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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

           Monday, December 10, 2012, Vol. 15, No. 245


                            Headlines


A U S T R A L I A

AUSDRILL INTERNATIONAL: S&P Keeps 'BB' Issuer Credit Rating
BANKSIA SECURITIES: Investors to Get Up to 65% Repayment
CREDIT UNION: S&P Affirms 'BB' Issuer Credit Rating; Off Watch
OXFORD LANE: Homeware Wholesaler Goes Into Administration
PERPETUAL CORPORATE: Moody's Rates Class E Notes '(P)Ba1'

PROVIDENT CAPITAL: Receivers Probe AUD5-Mil. Dividend Payments
* AUSTRALIA: Moody's Says Banking System Outlook Stable


C H I N A

CITIC PACIFIC: Bond Offering No Impact on Moody's 'Ba1' CFR


H O N G  K O N G

FUNG LUEN: Lai and Haughey Step Down as Liquidators
GRAND LINKER: Final Meetings Set for Jan. 4
HK GENERAL: Members' Final Meeting Set for Dec. 31
JAROMET LIMITED: Members' Final General Meeting Set for Dec. 31
KING CHANNEL: Creditors' Proofs of Debt Due Dec. 14

KUANER COMPANY: Creditors' Proofs of Debt Due Dec. 31
MONTEFERRO CHINA: Members' Final Meeting Set for Dec. 31
MORGAN STANLEY: Members' Final Meeting Set for Dec. 31
OPTILED ASIA: Members' Final Meeting Set for Dec. 31
POLYGLORY (HK): Briscoe and Wong Step Down as Liquidators

TITANIUM GROUP: Incurs $115,500 Net Loss in Third Quarter
TMAX SOURCING: Final General Meetings Set for Dec. 31
TUNSBRIDGE TRADING: Creditors' Proofs of Debt Due Dec. 31
WOB INVESTMENTS: Creditors' Proofs of Debt Due Dec. 14
YAN WO: Members' Final Meeting Set for Dec. 31

YIU CHEUNG: Final Meetings Set for Jan. 4


I N D I A

ARCHIT ORGANOSYS: ICRA Assigns '[ICRA]B' Rating to INR3.5cr Loans
BHARATH BUILDERS: ICRA Reaffirms 'BB' Rating on INR7.03cr Loan
FORTUNE INFRAHEIGHT: ICRA Rates INR7cr LT Loan at '[ICRA]B'
INDIA EXPOSITION: ICRA Cuts Rating on INR27.4cr Loans to 'BB'
MITTAL CLOTHING: ICRA Cuts Rating on INR1cr Loan to '[ICRA]B+'

MITTAL RICE: ICRA Rates INR6cr Fund Based Limits at '[ICRA]B'
PLASTCHEM INDUSTRIES: ICRA Cuts Rating on INR2cr Loan to 'BB'
SAURASHTRA FUELS: ICRA Cuts Rating on INR202.65cr Loan to 'B'
SERVOTECH INDIA: ICRA Assigns 'BB' Rating to INR6.5cr Loans
SIVASWATI TEXTILES: ICRA Reaffirms 'BB+' Rating on INR83.2cr Loan

* INDIA: Moody's Says Banking System Outlook Remains Negative


M O N G O L I A

* MONGOLIA: Moody's Assigns 'B1' Rating to Bonds Under MTN


N E W  Z E A L A N D

AORANGI SECURITIES: High Court OKs HMF Distribution
PEGASUS TOWN: Todd Property Buys Town's Unsold Portion
ROSS ASSET: FMA Coordinates Probe With Serious Fraud Office


P H I L I P P I N E S

BAYAN TELECOM: Globe Telecom Debt Purchase Nears Completion


T H A I L A N D

ASIAN REINSURANCE: A.M. Best Cuts Finc'l Strength Rating to 'B'


                            - - - - -


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


AUSDRILL INTERNATIONAL: S&P Keeps 'BB' Issuer Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' long-term
ratings to Ausdrill Finance Pty Ltd. and Ausdrill International
Pty Ltd.'s A$300 million secured syndicated bank loan maturing on
Oct. 5, 2015. These entities are the financing arms of Australian
mining services provider Ausdrill Ltd. (BB/Stable/--). "At the
same time, we have assigned a recovery rating of '1' to the bank
loan. This indicates our expectations for very high recovery
(90%-100%) should a default event occur," S&P said.

"The bank loan is guaranteed by Ausdrill Ltd. and will rank at
least pari passu with all other senior secured debt of the
company. On Oct. 23, 2012, we assigned a 'BB' issue rating and
recovery rating of '3' to Ausdrill's US$300 million senior
unsecured and subordinated notes. These notes are also guaranteed
by Ausdrill Ltd. and rank at least pari passu with all other
unsecured debt," S&P said.


BANKSIA SECURITIES: Investors to Get Up to 65% Repayment
--------------------------------------------------------
Anthony Klan at The Australian reports that investors in the
failed Banksia Securities will recover between 50 cents and 65
cents in the dollar from their investment with a first payment
made by receivers on December 2.

The Australian relates that McGrathNicol repaid 20 cents in the
dollar to investors -- about AUD130 million -- from cash the
mortgage fund had held in bank accounts.

In a report, the receivers said a key contributor to the collapse
of Banksia and its offshoot Cherry Fund was a failure to
adequately write down bad debts, The Australian relays.

"The receivers attribute the failure of the companies to several
factors, including a general reduction in property values,
difficult credit market conditions (and) inadequate provisioning
in loan books," The Australian quotes receiver Tony McGrath as
saying.

The receivers also found Banksia and Cherry Fund had reported
profits in recent years despite most likely incurring
"substantial losses."

Despite producing a glossy 40-page report, McGrathNicol had yet
to address the key issue of why Banksia Securities had bought its
rival Statewide Secured Investments in 2009 despite it being in a
terrible financial position, The Australian relates.

                     About Banksia Securities

Banksia Securities Limited is a subsidiary of the Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately AUD660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


CREDIT UNION: S&P Affirms 'BB' Issuer Credit Rating; Off Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services said the ratings on Credit
Union North have been removed from CreditWatch with negative
implications, and then affirmed at BB/Stable/B. The rating
actions follow notice that transfer of CUN's assets and
liabilities to First Credit Union (FCU; BB/Stable/B) has
commenced, after no objections to the transfer were received.

"The ratings on CUN were placed on CreditWatch with negative
implications on Sept. 18, 2012, on our heightened concerns around
the stability and future direction of the credit union's business
position. The transfer of its assets and liabilities to FCU has
moderated our concerns around CUN's business position stability.
We note the possibility of this transfer has already been
factored into our ratings on FCU," S&P said.

"We expect to withdraw the rating on CUN after the transfer of
its assets and liabilities has been finalized," S&P said.


OXFORD LANE: Homeware Wholesaler Goes Into Administration
---------------------------------------------------------
Cara Waters at SmartCompany reports that gift and homewares
wholesaler Oxford Lane has gone into administration right before
Christmas as a result of the tough retail trading conditions.

Foremans Business Services have been appointed as administrators
and administrator Mathew Gollant -- mgollant@foremans.com.au

Mr. Gollant told SmartCompany the wholesaler got caught with
stock it was not able to sell.

"As you would be aware, retail is doing it tough and orders for
stock were not coming in that you might ordinarily expect coming
into the Christmas season," SmartCompany quotes Mr. Gollant as
saying.  "No proposal has been put forward at present we expect
the company will go into liquidation at the second meeting of
creditors."

According to the report, Mr. Gollant said Oxford Lane had only
been trading for 18 months and has debts of about AUD700,000 with
the investors in the company left as the major creditors.

SmartCompany says Oxford Lane's collapse is likely to impact on
SME retailers as Gollant says the wholesaler's clients were a
variety of small homeware and giftware stores with "no major
contractors."

Oxford Lane had three employees who have all had their employment
terminated, the report notes.


PERPETUAL CORPORATE: Moody's Rates Class E Notes '(P)Ba1'
---------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Corporate Trust Limited as trustee of
the Crusade ABS Series 2012-1 Trust.

