TCRAP_Public/120201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, February 1, 2012, Vol. 15, No. 23

                            Headlines


H O N G  K O N G

ALPHA VIEW: Members' Final Meeting Set for Feb. 27
ASIAN GROOVE: Creditors' Proofs of Debt Due Feb. 20
COIN INVEST: Placed Under Voluntary Wind-Up Proceedings
DYNASTY 2000: Creditors' Proofs of Debt Due Feb. 16
EDDIE BAUER: Creditors' Proofs of Debt Due Feb. 27

EFFECTIVE LABEL: Members' Final Meeting Set for Feb. 28


I N D I A

ANROSE PHARMA: ICRA Revises Rating on INR6.7cr Loan to 'BB-'
B.R. DESIGNS: ICRA Assigns '[ICRA]BB' Rating to INR30cr Loan
DIXCY TEXTILES: ICRA Places '[ICRA]BB+' Rating on INR32.52cr Loan
DNP FOODS: ICRA Places '[ICRA]B+' Rating on INR4.88cr Loan
JUHI ALLOYS: ICRA Revises Rating on INR11cr Loan to '[ICRA]B+'

KANWARJI CONSTRUCTION: ICRA Keeps 'BB+' Rating on INR6cr Loan
MAHESH RICE: ICRA Assigns '[ICRA]B' to INR10cr Fund Based Loans
NARENDRA COTTON: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
NOVATECH PROJECTS: ICRA Keeps 'ICRA[BB]' Rating on INR18cr Loan
NAVAYUGA BENGALOORU: ICRA Cuts Rating on INR539cr Loan to 'BB+'

RIMJHIM ISPAT: ICRA Reaffirms '[ICRA]D' Rating on INR142cr Loan


I N D O N E S I A

MANDALA AIRLINES: Tiger Airways Completes 33% Stake Purchase


J A P A N

* JAPAN: Concerns Are Rising in Japanese Debt, WSJ Reports


N E W  Z E A L A N D

CRAFAR FARMS: Landcorp Inks Deal to Run Farms for Chinese Buyers
CRAFAR FARMS: Court May Hear Judicial Review Into Sale Friday
FIVE STAR: Liquidators Lose NZ$1-Mil. Claim Against Russell
NATIONAL FINANCE: Boss Gets Extended Jail Term
WESTERN PACIFIC: Claimants Still Weigh Funding an Appeal

ZION WILDLIFE: Park Sold, Former Owner to Help Operations


P H I L I P P I N E S

CIRTEK ELECTRONICS: Gets Regulator Nod to Restructure Equity


S I N G A P O R E

MICROFAB INNOVATION: Creditors' Proofs of Debt Due Feb. 10
PROWELL BUILDING: Creditors Get 100% Recovery on Claims
TENTAT HOLDINGS: Court Enters Wind-Up Order
WOLF PACKAGING: Creditors' Proofs of Debt Due Feb. 27
WONDERFUL FRUIT: Court to Hear Wind-Up Petition Feb. 10


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ALPHA VIEW: Members' Final Meeting Set for Feb. 27
--------------------------------------------------
Members of Alpha View Investment Limited will hold their final
meeting on Feb. 27, 2012, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, at 15 Queen's 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.


ASIAN GROOVE: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------
Creditors of Asian Groove Capital Partners Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 20, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 16, 2012.

The company's liquidator is:

         Yan Tat Wah
         5/F, Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


COIN INVEST: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Jan. 17, 2012,
creditors of Coin Invest Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Chiu Soo Ching Katherine
         Cho Che Kwong Alex
         c/o 3806 Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


DYNASTY 2000: Creditors' Proofs of Debt Due Feb. 16
---------------------------------------------------
Creditors of Dynasty 2000 Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 16, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Cho Yuen Ling Charlotte
         Unit D, 12/F
         No. 8 Hart Avenue
         Tsimshatsui, Kowloon
         Hong Kong


EDDIE BAUER: Creditors' Proofs of Debt Due Feb. 27
--------------------------------------------------
Creditors of Eddie Bauer International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 27, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 16, 2012.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


EFFECTIVE LABEL: Members' Final Meeting Set for Feb. 28
-------------------------------------------------------
Members of Effective Label Limited will hold their final general
meeting on Feb. 28, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


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


ANROSE PHARMA: ICRA Revises Rating on INR6.7cr Loan to 'BB-'
------------------------------------------------------------
ICRA has revised the rating assigned to the INR6.7 Crore bank
facilities of Anrose Pharma from '[ICRA]BB' to '[ICRA]BB-'. ICRA
has reaffirmed "Stable" outlook to the long term rating.

The rating revision takes into account the continued decline in
the operating revenue over the past few years and given the small
size of operations, the decline in revenues has resulted in
increased vulnerability of the company to cost pressures. The
rating is also constrained by the intense competition in the
generic segment, resulting in moderate profitability, as well as
the high working capital intensity of the firm on account of high
credit period offered to the distribution channel. The ratings,
however, factor in favorably the firm's conservative capital
structure and the long experience of the management in the same
line of business. The ability of the firm to increase its scale
of operations and manage working capital cycle amid the
increasing competitive intensity is likely to be the key rating
sensitivity.

Anrose Pharma is a proprietorship firm which is engaged in the
manufacturing and marketing of generic formulations catering to
various therapeutic areas including antibiotics and analgesics.
The firm was started in 2005 with the installation of its
manufacturing facility in Barotiwala (tax free zone) where it
manufactures various dosage forms including tablets, capsules,
syrup and injectibles. Anrose is engaged in the manufacturing and
marketing of generic formulations in therapeutic areas including
Antibiotics, Analgesics, Anti-Ulcer and Vitamin B Supplements.

