TCRAP_Public/121031.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, October 31, 2012, Vol. 15, No. 217

                            Headlines


A U S T R A L I A

BANKSIA FINANCIAL: ASIC Sets Up Taskforce After Banksia Collapse
CASUAL GUY: Placed Into Liquidation; Cuts 30 Jobs
GREAT SOUTHERN: Investors Lured by Misleading PDSes, Court Hears
LAND MATTERS: Financiers Take Over Ecovillage Assets
LOWRIE CONSTRUCTIONS: Appoints PPB Advisory as Administrator

PROVIDENT CAPITAL: Creditors Opt to Liquidate Subprime Lender
RETAIL ADVENTURES: In Administration; Sheds Unprofitable Stores
TRILOGY 2008-1LD: Moody's Reviews 'B3' Rating on Class B Certs
VODAFONE HUTCHISON: Australian JV to Cut Hundreds of Jobs


C H I N A

LDK SOLAR: Jiangxi Heng Owns 16.6% of Ordinary Shares
SOHO CHINA: Moody's Assigns 'Ba1' CFR; Outlook Stable
* CHINA: Moody's Says Price Declines Pressure Property Developers


H O N G  K O N G

AIN CAPITAL: Commences Wind-Up Proceedings
BEKAERT INDUSTRIAL: Creditors' Proofs of Debt Due Nov. 28
CHRONICLE ASSOCIATES: Sole Member' Final Meeting Set for Nov. 29
EASTERN OCEAN: Court Enters Wind-Up Order
GOLDEN COMMENCE: Members' Final Meeting Set for Dec. 3

PERFECT FUTURE: Members' Final Meeting Set for Nov. 23
RBC INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
SPEED ENERGY: Members' Final Meeting Set for Nov. 23
ST. TERESA'S: Members' Final Meeting Set for Nov. 21
U-LAND INVESTMENTS: Members' Final Meeting Set for Nov. 20

ULTRAFOOT HK: Creditors' Proofs of Debt Due Nov. 20
VICTORY DAY: Members' Final Meeting Set for Nov. 23
WARNER COMPANY: Members' Final Meeting Set for Nov. 19
WONG KONG: Lam Wai Hay Steps Down as Liquidator


I N D I A

BRAND ALLOYS: ICRA Reaffirms 'B' Rating on INR93cr Loans
GOMATHY INTERNATIONAL: ICRA Cuts Rating on INR6.82cr Loans to 'D'
GOMATHY POWER: ICRA Rates INR36.78cr Term Loan at '[ICRA]D'
JEWEL INTERNATIONAL: ICRA Rates INR15cr Cash Credit at '[ICRA]B'
HALDIA STEELS: ICRA Reaffirms 'B+' Rating on INR53cr Loans

PURPLE ADVERTISING: ICRA Assigns '[ICRA]D' Rating to INR24cr Loan
SAFE DEVELOPMENT: ICRA Rates INR49.76cr Term Loan at '[ICRA]B'
SPANCO NAGPUR: Faces Creditor's Wind-Up Petition
SRI GOMATHY: ICRA Cuts Rating on INR38.86cr Loans to 'D'
SUZLON ENERGY: Seeks to Restructure INR14,000cr Debt Under CDR


K O R E A

WOONGJIN HOLDINGS: Agrees to Complete $1.1 Billion Coway Sale


M O N G O L I A

MONGOLIA: S&P Revises Outlook on 'BB-/B' Sovereign Credit Ratings


P A P U A  N E W  G U I N E A

* PAPUA NEW GUINEA: S&P Affirms 'B+' Foreign Currency Ratings


P H I L I P P I N E S

NATIONAL POWER: Moody's Lifts Sr. Unsecured Bond Rating to 'Ba1'
POWER SECTOR: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
* PHILIPPINES: Moody's Lifts Foreign Currency Ratings of 4 Banks
* PHILIPPINES: Moody's Ups LT Bond Ratings to Ba1; Outlook Stable


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BANKSIA FINANCIAL: ASIC Sets Up Taskforce After Banksia Collapse
----------------------------------------------------------------
Gareth Hutchens at The Sydney Morning Herald reports that the
Australian corporate watchdog has set up a taskforce to consider
toughening regulation of Australia's debenture industry following
last week's collapse of the non-bank lender Banksia Financial
Group.

SMH relates that the move by the Australian Securities and
Investments Commission comes as receivers McGrathNicol on
October 30 took charge of a Banksia-linked mortgage fund, which
collapsed owing investors nearly AUD10 million -- just five days
after Banksia went into receivership.

According to the report, the ASIC taskforce will comprise
business units from across the regulator and will be led out of
Melbourne by commissioner John Price. It will make
recommendations to Federal Treasury, the report relays.

SMH relates that an ASIC spokesman said that it was time to
increase the "regulatory intensity" on the shadow banking sector.

"Banksia is a significant financial collapse that affects the
lives of many everyday Australians," the spokesman, as cited by
SMH, said.

"ASIC wants to take a closer look as it is another area of
retail-funded shadow banking. At the moment what's available to
ASIC is conduct and disclosure but the chairman's position is
that we need to lift the regulatory intensity to make sure that
investors are confident and informed."

                    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 $660 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.


CASUAL GUY: Placed Into Liquidation; Cuts 30 Jobs
--------------------------------------------------
Herald Sun reports that thirty workers are jobless and nine
stores have shut their doors after men's fashion chain Casual Guy
was placed into liquidation owing at least AUD2 million.

According to the report, liquidator Michael Quin, of insolvency
firm Bent & Cougle, said the company was voluntarily wound up at
the request of its director.

A dozen stores are continuing to trade under a new owner but it
is unclear whether gift vouchers will be honoured, the report
relays.

Herald Sun notes this week's closure of nine stores comes after
six other outlets shut several months ago.

Affected employees will receive help claiming their entitlements
through the Federal Government's safety net scheme, Herald Sun
adds.

Casual Guy opened its doors in 1987 with a focus on "classic and
affordable" men's wear. The Victorian-based chain mainly operated
across outer Melbourne and in regional centres.


GREAT SOUTHERN: Investors Lured by Misleading PDSes, Court Hears
----------------------------------------------------------------
The Sydney Morning Herald reports that investors who have lost
their stake in schemes run by collapsed forestry group Great
Southern were lured in by the company's misleading statements, a
court has heard.

In a mammoth trial that began Monday, October 29, more than
20,000 investors are seeking to recover their money and set aside
their obligations to repay loans taken from the Bendigo Bank to
make their investments.

The Herald says counsel for investors, Gary Bigmore, QC, told the
Victorian Supreme Court that investors in a 2005 scheme relied on
a product disclosure statement that featured on its cover a
photograph of a gum tree seedling held in a pair of "dirty
hands".

"The growers were induced to invest by the former and suffered
losses as a result of the latter," the report quotes Mr. Bigmore
as saying. "Great Southern's story is a familiar one of greed
. . . triumphing over due diligence."

The Herald relates that counsel for Great Southern's founder
John Young, Paul Santamaria, SC, said this was "nonsense".

"Investors who participated in the schemes did so with their eyes
wide open," the Herald quotes Mr. Santamaria as saying.

He said Mr. Young acted on the advice of top tier law firms
including Freehills, the report relays.

According to the report, the trial, which is expected to run
until early March next year, wraps together 16 class actions
brought by investors in forestry, nut, olive and grape schemes
and 33 debt recovery actions brought against investors by the
Bendigo and Adelaide Bank.

More than 30 lawyers assembled at three bar tables to open the
trial, the report notes.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- was engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  Great Southern managed about 43,000
investors through 45 managed investment schemes.  The group owned
and leased approximately 240,000 hectares of land.  It also owned
more than 150,000 cattle across approximately 1.5 million
hectares of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain
of its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AUD996.4 million, including loans and borrowings of AUD833.9
million.  The loans and borrowings included AUD375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


LAND MATTERS: Financiers Take Over Ecovillage Assets
----------------------------------------------------
Martin Rasini at goldcoast.com.au reports that financiers have
taken control of the Ecovillage in the Currumbin Valley,
initiating a campaign to sell the estate's remaining 20 home
sites. Land Matters Currumbin Valley is Ecovillage's developer.

goldcoast.com.au relates that the Ecovillage lots were being
launched to the market in an expression of interest campaign on
October 27 by James Dodd, of Colliers, on behalf of Angas
Securities.