Issuer: Crusade ABS Series 2012-1 Trust

   AUD637.50 million Class A Notes, Assigned (P)Aaa (sf);

   AUD37.50 million Class B Notes, Assigned (P)Aa2 (sf);

   AUD22.50 million Class C Notes, Assigned (P)A2 (sf);

   AUD15.00 million Class D Notes, Assigned (P)Baa2 (sf);

   AUD14.00 million Class E Notes, Assigned (P)Ba1 (sf).

The AUD23.5 million Seller Notes are not rated by Moody's.

This is an Australian prime ABS transaction -- a cash
securitisation of receivables extended to obligors located in
Australia. The transaction has a substitution period of 12
months, subject to certain amortization triggers and portfolio
parameters. The portfolio consists of consumer finance,
commercial hire purchase, goods loan (chattel mortgage) and
finance lease receivables secured by motor vehicles. All
receivables were originated by St. George Finance Limited ("St.
George") a wholly owned subsidiary of Westpac Banking Corporation
("Westpac"). This is St. George's fourth auto ABS transaction and
the first since merging with Westpac.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Ratings Rationale

Crusade Series 2012-1 Trust is similar to structures seen in
previous Crusade transactions sponsored by St. George. A notable
feature of this transaction is the 12 month substitution period.

The portfolio includes a high percentage of loans to retail
consumer obligors (66%). The transaction is exclusively backed by
motor vehicles, predominantly passenger vehicles. Motor vehicles
exhibit less pro-cyclical default patterns and, on average,
higher recovery rates. As a result, Moody's views the Crusade ABS
Series 2012-1 Trust portfolio as exhibiting similar
characteristics to peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue six classes of notes. The notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 15% to 19%), and during the
tail end of the transaction. At all other times, the structure
will follow a pro rata repayment profile, subject to certain
performance criteria such as no unreimbursed charge-offs on any
class of note. This principal paydown structure is comparable to
other structures in the Australian ABS market in recent years.

The substitution period is a feature not commonly seen within
Australian term ABS transactions. The substitution (revolving)
period of 12 months from closing allows available principal to be
used to purchase additional receivables to replenish the pool.

The substitution period is subject to certain performance
triggers which, if breached, will stop the Trustee from
purchasing further receivables. These include, amongst others:

  * charge-offs exceed 1% of the aggregate initial principal
    balance of all Notes; and

  * average 90 days delinquencies over the immediately prior 12
    months is not greater than 3%.

During the substitution period, the Trustee may only purchase
receivables to the extent they comply with the eligibility
criteria and if, after the purchase, the portfolio continues to
comply with the portfolio parameters. The portfolio parameters
minimize the possibility of major deviation from the
characteristics of the initial portfolio and include:

  * the aggregate principal balance of receivables with balloon
    payments exceeding 55% must not exceed 5% of the aggregate
    principal balance of all receivables;

  * the aggregate principal balance of receivables with a
    remaining term greater than 60 months must not exceed 15% of
    the aggregate principal balance of all receivables;

  * the aggregate principal balance of receivables with a
    principal balance exceeding $150,000 must not exceed 1.5% of
    the aggregate principal balance of all receivables;

  * the aggregate principal balance of receivables with balloon
    repayments must not exceed 35% of the aggregate principal
    balance of all receivables;

  * the weighted average balloon percentage of receivables (which
    have a balloon payment) must not exceed 30%, based on the
    balloon percentage at origination and weighted by the current
    balance of the receivables; and

  * the aggregate principal balance of consumer finance
    receivables must not exceed 75% of the aggregate principal
    balance of all receivables.

Moody's has assessed the impact of the substitution period on the
credit quality of the portfolio and transaction structure.
Moody's has considered, amongst others, the effect on timing of
defaults for receivables being sold into the trust during the
substitution period, given the seasoned nature of the original
portfolio. Moody's has also considered the possible increase in
default probability, to the extent receivables relating to poorer
performing contract types may be sold into the trust during the
substitution period.

Finally, if Westpac doesn't utilise all the monthly principal
collections to purchase additional receivables, they may hold the
monthly collections up to an amount equal to 25% of the initial
note balance in cash. Given that such cash will not be included
as part of the interest rate swap, Moody's has factored into
Moody's analysis the possible negative carry that may arise
during the substitution period.

Moody's base case assumptions are a default rate of 2.75% and a
recovery rate of 30%. These imply a expected (net) loss of 1.93%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 2.2% and 42%
respectively.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 2001-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
Crusade transactions, have to date been performing stably.
Overall, the V score of Low/Medium allows Moody's to have a
material degree of comfort with regard to assumptions made in
rating the Crusade Series 2012-1 Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.
Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Crusade Series 2012-1 Trust, the model indicated
rating for the Class A Notes remain investment grade when the
default rate rises to 5.5% (double of Moody's assumption of
2.75%) and recovery rates are reduced to 15% (half of Moody's
assumption of 30%); the model indicated rating for the Class A
Notes drops 6 notches to A3. The model indicated ratings for the
Class B notes drop 8 notches to Ba1 in the above scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


PROVIDENT CAPITAL: Receivers Probe AUD5-Mil. Dividend Payments
--------------------------------------------------------------
Larry Schlesinger at Property Observer reports that Provident
Capital receiver PPB Advisory is investigating dividend payments
totalling more than AUD5 million paid to a company associated
with Provident managing director Michael O'Sullivan dating back
to 2008.

Property Observer relates that in a note to debenture holders,
the receivers have commenced investigating "payment of in excess
of AUD5 million in dividends to Provident's shareholder (a
company associated with Provident's managing director Michael
O'Sullivan) since 2008" as well as Provident's auditing and
investor disclosure policies.

This follows preliminary assessments by PPB Advisory finding that
a number of assets that Provident took control of as mortgagee in
possession may have been substantially overvalued and that this
was not disclosed to debenture holders, trustee AET or ASIC, says
Property Observer.

According to Provident, the receivers have warned Provident
Capital debenture holders to expect a maximum of 35 cents back
for every dollar they invested in the failed non-bank lender and
mortgage fund manager.

Property Observer reports that Provident Capital receivers and
managers Phil Carter, Tony Sims and Marcus Ayres from PPB
Advisory said that based on "preliminary analysis of the loan
portfolio," an estimated likely return "will be in the region of
AUD0.25 to AUD0.35 of every dollar invested."

Property Observer notes that this prime reason for the
"shortfall" in returns to debenture holders relates to
Provident's lending and asset management policies with the
receivers noting that many of the loans originated on a "pure
asset basis without regard to the borrower's ability to service
the debt or repay it otherwise then from a sale of the security."

The report is also highly critical of the behavior of Provident
Capital when taking control of an underlying asset as mortgagee
in possession, Property Observer adds.

According to Property Observer, PPB Advisory said Provident
Capital failed to issue legal notices enacting its power of sale
as well as comply with its obligations under the Corporations Act
as controller.

The latest report also says Provident Capital "appeared to lend
on poor or unsuitable security on a number of cases," Property
Observer adds.

                       About Provident Capital

Provident Capital is an Australian-based subprime lender.

On July 3, 2012, Philip Carter -- pcarter@ppbadvisory.com ; Tony
Sims -- tsims@ppbadvisory.com ; and Marcus Ayres --
mayres@ppbadvisory.com of PPB Advisory, were appointed as Joint
and Several Receivers of Provident Capital Limited pursuant to an
Order of the Federal Court of Australia. They were also
subsequently appointed as Joint and Several Receivers and
Managers to the Company on July 10, 2012 pursuant to a fixed and
floating charge granted by the Company in favor of Australian
Executor Trustees Limited.  The appointment follows concerns
raised with the Federal Court by Australian Executor Trustees
that there is a deficiency in net tangible assets available to
meet the claims of Debentureholders.


