+/Stable

The rating reflects Neelkanth's exposure to project-related risks
and to cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the benefits that the
firm derives from its established market position in Navi Mumbai
(Maharashtra), supported by its partners' extensive experience in
the real estate industry.

Outlook: Stable

CRISIL believes that Neelkanth will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves higher-
than-expected cash flows from operations, resulting from
accelerated execution of its project and improved flow of
advances. Conversely, the outlook may be revised to 'Negative' if
Neelkanth registers significantly lower-than-expected cash flow
from operations, either because of subdued response to its
project or lower-than-envisaged flow of advances, leading to
weakening in its financial risk profile.

Neelkanth was established as a partnership firm in 2010 by the
Gaudani and Patel families. It undertakes residential real estate
development in Navi Mumbai. Currently, the firm is constructing a
residential complex named Neelkanth Majestic at Kalamboli in Navi
Mumbai.


P. K. FOUNDATION: Delay in Loan Payment Cues CRISIL Junk Rating
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of P. K. Foundation.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             117.5     CRISIL D

The rating reflects instances of delay by PKF in meeting the
interest obligations on its term debt; the delays have been
caused by the trust's weak liquidity. PKF has weak liquidity
because of its low cash accruals, which are a result of its
nascent stage of operations and slow ramp-up in admissions.

PKF also has a below-average financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection
metrics. However, PKF benefits from its trustees' extensive
experience and the healthy growth prospects of the education
industry over the medium term.

PKF, an educational trust, was established in February 2009 by
Mr. Pratap Khandebharad. The trust offers courses in management,
computer applications, engineering, and architecture. It started
its first school for specially-able children in June 2009 and a
Central Board of Secondary Education school in June 2010. PKF
commenced the first batch of its master of business
administration program and its master of computer application
program in June 2011, and the first batch of its engineering and
architecture programs in June 2012. The institute is approved by
All India Council for Technical Education and is affiliated to
University of Pune (Maharashtra).


SARATHY MOTORS: CRISIL Puts 'BB-' Rating on INR90MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Sarathy Motors (Kollam).

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

The rating reflects SMK's established regional presence as the
leading dealer in vehicles manufactured by Bajaj Auto Ltd (BAL;
rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+') in Kollam (Kerala).
The ratings also factor in the firm's above-average financial
risk profile, marked by a low total outside liabilities to
tangible net worth (TOL/TNW) ratio and moderate debt protection
metrics. These rating strengths are partially offset by SMK's
limited bargaining power with its principal, and its exposure to
intense competition in the automobile dealership industry.

Outlook: Stable

CRISIL believes that SMK will continue to benefit from its
established relationship with its principal, BAL, and maintain
its healthy TOL/TNW ratio, over the medium term. The outlook may
be revised to 'Positive' if SMK's operating margin and cash
accruals improve substantially, resulting in better liquidity and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if SMK's sales volumes decline, resulting in lower
revenues and profitability, or if it undertakes any large, debt-
funded capital expenditure programme or extends significant
financial support to its group entities. Substantial withdrawals
of capital by SMK's partners, leading to weakening of the firm's
financial risk profile, may also result in a 'Negative' outlook.

Established in 1987 as a partnership firm, SMK is an authorised
dealer of two wheelers for BAL. The firm's day-to-day operations
are managed by the managing partner, Mr. Rajesh Somanathan.

SMK reported a profit after tax (PAT) of INR6.1 million on net
sales of INR986.2 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.8 million on net
sales of INR622.1 million for 2010-11.


SUZLON ENERGY: Lenders Demand Equity Raise, Repower Sale
--------------------------------------------------------
The Times of India reports that lenders to Suzlon Energy are
demanding that the company raise equity of INR5,000 crore or sell
its 'crown jewel' REpower before any loan restructuring as wary
banks do not want a repeat of the Kingfisher fiasco.

According to the report, two people familiar with the development
said the lenders will agree to lower interest rates and extend
the tenure of the loans to ease pressure on the company's
finances only if the wind power equipment maker sheds some
assets.  Suzlon owes lenders INR14,000 crore, the report relays.