Recent Results:

In 2010-11, Anrose recorded an operating income of INR20.6 crore.
The company recorded an operating profit and net profit of
INR1.3 Crore and INR0.2 Crore respectively.


B.R. DESIGNS: ICRA Assigns '[ICRA]BB' Rating to INR30cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR30.00 Crore long term
fund based bank facilities of B.R. Designs.  ICRA has also
assigned '[ICRA]A4' rating to INR2.00 Crore short term non fund
based facilities of BRD, which is a sub limit of the long term
fund based limits. The outlook assigned to the long term rating
is 'Stable'.

The assigned ratings factor in the experience of the promoters in
the gems and jewellery industry and its established presence in
Gujarat. The ratings are however, constrained by BRD's leveraged
capital structure and weak profit margins which are susceptible
to volatility in gold and diamond prices. The ratings also
incorporate the high working capital intensity resulting in
almost full utilization of bank limits. BRD's small size of
operations also limits its financial flexibility. ICRA has also
factored in the legal status of BRD as a partnership firm, and
the risk inherent in such firms like withdrawal of capital by the
partners.

BRD is engaged in trading of loose diamonds, gold, silver and
colour stones as well as manufacturing of diamond, gold, silver
and jadtar jewellery since 1998. The firm has an in house
manufacturing facility at Surat which manufactures a wide range
of earrings, pendants, fingerings, necklaces, bracelets, armlets,
bangles and rings in women's jewellery (80%) and cufflinks,
watches, chains and bracelets for men (20%).The jewellery items
are International Gemological Institute (IGI) as well as Diamond
& Gem Laboratory of America, USA (DGLA) certified providing
quality assurance to its customers. BRD caters to its retail
customers through its three exclusive showrooms located at Surat,
Ahmedabad and Bardoli along with its franchise exhibit at the Taj
Gateway Hotel in Surat, thereby concentrating its operations in
Gujarat. However, the management plans to open one new retail
showrooms in Mumbai by FY 13 to expand its customer base and
mitigate geographic concentration risks.

BRD's small scale of operations limits its financial flexibility
while exposing it to strong competition from local as well as
branded players having national presence. The risk is partly
mitigated by unique and client oriented designing of jewellery
items that provide a competitive edge to the firm's products.
Loose diamonds, gold and silver for both trading and
manufacturing activities are purchased from the local dealers and
are sold in the domestic market, whereas colour stones are
procured from Jaipur and the local market.

At present, gold is purchased from the open market at spot
prices, thereby making the profitability susceptible to adverse
fluctuations in gold prices in absence of hedging. However, the
firm is now planning to purchase gold against gold loans from The
Bank of Nova Scotia and undertaking simultaneous forward
contracts for purchase of gold. This arrangement will provide the
necessary hedging as well as reduce the interest expenditure on
account of which the margins are expected to improve in the near
future.

Revenue Growth & Profitability: The operating income (OI) has
shown a fluctuating trend over the last five fiscals. The OI
increased to INR30.09 Crore in FY 11 from INR15.72 Crore in FY 10
mainly on account of improved realizations from increased gold
and diamond prices together with increase in sales volume of
jewellery. The profitability has been volatile on account of
fluctuations in the gold and diamond prices. The operating profit
margin reduced to 9.09% in FY 11 against 14.15% in FY 10 on
account of increased proportion of silver jewellery sale wherein
the margins are relatively lower as well as expenditure in the
nature of partner's remuneration on account of change in the
constitution of the firm. Following the trend, the net profit
margins have also been on the lower side resulting in low cash
accruals and weak coverage indicators.

Capital Structure & Coverage indicators:

The capital structure remains leveraged with a gearing of 2.19
times as on 31st December 2011. BRD's debt mainly comprises of
interest bearing unsecured loans and working capital borrowings.
The working capital intensity remains high at 66% and 91% as on
March 31, 2011 and Dec. 31, 2011 respectively owing to
requirement of holding higher inventory of finished goods for its
retail business resulting in almost full utilization of bank
limits. Firm Profile: Set up in 1998 as a proprietorship firm,
B.R. Designs (BRD) was reconstituted as a partnership firm in
March 2010 with Mr. Dilip T. Shah and Mrs. Bharti D. Shah as
partners. The firm is engaged in trading of loose diamonds, gold,
silver and colour stones as well as manufacturing of diamond,
gold, silver and jadtar jewellery. The manufacturing facility is
located at Surat with retail outlets in Surat, Ahmedabad and
Bardoli along with a franchise exhibit at the Taj Gateway Hotel
in Surat.

Recent Results:

BRD recorded a net profit of INR1.14 crore on an operating income
of INR25.32 crore for the nine month period ended Dec. 31, 2011
(provisional figures).


DIXCY TEXTILES: ICRA Places '[ICRA]BB+' Rating on INR32.52cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR32.52 crore term loan facilities and the INR27.00 crore fund
based facilities of Dixcy Textiles Private Limited.  The outlook
on the long term rating is stable. ICRA has also assigned short
term rating of '[ICRA]A4+' to the INR15.00 crore fund based
facilities of the Company. ICRA also has '[ICRA]BB+ (stable)'
ratings outstanding on the INR39.00 crore (reduced from INR39.88
crore) long term bank facilities of DTPL.

