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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

         Thursday, November 22, 2012, Vol. 15, No. 233


                            Headlines


A U S T R A L I A

ABC LEARNING: Co-Founder Provides "No Evidence" to Pay Off Debts
AURORA USA: Moody's Assigns 'Caa1' Rating to $100MM Unsec. Notes
JASON GANN: Faces Bankruptcy Proceedings in U.S.


C H I N A

BEIJING CAPITAL: Fitch Assigns 'BB+' Issuer Default Rating
BEIJING CAPITAL: Moody's Assigns 'Ba2' Corp. Family Rating
GUANGZHOU GLOBAL: Reports $112,491 Net Income in 3rd Quarter
INT'L FINANCIAL: Moody's Assigns 'Ba3' CFR; Outlook Stable
LDK SOLAR: Reaches Agreement to Terminate Wafer Contract


H O N G  K O N G

AP DYNAMICS: Placed Under Voluntary Wind-Up Proceedings
CLIPPER MOTOR: Annual Meetings Set for Nov. 30
CMC MARKETS: Creditors' Proofs of Debt Due Dec. 16
CRIG INVESTMENTS: Creditors' Proofs of Debt Due Dec. 3
DAI WA: Creditors' Proofs of Debt Due Dec. 17

DTC ASIA: Members' Final Meeting Set for Dec. 17
HK EYE: Members' Final General Meeting Set for Dec. 20
HOOP SPORTS: Commences Wind-Up Proceedings
OMNIMEDIA GROUP: Members' Final Meeting Set for Dec. 12
PHHP INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings

PHYSICAL PROPERTY: Incurs HK$101,000 Net Loss in 3rd Quarter


I N D I A

ATOP FASTENERS: CRISIL Assigns 'BB+' Rating to INR143MM Loans
AVANTIKA-GHRA: CRISIL Rates INR150MM Loan at 'CRISIL BB+'
BHARAT PESTICIDES: CRISIL Rates INR25MM Loan at 'CRISIL BB'
CONVEYOR & ROPEWAY: CRISIL Ups Rating on INR60.9MM Loans to 'B'
COSMO FERRITES: CRISIL Reaffirms 'BB-' Rating on INR140.9MM Loans

MERCURY LABORATORIES: CRISIL Puts 'BB' Rating on INR112.5MM Loans
MULTIDESIGNS INFRAWORKS: CRISIL Rates INR55MM Loan at 'CRISIL B'
SHREEJI POWER: CRISIL Reaffirms 'D' Rating on INR215MM Loans
SIRIUS INFRA: CRISIL Rates INR30MM Cash Credit at 'CRISIL B+'
SNOWTEX UDYOG: CRISIL Rates INR70MM Loan at 'CRISIL BB+'

SOUTHERN AGRO: CRISIL Assigns 'B+' Rating to INR126.1MM Loans
SSD AGRO: CRISIL Assigns 'BB-' Rating to INR59.8MM Loans
SURYA CONSTRUCTION: CRISIL Rates INR20MM Loan at 'CRISIL B-'
VIVEKANANDA PADDY: CRISIL Puts 'D' Ratings on INR97.4MM Loans


J A P A N

L-JAC 6: Moody's Reviews 'B3' Ratings on Certs. for Downgrade
SHARP CORP: To Book JPY25.3BB Charge; 2,960 Workers Accept Buyout


M O N G O L I A

KHAN BANK: Fitch Affirms 'B' IDR; Outlook Stable
XACBANK LLC: Fitch Affirms 'B' LT Issuer Default Rating


N E W  Z E A L A N D

FELTEX CARPETS: Receivership Nears End as Liquidator Pursues Suit
FISHER & PAYKEL: S&P Ups 'BB+' ICR on Takeover of Parent by Haier
ROSS ASSET: Investors May Have to Return Money, PwC Says


S I N G A P O R E

NUTRITEK OVERSEAS: Court to Hear Wind-Up Petition Nov. 30
RAIN CII CARBON: S&P Affirms 'BB-' CCR on Ruetgers Acquisition
S E SHIPPING: Court to Hear Wind-Up Petition Nov. 30
YONG ANN: Creditors Get 0.2141% Recovery on Claims


                            - - - - -


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A U S T R A L I A
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ABC LEARNING: Co-Founder Provides "No Evidence" to Pay Off Debts
----------------------------------------------------------------
The Courier-Mail reports that former childcare tsar Eddy Groves
has provided "no evidence" he can pay off debts, a court was told
during a November 20 hearing to quash a bankruptcy attempt.

According to the report, Mr. Groves, co-founder of now-collapsed
childcare chain ABC Learning Centres and known in his heyday for
his love of Ferraris and aircraft, has applied to Brisbane's
Federal Court to set aside a bankruptcy notice.  The notice was
from the Commonwealth Bank over a debt of almost AUD8 million.

The report relates that the case entwines basketball venue
Adelaide Dome, which Mr. Groves once owned and the CBA has now
seized.

The Courier-Mail says Kylie Downes, SC, for Mr. Groves, launched
into several arguments to have the bankruptcy notice set aside.

One included that once the dome was sold, and the balance
outstanding known, Mr. Groves contended there was a "real
prospect" of being able to pay off the debt, the report relays.

But Christian Jennings, SC, for the bank, argued: "We're talking
about a significant sum of money.  There's a clear question about
(Mr. Groves's) solvency."

The report notes Mr. Jennings said there was no evidence of "any
capacity to pay any debt."

Federal Magistrate Michael Burnett said that assuming the
remaining debt after the dome sale was AUD3 million, it would
have to be on Mr. Groves's word that he could source funds to pay
off the residual amount, The Courier-Mail reports.

                        About ABC Learning

Based in Australia, ABC Learning Centres Limited provided
childcare services and education in more than 1,200 centers in
Australia, New Zealand, the United States and the United Kingdom.

In November 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


AURORA USA: Moody's Assigns 'Caa1' Rating to $100MM Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service issued a correction to the July 26,
2012, rating release of Aurora USA Oil & Gas, Inc.

Moody's assigned a Caa1 rating to the Aurora offering of $100
million senior unsecured notes due 2017. These notes are a tack-
on issuance to the existing $200 million unsecured senior notes
due 2017. Aurora intends to use the net proceeds from the
proposed offering to prefund a portion of its development
requirements for the Sugarkane field in the Eagle Ford operated
by Marathon Oil (MRO). The rating outlook is stable.

Ratings Rationale

"Aurora is small, highly levered for its production and proved
developed reserves and a non-operator of its assets. The rating
focuses on its capacity to rapidly expand production and cash
flows to better match the large and uncertain timing cash calls
for development funds from MRO, the operator. Maintaining
liquidity to pay development costs when and as called is
imperative; going non-consent cripples Aurora's economics," said
Harry Schroeder, Moody's Vice President.

The rating is predicated on Marathon Oil's (MRO) reputation and
capability as the operator of Aurora's properties, MRO's economic
interest and financial ability to rapidly develop this field, its
intent to hold drilling locations by production thus accelerating
drilling costs, the robust unleveraged cash margins available in
the Eagle Ford and full-cycle metrics. Moody's sees the full-
cycle metrics for Aurora eroding despite production being almost
entirely liquids. Economic entry point of acreage acquisition
purchase is critical to ultimate performance as Aurora's
management, in reality, has neither control, nor adds significant
value to the actual development of the properties. Since March
2012, it has spent about $200 million on increasing its
acreage/working interests in Sugarkane (about $65,000 per net
acre). Making acceptable economic returns with this embedded cost
basis and about $7.5 million per net well is difficult. While
equity funded a substantial portion, the need for this issuance
is to freshen-up the liquidity initially earmarked for
development of existing properties and lowering leverage metrics
in the short-term. The rating assumes that Marathon continues as
operator, Aurora will maintain adequate liquidity to fund its
share of Marathon's drilling program when and as called, that
production in the Sugarkane Field grows apace of Moody's
expectations and further acquisitions of non-immediate cash
generating assets is very limited. The rating is restrained by
concentration in a single field, early stage operations, and
Aurora's non-operator status.

The Caa1 rating on the proposed $100 million senior notes
reflects both the Corporate Family Rating (CFR) and Probability
of Default Rating (PDR) both of which are B3. The Loss Given
Default is LGD 4 (67%). At 6/30/2012, Aurora has a senior secured
revolving credit with an $85 million borrowing base that is fully
available. This precipitates the notching of the notes to a Caa1
rating. With a proforma post issue cash balance estimated to be
about $150 million, proforma 12 months Retained Cash Flow of $150
million and Revolver availability of $85 million approximately
$385 million is available to meet cash calls from the operator.
This should be sufficient to meet all but the most extraordinary
of cash calls. Moody's assigns a Speculative Grade Rating of SGL-
2 for liquidity.

The principal methodology used in rating Aurora USA Oil & Gas,
Inc was the Independent Exploration and Production (E&P) Industry
Rating Methodology published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada, and EMEA
published in June 2009.

Aurora is based in Perth, Australia.


JASON GANN: Faces Bankruptcy Proceedings in U.S.
------------------------------------------------
The Canberra Times reports that Jason Gann, the man who plays a
misanthropic dog in the hit comedy series Wilfred, faces
bankruptcy proceedings in the US after failing to pay $325,000 in
damages to a bus driver he assaulted at Melbourne's Flemington
Racecourse in 2007.

According to the report, Mr. Gann was ordered by the County Court
in June to compensate Joseph Hosny, who suffers post-traumatic
stress as a result of the bashing on Derby Day five years ago.

