TCRAP_Public/121114.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 14, 2012, Vol. 15, No. 227

                            Headlines


A U S T R A L I A

ADDWEALTH ACHIEVER: Loses Bid to Liquidate Questus Over Loans
ATLAS IRON: S&P Gives 'B+' Rating on $325-Mil. Secured Term Loan
BUNGANBAH MEATS: Placed in Liquidation Amid Owner's Poor Health
COMMUNITY COLLEGE: Red Cross to Probe First Aid Training Offered
EVANS PUBLISHING: Administrators Recommend Liquidation


C H I N A

COASTAL GREENLAND: Moody's Hikes CFR to 'B3'; Outlook Negative
HOPSON DEV'T: Moody's Upgrades CFR to 'B3'; Outlook Negative


H O N G  K O N G

ALEX TANG: Court Enters Wind-Up Order
ARTIFICIAL LIFE: Court to Hear Wind-Up Petition on Dec. 19
BILL PACHINO: Lees and Ng Appointed as Liquidators
C&D COLORMASTER: Court to Hear Wind-Up Petition on Jan. 9
EXPRESS WELL: Court to Hear Wind-Up Petition on Dec. 12

GUIDE-TREND COMPANY: Court Enters Wind-Up Order
HI TAK: Court Enters Wind-Up Order
INCORPORATED OWNERS: First Meetings Slated for Nov. 23
INSYNCO LIMITED: Creditors' Proofs of Debt Due Dec. 10
KINGBOARD CHEMICAL: Moody's Withdraws 'Ba1' Corp. Family Rating

MARCO POLO: Court Enters Wind-Up Order
MEDIA VALOR: Placed Under Voluntary Wind-Up Proceedings
MERRY CHANCE: Lau and Liang Appointed as Liquidators


I N D I A

COZYTOUCH POLYFOAMS: CRISIL Assigns 'B' Rating to INR45MM Loans
ECO-CARE BUILDING: CRISIL Assigns 'B+' Rating to INR100MM Loans
MARUDHAR POLYSACKS: CRISIL Assigns 'B' Rating to INR55MM Loans
MARUTI PLASTO: Delay in Loan Payment Cues CRISIL Junk Ratings
RADHA SAKKU: CRISIL Cuts Rating on INR1.26BB Loans to 'B-'

RAJIT PAINTS: Delay in Loan Payment Cues CRISIL Junk Ratings
SHRI VISHNU EATABLES: CRISIL Rates INR1.17-Bil. Loans 'D'
SHRI VISHNU OVERSEAS: CRISIL Places 'D' Ratings on INR703MM Loans
SOMA-ISOLUX NH: Delays in Loan Payment Cues CRISIL Junk Ratings


I N D O N E S I A

THETA CAPITAL: Moody's Rates $273MM Senior Unsecured Notes 'B1'


J A P A N

* Weak Liquidity Drove Sharp Corp.'s Rating Dip, Analyst Says


N E W  Z E A L A N D

ANTHEM HOLDINGS: Gibbston Vineyard Blocks Up For Tender


S I N G A P O R E

LG PROPERTIES: Creditors' Proofs of Debt Due Nov. 23
MAN NYUN: Creditors' Proofs of Debt Due Dec. 10
PCCW GLOBAL: Creditors' Proofs of Debt Due Dec. 10
REDIFFUSION PTE: Creditors' Proofs of Debt Due Nov. 21
SINO-ENVIRONMENT TECH: Court to Hear Wind-Up Petition Jan. 11


X X X X X X X X

* Moody's Says Asian Liquidity Stress Index Rises in October
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ADDWEALTH ACHIEVER: Loses Bid to Liquidate Questus Over Loans
-------------------------------------------------------------
Neale Prior at The West Australian reports that wealthy backers
of the troubled Addwealth Achiever investment fund have suffered
another blow, with the Australian Supreme Court thwarting an
AUD11 million move against property scheme group Questus.

According to the report, Questus' subsidiary Questus Funds
Management (QFM) has persuaded a Supreme Court master to overturn
a liquidation threat issued by Addwealth Achiever's former
responsible entity, Valuestream Investment Management.

The West Australian relates that Valuestream had been trying to
make QFM legally responsible for more than AUD9.6 million of
loans, plus interest, advanced by Addwealth Achiever for use by
the Questus Land Development Fund.

Despite the unsecured debt boost in 2009 after the global
financial crisis, The West Australian relates, the development
fund floundered and secured creditors placed its projects --
including the Tuart Rise estate in Baldivis -- into receivership
last year.  The soured loan has contributed to the feared loss of
up to half of the AUD80 million assets in Addwealth Achiever,
which was founded by Cottesloe financial planner Paul Foster and
managed by his company Addwealth Pty Ltd, the report notes.

The report cites that amid a falling out between Mr. Foster and
Valuestream, Addwealth Achiever's 220 investors agreed on
October 4 to put lawyer Rob Garton-Smith's management company
Primary Securities in charge of the fund.  Primary Securities
replaced both Addwealth Pty Ltd and Valuestream, the report
notes.

Mr. Garton-Smith now has the job of sorting out the Questus loan
plus recovering money invested with global events promoter Paul
Dainty, the West Australian reports.  At December 31, the Questus
Land Development Fund had net liabilities of AUD13.2 million and
just AUD26,000 of assets, the report discloses.

According to the West Australian, Valuestream made a statutory
demand in December last year under Corporations Act provisions
that allow a creditor to take liquidation proceedings against a
debtor if the debt is not paid, but QFM and director Robert Olde
challenged the demand in the Supreme Court.


