TCRAP_Public/121107.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, November 7, 2012, Vol. 15, No. 222

                            Headlines


A U S T R A L I A

ABC LEARNING: Liquidator Files Suit Against Big Four Banks
AUSDRILL FINANCE: Moody's Rates US$300MM Sr. Unsecured Notes Ba3
COMMUNITY COLLEGE: Placed Into Liquidation; Directors Face Probe
NORSEMAN GOLD: Administrators Hopeful of Recapitalization
PLANELEC SERVICES: Creditors Want Higher Than AUD6c Payout

RESIMAC SERIES 2012-1NC: S&P Gives 'B' Rating on Class F RMBS
RETAIL ADVENTURES: Chickenfeed Workers May Shun Job Losses


C H I N A

PROVIEW TECHNOLOGY: Shenzhen Court Appoints Liquidators


H O N G  K O N G

KGE INVESTMENT: Chan Sek Kwan Rays Steps Down as Liquidator
LKS LIMITED: Commences Wind-Up Proceedings
MANROSE LIMITED: Members' Final Meeting Set for Nov. 27
MAY SUN: Wong Kwok Hong Steps Down as Liquidator
NEW SHINY: Commences Wind-Up Proceedings

ORION ROYAL: Creditors' Proofs of Debt Due Nov. 26
PINGHSI COMPANY: Seng and Lo Step Down as Liquidators
PRIME PARTNERS: Sole Member' Final Meeting Set for Nov. 29
RBC INVESTMENT: Creditors' Proofs of Debt Due Nov. 26
ROSY GLOBAL: Members' Final Meeting Set for Nov. 26

RR DONNELLEY: Wan and Fung Step Down as Liquidators
SCREENWRITING COURSE: Placed Under Voluntary Wind-Up Proceedings
SHING FUNG: Members' Final Meeting Set for Nov. 27
SHINGON BUDDHISM: Members' Final General Meeting Set for Nov. 29
SILVER PEBBLE: Sung Mi Yin Mella Steps Down as Liquidator


I N D I A

A E INFRA: CRISIL Puts 'CRISIL B+' Rating on INR80MM Loans
AGRA'S RESIDENCY: CRISIL Assigns 'D' Rating to INR160MM LT Loans
BAFNA HOSPITAL: CRISIL Cuts Rating on INR480MM Loans to 'D'
BHOROSHA RICE: CRISIL Assigns 'B-' Rating to INR71MM Loans
CHARIOT INT'L: CRISIL Rates INR38MM LT Loan at 'CRISIL B'

DYNAMIC POLYCOATS: CRISIL Rates INR30MM Cash Credit at 'B+'
ENTRUST GRANITES: CRISIL Puts 'B' Rating on INR120.8MM Loans
GLOBSYN KNOWLEDGE: CRISIL Puts 'B' Rating on INR170MM Loans
INDO SIMON: CRISIL Assigns 'CRISIL B-' Rating to INR82.3MM Loans
KALPAKA TRANSPORT: CRISIL Rates INR90MM Loan at 'CRISIL B+'

LALJEE GODHOO: CRISIL Places 'CRISIL B' Rating on INR120MM Loans
PIL PHARMACEUTICALS: CRISIL Assigns Junk Ratings to INR75MM Loans
SARANYA ELECTRONICS: CRISIL Rates INR60MM Loan at 'CRISIL B+'
SWASHTHIK INDUSTRIEES: CRISIL Puts 'B+' Rating on INR60MM Loans


J A P A N

KAWASAKI KISEN: S&P Assigns 'BB' CCR, Debt Ratings on Watch
SHARP CORP: Fitch Lowers Issuer Default Rating to 'B'
SHARP CORP: Moody's Comments on 1st HalfYear 2012 Results
SHARP CORP: S&P Cuts Corp. Credit Ratings to 'B+'; Still on Watch


I N D O N E S I A

BERAU COAL: Moody's Says Q3 2012 in Line with Expectations
ENERGI MEGA: Moody's Affirms '(P)B2' Corp. Family Rating


N E W  Z E A L A N D

KPR EVENT: Directors Face Probe Over Unpaid Taxes


S I N G A P O R E

HAYWARD TECHNOLOGY: Creditors Get 86.20011% Recovery on Claims
HSS ENGINEERING: Court to Hear Wind-Up Petition on Nov. 23
KANG LIAN: Creditors' Proofs of Debt Due Nov. 16
K T TECHNOLOGY: Creditors Get 2.32644% Recovery on Claims
MACHTRACO ENGINEERING: Creditors' Proofs of Debt Due Nov. 16


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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ABC LEARNING: Liquidator Files Suit Against Big Four Banks
----------------------------------------------------------
Lawyers Weekly reports that the liquidator for the now-defunct
ABC Learning Centre has launched a AUD250 million action against
the Big Four banks on behalf of small unsecured creditors -- a
brave move for an insolvency firm and its lawyers, who rely on
banks for most of their revenue, litigation funder IMF has
claimed.

A banking syndicate, which includes Commonwealth Bank, Westpac,
National Australia Bank and ANZ, has been accused of jumping the
creditor queue in the lead up to the collapse of ABC Learning,
according to Lawyers Weekly.

According to the report, ABC Learning's liquidator Ferrier
Hodgson, which is being represented by Sydney firm Addisons
Lawyers, is now trying to recoup losses for small unsecured
creditors by disputing the validity of the banks' fixed and
floating charge, which secured interest over ABC Learning assets
in June 2008 to the tune of AUD800 million.

John Walker, IMF's executive director, told Lawyers Weekly that
IMF will refer to Section 588FJ of the Corporations Act or, as it
is more commonly known, the 'six-month rule'.  The rule states
that a charge is invalid if a company collapses within six
months.  ABC Learning fell into receivership in November 2008 --
just five months before administrators were appointed, the report
notes.

"The onus is now on the banks to prove that ABC Learning was
solvent at the time they took the charge," Mr. Walker, as cited
by Lawyers Weekly, explained; while IMF has to prove the banks
received money after the charge was taken.

Lawyers Weekly relates Mr. Walker said the action by Ferrier
Hodgson is unusual and should be commended, pointing out that
bank charges are rarely challenged because "insolvency
practitioners and their lawyers rely on banks for the bulk of
their work".

The case outcome will be significant for insolvency lawyers,
according to Mr. Walker, with the decision providing clarity on
whether book debts (money owed by customers) are part of a fixed
charge or a floating charge, Lawyers Weekly relays.

"A ruling on this area is important for the law going forward
. . . it assists insolvency lawyers in the future by making
Australian law more certain," Mr. Walker told Lawyers Weekly.

                         About ABC Learning

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

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

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

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

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


AUSDRILL FINANCE: Moody's Rates US$300MM Sr. Unsecured Notes Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
US$300 million of 6.875% 144A guaranteed senior unsecured notes
due 2019, issued by Ausdrill Finance Pty Ltd, a 100% owned and
guaranteed subsidiary of Ausdrill Limited (Ba2 Stable).

The rating outlook is stable.

Ratings Rationale

Moody's definitive ratings on these notes confirm the provisional
ratings assigned on 22 October 2012. Moody's rating rationale was
set out in a press release published on the same day.

The company intends to mainly use the proceeds from the issuance
to repay existing indebtedness.

The principal methodology used in rating Ausdrill Limited and
Ausdrill Finance Pty Ltd was the Global Business & Consumer
Service Industry Rating Methodology published in October 2010.


COMMUNITY COLLEGE: Placed Into Liquidation; Directors Face Probe
----------------------------------------------------------------
ABC News reports that Community College East Gippsland, in south-
east Victoria, has been placed into liquidation and its board
members will be investigated for insolvent trading.