TOI relates that Suzlon said it won't sell a stake in RE power
that it took control of after a bitter battle with Portugal's
Martifer before the 2008 credit crisis and by paying over the
odds.  "The company is in negotiations with its lenders on the
CDR issue," a Suzlon spokesman said in an e-mail response cited
by TOI. "We have also been on record in recent weeks stating,
without ambiguity, that REpower is 'the jewel in our crown' and
it is by definition a critical asset and, therefore, not for
sale. Our position has not changed."

According to TOI, the proposed recast package for Suzlon
stipulates that the borrower invest INR250 crore immediately, and
INR500 crore more over 18 months. Lenders have agreed to lower
the interest rate to 11%, from 14-15%. If the restructuring
happens, banks would reinstate the working capital limit of
INR1,500 crore, which was blocked earlier.

In turn, Suzlon would be required to consolidate by selling some
of its overseas subsidiaries and open an escrow account with the
lead bank, State Bank of India, the report relays.  Suzlon has
appointed SBI Capital Market, the bank's investment banking unit,
to advise it on debt recast.  The report relates that officials,
who declined to be named, said the lenders have in principal
approved the debt recast package but the management of each bank
will have to give written consent.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.

Suzlon Energy posted net losses of INR983 crore and INR1,324
crore in the year ended March 31, 2010 and 2011, respectively.


TKV MARKETING: CRISIL Places 'BB' Rating on INR30MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of TKV Marketing India Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Standby Line           12.5     CRISIL BB/ Stable
   of Credit

   Overdraft Facility      5       CRISIL BB/ Stable

   Foreign Bill Purchase  12.5     CRISIL BB/ Stable

   Packing Credit         40       CRISIL A4+

   Bank Guarantee          5       CRISIL A4+

The ratings reflect the extensive experience of TKV's promoter's
in the agricultural commodities business, and the company's
moderate financial risk profile. These rating strengths are
partially offset by TKV's modest scale of operations in highly
competitive and fragmented industry and the susceptibility of the
company's operating performance to the regulations governing the
agricultural commodities trading business.

Outlook: Stable

CRISIL believes TKV Marketing India Private Limited (TKV) will
continue to benefit over the medium term from the healthy demand
for commodities in the export markets and its established
relations with its customers. The outlook may be revised to
'Positive' if the company achieves steady and sustainable growth
in its revenues and profitability through diversification of its
product portfolio and through expansion of its geographical
presence while maintaining its risk coverage metrics. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates materially because of lower
offtake in its key markets on account of significant increase in
the prices of commodities, or decline in its profitability.

                        About TKV Marketing

TKV was set up as a proprietorship firm in 2002 by Mr.
Venkatraman Kuppusamy and it was reconstituted as a private
limited company in 2006. TKV is a trader and exporter of
agricultural commodities such as onions, potatoes, chillies,
groundnuts and others to Malaysia, Sri Lanka, Singapore and the
Middle East countries.

For 2011-12 (refers to financial year, April 1 to March 31), TKV,
reported a profit after tax (PAT) of INR6.3 million on net sales
of INR11.94 billion as against a PAT of INR6.6 million on net
sales of INR13.43 billion for 2010-11.


VMS INDUSTRIES: CRISIL Places 'BB+' Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of VMS Industries Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            100      CRISIL BB+/Stable
   Letter of Credit       800      CRISIL A4+

The ratings reflect the benefits that VMS derives from extensive
industry experience of its promoters, adequate revenue
visibility, and above-average financial risk profile, marked by
comfortable gearing and adequate debt protection metrics. These
rating strengths are partially offset by cyclicality in the ship-
breaking industry and the susceptibility of VMS to regulatory
changes and to risks related to foreign exchange (forex) rate
fluctuations.