According to the report, the financier took control of the
estate's remaining assets in August, five months after a failed
bid by Ecovillage representatives to interest Chinese parties in
the lots.

goldcoast.com.au notes that launch of the campaign, to close on
November 23, comes just days after a liquidator was appointed to
Ecovillage developer Land Matters Currumbin Valley by the Tax
Office.

Jason Bettles, of Worrells Insolvency, said that, with financiers
in control of the estate's assets, the company appeared to be
little more than an empty shell, according to goldcoast.com.au.


LOWRIE CONSTRUCTIONS: Appoints PPB Advisory as Administrator
------------------------------------------------------------
SmartCompany reports that Lowrie Constructions has collapsed
despite its core business focusing on the lucrative construction
and mining sectors in Western Australia.

SmartCompany says Jeff Herbert of PPB Advisory was appointed as
an administrator and expressions of interest sought for the
business in an advertisement in The Australian Financial Review
on October 30.

The report discloses that Lowrie built transportable switch rooms
for the mining and natural gas industries and has design,
drafting and fabrication capabilities.

The business was engaged in projects for major iron ore and oil
and gas producers as a sub-contract manufacturer and has a
potentially significant pipeline of contracts and repeat business
from major companies.

Lowrie had been operating for over 20 years in Western Australia
and its turnover was AUD20 million to AUD30 million, the report
relays.

The business employs 50 staff at Maddington in WA and at this
stage there is no update on what will happen to the staff,
SmartCompany reports.


PROVIDENT CAPITAL: Creditors Opt to Liquidate Subprime Lender
-------------------------------------------------------------
Jonathan Chancellor at Property Observer reports that Provident
Capital's creditors have voted to liquidate the AUD130 million
subprime lender, rejecting the proposal of its directors to
continue via a deed of company arrangement.

According to Property Observer, the Australian newspaper said
Provident's receivers, PPB Advisory, were likely to investigate
the actions of directors in the lead-up to the collapse.

Its focus will be on why the group appeared to have failed to
report tens of millions of dollars in paper losses, Property
Observer relays.

It's also said to look at why Provident didn't sell more than
AUD50 million worth of properties it has repossessed to recoup
some of those losses nor apparently mark down the values on those
properties as values declined, the report relates.

According to the report, the receivers are in the process of
making an application to the Federal Court of Australia in order
to seek clarification in respect of aspects of the trust deed in
relation to the mechanics of convening formal meetings and making
distributions to debenture holders.

AET indicated it did not support the deed of arrangement proposal
on the basis that it was not in the best interests of debenture
holders, Property Observer reports.

                       About Provident Capital

Provident Capital is an Australian-based subprime lender.

On July 3, 2012, Philip Carter, Tony Sims and Marcus Ayres 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 10
July 2012 pursuant to a fixed and floating charge granted by the
Company in favor of Australian Executor Trustees Limited.

This 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.

In order to protect all Debentureholders' interests, AET applied
to the Federal Court, for leave to appoint Receivers to the
Company.

The Federal Court granted its approval on July 3, 2012.


RETAIL ADVENTURES: In Administration; Sheds Unprofitable Stores
---------------------------------------------------------------
SmartCompany reports that Retail Adventures was finally placed in
administration over the weekend, but the company will live on
through a new entity by shedding unprofitable stores and
operating under a license from administrators.

SmartCompany relates that the developments follow weeks of
rumours about store closures and entrepreneur Jan Cameron's
supposed plans to save the company.

The company says Mr. Cameron was not successful. Just three years
after buying the company for AUD85 million after an initial
collapse, it was placed in the hands of Deloitte restructuring
services over the weekend, SmartCompany reports.

Last week, SmartCompany recalls, administrator Vaughan
Strawbridge from Deloitte said a license agreement is now in
place between Retail Adventures and Discount Superstores Group to
manage the Crazy Clark's and Sam's Warehouse stores.

"The license arrangement is designed to allow the Crazy Clark's
and Sam's Warehouse stores to continue to trade under a new
management structure," SmartCompany quotes Mr. Strawbridge as
saying. This was necessary because Retail Adventures could not be
restructured, he added.

"We will immediately begin a detailed review of the financial
position of the company and, as part of this, will review the
performance of the 32 remaining Crazy Clark's, Go-Lo and
Chickenfeed stores," Mr. Strawbridge, as cited by SmartCompany,
said.

However, these stores are trading at "significant losses",
Deloitte said.

Retail Adventures is the owner of Crazy Clark's, Go-Lo,
Chickenfeed and Sam's Warehouse stores.


TRILOGY 2008-1LD: Moody's Reviews 'B3' Rating on Class B Certs
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of two tranches issued by Trilogy 2008-1LD Trust.

Trilogy's collateral pool consists of Australian residential
mortgages, originated by Collins Securities Pty Limited and
Pioneer Mortgage Services Pty Limited. All of the loans are low
or no documentation loans.

Details of rating actions follow:

Issuer: Trilogy 2008-1LD Trust

    $A10.93M Class A Note Certificate, Baa1 (sf) Placed Under
    Review for Possible Downgrade; previously on Aug 8, 2011
    Downgraded to Baa1 (sf)

    $A2.17M Class B Note Certificate, B3 (sf) Placed Under Review
    for Possible Downgrade; previously on Aug 8, 2011 Downgraded
    to B3 (sf)

Ratings Rationale

The actions are a result of the increase in delinquencies and the
deterioration of cash flow from the collateral pool.

The Class A and B notes (the notes) are now backed by a non-
granular pool of 16 mortgage loans. Two of the loans have been in
arrears for over one year. In the last five months, three more
loans have become delinquent.

In addition, about 72% of the loans are still in their interest-
only periods. Together with the increased delinquency,
collections are now insufficient to cover all the required
payments and the trust has accordingly drawn on the reserve fund.

Moody's does not anticipate any immediate improvement in the
collection amount as most interest-only periods will only expire
in 2018. The margins on the notes are also due to step up in
December 2012, thereby placing further pressure on the cash flows
in this transaction.

As such, the likelihood and severity of losses for the notes due
to non-payment of interest have increased.

During the review period, Moody's will evaluate the likelihood of
securing insurance claims from the mortgage insurer for the
delinquent mortgage loans. Moody's will also run cash flow
analysis to determine the loss to each class of notes under
various delinquency scenarios, and then determine the rating
level based on the available credit enhancement.

For details on the structure of this transaction and its
performance, refer to the new issue report and performance
overview available on www.moodys.com.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian RMBS" published in May 2012.


VODAFONE HUTCHISON: Australian JV to Cut Hundreds of Jobs
---------------------------------------------------------
Australian Associated Press reports that Vodafone Australian
plans to cut hundreds of jobs as it works to turn around its
struggling performance.

According to the report, Chief executive Bill Morrow said there
would be a "significant reduction" in the number of office roles
across the country.

"Vodafone will be a leaner, more effective business that is
completely focused on what our customers want now and for the
long term," AAP quotes Mr. Morrow as saying in a statement.

No specific numbers were provided, the report relays.

AAP notes the job cuts are part of continued changes at Vodafone
in response to falling customer numbers and poor mobile coverage.

Vodafone New Zealand communications manager Michelle Baguley said
the restructure announced today by Vodafone Hutchison in
Australia is specific to that business and not related to
Vodafone NZ, AAP adds.

Vodafone Hutchison Australia (VHA), a joint venture between Hong
Kong's Hutchison Telecommunications (Australia) and British
mobile phone giant Vodafone Group, operates the brands Vodafone
and '3' in Australia.  Vodafone employs about 4,000 people in
Australia.