The rating reflects DTPL's diversified customer base across
India, which offers stability to revenues to an extent. While the
established brand presence, aided by aggressive advertising has
resulted in strong revenue growth, the experience of promoters in
the business of about three decades is expected to drive business
growth. The ratings also consider the Company's efforts to
increase revenues from high margin premium innerwear and casual
outerwear segments, which are expected to partially offset the
expected moderation DTPL's margins on account the current dyeing
unit crisis in Tirupur and prevalent competitive pressures in the
economy and mid-premium innerwear segments . DTPL's financial
profile is characterised by relatively modest operating margins /
net accruals, highly geared capital structure (Total Debt /
Tangible Net Worth of 3.3x as on March 31, 2011) and high working
capital intensity. The Company envisages capital expenditure of
INR14.0 crore during 2011-12 in addition to the cumulative capex
of 28.9 crore incurred over 2009-11, primarily towards
consolidation of facilities and procuring additional machinery.
The financing for the same has been through a mix of debt (80%)
and equity (20%). Aggressive debt-financing of this capital
expenditure is likely to stretch the capital structure and
coverage indicators over the near term.

                       About Dixcy Textiles

Dixcy Textiles Private Limited is primarily engaged in making
inner wear for men, women and children, sales of which contribute
to approximately 70 per cent of the revenues. The Company also
makes casual wear and thermo/winter wear under the brand name
"Higgins". The Company employs an asset light model of
manufacturing, outsourcing a majority of its operations. The
Company's products are mainly sold across India (through
approximately 750 distributors) under the brand names "Dixcy",
"Josh" and "Scott".

Mr. Prem Prakash Sikka founded Dixcy Textiles (then known as Prem
Hosiery) in 1982. The entity was converted into a private limited
company in 2004. The promoter and his family members hold the
entire share capital in the Company.

Recent Results

The Company reported profit after tax of INR7.6 crore on
operating income of INR312.4 crore during the financial year
2010-11 as against a net profit of INR5.1 crore on operating
income of INR193.5 crore during 2009-10.


DNP FOODS: ICRA Places '[ICRA]B+' Rating on INR4.88cr Loan
----------------------------------------------------------
ICRA has placed the '[ICRA]B+' rating assigned to the
INR4.88 crore term loan facilities and the '[ICRA]A4' rating
assigned to the INR8.00 crore short-term, fund-based limits of
DNP Foods Limited on a notice of withdrawal for 90 days at the
request of the company.  As per ICRA's policy, the ratings will
be withdrawn after 90 days from the date of this withdrawal
notice.

DNP Foods Limited was incorporated in 2006 to undertake trading,
processing and sale of seeds and spices. Main products of the
company include processed sesame, guar and niger seeds of various
quality levels. Until the end of FY 2010, operations of the
company were relatively small scale and dominated by trading
operations. The company has set up an automated seed processing
plant at the industrial area of Umbergam in Gujarat with an
installed capacity to process 18,000 MT of seeds per annum and
the plant commenced commercial operations in April 2010.


JUHI ALLOYS: ICRA Revises Rating on INR11cr Loan to '[ICRA]B+'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR11 crore fund
based limits of Juhi Alloys Limited from '[ICRA]BB+' to
'[ICRA]B+'.

The rating revision takes into account JAL's stretched liquidity
position on account of high working capital intensity because of
high debtor days, and the lower turnover and profitability in
FY11 which has weakened the company's debt coverage indicators
.The rating is also constrained by the stretched liquidity
position of RIL (rated [ICRA]D) for which JAL has extended
corporate guarantee(CG). ICRA believes that JAL's credit risk
profile will continue to be influenced by the risk of invocation
because of the significant amount of CG in relation to the
networth of JAL. The rating also takes into consideration the
inherent cyclicality in the steel business and vulnerability of
the company to adverse movements in raw material prices due to
lack of backward integration. The rating, however, favorably
factors in the experience of promoters in the steel business and
JAL's diversified customer base. In ICRA's view, the key rating
sensitivities are timely servicing of debt obligations by RIL and
improvement in the liquidity position of JAL.

Incorporated in 1992, Juhi Alloys Limited is a closely held
company engaged into manufacturing of Mild Steel (MS) and
Stainless Steel (SS) bars, angles and rounds. Its manufacturing
facility at Hamirpur (Uttar Pradesh) has capacity to produce
90,000 tonnes per annum (TPA) of MS/SS/TMT bars/wire rods/rounds.
The main product of JAL is thermo mechanical treated (TMT) bar
which finds applications in the construction industry. The
company is currently managed by Mr. Yogesh Agarwal and his family
who have more than two decades of experience in the steel
industry, and have promoted two other companies - Rimjhim Ispat
Limited (RIL) and Rimjhim Stainless Limited.

Recent Results:

JAL reported a net profit of INR0.43 crores on an operating
income of INR123.44 crores in FY11 against a net profit of
INR1.19 crores on an operating income of INR140.32 crores in
FY10.


KANWARJI CONSTRUCTION: ICRA Keeps 'BB+' Rating on INR6cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6
crore fund based limits of Kanwarji Construction Company at
'[ICRA]BB+'.  The outlook for the rating is stable. The short
term rating for the INR20 crore non- fund based limits has been
reaffirmed at '[ICRA]A4+'.