ATLAS IRON: S&P Gives 'B+' Rating on $325-Mil. Secured Term Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to a proposed US$325 million senior secured Term Loan B due 2017
to be issued by Australian miner Atlas Iron Ltd.'s (Atlas Iron:
B+/Stable) U.S. based special-purpose vehicle Atlas America
Finance Inc. "At the same time, we assigned a recovery rating of
'3' on the proposed issue. The rating on the Term Loan B is
subject to our review of the final issuance documentation," S&P
said.

"The recovery rating indicates our view of a 'meaningful' (50%-
70%) recovery for creditors in the event of a payment default. We
therefore equalize the issue rating with our long-term corporate
credit rating on Atlas Iron. The proposed senior secured credit
facility will be distributed into the U.S. institutional term
loan market and proceeds will be used for capital spending and
general corporate purposes," S&P said.

"The absence of existing debt ranking ahead of the senior secured
Term Loan B, our estimate of Atlas Iron's valuation in a default
scenario, and Australia's creditor-friendly insolvency regime
support our recovery rating on the notes. We value Atlas Iron on
a going-concern basis because we believe that its cost position
in the 60th percentile and mining properties would mean it would
most likely be reorganized in the event of a default," S&P said.

"The senior secured Term Loan B is unconditionally and
irrevocably guaranteed by Atlas Iron and all subsidiaries that
possess income-producing mining assets. It is secured by a first
lien on all of Atlas Iron's assets, the largest of which are its
Horizon I and Horizon II mining tenements. We note the company
will need to obtain consent from the Federal Minister for
Minerals and Energy, the Federal Minister for Lands, and from its
joint-venture partner in the Mount Webber mining tenement before
the security can be perfected," S&P said.

"The 'B+' corporate credit rating on Atlas Iron reflects the
company's high mineral concentration, substantial capital
spending requirements, ramp-up risks, small size and reserve
life, good cost position and 'adequate' liquidity, as our
criteria define the term.  The company has a 'weak' business risk
profile. Atlas Iron's high mineral concentration to iron ore and
high operating leverage make its financial performance highly
sensitive to volatile iron ore prices and fluctuations in the
Australian dollar foreign exchange rate. Nevertheless, the
company's good cost position in the 60th percentile of the cost
curve partly mitigates its mineral concentration," S&P said.

"We expect Atlas Iron's financial risk profile to remain
'aggressive' over the next 24 months. Atlas Iron's high capital
spending requirements will keep its free operating cash flows
negative until fiscal 2015 (ending June 30) in our base-case
scenario. We expect the company to lower or defer capital
spending to maintain its liquidity position, if iron ore prices
remain weak. But this will likely affect the pace of production
growth and could ultimately reduce cash flows," S&P said.

The outlook on the corporate credit rating is stable.


BUNGANBAH MEATS: Placed in Liquidation Amid Owner's Poor Health
---------------------------------------------------------------
ABC Rural reports that Bunganbah Meats managing director Beres
Lang said his ongoing ill health has been a major factor in the
voluntary liquidation of his company.

Not only are 30 jobs on the line; producers and butchers across
the region rely heavily on the Bunganbah Meats; one of very few
small meat processors left in the business, ABC Rural relates.

ABC Rural relates that Mr. Lang said his company has faced some
serious problems in recent years.

Bunganbah Meats operated an abattoir. It supplied local butchers
and slaughters stock for private individuals.


COMMUNITY COLLEGE: Red Cross to Probe First Aid Training Offered
----------------------------------------------------------------
ABC News reports that the Red Cross will investigate first aid
training delivered by the liquidated Community College East
Gippsland.

According to ABC News, the Victorian Department of Education
relates that 150 students are at risk of having their
qualifications revoked, down from more than 300 last week.

Four other courses, affecting about 500 students, have now been
proven as valid since investigations into the college's training
began in September, the report relates.

Bairnsdale-based Community College East Gippsland has been placed
into liquidation after it was closed and placed into voluntary
administration in October.  Its board members are being
investigated for insolvent trading, after it was revealed the
college had over-claimed Federal Government funding and
hemorrhaged money through mismanagement.

Andrew Hewitt of Grant Thornton Australia --
andrew.hewitt@au.gt.com -- has been appointed as voluntary
administrator of Community College East Gippsland.  CCEG
has ceased to trade effective Oct. 1, 2012.


EVANS PUBLISHING: Administrators Recommend Liquidation
------------------------------------------------------
The Armidale Express reports that Evans Publishing Pty Ltd is
facing liquidation.  Creditors have been advised that the company
should be wound up because it is unable to meet its
superannuation and tax obligations.

According to the Armidale Express, Wilson Zeng from
administrators RMG Partners said a report about the matter had
been distributed to creditors on October 31.

"The reason for the liquidation, as outlined by that report, is
that the company could not pay its superannuation and PAYG as
they fall due, and the ATO [Australian Tax Office] has issued a
statutory demand on the director," Armidale Express quotes
Mr. Zeng as saying.

The Armidale Express relates that Mr. Zeng confirmed that
Armidale businessman Brad Evans was still a director of Evans
Publishing, and that former director Scott Williams, who stepped
in with additional finance to bring the company out of voluntary
administration in August last year, was no longer involved.

Mr. Evans told the Armidale Express negotiations had been
underway for some months to sell the Armidale Independent, Port
Macquarie Independent, Tamworth City News, Southern Free Times
and Tweed Coast Weekly.

"A deal is currently being finalised by the group's secured
creditors to sell the newspapers into a larger group," he said.

Evans Publishing Pty Ltd is an Australian-based independent
publishing company.  The company publishes the Armidale
Independent, Port Macquarie Independent, Tamworth City News,
Southern Free Times and Tweed Coast Weekly.  In August 2011, the
company was placed in voluntary administration, with debts of
more than AUD3 million.



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


COASTAL GREENLAND: Moody's Hikes CFR to 'B3'; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has upgraded Coastal Greenland
Limited's corporate family rating to B3 from Caa1.

