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        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, March 22, 2013, Vol. 16, No. 58


                            Headlines


A U S T R A L I A

ALAN FISHER: Administrator Probes Possible Insolvent Trading
BOWDITCH & PARTNERS: Appoints Ferrier Hodgson as Receivers
BYRON BAY: NAB Appoints PricewaterhouseCoopers as Receivers
RETAIL ADVENTURES: IMF to Fund Action Against Jan Cameron
STUDIO 2000: Photography Business to Close Doors Soon

TINKLER GROUP: High Court Lifts Super-Injunction on Fairfax


C H I N A

CHINA LIANSU: Moody's Retains Ba2 CFR; Outlook is Stable
CHINA SHANSHUI: Fitch Upgrades IDR to 'BB'; Outlook Stable
LONGFOR PROPERTIES: Moody's Raises CFR to Ba1; Outlook is Stable
SUNTECH POWER: Insolvency & Restructuring Petition for Unit Filed
SUNTECH POWER: Investors Set to Lose $1.28 Billion

SUNTECH POWER: Billionaire Set to Lose Fortune as Firm Collapse
WEST CHINA: Moody's Keeps CFR at B1 After 2012 Earnings Release
* CHINA: Fitch Sees Bank Capital Strain Due to Low Profit Growth


H O N G  K O N G

MACAO DRAGON: Lai and Haughey Step Down as Liquidators
MAINSTAR ELECTRICAL: Lui and Yuen Step Down as Liquidators
PANHANDAT LIMITED: Creditors' Proofs of Debt Due April 12
POLYVISION GROUP: Heung Sai Kit Steps Down as Liquidator
PRIMA VISION: Creditors' Proofs of Debt Due April 8

PROFIT LEGEND: Chan Yui Hang Appointed as Liquidator
STAGE CAFE: Final Meetings Set for April 8
STAR INDUSTRIES: Final Meetings Set for April 8
SVCM CAPITAL: Seng and Lo Step Down as Liquidators
TAG (HK): Chan Yui Hang Appointed as Liquidator

TEXTILE SOLUTIONS: Creditors' Proofs of Debt Due April 8
TIN'S PLAZA: Cowley and Mitchell Step Down as Liquidators
TOP MAVEN: Ying and Chan Step Down as Liquidators
TRINIFAITH COMPANY: Creditors' Proofs of Debt Due April 12
TUNSBRIDGE TRADING: Members' Final Meeting Set for April 3

WELREADY CO: Chan Yui Hang Appointed as Liquidator
WING YIP: Cowley and Mitchell Step Down as Liquidators
WONG TAI: Final Meetings Set for April 8
WORLDMART DEVELOPMENT: Creditors' Proofs of Debt Due April 9
YOBE TOYS: Final Meetings Set for April 8


I N D I A

ARTI SILK: CARE Assigns 'B+' Rating to INR11.69cr LT Loan
GIRDHAR JEWELLERS: CARE Assigns 'B' Rating to INR9cr LT Loan
INDUCTO STEEL: CARE Reaffirms 'BB-' Rating on INR40cr LT Loan
KINGFISHER AIRLINES: Workers Demand Vijay Mallya's Prosecution
LALSONS PLYBOARD: CARE Reaffirms 'B+' Rating on INR1cr LT Loan

PAVA AUTOMOBILES: CARE Rates INR6.50cr LT Loan at 'CARE B'
PURAN CHAND: CARE Assigns 'B' Rating to INR2.30cr LT Loan
SATYADEEPTHA PHARMACEUTICALS: CARE Rates INR16.14cr Loan at 'BB-'
SHASHIN CONSTRUCTION: CARE Reaffirms 'BB' Rating on INR17cr Loan
SHRI SIDDHI: CARE Reaffirms 'BB' Rating on INR14.07cr LT Loan

SHUBH FABRICS: CARE Reaffirms 'BB-' Rating on INR6.5cr Loan
STERLING SEZ: CARE Reaffirms 'D' Rating on INR944.62cr LT Loan
VIDHANI VENEERS: CARE Reaffirms 'B+' Rating on INR1cr LT Loan
VISHAL ENTERPRISE: CARE Reaffirms 'BB' Rating on INR16.65cr Loan


J A P A N

* JAPAN: Posts JPY777.5-Bil. Trade Deficit in February


N E W  Z E A L A N D

TE KAUWHATA: In Receivership, In Talks With Potential Buyer
* NEW ZEALAND: Farms Going Into Receivership Not the Answer


V I E T N A M

VINGROUP JSC: Fitch Withdraws 'B+' Rating on Proposed Notes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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ALAN FISHER: Administrator Probes Possible Insolvent Trading
------------------------------------------------------------
The Weekly Times reports that the administrator of Alan Fisher
Pastoral Company is investigating whether the business traded
while insolvent.

Administrator Daniel Juratowitch -- djuratowitch@corcordis.com.au
-- of chartered accountants Cor Cordis took over the running of
Alan Fisher Pastoral Company after the business, registered in
Warrnambool, went into voluntary receivership a month ago, the
report says.

According to Weekly Times, Mr. Juratowitch said investigating
whether the company traded while insolvent was a normal part of
administration and the process was ongoing.

The Weekly Times says minutes from the first creditors' meeting at
Colac on February 21, lodged with the Australian Securities and
Investment Commission, showed a creditor -- who said he supplied
goods to the company a week before the appointment of
administrators -- questioned the legality of directors accepting
goods if they knew the position of the company.

These minutes also indicate unsecured creditors are owed almost
AUD2.7 million, the report discloses.

According to the report, Mr. Juratowitch said the administrators
were dealing with a number of suppliers. He confirmed that the
company, which includes six farms and about 2,400 head of
livestock, was continuing to trade under the control of
administrators while options were being investigated, the report
relays.

The Weekly Times relates that Mr. Juratowitch said the existing
management was still in place and administrators were assessing
the structure of the business and would make changes if necessary.

The administrator said it was too early to tell whether a deed of
company arrangement would be put in place to partially repay
creditors or if the company would be placed in liquidation, the
report adds.

Alan Fisher Pastoral Company is a dairy farming enterprise based
in western Victoria.


BOWDITCH & PARTNERS: Appoints Ferrier Hodgson as Receivers
----------------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com.au -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Bowditch
& Partners Earthmoving Pty Limited, CME Aust Pty Limited and
Marapana Plant Pty Limited on March 20, 2013.

The Receivers' appointment follows the appointment of Voluntary
Administrators to the Companies on March 18, 2013.  The Voluntary
Administrators are Daniel Quinn -- daniel.quinn@svp.com.au -- and
Terry Van Der Velde -- terry.vandervelde@svp.com.au  of SV
Partners.

The Receivers intend to trade the Companies in the ordinary course
while the Companies' financial positions are assessed.

Ferrier Hodgson said, "The Receivers now control the Companies'
assets and operations.

"The Receivers are undertaking an urgent assessment of the
Companies' operations and will provide a further update in due
course.

"At this stage, it is too early to advise creditors of the likely
outcome of the Receivership."

Payment of unsecured creditors' accounts as at March 18, 2013, is
deferred.


BYRON BAY: NAB Appoints PricewaterhouseCoopers as Receivers
-----------------------------------------------------------
Jenny Rogers at goldcoast.com.au reports that receivers have been
appointed to the embattled Byron Bay Cookie Company.

National Australia Bank, one of the major secured creditors,
stepped in on March 15 and appointed Derrick Vickers --
derrick.vickers@au.pwc.com -- and Michael Fung --
michael.fung@au.pwc.com -- from PricewaterhouseCoopers in Brisbane
to take over control of the gourmet biscuit company.

According to the report, Byron Bay Cookie Company ran into
financial headwinds late last year and owes more than $1 million
to creditors, including St George Bank and Australian Tax Office.