The rating reaffirmation takes into account KCC's reputed client
base, improvement in margins and its healthy current order book
providing adequate revenue visibility. Further, the rating takes
comfort from KCC's low working capital intensity (measured by
NWC/OI at 10% as on March 31, 2011), its moderate gearing level
of 1 times as on March 31, 2011 and a healthy cash position. The
ratings are however constrained by the highly competitive nature
of the construction industry, relatively small scale of
operations which results in low economies of scale and may also
restrict it from bidding for large sized projects. The rating
also takes into account the company's exposure to client
concentration risk, high sectoral concentration in segments such
as structural works & site development and order book
concentration risk with more than 50% of the order book
constituting of one Mohali based project. Any delays in execution
of this project could impact revenues of the firm. Further
margins are moderate given that the company undertakes low
complexity work for governmental organizations.

Kanwarji Construction Co. was incorporated in the year 1979 as a
registered partnership company under the patronage of Sh. Kanwar
Kishore for undertaking civil engineering projects. Later the
construction activity was taken over by Sh. Suresh Kumar Gola and
the constitution of the company was changed to a proprietorship
concern. The firm has been engaged in the construction and
maintenance work mainly for Government Organizations like Public
Works Department, Army Welfare Housing Organisation, Central
Government Employees Welfare Organization, Air Force Naval
Housing Board etc. It has executed diversified projects which
include multi-storeyed buildings, residential housing complexes,
schools, industrial complexes, institutional buildings, hospitals
etc.

Recent Results:

The firm reported a net profit of INR3.49 crores on an operating
income of INR69.22 crores in FY11 as against net profit of
INR2.76 crores on an operating income of INR67.39 crores in FY10.


MAHESH RICE: ICRA Assigns '[ICRA]B' to INR10cr Fund Based Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the
INR10.00 crore fund based limits and INR2.00 crore proposed
limits of Mahesh Rice Mill.

The rating is constrained by MRM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak coverage indicators. The rating also takes into
account high intensity of competition in the industry and agro
climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating, however favourably takes
into account long standing experience of promoters in rice
industry and the proximity of the mill to major rice growing area
which results in easy availability of paddy.

Mahesh Rice Mill was established in 1993 as partnership firm. The
Company is primarily engaged in the milling of Rice with an
installed capacity of 3 Tons per hour which is located in
Taraori, Karnal District (Haryana). The company has sortex plant
with capacity of 3 tons/hour. The company is professionally
managed by Mr. Mukesh Goel.

Recent Results

During the financial year 2010-11, the company reported a profit
after tax (PAT) of INR0.02 crore on an operating income of
INR21.33 crore as against PAT of INR0.01 crore on an operating
income of INR13.68 crore in 2009-10. For the current year, the
company has reported sales of INR10.23 crore from April to Dec
2011.


NARENDRA COTTON: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the INR6
crores fund based facilities Narendra Cotton Ginning & Pressing
Co. Pvt. Ltd.

The assigned rating factors in the high business risk profile of
the company on account of intensely competitive nature of
business and fragmentation in the cotton ginning industry. These
risks are further compounded by limited value-additive activity
of the business, resulting in thin operating margins and net
profit margins. This has in turn led to modest debt coverage
indicators with NCA/TD of 10.73% and interest coverage of 1.92
times. Further, for the period FY08-FY10, the PAT margins were
negative due to high depreciation cost. However, the rating
derives some comfort from the proximity of NCG to cotton
producing belt of Gujarat which leads to favorable access to raw
material and the promoter's long experience in the cotton ginning
industry. Going forward the company's ability to maintain the
sales volume growth and maintain adequate margins with improving
the capital structure will be key rating drivers.

                         About Narendra Cotton

Narendra Cotton Ginning is a private limited company in 1997 by
Mr Narendrabhai and later on the business is being joined by his
two sons Dharmeshbhai and Nirajbhai. The firm was initially set
up as a ginning and pressing facility for processing raw cotton
into bales. Later on in 2007 the company forward integrated into
spinning of yarn with having capacity of 15TPD. Apart from that
the firm also got done the job work done for Knitted fabric. The
manufacturing unit of the firm is located in Rajkot which has
close proximity to cotton growing farmers resulting in easy
access to raw material. At presently the company is manufacturing
yarn only with some part of fabric being done through job work.
The company also has a group firm Manmohan Ginning Industries
which is into cotton ginning having capacity of close to 300
bales of cotton per day.

Recent results:

NCG reported a profit after tax (PAT) of INR0.89 crore on an
operating income of INR53.46 crore in 2010-11, against a net loss
of INR0.16 crore on an operating income of INR31.08 crore in
2009-10.


NOVATECH PROJECTS: ICRA Keeps 'ICRA[BB]' Rating on INR18cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR18.00 crore (enhanced from INR14.00 crore) fund-based limits
of Novatech Projects (India) Private Limited (formerly Novatech
Process Equipments Private Limited).  ICRA has also reaffirmed an
'[ICRA]A4' rating to the INR24.00 crore (enhanced from INR6.00
crore) non-fund based limits of NPPL.  The outlook on the long
term ratings is stable.  ICRA has assigned a short term rating of
'[ICRA]A4' to the INR12.50 crore (enhanced from nil) fund based
and non-fund based limits which are sub-limits of INR18.00 crore
long term fund based limits. The total utilization of fund based
and non-fund based limits should not exceed INR42.00 crore at any
point of usage.