* AUSTRALIA: Moody's Says Banking System Outlook Stable
-------------------------------------------------------
Moody's Investors Service says that the outlook for the
Australian banking system remains stable, reflecting a balance of
positive and negative influences on bank credit profiles going
into 2013, against the backdrop of a broadly supportive domestic
economy.

"Continued robust GDP growth is expected to support employment
overall, but the moderating character of the resources boom and
strength of the Australian dollar will contribute to weakness in
some sectors. Therefore, there may be moderate and patchy
pressure on asset quality, but impairments will likely remain
below the sector's long-term average," says Patrick Winsbury, a
Moody's Senior Vice President.

"For the next year, 2013, we also expect bank earnings growth to
slow as a result of low credit growth -- mostly due to general
business and consumer caution, mainly related to the non-
resources sector -- a lower interest rate environment, and
ongoing funding cost pressures," says Mr. Winsbury.

"But overall profit metrics will remain consistent with current
rating levels because of efficiency gains and the major banks'
strong pricing power," says Mr. Winsbury, who was speaking on the
release of Moody's latest "Banking System Outlook Australia", and
which he authored.

The outlook expresses Moody's expectation of how bank
creditworthiness will evolve over the next 12-18 months, which
would be over the course of 2013 and into early 2014. However
Moody's notes that with resources-sector investment forecast to
peak between end-2013 and mid-2014, pressures in the operating
environment could start to build in the longer-term.

With asset quality and capital, net credit costs are expected to
rise moderately, yet remain below the long-term average. The two-
speed economy and the moderation of the resources boom will
likely raise impairment charges in sectors and regions showing
slower growth, while broad-based deleveraging in the corporate
sector and residential mortgage pre-payments have created buffers
that should prevent a rapid deterioration in overall asset
quality.

As a result of their strong profitability and low credit growth,
the banks will continue to generate capital. Their capital levels
already provide a solid buffer against stress, and position them
well for the approach of Basel III.

On the issue of funding and liquidity, Australia's major banks
remain sensitive to conditions in international wholesale funding
markets, but are much more strongly positioned than in 2008 to
accommodate market dislocations. They will continue to reduce the
proportion of funding sourced internationally and fund new loan
growth with domestic deposits.

Meanwhile, profitability metrics are likely to stay strong by
international comparison, but profit growth is expected to
stagnate in the current low credit growth environment. Factors
likely to constrain profitability -- ongoing funding cost
pressures, a small rise in credit costs and minor margin pressure
from falling interest rates -- will be offset by the banks'
strong pricing power on loans and cost efficiency programs.

With systemic support, Australian bank supervisors will maintain
a stance that is broadly supportive for bank creditors. While the
Australian Prudential Regulation Authority (APRA) is committed to
strengthening the bank recovery framework, in line with Financial
Stability Board proposals, it is cautious on bank resolution --
specifically creditor bail-ins. Moreover, as a result of the
strong performance of Australia's banks during the crisis,
creditor bail-ins are not high on the political agenda.

In summary, the stable outlook for the Australian banking system
is consistent with the stable outlooks on the ratings of domestic
banks and the stable outlook on the Aaa-rated Australian
sovereign. The outlook also reflects the resilient performance of
the Australian economy in Moody's central (expected) macro-
economic scenario. At the same time, an above-average level of
uncertainty surrounds Moody's macro-economic forecasts.

Moody's maintains public ratings on of the country's 16 domestic
banks, and 5 of the 47 foreign banks, including subsidiaries and
branches, operating in Australia. At end-August 2012, the rated
banks accounted for over 99% of loans made by domestic banks and
94% of total banking system loans. The average stand-alone
financial strength of rated Australian banks is B-, which equates
to a1 on the long-term scale. The average supported rating is
Aa3.



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


CITIC PACIFIC: Bond Offering No Impact on Moody's 'Ba1' CFR
-----------------------------------------------------------
Moody's Investors Service has said that the Ba1 corporate family
rating of CITIC Pacific Limited remains unchanged following the
announcement of a tap bond offering on its existing US$750
million notes issued in October 2012 under its Euro Medium-Term
Notes Program. The outlook on the rating remains negative.

The tap bond offering has the same terms and conditions as the
existing notes and, as with the existing notes, proceeds will be
used primarily for the refinancing purpose.

"The Ba1 rating is supported by the company's diversified
business portfolio and its stable operating performance in
Hong Kong," says Ivan Chung, a Moody's Vice President and the
International Lead Analyst for CITIC Pacific.

The rating also takes into account the expected high support from
its parent, the CITIC Group Corporation (Baa2 stable), based on a
strong track record of timely support. This support provides a
two-notch uplift from CITIC Pacific's standalone Ba3 rating.

In addition, the rating considers CITIC Pacific's adequate
liquidity position in relation to its short-term debt. Excluding
the proceeds from the issuance, it has HKD35.6 billion in cash on
hand, and available committed banking facilities worth HKD15.5
billion as at end June 2012. In contrast, it has about HKD32
billion of debt maturing in 2012 and 2013.

Nonetheless, the proposed drawdown will further improve the
company's near-term liquidity profile.

The negative outlook reflects the company's weak operating
performance and its high financial leverage relative to its
rating level.
"The commissioning of the first production line in CITIC
Pacific's Sino iron ore project in Australia is a positive
development. However, Moody's expects that it will not contribute
meaningfully to the company's profits or cash flows in the near
future," says Kai Hu, a Moody's Vice President and Local Market
Analyst for CITIC Pacific.

Moody's will continue to monitor the progress of the company's
iron ore project, the operating performance of its core
businesses, and any initiatives that the company or parent
decides to implement to maintain a credit profile that is
appropriate for its current rating.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside CITIC Pacific Limited's core industry and believes CITIC
Pacific Limited's ratings are comparable to those of other
issuers with similar credit risk.

Other factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
58% owned by CITIC Group Corporation. It was one of the first
Chinese companies to list and invest abroad. Its major businesses
include special steel manufacturing, iron ore mining and property
development in Mainland China. It is also engaged in other
businesses such as energy, tunnels, telecommunications,
distribution and property development and investment in Hong
Kong.

CITIC Group Corporation, headquartered in Beijing, is a
conglomerate investment company wholly owned by the State Council
of the Chinese government. As of end-2011, it had total
consolidated assets of RMB3.3 trillion.



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


FUNG LUEN: Lai and Haughey Step Down as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Fung Luen Wool Textile Company Limited on Nov. 21,
2012.


GRAND LINKER: Final Meetings Set for Jan. 4
-------------------------------------------
Members and creditors of Grand Linker (Hong Kong) Limited will
hold their final meetings on Jan. 4, 2013, at 10:15 a.m., and
10:30 a.m., respectively at 5/F, Dah Sing Life Building, at
99-105 Des Voeux Road, Central, in Hong Kong.

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


HK GENERAL: Members' Final Meeting Set for Dec. 31
--------------------------------------------------
Members of Hong Kong General Association of Construction
Machinery Limited will hold their final meeting on Dec. 31, 2012,
at 11:00 a.m., at Room 1607, Nanyang Plaza, at 57 Hung To Road,
Kwun Tong, Kowloon, in Hong Kong.

At the meeting, Wong Chun Wa and Chan Kwun Chi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JAROMET LIMITED: Members' Final General Meeting Set for Dec. 31
---------------------------------------------------------------
Members of Jaromet Limited will hold their final general meeting
on Dec. 31, 2012, at 10:00 a.m., at Room 1410, Harbour Centre, 25
Harbour Road, Wanchai, in Hong Kong.

At the meeting, Poon Wai Hung Richard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KING CHANNEL: Creditors' Proofs of Debt Due Dec. 14
---------------------------------------------------
Creditors of King Channel Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


KUANER COMPANY: Creditors' Proofs of Debt Due Dec. 31
-----------------------------------------------------
Creditors of Kuaner Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 31, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fong Fu Yin Albert
         Room 10, 2/F
         Thriving Centre
         26-38 Sha Tsui Road


MONTEFERRO CHINA: Members' Final Meeting Set for Dec. 31
--------------------------------------------------------
Members of Monteferro China Limited will hold their final general
meeting on Dec. 31, 2012, at 11:00 a.m., at Level 17, Tower 1,
Admiralty Centre, 18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


MORGAN STANLEY: Members' Final Meeting Set for Dec. 31
------------------------------------------------------
Members of Morgan Stanley Properties Hong Kong Limited will hold
their final general meeting on Dec. 31, 2012, at 10:00 a.m., at
602 The Chinese Bank Building, 61-65 Des Voeux Road, Central, in
Hong Hong.