The company's manufacturing arm was only placed in voluntary
administration on March 6 after the tax office began wind-up
action, the report relates.

Administrators had continued to trade the business while
advertising nationally for a buyer, says goldcoast.com.au.

According to goldcoast.com.au, administrator John Vouris from
Lawler Partners said there had been strong interest from potential
buyers, including a number of the company's competitors.

goldcoast.com.au says administrators had been hoping creditors
would accept a deed of company arrangement so the company could
trade its way out of trouble rather than be liquidated.

Byron Bay Cookie Company biscuits are well known on a string of
Australian airlines through its partnership with Qantas, Virgin,
Tiger and Strategic Airlines.


RETAIL ADVENTURES: IMF to Fund Action Against Jan Cameron
---------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that Kathmandu
founder Jan Cameron is now the target of litigation funder IMF
over allegations of insolvent trading by the failed discount
retailer she acquired out of receivership in 2009, Retail
Adventures.

According to SMH, IMF said it intended to fund an investigation,
public examinations and legal proceedings to recover losses
incurred by unsecured creditors of Retail Adventures who are owed
AUD165 million.

IMF said it was approached by an action group of creditors called
Retail Adventures Creditors Unite, the report relates.

"They've approached us as they have concerns about the way the
administrator is excluding them from the process," SMH quotes IMF
executive Paul Rainford as saying.

Most of the debt relates to suppliers who face a zero return from
the sale of the Retail Adventures business back to Ms. Cameron
this month for AUD59 million, the report relays.

The amount will be credited against Ms. Cameron's secured debt
over Retail Adventures totalling AUD77 million. This secured debt
is one of IMF's targets, according to SMH.

IMF said funding was conditional on a sufficient number of
unsecured creditors executing the agreement.  It is believed they
need creditors with AUD40 million worth of claims to sign on
before it can proceed, SMH adds.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.

About 20 Chickenfeed stores in Tasmania have been closed and
staff paid entitlements.


STUDIO 2000: Photography Business to Close Doors Soon
-----------------------------------------------------
ABC News reports that Studio 2000 Photographers will soon close
its doors after failing to return to a viable level of trading.

The business was put into administration in November 2011 with a
debt of about AUD3 million and has been trading under a deed of
company arrangement for the past 12 months, the report says.

According to the report, director Graham Logan said various
strategies were put in place to improve the plight of the
business.

ABC News relates that administrator Chris Powell said the company
was unable to turn things around.

"The business traded at a loss during that period. Accordingly,
the director and I had agreed that the deed will be discontinued
and the formal process for making that happen is under way," the
report quotes Mr. Logan as saying.

"In the meantime, we are continuing to trade albeit on a very much
scaled down basis, to complete the existing orders that are on
hand and to ensure that customer orders are completed and
obviously that debts owing to the company are collected."

Studio 2000 Photographers is a 25-year-old photography studio in
Adelaide.  The company went into administration in December 2011
owing AUD1.5 million to creditors.  KordaMentha Pty Ltd partner
Chris Powell was appointed as administrator to the company.


TINKLER GROUP: High Court Lifts Super-Injunction on Fairfax
-----------------------------------------------------------
The Sydney Morning Herald reports that a super-injunction obtained
by coal entrepreneur Nathan Tinkler has been lifted by the
Victorian Supreme Court.

According to the report, Mr. Tinkler had obtained orders
preventing Fairfax Media from revealing details of a loan of
approximately AUD700 million or the existence of the lawsuit.

Justice David Beach on March 20 lifted the super-injunction,
allowing the existence of the lawsuit to be revealed, the report
says.  The ruling followed a settlement between Fairfax Media and
Mr. Tinkler, SMH relates.

"Late last year Paddy Manning, a business reporter with the SMH,
acting quite properly, sent an email to Nathan Tinkler pre-
publication asking certain questions. With less than an hour's
notice to Fairfax Media in Sydney, Mr. Tinkler sought an
injunction against Fairfax Media in the Supreme Court of
Victoria," the report quotes Fairfax lawyer, Peter Bartlett, as
saying.

SMH notes that while key details about Mr. Manning's article
remain suppressed under an agreement between Mr. Tinkler's Aston
Resources and Fairfax Media, it can now be revealed that the
information related to a loan issued in the first half of 2012.
The loan, plus accumulated interest, was now valued at around $700
million with an interest rate above 10 per cent. However, the
substance of Mr. Manning's original story will never be published,
according to the report.

SMH relates that Mr. Bartlett said the super-injunction issued by
Justice John Digby last year went further than Mr. Tinkler's own
barrister was asking for and even prevented Fairfax Media from
publishing material that was already in the public arena.

In his judgment of December 21, 2012, which was only made public
this week, Justice Digby found "the identified and specific
potential detriment to [Aston Resources] and [Boardwalk Resources]
and separately also the damage to reputation to [Nathan Tinkler]
and the Tinkler Group as a result of the statements . . . being
published . . . outweigh the public interest in freedom of
expression."

SMH adds that Mr. Tinkler's legal team had argued that facts
obtained by Mr. Manning were commercially sensitive and its
disclosure was a breach of confidentiality. Justice Digby agreed
that publishing the article would disadvantage the Tinkler Group
by revealing internal financial arrangements to business
associates, the report says.

smh.com.au related that former billionaire Nathan Tinkler's legal
battles continue, with the ATO confirming it will seek to wind up
one of his main private entities, Tinkler Group Holdings
Administration, over unspecified debts.  Two of Mr. Tinkler's
companies, Mulsanne Resources and Patinack Farm Administration,
are in liquidation and another, TGHA Aviation, is in receivership.
The ATO has also filed wind-up proceedings against Queen St
Capital.



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C H I N A
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CHINA LIANSU: Moody's Retains Ba2 CFR; Outlook is Stable
--------------------------------------------------------
Moody's Investors Service reports that China Liansu Group Holdings
Limited's FY2012 results are generally in line with Moody's
expectations and support its corporate family rating of Ba2.

The rating outlook remains stable.

"Liansu continued to deliver stable sales growth, which is
reflected in the 7.4% year-on-year rise in revenue to RMB10.9
billion in 2012 and its stable gross margin, amid a challenging
operating environment," says Franco Leung, a Moody's Assistant
Vice President and Analyst.

Liansu's overall growth was mainly driven by a 13% increase in
sales volume for its diversified plastic products, supported by
the promotion of water conservation and affordable housing
projects under the government's Twelfth Five-Year Plan and the
company's wide geographic and product coverage.

The implementation of regulatory measures for the Chinese property
market dampened demand in the property and construction sectors,
particularly in 1H 2012, thereby explaining the slower pace of
growth for Liansu.

However, increased state-directed investments in infrastructure
and the stabilization of the property market have resulted in a
recovery in the Mainland since 4Q 2012. Moody's expects a modest
improvement in Liansu's revenues and earnings in 2013, driven
mainly by its penetration of lower-tier cities beyond the South
China region and its increased product offerings.

"Liansu's working capital cycle has lengthened slightly,
reflecting its management of raw inputs and its start-up of new
production facilities in new geographies," says Leung, also
Moody's lead analyst for Liansu.

Inventory turnover days increased to 68 days in 2012 from 58 days
as the company stocked up on raw materials in view of low oil
price at the end of 2012.

Trade receivables days-on-hand rose to 29 days from 26 days
because the company offers slightly longer credit terms to
customers of good credit profile. But the credit period is still
acceptable.

Although the impairment on receivables has increased slightly to
RMB13 million, it represents less than 0.2% of revenue. This
reflects its prudent risk controls, which are important in an
uncertain operating environment.