The Canberra Times relates that Mr. Gann, who co-stars with
Elijah Wood in the US version of Wilfred, has also ignored
requests to pay Mr. Hosny's legal fees and court costs, which
exceed $200,000.

According to the report, Mr. Hosny's lawyer, John Karantzis of
Nowicki Carbone, said all correspondence had been ignored by
Mr. Gann, who was served with the court order in Los Angeles in
June.

"We will pursue Mr. Gann and use all available legal means of
redress in Australia and the US to ensure he complies with his
obligations," the report quotes Mr. Karantzis as saying.  "We
understand that he earns more than $1 million per year, while our
client is destitute and homeless as a result of Mr. Gann's
actions."

Mr. Gann said proceedings for bankruptcy would be launched by
lawyers in the US if the actor refused to comply with the court
order, the report adds.

The Courier-Mail says a defiant Mr. Gann slammed the court
decision.

The report relates that the actor said a St John Ambulance report
on the day of the incident found no physical injuries, scratches
or markings from the assault.

He also raised doubts about a psychiatrist's report that found
Mr. Hosny could never return to work, when he had not been found
to have sustained physical injuries, the report says.



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C H I N A
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BEIJING CAPITAL: Fitch Assigns 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has published China-based Beijing Capital Land
Ltd's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) of 'BB+' respectively.  The Outlook is Stable.
The agency has also published BCL's local-currency senior
unsecured rating of 'BB+' and its proposed offshore CNY
unsubordinated unsecured notes' 'BB+(EXP)' rating.  The notes, to
be issued by Central Plaza Development Limited (CPD), are to be
jointly and severally guaranteed by the subsidiary guarantors.
The final ratings are contingent upon the receipt of final
documents conforming to information already received.

BCL maintains a company profile consistent with a 'BB' profile
but is supported at the 'BB+' rating level by the land incubation
strategy from its parent Beijing Capital Group (BCG) and long-
term stable strategic alliances with China Development Bank (CDB)
and Government of Singapore Investment Corporation (GIC), which
provided long term funding to BCL since 2003.

BCL's ratings reflect its benefit from parent BCG, which owns
47.2% of BCL. The incubation land strategy at BCG provides land
bank resources for BCL at a low cost.  As a result, BCL does not
have an active need to replenish its land bank.  As of Dec 2011,
BCL had a land bank of around 10m sqm gross floor area, including
a portion sourced directly or indirectly from BCG.  BCL's ratings
are also supported by CDB and GIC. CDB has provided over RMB20bn
long-term and short-term funding for BCL since 2003.  GIC has
8.1% shareholdings of BCL and also invested in 16 joint-venture
projects with BCL in six cities at Dec 2011.

BCL has diversified multiple funding channels particularly in
debt, such as strong support from domestic banks for bank loans
and construction loans, project level joint venture with GIC and
access to both onshore and offshore capital markets.  At end-2011
BCL had RMB8.35bn in cash (RMB0.38bn restricted cash), with
RMB40.8bn unused bank credit facilities at June 2012.

BCL's ratings are constrained by its small scale with contracted
sales of RMB11bn in 2011 and a small land bank of 10m sqm.
However, BCL has achieved moderate diversification over the years
and has 35 projects covering 14 cities across China.  Since 1993,
BCL has developed 57 projects with the developed area exceeding
16m sqm, covering various property types including residential,
office, commercial, hotel and land development

The Stable Outlook reflects Fitch's expectation that BCL will
achieve stronger contracted sales in H212 compared with H112.
Fitch expects the company to deliver a slight increase of
contracted sales for 2012 with more project launches, and
continue to focus on meeting its contracted sales target which
should lead to stable cash flows and liquidity for 2012.

What Could Trigger A Rating Action?

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

  -- An upgrade is unlikely in the short term, given the
     regulatory risks in the home building industry in China.

  -- A successful execution of BCL expansion strategy for next
     three years with contracted sales exceeding RMB30bn-35bn,
     rise in recurring rental income and improvement in net
     debt/adj inventory to below 20-25% on a sustained basis
     would be positive factors for the ratings.

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

  -- Unfavorable changes to China's regulation or economy
     leading to a decline in contracted sales or a decline in
     EBITDA margin to below 15% or deterioration in net debt/adj
     inventory leverage to above 35% over a sustained period.

  -- Any signs of BCL being unable to source a cheap land bank
     from its parent BCG , and/or weakening relationships with
     BCL's strategic partners such as CDB and GIC, would put
     negative pressure on the ratings.


BEIJING CAPITAL: Moody's Assigns 'Ba2' Corp. Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Beijing Capital Land Ltd ("BJCL").

The rating outlook is stable.

Ratings Rationale

"BJCL's Ba2 corporate family rating reflects its medium-sized
operation with activities in 15 cities in China, and a track
record of operating through various business cycles since it was
established in 2002," says Kaven Tsang, a Moody's Vice President
and Senior Analyst.

"The rating also considers its improving sales stability,
seasoned management, and solid liquidity profile," adds Tsang,
also the lead analyst for BJCL.

"BJCL's Ba2 rating further reflects its good access to funding
and its ability to secure good growth opportunities because of
its close relationship with its parent and the Beijing Municipal
Government," says Tsang.

BJCL is one of the few Chinese developers that can issue bonds in
both the onshore and offshore markets. Thus, it has an advantage
over other privately owned rated Chinese property developers in
managing its funding risks in a market where bank credit is
frequently tight.

BJCL's close relationship with its parent -- the Beijing Capital
Group Ltd. (the "Capital Group", unrated) and the Beijing
Municipal Government has also helped it achieve good access to
well-located land banks, for example the Xanadu and Reflections
projects, and primary land development projects where its parent
has invested in infrastructure projects.

BJCL's Ba2 rating is constrained by its small operation relative
to most of the Ba-rated peers, a history of sales volatility in
the down cycle in 2008, and its moderate financial metrics of
adjusted debt/capitalization around 65% and EBITDA/interest
around 2.5x. Such metrics are weak for its Ba2 rating relative to
its peers.

The stable outlook reflects Moody's expectation that BJCL will
have adequate cash and operating cash flow to fund its current
projects, and that it will not aggressively pursue large land
acquisitions.

Upward pressure on its ratings over the medium term could emerge
if the company can demonstrate a track record of improving its
financial profile through enhancing sales execution and executing
disciplined land acquisitions.

Moody's would consider an upgrade if the company maintains
adjusted debt/capitalization below 50% and EBITDA/interest above
4.5x - 5x.

On the other hand, downward rating pressure could emerge if BJCL:
(1) fails to execute its business plan, such that contract sales
are lower than RMB9-10 billion per annum; (2) materially
accelerates development, and/or executes an aggressive land
acquisition plan, such that its liquidity weakens with cash falls
substantially below the level of short-term debt; or (3) interest
cover falls below 2.5x on a sustained basis.

The principal methodology used in rating BJCL was the Global
Homebuilding Industry Methodology, published in March 2009.

Incorporated in China, Beijing Capital Land Limited ("BJCL") is a
mid-sized developer in China's residential property sector. As of
June 30, 2012, BJCL had a total land bank of 11 million square
meters (sqm) (attributable land bank: 6.94 million sqm) in gross
floor area (GFA) covering 15 cities in China. This land bank can
support the company's development for the next four to five
years.

The Capital Group is the largest shareholder of BJCL with a 47%
equity interest. It is also a large state-owned enterprise, 100%
owned by the Beijing Municipality and directly under the
supervision of the State-Owned Assets Supervision and
Administration Commission of the Beijing Municipality. It has
three core businesses: infrastructure, real estate, and financial
services.


GUANGZHOU GLOBAL: Reports $112,491 Net Income in 3rd Quarter
------------------------------------------------------------
China Teletech Holding, Inc., formerly known as Guangzhou Global
Telecom, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net
income of US$112,491 on US$8.56 million of sales for the three
months ended Sept. 30, 2012, compared with a net loss of
US$27,367 on US$3.09 million of sales for the same period during
the prior year.

For the nine months ended Sept. 30, 2012, the Company reported
net income of US$2.71 million on US$19.64 million of sales,
compared with net income of US$132,002 on US$15.82 million of
sales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed $4.31
million in total assets, $2.44 million in total liabilities and
$1.86 million in total stockholders' equity.

A copy of the Form 10-Q is available for free at:

                       http://is.gd/Z72obK

                      About Guangzhou Global

Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on
March 29, 1999, under the laws of the State of Florida.  The
Company, through its subsidiaries, is now principally engaged in
the distribution and trading of rechargeable phone cards,
cellular phones and accessories within cities in the People's
Republic of China.

In its audit report for the 2011 results, Samuel H. Wong & Co.,
LLP, in San Mateo, California, noted that the Company has
incurred substantial losses, and has difficulty to pay the
Peoples Republic of China government Value Added Tax and past due
Debenture Holders Settlement, all of which raise substantial
doubt about its ability to continue as a going concern.

The Company reported a net loss of US$348,124 in 2011, compared
with a net loss of US$2.28 million in 2010.


INT'L FINANCIAL: Moody's Assigns 'Ba3' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to International Financial Center Property Limited,
a 100%-owned subsidiary of Beijing Capital Land Limited (Ba2
stable).

At the same time, Moody's has assigned a provisional (P) Ba3
senior unsecured rating to the proposed bonds to be issued by
Central Plaza Development Limited, a wholly-owned subsidiary of
BJCL, and guaranteed by IFC.

The ratings outlook is stable.

In addition to the guarantee from IFC, the proposed bonds will be
supported by a Deed of Equity Interest Purchase Undertaking and a
Keepwell Deed between BJCL, CPD, IFC and the bond trustee.