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


OPTILED ASIA: Members' Final Meeting Set for Dec. 31
----------------------------------------------------
Members of Optiled Asia Pacific Limited will hold their final
general meeting on Dec. 31, 2012, at 9:30 a.m., at Room 1603,
16/F, Tung Chiu Commercial Centre, at 193 Lockhart Road, Wanchai,
in Hong Kong.

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


POLYGLORY (HK): Briscoe and Wong Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Polyglory (Hong Kong) Limited on Nov. 26, 2012.


TITANIUM GROUP: Incurs $115,500 Net Loss in Third Quarter
---------------------------------------------------------
Titanium Group Limited filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$115,513 on US$908,295 of revenue for the three
months ended Sept. 30, 2012, compared with net income of
US$380,043 on US$2.02 million of revenue for the same period a
year ago.

For the nine months ended Sept. 30, 2012, the Company reported a
net loss of US$282,752 on US$3.08 million of revenue, compared
with net income of US$113,129 on US$4.19 million of revenue for
the same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed
US$6.73 million in total assets, US$6.89 million in total
liabilities and a US$166,599 total stockholders' deficit.

For the nine months ended Sept 30, 2012, the Group incurred
accumulated losses of US$1,182,959.  The continuation of the
Group as a going concern through Sept. 30, 2013, is dependent
upon the continuing financial support from its stockholders.
Management believes the existing majority stockholders will
provide the additional cash to meet with the Company's
obligations as they become due.

"These factors raise substantial doubt about the Company's
ability to continue as a going concern."

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

                        http://is.gd/vOQGLJ

                       About Titanium Group

Wanchai, Hong Kong-based Titanium Group Limited, through its
wholly owned subsidiary Shenzhen Kanglv Technology Ltd., is
engaged in the manufacture and sales of electronic cable products
in the PRC.  Shenzhen Kanglv's principal products are various
types of computer cables, such as HDMI, DVI, VGA and USB cables,
as well as electric power cables.


TMAX SOURCING: Final General Meetings Set for Dec. 31
-----------------------------------------------------
Members and creditors of Tmax Sourcing Limited will hold their
final general meetings on Dec. 31, 2012, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Hong.

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


TUNSBRIDGE TRADING: Creditors' Proofs of Debt Due Dec. 31
---------------------------------------------------------
Creditors of Tunsbridge Trading Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2012.

The company's liquidator is:

         Keung Ping Yin Raymond
         Room 313, Central Building
         Pedder Street
         Central, Hong Kong


WOB INVESTMENTS: Creditors' Proofs of Debt Due Dec. 14
------------------------------------------------------
Creditors of Wob Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


YAN WO: Members' Final Meeting Set for Dec. 31
----------------------------------------------
Members of Yan Wo Tong Limited will hold their final meeting on
Dec. 31, 2012, at 11:00 a.m., at Flat 35C, Block 3, Tseung Kwan O
Plaza, 1 Tong Tak Street, Tseung Kwan O, New Territories, in Hong
Kong.

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


YIU CHEUNG: Final Meetings Set for Jan. 4
-----------------------------------------
Members and creditors of Yiu Cheung Glass Mirror Company Limited
will hold their final meetings on Jan. 4, 2013, at 2:30 p.m., and
2:45 p.m., respectively at Room 32B1, 32/F, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.



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


ARCHIT ORGANOSYS: ICRA Assigns '[ICRA]B' Rating to INR3.5cr Loans
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR3.50
crore cash credit facility of Archit Organosys Limited. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR4.50
crore fund based facilities and INR3.50 crore of non fund based
facilities of AOL.

                                    Amount
   Facilities                      (INR Cr)   Ratings
   ----------                      --------   -------
   Cash Credit facility              2.00     [ICRA]B assigned
   Cash Credit facility (Proposed)   1.50     [ICRA]B assigned
   FDBP/FUDBP facility               4.00     [ICRA]A4 assigned
   FDBP/FUDBP facility (Proposed)    0.50     [ICRA]A4 assigned
   Letter of Credit                  2.00     [ICRA]A4 assigned
   Letter of Credit (Proposed)       0.50     [ICRA]A4 assigned
   Letter of Guarantee               1.00     [ICRA]A4 assigned

The assigned ratings are constrained by AOL's weak financial
profile characterized by declining profitability due to increased
trading activities coupled with high gearing levels and weak
coverage indicators. Further, the dependence of AOL on a single
product exposes it to demand risk and highly competitive industry
structure limits the pricing flexibility and profitability. The
company is also exposed to foreign exchange fluctuation risk
given the high proportion of exports in total manufacturing
sales; part of the risk is however mitigated by the fact that the
company hedges most of its forex exposure. While assigning the
ratings ICRA has also taken note of the significant contingent
liability of the company related to forex losses on matured
derivative contracts incurred in FY 2009 and interest thereon
aggregating to INR2.14 crore as on March 31, 2012 (59% of
Tangible net worth as on March 31, 2012); while the matter is
currently under litigation, any unfavorable developments thereon
may impair the financial profile of the company and constitute an
event bases risk. The ratings, however, favorably consider the
long experience of the promoters in the chemical industry;
diversified revenue channels in the form of manufactured and
trading sales and a reasonably established customer base and the
favorable demand outlook for its product.

Archit Organosys Limited (formerly Shri Chlochem Limited) was
incorporated in 1989 for the production of organic intermediates
viz. Mono Chloro Acetic Acid (MCAA) and Sodium Mono Chloro
Acetate (SMCA). The company's sole manufacturing unit is located
at Naroda GIDC, Ahmedabad in Gujarat with a production capacity
of 5000 MTPA of Mono Chloro Acetic Acid (MCAA). During the past
few years, AOL has expanded its product portfolio through trading
of organic and specialty chemicals namely Ethyl Acetate, Acetic
Anhydride, Toluene etc. The company sells its chemical products
both in the domestic and international markets.

In FY 2012, AOL reported an operating income of INR46.44 crore
and profit after tax of INR0.67 crore as against an operating
income of INR42.88 crore and profit after tax of INR0.31 crore
during FY 2011.


BHARATH BUILDERS: ICRA Reaffirms 'BB' Rating on INR7.03cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB'to the
INR7.03 crore fund based facilities (reduced from INR9.22 crore)
of Bharath Builders.  The outlook on the long term rating is
Stable.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               --------     -------
   Fund based facilities-     7.03       [ICRA]BB/Re-affirmed
   Term Loan

The rating continues to draw comfort from the low gearing levels
of 0.29x and comfortable capital structure of the firm as on
March 31st 2012 with healthy coverage indicators. The rating also
takes comfort from the group support the firm enjoys from the
parent company Bharath Beedi Works Pvt Ltd, and from the high
occupancy level maintained in the Bharath Mall of more than 90%
providing revenue stability to the firm. The rating however is
constrained by modest scale of operations of the firm and BB's
limited track record in real estate industry of Mangalore which
is highly competitive with only one residential and single
commercial project successfully completed by the firm till date.
The rating is also constrained by the high receivables on account
of the pending service tax amount to be collected from some of
its key tenants. In addition, the firm may be exposed to
execution and marketing risk for its new residential project
Bharath Ashraya which is in the nascent stages of development and
will be entirely funded through customer advances and internal
equity of the firm; the ability of the firm to secure healthy
booking levels and timely collections will be the critical
factors in execution of the project. These apart, the rating also
factors in the inherent risk associated with a partnership firm
in comparison to a company such as limited ability to raise
equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc. Going forward the
ability of the firm to realize lease rentals in timely manner and
realization of service tax amount due from tenants will remain
the key rating sensitivities.