About 30 creditors made the decision at a meeting in Bairnsdale
on November 2, the report says.

ABC News relates that the college was placed into voluntary
administration on October 1, after its CEO Debra Parker raised
concerns about finances and inferior education practices.

According to the report, administrator Andrew Hewitt said
insolvent trading investigations will take months.

"It's certainly a statutory requirement I have and something I
will be doing is to try and understand the financial picture of
the company and the incorporated association, and if it traded
whilst insolvent, and if it's determined that is the case, then I
can commence an action in that respect," the report quotes Mr.
Hewitt as saying.

ABC News relates that Mr. Hewitt has also revealed that the
number of students who hold invalid qualifications now stands at
379, down from 800.

He says investigations into the status of first aid
qualifications obtained at the college since 2011 should end next
month, ABC News adds.

Mr. Hewitt, as cited by ABC News, said any leftover money will be
distributed among creditors and course refunds for some students.

Andrew Hewitt of Grant Thornton Australia has been appointed as
voluntary administrator of Community College East Gippsland. CCEG
has ceased to trade effective Oct. 1, 2012.


NORSEMAN GOLD: Administrators Hopeful of Recapitalization
---------------------------------------------------------
Nick Evans at The West Australian reports that the administrators
of Norseman Gold's main operating subsidiary expect to be able to
recapitalize it by the middle of December, despite shuttering its
sole remaining mining operation last week at a cost of more than
30 jobs.

The report relates that Ron Dean-Willcocks, of administrators
Dean-Willcocks Shepard, said Central Norseman Gold had ceased
operations at the North Royal open pit, terminating 31 jobs.

He added that Norseman continued to process ore from the pit as
well as from tailings from other mines, and 105 workers remained
employed, the report relays.

"The administrator continues to work with management to continue
the operations of the company and it is currently proposed that a
deed of company arrangement will be put to creditors by mid-
December facilitating the ongoing trading of the company," The
West Australian quotes Mr. Dean-Willcocks as saying.

The report notes that it is understood a rescue package could
include a significant investment by Hong Kong-listed Zhaojin
Mining Industry Co.

In August, The West Australian recalls, Zhaojin had agreed to
take a 9% stake in Norseman through a deal with the embattled
miner's major shareholder, Tulla Resources, which had
underwritten an earlier $25 million placement.

According to the report, it is not clear whether Zhaojin had
received the necessary Australian and Chinese government
approvals for the $4 million investment before the October 3
decision to place Central Norseman in receivership.

But sources said Zhaojin executives have been conducting due
diligence and the Chinese player could emerge as a significant
shareholder in a recapitalised Norseman Gold, the report relays.

                       About Norseman Gold

Norseman Gold plc -- http://www.norsemangoldplc.com/-- is
engaged in gold mining operation.  The Company operates in two
operating mines, which include the Harlequin high-grade
underground gold mine; and the North Royal Open Pit mine.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 5, 2012, Proactiveinvestors.co.uk said Norseman Gold Plc
appointed an administrator to its main operating subsidiary CNGC
after production problems at the Norseman mine left it short of
cash. Norseman's directors said they propose to submit a deed of
company arrangement for consideration of creditors that will
provide for the continuation of the business of CNGC and control
to be returned to them.  Ron Dean-Willcocks of Dean-Willcocks
Shepard who had been appointed administrator to CNGC said he
intends to continue to run the Norseman Mine as a going concern,
Proactiveinvestors.co.uk added.


PLANELEC SERVICES: Creditors Want Higher Than AUD6c Payout
----------------------------------------------------------
Ian Kirkwood at Newcastle Herald reports that Planelec Services'
creditors said they want more than the 6 cents in the dollar the
company is offering them to stay out of liquidation.

Newcastle Herald relates that a meeting to consider a deed of
company arrangement was adjourned November 1 after creditors
demanded answers to three pages of questions put from the floor
to the company's administrators, insolvency specialists
HoskingHurst.

According to the report, the adjournment vote was tied so
HoskingHurst partner Philip Hosking used his chairman's vote to
defer the meeting until December 6.

Newcastle Herald reported earlier that Planelec Services amassed
big losses this year on a coal preparation plant at Boggabri.
The report relates that the owners sold the business to a related
company, Planelec Pty Ltd, and put Planelec Services into
administration with debts of AUD4.5 million to more than 160
unsecured creditors.

Newcastle Herald says Planelec intends paying undisclosed
"essential creditors" their full debts of about AUD900,000.
The remaining creditors, owed AUD3.6 million, would be paid less
than AUD200,000 over two years, or less than 6 cent in the
dollar.

The report notes that Planelec spokesman Philip Beazley defended
the dual payment scales, saying the company was forced to pay
those companies to stay in business.

According to the Newcastle Herald, Mr. Beazley said the
shareholders and directors were doing all they could to ensure
people were paid as much as possible.

The report adds that director Martin Swift said the company was
working to protect the jobs of 50 employees and having it voted
into liquidation would help nobody.

He said he and his partners had lost about AUD2 million in
Planelec, Newcastle Herald reports.

Planelec Services Pty Ltd is a Beresfield-based electrical,
construction and engineering company.


RESIMAC SERIES 2012-1NC: S&P Gives 'B' Rating on Class F RMBS
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
of the eight classes of residential mortgage-backed securities
(RMBS) issued by Perpetual Trustee Company Ltd. as trustee of
RESIMAC Bastille Trust in respect of RESIMAC Series 2012-1NC.
RESIMAC Series 2012-1NC is a securitization of a pool of
nonconforming and prime residential mortgages originated by
RESIMAC Ltd.

The ratings reflect:

    S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned
    to the trust after the closing date.

    S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including principal draws
    and an amortizing liquidity facility equal to 3.2% of the
    initial invested amount of all notes, subject to a floor of
    A$1,920,000, are sufficient under our stress assumptions to
    support timely payment of interest on the rated notes.

    S&P's view that the credit support is sufficient to withstand
    the stresses it applies.  This credit support comprises
    mortgage insurance for 40% of the portfolio, which covers
    100% of the face value of those loans, their accrued
    interest, and reasonable costs of enforcement; and note
    subordination for the class A1, class A2, class B, class C,
    class D, class E, and class F notes," S&P said.

    The benefit of a fixed-to-floating interest-rate swap
    provided by National Australia Bank Ltd. (AA-/Stable/A-1+),
    to hedge the mismatch between receipts from any fixed-rate
    mortgage loans and the variable-rate RMBS.

    The condition that a minimum margin will be maintained on the
    residential mortgage loans.

    The availability of a retention amount built from excess
    spread, and which will be applied monthly to repay the most
    subordinated rated note at that time. An equal amount of
    unrated class G notes will be issued at the same time to
    maintain the level of credit support available to the rated
    notes.

    The availability of an amortization amount built from excess
    spread, starting two months after the call date onward, to
    absorb any mortgage losses.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard and Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
     http://standardandpoorsdisclosure-17g7.com/1048.pdf

RATINGS ASSIGNED
Class       Rating          Amount (mil. A$)
A1          AAA (sf)        208.20
A2          AAA (sf)         34.80
B           AA (sf)          27.00
C           A (sf)           11.10
D           BBB (sf)          7.80
E           BB (sf)           5.10
F           B (sf)            2.28
G           N.R.              3.72

N.R.-Not rated


RETAIL ADVENTURES: Chickenfeed Workers May Shun Job Losses
----------------------------------------------------------
Nick Clark at themercury.com.au reports that Chickenfeed
employees are expected to escape the latest jobs purge at failed
discount chain Retail Adventures.