Outlook: Stable

CRISIL believes that the VMS will continue to benefit over the
medium term from its promoters' extensive experience in the ship-
breaking industry. The outlook may be revised to 'Positive' if
the company reports a more-than-expected topline and
profitability, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity weakens because of any adverse steel scrap
price scenario, resulting in the company's inability to recover
cost of the ship, or any change in risk management policies, or
if adverse forex rates lead to unprecedented losses for the
company.

                       About VMS Industries

VMS was originally established as a private limited company in
1991, promoted by Mr. Manoj Kumar Jain. It was reconstituted as a
public limited company with effect from January 29, 2010 and the
company issued an initial public offering in June 2011. VMS
undertakes ship-breaking activities at Alang (Gujarat), which is
the leading center of ship-breaking and recycling in Asia.

For 2011-12 (refers to financial year, April 1 to March 31), VMS
reported net profit of INR10.2 million on revenues of INR1126.1
million against net profit of INR16.7 million on revenues of
INR728.6 million for 2010-11.

For the first half of 2012-13, VMS reported net profit of INR4.1
million on revenues of INR676.7 million.



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


FELTEX CARPETS: Liquidators' Case Against E&Y May Start in Sept.
----------------------------------------------------------------
stuff.co.nz reports that the liquidators of failed carpetmaker
Feltex said the hearing of their NZ$12 million claim against
auditors Ernst & Young could start as soon as September this
year.

Liquidators Iain McLennan and Peri Finnigan of McDonald Vague are
trying to recover the money for unsecured creditors of Feltex,
stuff.co.nz notes.

They have instituted proceedings against the audit firm, claiming
it breached the terms of its contract and the duty of care and
skill it owed Feltex, which in turn caused Feltex to breach its
listing rules, mislead the market and be liable to shareholders
who invested during the period of breach, stuff.co.nz relays.

According to stuff.co.nz, McLennan and Finnigan said in their
latest report that the court hearing is scheduled to start in
November this year but might be brought forward to September.
That process would, however, take time and that meant they could
not yet say when the liquidation was likely to be completed.

stuff.co.nz relates that the liquidators estimated general
security agreement holder ANZ bank would be owed more than AUD16
million ($20 million), and therefore did not expect there to be
any money left after the receivership to pass on to the
liquidators who are dealing with the claims of unsecured
creditors. Therefore, any return to creditors would only be
achieved by successful recovery actions by the liquidators.

The liquidators said they have received NZ$14 million in
unsecured claims and a further NZ$6.23 million in claims from
shareholders relating to the company's initial public offering,
stuff.co.nz adds.

                           About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


PUBLICIS MOJO: NZ Closure No Impact on Australian Operations
------------------------------------------------------------
David Blight at AdNews reports that Publicis Mojo chief executive
Joe Pollard has stressed the sudden liquidation of Mojo
New Zealand will not have any impact on the Australian operation,
arguing the companies have not been strongly linked since the
Publicis takeover last year.

At the close of 2012, Publicis made the shock decision to shut
down the New Zealand office of the iconic agency, with sources
suggesting there was little to no warning for the local executive
team, the report notes.

Historically, AdNews relates, Mojo New Zealand and Mojo Australia
have been treated as a linked entity. Before Publicis bought the
remaining 40% of the company from local executives last year, the
agency's most senior executive Graeme Wills was executive
chairman across both Australian and New Zealand.

However, after the Publicis buyout, which saw Wills and other
executives score a $50 million payout, the strong tie between the
Australian and New Zealand operations was effectively severed,
the report relates.

When Ms. Pollard was brought in as chief executive last year, she
was specifically tasked with overseeing the Australian operation
only, AdNews says.

"The closure of the New Zealand office has absolutely no impact
on the Australian business. The two agencies have not been
connected, except with the same name, for the last 12 months.

"The only remaining connection is that we shared two or three
clients."

According to the report, Ms. Pollard also said that the closure
would not affect any of the other Publicis agency brands in
Australia and New Zealand. "This is an isolated event. Other
Publicis Groupe agencies will remain unaffected.

"Saatchis, Burnetts, Mojo in Australia, ZenithOptimedia and
Starcom will still be viable, and will still operate
successfully."