At the same time, Moody's has withdrawn its senior unsecured
rating of Caa2 as the company fully redeemed its outstanding
senior unsecured notes on November 8, 2012.

The ratings outlook is negative.

Ratings Rationale

"The liquidity profile of Coastal Greenland has materially
improved following a number of refinancing exercises and asset
disposals that helped it fully repay its senior unsecured notes
and some high-cost trust loans," says Franco Leung, a Moody's
Assistant Vice President and Analyst.

In October, the company obtained a 2-year term loan for USD60
million from a third-party lender. It also announced an asset
swap agreement -- which involves the sale of its Suzhou
commercial project -- with Shenzhen Investment Limited, which has
a 22.6% equity stake in Coastal Greenland.

Moody's expects the company to obtain approval from its
shareholders on the asset swap later in November.

These activities follow the announcement in August of the sale of
its shares in Shanghai Fenghwa, a Chinese property development
and investment company listed on the Shanghai Stock Exchange.

"We consider that Coastal Greenland's near-term refinancing risk
is manageable on the back of generally improved credit conditions
in China", adds Mr. Leung, who is also the lead analyst for
Coastal Greenland.

On the other hand, the company's property sales are likely to
remain weak in the near term despite an improved operating
environment in China.

This is based on the fact that its portfolio of property projects
has shrunk following the asset sales and which are of property
largely located in cities where restrictions on home purchase
remain in place.

Its credit metrics will remain weak, as driven by an expected low
level of revenue, high financing costs, and still high leverage.
Moody's expects adjusted debt/capitalization will be around 55-
60%, down from 60% at March 2012. Adjusted EBITDA/interest will
drop to around 1x from 3.2x at March 2012. These ratios highlight
its weak credit profile and limited financial flexibility.

The negative outlook reflects the challenge of improving property
sales to reduce inventory. It also reflects the company's weak
cash flow generation capability and liquidity profile that is to
a certain extent dependent on completion of asset disposals.

The ratings would be downgraded, if Coastal Greenland suffers a
material deterioration in its refinancing capability, such that
its liquidity is not sufficient to meet its short-term
liabilities; or contract sales weaken to significantly below
Moody's expected level of HKD3-4 billion.

The ratings outlook could return to stable, if Coastal Greenland
(i) improves its contract sales and recognized revenues on a
sustained basis; (ii) reduces its short-term debt and total
borrowings significantly; and (iii) strengthens its liquidity
profile, but not primarily through asset disposals.

The principal methodology used in rating Coastal Greenland
Limited was the Global Homebuilding Industry Methodology
published in March 2009

Established in 1990 and listed on the Hong Kong Stock Exchange in
1997, Coastal Greenland Ltd (CGL) is a Chinese property developer
that is focused on developing residential and commercial
properties in China.


HOPSON DEV'T: Moody's Upgrades CFR to 'B3'; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has upgraded Hopson Development
Holdings Limited's corporate family rating to B3 from Caa1 and
its senior unsecured rating to Caa1 from Caa2.

The ratings outlook is negative.

Ratings Rationale

"The ratings upgrade reflects Hopson's ability to use internal
sources to repay the USD350 million in senior notes which were
due on 9 November. With this redemption, Hopson has no offshore
debt maturing until 2016," says Jiming Zou, a Moody's Analyst.

"At the same time, the upgrade considers Hopson's 6.8% year-over-
year improvement in contract sales in the first nine months of
2012. Given this positive trend, Moody's expects it to largely
achieve its downwardly revised annual target of RMB12 billion in
contract sales," says Mr. Zou.

Hopson's B3 corporate family rating and its negative outlook
continue to reflect its still weak financial profile, as
indicated by its low level of interest coverage, substantial
level of short-term debt, and slow albeit improving contract
sales.

The repayment of the USD350 million senior notes has also not
materially changed its total debt level of RMB27 billion, as
reported at end-June 2012. The company's EBITDA/Interest coverage
is expected to remain at about 1.0x, positioning the rating at
the low end of the single-B category.

At the same time, Hopson's liquidity position remains weak in
comparison with other rated property developers. Its large amount
of short-term debt versus a limited cash balance indicates
continued liquidity pressures and makes it vulnerable to any
adverse change in contract sales.

Furthermore, Hopson's high inventory level has tied up its cash.
As of June 2012, unsold properties and properties under-
development amounted to RMB63 billion, almost five times its
annual contract sales. Its slow pace of contract sales was
because of its focus on first-tier cities and residential
property offerings in the higher price category. But purchase
restrictions imposed by the authorities have adversely impacted
this strategy.

"We expect Hopson to prioritize its cash liquidity management in
the near term through cautious spending on property construction
and preserving cash generated from contract sales," continues Mr.
Zou.

Hopson has been able to extent a substantial share of its short-
term borrowings, given its large business scale and its long-term
relations with banks. In addition, it has substantial value in
its assets, including investment properties of around RMB13.5
billion and completed properties for sale with a book value of
RMB11 billion.

Hopson's Caa1 senior unsecured bond rating reflects legal and
structural subordination risk. The company's secured and
subsidiary debt-to-total assets ratio will stay at around 25% in
the near to medium term, as it has to rely on onshore borrowing
at the PRC subsidiary/project level to fund its operations and
investments.

A rating upgrade is unlikely, given the negative outlook.
However, the outlook could return to stable, if Hopson (1)
further improves its liquidity position; (2) achieves its
contract sales target; (3) reduces unsold inventory; and (4)
improves interest coverage -- EBITDA/interest -- close to 2.0x.

The ratings could be downgraded, if Hopson (1) shows
deterioration in its liquidity position; or (2) experiences
declines in sales and profit margins; or (3) shows
EBITDA/interest coverage less than 1.0x.