Liansu's credit profile -- in terms of debt leverage and interest
coverage -- weakened slightly as the company increased its short-
term borrowings to fund its investments and its build-up of
inventory. Adjusted debt/ EBITDA was around 1.2x and adjusted
EBITDA/ interest around 12.7x, but which still position it
strongly at the Ba2 rating.

Moody's notes that Liansu bought certain listed debt securities of
around RMB280 million in 2012 for investments and will monitor the
size of such holdings and the company's risk management policies.

Liansu also has good liquidity. It had a cash balance of about
RMB1.9 billion as at end-2012. Moody's believes that the company's
cash-on-hand and operating cash flow can adequately cover its
short-term debt and capital spending in the next 12 months.

Moody's notes that the company is in the process of changing its
name to China Lesso, subject to further approval by the
shareholders and relevant authorities.

The principal methodology used in this rating was Global Building
Materials Industry Methodology published in July 2009.

Founded in 1996 and listed on the Hong Kong Stock Exchange in June
2010, China Liansu Group Holdings Ltd is one of the largest
plastic pipe and pipe fitting manufacturers in China. It has 14
major production facilities in 11 provinces. The company's
products are widely used in seven major areas, namely water
supply, drainage, power supply and telecommunications, gas supply,
agriculture, floor heating and fire prevention.


CHINA SHANSHUI: Fitch Upgrades IDR to 'BB'; Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded China Shanshui Cement Group Limited's
Long-Term Issuer Default Rating (IDR) and senior unsecured debt
rating to 'BB' from 'BB-'. The Outlook on the IDR is Stable.

The rating action is driven by Fitch's view that improved industry
dynamics in Shanshui's core markets will continue supporting its
profit margin and cash generation. The improved business profile
helps mitigate the company's continued high financial leverage due
to capex and acquisitions.

Key Rating Drivers
Improved industry dynamics: The Chinese cement market has improved
since H212 following a trough over the previous 12 months,
supported by solid demand driven by fixed asset investments.
Nationwide total cement sold during H212 was 1,190 million ton
(mt), up from 970mt during H112. Cement average selling prices in
Shandong, Shanshui's core market, declined 9% in 2012 compared
with a 14% decline across the country, due to higher industry
concentration in Shandong and, thus, stronger pricing power among
leading suppliers.

Stable margins: Shanshui's 2012 EBITDAR margin was 26%, compared
with 28% in 2011 and 21% for 2009-2010, even though the industry
suffered a weak H112 during a slowdown in China. Similarly,
consolidated gross profit per ton was CNY90 in 2012 compared with
CNY108 in 2011 and CNY67 in 2010. This stability was driven by
Shanshui's strong pricing power, which Fitch believes is
sustainable. This, together with recovering market demand,
supports the Stable Outlook.

Capex delays deleveraging: Shanshui spent CNY4.3bn on capex
(including for acquisitions) during 2012, which was higher than
Fitch previously expected. This resulted in funds from operations
(FFO)-adjusted net leverage of 3.7x at end-2012, up from 2.lx in
2011. However, this pre-spending means that capex needs in 2013
and 2014 may be lower than originally budgeted, which should lead
to lower leverage.

Market leadership supports ratings: Shanshui remains the largest
cement producer in Shandong, one of the largest and most
economically developed provinces in China. With over 30% market
share in the province, Shanshui is less susceptible to cement
price volatilities. Furthermore Shanshui continues to diversify
geographically, with Shandong contributing to 66% of the company's
revenues in 2012, down from 76% in 2011.

Rating Sensitivities:

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

- A material increase in scale or diversification in terms of
geography or products
- Neutral free cash flow generation
- FFO-adjusted net leverage below 2.0x on a sustained basis

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

- Loss of current position in core markets
- Consolidated gross profit below CNY75/ton on a sustained basis
- FFO-adjusted net leverage above 3.5x on a sustained basis


LONGFOR PROPERTIES: Moody's Raises CFR to Ba1; Outlook is Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Longfor Properties Co. Ltd.'s
corporate family rating to Ba1 from Ba2 and its senior unsecured
bond rating to Ba2 from Ba3.

The ratings outlook is stable.

This action concludes the ratings review initiated on December 13,
2012, and extended on January 22, 2013.

Ratings Rationale:

"The upgrade reflects Longfor's success in implementing its
business plan and maintaining a strong and stable credit profile
when compared with its peers that are rated in the mid-Ba range,"
says Kaven Tsang, a Moody's Vice President & Senior Analyst.

Longfor's revenue for 2012 grew 16% year-on-year to RMB27.9
billion, while its gross margin was healthy at 40.1%.

As a result, the firm's financial profile -- measured by
EBITDA/interest of 4.76x and adjusted debt/capitalization of 51% -
- is strong for the Ba-rated peer group.

Moody's expects Longfor to maintain its current financial profile
for the next two years.

"Longfor's ability to grow sales through business cycles also
positions it at the top Ba level," says Tsang, who is also the
Lead Analyst for Longfor.

Longfor's ability to execute sales is strong, as highlighted by
its positive growth in contract sales during the downcycles in
2008 and 2011/2012. Its contract sales for 2012 grew 4.9% to
RMB40.1 billion and 82% year-on-year to RMB6 billion in the first
two months of 2013. Moody's believes Longfor has enough projects
to address the demand for end-users and to maintain its sales
growth momentum.

The company's solid sales performance has boosted its cash flow
position. For instance, its cash balance stayed over 10% of its
total assets in the previous down cycles. Longfor had RMB18.6
billion of cash on hand at end-2012, which represented 14.8% of
total assets and were enough to cover its short-term debt of
RMB5.1 billion and committed land payments of RMB11.0 billion.

In addition, Longfor has good access to offshore financing, given
its strong credit profile. It has raised $1.65 billion through
bonds and $312 million through syndicate loans in the past 24
months. These diverse sources of liquidity provide good support to
the company during periods of credit tightening in China.

Furthermore, Longfor's prudent financial management -- which has
allowed it to take advantage of improved market conditions and
issue equity -- supports its Ba1 rating. It issued HKD3.1 billion
in new equity in 2012.

The Ba1 corporate family rating also reflects Longfor's strong
brand name and established position in its core markets -- i.e.
Chongqing, Chengdu, and Beijing -- and its diversified product
range.

The Ba2 bond rating is one notch lower than the corporate family
rating, reflecting the structural and legal subordination risks
from its secured and subsidiary debt, which amounted to 16.7% of
its total assets at end-2012. Moody's expects this ratio to stay
around 15%-20% in the next two years.

The stable outlook reflects Moody's expectation that Longfor will
continue to cautiously manage its expansion and maintain adequate
liquidity -- in the form of its cash holdings, operating cash
flow, and borrowings -- to fund its current projects.

Upgrade pressure could emerge if the company: (1) consistently
meets its sales targets and continues to implement its disciplined
approach to acquiring land and managing its financials; (2)
maintains stable profitability through business cycles; (3)
progressively develops its investment property portfolio, with a
stable source of recurring income that can cover a meaningful
amount of interest expenses; (4) maintains good liquidity, with a
minimum cash balance of more than 10%-15% of total assets; or (5)
EBITDA/interest coverage consistently exceeds 6x-7x and adjusted
debt/capitalization stays at around 40%-45%.

The ratings could be downgraded if: (1) Longfor's sales weaken;
(2) its liquidity or debt leverage deteriorates owing to its
aggressive development of new projects or land acquisitions; or
(3) adjusted debt/capitalization exceeds 55% or EBITDA/interest
falls below 4x.

The principal methodology used in these ratings was the Global
Homebuilding Industry Methodology published March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a solid brand name
in the municipality. As of end-2012, the company had 70 projects
in 17 different cities under development or planning, with a total
land bank of approximately 39.5 million square meters in gross
floor area.