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C H I N A
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LDK SOLAR: Jiangxi Heng Owns 16.6% of Ordinary Shares
-----------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Jiangxi Heng Rui Xin Energy Co., Ltd., and its
affiliates disclosed that, as of Oct. 19, 2012, they beneficially
own 25,307,497 ordinary shares of LDK Solar Co., Ltd.,
representing 16.6% of the shares outstanding.  A copy of the
filing is available for free at http://is.gd/n0Cvgj

                         About LDK Solar

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

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

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

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


SOHO CHINA: Moody's Assigns 'Ba1' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a first time Ba1 corporate
family rating to SOHO China Limited.

Moody's has also assigned a provisional (P)Ba1 senior unsecured
rating to the proposed USD bonds issued by SOHO China.

The ratings outlook is stable.

The proceeds from the bond issuance will be used to fund SOHO
China's existing and new projects and general working capital
requirements.

The bond's provisional rating status will be removed upon
completion of issuance and all satisfactory terms and conditions
have been met.

Ratings Rationale

"SOHO China's Ba1 corporate family rating reflects its strengths
in developing and selling iconic commercial properties in
Beijing's prime locations," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

"The company has also demonstrated strong capabilities in leasing
and managing commercial properties as shown by the high occupancy
rates and premium rentals of its managed properties in Beijing,"
says Tsang, who is also Moody's lead analyst for SOHO China.

Given its focus on commercial properties, the company is less
exposed to regulatory risks as compared to other rated Chinese
developers, which operate predominantly in the residential
sector.

On the other hand, the company's rating will be tempered by its
increased exposure to execution and financial risks associated
with its transition into a property investment company over the
next 2-3 years.

This transition will tie up a sizable amount of capital and
increase the company's leverage.

Hence, SOHO China has to maintain adequate financial resources to
complete the development and to cover potential funding needs
that could arise from an unanticipated market slowdown.

Moody's notes that SOHO China's cash holdings, proceeds from
presold projects, and back-up bank facilities will be sufficient
to complete the development of its existing projects.

Moody's also draws some comfort from the company's demonstrated
discipline in financial management and a low leverage position
over the past five years.

SOHO China's debt level will grow in the next 2-3 years, as the
new "build-to-hold" business model will lock up sizable capital.

Despite this, its projected balance sheet leverage of 35%-40% in
the next two years will position SOHO China favorably against the
Ba-rated Chinese property developers.

The company's exposure to high performance volatility - due to
its geographic and project concentration - also constrains its
rating.

Moody's notes that Beijing and Shanghai, the key markets for SOHO
China, are the two most robust and established economies in the
mainland. These markets have also demonstrated resilience over
the past cycles.

A limited supply of grade-A offices in the core business
districts of these two cities will continue to support rental and
occupancy rates in the coming two years. SOHO China is well
positioned to benefit from the supply-demand dynamics given that
its projects are located in these prime areas.

The company also has a solid track record in property leasing and
management and such expertise is crucial for the company to
implement its new business plan.

SOHO China's bond rating is not notched down from the corporate
family rating for subordination, as the company's secured and
subsidiary debt will continue to stay at around 10% of total
assets over the near- to medium-term.

The stable outlook reflects Moody's expectation that the company
will successfully roll out its new business plan and acquire new
land in a disciplined manner such that its adjusted debt leverage
ratio will be maintained at 35%-40%.

Downgrade pressure could emerge if SOHO China's execution and
financial risks increase as a result of: (1) aggressive land
acquisitions; (2) expansion beyond Beijing and Shanghai; (3) its
failure to execute the new business plan; or 4) depressed
economic and market conditions that could dampen the demand for
office buildings in Beijing and Shanghai.

Under such a situation the company's credit metrics will
deteriorate with adjusted debt/capitalization above 40%-45%, and
EBITDA/interest falling below 2.5x-3x.

The ratings will also be under pressure if the company's
liquidity weakens such that its internal resources and available
back-up liquidity are insufficient to fund its outgoing cash
requirement for the next 1-2 years, or its balance sheet cash
drops significantly to below 10%-15% of total assets on a
sustainable basis.

An improvement in the ratings will be constrained over the near
future given the uncertainty over the company's ability to
realize the new "build-and-hold" business model.

However, upward ratings pressure could emerge in the medium term
if SOHO China (1) successfully realizes its new business plan
with approximately RMB2 billion in gross rental income by 2015;
and (2) demonstrates strong financial discipline and close
monitoring of its business and financial risks such that its
adjusted debt/capitalization consistently stays below 30%, and
EBITDA/interest exceeds 5.5x-6x and net rental income/interest
stays above 1.5-2x.

SOHO China'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 SOHO China's core industry
and believes that SOHO China's ratings are comparable to those of
other issuers with similar credit risk.

SOHO China Limited develops and manages commercial properties
located in the core business districts in Beijing and Shanghai.
As of August 2012, it had 14 property projects under development
with a total gross floor area of about 2.87 million square
meters, of which 60% will be held for long-term investment.


* CHINA: Moody's Says Price Declines Pressure Property Developers
-----------------------------------------------------------------
Moody's Investors Service says in the third edition of its "China
Property Focus" that an improving sales trend and bond market
sentiment are supporting property developers' credit profiles.

However, ongoing declines in prices and deteriorating balance
sheet liquidity for some developers continue to exert near-term
pressures.

"Capital raisings in the offshore bond market are credit positive
for some developers as they have accordingly managed to improve
their liquidity and debt maturity profiles," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

So far in October, $1.15 billion of bonds have been issued
compared to $850 million in September, bringing the total amount
issued during July-October to about US$2.32 billion equivalent.
This compares to $2 billion issued in the first half of 2012.

According to the newsletter, the industry as a whole recorded
total contract sales in September of RMB540 billion, an increase
of around 20% from RMB452 billion in August, due to the
occurrence of the traditional peak sales season in September.

Nationwide accumulated sales for the first nine months rose 3.3%
year-on-year to RMB3.4 trillion.

"Based on preliminary data for the four major cities, sales, as
measured by GFA in the recent golden week -- a traditional peak
season -- were softer when compared with the same period in
September, but showed growth year on year," says Mr. Tsang. "We
expect sales in the rest of the year to rise year on year, due
mainly to the market's lackluster performance in the equivalent
period of 2011."

"The 15 developers tracked and rated by Moody's continued to
outperform the market, reporting a 6.9% year-on-year increase in
accumulated sales between January and September. This trend will
likely continue in the near term," says Mr. Tsang.

The number of cities registering property price declines rose
mildly to 55 in September from 53 in August, indicating that
pricing pressures in certain cities remain. But this figure was
below 58 in July.

"Moody's also expects that prices will experience mild year-on-
year declines in the near-and medium-term, given that the supply
of mass market products will increase, and also because of
continuing tight government restrictions on property
investments," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

Moody's Chinese Property Developers Liquidity Index rose to 29.0%
in September from 22.6% in August, as two more developers fell
into the SGL-4 category, the lowest speculative-grade liquidity
score.

"Their weakened liquidity mainly reflects higher refinancing
needs for the near term, and/or weak contract sales year to date
for low rated developers," says Mr. Leung. "Notwithstanding the
rising number of developers scoring an SGL-4, most issuers are
able to raise funds from both the bank and bond markets to
address their refinancing needs."



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


AIN CAPITAL: Commences Wind-Up Proceedings
------------------------------------------
Members of AIN Capital Management (Hong Kong) Limited, on Oct.
15, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 3rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


BEKAERT INDUSTRIAL: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------------
Creditors of Bekaert Industrial Coatings Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Nov. 28, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


CHRONICLE ASSOCIATES: Sole Member' Final Meeting Set for Nov. 29
----------------------------------------------------------------
Sole Member of Chronicle Associates Limited will hold a final
meeting on Nov. 29, 2012, at 10:00 a.m., at 22nd Floor, Tai Yau
Building, at 181 Johnston Road, Wanchai, in Hong Kong.