The principal methodology used in rating Hopson Development
Company Holdings Limited was the Global Homebuilding Industry
Methodology published in March 2009.

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 31.9 million
square meters in gross floor area. Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.



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


ALEX TANG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2012, to
wind up the operations of Alex Tang Limited.

The official receiver is Teresa S W Wong.


ARTIFICIAL LIFE: Court to Hear Wind-Up Petition on Dec. 19
----------------------------------------------------------
A petition to wind up the operations of Artificial Life Asia
Limited will be heard before the High Court of Hong Kong on
Dec. 19, 2012, at 9:30 a.m.

The Chung Shun Land Investment Company Limited filed the petition
against the company on Oct. 12, 2012.

The Petitioner's solicitors are:

          Robertsons
          57th Floor, The Center
          99 Queen's Road
          Central, Hong Kong


BILL PACHINO: Lees and Ng Appointed as Liquidators
--------------------------------------------------
John Robert Lees and Mat Ng on Oct. 4, 2012, were appointed as
liquidators of Bill Pachino (HK) Company Limited.

The liquidators may be reached at:

          John Robert Lees
          Mat Ng
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


C&D COLORMASTER: Court to Hear Wind-Up Petition on Jan. 9
---------------------------------------------------------
A petition to wind up the operations of C&D ColorMaster (HK)
Limited will be heard before the High Court of Hong Kong on
Jan. 9, 2013, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on Oct. 25, 2012.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          16th Floor, Unicorn Trade Centre
          127-131 Des Voeux Road
          Central, Hong Kong


EXPRESS WELL: Court to Hear Wind-Up Petition on Dec. 12
-------------------------------------------------------
A petition to wind up the operations of Express Well
International Limited will be heard before the High Court of
Hong Kong on Dec. 12, 2012, at 9:30 a.m.

Xcoal Energy & Resources filed the petition against the company
on Sept. 28, 2012.

The Petitioner's solicitors are:

          Orrick, Herrington & Sutcliffe
          43/F, Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


GUIDE-TREND COMPANY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2012, to
wind up the operations of Guide-Trend Company Limited.

The official receiver is Teresa S W Wong.


HI TAK: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2012, to
wind up the operations of Hi Tak Thermal Insulation Limited.

The official receiver is Teresa S W Wong.


INCORPORATED OWNERS: First Meetings Slated for Nov. 23
------------------------------------------------------
Creditors and contributories of The Incorporated Owners of Wing
Fung Building, Wing Fung Street will hold their first meetings on
Nov. 23, 2012, at 3:30 p.m., and 4:00 p.m., respectively at the
Official Receiver's Office, at 10th Floor, Queensway Government
Offices, 66 Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the official receiver &
Provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.


INSYNCO LIMITED: Creditors' Proofs of Debt Due Dec. 10
------------------------------------------------------
Creditors of Insynco Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ho Oi Suen
         Room 502, 5th Floor
         Hing Yip Commercial Centre
         272-284 Des Voeux Road
         Central, Hong Kong


KINGBOARD CHEMICAL: Moody's Withdraws 'Ba1' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn its Ba1 corporate family
rating of Kingboard Chemical Holdings Limited.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Established in 1988, Kingboard Chemical Holdings Limited
principally manufactures laminates, printed circuit boards and
chemicals. Its business model is significantly vertically
integrated and it internally sources most of the chemicals it
uses in the production of laminates.


MARCO POLO: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2012, to
wind up the operations of Marco Polo Creations Limited.

The official receiver is Teresa S W Wong.


MEDIA VALOR: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Nov. 2, 2012,
creditors of Media Valor Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Messrs. Wong Sun Keung
         Tsui Mei Yuk Janice
         21/F, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


MERRY CHANCE: Lau and Liang Appointed as Liquidators
----------------------------------------------------
Lau Siu Hung and Liang Yang Keng on Oct. 15, 2012, were appointed
as liquidators of Merry Chance Industries Limited.

The liquidators may be reached at:

          Lau Siu Hung
          Liang Yang Keng
          Room 1909-10, 19/F
          Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong



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I N D I A
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COZYTOUCH POLYFOAMS: CRISIL Assigns 'B' Rating to INR45MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Cozytouch PolyFoams India Private Limited.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              15        CRISIL B/Stable (Assigned)
   Cash Credit            30        CRISIL B/Stable (Assigned)
   Letter of Credit       30        CRISIL A4 (Assigned)

The ratings reflect Cozy's small scale of operations, constrained
liquidity because of working-capital-intensive operations, and
weak financial risk profile marked by a high gearing. These
rating weaknesses are partially offset by the extensive industry
experience of Cozy's promoters, and the company's healthy
operating efficiency and the benefits that it derives in the form
of government subsidies.

Outlook: Stable

CRISIL believes that Cozy will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
achieves significant improvement in its scale of operations and
profitability, leading to improvement in its financial risk
profile, particularly its liquidity. Conversely, the outlook may
be revised to 'Negative' if Cozy's working capital management
deteriorates, or if the company undertakes a larger-than-
expected, debt-funded capex programme, leading to further
weakening of its financial risk profile, particularly its
liquidity.

                      About Cozytouch PolyFoams

Cozy was set up in 2007 by Mr. Inderjeet Khurana. It manufactures
foam mattresses, bonded mattresses, and spring mattresses.

Cozy reported a net profit (PAT) of INR2.4 million on revenues of
INR153 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR9.7 million on revenues of
INR124 million for 2010-11.