The Beijing Capital Group Ltd (unrated), the parent company of
BJCL, will also provide a Letter of Support in favor of BJCL and
IFC in connection with the proposed bond issuance.

All such arrangements intend to strengthen the support from BJCL
for IFC, the guarantor of the proposed bonds.

There will also be 12 months of interest in reserve in an
offshore escrow account.

The bond's provisional rating status will be removed after the
completion of the bond issuance upon satisfactory terms and
conditions.

The bond proceeds will be used to fund new acquisitions and
project development.

Ratings Rationale

"IFC's Ba3 corporate family rating reflects its B2 standalone
credit profile and a two-notch rating uplift, based upon the
expectation of high financial and operational support provided by
BJCL," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

"The two-notch uplift is based upon (i) BJCL's 100% ownership of
IFC; (ii) a track record of financial support to IFC from BJCL;
(iii) IFC's business direction being set by BJCL; and (iv) the
fact that all IFC's projects are operated by BJCL, thereby
offering cost efficiency and a strong brand name," adds Tsang.

BJCL is a medium-sized property developer, operating in 15 cities
in China, and has accumulated a land bank of 11 million square
meters (sqm). It has a track record of developing residential
properties and is well supported by a seasoned management team
and solid liquidity profile.

BJCL's state-owned background offers it strong opportunities to
secure growth and funding support. It is 47% owned by the Beijing
Capital Group which is a state-owned enterprise 100% owned by the
Beijing Municipality and directly under the supervision of the
State-Owned Assets Supervision and Administration Commission of
the Beijing Municipality.

IFC's B2 standalone credit profile reflects its small scale
operation, its thin capital base, which translates into credit
metrics of debt/capitalization ratio around 65-75%, and modest
EBITDA/interest of 2x-2.5x. These metrics position IFC in the
single-B level.

Moody's has not notched the rating of the proposed bonds because
the level of external project debt represented less than 15% of
its total assets as of September 2012. This ratio is expected to
remain below 15% over the next 1-2 years, as BJCL will also
provide direct funding to IFC's project companies.

The stable rating outlook reflects Moody's expectation that IFC
will continue to receive financial and operational support from
BJCL.

Upward rating pressure on IFC could emerge if it can (1)
successfully implement its business plan; (2) improve its scale
and diversity to reduce sales and earnings volatility; (3)
continue to access offshore funding; and (4) further improve its
credit profile, especially its debt leverage.

Credit metrics which Moody's would consider for an upgrade for
IFC include an improvement in its financial profile with its
adjusted debt/capitalization assets falling to 50% - 55% and
EBITDA/interest rising above 3x on a sustained basis.

IFC's rating could come under downward pressure if it (1) fails
to substantially achieve its business targets, such that sales
and operating cash flow generation are weaker than anticipated;
and/or (2) materially accelerates development and executes an
aggressive land acquisition plan, such that debt leverage rises,
with adjusted debt/capitalization exceeding 65%-70%, and
EBITDA/interest dropping below 1x-1.5x on a sustained basis.

Any evidence of a weakening in the support from BJCL to IFC, or a
deterioration in BJCL's liquidity and/or credit profile could
also be negative for the ratings.

The principal methodology used in rating IFC was the Global
Homebuilding Industry Methodology, published in March 2009.

Incorporated in the British Virgin Islands in 2000, International
Financial Center Property Ltd. ("IFC") is the primary overseas
holding company for Beijing Capital Land Ltd. ("BJCL", Ba2
stable). It is 100%-owned by BJCL. It is also the guarantor to
the proposed bonds issued by Central Plaza Development Ltd.

As of September 2012, IFC had a total land bank of approximately
5.2 million sqm in saleable gross floor area ("GFA"),
representing approximately 48% of the total land bank under the
BJCL group. Total assets of IFC as of September 2012 were RMB20.4
billion.

Incorporated in China, BJCL is a mid-sized developer in China's
residential property sector. As of June 30, 2012, BJCL had a
total land bank of 11 million sqm (attributable land bank: 6.94
million sqm) in GFA, covering 15 cities in China. This land bank
can support the company's development over the next four to five
years.


LDK SOLAR: Reaches Agreement to Terminate Wafer Contract
--------------------------------------------------------
LDK Solar Co., Ltd., has reached an agreement with a Europe-based
PV customer to terminate their long-term solar wafer supply
agreement.

Under the terms of the agreement, originally signed in 2008, LDK
Solar was to supply multicrystalline silicon wafers over a ten-
year period.  As part of the original agreement, the PV customer
made an advanced payment representing a portion of the contract
value to LDK Solar.

As part of the settlement, the parties mutually agreed to
terminate the supply agreement, and that LDK Solar will receive
approximately $37 million.

"We are pleased to reach a mutual agreement to terminate our 2008
wafer supply agreement with this customer," stated Xingxue Tong,
President and CEO of LDK Solar.  "We will continue to work
closely with our customers and partners in the currently
challenging environment for the PV industry."

LDK Solar is assessing the extent of financial impact on its full
year 2012 earnings of the termination and related contract
termination charges.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

The Company's balance sheet at June 30, 2012, showed US$6.40
billion in total assets, US$5.95 billion in total liabilities,
US$254.44 million in redeemable non-controlling interests and
US$192.17 million in total equity.



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


AP DYNAMICS: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Nov. 6, 2012,
creditors of AP Dynamics (HK) Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Cheung Hok Hin Alan
         Suen Fuk Yuen Bernie
         Wing United CPA Limited
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


CLIPPER MOTOR: Annual Meetings Set for Nov. 30
----------------------------------------------
Members and creditors of Clipper Motor Yachts Limited will hold
their annual meetings on Nov. 30, 2012, at 10:00 a.m., and
10:30 a.m., respectively at 602 The Chinese Bank Building, at 61-
65 Des Voeux Road, Central, in Hong Kong.

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


CMC MARKETS: Creditors' Proofs of Debt Due Dec. 16
--------------------------------------------------
Creditors of CMC Markets Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 16, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         John Chi Wai Wong
         Lay Hong Tan
         21/F, Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


CRIG INVESTMENTS: Creditors' Proofs of Debt Due Dec. 3
------------------------------------------------------
Creditors of Crig Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 7, 2012.

The company's liquidator is:

         Cheng Chi Pang
         c/o Leslie Cheng & Co
         Flat B, 7/F, On Hing Building
         1 On Hing Terrace
         Central, Hong Kong


DAI WA: Creditors' Proofs of Debt Due Dec. 17
---------------------------------------------
Creditors of Dai Wa Logistics Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 17, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Kong Wing Cheung
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


DTC ASIA: Members' Final Meeting Set for Dec. 17
------------------------------------------------
Members of DTC Asia Pacific Limited will hold their final meeting
on Dec. 17, 2012, at 10:00 a.m., at 7th Floor, Alexandra House,
at 18 Chater Road, Central, in Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


HK EYE: Members' Final General Meeting Set for Dec. 20
------------------------------------------------------
Members of Hong Kong Eye Foundation Limited will hold their final
general meeting on Dec. 20, 2012, at 1212 Beverly Commercial
Centre, at 87-105 Chatham Road South, Tsim Sha Tsui, Kowloon, in
Hong Kong.

At the meeting, Kam Mo Ping Catherine, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HOOP SPORTS: Commences Wind-Up Proceedings
------------------------------------------
Members of Hoop Sports (HK) Limited, on Nov. 8, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lui Tin Nang
         Room 1613, 16/F
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


OMNIMEDIA GROUP: Members' Final Meeting Set for Dec. 12
-------------------------------------------------------
Members of Omnimedia Group (HK) Limited will hold their final
general meeting on Dec. 12, 2012, at 10:00 a.m., at Room 313,
3/F, Central Building, at 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.


PHHP INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Nov. 8, 2012,
creditors of PHHP International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Yau Choi
         Rm 1101A, Causeway Bay Comm. Bldg
         1-5 Sugar St., Hong Kong


PHYSICAL PROPERTY: Incurs HK$101,000 Net Loss in 3rd Quarter
------------------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss and total comprehensive loss of HK$101,000
on HK$248,000 of total operating revenues for the three months
ended Sept. 30, 2012, compared with a net loss and total
comprehensive loss of HK$110,000 on HK$203,000 of total operating
revenues for the same period during the prior year.

For the nine months ended Sept. 30, 2012, the Company reported a
net loss and total comprehensive loss of HK$373,000 on HK$624,000
of total operating revenues, compared with a net loss and total
comprehensive loss of HK$381,000 on HK$604,000 total operating
revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed HK$10.06
million in total assets, HK$11.45 million in total liabilities,
all current, and a HK$1.39 million total stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                         http://is.gd/PsLAKu

                      About Physical Property

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly-owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on Sept. 21, 1988, under the laws
of the United States of America.

In the auditors' report accompanying the consolidated financial
statements for the year ended Dec. 31, 2011, Mazars CPA Limited,
in Hongkong, noted that the Company had a negative working
capital as of Dec. 31, 2011, and incurred loss for the year then
ended, which raised substantial doubt about its ability to
continue as a going concern.