The ratings are constrained by the company's small size of
operations, high working capital intensity and vulnerability of
the profitability to both the intense competitive pressures &
input commodity price risks resulting into high financial risk
profile. The ratings however take into account the company's pre-
qualification approvals from the leading EPC
consultants/contractors, long operating track record in
fabrication of process equipment & supplies of resin systems on
LSTK basis as well as favorable business prospects in user
industry segments (power & infrastructure) in the long run. The
company has a fairly strong order-book position of around INR148
Cr. as on November 2011, comprising of the single largest order
of approximately INR100 crore (US$19.93 million) from Myanmar
Petroleum Enterprise which is fixed price based and scheduled to
be executed by October 2013. Notwithstanding the same, the
company's ability to execute these ongoing orders in a timely
manner within the budgeted costs remains critical to its
profitability, given its currently small size of operations.

                      About Novatech Projects

Novatech Projects (India) Private Limited, Formerly Novatech
Process Equipments Pvt Ltd, was promoted in 1984, by Mr. Sukumar
Ghosh, and is into the business of manufacturing & supply (i.e.
fabrication) of process equipment and structurals. The company
initially started with a small production unit (land on rental
basis) at Vagle Estate, Thane (West) in 1984, and subsequently in
1992, set up fabrication unit at Ambarnath MIDC Area and in 1993,
set up additional unit at Taloja MIDC Area - both being near to
Mumbai. With the purpose of diversification in the operations and
also to capitalise on the growth opportunities in the power &
other infra sectors, the company during 2008-09 set up a
fabrication facility at Dulepara (E), near Kolkatta and about 100
km distance from Haldia Port. This facility commenced operations
from April 01, 2009 onwards, and can cater to various structural
requirements in power plants & other process industries, as well
as can be used for fabricated steel items such as steel girders
used in road bridges. Currently the facility is catering
primarily to the structural's requirement of BHEL.


NAVAYUGA BENGALOORU: ICRA Cuts Rating on INR539cr Loan to 'BB+'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR539 crore
bank limits of Navayuga Bengalooru Tollways Private Limited from
'[ICRA]BBB-' earlier to '[ICRA]BB+'.  The outlook on the long-
term rating is 'stable'.

The rating revision takes into account the continued liquidity
pressures on the company arising out of the fact that there has
not been any significant improvement in toll collections, which
remain modest in relation to the fixed obligations of the
company. Consequently, timely debt servicing has been maintained
because of funding support from the promoters and this situation
is unlikely to change in the near term. Further, the rating
continues to factor in the sensitivity of the project to growth
rates in traffic levels, adverse movements in interest rates and
wholesale price index (WPI). However, the rating is supported by
the high traffic density on the route; low threat from
alternate/competing routes; and the promoter support. Going
forward, actual toll collections and timely debt servicing by the
company would remain key sensitivity factors.

                     About Navayuga Bengalooru

Navayuga Bengalooru Tollways Private Limited is an SPV promoted
by Navayuga Engineering Company Ltd. to widen the 19.5 km stretch
on NH4 connecting Bangalore to Nelamangala. This includes a 4-
lane elevated stretch of 4.5 km and 6-laning of the remaining 15
kms. The project has been awarded by NHAI on design, engineering,
finance, construction, operation and maintenance basis with a
concession period of 20 years including construction period of 2
years.

The commercial operation date (COD) of the project was scheduled
for November 2009 however, owing to the delays on account of non-
availability of land for part of the project stretch, provisional
commercial operation was achieved on December 11, 2010. Since
then the tollable traffic on the project stretch has been lower
than initial estimates due to the fact that a sizeable amount of
traffic is travelling on the service roads. There are six toll
plazas located on the project road and the toll rates are linked
to the annual WPI movement.


RIMJHIM ISPAT: ICRA Reaffirms '[ICRA]D' Rating on INR142cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR142 crore fund
based limits of Rimjhim Ispat Limited at '[ICRA]D'.

The rating reaffirmation takes into account the recent delays in
servicing of the debt obligations by RIL and its stretched
liquidity position which have resulted in high working capital
borrowings. The rating also factor in lower operating
profitability of the company in FY11 (due to rise in raw material
costs), which is expected to continue in FY12 because of the
plant shutdown, and the rise in the interest and finance charges,
as a result of which debt coverage indicators of the company have
weakened. The rating is also constrained by the competitive
nature and risks of cyclicality inherent to the industry. The
rating, however, favorably factors in RIL's established position
in the domestic Stainless Steel (SS) market, experience of its
promoters in the SS business and the benefits arising from the
increased scale of operations of the company.

In ICRA's view, key rating sensitivities are timely servicing of
debt obligations and improvement in the liquidity position of RIL

                        About Rimjhim Ispat

Rimjhim Ispat Limited is a part of the Kanpur based Rimjhim
group. RIL is currently managed by Mr. Yogesh Agarwal and his
family who have been in the steel business for more than two
decades. RIL was setup in 1996 to produce Mild Steel (MS) and
Stainless Steel (SS) billets, blooms, slabs etc. Over the years,
RIL has increased its focus on SS segment. RIL's main products
are SS billets, SS flats, SS rounds and Bright Bars. Its
production facility at Hamirpur (Uttar Pradesh) has capacity to
produce 350,000 tonnes per annum of SS billets.

Recent Results:

RIL reported a net profit of INR20.46 crores on a total income
INR783.02 crores in FY11 as against a net profit of INR20.10
crores on a total income of INR625.84 crores in FY10.


=================
I N D O N E S I A
=================


MANDALA AIRLINES: Tiger Airways Completes 33% Stake Purchase
------------------------------------------------------------
The Jakarta Globe reports that Singapore budget airline Tiger
Airways said on Monday it had completed the purchase of a
33% stake in PT Mandala Airlines as part of its regional
expansion plans.