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


EASTERN OCEAN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 17, 2012, to
wind up the operations of Eastern Ocean International Co.,
Limited.

The official receiver is Teresa S W Wong.


GOLDEN COMMENCE: Members' Final Meeting Set for Dec. 3
------------------------------------------------------
Members of Golden Commence Limited will hold their final meeting
on Dec. 3, 2012, at 9:00 a.m., at 8th Floor, Prince's Building,
10 Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PERFECT FUTURE: Members' Final Meeting Set for Nov. 23
------------------------------------------------------
Members of Perfect Future Development Limited will hold their
final meeting on Nov. 23, 2012, at 10:45 a.m., at Unit 1603-1606,
16th Floor, Alliance Building, No. at 130-136 Connaught Road
Central, Sheung Wan, in Hong Kong.

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


RBC INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of RBC Investment and Finance Services (Asia) Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


SPEED ENERGY: Members' Final Meeting Set for Nov. 23
----------------------------------------------------
Members of Speed Energy Limited will hold their final meeting on
Nov. 23, 2012, at 11:00 a.m., at 76/F, Two International Finance
Centre, 8 Finance Street, Central, in Hong Kong.

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


ST. TERESA'S: Members' Final Meeting Set for Nov. 21
----------------------------------------------------
Members of St. Teresa's Hospital Cancer Centre Company Limited
will hold their final meeting on Nov. 21, 2012, at 11:00 a.m., at
Unit 402, 4/F, Malaysia Building, at No. 50, Gloucester Road,
Wanchai, in Hong Kong.

At the meeting, Li Fat Chung and Chan Mi Bor, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


U-LAND INVESTMENTS: Members' Final Meeting Set for Nov. 20
----------------------------------------------------------
Members of U-Land Investments Limited will hold their final
meeting on Nov. 20, 2012, at 10:00 a.m., at 20/F, Fung House, at
No. 19-20 Connaught Road Central, in Hong Kong.

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


ULTRAFOOT HK: Creditors' Proofs of Debt Due Nov. 20
---------------------------------------------------
Creditors of Ultrafoot Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 20, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 11, 2012.

The company's liquidator is:

         Chiu Fan Wa
         Unit A, 5/F
         CKK Commercial Centre
         289 Hennessy Road
         Wanchai, Hong Kong


VICTORY DAY: Members' Final Meeting Set for Nov. 23
---------------------------------------------------
Members of Victory Day Investment Limited will hold their final
meeting on Nov. 23, 2012, at 11:30 a.m., at 76/F, Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


WARNER COMPANY: Members' Final Meeting Set for Nov. 19
------------------------------------------------------
Members of Warner Company Limited will hold their final general
meeting on Nov. 19, 2012, at 3:00 p.m., at Flat B, 3/F, at 11
Tung Shan Terrace, in Hong Kong.

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


WONG KONG: Lam Wai Hay Steps Down as Liquidator
-----------------------------------------------
Lam Wai Hay stepped down as liquidator of Wong Kong Ha Wan Shan
Association Limited on Oct. 19, 2012.



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


BRAND ALLOYS: ICRA Reaffirms 'B' Rating on INR93cr Loans
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR40.00 crore
(reduced from INR85.00 crore earlier) term loan and INR53.00
crore (reduced from INR54.00 crore earlier) cash credit
facilities of Brand Alloys Limited. ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR10.00 crore non-fund based bank
facilities of BAL.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Fund Based Limit-         40.00     [ICRA]B reaffirmed
   Term Loan

   Fund Based Limit-         53.00     [ICRA]B reaffirmed
   Cash Credit

   Non-Fund Based Limit-     10.00     [ICRA]A4 reaffirmed
   Letter of Credit

   Non-Fund Based Limit?     (5.00)    [ICRA]A4 reaffirmed
   Bank Guarantee

The reaffirmation of the ratings take into account BAL's weak
financial risk profile as reflected by its low profitability and
subdued coverage indicators, low capacity utilization of all the
manufacturing facilities other than the rolling mill facility and
the substantial debt servicing obligations of the company, which
is likely to exert pressure on its liquidity position in the
short to medium term. The ratings are also constrained by the
vulnerability of the company's profits and cash flows to the
inherent cyclicality in the steel industry, which is passing
through a weak phase.

The ratings, however, take into consideration the long experience
of the promoters in the steel industry, its diversified product
lines mitigating the demand risks associated with a single
product, the accreditation obtained by the company from the
Research Designs and Standards Organisation for supplying casnub
bogies and some other casting products to the Indian Railways,
and BAL's comfortable capital structure.

While reaffirming the ratings, ICRA has also considered the
business risk profiles of BAL's group companies viz. Haldia
Steels Limited (rated at [ICRA]B+ and [ICRA]A4), Ispat Damodar
Limited (rated at [ICRA]B and [ICRA]A4) and Sonic Thermal Limited
(rated at [ICRA]B and [ICRA]A4), since all of them are engaged in
the steel and related industries and operate under a common
management.

BAL was incorporated in 1994. The company has manufacturing
facilities located at Serampore of West Bengal and Keonjhar of
Orissa. At Serampore the company has the manufacturing facilities
for 5,000 tons per annum (TPA) of steel fabrications, 10,000 TPA
of steel castings, 20,000 TPA of billets and 60,000 TPA of TMT
bars. The company is an RDSO approved vendor for supplying casnub
bogies and some other casting products to the Railways. Since
September 2010, the rolling mill of the company has been utilised
primarily for the conversion of billets into TMT bars for TSL on
job work basis. At Keonjhar, BAL commissioned a sponge.


GOMATHY INTERNATIONAL: ICRA Cuts Rating on INR6.82cr Loans to 'D'
-----------------------------------------------------------------
ICRA has revised the rating outstanding on the INR5.82 crore term
loan facilities of Gomathy International to '[ICRA]D' from
'[ICRA]B+'.  ICRA has also revised the rating outstanding on the
INR1.00 crore proposed short term non fund based facilities of
the Firm to '[ICRA]D' from '[ICRA]A4'.

                                 Amount
   Facilities                   (INR Cr)    Ratings
   ----------                   ---------   -------
   Term loan facilities            5.82     Revised to [ICRA]D
   Short term non fund             1.00     Revised to [ICRA]D
   based facilities-proposed

The ratings revision reflects the irregularities in debt
servicing by GI, owing to tight liquidity conditions. GI's
financial profile in the last few years was also characterized by
stretched capitalization and coverage indicators and high working
capital intensity. While the intense competition in the apparel
exports market restricts the pricing flexibility of players, the
industry also remains vulnerable to volatility in yarn prices and
foreign exchange fluctuations. ICRA, however, notes the long
standing experience of the promoters in the garment manufacturing
industry and GI's client relationships with established players
in the global clothing industry.

Improvement in liquidity position and timely servicing of debt
obligations would be key rating sensitivities going forward.

Established in 1992 as a partnership firm, Gomathy International
is engaged in manufacturing of cotton knitted garments, primarily
T-Shirts for men, women and kids. The firm, which has five
facilities in Tirupur, exports its products to several chain
stores / apparel brands overseas. GI also owns four windmills,
the power from which is sold to Tamil Nadu Generation and
Distribution Corporation Limited (TANGEDCO). GI belongs to the
Gomathy Group of companies (Gomathy Group / "the Group") which
has three entities apart from the firm engaged in cotton yarn
spinning, sale of textile machinery / spare parts and wind power
generation. All the entities of the group are directly /
indirectly held by family and friends of the promoter, Mr. V. S.
Velayutham.


GOMATHY POWER: ICRA Rates INR36.78cr Term Loan at '[ICRA]D'
-----------------------------------------------------------
ICRA has revised the rating outstanding on the INR36.78 crore
term loan facilities of Gomathy Power Company to '[ICRA]D' from
'[ICRA]B-'.