Bharath Builders is a partnership firm which was incorporated in
the year 2005 and started its operations by developing a shopping
mall by name Bharath Mall in Mangalore. The firm has developed a
shopping mall by the name "Bharath Mall" in Mangalore with a 0.16
million sqft of retail space. The mall was the first large size
shopping mall in Mangalore which became operational in
2006.Besides the shopping mall, the firm has also developed a
residential project by name "Bharath Blue Terraces" which has 9
residential apartments. The firm has recently started a
residential project named "Bharath Ashraya" which is at initial
stages of development and is projected to be completed within a
span of 2 years at an estimated total cost of INR20 crore wholly
to be funded by customer advances and inernal equity of the firm.
The firm belongs to the Bharath Beedi group which has an
established presence in tobacco production through its flagship
company BBWPL.

Recent results

(Audited) Bharath Builders reported a profit after tax (PAT) of
INR3.10 crore on an operating income of INR9.03 crore in FY 2012.


FORTUNE INFRAHEIGHT: ICRA Rates INR7cr LT Loan at '[ICRA]B'
-----------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B' to INR7.00 crore long-
term fund-based facilities of Fortune Infraheight Private
Limited.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              --------     -------
   Long-Term Fund Based       7.00      [ICRA]B Assigned
   Facilities

The rating takes comfort from the long track record of promoters
in executing civil construction projects for various State
Government authorities in Uttar Pradesh (U.P.). The promoters are
well versed with local dynamics, which helped FIPL in achieving a
good success rate in bidding contracts; however high
concentration of operations in the state exposes the company to
regional concentration risks. While the flow of orders from State
Government authorities had been smooth till FY-12; however owing
to changing political environment in the state, there was limited
external order inflow during the H1'FY-13. Although the
outstanding order book remains healthy at INR254.8 crore as on
Sep-12; however around 79% of the book comprises of single
contract of construction from a group company, which exposes the
company to project concentration risks. The capitalization of the
company is weak with gearing of 3.64 times as on Mar-12; however
a large proportion of the total borrowings (around 73%) are in
the form of non-interest bearing unsecured / promoter loans
utilized for investments in group companies; excluding the same
the gearing would decline to 0.98 times and debt coverage
indicators would be moderate (Total Debt / OPBDITA at 5 times and
Net Cash Accrual / Total debt at 12%). The liquidity position of
the company is stretched as reflected in high utilization of
working capital limits, on account of increased inventory days as
completed orders were not getting certified in a timely manner.
With regard to profitability, the company reported Operating
income (OI) of INR25.6 crore on which it earned Operating Profit
Margin (OPM) of 8.05% and Net Profit Margin (NPM) of 3.35% in FY-
12. Going forward, the ability of the company to expand its OI by
successfully bidding for fresh external orders and timely
execution of the group company's construction contract would be
important to protect its profitability and debt-coverage
indicators.

FIPL is a part of Noida-based Unnati Fortune Group which is
engaged in the field of infrastructure, real estate, hospitality,
manufacturing, international trading and information technology.
The company was incorporated in March-2009 and promoted by Mr.
Anil Mithas, to take over the running business of sole
proprietorship firm - M/s. Fortune Investment & Developers. FIPL
is engaged in civil construction projects on contract basis for
State Government authorities including, Uttar Pradesh State
Industrial Development Corporation, UP Rajya Nirman Nigam, Noida
Development Authority and Greater Noida Development Authority.
The scope of activities of FIPL includes construction/development
of roads, sewage disposable system, development of residential
colonies and building foundations, factoring, godowns, etc.

During FY-12, FIPL reported Profit After Tax (PAT) of INR0.86
crore with an operating income (OI) of INR25.57 crore as compared
to a PAT of INR0.13 crore with an OI of INR4.68 crore for the
previous financial year.


INDIA EXPOSITION: ICRA Cuts Rating on INR27.4cr Loans to 'BB'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR27.40
crore fund based limits of India Exposition Mart Limited from
'[ICRA]BB+' to '[ICRA]BB'. The outlook on the rating is stable.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Term Loan               20.59        Downgraded to [ICRA]BB
   Un-allocated Limits      6.81        Downgraded to [ICRA]BB

The rating downgrade factors in the loss posted by the company in
FY2012 on account of lower than expected revenues from projects/
exhibitions. Further the tight liquidity position of the company
remains stretched due to high debtor days. However, rating
derives comfort from improving connectivity and accommodation
facilities in Greater Noida and IEML's assured business revenues
from the annual fair held by Exports Promotion Council of
Handicrafts. Going forward, the company's ability to earn lease
revenue by hosting additional prestigious events (such as 6th
Renewable Energy India 2012, Printpack, Auto Expo etc.) in
presence of strong competition from the other such established
venue, Pragati Maidan, would form the key rating sensitivity.

IEML was incorporated in 2001-02 by group of exporters and EPCH
(Exports Promotion Council of Handicrafts, Ministry of Textiles)
for the development of India Expo Center & Mart at Greater Noida
in 2001-02. The India Expo Center & Mart was conceptualized for
the promotion of Indian exports industry for carpets, handloom,
silk and jute products and Handicraft products from India. The
land for this project was provided on lease by Greater Noida
Industrial Development Authority (GNIDA) at concessional rates.
The project has around 1800 marts most of which have been already
sold out to exporters. The Expo Centre section consists of 8
exhibition halls, conference facilities, parking facilities,
hotels, restaurants, helipads, warehousing facilities, and
logistics centers etc. where annual exhibitions and fairs are
held. In addition, EPCH has entered into MoU (Memorandum of
Understanding) with IEML for organizing India Handicrafts and
Gifts Fair, Indian Fashion Jewellery & Accessories Show
and Home Expo in India Expo Center.


MITTAL CLOTHING: ICRA Cuts Rating on INR1cr Loan to '[ICRA]B+'
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.00
crore fund based (sub-limit) facilities of Mittal Clothing
Company to '[ICRA]B+' from '[ICRA]BB'. ICRA has reaffirmed the
short-term rating assigned to the INR11.50 crore fund based
facilities, INR6.50 crore proposed fund based facilities and the
INR2.00 crore non-fund based facilities of MCC at '[ICRA]A4'.

                                Amount
   Facilities                  (INR Cr)    Ratings
   ----------                  ---------   -------
   LT-Fund based (sub-limit)    (1.00)     [ICRA]B+ from [ICRA]BB
   Facilities

   ST-Fund based facilities     11.50      [ICRA]A4 reaffirmed

   ST-Fund based facilities      6.50      [ICRA]A4 reaffirmed
   (proposed)

   ST-Non-fund based             2.00      [ICRA]A4 reaffirmed
   facilities

The revision in rating reflects weaker than expected performance
during the past two fiscals on account of slump in orders from
regular customers and delays in release of order by existing
customer leading to sharp decline in revenues. The ratings also
factor in the Firm's limited bargaining power, intense
competition from low-cost countries and its small scale of
operations which restrict scale economics and financial
flexibility. While revenues / margins are likely to be impacted
by the slow pace of economic recovery in the Firm's key markets,
high single customer concentration enhances the risk of order
volatility on revenue growth as witnessed in last fiscal. The
ratings, however, continue to derive comfort from the experience
of the promoter in the textile business for more than fifteen
years and comfortable capital structure of the Firm characterized
by low gearing on the back of significant reserves accumulated
over the years.

Promoted as a partnership firm by Mr. Gajanand Mittal and his
sons in 1996, MCC is engaged in manufacture and export of ready-
made garments, primarily to the customers in Unites States (US)
and European Union. MCC caters to casual clothing for men, women
and children (primarily knitted T-shirts) for renowned global
customers like The Gap (US), H&M Hennes & Mauritz AB (Sweden) and
the export sales contribute to more than 90 per cent of its
revenues. The manufacturing facilities of the Firm are located in
Bangalore with total installed manufacturing capacity of two lakh
pieces per month and the sourcing office of MCC is located in
Tirupur (Tamil Nadu).