SUNTECH POWER: Insolvency & Restructuring Petition for Unit Filed
-----------------------------------------------------------------
Suntech Power Holdings Co., Ltd. said that on March 18, 2013, a
group of eight Chinese banks filed a petition for insolvency and
restructuring of its Chinese subsidiary Wuxi Suntech Power
Holdings Co., Ltd. in the Wuxi Municipal Intermediate People's
Court in Jiangsu Province, China.  Wuxi Suntech on March 20
notified the Court that it will not file an objection against the
petition. The Company expects that the Court will decide whether
or not to accept the petition in the next few days.

Wuxi Suntech is the Company's principal operating subsidiary in
China engaged in the manufacture of photovoltaic (PV) cells and PV
modules. The Company has additional cell and module production
facilities at wholly owned or partially owned subsidiaries in
Wuxi, Shanghai and Luoyang and, in the event insolvency and
restructuring of Wuxi Suntech is approved by the Court, the
Company intends to continue production of solar products to meet
customer orders. In addition, management will work with any Court-
appointed administrators to ensure all of Suntech's product
warranty obligations are met.

"While we evaluate restructuring initiatives and strategic
alternatives, we are committed to continuing to provide high-
quality solar products to our global customer base," said David
King, Suntech's CEO. "During this period, we will continue to work
closely with all of our stakeholders and take the necessary steps
to put Suntech back on track for growth."

The insolvency and restructuring procedure is designed to
facilitate an orderly restructuring plan for both Wuxi Suntech and
its creditors. In such proceedings, the Chinese court would
typically appoint administrators to Wuxi Suntech to administer the
restructuring, including negotiations with existing bank lenders
and other creditors. Wuxi Suntech will apply to the Court to
continue operations under the supervision of the administrators.

Suntech Power Holdings Co., Ltd., the ultimate parent company of
Wuxi Suntech, has not commenced insolvency proceedings, nor have
any of the Company's other principal operating subsidiaries. The
Company is not aware of any similar proceedings regarding any of
its other entities.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.


SUNTECH POWER: Investors Set to Lose $1.28 Billion
--------------------------------------------------
Ehren Goossens & Justin Doom at Bloomberg News report that
investors stand to lose most of the $1.28 billion they put into
Suntech Power Holdings Co. after the solar manufacturer said it
wouldn't resist a bankruptcy petition filed in China.

The company had more than $2 billion in debt and defaulted on $541
million in bonds due on March 15, prompting eight Chinese banks to
ask a local court to push Suntech's main unit into insolvency,
Bloomberg relates.

"There's a host of companies that have gone to Wall Street
investors and gotten billions of dollars, and these investors are
ultimately going to be on the hook and get nothing out of it,"
Angelo Zino, an analyst at Standard & Poor's Financial Services
LLC in New York, told Bloomberg in an interview.

Bloomberg says the failure underscores how risks to investors in
the solar industry have spread after the collapse of Solyndra LLC
in 2011 and bankruptcies in Germany of companies including Q-Cells
SE, previously the biggest solar manufacturer.  The bankruptcy
will make financing more difficult, Xie Jian, the chief operating
officer of JA Solar Holdings Co., said in an interview, Bloomberg
relays.

Mount Kellett Capital Management LP, Driehaus Capital Management
LLC and Pioneer Investment Management Inc. were Suntech's largest
bondholders, with about 23% of the debt, according to December
public filings compiled by Bloomberg.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.


SUNTECH POWER: Billionaire Set to Lose Fortune as Firm Collapse
---------------------------------------------------------------
Bloomberg News reports that Shi Zhengrong, once China's richest
man, saw his fortune further unravel as the solar company he
founded, Suntech Power Holdings Co., allowed its main unit to tip
into insolvency.

According to Bloomberg, Mr. Shi's stake in Suntech Power was
valued at $1.7 billion when he emerged at the top of the Wall
Street Journal's rich list for China in 2006. His roughly
30% stake today is down to about $32 million, if shareholders get
anything out of the Chinese bankruptcy process, says Bloomberg.

Bloomberg says Suntech was once the world's biggest solar company
and Mr. Shi, 50, set his sights on growing as big as BP Plc (BP/)
or Royal Dutch Shell Plc.  The decline of China's first solar
billionaire shows how the industry built itself with cash from
Wall Street and Chinese authorities, creating a boom in factory
expansions that ultimately drove down prices.

Suntech had debt of $2 billion at the end of August and defaulted
on a $541 million bond that matured last week. That prompted eight
Chinese banks to ask a court in Wuxi, where Suntech is based, to
start bankruptcy proceedings on its main manufacturing unit,
Bloomberg reports.

Mr. Shi was ousted as chairman March 4, and spoke out about the
company's inability to restructure the debt. "The problem is they
don't have a solution," he said in an interview, Bloomberg
relates.  "They need a viable business plan."

The company had about $1.44 billion of bank credit and a
$50 million loan from the International Finance Corp., Bloomberg
discloses citing regulatory filings.  China Development Bank Corp.
is among its lenders, Bloomberg relays.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.


WEST CHINA: Moody's Keeps CFR at B1 After 2012 Earnings Release
---------------------------------------------------------------
Moody's Investors Service reports that West China Cement's 2012
results are in line Moody's expectations. The company's B1
corporate family and senior unsecured ratings remain unchanged.

"WCC's debt leverage at end-2012 was in line with our expectations
and commensurate with its B1 ratings," says Jiming Zou, a Moody's
analyst.

"WCC's financial leverage could further improve, if the company
continues to prioritize in 2013 its reduction of net debt and
carefully carries out its investment plans," adds Zou, also lead
analyst for WCC.

According to Moody's calculation, Debt/EBITDA was 3.7x at end-
2012, versus 2.83x a year ago and 4.05x at end-June 2012.

According to its results announcement on March 18, WCC also
indicated a shift in its priorities in 2013 to reducing net debt
with a target of repaying its USD notes in January 2016.

Should the company demonstrate a track record of financial
prudence and measured capital expenditure, then Moody's would
consider changing the rating outlook to stable from negative.

For 2012, WCC achieved 10.5% sales growth, owing to a volume
contribution of 22.2% largely from newly commissioned cement
plants. A relatively weak operating environment and price
competition caused a 10% drop in average selling prices in 2012
from 2011.

Nevertheless, the company's operating margin remained at around
17% in 2012, a strong level when compared to its peers, thanks to
its well-established market position in the south of Shaanxi
province.

Currently, Moody's expects pricing improvements in 2013 after the
cement industry further consolidated in 2012. Moody's also expects
WCC's operating performance to slightly improve with higher
capacity utilization, thanks to increasing visibility in
infrastructure spending in Shaanxi province.

"WCC's slowdown in investments is also a positive sign," says Zou.
In fact, the company slowed capital expenditure to about RMB892
million in 2012 from RMB2.3 billion in 2011. Its capital spending
commitment of only RMB450 million in 2013 is expected to be well
covered by operating cash flow.

WCC's shift from an aggressive expansion strategy to more prudent
financial management follows the need to stabilize its capital
structure. This approach is necessary as it will need to refinance
offshore debt in January 2016.

It also reflects less pressure on WCC to increase market share,
given a stabilizing competitive landscape in Shaanxi province
aftermarket consolidation in 2012. A slowdown in expansion will
also allow more management resources to focus on cost control and
production efficiency.

A change in WCC's ratings outlook to stable could occur, if the
company exhibits sound operating results and shows a track record
of financial prudence and measured capital expenditure.

The principal methodology used in this rating was the Global
Building Materials Industry Methodology published in July 2009.

West China Cement is one of the leading cement producers in
China's Shaanxi province. As of December 2012, the company's
annual cement production capacity amounted to 23.7 million tons.
Its revenues were RMB3.5 billion in 2012.