                             Amount
   Facilities                (INR Cr)    Ratings
   ----------                ---------   -------
   Term loan facilities        36.78     Revised to [ICRA]D


The rating revision reflects the irregularities in debt servicing
by GPC, owing to tight liquidity conditions. The firm has
significant debt repayment obligations over the medium term
compared to its revenues; improvement in liquidity position and
timely servicing of debt obligations would be key rating
sensitivities going forward.

Established in 2001 as a partnership firm, Gomathy Power Company
is engaged in wind power generation with an installed capacity
of -9 MW in the Theni district of Tamil Nadu. The firm sells the
power generated to TamilNadu Generation and Distribution
Corporation (TANGEDCO) and a group company, SGMPL.

GPC belongs to the Gomathy Group of companies, which has three
entities apart from the firm engaged in cotton yarn spinning,
knitted garments manufacturing and sale of textile machinery /
spare parts. All the other entities of the group are directly /
indirectly held by family and friends of the promoter, Mr. V. S.
Velayutham.


JEWEL INTERNATIONAL: ICRA Rates INR15cr Cash Credit at '[ICRA]B'
----------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR15.00 crore
long-term fund-based facilities of Jewel International Private
Limited. The rating of '[ICRA]A4' has also been assigned to the
INR15.30 crore short-term non-fund based facilities of JIPL.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                ---------   -------
   Cash Credit                  15.00    [ICRA]B assigned
   Non-fund Based, Short-       15.30    [ICRA]A4 assigned
   term facilities

The ratings reflect the high competitive intensity and
fragmentation in the polymer trading industry; the low profit
margins inherent in trading business; vulnerability of
profitability to commodity price risk; customer concentration
risk and weak financial risk profile characterized by low
profitability, return indicators as well as high gearing and weak
debt service coverage indicators. However, of the ratings
positively factor in the long established track record of the
promoters in the polymer trading business; established
relationships with domestic and international polymer producers
and favorable demand outlook for commodity polymers in the long
term.

Jewel International Private Limited was initially set up as a
proprietorship firm in the name and style of M/s Jewel Polymers
in 1986 and was subsequently converted to a private limited
company (in its present form) on 1st April 2011. The company is
engaged in the wholesale trading of plastics and polymers such as
Polyvinyl Chloride resin, High density polyethylene,
Polypropylene, Low Density Polyethylene, Ethylene-vinyl acetate
etc primarily in Delhi, Haryana, Uttar Pradesh and Rajasthan.

The company reported a net profit after tax of INR0.27 crore on a
turnover of INR98.21 crore in the year ended March 31, 2012.


HALDIA STEELS: ICRA Reaffirms 'B+' Rating on INR53cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR18.0 crore
(reduced from INR28.0 crore earlier) term loan and INR35.0 crore
cash credit facilities of Haldia Steels Limited.  ICRA has also
reaffirmed the '[ICRA]A4' rating to the INR30.0 crore non-fund
based bank facilities of the company. The cash credit limit of
the company has a sub-limit of INR10.0 crore towards short term
fund based facilities, for which ICRA has also reaffirmed the
'[ICRA]A4' rating.

                                 Amount
   Facilities                   (INR Cr)    Ratings
   ----------                   ---------   -------
   Fund Based Limit-             18.00      [ICRA]B+ reaffirmed
   Term Loan

   Fund Based Limit-             35.00      [ICRA]B+ reaffirmed
   Cash Credit

   Fund Based Limit-Packing     (10.00)     [ICRA]A4 reaffirmed
   Credit/FDBP/FUDBP

   Non-Fund Based Limit-
   Letter of Credit/Buyer's
   Credit/Bank Guarantee         30.00      [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account HSL's weak
financial profile as reflected by its low net profitability and
depressed level of coverage indicators, the exchange rate
fluctuation risks to which the company remains exposed because of
its significant export sales and the vulnerability of the
company's profits and cash flows to the inherent cyclicality in
the steel industry, which is passing through a weak phase. ICRA
notes that the company incurred substantial operating losses
during 2011-12; however, the net profit was supported by
significant non-operating income.

The ratings also factor in the experience of the promoters in the
steel industry, integrated nature of its operations, presence of
a waste heat recovery based captive power plant which reduces
cost of production to an extent and a conservative capital
structure of the company. While assigning the ratings, ICRA has
also considered the business risk profiles of HSL's group
companies viz. Brand Alloys Limited (rated at [ICRA]B and
[ICRA]A4), Ispat Damodar Limited (rated at [ICRA]B and [ICRA]A4)
and Sonic Thermal Limited (rated at [ICRA]B and [ICRA]A4), since
all of them are engaged in the steel and related industries and
operate under a common management.

Incorporated in 1996, HSL is currently engaged in the production
of ferro-alloys, sponge iron and billets. The manufacturing
facilities of the company are located at Durgapur of West Bengal,
with the capacities of 36,000 TPA of ferro-alloys, 1,20,000 TPA
of sponge iron and 1,20,000 TPA of billets. HSL also has a waste
heat based captive power plant of 8 MW. Besides HSL, the other
group companies engaged in the steel business include Brand
Alloys Limited (rated at [ICRA]B and [ICRA]A4), Ispat Damodar
Limited (rated at [ICRA]B and [ICRA]A4) and Sonic Thermal Limited
(rated at [ICRA]B and [ICRA]A4).


PURPLE ADVERTISING: ICRA Assigns '[ICRA]D' Rating to INR24cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR24 crore term
loans of Purple Advertising Services Private Limtied.

The rating primarily takes into account PASPL's recent delays in
timely servicing of debt obligations. The rating also takes note
of the limited experience of the promoters in the media and
entertainment industry, although relationships with the media and
film fraternity mitigate the risks to some extent, exposure of
the company to client concentration risks as around 85% of the
revenues are currently generated by the top three clients alone,
although the reputed profile of clients mitigates the risks to
some extent, and the high upfront investments required by the
business that results in a long payback period. ICRA notes that
there have been delays in the commissioning of the project,
comprising development of studios and a movie town, which,
coupled with the change in the project scope has led to an
increase in the project cost from INR48 crore to around
INR70 crore. This increase in project cost is proposed to be
financed by private equity which is yet to be tied up, thus
exposing the company to funding risks over the short term. The
rating also takes into consideration PASPL's likely competitive
advantage, with its studios and movie town being designed to
provide several high quality facilities under one roof, and its
association with reputed designers that lends support to its
market position. In ICRA's opinion, the ability of the company to
service its debt obligations in a timely manner and maintain its
competitive position, especially in light of the additional
studios being established in West Bengal, would remain key rating
sensitivities going forward.

Incorporated in July, 2008, PASPL has been promoted by Mr.
Pritimoy Chakraborty, promoter of the Kolkata based Finesse
group. PASPL proposes to set up four shooting studios and a movie
town in South 24 Parganas, West Bengal. PASPL had already
commissioned two studios in May'11 and expects to commission the
balance two studios and movie town in the second half of FY13.

Recent Results

During FY12, as per provisional financials, PASPL registered a
profit after tax (PAT) of INR0.29 crore on an operating income
(OI) of INR3.87 crore as against a PAT and OI of INR0.02 crore
and INR1.05 crore respectively during FY11.


SAFE DEVELOPMENT: ICRA Rates INR49.76cr Term Loan at '[ICRA]B'
--------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR49.76
crore term loan facilities of Safe Development Alms Trust.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                ---------   -------
   Term Loan facilities        49.76     [ICRA]B assigned

The assigned rating considers the healthy demand growth for
healthcare services and favorable outlook for medical education
in the country. The rating also takes note of the significant
experience of the promoters in the educational sector and the
technical capabilities in the hospitals backed by state-of-the-
art equipment and experienced and reputed medical practitioners.
The rating reflect the financial profile characterized by high
gearing and stretched coverage indicators consequent to
aggressive debt funded capital expenditure and large debt
repayment obligations over the medium term. High competition in
the higher education sector exerts pressure on the ability to
attract and retain experienced faculty and varying governmental
regulations is likely to impact revenue growth and accruals.