Recent Results

The Firm reported net profit of INR0.1 crore on operating income
of INR15.0 crore during 2011-12 against net profit of INR0.2
crore on operating income of INR25.8 crore during 2010-11.


MITTAL RICE: ICRA Rates INR6cr Fund Based Limits at '[ICRA]B'
-------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR6.00 crore fund
based limits of Mittal Rice and General Mills.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund based limits       6.00         [ICRA]B assigned

The rating takes into account the highly competitive and low
value additive nature of the rice milling industry with limited
pricing power vis-a-vis consumers and suppliers (paddy farmers).
These factors, coupled with the small size and non value added
nature of the firm's rice milling unit have resulted in
relatively weak profitability indicators and given the
fundamental industry dynamics, ICRA does not expect any change in
the near future. Further, the firm's working capital intensive
operations have been largely debt funded resulting in high
gearing and weak debt coverage indicators. ICRA also factors in
the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. ICRA
however draws comfort from the proximity of the mill to a major
rice growing area which results in easy availability of paddy and
stable demand outlook given that India is a major consumer (rice
being an important staple of the Indian diet) and exporter of
rice.

Mittal Rice and General Mills was established in 1978 as a
partnership firm by Mr. R.D.Mittal and Mr. Naresh Mittal. The
firm is engaged in milling of basmati rice. The firm's milling
unit is based out of Cheeka. The firm has an installed capacity
of 3 ton/hour for milling of rice. The key raw material for the
firm is basmati paddy. Paddy is mostly procured from the "mandis"
of Karnal and Cheeka (Haryana) during the paddy buying season
i.e. September to December every year. However, if required firm
also buys paddy from the market in off season period.

Recent Results

The firm reported a net profit after tax of INR0.0038 crores on
an operating income of INR13.71 crores in 2011-12 as against a
profit after tax of INR0.0034 crores on operating income of
INR12.85 crores in 2010-11.


PLASTCHEM INDUSTRIES: ICRA Cuts Rating on INR2cr Loan to 'BB'
-------------------------------------------------------------
ICRA has downgraded the long term rating to the fund based
facilities aggregating to INR2.00 crore of Plastchem Industries
from '[ICRA] BBB-' to '[ICRA]BB'.  ICRA has also downgraded the
short term rating from '[ICRA] A3' to '[ICRA]A4' for fund based
and non fund based facilities aggregating to INR40.00 Cr. and
INR1.00 Cr. respectively of PI. The outlook on the long-term
rating is Negative.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund Based Limits-       2.00     [ICRA]BB (Negative)
   Cash Credit                        downgraded

   Fund Based Limits-      40.00     [ICRA]A4 downgraded
   Bill Discounting

   Non-Fund Based Limits-   1.00     [ICRA]A4 downgraded
   Bank Guarantee

The revision in ratings take into account the recent downgrade of
PI's principal viz. Haldia Petrochemicals Limited (HPL) from
[ICRA]BB+ (Negative)/[ICRA]A4+ to [ICRA]B/[ICRA]A4, owing to
significant deterioration in the financial risk profile on
account of continuing losses and weak demand indicators. ICRA
notes that the weak liquidity position of HPL has severely
affected its throughput levels, which are expected to have a
negative bearing on PI's operational and financial risk profile.
The ratings are further constrained by the small scale of
operations, low net worth size in comparison to the credit risk
undertaken for its overall sales, intense competition from other
DCA agents operating in the same region and limited cash
accruals. Further, PI being a proprietary concern, the amount of
withdrawals from the capital account by the promoters could
affect the net worth of the firm and thus remains a key rating
sensitivity.

The ratings, however, positively factor in the established track
record of PI as a Del Credere Agent for Haldia Petrochemicals
Ltd., and diversified customer profile leading to low customer
concentration risk for the firm.

Plastchem Industries is a proprietary concern established in the
year 1989 by Mr. Pavan V. Saraf. The firm commenced operations
with trading in imported polymers and in the year 1999, it
qualified as a Del Credere Agent (DCA) and Consignment Stockist
of Haldia Petrochemicals Ltd, for marketing and promoting polymer
products in Mumbai, Maharashtra, Daman, Silvassa and South
Gujarat. PI is involved in sales of polymer products, namely HDPE
(high density polyethylene), LLDPE (Linear low density
polyethylene) and PP (polypropylene). The company has warehousing
facilities in Daman to cater to small customers as a consignment
stockist.

During FY 2012, the company reported profit before tax of INR1.25
crore on an operating income of INR3.16 crore.


SAURASHTRA FUELS: ICRA Cuts Rating on INR202.65cr Loan to 'B'
-------------------------------------------------------------
ICRA has revised the long-term rating of Saurashtra Fuels Private
Limited to '[ICRA]B-' from '[ICRA]B' for its INR61.07 crore
(previously INR57.50 crore) fund-based bank facilities, the
INR41.83 crore (previously INR49.21 crore) term loans and the
INR99.75 crore (previously INR125 crore) working capital term
loan facilities. ICRA has also assigned a short term rating of
'[ICRA]A4' to the forward contract limits of INR11.90 crore and
reaffirmed the [ICRA]A4 rating for the INR60.29 crore (previously
INR70.14 crore) non-fund based bank facilities of SFPL.

                          Amount
   Facilities           (INR Cr)        Ratings
   ----------            ---------      -------
   Term Loans             41.83         Revised to [ICRA]B-
                                        from [ICRA]B

   Fund-Based Limits      61.07         Revised to [ICRA]B-
                                        from [ICRA]B

   Working Capital        99.75         Revised to [ICRA]B-
   Term Loan                            from [ICRA]B

   Non-Fund Based         60.29         [ICRA]A4 reaffirmed
   Limits

   Forward Contract       11.90         [ICRA]A4 assigned
   Limits

The aforesaid ratings take into consideration the significant
losses by SFPL in 2011-12 on account of its forex transactions
and the crystallisation of a disputed liability against the
company which further increases its debt repayment burden; highly
adverse capital structure due to the erosion of the company's net
worth in 2008-09, 2009-10 and 2011-12; and SFPL's limited
operational flexibility as a result of it being under the CDR
package. ICRA further notes the company's exposure to currency
fluctuation risks as most of its raw material is procured through
imports; the continuing loss making operations of one of its
subsidiaries necessitating financial support from SFPL and thus
adversely impacts its financial risk profile; and SFPL's exposure
to cyclicality inherent in the coking coal and coke prices which
is likely to make its cash flow volatile. The ratings however,
favorably take into account the over five decades of experience
of SFPL's promoters in the manufacture and marketing of coke; and
large scale of operations of the company which provides benefits
from economies of scale. The ratings also favorably factor in the
complete liquidation of high cost inventory, which is expected to
improve SFPL's profitability in the second half of 2012-13; and
current procurement of coking coal on spot basis, as against long
term fixed price contracts entered into in the past, allowing
greater flexibility to match raw material prices in line with
realizations.

Founded in December 1993, SFPL is in the business of
manufacturing LAM coke used in the production of pig iron. SFPL
is promoted by Mr. Dipak Agarwalla and Mr. S K Sinha. Operating
out of two manufacturing locations at Mundra and Porbandar in
Gujarat, SFPL has a total capacity of about 1 million tonne per
annum. The plant is based on non-recovery method of coke
production and uses the Kumbraj Technology for effective coke
making.

Recent Results

As per the audited results of 2011-12, SFPL reported a net loss
of INR28.03 crore on an operating income of INR1440.65 crore as
compared to a profit after tax (PAT) of INR37.39 crore on an
operating income of INR1537.0 crore during 2010-11.