ECO-CARE BUILDING: CRISIL Assigns 'B+' Rating to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Eco-Care Building Products Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Assigned)
   Term Loan               70       CRISIL B+/Stable (Assigned)

The rating reflects ECBPL's limited track record and small scale
of operations, average financial risk profile constrained by
small networth size, and its exposure to intense competition in
the autoclaved aerated concrete (AAC) block manufacturing
industry. These rating weaknesses are partially offset by the
promoter's extensive industry experience in the AAC block
industry

Outlook: Stable

CRISIL believes that ECBPL will benefit over the medium term from
the promoters long standing industry experience. The outlook may
be revised to 'Positive' if the company's generates more-than-
expected revenues and profitability, along with improvement in
capital structure, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ECBPL's
cash accruals are lower- than-expected, most likely because of
lower-than-expected capacity utilization, or if the company
undertakes larger-than-expected debt-funded capital expenditure
programme over and above expected, leading to weakening in its
financial risk profile.

                    About Eco-Care Building

Established in 2010 by Mr. Vijay Bhaskar Chowdary, ECBPL is
engaged in manufacturing of AAC blocks. The company commenced
commercial operations during January 2012.

ECBPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR18.1 million for 2011-12 (refers to financial year,
April 1 to March 31).


MARUDHAR POLYSACKS: CRISIL Assigns 'B' Rating to INR55MM Loans
--------------------------------------------------------------
RISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Marudhar Polysacks Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              42.5      CRISIL B/Stable (Assigned)
   Cash Credit            10        CRISIL B/Stable (Assigned)
   Proposed Long-Term      2.5      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects MPPL's weak financial risk profile, marked by
a small net worth and high gearing, small scale of operations,
and limited track record of operations in manufacturing woven
sacks. These rating weaknesses are partially offset by the
benefits MPPL derives from the proximity of its location to its
key customers viz major cement manufacturers.

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the
medium term from its advantageous location due to its proximity
to major cement manufacturers. The outlook may be revised to
'Positive' in case of a significant ramp-up in MPPL's operations,
leading to a substantial increase in revenues and cash accruals
along with improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case MPPL's financial
risk profile, particularly liquidity, deteriorates, most likely
because of lower-than-expected cash accruals, or if MPPL
undertakes any large debt-funded capital expenditure programme.

Set up in 2011-12 (refers to financial year, April 1 to March 31)
by Lodha family of Jaipur, MPPL manufactures woven sacks,
including poly propylene (PP) bags and fabric, used for packaging
in various industries such as cement, food grain, and sugar.
MPPL's manufacturing unit in Jaipur (Rajasthan) commenced
commercial operations in May 2012.


MARUTI PLASTO: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Maruti Plasto Moulding. The rating reflects instances of delay
by MPM in servicing its debt; the delays have been caused by the
firm's weak liquidity.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           11.00      CRISIL D (Assigned)
   Term Loan             40.00      CRISIL D (Assigned)

The firm is exposed to risk related to initial stage of
operations and to intense competition in the plastic industry,
restricting its business risk profile. The firm, however,
benefits from the industry experience of its promoters.

Maruti Plasto Moulding, a partnership firm promoted by Narendra
Kumar Agarwal and Kamakhya Prasad Agarwal, is engaged in
manufacturing of injection-moulded plastic items. The firm
started its commercial production in April 2012.


RADHA SAKKU: CRISIL Cuts Rating on INR1.26BB Loans to 'B-'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Radha Sakku Agro Farms Ltd (part of the Sakku group) to
'CRISIL B-/Negative' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           300       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+/Stable')

   Long-Term Loan        958.8     CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed LT Loan        1.2     CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that Radha Sakku may not
be able to service its term loan installment in a timely manner;
term loan repayment is expected to commence from December 31,
2012. Radha Sakku was implementing a two million commercial layer
bird capacity; the project was expected to be completed by
December 2012. Radha Sakku had, however, completed only half the
capacity by June 2012, when it had to stop work due to protest by
the local community. Radha Sakku has already approached its
banker to reschedule its debt obligation owing to losses on
account of delay in completion of its project. The rescheduling
of the term debt obligations remain a rating sensitivity factor.

CRISIL's rating on the bank facilities of the Sakku group
reflects the Sakku group's average financial risk profile, marked
by a high gearing and average debt protection metrics, and
exposure to risks related to project implementation in Radha
Sakku and those inherent in the poultry farm industry. These
rating weaknesses are partially offset by the Sakku group's
established position in the layer segment of poultry farming.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of Venkatrama Poultries Ltd (Venkatrama
Poultries) and Radha Sakku, together referred to as the Sakku
group. This is because Venkatrama Poultries owns 100 per cent of
Radha Sakku's equity shares. Moreover, both the companies are in
the same line of business and will be using the same brand.

Outlook: Negative

CRISIL believes that the Radha Sakku may not be able to service
its term loan installment in a timely manner; the term loan
repayment is expected to commence from December 31, 2012. The
rating may be downgraded in case Radha Sakku delays the repayment
of its term debt obligations. Conversely, the outlook may be
revised to 'Stable' if Radha Sakku receives substantial funding
support from its promoters in the form of equity or unsecured
loans, thereby alleviating the pressure on its liquidity profile.

                            About the Group

Set up as a proprietorship firm in 1979, Venkatrama Poultries was
reconstituted as a private limited company, and later as a
closely held public limited company in 1995. Venkatrama Poultries
is in the business of poultry farming in the layer segment and it
currently has capacity of 2.5 million commercial layers birds.
Radha Sakku was set up in 2010 as a limited company by Mr.
Venkata Rao and his family and it currently has a capacity of 1
million commercial layers birds for commercial egg production at
Vijayanagaram (Andhra Pradesh).