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2012, stuff.co.nz said Publicis Mojo has been put into
liquidation by its major international shareholder Publicis
Groupe.  Kevin Bromwich of Mcdonald Vague has been appointed as
the company's liquidator. The agency was behind campaigns for
Speights Summit, Steinlager Pure and Hallensteins but its output
for major clients has slowed recently and its financial accounts
for the 2010 year showed liabilities outweighing assets by over
AUD9 million, stuff.co.nz said.

NBR Online, citing the first liquidation report, discloses that
more than NZ$16 million is owed to creditors.  Most of the
financial loss -- NZ$15.5 million -- is owed to the related
entities of Publicis Group.  Employees are owed more than
NZ$200,000, of which only NZ$64,529 is guaranteed as preferential
creditors.  Inland Revenue is owed NZ$87,918 as a preferential
creditor and close to NZ$350,000 to other unsecured creditors.

Auckland advertising agency Publicis Mojo is owned by New Zealand
registered Publicis Communications Limited, which is 65% owned by
France-based Publicis Groupe -- one of four major global holding
companies.  Publicis Groupe is also the ultimate owner of Saatchi
& Saatchi New Zealand.



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


BAYAN TELECOM: Wins Time to Get Court OK of Frequency-sharing
-------------------------------------------------------------
BusinessWorld Online reports that regulators have given Bayan
Telecommunications, Inc. more time to secure the rehabilitation
court's approval of its frequency-sharing with Globe Telecom,
Inc. that was a condition of the "provisional approval" for this
arrangement, according to documents from the National
Telecommunications Commission (NTC).

BusinessWorld relates that the extension was contained in a
letter, dated Dec. 21, of NTC Commissioner Gamaliel A. Cordoba to
Bayan legal counsel Ariel B. Tubayan on his company's "request
for extension of at least 60 days or until March 7, 2013 within
which to comply with the condition imposed by the National
Telecommunications Commission in the provisional approval of the
joint use by Bayan Telecommunications, Inc. and Globe Telecom,
Inc. of the frequencies 1750-1760 MHz/1845-1855 MHz assigned to
Bayan . . ."

Bayan had received NTC's provisional approval, dated Sept. 28
last year, on Nov. 7, 2012, the report relays.

According to BusinessWorld, Bayan wrote NTC on Dec. 14, seeking
extension of the period within which to comply with the condition
to March 7.

"After evaluation thereof, the commission finds merit in your
request and accordingly grants Bayan an additional period of 30
days from January 6, 2013 until February 5, 2013 within which to
secure confirmation by the rehabilitation court of the joint use
of frequencies," Mr. Cordoba wrote in NTC's Dec. 21 reply
obtained by BusinessWorld.

BusinessWorld notes that debt-ridden Bayan has been under the
supervision of the rehabilitation court since 2003.  Mr. Cordoba
said the court's clearance was needed "since Bayan is under the
jurisdiction of the rehabilitation court," according to the
report.

"We will give them another 30 days until they get the approval of
the rehabilitation court," BusinessWorld quotes Mr. Cordoba as
saying.

Once the rehabilitation court gives the approval, NTC will then
determine the duration of the joint use of the frequencies,
Mr. Cordoba, as cited by BusinessWorld, said.

                          About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.



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


JCP SERVICE: Court to Hear Wind-Up Petition Feb. 1
--------------------------------------------------
A petition to wind up the operations of JCP Service Apartments
Pte Ltd will be heard before the High Court of Singapore on
Feb. 1, 2013, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Jan. 4, 2013.

The Petitioner's solicitors are:

         Messrs Tan Kok Quan Partnership
         8 Shenton Way
         #47-01, AXA Tower
         Singapore 068811


OREGON INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Dec. 7, 2012, to
wind up the operations of Oregon Investment Pte Ltd.