SERVOTECH INDIA: ICRA Assigns 'BB' Rating to INR6.5cr Loans
-----------------------------------------------------------
A long-term rating of '[ICRA]BB' has been assigned to the INR2.50
crore of term loans and INR4.00 crore of fund-based limits of
Servotech India Limited.  A short-term rating of '[ICRA]A4' has
been assigned to the INR5.00 crore of non-fund-based limits of
SIL. The outlook on the long-term rating is 'Stable'.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------                ---------    -------
   Long-term fund-based:      4.00        [ICRA]BB assigned
   Term Loan

   Long-term fund-based:      2.50        [ICRA]BB assigned
   Cash Credit

   Short-term non-fund-       5.00        [ICRA]A4 assigned
   based Limits

The assigned ratings are constrained by the modest financial risk
profile of the company characterized by small scale of
operations, and weak profitability position leading to weak cash
flows. The ratings also take into account the company's
dependence of future revenue growth and order inflows on capacity
additions in the edible oil industry, and the vulnerability of
profitability to sharp increases in commodity prices given the
fixed-price nature of contracts. Further, the ability of the
company to execute the orders within stipulated time remains
crucial given the provision for liquidated damages (LD) in
project contracts, though there have been no material instances
of the same in the recent past.  The ratings, however, factor in
positively the experience of the promoters and established track
record of the company in the the turnkey supply of plant and
machinery for the edible oil segment, with a reputed customer
profile; and the healthy growth in revenues in the past five
years, driven by favorable demand indicators.

Servotech India Limited is primarily engaged in turnkey supplies
of plant and machinery catering to the edible oil industry, and
the company has a track record spanning four decades in the same.
The present Directors/management has been involved with SIL since
the 1980s, when they acquired the company from the earlier
promoters. SIL was incorporated as a public limited company in
1987.  The company's main area of business is the design and
supply of fabricated machinery and equipment for solvent
extraction plants, oil mills, edible oil refineries, oil seed
processing etc, and it has set-up its fabrication facility at
Tarapur (Maharashtra).

Recent Results

For year-ended March 31, 2012, the company has reported Profit
after Tax (PAT) of INR0.51 crore on an Operating Income (OI) of
INR50.61 crore. For the year-ended March 31, 2011, the company
had reported PAT of INR0.33 crore on OI of INR45.78 crore.


SIVASWATI TEXTILES: ICRA Reaffirms 'BB+' Rating on INR83.2cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR83.22
crore fund based facilities of Sivaswati Textiles Private Limited
at '[ICRA]BB+'.  The rating for INR8.00 crore short term bank
lines of STPL has been reaffirmed at '[ICRA]A4+'.  The outlook on
long term rating is stable.

                                Amount
   Facilities                  (INR Cr)      Ratings
   ----------                  ---------     -------
   Long term fund based limits   83.22       [ICRA]BB+ reaffirmed

   Short term non-fund            8.00       [ICRA]A4+ reaffirmed
   based limits

The rating reaffirmation continues to factor in moderate
financial profile of STPL and flexibility to switch production
from cotton to synthetic yarn and vice-versa. Due to sharp
correction in the cotton yarn prices and weak demand outlook, the
company discontinued the production of cotton yarn from the first
quarter of 2011-12 and had been producing only synthetic yarn in
entire FY12.This has helped company minimize losses related to
cotton inventory, which has affected large number of spinning
mills. ICRA also factors in strong operational efficiency of STPL
owing to modern plant as well as experience of promoters in the
textile industry. However subdued demand and increased raw
material expenses have resulted in a dip in operating profit
margins. This has resulted in decline in coverage indicators in
FY12. The ratings continue to be constrained by STPL's
vulnerability to intense competition in a fragmented industry
given the modest scale of its operations and commoditized nature
of the cotton and synthetic yarn, which limits its pricing power.
Further, owing to weak power availability in Andhra Pradesh, STPL
has been procuring power from exchange at higher tariffs and ICRA
notes that this could result in a decline in operating margins.

STPL was incorporated in the year 2005 and is engaged in the
manufacturing of cotton, polyester, viscose, polyester-cotton and
polyester viscose spun yarn. The company has a spinning mill in
Guntur district of Andhra Pradesh with an installed capacity of
60,624 spindles. The company started commercial production of
yarn in March 2006 with an installed capacity of 9,936 spindles
which was increased to 46,512 spindles as on March 31, 2007 and
to 60,624 spindles as on March 31, 2008. STPL started the
operations with the manufacturing of 100% cotton yarn; however it
diversified its product portfolio in 2007-08 with the
manufacturing of polyester based yarn. In 2011-12, STPL recorded
operating income of INR166.97 crore and PAT of INR2.81 crore.


* INDIA: Moody's Says Banking System Outlook Remains Negative
-------------------------------------------------------------
Moody's Investors Service says that its outlook on the Indian
banking system for the next 12-18 months remains negative -- as
it has been since November 2011 -- reflecting the continued
challenging nature of its domestic operating environment.

"This environment is characterized by slow economic growth, high
inflation, high interest rates, and a weak local currency, and we
expect these factors to lead to a further deterioration in asset
quality, an increase in provisioning costs, and a fall in
profitability," says Vineet Gupta, a Moody's Vice President and
Senior Analyst.

"And when we also consider the high level of loan growth which,
at about 15% annually, is expected to continue outstripping
internal capital generation, then most of the Moody's-rated
Indian banks will be challenged to maintain capitalization levels
at current levels, and some will even need to raise new capital
externally," adds Mr. Gupta.

Furthermore, Moody's views the loan classification -- more
particularly with regards to restructured loans -- and
provisioning practices in India as weak. "Loan classification and
provisioning requirements mask the extent of the banks' asset
quality and capital challenges," says Mr. Gupta.

"On the positive side, one anchor of stability for Indian banks
is their strong business franchises, which support their low-cost
funding profiles, helping them maintain sizable lending margins
to sustain pre-provision earnings," says Mr. Gupta.

Moody's also continues to assume a relatively high probability of
systemic support, observing that the Indian government already
provides strong ongoing support in the form of annual equity
infusions for the public sector banks, and all banks are mandated
to meet loan quotas for certain sectors of the economy. This
implies a high degree of involvement by the government in the
banking sector and related public accountability.

If needed, Moody's believes that the government would provide
extraordinary support in the form of unsecured loans and/or
capital injections to both the public and the rated private
banks.

Moody's rates a total of 15 public sector and private sector
commercial banks, which together accounted for about 66% of the
system's estimated total assets as of March 2012. Their average
(asset-weighted) standalone credit strength is D+, or ba1 on the
long-term rating scale, whereas their average foreign currency
long-term deposit rating is Baa3, which is investment grade.



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


* MONGOLIA: Moody's Assigns 'B1' Rating to Bonds Under MTN
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the US$500,000,000 note due on January 5, 2018 and the
US$1,000,000,000 note due on December 5, 2022 under the
Government of Mongolia's US$5,000,000,000 global medium term note
program. The rating outlook is stable.

Ratings Rationale

Mongolia's B1 government bond rating is consistent with Moody's
methodology scores of low economic and institutional strengths,
moderate government financial strength and high event risk.
Mongolia's rating has been constrained by susceptibility to
destabilizing boom-bust cycles stemming from (1) an
undiversified, dual mining/agricultural economy subject to global
price volatility and supply shocks, and (2) pro-cyclical,
inflationary monetary and fiscal policies. Long-term economic
prospects are bright, if the country's infrastructure is
developed and if macroeconomic stability is maintained.

Rating Outlook: The stable outlook is supported by the
replenishment of official foreign exchange reserve holdings and
improved macroeconomic stability after the successful
International Monetary Fund Stand-By Arrangement in 2008-2009.
Additional support is provided by the enactment into law of the
Fiscal Stability Law in 2010, which holds promise for avoiding
future boom-bust cycles in government finances if key provisions
which come into effect in 2013 and 2014 are implemented
(including a limit on expenditure growth, a structural budget
deficit ceiling and a 40% of GDP net-present value cap on
outstanding government debt).

Factors which could change the rating -- up: Credit positive
events over the rating outlook horizon include the maintenance of
price and exchange rate stability and a significant replenishment
of net international reserves. A track record of adherence to the
fiscal rule would be credit positive.