* CHINA: Fitch Sees Bank Capital Strain Due to Low Profit Growth
----------------------------------------------------------------
Lower earnings growth at Chinese banks is likely to weaken
internal capital generation and put further pressure on capital in
2013-2014, Fitch Ratings says.

Earnings growth of Chinese commercial banks slowed noticeably in
2012, with aggregate net profit rising 19% against an
unsustainably high 36% in 2011 and 2010. Slowing earnings can be
temporarily offset by cutting expenses and impairment charges, but
longer term more capital will be needed to sustain aggressive
asset growth and remain compliant with tougher regulatory buffers.

"As we expected, the main sources of earnings pressure were:
rising funding costs as liquidity further weakened; rapid growth
of non-loan credit, which tends to be lower yielding; and slower
growth of net fees and commissions. We expect all these trends to
intensify in 2013-2014, and be exacerbated by further moves toward
interest rate liberalisation, which will lift already rising
funding costs," Fitch says.

Another critical factor clouding the 2013-2014 profit outlook is
Chinese banks' low impairment charges, which have noticeably
lagged behind overall credit growth. Loan loss reserves have been
rising - reaching 2.8% of total commercial bank loans at end-2012
(2010: 2.5%) - but this fails to take into account the large and
growing portion of new bank credit being extended outside loan
portfolios, where reserves are typically nil.

Shifting greater amounts of credit into such channels allows
Chinese banks to temporarily maintain low impairment charges and
preserve net income, but this comes at the expense of weaker
future loss-absorption capacity. Even a modest turn in the credit
cycle could result in much higher credit costs than in recent
years. The aggregate net profit of commercial banks totalled
USD197 billion in 2012, compared with a total stock of bank-
related credit of nearly USD14.5 trillion, highlighting how
quickly rising credit costs could significantly erode
profitability.

Although Chinese banks' performance appears solid by global
comparison, headline profit data can be misleading. Subtracting
dividends and other charges, growth of retained earnings was below
growth in assets and business volume, which were 18% and 20% in
2012, respectively (the latter figure our estimate). Unable to
grow equity to a level commensurate with global peers, Chinese
banks remain among the most thinly capitalised across all emerging
markets. This raises the possibility of significant dividend cuts
in 2013-2014 and the need for fresh capital injections.

Thin capital, weakening profitability and liquidity, rising
exposure to shadow banking, and continued aggressive growth are
particular concerns for China's mid-tier banks, and were among the
key drivers of our downgrades of the Viability Ratings of China
CITIC Bank, Industrial Bank, and Ping An Bank in February 2013.



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


MACAO DRAGON: Lai and Haughey Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Macao Dragon Company Limited on Feb. 20, 2013.


MAINSTAR ELECTRICAL: Lui and Yuen Step Down as Liquidators
----------------------------------------------------------
Lui Lai Hang and Yuen Tsz Chun Frank stepped down as liquidators
of Mainstar Electrical Company Limited on Feb. 27, 2013.


PANHANDAT LIMITED: Creditors' Proofs of Debt Due April 12
---------------------------------------------------------
Creditors of Panhandat Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 26, 2013.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


POLYVISION GROUP: Heung Sai Kit Steps Down as Liquidator
--------------------------------------------------------
Heung Sai Kit stepped down as liquidator of PolyVision Group
Company Limited on March 6, 2013.


PRIMA VISION: Creditors' Proofs of Debt Due April 8
---------------------------------------------------
Creditors of Prima Vision Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tjon Yose Manuel Sie Fo
         Unit A, 14/F, Hua Chiao Commercial Centre
         678 Nathan Road
         Mongkok, Kowloon
         Hong Kong


PROFIT LEGEND: Chan Yui Hang Appointed as Liquidator
----------------------------------------------------
Chan Yui Hang on March 1, 2013, was appointed as liquidator of
Profit Legend Investments Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 1703, 17/F
         Landmark North
         39 Lung Sum Avenue
         Sheung Shui, New Territories
         Hong Kong


STAGE CAFE: Final Meetings Set for April 8
------------------------------------------
Members and creditors of Stage Cafe Limited will hold their final
meetings on April 8, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at Rm. 1703, 17/F, Landmark North, 39 Lung Sum
Avenue, Sheung Shui, in N.T.

At the meeting, Chan Yui Hang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


STAR INDUSTRIES: Final Meetings Set for April 8
-----------------------------------------------
Members and creditors of Star Industries Limited will hold their
final meetings on April 8, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at Rm. 1703, 17/F, Landmark North, 39 Lung Sum
Avenue, Sheung Shui, in N.T.

At the meeting, Chan Yui Hang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SVCM CAPITAL: Seng and Lo Step Down as Liquidators
--------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
SVCM Capital Limited on March 2, 2013.


TAG (HK): Chan Yui Hang Appointed as Liquidator
-----------------------------------------------
Chan Yui Hang on March 1, 2013, was appointed as liquidator of Tag
(Hong Kong) Holdings Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 1703, 17/F
         Landmark North
         39 Lung Sum Avenue
         Sheung Shui, New Territories
         Hong Kong


TEXTILE SOLUTIONS: Creditors' Proofs of Debt Due April 8
--------------------------------------------------------
Creditors of Textile Solutions Association Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 8, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 28, 2013.

The company's liquidator is:

         Kau Kam Wing Kenneth
         Room C, 11/F, 8 Hart Avenue
         Tsimshatsui, Kowloon
         Hong Kong


TIN'S PLAZA: Cowley and Mitchell Step Down as Liquidators
---------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of Tin's Plaza Limited on Jan. 24, 2013.


TOP MAVEN: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Top
Maven Limited on Feb. 27, 2013.


TRINIFAITH COMPANY: Creditors' Proofs of Debt Due April 12
----------------------------------------------------------
Creditors of Trinifaith Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 26, 2013.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


TUNSBRIDGE TRADING: Members' Final Meeting Set for April 3
----------------------------------------------------------
Members of Tunsbridge Trading Company Limited will hold their
final general meeting on April 3, 2013, at 10:00 a.m., at Room
313, 3/F., Central Building, Pedder Street, Central, in Hong Kong.

At the meeting, Keung Ping Yin Raymond, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WELREADY CO: Chan Yui Hang Appointed as Liquidator
--------------------------------------------------
Chan Yui Hang on March 1, 2013, was appointed as liquidator of
Welready Co., Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 1703, 17/F
         Landmark North
         39 Lung Sum Avenue
         Sheung Shui, New Territories
         Hong Kong


WING YIP: Cowley and Mitchell Step Down as Liquidators
------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of Wing Yip Investments No. 1 Limited on
Jan. 24, 2013.


WONG TAI: Final Meetings Set for April 8
----------------------------------------
Members and creditors of Wong Tai Yuen Company Limited will hold
their final meetings on April 8, 2013, at 3:00 p.m., and 3:30
p.m., respectively at Rm. 1703, 17/F, Landmark North, 39 Lung Sum
Avenue, Sheung Shui, in N.T.

At the meeting, Chan Yui Hang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


WORLDMART DEVELOPMENT: Creditors' Proofs of Debt Due April 9
------------------------------------------------------------
Creditors of Worldmart Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 9, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Liu Kam Lung
         Unit B, 12/F
         Success Commercial Building
         245 Hennessy Road
         Wanchai, Hong Kong


YOBE TOYS: Final Meetings Set for April 8
-----------------------------------------
Members and creditors of Yobe Toys Limited will hold their final
meetings on April 8, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at Rm. 1703, 17/F, Landmark North, 39 Lung Sum
Avenue, Sheung Shui, in N.T.