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


ATOP FASTENERS: CRISIL Assigns 'BB+' Rating to INR143MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Atop Fasteners Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               45.6      CRISIL BB+/Stable (Assigned)
   Cash Credit             80        CRISIL BB+/Stable (Assigned)
   Proposed Long-Term      17.4      CRISIL BB+/Stable (Assigned)
   Bank Loan Facility

The rating reflects AFPL's moderate financial risk profile marked
by a moderate gearing and comfortable debt protection metrics,
albeit constrained by a modest net worth; the rating also factors
in the benefits that the company derives from its promoters'
extensive industry experience and funding support and its
established relationships with its customers. These rating
strengths are partially offset by AFPL's modest scale of
operations, susceptibility of the company's margins to volatility
in raw material prices, and working-capital-intensive operations;
the rating also factors in AFPL's exposure to risks related to
the cyclical demand from the end-user industry; the impact of the
same is, however, partly mitigated by the company's diversified
revenue profile.

Outlook: Stable

CRISIL believes that AFPL will continue to benefit over the
medium term from its promoters' extensive experience in the
fastener manufacturing business. The outlook may be revised to
'Positive' if the company significantly scales up its operations,
while it maintains its profitability, leading to large cash
accruals, and sustains its financial risk profile. Conversely the
outlook may be revised to 'Negative' in case AFPL reports
weakening of its financial risk profile, particularly its
liquidity, because of larger-than-expected working capital
requirements or low cash accruals, or if the company undertakes
any additional, large, debt-funded capex programme.

                        About Atop Fasteners

AFPL was set up as a proprietorship concern named Atop Fasteners
in 1988 by Mr. Satwant Singh Harish; it was reconstituted a
private limited company with its current name in 1997. AFPL
manufactures different kinds of fasteners such as pins, split-
pins, circlips, and washers, which are mainly used in assemblies
and sub-assemblies of automotive components. AFPL currently has
two manufacturing facilities; one at Mohali and the other at
Chandigarh (both in Punjab).

AFPL, on a provisional basis, reported a profit after tax (PAT)
of INR15.2 million on net sales of INR391.5 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR24.0 million and net sales of INR301.7 million during 2010-11.


AVANTIKA-GHRA: CRISIL Rates INR150MM Loan at 'CRISIL BB+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facility of Avantika-GHRA.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       150      CRISIL BB+/Stable (Assigned)

The rating reflects Avantika GHRA's healthy financial risk
profile marked by its moderate net-worth, low gearing and above-
average debt protection metrics, and the benefits that Avantika
GHRA derives from its promoters' extensive experience in the
construction industry. These rating strengths are partially
offset by high degree of project concentration in Avantika GHRA's
revenue profile, and its large working capital requirements.

Outlook: Stable

CRISIL believes that Avantika GHRA will maintain a stable
business risk profile, backed by its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
Avantika GHRA diversifies its revenue profile while registering
healthy revenue growth and stable profitability margins.
Conversely, the outlook may be revised to 'Negative' if there is
a steep decline in the firm's profitability margins from the
current levels or there is a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements.

                     About Avantika-GHRA

Established in 2005 as a partnership firm, Avantika GHRA is a
joint venture (JV) between GH Reddy Associates (Construction) Pvt
Ltd (rated 'CRISIL BB+/Stable/CRISIL A4+') and Shri Avantika
Contractors (I) Ltd. The JV was formed to undertake a flood
management control project at the Bhagmati River in the Bihar
region for a stretch of around 264 kilometre. The project is
undertaken on a sub-contract basis from Hindustan Steelworks
Construction Ltd.

For 2011-12 (refers to financial year, April 1 to March 31),
Avantika GHRA reported a profit after tax (PAT) of INR96.8
million on revenues of INR1.2 billion, against a reported PAT of
INR101.8 million on revenues of INR1.3 billion for the previous
year.


BHARAT PESTICIDES: CRISIL Rates INR25MM Loan at 'CRISIL BB'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Bharat Pesticides Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Letter of Credit          40       CRISIL A4+ (Assigned)
   Bank Guarantee             1.2     CRISIL A4+ (Assigned)
   Cash Credit               25       CRISIL BB/Stable (Assigned)

The ratings reflect the extensive industry experience of BPI's
promoters, its established market position in the industry, and
healthy financial risk profile. These rating strengths are
partially offset by BPI's geographic concentration and large
working capital requirements.

Outlook: Stable

CRISIL believes that BPI will benefit over the medium term from
the extensive experience of its promoters in the pesticide
trading industry and efficient risk management policies. The
outlook may be revised to 'Positive' in case BPI significantly
scales up its operations while maintaining its operating margin
and working capital cycle. Conversely, the outlook may be revised
to 'Negative' if BPI's capital structure deteriorates materially
because of adverse regulatory changes in the agro-chemical
industry or its working capital cycle lengthens.

                    About Bharat Pesticides

BPI was set up as a private limited company in 1972 by Mr.
Vrajmohan R Shah. The company trades pesticides in Gujarat. It
sells its products under the Chetak brand. BPI's daily operations
are managed by Mr. Vrajmohan Shah and his sons, Mr. Kenal Shah
and Mr. Bhavesh Shah.

BPI reported a profit after tax (PAT) of INR 5.78 million on net
sales of INR202.1 million for 2011-12 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR2.1
million on net sales of INR228.5 million for 2010-11.


CONVEYOR & ROPEWAY: CRISIL Ups Rating on INR60.9MM Loans to 'B'
---------------------------------------------------------------
CRISIL has assigned upgraded its ratings on the bank facilities
of Conveyor & Ropeway Services Pvt Ltd to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            30       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit               10       CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Letter of Credit           4       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Long-Term Loan            49.4     CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Standby Line of Credit     1.5     CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The upgrade is on account of the regularization of the company's
term loan repayments, supported by the improvement in its
liquidity profile, driven primarily by the cash collection
mechanism established at CRSPL's Build-Operate-Transfer (BOT)
projects. The improvement in liquidity position is also reflected
in the company's average bank limit utilization of about 63per
cent in the 12 months ended August 2012. However given that the
repayments on its Tsomgo (Sikkim) project loan will commence from
April 2013, the timely completion of the project will be critical
for the company's liquidity profile; and it remains a key rating
sensitivity factor.

The ratings are partly constrained on the company's weak
financial risk profile, reflected in the high gearing and low net
worth; and modest scale of operations. The rating weaknesses are
partially offset by the company's established track record in the
aerial ropeways segment and moderate revenue visibility.

Outlook: Stable

CRISIL believes that CRSPL will maintain its credit profile on
the back of the promoters' extensive experience in the sector,
and currently moderate revenue visibility enjoyed by the company.
The outlook may be revised to 'Positive' if CRSPL significantly
improves its scale of operations, while sustaining its
profitability, or if there is a marked improvement in the
financial risk profile, most likely through equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative'
if the company's sales decline sharply, or if significant decline
in profitability or a large debt-funded capital expenditure
(capex) lead to further weakening in its financial risk profile.

                       About Conveyor & Ropeway

CRSPL designs, manufactures, erects, and commissions aerial
ropeway systems, material handling plants, and coal washing
plants, besides undertaking techno-feasibility studies for
ropeway systems.

CRSPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR48.3 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR41.7 million for 2010-11.


COSMO FERRITES: CRISIL Reaffirms 'BB-' Rating on INR140.9MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cosmo Ferrites Ltd
continue to reflect CFL's established position in the soft
ferrites industry and long-standing relationships with its
clients.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4+(Reaffirmed)
   Cash Credit             27.5     CRISIL BB-/Stable(Reaffirmed)
   Export Packing Credit   60       CRISIL A4+(Reaffirmed)
   Letter of Credit        45.6     CRISIL A4+(Reaffirmed)
   Standby Line of Credit  10       CRISIL BB-/Stable(Reaffirmed)
   Term Loan              103.4     CRISIL BB-/Stable(Reaffirmed)

The ratings also reflect CFL's moderate financial risk profile
marked by a low gearing and moderate debt protection metrics.
These ratings strengths are partially offset by CFL's constrained
operating profitability, susceptibility to volatility in raw
material prices and in foreign exchange rates, and geographic
concentration.

Outlook Stable

CRISIL believes that CFL will continue to benefit over the medium
term from its established position in the soft ferrites industry
and its healthy relationships with its clients. The outlook may
be revised to 'Positive' in case the company significantly
increases its scale of operations and profitability, driven by
increased demand for its products from its existing clients in
the domestic as well as overseas markets, leading to more-than-
expected cash accruals and, thereby, an improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative'
if CFL witnesses a greater-than-expected decline in its revenues
and profitability because of lower-than-expected capacity
utilization or lower-than-expected offtake from its key
customers, or if its financial risk profile weakens because of
larger-than-expected, debt-funded capital expenditure programme.

Update

For 2011-12 (refers to financial year, April 1 to March 31), CFL
registered revenues of around INR428 million, a year-on-year
decrease of around 13%, which was primarily because of the
slowdown in its key market (Europe). CRISIL believes that CFL's
revenues will grow moderately at 5 to 7%, to around INR450
million, driven mainly by the company's established relationships
with its customers and the wide industry application of its
products. Furthermore, for 2011-12, CFL's operating margin was
around 12.5%, which was lower than CRISIL's projection. The
decline in CFL's operating margin was because of increase in
power and employee costs, and subdued demand from Europe. Over
the medium term, CRISIL believes that CFL's operating
profitability will remain in the range of 12 to 12.5%, backed by
availability of key raw materials at competitive prices and its
established relationships with its existing clients. CFL has a
healthy financial risk profile, as reflected in its low gearing
of about 0.86 times as on March 31, 2012. Its interest coverage
ratio was moderate at around at 2.2 times for 2011-12. The
company's liquidity is expected to remain comfortable over the
medium term, marked by moderate bank limit utilisation and
adequate cash accruals to service its term debt.

CFL's profit after tax (PAT) is estimated at INR4 million on net
sales of around INR428 million for 2011-12, against a PAT of
INR42 million on net sales of INR493 million for 2010-11.

