TCRAP_Public/121121.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 21, 2012, Vol. 15, No. 232


                            Headlines


A U S T R A L I A

BILL EXPRESS: Former Salesman Gets 12-Mo. Jail Sentence
LEHMAN BROTHERS: 100% Recovery for CDO Losses After Win by PPB
MANCHESTER UNITY: S&P Withdraws 'B+/B' Issuer Credit Ratings
MILTON COLLEGE: Ferrier Hodgson Appointed as Liquidators
MULSANNE RESOURCES: Placed Into Liquidation

NAHAS CONSTRUCTION: Enters Administration; Owes Creditors AUD25MM
PETS PARADISE: Receivers Auction Off Founder's Waterfront Home
* AUSTRALIA: More Than 20 Solar Firms in Trouble in Last 5 Months


C H I N A

CHINA AOYUAN: Fitch Puts Final Rating on $125-Mil. Notes at 'B+'
CHINA DU KANG: Delays Third Quarter Form 10-Q for Review
CHINA EXECUTIVE: Delays Form 10-Q for Third Quarter
SEARCHMEDIA HOLDINGS: To Hold Annual General Meeting on Dec. 14
SHANGHAI INDUST'L: Moody's Says Consent Solicitation No Impact


H O N G  K O N G

BENSUN LIMITED: Creditors' Proofs of Debt Due Dec. 21
CHINA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
HONGKONG CHINONTEC: Members' Final Meeting Set for Dec. 17
MEDIA VALOR: Wong Sun Keung Appointed as Liquidators
MEGA CHOICE: Chow and Lam Step Down as Liquidators

ONE AXCESS: Members' Final Meeting Set for Dec. 17
PSG INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 7
SHEENLEX DEVELOPMENT: Commences Wind-Up Proceedings
SUNVIEW FAR: Suen Man Fai Steps Down as Liquidator
UNISON FOUNDATION: Hok Chung and Boswell Step Down as Liquidators


I N D I A

AGNI STEELS: ICRA Reaffirms 'BB' Rating on INR23.5cr Loans
CIPSA TEC: ICRA Assigns Junk Ratings to INR46cr Loans
IDL EXPLOSIVES: ICRA Assigns 'BB' Rating to INR58cr Loans
MUNGAD ALUMINIUM: ICRA Assigns '[ICRA] D' Rating on INR10cr Loan
NATIONAL AUTO: ICRA Rates INR10cr Longterm Loan '[ICRA] C+'

SOKTAS INDIA: ICRA Reaffirms 'BB+' Rating on INR103.5cr Loans
TIRUPATHI YARNTEX: ICRA Reaffirms 'C' Rating on INR28.7cr Loans
VINYROYAL PLASTICOATES: ICRA Cuts Rating on INR2.5cr Loan to 'B+'


I N D O N E S I A

BANK TABUNGAN: Moody's Raises Bank Finc'l. Strength Rating to 'D'


S I N G A P O R E

FUJITRANS (SINGAPORE): Creditors' Proofs of Debt Due Nov. 30
HELVETICA WEALTH: Creditors' Proofs of Debt Due Dec. 12
MATRIXONE ASIA: Creditors' Proofs of Debt Due Dec. 14


T A I W A N

E. SUND BANK: Fitch Affirms 'Dsf' Rating on NTD0.87-Mil. Notes


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
=================


BILL EXPRESS: Former Salesman Gets 12-Mo. Jail Sentence
-------------------------------------------------------
Former Bill Express salesman, Enzo Di Donato, was sentenced on
Nov. 14, 2012, in the County Court of Victoria for providing
false or misleading information to the Australian Securities &
Investment Commission during the course of an examination under
the Australian Securities and Investments Commission Act 2001.

Mr. Di Donato, the sole director and secretary of 3D Salesforce
Pty Ltd (under External Administration), was sentenced to 12
months imprisonment, wholly suspended, upon giving security by
recognizance of AUD5,000 to be of good behavior for three years.

The charges were brought in connection with ASIC's investigation
into the manipulation of the share price of Bill Express Limited
(in Liquidation) between May 2006 and March 2008. 3D Salesforce
was one of a network of companies that operated from the same
premises in Eaglemont, Victoria, as Bill Express and its parent
company, OnQ Group Limited.

During an examination by ASIC under section 19 of the ASIC Act,
Mr. Di Donato provided false or misleading information in
relation to the instigation of orders on 3D Salesforce's trading
account, the source of funding for this share trading, his
recollections over the deposit of AUD1,048,500 into 3D
Salesforce's bank account, and denying that former OnQ Chief
Financial Officer, Peter Couper, made or arranged payments to 3D
Salesforce.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Mr. Di Donato is the third person to be sentenced as a result of
ASIC's market manipulation investigation into the share price of
Bill Express.

In 2010, ex-Macquarie Equities Divisional Director, Newton Chan,
pleaded guilty to charges of manipulating the Bill Express share
price and providing false or misleading information to ASIC and
was sentenced to a term of 20 months imprisonment, of which four
months was to be served immediately.