The company's liquidator is:

         Kong Sik Chuen
         TKNP Insolvency Management Pte Ltd
         141 Cecil Street #10-01
         Singapore 069541


PWR CONSTRUCTION: Court to Hear Wind-Up Petition Jan. 18
--------------------------------------------------------
A petition to wind up the operations of PWR Construction and
Engineering Pte Ltd will be heard before the High Court of
Singapore on Jan. 18, 2013, at 10:00 a.m.

Keystone Cable (S) Pte Ltd filed the petition against the company
on December 3, 2013.

The Petitioner's solicitors are:

         Teoh & Co.
         101A Upper Cross Street
         #10-09, People's Park Centre
         Singapore 058358


RACING TECHNOLOGY: Court to Hear Wind-Up Petition Jan. 25
---------------------------------------------------------
A petition to wind up the operations of Racing Technology Exhaust
System Pte Ltd will be heard before the High Court of Singapore
on Jan. 25, 2013, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Jan. 7, 2013.

The Petitioner's solicitors are:

         Khattarwong LLP
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


SPIROX CORP: Creditors' Proofs of Debt Due Feb. 11
--------------------------------------------------
Creditors of Spirox Corp Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 11, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Sim Guan Seng
         Khor Boon Hong
         Victor Goh
         C/o Baker Tilly TFW LLP
         15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


* Fitch Says SG Property-Cooling Measures Curb Risks for Banks
--------------------------------------------------------------
The Singapore government's measures to cool the property market,
including higher stamp duty and tighter conditions for mortgages,
may curb the build-up of potential threats to the credit profile
of Singapore banks, Fitch Ratings says.

These measures are part of a continuing policy response to the
threat of a potential property bubble. The authorities have
supplemented a higher tax on residential property purchases for
foreigners and companies with the introduction of a sellers' tax
on industrial property. This is important for the Singapore
banks, as they hold close to half their credit portfolios in
property-related loans. Residential mortgages are a particularly
large component, accounting for around 30% of their loan books.

These changes could dampen demand for mortgages for residential
investment and commercial properties, but Singapore banks are
already quite selective in their lending and underwriting.

A large proportion of residential mortgages on banks' balance
sheets are reportedly for owner-occupiers, rather than for
investment purposes. The property-cooling measures are aimed
particularly at speculative residential property investment, so
mortgage delinquencies are unlikely to rise significantly beyond
a gradual pace that is to be expected from a slower economy in
the last two quarters. Non-performing loans are at cyclical lows.
As interest rates are not used as a monetary policy tool, we
believe the greater risk for a spike in delinquencies to be a
sharp rise in unemployment - which appears unlikely in the near
term.

The new taxes are coupled with more prudent mortgage underwriting
requirements, which help reduce the build-up of credit risk.
Effective 12 January 2013, loan-to-value (LTV) limits have been
lowered for individuals taking on more than one mortgage. Cash
down-payments for second or subsequent residential property
purchases will increase to 25% from 10%. The mortgage-servicing
ratio limits for public housing loans will also be tightened. For
companies, the LTV cap will be a very low 20%.

These lending restrictions help underpin the credit profile of
Singapore banks. Their sound balance sheets and diversified
earnings support their ratings, which are amongst the highest
globally. The prudent regulatory backdrop and fiscally strong
sovereign are also contributing factors. We see no weakening of
the banking sector, despite concerns over a possible domestic
housing bubble.

Some of these measures may be temporary, and could be relaxed to
reduce the risk of a particularly severe price correction. In
addition to the taxes and underwriting requirements, a large
supply of public and private housing over the next few years
could help property prices stabilise. The authorities have
announced up to 200,000 housing units to be completed.


* Moody's Says Asia-Pacific Credit Fundamentals Resilient
---------------------------------------------------------
Moody's Investors Service says that it expects sovereign credit
fundamentals in the Asia-Pacific region to remain resilient to
both global headwinds during 2013 and the persistence of
extraordinary easing by the US Federal Reserve.

At the same time, sovereign credit profiles in the region will
likely continue to improve relative to those in most other
regions.