Safe Development Alms Trust established in the year 1993 by Mr.
P.V. Hassan with the object of providing general healthcare
services to the public and promote medical and paramedical
education has its headquarters at Palakkad, Kerala. The Trust
currently manages Karuna Hospital, Karuna Medical College
Hospital, Karuna Medical College and Karuna College of Nursing.

Recent Result

The Trust had reported net profit of INR7.1 crore on an operating
income of INR28.4 crore during 2011-12.


SPANCO NAGPUR: Faces Creditor's Wind-Up Petition
------------------------------------------------
The Times of India reports that one of the creditors of Spanco
Nagpur Distribution Limited has filed a winding up petition
against the company.

The case was filed since the company has failed to make full
payment of creditors' dues, TOI relates citing a press release
issued by the Confederation of All India Traders (CAIT), which is
backing the plaintiff.  The petition seeks liquidation of SNDL's
assets to recover the creditors' money, the report notes.

The report says CAIT, a traders' organization, had recently
raised objection to Essel Group buying a controlling stake in
SNDL. The organization has however not released the petitioner's
name.

According to the report, AIT national president BC Bhartia said
more information is being gathered to expose the nexus between
government agencies and SNDL.

TOI says SNDL has been in controversy since it took over
distribution rights from state-owned Maharashtra State
Electricity Distribution Co. Ltd (MSEDCL). It has not been able
to pay a huge chunk of dues to MSEDCL also.  As a distribution
franchisee, says TOI, SNDL's job is to collect bills payable from
consumers and deposit the money with MSEDCL.

The main purpose to appoint a private company as distributor was
to reduce defaults by consumers. However, in this case SNDL
itself has turned into a defaulter for MSEDCL, TOI relays.

Spanco operates the Power Distribution Franchisee (DF) for Nagpur
city -- Gandhibagh, Civil lines and Mahal division.


SRI GOMATHY: ICRA Cuts Rating on INR38.86cr Loans to 'D'
--------------------------------------------------------
ICRA has revised the rating outstanding on the INR8.11 crore term
loan facilities of Sri Gomathy Mills Private Limited to '[ICRA]D'
from '[ICRA]B+'.  ICRA has also revised the rating outstanding on
the INR23.00 crore short term fund based facilities and INR7.75
crore short term non fund based facilities of SGMPL to '[ICRA]D'
from '[ICRA]A4'.

                                 Amount
   Facilities                   (INR Cr)    Ratings
   ----------                   ---------   -------
   Term loan facilities            8.11     Revised to [ICRA]D

   Short term fund based          23.00     Revised to [ICRA]D
   Facilities

   Short term non fund             7.75     Revised to [ICRA]D
   based facilities

The ratings revision reflects the irregularities in debt
servicing by SGMPL, owing to tight liquidity conditions. SGMPL's
financial profile in the last few years was also characterized by
volatility in revenue, stretched capitalization and coverage
indicators and high working capital intensity. While the textile
industry in general remains vulnerable to competition from low-
cost countries, volatility in cotton and yarn prices and foreign
exchange fluctuations, SGMPL's business profile is also
constrained by low product differentiation and restricted pricing
flexibility. ICRA, however, notes the experience of the promoters
in the spinning industry spanning several decades.

Improvement in liquidity position and timely servicing of debt
obligations would be key rating sensitivities going forward.

Established in 1956 as a partnership firm and incorporated in
2000 as a private limited company, Sri Gomathy Mills Private
Limited is engaged in spinning of cotton yarn. SGMPL's
manufacturing facility is located in Viravanallur, Tamil Nadu and
the company's revenue in 2010-11 was primarily derived from
exports and lower counts.

SGMPL is the flagship company of the Gomathy Group of companies
which has three entities apart from the company engaged in export
of knitted garments, sale of textile machinery/spare parts and
wind power generation. All the entities of the group are
directly/ indirectly held by family and friends of the promoter,
Mr. V. S. Velayutham.


SUZLON ENERGY: Seeks to Restructure INR14,000cr Debt Under CDR
--------------------------------------------------------------
The Times of India reports that Suzlon Energy has submitted a
proposal to restructure INR14,000 crore of debt, offering to
repay the money over a decade after the cash-starved firm
defaulted on $221 million payments to bond holders early this
month.

The report relates that the company said Monday the corporate
debt restructuring (CDR) proposal include maturity period of 10
years, a two-year moratorium on principal and interest payments
on term-debt, and additional working capital facilities. This
means the Tulsi Tanti-led firm will not be able to raise funds
from international markets till it's under CDR.

"The company has, in consultation with its senior secured
lenders, taken the decision to undertake a debt restructuring
exercise under the CDR mechanism. Our senior secured lenders are
supportive of our longterm business plans, and our efforts to
consolidate our overall debt to achieve a sustainable capital
structure," TOI quotes Kirti Vagadia, CFO of Suzlon Group, as
saying.  This is an important step towards stabilizing business
by enhancing liquidity and injecting additional working capital,
he added.  "We believe this will help us safeguard the interests
of our key stakeholders, including customers and vendors."

The world's fifth largest turbine maker with INR14,000 crore of
debt continues to engage with the bond holders to find an
amicable solution at the earliest possible time, the report
notes.

                        About Suzlon Energy

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

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



=========
K O R E A
=========


WOONGJIN HOLDINGS: Agrees to Complete $1.1 Billion Coway Sale
-------------------------------------------------------------
Reuters reports that a court said South Korea's Woongjin Holdings
is willing to complete a $1.1 billion deal signed in August to
sell a near 30% controlling stake in water purifier maker
Woongjin Coway to domestic private equity fund MBK Partners.

The deal, one of the largest private equity-led transactions in
Asia this year, appeared to be in jeopardy when it was halted
after Woongjin Holdings applied for court receivership in late
September, just days before its completion, according to Reuters.

The report relates that a South Korean court overseeing
Woongjin's receivership proceedings said in a statement that
Coway's biggest shareholder agreed in principle to honor its
existing stock-purchase agreement with MBK.

Woongjin Holdings will submit an official request to the court
next week to go ahead with the deal, a source with direct
knowledge of the matter said, the report relays.



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


MONGOLIA: S&P Revises Outlook on 'BB-/B' Sovereign Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Mongolia to stable from positive. "At the same time, we affirmed
the 'BB-' long-term and 'B' short-term sovereign credit ratings
on Mongolia," S&P said.

"We revised the outlook to reflect the lower likelihood of an
upgrade over the next year in light of the strong inflow of
external borrowing and an accompanying strength in domestic
credit growth. In the absence of appropriate policy responses to
address these risks, these trends could lead to greater economic
volatility and financial sector problems potentially requiring
government assistance," S&P said.

"The ratings on Mongolia reflect the country's underdeveloped,
resource-driven economy and its weak policy environment. The
economy's strong medium-term growth prospects and low general
government debt and interest expenses temper these weaknesses,"
S&P said.

"The mining sector has largely propelled Mongolia's growth in
recent years," said Standard & Poor's credit analyst Agost
Benard. "The country's fiscal and external balances are therefore
exposed to volatility in global mineral prices and mineral demand
from China. Underdeveloped infrastructure and utilities also
constrain Mongolia's effort to sustain strong growth and achieve
greater economic diversification."

"The weak policy environment accentuates the sovereign's
vulnerability due to its narrow economic profile. The lack of a
strong political leadership creates some policy inconsistency and
uncertainty, as highlighted by the government's recent request to
renegotiate the investment agreement on Oyu Tolgoi, one of the
largest copper and gold mines in the world, signed in 2009," S&P
said.

"The uncertain political landscape also leads to insufficient
long-term consideration and coordination in policymaking, in our
view. This is shown in a pro-cyclical fiscal policy that has been
at odds with prudent monetary policy in recent years," S&P said.

"However, the coalition government formed after the June 2012
parliamentary election plans large-scale reforms, ranging from
strengthening the fiscal framework to improving policy
coordination. Nevertheless, we expect the overall improvement in
policy environment may be moderate. This is largely due to the
lack of strong political leadership, the constraints of
administrative capacity, and the challenge and uncertainty in
rolling out some potentially controversial policies," S&P said.