At the meeting, Chan Yui Hang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



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


ARTI SILK: CARE Assigns 'B+' Rating to INR11.69cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Arti Silk Mills Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      11.69      CARE B+ Assigned
   Short-term Bank Facilities      0.05      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Arti Silk Mills
Private Limited are constrained due to its modest scale of
operations with single product offering, volatile raw material
prices due to linkages to crude oil prices and operations in a
highly fragmented industry with intense competition. The ratings
are further constrained on account of the financial risk profile
marked by thin profitability margins, high overall gearing and
working capital intensity along with supplier concentration risk.
The ratings, however, derive strength from the experience of the
promoters; diversified customer profile accompanied by favourable
location of the company's manufacturing facility.

The ability of ASMPL to increase the scale of operations with
improvement in the profitability and capital structure is the key
rating sensitivity.

Arti Silk Mills Private Limited, a closely held company, is
engaged in the manufacturing of polyester texturised yarn from
Partially Oriented Yarns. Polyester texturised yarn is used
for manufacturing dress materials and sarees, and hence has a huge
domestic consumption. The company is promoted by Mr Sanjay
Kejriwal and Mr Rajendra Agrawal with its manufacturing unit
located in Surat, Gujarat, with an installed capacity of 6,840
Metric Tons Per Annum (MTPA) increased from 4,125 MTPA in FY12
(refers to the period April 1 to March 31) as on March 31, 2012.
ASMPL started commercial production from September 2009 and
reported healthy capacity utilization of 93% during FY12.


GIRDHAR JEWELLERS: CARE Assigns 'B' Rating to INR9cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Girdhar
Jewellers Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.00      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Girdhar Jewellers
Pvt. Ltd. is constrained primarily on account of its financial
risk profile characterized by weak profitability margins, weak
solvency position and stressed liquidity. The rating is further
constrained due to GJPL's low bargaining power against its
customers, presence in the highly competitive & fragmented Gems &
Jewellery industry and risk associated with fluctuation in gold
prices.

The above constraints outweigh the benefits derived from its
experienced promoters and established and reputed clientele with
repeat business.

The ability of GJPL to increase its scale of operations in a
fragmented industry and improvement in profitability margins and
capital structure are the key rating sensitivities.

Jaipur (Rajasthan) based GJPL was incorporated in September 2011
as a private limited company, promoted by Mr Prashant Tibrewala
along with his brother Mr Rajendra Tibrewala. GJPL is engaged in
the business of wholesale trading of gold jewellery mainly Geru,
Kundan and Meena jewellery. The company gets orders mainly from
retailers of gold jewellery in Jaipur and gets jewellery
manufactured based on job work basis as well as directly purchases
from various third party manufacturers.

During FY12 (commencing from April 01 to March 31), GJPL reported
a total income of INR40.16 crore with a net profit of
INR0.06 crore.


INDUCTO STEEL: CARE Reaffirms 'BB-' Rating on INR40cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Inducto Steel Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       40        CARE BB- Reaffirmed
   (Fund-Based)

   Short-term Bank Facilities     150        CARE A4 Reaffirmed
   (Non-fund Based)

Rating Rationale

The ratings continue to be constrained by small scale of the
operations, low and highly volatile profitability margins inherent
in the ship-breaking business. Furthermore, the
regulatory/environmental risk, stiff competition with the large
number of unorganized players and cyclical nature of the industry
also act as constraining factors.

The ratings continue to factor in the experience of the promoters
in the ship-breaking activities and continuing over-supply
scenario in the shipping industry and IMO regulations stipulating
maximum age of tankers.

The ability of the company to manage the gross margins between the
purchase price and sales realisation in the scenario of volatility
in scrap prices and exchange rate is the key rating sensitivity.

Incorporated in 1989, Inducto Steel Ltd (ISL) is a part of the
Hariyana group, promoted by Mr. Shanti Sarup Reniwal and is
engaged in ship breaking business. The Hariyana group is primarily
engaged in the ship-breaking and steel trading activities.
Besides, the group is also engaged in the real estate, money
lending and sponge iron manufacturing activities. The ship
breaking activity for all the group companies is carried out at
Alang-Sosiya Coastline in Gujarat. The other major group companies
include Hariyana Ship Demolition Pvt Ltd, Hariyana Ship Breakers
Ltd, Hariyana International Pvt Ltd, Hybrid Properties Pvt Ltd,
Bapa real Estate Pvt Ltd.


KINGFISHER AIRLINES: Workers Demand Vijay Mallya's Prosecution
--------------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd employees
on March 20 asked the government to prosecute promoter Vijay
Mallya and threatened to disrupt Indian Premier League matches.

"If Gopal Kanda, promoter of MDLR airlines, can be prosecuted for
suicide of an employee why can't the government prosecute Vijay
Mallya for suicide of the family member of his employees," TOI
quotes Santosh Gautam, president of Kingfisher Airlines
Maintenance Association, as saying.

They also threatened to disrupt IPL matches of the Royal
Challenger Bangalore (RCB), the team owned by Mallya, according to
the report.

"Last time, when Formula 1 race was being organised here, afraid
of our protests, KFA management paid our salary of one month and
assured to pay the dues in instalments but they have failed to
keep their promises. This time, we will protest outside the venue
wherever RCB team plays their matches," said S C Mishra, another
employee, the report relates.

TOI says the protesting employees have urged RCB players to
boycott Mallya's team. They have also asked the Board of Control
for Cricket in India (BCCI) not to allow RCB to participate in the
upcoming IPL.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


LALSONS PLYBOARD: CARE Reaffirms 'B+' Rating on INR1cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Lalsons Plyboard Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        1        CARE B+ Reaffirmed
   Short-term Bank Facilities       5        CARE A4 Reaffirmed

Rating rationale

The ratings continue to be constrained by relatively small scale
of operations, family-driven nature of business, presence in a
limited product line and weak financial risk profile indicated by
declining profitability margins resulting in low cash accruals and
low net worth. The ratings also continue to factor in the presence
of Lalsons Plyboard Private Limited in a fragmented industry
leading to intense competition amongst players.

The ratings, however, continue to derive strength from the
experience of the promoters, moderate geographical reach of the
company and mitigation of foreign exchange risk through forward
contract hedging.

The ability of company to increase scale of operations while
sustaining the profitability margins remains the key rating
sensitivity.

Lalsons Plyboard Private Limited was incorporated on October 09,
2002, by Mr Girdhar Vidhani. Mr Vidhani spearheads the company in
assistance with his family members. All the promoters have an
experience of one decade in the plywood industry. The company is
engaged in manufacturing of plywood, block boards and flush doors.
It imports its raw material i.e. timber logs, pine wood & pine
lumber from Malaysia, Belgium, New Zealand and Germany and sell
the final product across Gujarat, Maharashtra, Rajasthan and
Delhi. LPPL has a sister concern company, named, Vidhani Veneers
Private Limited which also operates in the similar line of
business.


PAVA AUTOMOBILES: CARE Rates INR6.50cr LT Loan at 'CARE B'
----------------------------------------------------------

CARE assigns 'CARE B' rating to the bank facilities of Pava
Automobiles Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Pava Automobiles
Private Limited is mainly constrained on account of the working
capital intensive nature of operations, financial risk profile
marked by thin profit margins with cash loss in FY12 (refers to
the period April 1 to March 31), weak solvency indicators and
fortunes linked to performance of TVS Motors in the highly
competitive two/three wheeler market. The rating also factors in
the recent appointment of a new TVS dealer in the region resulting
in dip in market share of PAPL. The abovementioned constraints
far outweigh the strengths derived from the experienced promoters
and long-standing relationship with TVS Motors.

The ability of the company to achieve envisaged level of sales
while maintain profitability margins and improving the liquidity
position remains the key rating sensitivity.