Earlier this year, OnQ Group's former Chief Financial Officer,
Peter Couper, also pleaded guilty to several charges brought by
ASIC including a charge of providing false or misleading
information to ASIC and was sentenced to 21 months imprisonment
(wholly suspended) and a AUD10,000 fine.

                        About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was
engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.  OnQ Group Limited is the parent company of
Bill Express Limited.

                          *     *     *

Bill Express and its parent company OnQ Group Limited went into
administration in July 2008, along with a number of related
companies known as the Bill Express Group.

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


LEHMAN BROTHERS: 100% Recovery for CDO Losses After Win by PPB
--------------------------------------------------------------
Councils and charities that are estimated to have lost $250
million in investments on Lehman Brothers Holdings Inc.'s
financial products called collateralized debt obligations are
expected to recover almost all their losses, according to a
November 15 report by The Australian.

The investors are now likely to receive 100 cents in the dollar
after PPB Advisory reached a settlement with U.S. trusts holding
the funds, The Australian reported.

PPB Advisory is the liquidator of Lehman's Australian unit that
succeeded in unlocking hundreds of millions of dollars investors
put into notes in a CDO called Dante from trusts held in the U.S.
and the United Kingdom by Bank of New York Mellon and bonds
issued by GE.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


MANCHESTER UNITY: S&P Withdraws 'B+/B' Issuer Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+/B'
issuer credit ratings on Manchester Unity Credit Union following
a transfer of that credit union's assets and liabilities to
Credit Union Baywide (CUB; BB/Stable/B).


MILTON COLLEGE: Ferrier Hodgson Appointed as Liquidators
--------------------------------------------------------
Max Donnelly -- max.donnelly@fh.com.au -- of Ferrier Hodgson was
appointed Official Liquidator of Milton College Pty Limited
on Nov. 14, 2012, pursuant to an Order of the Federal Court of
Australia.

The College has ceased to trade due to the liquidation of the
Company.

Ferrier Hodgson said, "Former employees are encouraged to lodge
their claims with the General Employee Entitlements and
Redundancy Scheme (GEERS) as soon as possible.

"Parents and guardians should contact Tuition Protection
Services, the NSW Board of Studies or English Australia to
discuss ongoing education arrangements.

"An investigation into the Company's affairs will be conducted.
Any creditor who has any information which would assist our
investigation is requested to write to the Liquidator setting out
full particulars."

Milton College is a private institute specializing in English
language training in Australia.


MULSANNE RESOURCES: Placed Into Liquidation
-------------------------------------------
Australian Associated Press reports that mining magnate Nathan
Tinkler's Mulsanne Resources is to be wound up and liquidators to
be appointed after it failed to pay a AUD28.4 million debt to
coal explorer Blackwood Corporation.

According to AAP, Blackwood sued Mulsanne Resources after
Mr. Tinkler's company agreed to buy a 33.85% stake in it for
AUD28.4 million, but then failed to follow through with the deal.

AAP relates that NSW Supreme Court senior deputy registrar
Nicholas Flaskas on Tuesday ordered Mulsanne Resources be wound
up and Robyn Duggan -- robyn.duggan@fh.com.au -- and John
Melluish -- john.melluish@fh.com.au -- from Ferrier Hodgson be
appointed as liquidators in order for Blackwood to recover the
debt.

AAP notes that Blackwood previously said it was waiting for the
money to fund drilling of its coal tenements in Queensland.
Its shareholders approved the share placement on July 12 and the
payment was originally expected within a week.


NAHAS CONSTRUCTION: Enters Administration; Owes Creditors AUD25MM
-----------------------------------------------------------------
Cara Waters at SmartCompany reports that Nahas Construction has
entered administration owing over AUD25 million to creditors,
following what the administrator describes as a "domino effect"
of construction company collapses.

SmartCompany says John Vouris of Lawler Partners has been
appointed as administrator to Nahas Construction NSW, Nahas
Construction, and Development and Nahas Construction.

According to the report, non-payment by Nahas Construction was
blamed for the collapse earlier this year of Bluestone
Constructions.

Bruce Oaklands, principal supervisor and license holder for
Bluestone Construction, told SmartCompany that Bluestone was not
paid for work it did as a subcontractor for Nahas Constructions.

At the time, Nahas Construction spokesman Joe Nahas told
SmartCompany he could not confirm nor deny whether Nahas
Construction owed Bluestone Construction money and whether it
owed money to other contractors.

Now Nahas Construction has collapsed and administrator Vouris
said he sees "the domino effect" of company collapsing all the
time, SmartCompany relays.

According to SmartCompany, Mr. Vouris said the convening period
for the administration has been extended until December 11 to
enable him to determine whether National Australia Bank is a
secured creditor.

SmartCompany relates that Mr. Vouris said National Australia Bank
is owed AUD23 million and claims it is a secured creditor but the
director of Nahas disputes this claim.

"If they are satisfied and release the Nahas group of companies,
creditors may get a distribution through a deed of company
arrangement. But if [the National Australia Bank] is still in
there [as a secured creditor] other creditors will get nothing,"
the report quotes Mr. Vouris as saying.