But in a blow to the iconic status of the Chickenfeed name, it is
expected the nine remaining Tasmanian stores will be rebranded as
Crazy Clark's, themercury.com.au says.

According to the report, Deloitte administrator Vaughan
Strawbridge said on November 1 that 420 jobs would be terminated
from 32 stores to be closed in New South Wales, Queensland,
Victoria, South Australia and ACT by Christmas.  None of the
remaining Chickenfeed stores in Tasmania are expected to shut.

themercury.com.au notes that soon after going into administration
on October 26, Chickenfeed closed 12 Tasmanian stores, costing
120 jobs.

The report says Kathmandu founder Jan Cameron's company DSG
Holdings is running 238 Crazy Clark's and Sam's Warehouse stores
under a license agreement with Retail Adventures in a deal with
the voluntary administrators.

It enabled Ms. Cameron to continue investing in the company, buy
stock and operate during the Christmas period, the report relays.

themercury.com.au reports that Mr. Strawbridge and joint
administrators are running the remaining 32 stores from which the
420 jobs will go while an investigation into their viability is
done.

According to themercury.com.au, the spokesman said that at a
second creditors' meeting, administrators would present two
options to creditors: a deed of company arrangement in which they
would receive a number of cents in the dollar, or the 238 stores
would be sold.

Ms. Cameron's company, Bicheno Investments, is the only secured
creditor of Retail Adventures, with a loan to the business of up
to AUD120 million, themercury.com.au discloses.

It is expected that any sale proceeds will be returned to Bicheno
Investments, the report adds.

                       About Retail Adventures

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

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

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



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PROVIEW TECHNOLOGY: Shenzhen Court Appoints Liquidators
-------------------------------------------------------
South China Morning Post reports that Proview Technology
(Shenzhen) is headed for liquidation, just four months after
taking a record settlement from Apple for the iPad's trademarks
on the mainland.

In a filing with the Hong Kong stock exchange on November 2, SCMP
relates, parent Proview International Holdings said the Shenzhen
Intermediate Court had appointed a liquidation administrator for
its debt-mired subsidiary on October 24.

According to the report, the winding-up process for Proview
Technology followed the final judgment made on September 10 by
the Higher People's Court of Guangdong Province, which decided in
favor of the appeal lodged by creditor Fubon Insurance.

That ruling revoked the first instance judgment made on March 27
by the Shenzhen court, which had rejected Fubon's bankruptcy
application against Proview Technology, the report relays.

SCMP reports that Sun Min, the chairman and chief executive of
Proview International, said further announcements regarding any
significant development in that lawsuit "will be made when
appropriate".  The court-appointed liquidation administrator was
not identified, says SCMP.

Proview Technology (Shenzhen) Co., Ltd., is a Shenzhen-based
maker of computer screens and LED lights.



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


KGE INVESTMENT: Chan Sek Kwan Rays Steps Down as Liquidator
-----------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of KGE Investment
(Hong Kong) Limited on Oct. 19, 2012.


LKS LIMITED: Commences Wind-Up Proceedings
------------------------------------------
Members of LKS Limited, on Oct. 18, 2012, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

         Fung Chi Chung
         Room 211, 2/F
         Sterling Centre
         11 Cheung Yue Street
         Cheung Sha Wan
         Kowloon, Hong Kong


MANROSE LIMITED: Members' Final Meeting Set for Nov. 27
-------------------------------------------------------
Members of Manrose Limited will hold their final general meeting
on Nov. 27, 2012, at 10:00 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


MAY SUN: Wong Kwok Hong Steps Down as Liquidator
------------------------------------------------
Wong Kwok Hong stepped down as liquidator of May Sun Chan Limited
on Oct. 24, 2012.


NEW SHINY: Commences Wind-Up Proceedings
----------------------------------------
Members of New Shiny Investment 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, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


ORION ROYAL: Creditors' Proofs of Debt Due Nov. 26
--------------------------------------------------
Creditors of Orion Royal Pacific (Nominees) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 26, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


PINGHSI COMPANY: Seng and Lo Step Down as Liquidators
-----------------------------------------------------
Seng Sze Ka Mee Natalia and Lo Yee Har Susan stepped down as
liquidators of Pinghsi Company Limited on Oct. 12, 2012.


PRIME PARTNERS: Sole Member' Final Meeting Set for Nov. 29
----------------------------------------------------------
Sole Member of Prime Partners Limited will hold their final
general meeting on Nov. 29, 2012, at 10:30 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.


RBC INVESTMENT: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------
Creditors of RBC Investment and Finance Services (Asia) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Nov. 26, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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


ROSY GLOBAL: Members' Final Meeting Set for Nov. 26
---------------------------------------------------
Members of Rosy Global Limited will hold their final general
meeting on Nov. 26, 2012, at 9:00 a.m., at Room 1101, 11/F, China
Insurance Group Building, at 141 Des Voeux Road Central, in Hong
Kong.

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


RR DONNELLEY: Wan and Fung Step Down as Liquidators
---------------------------------------------------
Osman Mohammed Arab and Wong Tak Man Stephen stepped down as
liquidators of RR Donnelley (Hong Kong) Limited on Oct. 16, 2012.


SCREENWRITING COURSE: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Screenwriting Course Alumni Association (Hong Kong)
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Fung Chi Chung
         Flat H, 10/F
         Block 8, Fullview Garden
         18 Siu Sai Wan Road
         Siu Sai Wan, Hong Kong


SHING FUNG: Members' Final Meeting Set for Nov. 27
--------------------------------------------------
Members of Shing Fung Lee Limited will hold their final meeting
on Nov. 27, 2012, at 11:00 a.m., at 33rd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, Fu Yat Hung David and Young Wai Heng Matthew, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SHINGON BUDDHISM: Members' Final General Meeting Set for Nov. 29
----------------------------------------------------------------
Members of Shingon Buddhism Hong Kong Limited will hold their
final general meeting on Nov. 29, 2012, at Room 1307-8 Dominion
Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong.

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


SILVER PEBBLE: Sung Mi Yin Mella Steps Down as Liquidator
---------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of Silver Pebble
Holdings Limited on Oct. 17, 2012.



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A E INFRA: CRISIL Puts 'CRISIL B+' Rating on INR80MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A E Infra Projects Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term        49       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Letter Of Guarantee       20       CRISIL A4 (Assigned)

   Overdraft Facility        31       CRISIL B+/Stable (Assigned)

The ratings reflect AEIPL's small scale of operations, below-
average financial risk profile, marked by small net worth, high
gearing, and healthy debt protection metrics, and geographical
concentration in its revenue profile. These rating weaknesses are
partially offset by the benefits that AEIPL derives from long-
standing experience of its promoters in the civil construction
industry and moderate order book position.

Outlook: Stable

CRISIL believes that AEIPL will continue to benefit over the
medium term from its promoter's long-standing experience in the
civil construction industry and moderate order book position. The
outlook may be revised to 'Positive' if the company reports
substantial growth in its scale of operations and cash accruals
while maintaining profitability and working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case
there is a decline in the company's revenues or significant
deterioration in its profitability, adversely impacting its
financial risk profile.

                     About A E Infra Projects

AEIPL was incorporated in 2009, promoted by Mr. Mukesh N Barot
and Mr. Rajesh N Barot. The company is a civil contractor based
in Mumbai and undertakes subcontracting, mostly in Thane and
Sangli (both in Maharashtra).

AEIPL, on a provisional basis, reported a profit after tax (PAT)
of INR4.5 million on net sales of INR109.6 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR0.3 million on net sales of INR2.4 million for 2010-11.