                        About Cosmo Ferrites

CFL was set up in 1986 by Mr. Ashok Jaipuria, who is also the
founder-promoter of Cosmo Films Ltd (Cosmo Films), which owns 46%
of CFL's equity shares and manufactures bi-axially-oriented
polypropylene films. CFL manufactures soft ferrites; the
company's facility, which is near Shimla (Himachal Pradesh), has
capacity to manufacture 3060 tonnes per annum of soft ferrites.


MERCURY LABORATORIES: CRISIL Puts 'BB' Rating on INR112.5MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Mercury Laboratories Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                72.5      CRISIL BB/Stable (Assigned)
   Bank Guarantee            7.5      CRISIL A4+ (Assigned)
   Letter of Credit          7.5      CRISIL A4+ (Assigned)
   Cash Credit              40.0      CRISIL BB/Stable (Assigned)

The ratings reflect the extensive experience Mercury's promoters
in the pharmaceutical industry, their strong relationships with
customers and suppliers, and the company's moderate financial
risk profile, marked by low gearing and healthy debt protection
metrics. These rating strengths are partially offset by Mercury's
small scale of operations in the pharmaceutical industry, and
exposure to risks associated with its ongoing capital expenditure
plan.

Outlook: Stable

CRISIL believes that Mercury will continue to benefit over the
medium term from the extensive experience of its promoters in the
pharmaceutical industry. The outlook may be revised to 'Positive'
if the company commissions its facilities as per schedule and is
able to diversify into the regulated markets, while maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in Mercury's
capital structure or working capital management, or delays in
implementing its project, or if the company is not able to enter
the regulated markets.

                      About Mercury Laboratories

Incorporated in 1983, Mercury is promoted by Mr. R Shah, who is
based in Vadodara (Gujarat). The company manufactures
formulations under its own brand name.

For 2011-12 (refers to financial year, April 1 to March 31),
Mercury reported a net profit of INR23.07 million on net sales of
Rs 265.1 million, against a net profit of INR20.2 million on net
sales of INR278 million for 2010-11.


MULTIDESIGNS INFRAWORKS: CRISIL Rates INR55MM Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Multidesigns Infraworks Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               55       CRISIL B/Stable (Assigned)

The rating reflects MIPL's modest scale of operations, below-
average financial risk profile marked by modest networth and high
gearing, and working capital intensive nature of its activities.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the civil construction industry.

Outlook: Stable

CRISIL expects MIPL to maintain a stable business risk profile on
the back of extensive experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive'
if the company reports substantial growth in its scale of
operations and profitability while improving its working capital
cycle. The outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates due to lengthening of its
operating cycle or in case of a large debt funded capital
expenditure, or if the company suffers a sharp decline in its
revenues or profitability.

                      About Multidesigns Infraworks

MIPL, incorporated in 2011, is engaged in civil construction
activities like construction of tunnels, pipe laying activities
and other activities related to irrigation. The promoters Mr.
Anil Amencheria, Mr. Haleem and Mr. Raju Palani oversee the day
to day operations.

MIPL reported a profit after tax (PAT) of INR16.63 million
(provisional) on net operating income of INR364.1 million for
2011-12 (refers to financial year, April 1 to March 31).


SHREEJI POWER: CRISIL Reaffirms 'D' Rating on INR215MM Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' rating on the bank
facilities of Shreeji Power and Insulators Pvt Ltd.  The ratings
continue to reflect consistent delays by SPIPL in servicing its
term loan; the delays have been caused by SPIPL's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               45       CRISIL D (Reaffirmed)

   Letter of credit &        10       CRISIL D (Reaffirmed)
   Bank Guarantee

   Term Loan                160       CRISIL D (Reaffirmed)

SPIPL's production facility in Bhachau (Gujarat) for
manufacturing disc-type electric insulators has a capacity of
5600 tonnes per annum. The insulators are primarily used in the
power transmission industry. SPIPL set up its production facility
with a total capital expenditure of INR266.6 million, funded
through infusion of INR106.6 million from promoters and term loan
of INR160 million. The plant commenced commercial operations in
February 2010. However, due to its limited track record of
operations and intense competition from Chinese manufacturers,
demand for SPIPL's products is subdued. As a result of limited
offtake, SPIPL reported modest revenues of INR15 million from the
insulation business in 2011-12 (refers to financial year, April 1
to March 31). Furthermore, SPIPL has a modest order book of
INR3.5 million to INR4.0 million as on September 30, 2012. As a
result, revenue from the insulation business is expected to
remain subdued over the medium term.

SPIPL has taken a storage terminal on lease and sub-let it to its
parent company, Rishi Kiran Logistics Pvt Ltd, at INR25 million
per quarter. The company has been servicing its debt obligations
by the cash flows generated from this sub-leasing arrangement.
However, inspite of this arrangement, due to its weak liquidity,
SPIPL has been delaying interest and principal payments.

SPIPL's ratings continue to reflect its weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. The ratings also reflect SPIPL's limited
track record and small scale of operations. These weaknesses are
partially offset by the extensive industry experience of SPIPL's
promoters in diverse industries.

Incorporated in 2007, and promoted by the Kiran group, SPIPL
manufactures electrical insulators from its facilities in Bhachau
(Gujarat).


SIRIUS INFRA: CRISIL Rates INR30MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the proposed bank facilities of Sirius Infra Projects Pvt Ltd.

                            Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Proposed Bank Guarantee    40      CRISIL A4 (Assigned)
   Proposed Cash Credit       30      CRISIL B+/Stable (Assigned)
   Limit

The rating reflects SIPPL's modest scale of operations in the
intensely competitive civil construction industry and its working
capital intensive operations. These rating weaknesses are
partially offset by the entrepreneurial experience of SIPPL's
promoters and its moderate financial risk profile marked by a
comfortable capital structure.

Outlook: Stable

CRISIL believes that SIPPL will benefit over the medium term from
the entrepreneurial experience of its promoters and its healthy
order book position. The outlook may be revised to 'Positive', if
SIPPL increases its scale of operations and operating
profitability significantly on sustained basis there by leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if there are delays in
project execution or realization of receivables by the company or
if the company undertakes a larger than expected debt-funded
capital expenditure leading to deterioration in its financial
risk profile.

Established in 2009 as a private limited company, Sirius Infra
Projects Pvt. Ltd. (SIPPL) is involved in civil construction for
various large infrastructure projects like roads and pipeline
laying works. The company is promoted by Mr.B.Narasimha Reddy and
Mr.Rajeev Mayor.

During 2011-12 (refers to financial year from April 1 to
March 31) , SIPPL reported a profit after tax (PAT) of INR1.5
million on net sales of INR91.1 million as against a PAT of 0.5
million on net sales of INR25.3 million during 2010-11.


SNOWTEX UDYOG: CRISIL Rates INR70MM Loan at 'CRISIL BB+'
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Snowtex Udyog Ltd
(SUL) continue to reflect SUL's strong financial risk profile,
marked by a comfortable capital structure and healthy debt
protection metrics, and its established track record in the
refractory industry. These rating strengths are partially offset
by SUL's small scale of operations in the more fragmented and
competitive segment of the refractory industry, and
susceptibility of its revenues and profitability to the tender-
and project-based nature of its operations, volatile raw material
prices, and cyclicality in the steel sector.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee         20         CRISIL A4+ (Assigned)
   Cash Credit            70         CRISIL BB+/Stable (Assigned)
   Letter of Credit       20         CRISIL A4+ (Assigned)

Outlook: Stable

CRISIL believes that SUL will continue to benefit over the medium
term from its long track record in the refractories business and
its low debt levels, though its. However, the company's business
risk profile will remain constrained by its small scale of
operations. The outlook may be revised to 'Positive' in case of
significant improvement in SUL's scale of operations, driven by
large orders obtained from its major customers, along with
sustained improvement in its profitability. Conversely, the
outlook may be revised to 'Negative' if the company's revenues
and profitability are lower than expected, or it undertakes a
large, debt-funded, capital expenditure (capex) programme.

Update

SUL's net sales have declined by around 8% to INR248 million in
2011-12 (refers to financial year, April 1 to March 31), from
INR269 million in 2010-11, largely because of lower exports. The
company is expected to achieve moderate revenue growth over the
medium term, as it is dependent on the demand from its cyclical
end-user industries of steel and glass. SUL has registered sales
of around INR120 million for the first six months of 2012-13, and
had an order book of around INR90 million as on September 30,
2012.

SUL has reported improvement in its operating margin to 10.8% in
2011-12, from 10.0% in 2010-11. The improvement was largely
because of lower material costs. CRISIL believes that the
company's operating margin will remain moderate over the medium
term because of the intensely competitive nature of the
refractory industry.

SUL had a capex of around INR9.3 million in 2011-12 for setting
up a gas-fired furnace. However, the company is unlikely to
pursue any major expansion plans over the medium term on account
of sluggish demand from its end-user industries.

SUL's operations are working-capital-intensive, with gross
current assets of 215 days as on March 31, 2012. This was mainly
because of a large inventory of 155 days and debtors of 50 days,
as on March 31, 2012. However, the company's working capital
requirements are partially funded through creditors; its
creditors were at 27 days as on March 31, 2012. Also, SUL has
moderately utilized its bank limits, with average utilization of
64% for the 12 months ended September 30, 2012. The company is
expected to generate healthy net cash accruals over the medium
term, against which it has no term debt obligations. SUL had an
unencumbered cash and bank balance of around INR2.1 million as on
March 31, 2012.