The investment will see Tiger Airways become the second biggest
shareholder in Mandala, which has undergone financial
restructuring after being grounded in January last year due to
massive debts, the report relates.

The Jakarta Globe discloses that Indonesian investment company
Saratoga Group will hold a 51.3% stake while the remaining
15.7% will be held by Mandala's previous shareholders and
creditors.

According to the report, Tiger said the investment in Mandala
will be held through a wholly owned subsidiary, Roar Aviation Pte
Ltd, and expects the firm's air operator's certificate to be
reactivated next month and flights to resume in April.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, ANTARA News said Mandala Airlines, Saratoga Group
and Tiger Airways have signed a conditional purchase agreement
and various other commercial as well as legal documents.  Under
the agreement, Saratoga Group would act as a financial investor
and Tiger Airways as a corporate strategic investor.  Saratoga
would be the majority shareholder controlling 51% of the
company's shares and Tiger Airways 33%.  The rest of the shares
was to be held by concurrent creditors and old shareholders.
With the signing of the agreement, all parties had moved closer
to a settlement of Mandala's restructuring, ANTARA said.

Debt problems, as high as IDR2.45 trillion (US$286.65 million),
ceased Mandala's operation earlier this year, The Jakarta Post
discloses.  The debt problems arose because of the high cost of
leasing aircraft.  Eleven leased planes had been returned.

Based in Jakarta, Indonesia, PT Mandala Airlines is a low-cost
airline.  The carrier operates scheduled services to 3
international and 17 domestic destinations, using a fleet of
narrow body Airbuses.


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


* JAPAN: Concerns Are Rising in Japanese Debt, WSJ Reports
----------------------------------------------------------
Yuka Hayashi at The Wall Street Journal reports that jitters from
Europe's sovereign-debt crisis are now touching Japan, a country
with a long-calm bond market despite fiscal deficits far larger
than those of Greece or Italy.

In recent weeks, the Journal says, the cost of insuring against
default on Japanese government bonds -- a measure of perceived
credit risk -- has increased sharply, nearing the historic peak at
the height of the Greek debt crisis in October.  The price for
default insurance, through derivatives known as credit-default
swaps, exceeds levels seen last March, immediately after natural
disasters and a nuclear crisis darkened Japan's outlook, the
Journal notes.

According to the Journal, investors will be watching two things
closely in coming weeks: the credit-ratings firms and the
Japanese parliament.  The Journal relates that two top raters,
Standard & Poor's and Fitch Ratings, have put Japan's government
debt on watch for possible downgrade, with verdicts possible over
the next month.  A key factor in their assessment, and the
market's, will be whether Prime Minister Yoshihiko Noda can push
a sales-tax increase through the legislature by March.  He is
battling criticism from opposition parties, and even qualms in
his own ruling party, the Journal notes.

In order to win support, says the Journal, Mr. Noda and aides are
sounding increasingly alarmist.  "Hot money that is now targeting
Europe will soon be attacking Japan. It's right around the
corner," the Journal quotes Hirohisa Fujii, former finance
minister and the ruling party's tax-policy chief, as saying in a
recent interview.  "Our situation is far worse than in Southern
Europe or in the U.S."

To be sure, the Journal notes, the market's bets against Japan
are still relatively small, and most Japanese-government-bond
investors stand firmly behind their investments.  The Journal,
citing data provider Markit, discloses that the price for
insuring $10 million of Japanese sovereign debt for five years
was $155,000 at a recent peak in mid-January.  That is well below
the $222,000 premium investors paid for France and $530,000 for
Italy at that time. Still, the current level represents a jump
from $110,000 two months ago, and just $90,000 in July.  The
total net amount insured through credit-default swaps is
$9 billion, according to the Depository Trust & Clearing Corp.
While the amount is small, it is more than 40% larger than the
figure a year ago.

According to the news agency, the trend appears to be the
beginning of a new phase of skepticism and scrutiny of Japan,
whose outstanding sovereign debt is estimated by the government
to have reached JPY1.085 quadrillion (roughly US$14 trillion) in
2011, approximately the same as the outstanding borrowing of the
U.S. government, which runs an economy twice as big.


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


CRAFAR FARMS: Landcorp Inks Deal to Run Farms for Chinese Buyers
----------------------------------------------------------------
John Hartevelt at Fairfax NZ News reports that Landcorp has lost
its last chance to own the Crafar Farms after its board signed
Monday a deal to run the 8,000 hectares of dairy farming land for
a Chinese conglomerate.

Had Landcorp opted out of the deal, it may have scuppered the
Shanghai Pengxin bid and opened the way for the state-owned
enterprise to re-enter the race for ownership of the farms,
according to the report.

Fairfax NZ relates that Landcorp's board on Monday calculated it
could miss out on a slice of the farms altogether if it failed to
back the Chinese bid.

"It's possible Pengxin could have partnered with another New
Zealand organization and still applied and still bought the farms
with the same money, in which case not only would we not have
bought the farms but we would have been out of everything
totally," Fairfax NZ quotes Landcorp chief executive Chris Kelly
as saying.

According to the report, Ministers approved the sale of the 16
Crafar farms to Shanghai Pengxin late last week, conditional on a
deal being struck with Landcorp to run the farms. The Government
has been criticised for agreeing to the sale, but insists it was
simply following the law, the report relays.