AGRA'S RESIDENCY: CRISIL Assigns 'D' Rating to INR160MM LT Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Agra's Residency Pvt Ltd. The rating reflects
instances of delay by ARPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long-Term Loan         160       CRISIL D (Assigned)

ARPL also has a weak financial risk profile, marked by a small
net worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of ARPL's management in the hotel industry.

                       About Agra's Residency

Established in 2008 by Mr. Pramod Kumar Agarwal and his family,
ARPL operates a three-star hotel, Mercure, in Hyderabad (Andhra
Pradesh). The hotel commenced commercial operations in April
2010.

ARPL reported a net loss of INR0.3 million on net sales of INR99
million for 2011-12 (refers to financial year, April 1 to
March 31) as against net loss of INR5.3 million on net sales of
INR56 million for 2010-11.


BAFNA HOSPITAL: CRISIL Cuts Rating on INR480MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bafna Hospital and Orthopaedic Research Centre Pvt Ltd to
'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              300       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan              180       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects instances of delay by Bafna in servicing
the interest payment on its term loan availed by the company to
set up a 230-bed hospital (which has an estimated cost of INR760
million). The delay has been caused by weakening of the company's
liquidity because of delay in completion of the new hospital.

Bafna is susceptible to risks related to implementation and
demand offtake for its ongoing project, and its small scale of
existing operations. These weaknesses are partially offset by the
promoters' longstanding experience in the healthcare delivery
sector.

                      About Bafna Hospital

Incorporated in 1999, Bafna runs a 30-bed hospital for
orthopaedic and trauma cases in Indore (Madhya Pradesh).

Bafna reported a profit after tax (PAT) of INR11.5 million on net
sales of INR18 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.2 million on net
sales of INR17.7 million for 2010-11.


BHOROSHA RICE: CRISIL Assigns 'B-' Rating to INR71MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Bhorosha Rice Mill Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B-/Stable (Assigned)
   Term Loan                9.5     CRISIL B-/Stable (Assigned)
   Bank Guarantee           1.0     CRISIL A4 (Assigned)
   Proposed Long-Term       1.5     CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The ratings reflect BRMPL's weak financial risk profile, weak
liquidity resulting from its large inventory, and susceptibility
to volatility in raw material prices and adverse changes in
government regulations. These rating weaknesses are partially
offset by the extensive experience of BRMPL's promoter in rice
milling and its diversified customer base.

Outlook: Stable

CRISIL believes that BRMPL will continue to benefit from its
promoter's extensive experience in the rice milling industry and
diversified customer base over the medium term. The outlook may
be revised to 'Positive' in case of substantial cash accruals,
improved working capital management, or capital infusion by
promoters, leading to significant improvement in BRMPL's
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if BRMPL's liquidity
deteriorates, most likely because of a delay in the company's
proposed capex plan, leading to cost overrun, deterioration in
working capital management, or lower-than-expected cash accruals.

Incorporated in 1998, BRMPL is engaged in milling non-basmati
parboiled rice at its facility in Burdwan (West Bengal). BRMPL's
daily operations are looked after by its promoter-director Mr.
Nazmul Haque. The company markets its product under the Kohinoor
brand.


CHARIOT INT'L: CRISIL Rates INR38MM LT Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Chariot International Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit         55        CRISIL A4 (Assigned)
   Letter of Credit        5        CRISIL A4 (Assigned)
   Long-Term Loan         38        CRISIL B/Stable (Assigned)

The ratings reflect CIPL's small scale of operations in the
intensely competitive granite processing industry and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of CIPL's promoters
in the granite processing industry and its moderate financial
risk profile, marked by comfortable gearing and moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that CIPL will continue to benefit from its
promoter's industry experience over the medium term. The outlook
may be revised to 'Positive' if the company significantly
increases its revenues and profitability on a sustainable basis
or improves its working capital management, resulting in improved
liquidity. Conversely, the outlook may be revised to 'Negative'
if CIPL's liquidity deteriorates, most likely due to stretched
receivables, or in case of a considerable decline in revenues, or
if the company undertakes a large, debt-funded capital
expenditure, thereby weakening its financial risk profile.

CIPL, set up in 1992, is engaged in granite processing. The
company's day-to-day operations are managed by Mr. Sandeep. K.
Wadhwa.

For 2011-12 (refers to financial year, April 1 to March 31), CIPL
reported, on a provisional basis, a profit after tax (PAT) of
INR9.2 million on net sales of INR196 million, against a PAT of
INR7.7 million on net sales of INR208 billion for 2010-11.


DYNAMIC POLYCOATS: CRISIL Rates INR30MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dynamic Polycoats Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            30        CRISIL B+/Stable (Assigned)
   Letter of Credit       60        CRISIL A4 (Assigned)

The ratings reflect Dynamic's modest scale of operations in
fragmented industry and average financial risk profile, marked by
a small net worth. These rating weaknesses are partially offset
by the extensive experience of Dynamic's promoters and
established supplier relationships.

Outlook: Stable

CRISIL believes that Dynamic will continue to benefit from the
extensive experience of the company's promoters and its
established relationships with its suppliers. The outlook may be
revised to 'Positive' in case of significant improvement
Dynamic's scale of operations and profitability, resulting in
larger-than-expected cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of larger-than-expected working capital requirements or
less-than-expected cash accruals, resulting in further pressure
on the liquidity of the company.

                     About Dynamic Polycoats

Dynamic was incorporated in 2007, promoted by Mr. Madan Mohan
Mittal and Mr. Vikas Mittal. It trades in polyurethane (PU)
resins. Based in Delhi, the company caters to the footwear
industry and supplies PU resins to companies such as Bata India
Ltd., Relaxo Footwears Ltd., Liberty Shoes Ltd. etc. The
promoters' family has over 25 years of experience in the
Polyvinyl Chloride (PVC) manufacturing and trading industry.


ENTRUST GRANITES: CRISIL Puts 'B' Rating on INR120.8MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the long-term bank facilities of Entrust Granites Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          5        CRISIL A4 (Assigned)
   Bank Guarantee         15        CRISIL A4 (Assigned)
   Bill Purchase           5        CRISIL A4 (Assigned)
   Letter of Credit        4.2      CRISIL A4 (Assigned)
   Cash Credit            10        CRISIL B/Stable (Assigned)
   Proposed Long-Term     67.5      CRISIL B/Stable (Assigned)
   Bank Loan Facility
   Term Loan              43.3      CRISIL B/Stable (Assigned)

The ratings reflects EGL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, large working
capital requirements, and small scale of operations in the
intensely competitive granite industry. These rating weaknesses
are partially offset by the benefits that EGL derives from its
promoters' extensive experience in the granite industry and the
financial support that it receives from them.

Outlook: Stable

CRISIL believes that EGL will continue to benefit over the medium
term from its promoters' extensive industry experience and the
financial support that it receives from them. The outlook may be
revised to 'Positive' if the company registers more-than-expected
growth in its revenues, thereby leading to improvement in its
financial risk profile on account of increase in its cash
accruals. Conversely, the outlook may be revised to 'Negative' if
EGL's financial risk profile deteriorates because of lower-than-
expected cash accruals and large incremental working capital
requirements.

EGL, incorporated in 2010, is promoted by Mr. Banaram Chaudhary
and his family. The company commenced commercial production in
November 2011. It processes granite slabs. EGL has quarries in
Udaipur (Rajasthan).