RAJIT PAINTS: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRIISL has downgraded its ratings on the bank loan facilities of
Rajit Paints Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL
A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            210       CRISIL D (Downgraded from
                                    'CRISIL C')

   Letter of Credit        22.5     CRISIL D (Downgraded from
                                    'CRISIL A4')

   Term Loan               14.7     CRISIL D (Downgraded from
                                    'CRISIL C')

The rating downgrade reflects instances of delay by RPL in
servicing its term debt. The delays are caused by the company's
weak liquidity. The liquidity is weak because of its working-
capital-intensive operations. CRISIL believes that RPL's
liquidity will remain weak over the medium term, mainly because
of its large working capital requirements

RPL has a weak financial risk profile, marked by high gearing,
modest debt protection metrics and a small net worth. RPL's
credit risk profile, however, benefits from its established track
record in the industrial paints business.

                          About Rajit Paints

RPL was set up in 1985 by Mr. Rakesh Mehra and Mr. Rohit Nagrath.
The company manufactures industrial paints, including liquid
automotive paints, industrial powder coatings, general industry
paints, and other allied products.

For 2011-12 (refers to financial year, April 1 to March 31), RPL
reported, on a provisional basis, a profit after tax (PAT) of
INR56 million on net sales of INR1.54 billion; the company
reported a PAT of INR46 million on net sales of INR1.42 billion
for 2010-11.


SHRI VISHNU EATABLES: CRISIL Rates INR1.17-Bil. Loans 'D'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Shri Vishnu Eatables (India) Ltd (SVEL; part
of the Shri Vishnu group). The ratings reflect instances of delay
by the SVEL in servicing its debt; the delays have been caused by
the SVEL's weak liquidity.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Term Loan                 69        CRISIL D (Assigned)
   Packing Credit           350        CRISIL D (Assigned)
   Cash Credit              200        CRISIL D (Assigned)
   Foreign Bill Purchase    550        CRISIL D (Assigned)

Shri Vishnu Group also has a weak financial risk profile marked
by high gearing, weak debt protection metrics, and working-
capital-intensive operations. Shri Vishnu Group's operating
margins also face susceptibility to adverse government
regulations and raw material price volatility. These weaknesses
are partially offset by the long standing experience of promoters
along with their financial support to the group and healthy
growth prospects for basmati rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVEL and Shri Vishnu Overseas Private
Limited, here in referred to as Shri Vishnu group. This is
primarily because both the entities are controlled by the same
management and are engaged in the same businesses- processing of
rice. The entities also derive considerable operational and
business synergies from each other.

                        About the Group

SVEL was set up as a partnership firm in 1993 and was
incorporated in 1996 by Mr. Banarasi Lal Mittal and his sons. The
company mills paddy and trades rice and related items. SVEL's
processing unit is in Kaithal (Haryana).

SVOL was incorporated in 1995 by the same promoters. Company is
in the milling of rice as well as wheat. The processing unit of
the company is located in Kaithal, Haryana.

For 2011-12 (refers to financial year, April 1 to March 31),
SVEL's profit after tax (PAT) and net sales were estimated at
INR41.65 million and Rs 5384.00 million, respectively; the
company reported a PAT of INR29.60 million on net sales of
INR4624.40 million for 2010-11.


SHRI VISHNU OVERSEAS: CRISIL Places 'D' Ratings on INR703MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Shri Vishnu Overseas Pvt Ltd (part of the Shri
Vishnu group). The ratings reflect instances of delay by the SVOL
in servicing its debt; the delays have been caused by the SVOL's
weak liquidity.

                         Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                153       CRISIL D (Assigned)
   Cash Credit              300       CRISIL D (Assigned)
   Foreign Bill Purchase    250       CRISIL D (Assigned)

Shri Vishnu Group also has a weak financial risk profile marked
by high gearing, weak debt protection metrics, and working-
capital-intensive operations. Shri Vishnu Group's operating
margins also face susceptibility to adverse government
regulations and raw material price volatility. These weaknesses
are partially offset by the long standing experience of promoters
along with their financial support to the group and healthy
growth prospects for basmati rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVOL and Shri Vishnu Eatables (India)
Limited, here in referred to as Shri Vishnu group. This is
primarily because both the entities are controlled by the same
management and are engaged in the same businesses- processing of
rice. The entities also derive considerable operational and
business synergies from each other.

                         About the Group

SVOL was incorporated in 1995 by Mr. Banarasi Lal Mittal and his
sons. Company is in the milling of rice as well as wheat. The
processing unit of the company is located in Kaithal, Haryana.

SVEL was incorporated in 1996 by the same promoters. The company
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).

For 2011-12 (refers to financial year, April 1 to March 31),
SVOL's profit after tax (PAT) and net sales were estimated at
INR28.61 million and Rs 2184.04 million, respectively; the
company reported a PAT of INR15.82 million on net sales of
INR1317.48 million for 2010-11.


SOMA-ISOLUX NH: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Soma-Isolux NH One Tollway Pvt Ltd to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             33890      CRISIL D (Downgraded from
                                             'CRISIL BB-/Stable')

The downgrade reflects instances of delays by SIPL in servicing
its term debt. Commissioning of the project, the six-lane Panipat
- Jalandhar 291-kilometer (km) section of National Highway (NH)
1, has been delayed significantly on account of delays in
completion of the land acquisition process. The resulting delay
in the commissioning of the project and the extension of timeline
for the same is yet to be approved by National Highways Authority
of India (NHAI; rated 'CRISIL AAA/Stable').

SIPL was servicing its debt obligations by drawing down
additional amounts from its sanctioned limits and tolling income
from the existing four-lane Panipat - Jalandhar 291-km section of
NH 1. However, SIPL's bankers have stopped fresh disbursements
due to non-receipt of NHAI's approval for extension of timeline,
resulting in delays in servicing of its term debt obligations.
SIPL has approached its bankers for restructuring of its debt;
however, the restructuring is subject to NHAI's approval of the
delay in commissioning and extension of timeline of the project.

Incorporated in 2008, SIPL is a special purpose vehicle (SPV)
promoted by the Isolux Corsan group and Soma Enterprises Ltd in
the ratio of 61:39. The SPV has entered into a concession
agreement with NHAI for execution of a project on a build-
operate-transfer (BOT) basis.