CRISIL believes that the company is expected to maintain its
credit profile over the medium term on the back of its adequate
liquidity, resulting from absence of any term debt obligations
and moderate bank limit utilizations and its healthy financial
risk profile. However lower than expected revenue growth on
account of tender and project based nature of operations remains
a key factor restricting the improvement in overall ratings.

                         About Snowtex Udyog

SUL was incorporated in 1983, promoted by the BM Agarwalla group.
The company manufactures refractories such as alumina silicate
bricks, insulation bricks, and monolithics, which are used to
make crucibles and linings of furnaces and kilns.

Snowtex reported a profit after tax (PAT) of INR8.2 million on
net sales of INR248 million for 2011-12 (refers to financial
year, April 1 to March 31), as against a PAT of INR10.1 million
on net sales of INR269 million for 2010-11.


SOUTHERN AGRO: CRISIL Assigns 'B+' Rating to INR126.1MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Southern Agro Engine Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan            6.1      CRISIL B+/Stable (Assigned)
   Letter of Credit        130        CRISIL A4 (Assigned)
   Bank Guarantee           20        CRISIL A4 (Assigned)
   Cash Credit             120        CRISIL B+/Stable (Assigned)

The ratings reflect SAEPL's below-average financial risk profile,
marked by a highly leveraged capital structure, its large working
capital requirements, and its modest scale of operations coupled
with limited pricing flexibility. These rating weaknesses are
partially offset by the extensive experience of SAEPL's promoters
in the engines and farm equipment manufacturing segment.

Outlook: Stable

CRISIL believes SAEPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of more-than-
expected improvement in the company's turnover and profitability,
along with a sustainable improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if SAEPL
faces significant pressure on its receivables and profitability,
adversely impacting its liquidity, or if the company undertakes a
large, debt-funded, capital expenditure programme, resulting in
deterioration in its financial risk profile.

                        About Southern Agro

Established in 1996, SAEPL manufactures engines and farm
equipment. The day-to-day operations of the company are managed
by its managing director, Mr. Jayavijayan.


SSD AGRO: CRISIL Assigns 'BB-' Rating to INR59.8MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of S S D Agro Industries Private Limited
(SSDAI; part of SSD group).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          50.0      CRISIL BB-/Stable (Assigned)
   Term Loan             9.8      CRISIL BB-/Stable (Assigned)

The rating reflects the benefits the SSD group derives from the
extensive experience of the promoters in the edible oil industry.
This rating strength is partially off-set by the susceptibility
of operating margins to volatility in raw material prices, and
its moderate financial risk profile marked by modest networth and
high gearing.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSDAI and S.S.D Refinery Private
Limited.  There are significant business and financial linkages
between these companies and have a common management.

Outlook: Stable

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

                          About the group

SSDAI, incorporated in 1998, is engaged in extraction of oil from
of cotton seeds and soya beans.

SSDR was incorporated in 2000 and is engaged in processing of raw
oil into refined oil. The SSD group, which comprises SSDAI and
SSDR, is promoted by Mr. B. G. Chawla and his family. The
manufacturing facilities of the group are located in Jalna,
Maharashtra.


SURYA CONSTRUCTION: CRISIL Rates INR20MM Loan at 'CRISIL B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Surya Construction Company.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          65        CRISIL A4 (Assigned)
   Overdraft Facility      20        CRISIL B-/Stable (Assigned)

The ratings reflect Surya's below-average financial risk profile,
marked by a high gearing, weak debt protection metrics, and small
net worth; the ratings also factor in the firm's small scale of
operations and geographical concentration. These rating
weaknesses are partially offset by the benefits that Surya
derives from its partners' experience in the construction
industry, and healthy order book ensuring revenue visibility.

Outlook: Stable

CRISIL believes that Surya will continue to benefit over the
medium term from its partners' experience in the road
construction industry. CRISIL, however, believes that the firm's
financial flexibility will remain weak over the same period,
because of stretched liquidity position marked by full
utilization of bank lines. The outlook may be revised to
'Positive' if Surya's financial risk profile improves
significantly, most likely because of infusion of capital by its
promoters or improvement in its profitability. Conversely, the
outlook may be revised to 'Negative' if Surya's financial risk
profile deteriorates further because of large, debt-funded
capital expenditure, or in case of larger-than-expected capital
withdrawal from the firm by its partners.

Surya was established in 1987 by Mr. Suraj Mal Choudhary and his
family. The firm undertakes construction, and maintenance of
roads. Its construction activities are concentrated mainly in and
around Rajasthan.

Surya reported a book profit of INR2.4 million on net sales of
INR172 million for 2011-12 (refers to financial year, April 1 to
March 31), against a book profit of INR2.3 million on net sales
of INR184 million for 2010-11.


VIVEKANANDA PADDY: CRISIL Puts 'D' Ratings on INR97.4MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vivekananda Paddy Mills Pvt Ltd.  The ratings
reflect the company's delays in repayment of term debt. These
delays in principal repayment are due to VPMPL's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan           44.6      CRISIL D (Assigned)
   Bank Guarantee            2.8      CRISIL D (Assigned)
   Cash Credit              50        CRISIL D (Assigned)

The ratings also factor in VPMPL's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and
susceptibility to adverse regulatory changes. These weaknesses
are partially offset by the promoter's extensive experience in
the rice industry.

Set up in 2007 as a partnership firm, Vivekananda Agro Products,
VPMPL undertakes rice milling. The partnership firm was
reconstituted as a private limited company in June 2010. Its
manufacturing facility in Burdwan (West Bengal).



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


L-JAC 6: Moody's Reviews 'B3' Ratings on Certs. for Downgrade
-------------------------------------------------------------
Moody's Japan K.K. has placed the ratings of Class A through G-1
of L-JAC 6 trust certificates on review for downgrade.

Details follow:

Class A, A2 (sf) placed under review for downgrade; previously,
downgraded to A2 (sf) on 22 September, 2011

Class B-1, Baa2 (sf) placed under review for downgrade;
previously, downgraded to Baa2 (sf) on 22 September, 2011

Class C-1, Ba3 (sf) placed under review for downgrade;
previously, downgraded to Ba3 (sf) on 22 September, 2011

Class D-1, B3 (sf) placed under review for downgrade; previously,
downgraded to B3 (sf) on 22 September, 2011

Class E-1, B3 (sf) placed under review for downgrade; previously,
downgraded to B3 (sf) on 22 September, 2011

Class F-1, B3 (sf) placed under review for downgrade; previously,
confirmed at B3 (sf) on 22 September, 2011

Class G-1, B3 (sf) placed under review for downgrade; previously,
confirmed at B3 (sf) on 22 September, 2011

Deal Name: L-JAC 6 Trust

Class: Class A through G-1 trust certificates

Issue Amount (initial): JPY97,500 million

Dividend: Floating

Issue Date (initial): November 12, 2007

Final Maturity: October, 2016

Underlying Asset (initial): Two non-recourse loans backed by real
estate

Originator: New Century Finance Co. Ltd. (as of the issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JAC 6 Trust, effected in November 2007, represents the
securitization of two loans backed by real estate (Loan 1 and
Loan 2). In September 2012, Loan2 was fully redeemed by disposing
underlying property.

The Originator entrusted the loans to the Asset Trustee, and
received the Class A through G-1, X-1 and X-2 trust certificates,
which it then sold through the Arranger to investors. The trust
certificates are rated by Moody's.

Dividend distribution will be made on a sequential basis at the
CMBS level. On the other hand, 80% of the principal repayments
from Loan 1 will be allocated to the corresponding classes on a
pro-rata pay basis in accordance with the outstanding balance of
each of the trust certificates. The remaining 20% will be
allocated to the classes on a sequential pay basis. The principal
collection from Loan 2 will be fully allocated to a corresponding
sub-class.

Should an underlying loan be accelerated and judged as no longer
recoverable by the Servicer, the unrecoverable amount of the
defaulted loan will be recognized as a loss. The loss will be
allocated to the most subordinated class corresponding to the
defaulted loan in the reverse order of sequential pay priority.

RATINGS RATIONALE

The remaining underlying loan (Loan1) is a single asset loan
backed by an office building located in central Tokyo. Moody's
needs to re-estimate the sustainable cash flows and values of
underlying property and will review the rating levels, in light
of rentals in sub-markets around the property.

In this review, Moody's will reconsider the performances of the
property on the basis of factors such as occupancy rates and
actual rents.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June
2010) published on September 30, 2010, and available on
www.moodys.co.jp.


SHARP CORP: To Book JPY25.3BB Charge; 2,960 Workers Accept Buyout
-----------------------------------------------------------------
Mariko Yasu at Bloomberg News reports that Sharp Corp. will book
a JPY25.3 billion (US$311 million) one-time charge this quarter
to eliminate jobs.

Bloomberg relates that Sharp said the charge, for 2,960 workers
who accepted buyout offers, is already factored into earnings
forecasts for the year ending March 31.  Sharp, which sought
about 2,000 voluntary retirements, closed the offer Nov. 9, it
said.

Bloomberg notes that Japan's biggest liquid-crystal display maker
said on Nov. 1 it may post a record net loss of JPY450 billion
this fiscal year, compared with its earlier projection for a
JPY250 billion deficit.  Faced with falling demand for TVs, a
stronger yen and competition from Samsung Electronics Co. and
Apple Inc., Japanese electronics makers including Sharp, Sony
Corp. and Panasonic Corp. have resorted to closing factories,
eliminating jobs and cutting costs to revive profit.

The company's turnaround plan includes seeking voluntary
retirements, cutting salaries, selling assets and reducing
capital investments, Sharp said Nov. 1, Bloomberg reports.