GLOBSYN KNOWLEDGE: CRISIL Puts 'B' Rating on INR170MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Globsyn Knowledge Foundation.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               160.0      CRISIL B/Stable (Assigned)
   Cash Credit              10.0      CRISIL B/Stable (Assigned)
   Bank Guarantee            2.5      CRISIL A4 (Assigned)

The ratings reflect GKF's below-average financial risk profile,
marked by negative cash accruals, owing to nascent stage of
operations, and vulnerability to regulatory risks associated with
educational institutions. These rating weaknesses are partially
offset by the extensive industry experience of GKF's promoters
and their funding support, coupled with healthy demand prospects
for the education industry.

Outlook: Stable

CRISIL believes that GKF will benefit from the long-standing
experience of its promoters in the education industry. The
outlook may be revised to 'Positive' in case of earlier-than-
expected and significant ramp-up in sales and profitability,
coupled with increase in intake of students, or in case the
project is completed before time within the budgeted cost.
Conversely, the outlook may be revised to 'Negative' in case of
less-than-expected ramp up in sales and profitability or in case
of more-than-expected deterioration in liquidity of the trust.

                      About Globsyn Knowledge

GKF was founded in December 2004 in Kolkata (West Bengal) by
Mr. Bikram Dasgupta. The trust is run by its parent company,
Globsyn Technologies Ltd, which is in the software and education
industry.


INDO SIMON: CRISIL Assigns 'CRISIL B-' Rating to INR82.3MM Loans
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable/CRISIL A4' ratings to the
bank facilities of Indo Simon Electric Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              17.3      CRISIL B-/Stable (Assigned)
   Proposed Term Loan     20        CRISIL B-/Stable (Assigned)
   Cash Credit            45        CRISIL B-/Stable (Assigned)
   Letter of Credit       17.5      CRISIL A4 (Assigned)

The ratings reflect ISE's weak financial risk profile driven by
large cash losses incurred by the company over the past three
years, small scale of operations in a highly fragmented industry,
and large working capital requirements. These rating weaknesses
are partially offset by the promoters' extensive experience in
electric industry, and large funding support.

Outlook: Stable

CRISIL believes that ISE's business risk profile will remain
constrained due to negative cash accruals; however, it is
expected to benefit from its promoters' funding support and
extensive industry experience. The outlook may be revised to
'Positive' in case ISE's liquidity improves driven by positive
cash accruals. Conversely, the outlook may be revised to
'Negative' in case there is further deterioration in ISE's
liquidity driven by higher-than-expected losses.

                         About Indo Simon

Incorporated in August 2006, ISE is a joint venture between Eon
Electric Ltd, formerly known as Indo Asian Fusegear Ltd (51%),
and Simon Holdings, Spain (49%). The company started its
operation in April 2009; it manufactures electrical switches and
sockets under its own brand mainly Hausmann and Indios. Its
manufacturing facility is located in Haridwar (Uttarakhand).


KALPAKA TRANSPORT: CRISIL Rates INR90MM Loan at 'CRISIL B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Kalpaka Transport Company Pvt Ltd (part of
the KTCO group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      90       CRISIL B+/Stable (Assigned)

The rating reflects the KTCO group's below-average financial risk
profile, marked by a high gearing and modest debt protection
metrics, working-capital-intensive operations, and susceptibility
to intense competition in the road freight transport industry.
These rating weaknesses are partially offset by the benefits that
the KTCO group derives from its established position in the road
freight transport business and its diversified customer profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTCPL and Kerala Transport Company,
together referred to as the KTCO group. This is because both
entities are in the same line of business, under a common
management, and have significant operational linkages and
fungible cash flows.

Outlook: Stable

CRISIL believes that the KTCO group will continue to benefit over
the medium term from its promoters' extensive experience in the
road freight transport segment and established tie-ups with its
clientele. The outlook may be revised to 'Positive' if the KTCO
group reports a significant increase in its profitability,
supported by improvement in its working capital management,
leading to an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the KTCO group's debt
protection metrics deteriorate, most likely because of lower-
than-expected growth in operating revenues, decline in profit
margin, or larger-than-expected debt-funded capital expenditure
programme.

                         About the Group

Set up in 1958 and based in Kerala, KTC is a partnership firm set
up by Mr. P V Sami. The firm is managed by Mr. P V Chandran (son
of Mr. P V Sami), his brother, Mr. P V Gangadharan, and grandson,
Mr. P V Nidhish. KTC provides freight transportation services
largely to companies manufacturing fast-moving consumer goods,
automobiles, paints, and tyres all over India. Besides the
logistics business, the KTCO group also owns and operates two
Indian Oil Corporation Ltd (IOCL) fuel bunks in Calicut (Kerala)
and provides air cargo clearing and custom house agency services
at the Nedumbassery Airport and the Cochin Port.

KTCPL was incorporated in 1973, and provides freight
transportation services. The company also owns and operates one
IOCL fuel bunk in Calicut.

In 2011-12 (refers to financial year, April 1 to March 31), the
KTCO group, on a provisional basis, reported a profit after tax
(PAT) of INR30.1 million on net sales of INR1.93 billion, as
against a PAT of INR21.1 million on net sales of INR1.78 billion
for 2010-11.


LALJEE GODHOO: CRISIL Places 'CRISIL B' Rating on INR120MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Laljee Godhoo & Co.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long-Term      20       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit            100       CRISIL B/Stable (Assigned)

   Letter of Credit        30       CRISIL A4 (Assigned)

The ratings reflect LGC's working capital intensive operations,
susceptibility of margins to volatility in raw material prices,
and weak financial risk profile marked by modest net worth and
high indebtedness. These rating weaknesses are partially offset
by the benefit that LGC derives from its established presence in
asafoetida processing business with established customer and
supplier base.

Outlook: Stable

CRISIL expects Laljee Godhoo & Co. to benefit from its
established presence in asafetida processing over the medium
term. The outlook may be revised to 'Positive' if there is a
sustained and substantial improvement in LGC's capital structure
and working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of decline in its revenues or margins or
further deterioration in its financial risk profile on account of
stretch in its working capital cycle.

                        About Laljee Godhoo

Laljee Godhoo & Co. is a partnership firm established in 1894.
The firm is into the manufacturing of compounded asafoetida which
is used as a flavoring agent. Bimal Merchant, Jyoti Merchant,
Heena Merchant, Aroon Vahalia, Pallav Bhatt, and Karna Vahalia
the partners in the firm. The firm has its office in Mumbai.

For 2011-12 (refers to financial year, April 1 to March 31), LGC
reported, a profit after tax (PAT) of INR61 million on net sales
of INR1.4 billion, against a PAT of INR35 million on net sales of
INR1.3 billion for 2010-11.


PIL PHARMACEUTICALS: CRISIL Assigns Junk Ratings to INR75MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of PIL Pharmaceuticals Pvt Ltd (part of the PIL
group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL D (Assigned)
   Term Loan               50       CRISIL D (Assigned)

The rating reflects instances of delays by the PIL group in
servicing its term debt obligations; the delays have been caused
by the group's weak liquidity. The group's liquidity has been
adversely affected because the group's newly set up injectable
unit is yet to stabilize its operations which have led to lower
than envisaged cash accruals.

PIL's rating also factors the group's moderate scale of
operations combined with exposure to intense competitive
pressures in the pharmaceuticals industry. These rating
weaknesses are partially offset by extensive experience of PIL
group's promoters in the pharmaceuticals industry and its diverse
product profile.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Psychotropics India Ltd (PIL) and
PILPPL, together referred to as the PIL Group. This is because
PIL and PILPPL have a common management and have significant
business alignment.