In addition, although growth in the region is expected to remain
flat at 5% in 2013, it will continue to grow faster than any
other region. While China's growth has moderated, it should
remain relatively robust in the near term.

Moody's conclusions were contained in its just-released "Asia-
Pacific Sovereign Outlook 2013: Resilient to Global Headwinds",
which covers the region's advanced, emerging and frontier
economies.

Importantly, banking systems in the Asia-Pacific are generally
sound and well-positioned to continue to support growth without
posing significant contingent risks to their respective
sovereigns. Financial soundness indicators, such as capital
adequacy, liquidity (low loan-to-deposit ratios), and asset
quality, are generally robust enough to withstand either a
normalization of interest rates, or a range of adverse economic
shocks emanating from the global economy.

Moody's further expects growth in Asia-Pacific to pick-up only
slightly over the near term, and remain below long-term averages
in 2013 and 2014. This expectation is especially so with the
large economies in the region.

Notably, Moody's expects China's annual real GDP growth to remain
at around 7.5% and thus avoid a hard landing -- although below
the past decade's average of 10%.

For 2012 and 2013, Moody's expects the region's GDP-weighted
average current account surplus to hover around 1% of GDP after
having peaked at 5% in 2007. As a result of this projected lower
current account surplus, the growth of aggregated international
reserves in the region, which amounted to roughly US$ 6.5
trillion as of September 2012, will slow further.

Nevertheless, Asia-Pacific will maintain its top position in
terms of total reserves, which are projected at US$ 7 trillion by
end-2013.

Leadership changes in the big three East Asian economies will be
positive for pro-growth policies in the near term, although Japan
in particular faces long-term challenges.

Nevertheless, rising geopolitical tensions over the past year
have emerged over maritime territorial disputes and would have
significant economic ramifications if not constructively managed.
Elections over the next year may also impact the outlook for
reform in several countries, thus coloring Moody's views on
fiscal and debt sustainability.

Finally, the new report notes that a number of frontier markets
in the region could be of particular interest to investors in
2013.

Given their drive to sustain high growth rates, despite
relatively shallow domestic pools of savings, Asia-Pacific's
frontier economies may continue seek to tap global capital
markets for financing in 2013.

Looking back, during 2012, despite the global financial crisis in
2008 and subsequent downturn in advanced country economic
performance, four sovereigns in Asia-Pacific were upgraded -
Korea, Indonesia and the Philippines -- while Vietnam and
Pakistan were downgraded by one notch each.



===============
T H A I L A N D
===============


THAICOM GROUP: Mfone Unit Files for Insolvency
----------------------------------------------
Sirivish Toomgum at The Nation reports that Cambodia-based
telecommunication operator Mfone, part of the Thaicom group, on
Jan. 9, 2013, petitioned for insolvency proceedings in Phnom Penh
after facing difficulties in an intensely competitive market and
after failing to complete the sale of its shares to INT
Management Service Company.

"Mfone has been through a very difficult time over the past two
years," the report quotes Thaicom chief executive officer
Suphajee Suthumpun.  "We were informed by Shenington Investments
[Mfone parent] that despite all efforts to rescue and continue
the business, the latest setback had required it to make the
extremely difficult decision to file a petition to enter an
insolvency proceeding.

"In discussions with Shenington and Mfone, we have been informed
that Mfone will continue to operate and provide services to its
customers while the court is considering Mfone's petition, and
before the court announces a decision. At the same time, Mfone
will continue to uphold its responsibilities towards its
employees in accordance with the laws and regulations of the
Kingdom of Cambodia," Ms. Suphajee said.

The Nation reports that Thaicom said Mfone is now working to
ensure that the insolvency process goes ahead smoothly and to
mitigate any adverse effects the process may cause, as best as
possible.

"Shenington's decision for Mfone to file for insolvency will have
no significant adverse financial impacts on Thaicom's
consolidated results because we provisioned for this eventuality
in the first nine months of 2012," The Nation quots Ms. Suphajee
as saying.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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, Ivy B. Magdadaro, 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 ***