Established in April 1992, Pava Automobiles Private Limited was
promoted by Mr Ashesh Pandurang Bagul and his mother Mrs Meenakshi
Pandurang Bagul. PAPL is an authorized dealer of TVS Motors
Company Limited (TVSM; rated 'CARE AA-', 'CARE A1+') and is
engaged in the business of retailing two-wheeler (2W) and three
wheeler (3W) vehicles of TVSM along with sale of spare parts and
allied services. PAPL deals in all models of 2Ws manufactured by
TVS namely TVS Wego, Jive, Streak, Scooty Pep, Scooty Pep+,
Apache, Max, XL super and Star. Presently, the company has four
showrooms and four workshops in Nashik. PAPL earns approximately
40% of its total revenue from rural area nearby Nashik. Besides,
PAPL also provides after sales services for vehicles of TVS motor
company.


PURAN CHAND: CARE Assigns 'B' Rating to INR2.30cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Puran Chand Rice Mills Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.30       CARE B Assigned
   Short-term Bank Facilities    28.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Puran Chand Rice
Mills Private Limited are primarily constrained by its leveraged
capital structure, weak coverage indicators and working capital
intensive nature of operations. The ratings are further
constrained on account of its susceptibility to fluctuations in
raw material prices, its presence in a fragmented industry, high
level of government control and foreign currency fluctuation risk.
The ratings, however, find support from the experienced promoters,
growing scale of operations and close proximity to raw material
sources.

Going forward, the ability of the company to increase its scale of
operation while improving its profitability margins, effective
working capital management and improvement in its capital
structure are the key rating sensitivities.

Puran Chand Rice Mills Private Limited (PCRM) was incorporated
1989 as a partnership concern by Mr Naveen Gupta and Ms Suman
Gupta (wife of Mr Naveen Gupta). Later on in 2009, the firm was
converted into a private limited company. Currently, the
management comprises Mr Naveen Gupta, Mr Rushil Gupta, Mr Ashit
Gupta and Ms Suman Gupta.

PCRM is engaged in milling, processing and trading of rice. The
processing facility of the company is located at Taraori, Distt.
Karnal (Haryana) with installed capacity for processing of Paddy
of 20,000 Tonne Per Annum (TPA) for FY12. The company is procuring
the raw material (paddy) from Haryana, Uttar Pradesh and Punjab
and mainly exports to Middle East countries.


SATYADEEPTHA PHARMACEUTICALS: CARE Rates INR16.14cr Loan at 'BB-'
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' to the bank facilities of
Satyadeeptha Pharmaceuticals Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       16.14     CARE BB- Assigned
   Short-term Bank Facilities       4.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to Satyadeeptha Pharmaceuticals Limited
(SDPL) are constrained by small scale of operations, debt-funded
capex and cost overrun, working capital intensive nature of
operations, high product and revenue concentration from a single
major product. The ratings favourably factor in the experience of
the management team, long track record of the company and long-
standing relationship with its major client Mylan Laboratories Ltd
(MLL), moderate overall gearing. The ability of the company to
diversify the product base and client concentration, maintain
profitability and to complete the expansion in time without any
further cost escalation will be the key rating sensitivities.

Satyadeeptha Pharmaceuticals Ltd), incorporated in March 1987, has
its manufacturing facility at Humnabad, Bidar dist, Karnataka,
promoted by Dr S. Ramakrishna. SDPL is engaged in
the manufacturing of Active Pharmaceuticals Ingredients (API) and
intermediaries with the total installed capacity of 350 Kilo Liter
(KL) Reactors of various sizes and material of construction
suitable for the production of various products. SDPL is also
expanding the facility at an estimated cost of INR27 crore with a
debt of INR13.50 crore and remaining through equity and internal
accruals.

The company has achieved its financial closure in April 2010. The
expansion of facility will increase the installed capacity by
another 100KL and also will help the company in product
diversification.  SDPL has its product portfolio primarily in
antiretroviral, anticonvulsant and antihistamines therapeutic
segments.


SHASHIN CONSTRUCTION: CARE Reaffirms 'BB' Rating on INR17cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shashin Construction Company.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term /Short Term           17        CARE BB/CARE A4
   Bank Facilities                           Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Shashin
Construction Company continue to be constrained on account of its
modest scale of operations in a highly competitive and fragmented
infrastructure construction industry with restricted geographical
and revenue diversity.

The ratings continue to derive benefits from partners' experience,
improving profitability, moderate capital structure and SCC's
strong order book position.  SCC's ability to increase its scale
of operations through diversification into new segments &
geographies, maintaining its capital structure and profit margins
are the key rating sensitivities.

Ahmedabad (Gujarat) based Shashin Construction Company was
established as a partnership firm in 1994 by Mr Jayanti Patel. SCC
is registered as "AA" class contractor with Government of
Gujarat (GoG) and is engaged in the construction business for
nearly two decades. The firm predominantly undertakes the
government contracts for the irrigation and railway department
mainly in Gujarat, 98% of the total order-book value consists of
projects from GoG. SCC is an ISO 9001:2008 certified firm.

During FY12 (refers to the period April 1 to March 31), as per
audited results, SCC reported a total operating income of INR26.18
crore and a Profit Before Tax (PBT) of INR1.75 crore


SHRI SIDDHI: CARE Reaffirms 'BB' Rating on INR14.07cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shri Siddhi Vinayak Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       14.07     CARE BB Reaffirmed
   Short-term Bank Facilities       0.34     CARE A4 Reaffirmed

Rating rationale

The ratings continues to be constrained by the limited track
record of Shri Siddhi Vinayak Trust in education sector,
competition from more established players, project risk associated
with the constructions of hostel and college building and
financial risk profile marked by low surplus margins and stressed
debt coverage indicators.

The ratings, however, continue to derive strength from the
experienced faculty and management of trust, three colleges
offering various courses approved by statutory bodies and
favourable demand prospects for the education sector.

The ability of trust to establish its institutes in the region in
the light of competition from more established institutions,
attracting students and retaining experienced faculty remains the
key rating sensitivity.

Shri Siddhi Vinayak Trust was formed in December 2007, to
establish and operate various educational institutions. Currently,
the trust operates three colleges located at Bareilly (U.P) under
the name of Shri Siddhi Vinayak Group of Institutes offering
different courses viz B.Tech, MBA and Polytechnic.  Mr Anupam
Kapoor is the main trustee of SSVT, who is also associated in
other business with considerable experience in the trading of
readymade garments (sarees) through Shri Siddhi Vinayak Creations,
a sister concern of SSVT.


SHUBH FABRICS: CARE Reaffirms 'BB-' Rating on INR6.5cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shubh Fabrics Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.50       CARE BB- Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shubh Fabrics
Limited continues to be constrained on account of its financial
risk profile marked by low profitability, leveraged capital
structure and stressed liquidity position. The rating continues to
be further constrained on account of the limited presence of SFL
in the textile value chain, highly competitive nature of the
industry and volatility associated with the raw material prices.

The rating, however, continues to derive strength from the
promoters' experience in the textile industry, established track
record of operations and marketing network coupled with its
presence in the textile cluster in the Bhilwara region.

Increase in the scale of operations, improvement in profit margins
and solvency position with efficient management of working capital
are the key rating sensitivities.

SFL, incorporated in 1993 as a closely held public limited
company, is promoted by the Kabra family and is engaged in the
business of manufacturing of synthetics fabrics. SFL belongs to
the Ajay Group of Industries based out of Bhilwara, Rajasthan. The
group is engaged in the business of manufacturing of finished
synthetics fabrics from polyester yarn since 1987 through group
concerns, which include Ajay Synthetics Private Limited (ASPL,
established in 1987; rated 'CARE BB-'), Ajay India Limited (AIL,
established in 1996; rated 'CARE BB-', 'CARE A4') and Ajay Syntex
Ltd (ASL, established in 2006). Furthermore, in June 2010, the
group has also entered into the processing of grey fabrics by
acquiring (acquired by the promoters) a loss making entity namely
Rolex Processor Private Limited.