                          About the Group

Established in 1986 by Mr. Navdeep Chawla, PIL manufactures and
sells pharmaceutical formulations. Its product range includes
analgesic, nutritional, dermatological, anti-allergic, anti-
diabetic, anti-fungal, and anti-depressant formulations. The
company's manufacturing facilities are located at Haridwar
(Uttarakhand) and Faridabad (Haryana). PIL also undertakes
contract manufacturing for capsules and medicines, and packages
them as per client specifications. It started antibiotics
business through PILPPL; incorporated in 2007.

The PIL group reported a profit after tax (PAT) of INR16.64
million on revenues of INR1.14 billion for 2011-12, as against a
PAT of INR45.66 million on revenues of INR841.22 million for
2010-11.


SARANYA ELECTRONICS: CRISIL Rates INR60MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Saranya Electronics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        10.00      CRISIL A4 (Assigned)
   Cash Credit           60.00      CRISIL B+/Stable (Assigned)

The ratings reflect the working-capital-intensive nature of
SEPL's operations and below-average financial risk profile marked
by small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SEPL's management in electronic and telecommunication equipment
industry, and established customer base.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
management's extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if SEPL reports more-
than-expected revenue growth while maintaining its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' in case of a decline in SEPL's operating income and
profitability, or if the company undertakes any large, debt-
funded capital expenditure programme, significantly weakening its
capital structure.

                     About Saranya Electronics

SEPL was incorporated in December 2003 by Mrs. C Sailaja and Mrs.
K Radhika to take over the business of the partnership firm Sri
Communications which was established in 1998. It is an ISO
9001:2000 certified company that develops electronics and
telecommunication equipment mainly for Indian Railways.

SEPL reported on provisional basis, a profit after tax (PAT) of
INR11 million on net sales of INR161 million for 2011-12 (refers
to financial year, April 1 to March 31) as against a PAT of INR7
million on net sales of INR156 million for 2010-11.


SWASHTHIK INDUSTRIEES: CRISIL Puts 'B+' Rating on INR60MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' to the long-term bank
facility of Swashthik Industriees (SI; part of Swashthik group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Assigned)
   Long-Term Loan          30       CRISIL B+/Stable (Assigned)

The rating reflects the Swashthik group's below-average financial
risk profile, marked by high gearing, its moderate scale of
operations, and susceptibility to intense competition in the
packaging industry. These rating weaknesses are partially offset
by the Swashthik group's established market position in the
polyethylene terephthalate (PET) preforms segment and stable
customer base.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SI with those of Swashthik Caps Pvt
Ltd and Swashthik Preforms Private Limited.  This is because all
the three entities, together referred to as the Swashthik group,
are in same line of business, share a common management, and have
operational linkages.

Outlook: Stable

CRISIL believes that the Swashthik group will maintain a stable
credit risk profile over the medium term, supported by the
management's experience in the packaging industry and the group's
established customer relationships. The outlook may be revised to
'Positive' in case of a significant improvement in the group's
working capital management or a substantial increase in cash
accruals, resulting in a sustained improvement in the group's
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' in case of any deterioration in the group's
cash accruals, or if the group undertakes a larger-than-expected,
debt-funded capital expenditure programme, causing its financial
risk profile to weaken.

                        About the Group

The Swashthik group comprises SPPL, SCPL and SI. All three
entities are based in Puducherry and are in the packaging
industry.

Established in 2007 as a partnership entity, SPPL was
reconstituted as a private limited company in June 2011. SPPL
manufactures PET preforms.

Established in 2007 as a partnership entity, SCPL was
reconstituted as a private limited company in June 2011. SCPL
manufactures single stage bottles, caps and preforms.

Established in 2011, SI manufactures preforms and PET bottles.

For 2011-12 (refers to financial year, April 1 to March 31), the
Swashthik group, on a provisional basis, reported a loss of INR3
million on net sales of INR588 million as against PAT of INR15
million on net sales of INR401 million for 2010-11.



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


KAWASAKI KISEN: S&P Assigns 'BB' CCR, Debt Ratings on Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BB' long-term corporate credit and
debt ratings on Kawasaki Kisen Kaisha Ltd. "The CreditWatch
placement reflects our opinion that weak fundamentals in the
shipping industry may prevent Kawasaki Kisen from restoring its
financial standing to a level commensurate with the current
rating," S&P said.

"Ongoing weak fundamentals in the shipping industry are likely to
slow a recovery in Kawasaki Kisen's financial performance, in our
opinion. Kawasaki Kisen recently lowered its earnings forecast
for fiscal 2012 (ending March 31, 2013). It now expects to make a
JPY16 billion operating profit and a JPY2 billion net profit. The
downward revision was primarily a result of a persistently
depressed dry bulk market due to structural overcapacity and
softening rates for container freight on the Japan-Europe route
following a recovery in spring. We see increasing downside risk
in our assumptions that Kawasaki Kisen will gradually recover
profitability and generate positive free cash flow in fiscal 2012
and 2013 amid economic slowdowns in Europe and China and the
persistent strength of the yen. Kawasaki Kisen's downward
revision to forecast earnings was moderate compared with those of
its Japanese peers. Kawasaki Kisen has also been taking steps to
improve profitability and cash flow. Nevertheless, we are
skeptical as to whether these measures will be sufficient
to absorb pressure from tough market conditions. A slower
recovery in profit and cash flow could lead us to conclude that
Kawasaki Kisen is unlikely to restore its financial standing to a
level sufficient for the current rating. In our base case, we
expect the company's EBITDA margin to gradually recover to about
10% and its debt to EBITDA to fall below 5x in fiscal 2013 from a
level well above 10x in fiscal 2011," S&P said.

"We aim to resolve the CreditWatch status within the next 90
days, after meeting management and examining prospects for a
recovery in Kawasaki Kisen's profitability, cash flow, and
financial standing amid harsh business conditions. We will focus
on the outlook for the shipping market, countermeasures the
company is taking, and its plans for capital expenditures and
asset sales. We will also reassess the company's liquidity, which
was improved through an equity issue and the company's securing
of a subordinated loan in July, in light of harsh business
conditions. We may lower the rating on Kawasaki Kisen one to two
notches if we conclude that the company's debt to EBITDA is
unlikely to fall below 5x in fiscal 2013," S&P said.


SHARP CORP: Fitch Lowers Issuer Default Rating to 'B'
-----------------------------------------------------
Fitch Ratings downgraded Japan-based Sharp Corporation's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'B-' from 'BBB-'.  The ratings remain on Rating Watch Negative
(RWN).

The downgrade reflects growing risks to Sharp's liquidity
position, reinforcing Fitch's view that the technology company
will struggle to turn its business around.  The RWN reflects
potential further weakness in Sharp's liquidity position in the
short-term due to the company's upcoming debt maturity and
limited access to the capital market.

Sharp's cash balance was JPY221 billion as of end-September 2012,
significantly short of the JPY898 billion debt maturing within
the next one year.  In addition, Sharp is likely to see the
previously agreed capital injection of JPY67 billion from Hon-Hai
Group reduced following the fall in its share price to around 70%
below the JPY550/share agreed with Hon Hai Group.  The company is
undertaking asset sales to raise cash.

Although Sharp succeeded in raising JPY360 billion secured loans
from its major banks in September 2012, continuing support from
these creditors may not be forthcoming when the loans fall due in
June 2013.

Fitch does not foresee any meaningful operational turnaround in
the company's core business over the short- to medium-term due to
deterioration in its market position as well as in price
competitiveness as a result of a high Japanese yen.  Its LCD TV
shipments have dramatically fallen 43% yoy during H1FY13 (year
ending March 2013).  In addition, Sharp's advanced technology for
small- and medium-sized panels has failed to make any meaningful
profit contribution so far.