The company has been awarded the right to widen the four-lane
Panipat - Jalandhar section of NH 1 to six lanes, to be executed
on a toll basis on design-build-finance-operate pattern. SIPL has
a concession period of 15 years, which also includes construction
period of 30 months, from the appointment date of May 2009.



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


THETA CAPITAL: Moody's Rates $273MM Senior Unsecured Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured rating to the USD273 million 6.125% senior unsecured
notes due in 2020, issued by Theta Capital Pte Ltd and guaranteed
by PT Lippo Karawaci and some of its subsidiaries -- in exchange
for the senior unsecured notes issued by Sigma Capital Pte Ltd.

The outlook for the rating is positive.

Ratings Rationale

Following the exchange offer, USD276.4 million of senior
unsecured notes issued by Sigma Capital Pte Ltd were accepted,
while there will remain USD119.2 million outstanding, which will
be payable in 2015.

In addition, consent for amending certain terms of the senior
unsecured notes issued by Sigma Capital Pte Ltd has been
successfully passed. After the amendment, all senior unsecured
notes issued by Theta Capital Pte Ltd. and Sigma Capital Pte Ltd
are subject to the same set of covenants.

Moody's has removed the provisional status of the rating on this
debt obligation, originally assigned on 15 October 2012. Moody's
rating rationale was set out in a press release on that date and
explored more fully in a Credit Opinion issued on 17 October
2012.

The principal methodology used in rating PT Lippo Karawaci Tbk
and Theta Capital Pte Ltd was the Global Homebuilding Industry
Methodology published in March 2009.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia, with a sizable land bank of around 1,443 ha as of
30 June 2012. Since 2004, the company has diversified into the
healthcare and hospitality businesses, as well as infrastructure
development. Its recurring income continues to grow, comprising
around 50% of total revenue over the last three years.



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


* Weak Liquidity Drove Sharp Corp.'s Rating Dip, Analyst Says
-------------------------------------------------------------
Matt Jamieson spoke with Alvin Lim, Fitch's TMT sector analyst
based in Seoul, about the recent downgrade of Sharp Corporation
('B-'/RWN) and his views on Panasonic Corporation's ('BBB-
'/Negative) latest financial results.  Mr. Jamieson is Head of
APAC Research in Fitch's Corporate Ratings Group.

Alvin: Very weak liquidity and substantial operating losses drove
the Sharp downgrade.  Panasonic's EBIT margins have recently
improved to stave off a rating action at this juncture.  However,
a failure to generate higher cash flow could result in a
downgrade to speculative grade within the next 12 months.

Matt: Fitch recently downgraded Sharp by six notches from 'BBB-'
to 'B-', a level which indicates the presence of a material
default risk. Can you explain the main factors behind such a
dramatic downgrade?

Alvin: By way of background, let me explain that Fitch downgraded
Sharp's rating to the lowest investment grade level of 'BBB-' in
December 2011 and changed the Outlook to Negative in February
2012 due to poor operational performance, particularly at its
core LCD TV and panel businesses which make up over 60% of the
company's total revenue.  Further, in September 2012, Fitch
placed Sharp's ratings on Negative Watch, based on escalating
liquidity and operating issues.

Now in early November 2012, Sharp's financial results for H1FY13
revealed a negative EBIT margin of 15%, that the company
continues to hemorrhage cash and it is facing a severe liquidity
crisis.  Cash on hand of JPY221 billion is significantly short of
the JPY898 billion of debt maturing within the next 12 months,
and there is a risk that continued support from its creditor
banks may not be forthcoming.  Hence in light of the acute
liquidity risk and substantial operating losses, we downgraded
the ratings to the bottom of the single 'B' category, and
maintained the Negative Watch.

Matt: As part of the rationale for the downgrade, Fitch also
commented that it doesn't expect any meaningful operational
turnaround in the company's core business over the short-to-
medium term. Can you explain the basis for such a pessimistic
outlook?

Alvin: Firstly, their position in the global TV market continues
to deteriorate, the gap is widening with Korean TV makers, and
this trend is not likely to reverse any time soon.  For the past
two to three years the company focused on producing and driving
the market for super large-sized TVs; however, demand has been
well below expectations and they have had to discount prices to
generate sales.  This, in turn, has weakened the company's panel
business, especially at its 10th generation facility in Osaka.

Secondly, their technology development remains a step behind that
of Korean manufacturers.  Supposedly Sharp had a good reputation
for technology for small- and medium-sized panels, but the
company recently was not able to mass-produce them at an
acceptable quality and in a timely manner to supply key clients,
including major mobile device makers.  While the quality or the
yield rate of its TV panels may improve, contribution from this
area remains uncertain.

Thirdly, the high yen continues to work against the company.
While there is some expectation that the Japanese yen could
depreciate, so long as the USD/JPY remains at around the 80 mark,
price competiveness and profitability will continue to erode.

Matt: Panasonic also reported a huge net loss for H1FY13. What is
Fitch's view of Panasonic compared with Sharp?

Alvin: Firstly, let me explain that we downgraded Panasonic's
rating to 'BBB-'/Negative in February 2012 due to deteriorating
operating and financial results.  At the time we expected that
the company would be taking on substantial restructuring
initiatives to streamline its cost structure.  Now, while it is
true that in Q2 FY13 Panasonic reported a substantial net loss,
this was largely due to restructuring charges at the non-
operating level.  Most of these restructuring charges were non-
cash items, such as impairment charges and income tax provisions
after writing off deferred tax assets.  Importantly at the
operating or EBIT level, the company's performance actually
improved during the first six months of FY13 with an EBIT margin
of 2.4% versus just 0.1% in same period last year.