Furthermore, a timely and successful infrastructure development
program, to which the Global Medium Term Note Program supports,
that increases the country's export capacity and boosts
government revenues would be credit positive. Diversification and
development of the country's industrial base which helps to
shield the economy from mineral price volatility would also be
credit positive.

Factors which could change the rating -- down: A relapse into
high inflation, exchange rate volatility which leads to a
deterioration in the external balance of payments would be credit
negative. A weakening in the fiscal policy framework as seen in
an inability to adhere to key provisions of the Fiscal Stability
Law would be credit negative. Renewed uncertainty in Mongolia's
investment regime would also be credit negative.

External borrowing in excess of future repayment capacity would
also be credit negative.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



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


AORANGI SECURITIES: High Court OKs HMF Distribution
---------------------------------------------------
The High Court on Dec. 5, 2012, released its final decision on
how returns to Hubbard Management Funds investors will be
calculated and initial distributions are likely to occur in the
first quarter of 2013.

"It has been a complex set of issues, so we are very pleased to
have the methodology sorted," said the Statutory Managers.

"To calculate the distributions, HMF will be effectively split
into two pools: the "capital pool" is the amount required to
repay all investors their original money invested to the extent
that they have not already made withdrawals from HMF. As directed
by the Court, capital gains, interest and dividends that were
reported on investor statements will not be considered as part of
the capital pool.

The "surplus pool" is the amount available from realizations of
assets after paying all capital amounts due.  This will be
allocated under a formula approved by the Court.

The capital pool payments will be made first and once these have
been made, payments from the surplus pool will commence.

The earlier interim distribution previously approved by the Court
meant that when the Court issued its interim order in June 2012,
some investors had received more than the original capital they
had invested in HMF.

The Courts' "claw back" of these overpayments which resulted from
the June 2012 order has now been removed. The Statutory Managers
will no longer be required to seek repayments from investors
previously impacted.

"Payments will be made from the realization of assets and will be
made proportionately over time.  We will need to retain
sufficient funds to honor HMF's contractual commitments to
private equity funds and pay costs.

"The sales process will take a considerable period of time to
complete.  We have previously noted that many of the investments
are illiquid or in long term private equity funds.  We will not
sell assets on a "fire sale" basis.  We need to maximize the
recovery for investors.  It could take at least two years to
repay the capital pool fully.  Surplus pool payments will not
commence before all the capital pool is repaid.

"We will be unable to finalize each investor's entitlements until
we have verified all adjustments arising from the cash deposit
and withdrawal confirmations from investors. The period for these
confirmations closed last night and a large number of responses
have arrived over the last two days.  We will write to all
investors by the end of next week setting out their final
entitlements.  There will be some investors who have made more
withdrawals from HMF than their deposits.  These investors will
not receive any further capital payments.  Under the Court
approved formula, some investors may not receive any payment from
the surplus pool.

"The only other issue that may arise is if an investor chooses to
appeal the decision of Justice Chisholm. The appeal period
expires on Jan. 23, 2013.  Should an appeal be lodged, all
distributions will be delayed until the appeal is resolved.  This
could take the remainder of 2013," concluded the Statutory
Managers.

                    About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


PEGASUS TOWN: Todd Property Buys Town's Unsold Portion
------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that New Zealand's
biggest housing developer has bought the unsold portion of the
Pegasus town development, 25 kilometres north of Christchurch.

According to the report, Todd Property, already building at
Auckland's Long Bay, Stonefields and about to start in Napier,
has bought into the big South Island project around a 14-hectare
lake, adjoining the 18-hole Pegasus Golf and Sports Club.

The NZ Herald relates that Evan Davies, managing director, said
the company had recognized the need for quality housing in and
around Christchurch and expects strong demand.

"The Pegasus development is a highly attractive offering close to
the city, which presents residents with a unique lifestyle in a
truly desirable setting," the report quotes Mr. Davies as saying.

Mr. Davies said the land was unaffected by the earthquakes and
the requirement for housing in the region is high with people
looking to move in from red-zoned homes and other areas around
Christchurch, the report relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2012, Fairfax NZ News said Pegasus Town Ltd was placed
in receivership. Simon Thorne has been appointed as receiver.
Owner Bob Robertson said that difficulty refinancing a loan
was behind the Pegasus trouble but there was no "contagion
effect" for other projects, according to Fairfax NZ News.
The receivership action was taken by New Zealand Property Finance
Partners, an investment consortium owned by Australia's
Brookfield group and investment banker Goldman Sachs.  The
consortium bought a loan over Pegasus Town from the Bank of
Scotland last year, Fairfax NZ News related.  Pegasus agreed to
buy back the loan from Brookfield and Goldman Sachs, but could
not get the finance, Fairfax NZ News disclosed.

Pegasus Town has been designed for 7,000 residents in 2,500
homes.


ROSS ASSET: FMA Coordinates Probe With Serious Fraud Office
-----------------------------------------------------------
The Financial Markets Authority's investigation into David Ross
and Ross Asset Management and related entities is continuing and
is being co-ordinated with SFO's investigation.

The regulator said: "FMA is investigating possible breaches of
financial markets legislation.  To date, we have received some
information from investors and we have requested further
information from the Receivers, PwC, which is relevant to our
investigation.

"We will shortly be writing to all investors to ask for more
specific information about their investments with Ross Asset
Management. It is important that investors assist FMA in its
inquiries. The investigation into Ross Asset Management is large
and complex and will take time to complete.

"FMA and SFO will continue to work together to ensure the
investigation is progressed as quickly as possible."

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.



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


BAYAN TELECOM: Globe Telecom Debt Purchase Nears Completion
-----------------------------------------------------------
BusinessWorld Online reports that Globe Telecom, Inc., is about
to complete the purchase of outstanding debts of Bayan
Telecommunications, Inc. under a partnership agreement, the
Ayala-led firm said in a disclosure Friday.

"As of Dec. 6, notes representing approximately 91.66% of the
aggregate remaining principal amount of notes had been tendered
and not withdrawn in the tender offer for the notes,
approximately 98.21% of the aggregate remaining principal of the
Bayan loans had been tendered and approximately 85.07% of the
remaining principal of the RCPI (Radio Communications of the
Philippines) loans," the firm said in its disclosure.

BusinessWorld recalls that Globe announced on Nov. 5 that it will
be buying 100% of the financial obligations of Bayan and its
subsidiary RCPI from the companies' creditors.

The first phase of the tender offer, originally scheduled on
Nov. 5 to 19, has been extended to Nov. 27.

"Globe is very pleased with the preliminary results of its tender
offers for the restructured debt of Bayan and RCPI. Creditors of
Bayan and RCPI have demonstrated overwhelming support Globe's
tender offers," BusinessWorld quotes Globe Chief Financial
Officer Alberto M. de Larrazabal as saying.

BusinessWorld notes that the acquisition has three components:
Bayan's 13.5% senior notes originally due in 2006 worth $184.79
million; Bayan's loans; and RCPI's debts, with a combined amount
of $437 million.

According to the report, the tender offer comes amid talks of
negotiations for Globe's possible acquisition of stake in Bayan.
There has been no independent confirmation on the supposed
negotiations, BusinessWorld says.

                          About Bayantel

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

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

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



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


ASIAN REINSURANCE: A.M. Best Cuts Finc'l Strength Rating to 'B'
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating (FSR)
to B (Fair) from B+ (Good) and issuer credit rating (ICR) to "bb"
from "bbb-" of Asian Reinsurance Corporation (Asian Re)
(Thailand).  Both ratings have been placed under review with
developing implications.

The rating downgrades reflect the unresolved capitalization
issues that have persisted for Asian Re due to continued reserve
development stemming from the Thailand flooding losses and delay
in execution of its capital infusion plan in a timely manner.

The capital issues were expected to be resolved by early
November; however, administrative delay due to the
intergovernmental ownership status of Asian Re has slowed this
process.  While this issue is expected to be resolved, the final
amount and timing of the capital improvement plan remains
uncertain at this time.  A.M. Best will continue to actively
monitor this situation and the financial condition of Asian Re
during the under review period.



                             *********

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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