Sharp posted another record loss during H1FY13 as revenue fell
16% yoy to JPY1,104 billion with a negative 15.3% EBIT margin
(H1FY12: 2.6%) due to ongoing operational difficulties at its
core LCD TV/panel business.  In addition, its weak performance
was exacerbated by the continuing price decline of solar cells
due to intense competition and weak demand.  Cash flow from
operations (CFO) also fell further to negative JPY104 billion
(H1FY12: negative JPY28 billion).

Fitch has assigned an 'RR4' Recovery Rating to Sharp's local-
currency senior unsecured debt rating, which indicates average
recovery (31%-50%) in the event of a default.  However, this
recovery rating may change as the agency undertakes further
recovery analysis.

What Could Trigger A Rating Action?

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

  -- failure to obtain further sources of liquidity to meet
     short-term obligations

Positive: The ratings are currently on RWN.  As a result, Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
a positive rating action.

List of rating actions:

  -- Long-Term Foreign- and Local-Currency IDRs downgraded to
     'B-' from 'BBB-'; remain on RWN

  -- Local-currency senior unsecured rating downgraded to 'B-'
     from 'BBB-'; remain on RWN. 'RR4' Recovery Rating assigned

  -- Short-Term Foreign- and Local-Currency IDRs downgraded to
     'B' from 'F3'; remain on RWN


SHARP CORP: Moody's Comments on 1st HalfYear 2012 Results
---------------------------------------------------------
Moody's Investors Service says that Sharp Corporation's (Not
Prime) ability to stage a recovery in profitability and cash flow
in 2H2012 is key to it overcoming its liquidity problem.

Moody's statement follows Sharp's announcement on November 1 of
its 1H2012 financial results, which showed short-term debt
increasing to JPY678.7 billion in September from JPY563.3 billion
in March (excluding the current portion of bonds) due largely to
negative free cash flow of JPY76.8 billion.

At the same time, commercial paper (CP) outstanding declined to
JPY167.5 billion in September 2012 from JPY351.0 billion in March
2012, while short-term bank loans increased to JPY511.2 billion
from JPY212.3 billion.

Sharp refinanced its CP with bank loans from its major lenders,
such as Mizuho Corporate Bank, Ltd. (A1, stable) and The Bank of
Tokyo-Mitsubishi UFJ, Ltd. (Aa3, stable). In October 2012, it
signed a syndicated loan agreement of JPY360 billion with Mizuho
Corporate Bank and The Bank of Tokyo-Mitsubishi UFJ, which
expires in June 2013.

Moody's expects the company to continue refinancing its CP with
these bank facilities until it manages to pay down all this debt
in January 2013.

Although the syndicated loan will help Sharp meet its near-term
debt obligations, the company will still face the challenge of 1)
negotiating with banks to replace short-term loans with long-term
loans, and 2) dealing with JPY200 billion in convertible bonds
due September 2013.

Significantly, in Sharp's most recent earnings report, the
company stated there exist conditions which might raise
uncertainties about the company being an assumed going-concern,
although it said that it judged that no uncertainties about its
ability to continue as a going concern will exist because of
restructuring measures.

Moody's believes that profitability and, more importantly,
positive free cash flow are critical first steps in the company's
recovery. Loss-making business segments, such as liquid crystal
display (LCD), continue to offset cash flow from the company's
profitable home appliance and information equipment businesses.
There is some opportunity for the company to raise cash through
the sale of non-core assets although there is uncertainty on the
amount and timing of the sales.

Consolidated operating losses decreased to JPY44.7 billion in
2Q2012, excluding an inventory evaluation loss of about JPY30
billion, from JPY94.1 billion in 1Q2012 due to the reduction in
losses at its AV and communication (mainly TVs and mobile phones)
and LCD segments.

It is crucial for Sharp to turn around its LCD business as it is
a major cause of its large operating loss (JPY40 billion in
2Q2012, excluding an inventory evaluation loss of about JPY12
billion).

While the deconsolidation of the Sharp Display Products
Corporation (unrated) -- which operates a large LCD panel plant
-- will help the company reduce its operating loss to some
extent, increasing sales of small and medium LCD panels, as
planned, will be challenging.

Sharp has technological strengths manufacturing energy-efficient
and high-resolution small and medium LCD panels used for
smartphones and tablets; however, competition with leading Korean
and Japanese makers is likely to intensify.

In addition, despite the company's restructuring efforts, weak
sales and fierce competition in TVs, mobile phones, and solar
cells are likely to pressure earnings from these businesses.

The principal methodology used in rating Panasonic was the Asian
Consumer Electronics Industry Methodology published in December
2010.

Sharp Corporation, headquartered in Osaka, is one of the leading
manufacturers of consumer electronics in Japan.


SHARP CORP: S&P Cuts Corp. Credit Ratings to 'B+'; Still on Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BB+' its
long-term corporate credit ratings on Sharp Corp. and its
overseas subsidiaries Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC. "We also lowered to 'B+' from
'BB+' our senior unsecured debt ratings on Sharp. We kept both
our 'B+' long-term and 'B' short-term ratings on CreditWatch with
negative implications," S&P said.

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

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

"We also lowered Sharp's business risk profile to 'fair' from
'satisfactory.' In our view, Sharp's technological strengths in
flat-panel TVs, LCD panels, and electronic devices still provide
support for its creditworthiness. Standard & Poor's expects
Sharp's earnings and cash flows to begin to recover in the second
half of fiscal 2012 because of a likely improvement in operating
rates at its key Sakai and Kameyama plants. Our current ratings
also incorporate an assumption that Sharp will reach an agreement
with Taiwan-based electronics maker Hon Hai Precision Industry
Co. Ltd. (A-/Stable/--) to implement a strategic alliance,
although terms and conditions of the deal still remain
uncertain," S&P said.

"In resolving the CreditWatch placement, we will reassess Sharp's
liquidity profile, including how it can secure funding sources
with longer durations that extend beyond June 2013 to meet future
debt maturities and reduce dependence on short-term debt. We'll
also exam how the company can restore its weakened capital
structure," S&P said.

"We will consider lowering our ratings on Sharp again in 90 days
if the company's financing, relationships with creditor banks, or
capital structure worsen. On the other hand, we may affirm the
ratings if Sharp produces concrete plans to restore its weakened
capital structure as well as measures to meet future debt
maturities and reduce dependence on short-term debt. In addition,
we will examine whether the loan from Mizuho and Bank of Tokyo-
Mitsubishi is secured against Sharp's assets and we will assess
the ratio of the company's priority liabilities to total assets
in considering the potential to lower the issue ratings further.
Specifically, we will lower the issue rating one notch from the
issuer rating if we believe Sharp's priority liabilities exceed
the threshold of 15% of the company's assets if the issuer rating
remains below 'BB+'," S&P said.



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


BERAU COAL: Moody's Says Q3 2012 in Line with Expectations
----------------------------------------------------------
Moody's Investors Service says that the Q3 2012 results of Berau
Coal Energy TBK are broadly within Moody's expectations and are
in line with its B1 issuer and bond ratings.

"The weakened thermal coal demand in the region and high
inventory levels in China have had a negative impact on BCE's
sales volume and average selling price (ASP) in the third
quarter, however these are largely within Moody's expectations,"
says Simon Wong, a Moody's Vice President and Senior Analyst.

The Q3 2012 coal sales for BCE declined to 4.8 million tons (MT)
from 5.3MT in Q2 2012, while its ASP declined 5.2% on a quarter-
on-quarter basis and 17.5% on a year-on-year basis.