Matt: What will it take to downgrade or stabilise Panasonic's
ratings then?

Alvin: Panasonic's operations are slowly improving, and the
company's CEO is clearly focused on restructuring.  However, the
company's cash flow from operations (CFO) remains very low, and
free cash flow (FCF) generation remains negative.  Therefore,
Fitch will focus not only on whether the company can further
improve its operating margins, but also if this can flow through
to higher CFO generation and positive FCF in the short-to medium-
term.  If the company is not able to achieve this, its ratings
are likely to be downgraded to speculative grade.

Matt: Finally, why are Samsung Electronics ('A+'/Stable) and LG
Electronics ('BBB'/Negative) significantly more profitable than
the Japanese technology names?

Alvin: In short, it is because the Koreans have better price
competitiveness, product quality and technology.  While the
overall global market for key electronics products such as flat
panel TVs has slowed down, the Koreans are taking a significantly
large slice of the market compared with two to three years ago.
Since their TVs are selling well, this enables their component
panel divisions to achieve necessary economies of scale.  This is
particularly true for Samsung Electronics, as its high
profitability and cash flow generation enable the company to
continue investing heavily into R&D and capex so that it remains
at the forefront of the technology curve.



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


ANTHEM HOLDINGS: Gibbston Vineyard Blocks Up For Tender
-------------------------------------------------------
Chris Hutching at NBR NZ Property Investor reports that Mortgagee
FM Custodians (Canterbury Mortgage Trust) has initiated the sale
of properties at bankrupt Christchurch developer Dave Henderson's
Gibbston vineyard near Queenstown.

NBR NZPI says Harcourts agent Fraser Skinner is marketing four
blocks planted in pinot noir.  The rateable values range between
NZ$485,000 and NZ$680,000.

NBR NZPI notes that the properties were owned by Anthem Holdings
(in receivership and liquidation), although the receivers of that
company only controlled the stocks of wine involved.

Paul Sargison of Gerry Rae told NBR NZPI recently that the legal
wrangling over the wine stocks meant they had used up nearly all
the funds available from the sale of the wine.

The value of the wine in question was near NZ$1 million, NBR NZPI
reports.

Anthem was incorporated in 1999 to develop the Gibbston Valley
vineyard.



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


LG PROPERTIES: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
Creditors of LG Properties (Singapore) Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
Nov. 23, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


MAN NYUN: Creditors' Proofs of Debt Due Dec. 10
-----------------------------------------------
Creditors of Man Nyun Cement Pte Ltd, which is in liquidation,
are required to file their proofs of debt by Dec. 10, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


PCCW GLOBAL: Creditors' Proofs of Debt Due Dec. 10
--------------------------------------------------
Creditors of PCCW Global (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 10, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Jacqueline Chan Li Shan
         171 Chin Swee Road
         #08-01 San Centre
         Singapore 169877


REDIFFUSION PTE: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
Creditors of Rediffusion Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Nov. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Neo Ban Chuan
          Cameron Duncan
          c/o KordaMentha Pte Ltd
          30 Robinson Road
          Robinson Towers, #12-01
          Singapore 048546


SINO-ENVIRONMENT TECH: Court to Hear Wind-Up Petition Jan. 11
-------------------------------------------------------------
A petition to wind up the operations of Sino-Environment
Technology Group Limited will be heard before the High Court of
Singapore on Jan. 11, 2013, at 10:00 a.m.

Hamish Alexander Christie filed the petition against the company
on Nov. 2, 2012.

The Petitioner's solicitors are:

         Messrs Tan Kok Quan Partnership
         No. 8 Shenton Way, AXA Tower
         #47-01, Singapore 068811



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


* Moody's Says Asian Liquidity Stress Index Rises in October
------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) rose for the fourth consecutive month in
October and now stands at 29.1%, up 5.3% from September, its
largest monthly increase ever reflecting the net addition of six
companies to the lowest speculative-grade liquidity score
category (SGL-4).

"The index is also at its highest level since the second quarter
of 2009 and now totals 30 companies in the lowest speculative-
grade liquidity score category (SGL-4)," says Laura Acres, a
Moody's Senior Vice President.

Acres was speaking on the release of Moody's latest report on the
index, entitled "Asian Liquidity Stress Index." In a related
development, Moody's will publish in November a report saying
refinancing risk for Chinese high-yield companies to 2014 is
manageable.

"The Asian LSI, which increases when speculative-grade liquidity
appears to decrease, is creeping close to the high of 37%
recorded in the fourth quarter of 2008, the height of the global
financial crisis," says Ms. Acres.

However, the climate today is quite different from 2008 as
companies continue to raise funds, frequently at the last minute,
from a currently vibrant USD funding market and from domestic
markets for refinancing purposes.

Moreover, the diversity of funding choices has broadened. Chinese
corporates in particular have demonstrated access to a still
liquid domestic funding market, including trust loans, bank
lending and a growing domestic bond market to help manage their
refinancing pressures. Accordingly, expected defaults, although
likely to rise, remain relatively low.

Nevertheless, downside risks clearly remain. Not only is the
Asian LSI at its current high level but a very clear negative
bias for ratings outlooks remains. The percentage of speculative-
grade companies with a negative outlook, or on review for
downgrade was 36.9% at end-October, down slightly from 37.6% at
end-September.

The net amount of high-yield debt Moody's rates in Asia rose
again in October and now totals US$42.7 billion versus $41.5
billion at end-September.

Four deals closed in October, including: Longfor Properties
Company Limited's US$400 million 7-year bond; Lippo Karawaci
Tbk's (B1 positive) US$100 million senior notes due 2019; Yuzhou
Properties Company Ltd's US$250 million senior notes due 2017;
and China South City Holdings Ltd's (B1 stable) US$125 million
senior unsecured notes.


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

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.


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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