Meanwhile, Kyodo News reports that a corporate senior vice
president of Fujitsu Ltd. denied that it is in talks with Sharp
over a plan to integrate their mobile phone businesses, as
mentioned in Sharp's restructuring plan submitted to financial
institutions in September.

Fujitsu is "not in negotiations" with Sharp over such a plan,
Nobuo Otani said at a news conference, adding he has heard that
Sharp says it may consider such a plan if it sees bleak prospects
for the mobile phone business, Kyodo relates.

Kyodo adds that Sharp said in the restructuring plan that it may
approach Fujitsu as early as the end of March with a proposal for
integrating their operations if its domestic share and profit
level fail to clear targets.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2012, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB+' its long-term corporate credit ratings on Sharp Corp.
and its overseas subsidiaries Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC.  S&P also lowered to 'B+' from
'BB+' its senior unsecured debt ratings on Sharp.  It kept both
Its 'B+' long-term and 'B' short-term ratings on CreditWatch with
negative implications.

S&P has lowered Sharp's financial risk profile to 'highly
leveraged' from 'significant' following its announcement of
disappointing business results. On Nov. 1, 2012, Sharp announced
a JPY387.5 billion net loss for the six months ended Sept. 30,
2012, and a forecast JPY450.0 billion net loss for fiscal 2012
(ending March 31, 2013), both significantly weaker than Standard
& Poor's expectations and Sharp's earlier forecasts. Sharp's net
loss for the first half of fiscal 2012 includes JPY84.4 billion
in restructuring costs -- including a JPY30.1 billion asset
impairment in solar batteries and a JPY53.4 billion inventory
write-down -- and JPY61.0 billion in a reversal of deferred tax
assets. Sharp's announced losses for fiscal 2012 follow a
JPY376.0 billion net loss in fiscal 2011. In Standard & Poor's
view, losses of this scale for two years running weaken Sharp's
equity and its capital structure and are likely to exacerbate the
company's difficulties in restoring earnings and liquidity. It
expects the ratio of the company's debt to capital to deteriorate
from 66% at the end of fiscal 2011 to around 86% at the end of
fiscal 2012.

Sharp's liquidity remains "less than adequate" in view of
upcoming liquidity needs that could exceed sources in the coming
12 months.  As of Sept. 30, 2012, Sharp remained highly dependent
on short-term borrowings. It had JPY511.2 billion in short-term
debt, JPY205.9 billion in bonds due to mature within a year
(including JPY200.7 billion in convertible bonds maturing
Sept. 30, 2013), and JPY167.5 billion in commercial paper. While
Sharp in late September signed a JPY360 billion syndicated loan
agreement with Mizuho Corporate Bank Ltd. (A+/Negative/A-1) and
Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) that consisted
of a JPY180 billion term loan and a JPY180 billion uncommitted
line of credit, Standard & Poor's does not consider the signing
of the loan agreement to have improved the company's debt profile
materially, because the contract term is short, ending June 30,
2013, and Sharp's debt profile remains largely dependent on
short-term debt. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Still, ongoing support from the banks and from management's
initiatives, including to slow funding uses for working capital
and capital expenditures and to expand funding sources by
disposing of assets, could alleviate pressure on the company's
liquidity, S&P said.



===============
M O N G O L I A
===============


KHAN BANK: Fitch Affirms 'B' IDR; Outlook Stable
------------------------------------------------
Fitch Ratings has affirmed Mongolia-based Khan Bank LLC's Long-
Term Issuer Default Rating (IDR) at 'B' and its Short-Term IDR at
'B'.  The Outlook is Stable.

The ratings capture the pressures on its liquidity, capital, and
asset quality posed by rapid loan growth in a volatile operating
environment.  The ratings also reflect its strong market position
as the largest bank in Mongolia with 23% of the system's assets,
24% of lending and 30% of deposits at end-H112.

Khan Bank's rapid loan expansion over the last three years (H112:
9%, 2011: 75%, 2010: 35%) resulted in tighter liquidity as
indicated by its loan-to-deposit ratio of 81% at end-H112 (2011:
78%, 2010: 61%). Asset quality could quickly come under pressure
if the economy slows.  The bank's capital (Fitch Core Capital
ratio: 10.7% at end-H112) provides limited buffer for potential
loss as it has deployed retained earnings for additional loan
growth.  Internal capital generation is also likely to slow due
to higher funding and operating costs.

The VR may be downgraded if the bank were to relax its
underwriting policies, allow higher borrower concentrations or
failed to maintain adequate liquidity and capital control.  The
IDRs are likely to remain unchanged even in the event of a
downgrade of its VR, as they are underpinned by the Support
Rating Floor of 'B'.  Fitch does not expect an upgrade of VR at
present as credit growth is likely to continue and limit
improvements to the bank's loss-absorbing ability.

The Support Rating and Support Rating Floor reflect Fitch's view
that Khan Bank would be the domestic bank most likely to receive
state support in case of need.  However, the Mongolian
sovereign's ability to provide timely support to the banking
system remains limited as underlined by its IDRs of 'B+'.

Competition for deposit funding is intensifying amid recent rapid
credit growth, which drives the bank's funding costs.  Fitch
expects large banks including Khan Bank to tap into foreign debt
markets for additional funding to achieve its loan growth target
(annual 30% in 2013).  Increase in non-deposit funding will raise
funding costs further and also pose refinancing risk.

The rating actions of Khan Bank are as follows:

  -- Long-Term Foreign Currency IDR affirmed at 'B'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- Long-Term Local Currency IDR affirmed at 'B'; Outlook Stable
  -- Viability Rating affirmed at 'b'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'


XACBANK LLC: Fitch Affirms 'B' LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Mongolia-based XacBank LLC's Long-Term
Issuer Default Rating (IDR) at 'B' and its Short-Term IDR at 'B'.
The Outlook is Stable.

The ratings capture XacBank's ongoing business model changes and
the likely pressure this will bring on its asset quality,
liquidity and capital.  XacBank, a traditionally microfinance
institution, is increasing riskier SME lending which will likely
lead to higher loan concentration and impairment rates (H112:
1.8% as per IFRS, 2011: 1.2%).  In addition, it increases
XacBank's vulnerability to changes in the operating environment
and the economy due to the nature of SME lending and the bank's
limited expertise in the area.

The bank continues to seek market funding which in Fitch's view
will accelerate the shift in its business model to SME lending
and its funding structure to market funding as well as increase
its funding costs.  The bank had planned to issue a maximum of
USD200m senior unsecured notes in March and September 2012 to
ease tight liquidity and support further credit growth but this
was held back both times by difficult market conditions.

Negative rating action may result from a relaxation of
underwriting standards to grow its SME book rapidly without
bolstering capital and liquidity.  Upgrade prospects are slim
given limited scope for a material and sustainable improvement in
the bank's loss-absorbing ability due to further credit growth
and pressure on profitability from higher funding and operating
costs. The bank aims to maintain only a small buffer above the
regulatory minimum capital ratios (targets for 2013: Tier 1 ratio
of 11.1%, total capital adequacy ratio (CAR) of 16.4%), which
leaves room for further credit growth.  XacBank's Tier 1 capital
ratio at end-H112 was 14.2% and total CAR at 19.7%.

The Support Rating and Support Rating Floor were affirmed,
reflecting the agency's unchanged view that support from the
Mongolian sovereign to XacBank, in case of need, cannot be relied
upon.  XacBank is the fourth largest bank in Mongolia with a 9%
share in each of lending and assets and 7% of deposits at end-
H112.  Significant changes to the government's financial profile
or XacBank's importance in the banking system could lead to
rating changes.

XacBank's lending balance is constantly increasing, albeit at a
slower pace in H112 (H112: 9% in six months, 2011: 66%, 2010:
64%).  The bank aims to grow SME lending to more than 50% of
total loans by end-2013 (end-August 2012: 44%, 2009: 31%).
XacBank remains the most highly capitalised bank in the system
with a Fitch core capital ratio at end-H112 of 13.5%.  Loan-to-
deposit ratio remained high at 128% at end-H112, even after a 27%
increase in customer deposits in six month to H112.

The rating actions are as follows:

  -- Long-Term Foreign Currency IDR affirmed at 'B'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- Long-Term Local Currency IDR affirmed at 'B'; Stable Outlook
  -- Viability Rating affirmed at 'b'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'B-'



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


FELTEX CARPETS: Receivership Nears End as Liquidator Pursues Suit
-----------------------------------------------------------------
NBR Online reports that the end is in sight for the six-year-long
receivership of failed Feltex Carpets, with remaining issues
likely to be settled in the next two months.

NBR Online, citing latest receivers' report, discloses that some
AUD116.95 million has been repaid to Australia & New Zealand
Banking Group as at September 30, leaving a balance of
AUD2.55 million owed plus accrued interest.

A separate liquidators' report in June said that including
interest and costs, the lender is expected to be owed more than
AUD16 million, NBR Online relays.

According to the report, Kerryn Downey of McGrath Nicol, in a
report released to the Companies Office on Nov. 20, said the last
remaining Godfrey Hirst retention issue is likely to be
determined in the next two months.

NBR Online relates that Mr. Downey said once finalized "we will
be in a position to make a final repayment of the surplus funds
to the general security agreement holder and retire as receivers
and managers".

No funds are likely to be available to the liquidators to meet
claims of unsecured creditors, NBR Online reports.  EXFTX Ltd, as
Feltex was renamed, had a cash balance to NZ$430,433 as at
September 21, according to NBR Online.