BCE had higher-than-average exposures to unpriced and unsold coal
as a proportion of its expected 2012 production as of June 2012.
It is therefore vulnerable to the softened spot coal prices and
EBITDA margin compression.

In addition, the company had the highest exposure to China among
the rated Indonesian coal mining companies, accounting for 39.5%
of H1 2012 revenues.

Moody's had expected that the demand for coal imports from China
would slow in the second half of 2012 because of high inventory
levels, and as price arbitrage opportunities between seaborne and
domestic (China) coal were effectively shut since late July.

"At the same time, production costs have continued to rise
compared to 2011, which has added further pressure on operating
margins," says Mr. Wong, who also Moody's Lead Analyst for BCE.

"Despite its weak projected margins and financial ratios in 2012
and 2013, BCE's ratings continue to be supported by its large
cash holdings and plans to defer some capex, which will enable it
to manage the weakened operating environment. Therefore, a
significant decline in its cash-on-hand would result in negative
credit or rating pressure," says Wong.

BCE's total cash and cash equivalents declined by USD63 million
from USD522 million at the end of 1H 2012 to USD459 million at
the end of Q3 2012.

Moody's notes that cash held under the CAMA declined by USD170
million during Q3 2012, while time deposits with various
Indonesian banks increased by USD125 million during the same
quarter. The net cash outflow was driven largely by interest
payments of approximately USD57 million in July and September
2012.

BCE is required to maintain sufficient cash for interest
servicing in its CAMA cash accounts. There was USD172 million in
these accounts at the end of Q3 2012, which is adequate for
upcoming interest payments.

BCE is Indonesia's fifth-largest producer and exporter of thermal
coal. It operates three active mines (Lati, Sambarata and
Binungan) at a single site in East Kalimantan. As at August 2012,
it had estimated resources of 2.2 billion tons, and probable and
proven reserves estimated at 509 million tons.

BCE is 84.7% owned and controlled by Bumi PLC.

Bakrie & Brothers sold half of its 54.6% stake in Bumi PLC to
Borneo Lumbung Energi & Metal -- a major coking coal producer in
Indonesia -- in early 2012.


ENERGI MEGA: Moody's Affirms '(P)B2' Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the provisional (P)B2
corporate family rating of PT Energi Mega Persada Tbk, after the
company proposed enhancements to its planned USD notes.

The rating outlook is stable.

Moody's has also affirmed the provisional (P)B2 rating, with a
stable outlook, for the proposed USD notes to be issued by EMP
International Holdings Pte Ltd. These notes are unconditionally
guaranteed by EMP and some of its subsidiaries.

Ratings Rationale

EMP has proposed certain structural enhancements to the indenture
since Moody's first announced its provisional ratings on 18
October 2012. The issuer will now be required to redeem a portion
of the notes equal to 20% of the outstanding principal in 2015
and 2016.

"Although the proposed structural enhancements will help ease
EMP's debt maturity profile, they entail possible refinancing
risks," says Simon Wong, a Moody's Vice President and Senior
Analyst.

"The (P)B2 rating has already factored in a degree of refinancing
risk upon the maturity of the proposed bond. Therefore, the
proposed amortization will not have an immediate impact on EMP's
ratings," adds Wong, also the Lead Analyst for EMP.

Moody's expect EMP to fund the proposed scheduled amortization
payments through repayment from an intercompany loan due from EMP
International. However, the inter-company loan does not have
fixed repayment terms.

EMP's ratings will be pressured if its cash on hand is inadequate
to meet the scheduled amortization and it does not have ready a
concrete refinancing plan well ahead of the mandatory redemption
date.

The principal methodology used in rating PT Energi Mega Persada
Tbk (EMP) and EMP International Holdings Pte Ltd. was the Global
Independent Exploration and Production Industry Methodology
published in December 2011.

EMP is an Indonesian independent oil & gas exploration and
production company and was established in 2001. It has total
proved reserves of approximately 286.2 million barrels of oil
equivalent. It holds working interests in 12 blocks.

As at June 30, approximately 92.8% of its proved reserves
consisted of natural gas. Listed on the Indonesia Stock Exchange,
EMP is 8.01%-directly-owned by PT Bakrie and Brothers Tbk (BNBR).
However, the Bakrie family has significant influence on EMP
through additional shares owned in their personal capacity and
through corporate affiliates of BNBR.



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


KPR EVENT: Directors Face Probe Over Unpaid Taxes
-------------------------------------------------
Tim Donoghue and Hamish Rutherford at The Dominion Post report
that liquidators of KPR Event Management are selling its assets
to a new entity, and believe a prosecution against the first
company's directors for tax debt "must be on the cards."

According to the report, liquidator John Fisk, of
PricewaterhouseCoopers said that KPR's assets had been sold for
NZ$44,350 to Manaaki Management, which shares the same address as
KPR and has exactly the same shareholding, jointly owned by
husband and wife Paul and Keri Retimanu.

The Retimanus were also directors of KPR.  Manaaki's sole
director, Linda Lee, is Keri Retimanu's sister.

The Post relates that Mr. Fisk said PwC had been faced with
virtually no choice but to accept the transaction.  The Post says
KPR's lease inside the wharewaka had been cancelled and the
landlord, Wharewaka O Poneke Enterprises, had been adamant the
new occupiers must be fluent in te reo.

It had also stipulated that it was happy to deal with the new
entity, knowing its relationship with KPR.

"Why? I don't know. But they were," the report quotes Mr. Fisk as
saying.  "From a realisation point of view, we took the view that
it was better to go down this sales process than to just rip all
the stuff out and then try to sell it at auction."

The Post notes that Mr. Fisk said KPR's problems appeared to stem
from the high number of staff, with debts racked up as GST and
PAYE due to Inland Revenue were not paid.

Mr. Fisk, as cited by the Post, said it was not uncommon for
Inland Revenue to take prosecutions against directors for failing
to account for PAYE.  "That must be on the cards in this
situation," he added.

The shareholders of KPR had drawn almost $980,000 out of the
business, which PwC would attempt to recover.

KPR Event Management operated a cafe at The Wharewaka on the
Wellington Waterfront and offered catering inside the building.
The company was placed in liquidation on October 17, with debts
of about NZ$2.5 million, mostly owed to staff and Inland Revenue.



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


HAYWARD TECHNOLOGY: Creditors Get 86.20011% Recovery on Claims
--------------------------------------------------------------
Hayward Technology Pte Ltd declared the preferential dividend on
Oct. 25, 2012.

The company paid 86.20011% to the received claims.

The company's liquidator is:

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


HSS ENGINEERING: Court to Hear Wind-Up Petition on Nov. 23
----------------------------------------------------------
A petition to wind up the operations of HSS Engineering Pte Ltd
will be heard before the High Court of Singapore on Nov. 23,
2012, at 10:00 a.m.

Starluck Construction Pte Ltd filed the petition against the
company on Oct. 29, 2012.

The Petitioner's solicitors are:

          Messrs Lee Bon Leong & Co
          79 Anson Rd, #11-01/02
          Singapore 079906


KANG LIAN: Creditors' Proofs of Debt Due Nov. 16
------------------------------------------------
Creditors of Kang Lian Contractors Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 16, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


K T TECHNOLOGY: Creditors Get 2.32644% Recovery on Claims
---------------------------------------------------------
K T Technology (S) Pte Ltd declared the first and final dividend
on Oct. 12, 2012.

The company paid 2.32644% to the received claims.

The company's liquidator is:

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


MACHTRACO ENGINEERING: Creditors' Proofs of Debt Due Nov. 16
------------------------------------------------------------
Creditors of Machtraco Engineering & Industrial Supplies Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Nov. 16, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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



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


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


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 ***