Under the terms of two agreements signed by Landcorp, a joint
venture farm management company will be set up with directors
from Landcorp and Shanghai Pengxin as well as one independent
director, Fairfax NZ discloses.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


CRAFAR FARMS: Court May Hear Judicial Review Into Sale Friday
-------------------------------------------------------------
Tom Pullar-Strecker at Fairfax NZ News reports that a judicial
review into the proposed sale of Crafar Farms to Chinese firm
Shanghai Pengxin could be heard on Friday.

A farming consortium led by Sir Michael Fay has requested a
judicial review of the controversial sale in the hope of securing
the 16 North Island farms for itself, the report says.

According to Fairfax NZ, Bell Gully lawyer David Cooper, acting
for the consortium, said a High Court phone conference took place
Monday and it was agreed a hearing would take place on Friday at
which he hoped the judicial review would proceed.

Fairfax NZ notes that Shanghai Pengxin's offer for Crafar is
expected to go unconditional on January 31, but Mr. Cooper told
the High Court at Wellington last week that Shanghai Pengxin had
agreed not to settle the contract to purchase Crafar until 5pm
this Friday, giving the Fay consortium breathing space for its
legal challenge.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


FIVE STAR: Liquidators Lose NZ$1-Mil. Claim Against Russell
-----------------------------------------------------------
Tim Hunter at Fairfax NZ News reports that Ronald Leslie Russell,
brother-in-law of alleged Five Star Finance "mastermind" Neill
Williams and former trustee of a Williams-related family trust,
has successfully fought liability for an almost NZ$1 million
claim by liquidators.

In a High Court judgment delivered last week, Fairfax NZ relates,
Associate Judge Roger Bell ruled payments made by Five Star to
the trust could not be set aside as voidable transactions,
dismissing the application by liquidators and awarding costs to
Mr. Russell.

The money, totalling NZ$928,937, was paid by Five Star to the
trust between September 2006 and August 2007, the news agency
discloses.

Fairfax NZ notes the Bowden No 14 Trust was created in 2002 by
Mr. Williams's son, Alistair, whose children were its ultimate
beneficiaries.

Mr. Russell was its trustee until September 2007, according to
Fairfax NZ.

The money in dispute followed transactions in which the trust
lent NZ$1.9 million to Five Star Finance at the behest of Five
Star managing director Nicholas Kirk, without Mr. Russell's
knowledge.

Some of that money -- NZ$928,937 -- was repaid to the trust, and
liquidators argued the transactions were voidable because the
company was insolvent at the time, the report relates.

As trustee, Mr. Russell faced liability for the claim as the
trust is insolvent with outstanding debts to another Five Star
company, Five Star Consumer Finance.

But the court found the trust's relationship with Five Star
Finance was not that of a creditor to a borrower because its
loans were made without the authority or knowledge of the
trustee.  The money returned to it was therefore "restoration of
property unlawfully misappropriated'' and could not be a voidable
transaction in law, Fairfax NZ adds.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


NATIONAL FINANCE: Boss Gets Extended Jail Term
----------------------------------------------
Nick Krause at Fairfax NZ News reports that former National
Finance boss Trevor Ludlow, who is already serving a prison term
for his part in the finance company's 2006 collapse, has been
sentenced to a further nine months' jail time.

Mr. Ludlow last month entered guilty pleas to eight Securities
Act charges at the High Court in Auckland, the report discloses.

Fairfax NZ relates that Mr. Ludlow had earlier been sentenced to
five years and seven months in jail for seven related but
separate Crimes Act charges, on which he was convicted in the
Auckland District Court in October.

Mr. Ludlow, according to the report, admitted the eight other
counts at a hasty arraignment at the High Court in the hope he
could be sentenced before Christmas and leave Mt Eden where he
was on remand to another facility.  That did not happen.

Fighting back tears at last month's hearing, the report relates,
Mr. Ludlow said he would be disappointed if the sentencing was
held off until 2012.

He maintained that if he wasn't sentenced that week, he was
likely to miss an opportunity to take on correspondence school
study which he could not do "from the present accommodation."

In this latest indictment, one charge relates to a misstatement
in a registered prospectus under the Securities Act and the other
seven charges involve making false statements under the Financial
Reporting Act.

                         About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


WESTERN PACIFIC: Claimants Still Weigh Funding an Appeal
--------------------------------------------------------
Simon Hartley at Otago Daily Times reports that insurance
claimants owed NZ$24.2 million after the collapse of Western
Pacific Insurance are yet to find out if an appeal will be made
over the High Court decision that left them out of pocket.

Liquidator Grant Thornton told creditors in a report last month
the judge might have made "errors of law" in his decision and the
chance of an appeal succeeding was "fair," the report says.

However, any appeal was supposed to have been lodged in the High
Court by Jan. 27, by Grant Thornton, but it refused to say
whether it intended to lodge an appeal, according to ODT.

"There are a few things being looked at. If there is anything to
say, we will put out a press release," the report quotes
liquidator Simon Thorn as saying.

ODT relates that Mr. Thorn's comments to creditors in a report
last month, giving them a deadline of January 20 to indicate if
they were willing to fund an appeal, highlighted the costs of
legal action and likelihood of becoming involved with ongoing
litigation through appeals.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2012, Mountain Scene said liquidators of Western Pacific
Insurance Ltd want creditors to pay NZ$86,000 for the chance to
share in a NZ$34 million payout.  Simon Thorn and David Ruscoe of
accountancy firm Grant Thornton are asking creditors to fund an
appeal against a High Court verdict issued just before Christmas,
Mountain Scene said.  Justice Simon France ruled that
NZ$34 million of reinsurance money should be dedicated to part-
paying 183 Christchurch quake claims, which presently total
NZ$46.5 million but are expected to climb.  The judge rejected
the liquidators' proposal to divvy up the reinsurance evenly
among all Western claimants - not just Christchurch ones -
together with the crashed company's trade creditors.  The
liquidators also failed to get the judge's permission for their
own fees to come out of the reinsurance, Mountain Scene related.