NBR Online relates that the sorry tale of Feltex is not about to
end, however.  Liquidators Iain McLennan and Peri Finnigan of
McDonald Vague said they are pursuing a claim against accounting
firm Ernst & Young, which audited Feltex's accounts. Those
recovery proceedings may take time, NBR Online adds.

                         About Feltex Carpets

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

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

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

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


FISHER & PAYKEL: S&P Ups 'BB+' ICR on Takeover of Parent by Haier
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on New Zealand finance company Fisher & Paykel
Finance Ltd. to 'BB+' from 'BB'. The outlook is stable.

"F&PFL's issuer credit rating has been aligned with our view of
the finance company's stand-alone credit profile (SACP) following
the takeover of its parent, F&PAHL, by Haier. The finance
company's rating was previously slightly constrained by our
credit view of the F&PAHL group, which is assessed as being below
that of F&PFL's SACP. Although our view of the credit profile of
F&PAHL has not changed, the rating constraint on F&PFL, stemming
from its previous ownership structure, has been eliminated
because of our more favorable credit view of it new, unrated,
parent, Haier. No benefit from its new ownership structure has
been factored into F&PFL's rating above its SACP, because F&PFL
has been assessed as being a non-strategic subsidiary of its new
ultimate parent, Haier," S&P said.

"F&PFL's rating importantly recognizes the new parent's announced
intentions to retain existing structures and strategies of the
Fisher & Paykel group of companies, and the smooth transition of
debt arrangements in response to the change in control," S&P
said.

"We note that Haier has accumulated sufficient offer acceptances
to trigger the compulsory acquisition of remaining shares under
the Takeovers Code; the announced delisting of F&PAHL on Nov. 27,
2012 in our view does not have a material impact on F&PFL's
creditworthiness," S&P said.

"F&PFL's rating reflects the strength in its Q-card distribution
channel, supported by a large number of bilateral arrangements
entered with retailing merchants, allowing it exclusive access to
end customers. Financed purchases typically are everyday-living
items, giving F&PFL a degree of economic resilience; however, by
the same token it also contributes to a higher inherent credit
risk, given the socioeconomic class of customers serviced. In
our view, this higher inherent credit risk is mitigated by the
small size of typical purchases and quality of risk management
practices - which we consider to be above peers," S&P said.

"F&PFL continues to perform according to expectations, with
overall arrears continuing to decline and the nonperforming asset
ratio marginally improving. Net interest income and fees and
commission revenue have increased for the six months to September
2012 compared to previous year, and we expect operating margins
to continually improve following liquidity-optimisation
initiatives implemented in October 2012," S&P said.

"The stable outlook reflects our expectation that F&PFL's SACP
will not be materially affected by strategies or initiatives of
the new ultimate parent, notwithstanding that the finance
company's longer-term role within the Haier group is uncertain,"
said credit analyst Harry Hu. "Specifically, the rating factors
in an expectation that F&PFL's capitalisation and key financial
metrics will be maintained at about current levels, and that its
business stability will not be negatively affected by the
ownership change, any future potential management changes, or the
implementation of new business initiatives."

"The most likely scenario for a rating change would stem from a
strategic decision by Haier to sell F&PFL, which could see its
rating affected by credit factors relating to its ownership,"
added Mr. Hu. "Ownership changes aside, F&PFL's rating is not
expected to transition above the current level. As such, rating-
transition scenarios are all on the downside, and would most
likely come from a decision by Haier to actively manage down the
finance company's capital-adequacy position or, if business
stability were materially negatively affected by the recent
ownership change."

"The rating could also come under downward pressure from a
weakening in F&PFL's asset quality experience and/or weakened
banker confidence, particularly around debt-facility tranche roll
dates. In addition, a material weakening in our credit view of
the new parent's creditworthiness could also bring on negative
rating pressure," S&P said.


ROSS ASSET: Investors May Have to Return Money, PwC Says
--------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Ross Asset
Management investors who were paid out "inflated" returns by the
collapsed Wellington fund manager could have their money taken
back and redistributed by liquidators.

Ten companies of the RAM group were put into the control of PwC
this month after investors complained to the Financial Markets
Authority, according to the Herald.

The Herald relates that during his investigations of the group's
affairs, PwC partner John Fisk said he may have found
"characteristics of a Ponzi scheme" at RAM, where some payouts to
investors were funded by new client funds.

RAM's founder and director, David Ross, is in the hospital and
unable to assist PwC with its investigation, the report relays.

According to the report, although the receivers are still
unravelling Mr. Ross' affairs, Mr. Fisk met the FMA to discuss
putting the group into liquidation.

Given its involvement with the companies, the Herald relates,
Mr. Fisk said it made sense for PwC to be appointed liquidator,
needing an order from the High Court.

The Herald notes that while Fisk believes liquidation would bring
about the best returns for Ross' out-of-pocket clients, there are
plenty of issues that still need resolving, including that some
investors received full repayment of their portfolios at
"inflated rates".

Although several investors got all their money out of Ross, other
clients were at present likely to get back only a few cents in
the dollar, Mr. Fisk told the Herald last week.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.

The nine other associated entities are:

     * Bevis Marks Corporation Limited
     * Dagger Nominees Limited
     * McIntosh Asset Management Limited
     * Mercury Asset Management Limited
     * Ross Investment Management Limited
     * Ross Unit Trusts Management Limited
     * United Asset Management Limited
     * Chapman Ross Trust
     * Woburn Ross Trust

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.



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


NUTRITEK OVERSEAS: Court to Hear Wind-Up Petition Nov. 30
---------------------------------------------------------
A petition to wind up the operations of Nutritek Overseas Pte
Ltd. will be heard before the High Court of Singapore on Nov. 30,
2012, at 10:00 a.m.

Top Rise Shipping Limited filed the petition against the company
on Nov. 2, 2012.

The Petitioner's solicitors are:

         Messrs Ling Das & Partners
         133 New Bridge Road
         #11-09 Chinatown Point
         Singapore 059413


RAIN CII CARBON: S&P Affirms 'BB-' CCR on Ruetgers Acquisition
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on U.S.-based calcined petroleum coke
(CPC) producer Rain CII Carbon LLC.  The outlook is stable. "At
the same time, we placed the 'BB' issue rating on the company's
senior secured notes due 2018 on CreditWatch with negative
implications," S&P said.

"We affirmed the rating because we expect RCCL's business risk
profile to strengthen and its financial risk profile to remain
commensurate with the rating, despite weakening. This is
following the company's acquisition of Ruetgers N.V., a Belgian
coal tar pitch manufacturer. We revised our assessment of RCCL's
business risk profile to 'fair' from 'weak.' Our assessment of
the company's financial risk profile remains 'aggressive,'" S&P
said.

"We expect RCCL to largely use debt to fund the acquisition of
Ruetgers, and this could weaken RCCL's cash flow adequacy for the
next two years," said Standard & Poor's credit analyst Vishal
Kulkarni. "Nevertheless, integration risk is likely to be limited
given the modest synergies and continuation of Ruetgers' existing
management."

"The acquisition should expand RCCL's geographic and product
diversity. In addition, RCCL and Ruetgers are likely to have
limited capital expenditure plans and positive free cash flows
over the next two years, in our opinion. This will support RCCL's
liquidity and ability to manage its financial flexibility during
the weaker stages of the economic cycles. But we do not expect
the company to use the cash to reduce debt at least over the next
two Years," S&P said.

"We placed the rating on RCCL's notes on CreditWatch because the
additional debt that the company plans to borrow for funding the
acquisition is likely to be pari passu to the existing debt. We
believe this could lower the recovery rating of '2' on the notes
by one or two notches, resulting in the issue rating to be
lowered by a notch. We will resolve the CreditWatch within the
next two to three weeks when the final amount and structure of
fund raising is available to us," S&P said.

"The stable outlook on RCCL reflects our expectation that RCCL
will maintain its operating and financial performances over the
next 18-24 months," said Mr. Kulkarni. "We anticipate that the
company's capacity utilization will stay above 70% and that its
margin will remain fairly stable over this period."

"We may lower the rating if RCCL's operating performance is
weaker than we expected or its financial performance deteriorates
due to lower revenue growth and profitability. A downward rating
trigger is a ratio of adjusted debt to EBITDA of more than 4.0x
on a sustained basis. We could also lower the rating if RCCL
faces difficulties in integrating Ruetgers," S&P said.

"We are unlikely to raise the rating in the next year. We may,
however, raise the rating if: (1) RCCL's competitive position
strengthens with improved size, a better market position, and
increased diversity in its suppliers and end consumers; and (2)
the company's financial risk profile improves such that its FFO-
to-debt ratio is more than 25% and its debt-to-EBITDA ratio is
less than 2.5x, on a sustainable basis," S&P said.


S E SHIPPING: Court to Hear Wind-Up Petition Nov. 30
----------------------------------------------------
A petition to wind up the operations of S E Shipping Lines Pte
Ltd Pte Ltd. will be heard before the High Court of Singapore on
Nov. 30, 2012, at 10:00 a.m.

Austral Asia Line Pte Ltd filed the petition against the company
on Nov. 1, 2012.

The Petitioner's solicitors are:

         M/s Oon & Bazul LLP
         36 Robinson Road
         #08-01/06 City House
         Singapore 068877


YONG ANN: Creditors Get 0.2141% Recovery on Claims
--------------------------------------------------
Yong Ann Siang Seng Kee Pte Ltd declared the first and final
dividend on Nov. 7, 2012.

The company paid 0.2141% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118



                             *********

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., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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$625 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 240/629-3300.





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