"Mongolia's external risk has escalated following the rapid
growth of the country's net external liability position over the
past two years," Mr. Benard said. "Intercompany borrowings in the
mining sector accounted for much of the increase. These loans are
related to foreign direct investments, mostly in major copper and
coal mining projects in the country."

"We expect a part of the intercompany borrowing to be converted
to commercial loans as the mining projects progress further. This
would make it more challenging for Mongolia to service its
external debt if global commodity demand falls unexpectedly," Mr.
Benard said.

"This external risk is accentuated by strong credit growth in the
country. Credit growth decelerated in the wake of the global
recession and troubles at a few of the country's commercial banks
in 2009. Since 2011, however, credit growth has rebounded
strongly again. The risks to economic and financial stability
have also risen as a result," S&P said.

"Mongolia's strong growth potential offsets some of the
weaknesses in its sovereign creditworthiness. The country's rich
mineral resource and its location bordering China, the largest
importer of coal and copper, are the main reasons for its strong
growth prospects," Mr. Benard said.

"Standard & Poor's expects the government to incur additional
debt steadily to finance investment in infrastructure and
industrial projects, encouraged by the successful debut of
Development Bank of Mongolia's issuance of US$600 million
government-guaranteed debt in the international market in March
2012. However, the debt growth is unlikely to exceed Mongolia's
nominal GDP growth, which is 20%-30% per year," S&P said.

"The government's rising commercial borrowings will increase its
interest burden, but we expect the burden to remain relatively
low over the next three years because of the large outstanding
low-cost concessionary loans from multilateral and bilateral
official agencies," Mr. Benard noted.

"The stable outlook balances our view of the country's weak
policy environment and vulnerability to overheating against its
robust economic growth and low fiscal debt. We expect a moderate
improvement in the fiscal policy framework will provide some
buffer against the risk of a prolonged weakening of mineral
exports. A more disciplined fiscal policy could have a broad
positive impact on Mongolia's fiscal and monetary flexibility and
improve the overall resilience of the economy," S&P said.

"We may raise the sovereign ratings if Mongolia's policy
framework becomes less pro-cyclical, external imbalances
moderate, and inflation returns to single digits," S&P said.

"On the other hand, we may downgrade the sovereign if: (1) the
policy framework fails to build the capacity to adapt to
potential periods of weak exports, or (2) external imbalances and
bank claims continue to escalate," S&P said.



=============================
P A P U A  N E W  G U I N E A
=============================


* PAPUA NEW GUINEA: S&P Affirms 'B+' Foreign Currency Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
long-term sovereign credit rating on Papua New Guinea (PNG) to
stable from negative. At the same time, Standard & Poor's
affirmed its 'B+' local and foreign currency long-term ratings
and 'B' short-term ratings. The transfer and convertibility
assessment remains 'BB'.

"The outlook revision reflects our assessment that the political
setting in PNG has normalized after the July parliamentary
elections," S&P said.

"The elections resolved the stalemate that existed for nearly a
year, in which there were competing claims for the prime
minister's post between Peter O'Neill and his predecessor,
Michael Somare," said Standard & Poor's credit analyst Yee Farn
Phua. "In the elections, the People's National Congress Party
(PNCP) secured the largest number of votes, enabling Mr. O'Neill
to form a cabinet. Mr. Somare's decision to participate in a
coalition with the PNCP should boost political stability."

"In Standard & Poor's opinion, legislative efficiency should
improve with the coalition government, paving the way for the
passage of changes to mining laws and for an agreement on a
proposed second liquefied natural gas (LNG) project," S&P said.

"Nevertheless, the vulnerabilities associated with the country's
weak policy environment and shortcomings in governance continue
to constrain the ratings," Mr. Phua said.

"There is a lack of transparency in the activities of statutory
authorities, trust accounts, and other government-controlled
entities, which contribute to the government's off-balance-sheet
liabilities. Further constraining the ratings are infrastructure
shortcomings and security risks impeding investment required to
diversify the economy, which is highly concentrated in the
resources sector," he added.

"PNG's moderate fiscal deficits, low government debt, modest net
external liability position, and the strong potential of the
minerals and allied sectors to boost economic growth support the
ratings," S&P said.

"In our view, the country's political and institutional
frameworks remain weak, which poses a key challenge as the
government manages large windfall gains from the LNG project.
Although the political situation has stabilized since the July
elections, previous gains in political stability have not led to
an appreciably better security environment or improved
infrastructure. The quality of public services remains poor, and
PNG has made little improvement
in literacy and other human-development indicators," S&P said.

"Information risk is a rating constraint. Off-budget transactions
appear to be rising, and there are long lags and important gaps
in coverage for the national income accounts, the international
investment position, and the fiscal accounts. The continued use
of off-budget borrowing and expenditure--outside of parliamentary
approval and oversight--is symptomatic of the weak transparency
and governance," S&P said.

"The stable outlook balances PNG's improved economic prospects
with the difficulties stemming from weak political and
institutional settings, as well as infrastructure shortcomings,
to raise the nation's low per capita income by developing the
mineral sector," S&P said.

"We may lower the ratings if a sustained weakening in global
economic conditions reduces demand and prices for PNG's mineral
exports, and in turn, worsens the country's external position and
government finances. Any material delay in the LNG project under
construction would present some short-term risk of a lower
rating. This stems from the liabilities associated with the
commercial borrowings to fund the government's equity interest
and completion guarantees to the creditor and landowners," S&P
said.

"Upside potential to the sovereign rating could arise from the
beneficial impact of the LNG project on PNG's economic prospects,
government finances, and external position. However, any such
rating upgrade would likely occur closer to the time when the
project starts earning revenue (estimated to be 2015), given the
project completion risks," S&P said.



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


NATIONAL POWER: Moody's Lifts Sr. Unsecured Bond Rating to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured bond
rating for National Power Corporation (NPC) to Ba1 from Ba2.

At the same time, Moody's has revised the rating outlook to
stable from positive.

The rating action follows Moody's decision to upgrade the
Philippine Government's long-term foreign-currency and local-
currency ratings to Ba1 from Ba2, with a revision of the outlook
to stable from positive.

Ratings Rationale

"The senior unsecured bond rating reflects the Philippine
Government's unconditional and irrevocable guarantee on NPC's
rated long-term bonds," says Mic Kang, a Moody's Vice President
and Senior Analyst.

Outstanding rated bonds under NPC amount to US$452,000 due in
2028 and US$133,000 due in 2016, after the transfer of debt to
Power Sector Assets & Liabilities Management Corporation (PSALM).

NPC has transferred 99.9% of its rated USD bonds, including
US$300 million due in 2028 and US$160 million due in 2016, to
PSALM.

The principal methodology used in rating NPC was the Regulated
Electric and Gas Utilities Industry Methodology published in
August 2009.

NPC is 100% owned by the government. It primarily operates and
manages the power facilities which have been transferred to PSALM


POWER SECTOR: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded the corporate family and
senior unsecured bond ratings for Power Sector Assets &
Liabilities Management Corporation (PSALM) to Ba1 from Ba2.

At the same time, Moody's has revised the ratings outlook to
stable from positive.

The rating action follows Moody's decision to upgrade the
Philippine Government's long-term foreign-currency and local-
currency ratings to Ba1 from Ba2, with a revision of the outlook
to stable from positive.

Ratings Rationale

"PSALM's ratings are underpinned by its distinct policy role and
its close integration with the government," says Mic Kang, a
Moody's Vice President and Senior Analyst.

The company is mandated by law to restructure and reform the
Philippine power sector. The government is also supposed to
assume any remaining assets and liabilities at the end of its
corporate life.

"Also, the government has provided unconditional and irrevocable
guarantees on debt issued by PSALM and transferred from the
National Power Corporation," adds Mr. Kang.

National Power Corporation (NPC) has transferred more than 99% of
its rated USD bonds, including US$300 million due in 2028 and
US$160 million due in 2016, to PSALM.