                       About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company.


ZION WILDLIFE: Park Sold, Former Owner to Help Operations
---------------------------------------------------------
Fairfax NZ News reports that receivers of Zion Wildlife Gardens
said the park has been sold to a company which has engaged former
owner Craig Busch to help with its operation.

Mr. Busch, who was TV's Lion Man, had been involved in a long-
running legal battle over the park with his mother, Patricia
Busch, the report notes.

According to Fairfax NZ, PriceWaterhouseCoopers confirmed the
sale of the business and assets of Zion, placed in liquidation in
August due to rising debts, believed to be up to NZ$100,000.

The park has 36 large cats, including several white tigers and
lions, which were being cared for by Mrs. Busch, Fairfax NZ says.

The report relates that receiver Colin McCloy said "following due
consideration of the expressions of interest in the assets and
operations of the company, an offer has been accepted which the
receivers believe provides good value and is the best option to
preserve the operation of the park and protect the welfare of the
animals".

The purchaser is Zion Wildlife Kingdom Ltd, and the receivers
understand it has engaged Mr. Busch to assist with the park
operations, according to the report.

Receivers were on the Kamo site Tuesday to advise those of the
sale. Staff have been given notice and stood down from work on
full pay.  The purchaser will staff the park, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, stuff.co.nz said that Rabobank called in receivers
from PricewaterhouseCoopers to place Zion Wildlife into
receivership.  PwC partner and receiver Colin McCloy confirmed
the move several hours after park operator Patricia Busch went
public with her concerns that some of the Northland wildlife
reserve's big cat could be "put down" or relocated, according to
stuff.co.nz.  Mrs. Busch said her farm and all of her land had
been mortgaged in a bid to save the park.  stuff.co.nz disclosed
that Mrs. Busch said that the park's income had been drastically
reduced due to a series of incidents; including the stopping of
wildlife encounters, the tragic death of big cat handler Dalu
Mncube and ongoing litigation between her son, Craig "Lion Man"
Busch, herself and various companies.

Zion Wildlife Gardens is a famous park in New Zealand.

David Bridgman and Colin McCloy of PwC were appointed receivers
of the Company that operates Zion Wildlife Gardens, Zion Wildlife
Gardens Limited on July 26, 2011.  The Official Assignee was
subsequently appointed liquidator of the Company on Aug. 22,
2011.


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


CIRTEK ELECTRONICS: Gets Regulator Nod to Restructure Equity
------------------------------------------------------------
BusinessWorld Online reports that Cirtek Electronics Corp., a
subsidiary of listed chipmaker Cirtek Holdings Philippines, Inc.,
has obtained the approval of the Securities and Exchange
Commission for equity restructuring in a bid to wipeout deficits,
documents from the corporate regulator showed.

In its letter to the SEC on Jan. 9, Cirtek Electronics sought the
regulatory approval for an equity restructuring by applying the
additional paid-in capital of $6.008 million to partially wipe
out the deficit of $7.290 million as of Dec. 31 last year,
according to the report.

"This brings down the company's deficit to $2.766 million," the
document, as cited by BusinessWorld, said.

The company received the nod of the corporate regulator on
Jan. 24, the report notes.

According to the report, Cirtek Chief Financial Officer Anthony
A. Buyawe, said the move was merely to offset the deficit, and it
would not affect the listed parent company. "We just realize that
we have additional paid-in capital, we realized [we can use that]
to offset the deficit," Mr. Tamayo told BusinessWorld. "It's just
for restructuring of the Philippines manufacturing company, but
it has no effect on Cirtek Holdings Philippines."

Based in Laguna, the Philippines, Cirtek Electronics Corporation
is a subcontractor for semiconductor devices.


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


MICROFAB INNOVATION: Creditors' Proofs of Debt Due Feb. 10
----------------------------------------------------------
Creditors of Microfab Innovation Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Messrs Tam Chee Chong
         Lim Loo Khoon
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PROWELL BUILDING: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
Prowell Building & Civil Construction Co (Pte) Ltd declared the
first and final dividend to its creditors on Jan. 30, 2012.

The company paid 100% and 48.482% to the received claims.

The company's liquidator is:

         Wee Phui Gam
         c/o P G Wee & Partners
         Certified Public Accountants
         79 Anson Road #07-03
         Singapore 079906


TENTAT HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Jan. 20, 2012, to
wind up the operations of Tentat Holdings Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.

The company's liquidators are:

         Chay Fook Yuen
         Bob Yap Cheng Ghee
         Tay Puay Cheng
         KPMG Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


WOLF PACKAGING: Creditors' Proofs of Debt Due Feb. 27
-----------------------------------------------------
Creditors of Wolf Packaging Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 27, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Goh Ngiap Suan
         Chian Yeow Hang
         c/o 336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


WONDERFUL FRUIT: Court to Hear Wind-Up Petition Feb. 10
-------------------------------------------------------
A petition to wind up the operations of Wonderful Fruit
Enterprise Pte Ltd will be heard before the High Court of
Singapore on Feb. 10, 2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Jan. 19, 2012.

The Petitioner's solicitors are:

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


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


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

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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


                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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.





                 *** End of Transmission ***