STERLING SEZ: CARE Reaffirms 'D' Rating on INR944.62cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sterling Sez and Infrastructure Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      944.62     CARE D Reaffirmed

Rating Rationale

The rating continues to be constrained due to the ongoing delay in
servicing the debt obligation to the banks.

Sterling SEZ & Infrastructure Ltd, formerly known as Sterling SEZ
Private Ltd, is a Special Purpose Vehicle (SPV) promoted by
Sterling Biotech Limited and its promoters, Mr Nitin Sandesara
and Mr Chetan Sandesara for development of a multi-product SEZ
located in Bharuch in the State of Gujarat. The project has been
developed on 1,263 hectares of contiguous land allotted to the
company by the Government of Gujarat and has become operational
since October 2010.

During FY12 (refers to the period July 1 to June 30), SSIL posted
a total operating income of INR2.64 crore and a loss of INR11.71
crore.


VIDHANI VENEERS: CARE Reaffirms 'B+' Rating on INR1cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vidhani Veneers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.00      CARE B+ Reaffirmed
   Short-term Bank Facilities      4.80      CARE A4 Reaffirmed

Rating rationale

The ratings continue to be constrained by relatively small scale
of operations, family-driven nature of business, presence in a
limited product line and weak financial risk profile indicated by
declining profitability margins resulting in low cash accruals and
low net worth. The ratings also continue to factor in the presence
of Lalsons Plyboard Private Limited in a fragmented industry
leading to an intense competition amongst players.

The ratings, however, continue to derive strength from the
experience of the promoters, moderate geographical reach of the
company and mitigation of foreign exchange risk through forward
contract hedging.

The ability of company to increase scale of operations while
sustaining the profitability margins remains the key rating
sensitivity.

Vidhani Veneers Private Limited was incorporated on August 01,
2006, was promoted by Mr Jay Vidhani who is the managing director
and spearheads the company in assistance with his family
members. All the promoters have an experience of one decade in the
plywood industry. The company is engaged in manufacturing of
veneers, plywood, block boards and flush doors. It imports
its raw material i.e. timber logs, pine wood and pine lumber from
Malaysia, Belgium, New Zealand and Germany and sell the final
product across Gujarat, Maharashtra, Rajasthan and Delhi. VVPL has
a sister concern comapny named Lalsons Plyboard Private Limited
which also operates in the similar line of business.


VISHAL ENTERPRISE: CARE Reaffirms 'BB' Rating on INR16.65cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vishal Enterprise.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      16.65      CARE BB Reaffirmed
   Long-term /Short Term Bank      4.00      CARE BB/CARE A4
   Facilities                                Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Vishal Enterprise
continue to be constrained on account of its leveraged capital
structure, working capital intensive nature of operation and
susceptibility of its profitability to the raw material price
fluctuation. The ratings continue to be further constrained due to
delay in procurement of 'Work over Rig' and influence extended by
international crude prices on demand for rigs and day rates.
The ratings, however, favorably take into account the experience
of the promoters, established track record of operation coupled
with its long standing association with Oil and Natural Gas
Corporation Ltd.

The renewal of existing contracts and receipt of new contracts
with resultant achievement of envisaged sales levels and
maintaining profit margins in light of dependence on ONGC for
contracts and volatility associated with raw material prices is a
key rating sensitivity.

Mehsana-based, VE was incorporated in April 1999 as a partnership
firm. VE is promoted by Mr Bharat Chaudhary and Mr Ramesh
Chaudhary who have experience of more than a decade in the
oil exploration industry. VE is primarily engaged in providing
services for oil exploration and production activities to ONGC on
contract basis. VE is also engaged in the business of labour
contract and arranging vehicles - trucks and tankers on commission
basis. Recently, VE has acquired a contract from ONGC for
supplying and operating a 'Work over Rig' at Ankleshwar (Gujarat)
which has commenced operation in January 2012.



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


* JAPAN: Posts JPY777.5-Bil. Trade Deficit in February
------------------------------------------------------
Japan Today reports that Japan logged another trade deficit in
February, this time of JPY777.5 billion according to data released
Thursday, reversing a year-earlier surplus and underscoring the
uncertain state of the world's third-largest economy.

The figures also highlight the size of the task ahead for Prime
Minister Shinzo Abe's government, which has pledged to turn around
Japan's fortunes with big public spending and by pressuring the
nation's central bank for more aggressive monetary policy, Japan
Today relates.

The news agency says the trade figures come as a new management
team is installed at the Bank of Japan, raising speculation of
more easing measures aimed at stoking the limp economy.

According to Japan Today, finance ministry data showed the
JPY777.5 billion deficit in February reversed a surplus of
JPY25.9 billion in the same month a year earlier.  Total exports
during the period slipped 2.9% to JPY5.28 trillion while imports
jumped 11.9% to JPY6.06 trillion, the report discloses.



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


TE KAUWHATA: In Receivership, In Talks With Potential Buyer
-----------------------------------------------------------
Waikato Times reports that the receiver of trucking company Te
Kauwhata Transport said discussions are under way with a potential
buyer.

A spokesperson for PricewaterhouseCoopers receiver Colin McCloy
-- colin.mccoy@nz.pwc.com -- said there are hopes for a sale,
according to Waikato Times.  The report relates that the receiver
was appointed for the Rangiriri-based company which according to
its Web site, employs more than 100 people.

The report notes that the spokesperson could not confirm current
staff numbers, saying the receivership process was still in the
early stages.

The company's sole director is Robert Pasley of Rangiriri,
according to Companies Office records.

Te Kauwhata Transport is owned by Robert Pasley, Hamilton Richard
Longbottom of Rototuna, Hamilton and David Pasley and Patricia
Wardill of Whangaparoa, according to Companies Office records.  It
operates 60 trucks between the Auckland, Waikato and Bay of Plenty
regions.  Its customers include brewer Lion, The Wareshouse Group,
Gib, Plumbing World and DB Breweries.


* NEW ZEALAND: Farms Going Into Receivership Not the Answer
-----------------------------------------------------------
Farming Show reports that the drought is putting more pressure on
farmers already suffering from falling land values and increasing
interest rates.

A rural debt mediator, Janette Walker, said farms have been
slipping into receivership at an alarming rate since 2009,
according to Farming Show.  The report relates that Ms. Walker has
been unsuccessful in helping one of Taranaki's oldest farming
families -- the Grays -- negotiate its way out of receivership
this week.

"Banks have to negotiate settlements. . . . Receivership is not
the answer -- no-one wins in a receivership situation," the report
quoted Ms. Walker as saying.

Ms.  Walker said the Grays are one of many farming families which
has lost everything for a relatively small amount of debt, the
report relates.



=============
V I E T N A M
=============


VINGROUP JSC: Fitch Withdraws 'B+' Rating on Proposed Notes
-----------------------------------------------------------
Fitch Ratings has withdrawn the expected 'B+(EXP)'rating on
Vingroup JSC's (Vingroup, B+'/Stable) proposed USD senior
unsecured notes due in 2017.

This action follows Vingroup's decision not to proceed with the
proposed bond issue in December 2012.

Vingroup is a homebuilder based in Vietnam.



===============
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
AAT CORP LTD               AAT            32.50       -13.46
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
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


CHINA

ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


HONG KONG

ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


INDONESIA

APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


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            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
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            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
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 PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
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
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
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
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
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
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
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
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           19.43       -10.78
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 GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
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
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
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
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


JAPAN

DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZEALAND

ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


SINGAPORE

ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
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
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
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
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
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
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
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
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
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
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
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
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


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
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

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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