The principal methodology used in rating PSALM was the Regulated
Electric and Gas Utilities Industry Methodology published in
August 2009.

Power Sector Asset & Liabilities Corporation (PSALM), wholly-
owned and controlled by the Philippine Government, was
established in 2001 to take ownership of, and manage, all the
generation-related assets, liabilities, contracts with
independent power producers, real estate and other disposable
assets of NPC, including National Transmission Corporation. It
also has the role of privatizing and disposing of these assets to
liquidate NPC's financial obligations.


* PHILIPPINES: Moody's Lifts Foreign Currency Ratings of 4 Banks
----------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
deposit ratings of four Philippine banks to Ba1 from Ba2,
following the upgrade of the Government of the Philippines and
the associated raising of the foreign currency debt and deposit
ceilings.

The four banks whose foreign currency deposit rating was upgraded
are: (1) BDO Unibank, Inc (BDO), (2) Bank of the Philippine
Islands (BPI), (3) Metropolitan Bank & Trust Company (MBT) and
(4) Land Bank of the Philippines (LBP).

Additionally, Moody's has upgraded BDO's foreign currency senior
unsecured debt rating to Ba1 from Ba2.

The outlook of the affected foreign currency ratings is revised
to stable, along with the stable outlook of the ratings of the
Government of the Philippines.

Ratings Rationale

The rating actions are in line with the upgrade of the
Philippines sovereign's foreign currency deposit ceiling to Ba1
from Ba2. The banks' foreign currency deposit ratings were
previously constrained at the sovereign ceiling.

The stable outlook of the four affected banks' foreign currency
deposit ratings follow the stable outlook of the sovereign
ratings.

BDO's foreign currency senior unsecured debt rating of Ba1
remains the same as the rating assigned to the foreign currency
government bond of the Philippines, which was upgraded to Ba1.
The other three banks do not have outstanding senior debt ratings
assigned.

The sovereign rating action on the Philippines is discussed in
greater detail in a Moody's press release of October 29, 2012.

The ratings of the four banks are as listed below.

BDO Unibank, Inc

  Bank Financial Strength Rating (BFSR) of D, which maps to ba2
  on the long-term scale

  Global local currency deposits rated Ba1/Not Prime

  Foreign currency deposits rated Ba1/Not Prime

  Foreign currency senior unsecured debt rated Ba1

  All of its ratings carry a stable outlook.

Bank of the Philippine Islands

  BFSR of D, which maps to ba2 on the long-term scale

  Global local currency deposits rated Ba1/Not Prime

  Foreign currency deposits rated Ba1/Not Prime

  All of its ratings carry a stable outlook.

Metropolitan Bank & Trust Company

  BFSR of D, which maps to ba2 on the long-term scale

  Global local currency deposits rated Ba1/Not Prime

  Foreign currency deposits rated Ba1/Not Prime

  Local currency senior subordinated debt rated Ba2

  Local currency subordinated debt rated Ba2

  Foreign currency hybrid tier-1 rated B2(hyb)

  All of its ratings carry a stable outlook.

Land Bank of the Philippines

  BFSR of D-, which maps to ba3 on the long-term scale

  Global local currency deposits rated Ba1/Not Prime

  Foreign currency deposits rated Ba1/Not Prime

  All of its ratings carry a stable outlook.

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

All four banks are headquartered in Manila and reported total
assets as follows.

  BDO Unibank, Inc: PHP1,172 billion (US$28 billion) as at
  June 30, 2012

  Bank of the Philippine Islands: PHP899 billion (US$21 billion)
  as at June 30, 2012

  Metropolitan Bank & Trust Company: PHP943 billion (US$22
  billion) as at June 30, 2012

  Land Bank of the Philippines: PHP646 billion (US$15 billion) as
  at December 31, 2011


* PHILIPPINES: Moody's Ups LT Bond Ratings to Ba1; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded the foreign and local
currency long-term bond ratings of the Government of the
Philippines to Ba1 from Ba2. The ratings outlook is stable.

The key drivers for the decision are:

1. The country's improved economic performance and continued
fiscal revenue buoyancy in the face of deteriorating global
demand;

2. The Philippines' enhanced prospects for growth over the
medium-term; and

3. The stable financial system that poses limited contingent
risks and provides a stable source of financing for the
government.

Moody's also raised the Philippines' long-term foreign currency
(FC) bond ceiling to Baa2 from Baa3 and upgraded the long-term FC
deposit ceiling to Ba1 from Ba2. The short-term FC bond ceiling
of P-3 and the short-term FC deposit ceiling of "Not Prime" are
unchanged. The outlook for these ceilings is stable.

These ceilings act as a cap on the ratings that can be assigned
to the FC obligations of other entities domiciled in the country.
The Philippines' local currency (LC) bond and deposit ceilings of
A2 are also unchanged.

In a related rating action, Moody's upgraded the issue ratings
for rated liabilities of the country's central bank, the Bangko
Sentral ng Pilipinas (BSP), to Ba1 from Ba2 with a stable
outlook.

RATIONALE FOR THE UPGRADE TO Ba1

Despite the headwinds from softening external demand, the
Philippines has demonstrated considerable economic strength and
fiscal resilience. In contrast to similarly rated countries, the
country is poised to record a combination of faster growth, lower
inflation, exchange rate appreciation, and an increase in foreign
exchange reserves, while maintaining trend debt consolidation.

In addition, cyclical features support improved prospects for
growth in the medium-term. Despite the lack of progress in its
public-private partnership program, the government's spending on
infrastructure has picked up, but its fiscal impact has been
mitigated by the continued gains from enhanced revenue
administration. Also, remittance inflows continue to increase
despite the global economic slowdown, which further underscores
their role in sustaining private consumption and maintaining a
healthy current account surplus.

Over the longer term, the landmark peace agreement signed between
the government and the Moro Islamic Liberation Front (MILF) may
have wider beneficial effects on investment and economic growth
in Mindanao--the country's largest island--which has untapped
agricultural and mining potential.

The government's renewed focus on the mining sector could also
provide further diversity to the economy and an additional stream
of revenue for the government--although such intentions have
faltered in the past.

The banking system provides an additional source of credit
strength in two ways: 1) the lack of contingent risks to the
government's balance sheet; and 2) a stable source of financing
for government debt. The Philippine banking system as a whole
remains reasonably capitalized, profitable, well-managed, and
very liquid. Nearly a third of the government's LC-denominated
debt is held by Philippine banks, while ample FC liquidity has
also contributed to the substantial domestic absorption of FC-
denominated government debt.

In addition, the Philippines' rating continues to be anchored by
important strengths: 1) macroeconomic stability as reflected in
the success of the central bank's inflation targeting regime; and
2) a healthy external payments position comprised of a structural
current account surplus and, recently, increased FDI and
portfolio inflows. Also, the Philippines is now a net external
financial creditor: the central bank's stock of foreign exchange
reserves is larger than the country's stock of external debt.

Taken together, these strengths have contributed to the
appreciation of the peso and lower interest rate costs for the
government. These have in turn helped accelerate the process of
debt consolidation, thus addressing the relatively high stock of
debt, a constraint on the Philippine rating.

The long-term FC deposit ceilings have been maintained at the
same level as the government bond ratings. The likelihood of a
bank default on a FC deposit or other FC short-term liabilities
is mitigated by the presence of ample liquidity in the
Philippines' foreign currency deposit units (FCDUs).

WHAT COULD CHANGE THE RATING--UP

Further progress in addressing the country's key weaknesses may
prompt a positive rating action: the passage and effective
implementation of structural revenue reforms; a more rapid
reduction in the general government debt stock; and an
acceleration of investment spending that ensures a higher
economic growth trajectory.

WHAT COULD CHANGE THE RATING--DOWN

A negative rating action could be prompted by the emergence of
macroeconomic instability that leads to a substantial
deterioration in fiscal and government debt metrics, an increase
in debt servicing costs, and/or an erosion of the country's
external payments position.

METHODOLOGY

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.



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


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


Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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