Mr. Vouris said unsecured creditors include the Australian Tax
Office, which is owed AUD800,000, Crane Contractors, which is
owed AUD600,000, and Bright Ceiling Systems, which is owed
AUD300,000.

Nahas Construction Pty Ltd. is a family-owned and family-operated
property and construction company.  The company is based in North
Parramatta, New South Wales, Australia.


PETS PARADISE: Receivers Auction Off Founder's Waterfront Home
--------------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that the luxury
waterfront home built by the founder of the financially troubled
Pets Paradise group, Gary Diamond, is being sold by a bank to
help pay his debts.

The Paradise Waters property, which boasts 20 meters of water
frontage and its own beach, has stood empty since Mr. Diamond
built it four years ago.  Now Ray White Prestige Gold Coast is to
auction the four-bedroom home on November 29.

goldcoast.com.au says PPB Advisory's David Leigh and Grant
Sparks, who were appointed receivers of two of Mr. Diamond's
companies, Bayden Properties and Maybury Grange, are selling the
house to recoup some of the AUD11 million owed to Bank of
Melbourne.

According to the report, Mr. Diamond bought the land for
AUD2 million from Maria and Jeffery Pilkington in 2006 before
commissioning the house, which was finished about two years
later.

The property was used as security by Mr. Diamond against debts,
the report relays.

Other properties Mr. Diamond owned, under Bayden Properties and
Maybury Grange, are also being sold off by PPB Advisory,
according to goldcoast.com.au.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2012, SmartCompany said Pets Paradise has been placed
into receivership after the Bank of Melbourne seized control of
the ailing chain of 62 pet stores controlled by Gary Diamond.
The Bank of Melbourne, which is owed AUD11 million, on July 31
appointed Deloitte as receivers to Pets Paradise, part of
Diamond's Paradise Retail Holdings group.  Deloitte Restructuring
Services partners Tim Norman, Sal Algeri and John Greig have been
appointed as receivers and managers of a number of companies in
the Pets Paradise and Billy Baxter's restaurants group of
companies.  Mr. Norman said stores operated by franchisees are
not in receivership.

Based in Melbourne, Australia, The Paradise Retail Holdings group
runs 62 stores under the Pets Paradise, Pet Goods Direct and Pets
R Fun brands. It has 170 staff across its operations.


* AUSTRALIA: More Than 20 Solar Firms in Trouble in Last 5 Months
-----------------------------------------------------------------
SmartCompany reports that more than 20 solar companies have
either collapsed or encountered severe financial hardship during
the past few months as the fallout continues after state
governments slashed feed-in tariffs and other benefits.

It is only the latest suite of casualties in an industry plagued
by a gradual move away from dependence on government benefits.
Even larger players, like Solar Shop, were unable to escape
collapse, the report notes.

"I'm not surprised," John Grimes, head of the Australian Solar
Council, told SmartCompany.  "It's really been a roller-coaster
ride for the solar industry in Australia. We go into these cycles
of boom and bust and it's just really bad for both consumers and
the industry as a whole."

SmartCompany relates that a search for solar companies under
ASIC's own database reveals a wide range of casualties -- 23
individual businesses have either been placed in liquidation,
administration, or have been hit with court orders in the last
five months.

According to SmartCompany, SolarEco, which describes itself as a
"leading solar power system installer", was hit with a winding up
order on November 13.  Premier Solar, based in South Australia,
was placed in liquidation earlier this month.  Solar 1, a Western
Australia-based company, was also placed in liquidation last
month.

Solar and wind energy provider Rewind Energy collapsed in July
last year, following the collapse of others including DCM Green,
First Growth Funds and Intelligent Solar, SmartCompany adds.



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C H I N A
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CHINA AOYUAN: Fitch Puts Final Rating on $125-Mil. Notes at 'B+'
----------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(Aoyuan, 'B+'/Stable) USD125 million 13.875% notes due 2017 a
final rating of 'B+'.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the
final rating is in line with the expected rating assigned on 7
Nov 2012.

Aoyuan's ratings are supported by its fast asset turnover and
healthy financial profile.  The ratings are constrained by
Aoyuan's limited geographical diversification and small business
scale.

What Could Trigger A Rating Action?

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

  -- A significant decrease in 2013 contracted sales compared
     with 2012 contracted sales of CNY5bn or in contracted
     sales/total debt below 1.0x on a sustained basis

  -- EBITDA margin in 2013 falling below 15%

  -- Net debt/adjusted net inventory trending to 40% on a
     sustained basis

  -- Deviating from the current strategy of fast churn-out and
     high cash flow turnover business model

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- Successful execution of expansion strategy for the next two
     to three years, where business scale increases
     substantially, such that contracted sales increase to over
     CNY15 billion per annum with improving profitability where
     EBITDA margin increases to over 25% on a sustained basis.


CHINA DU KANG: Delays Third Quarter Form 10-Q for Review
--------------------------------------------------------
China Du Kang Co., Ltd., informed the U.S. Securities and
Exchange Commission it requires additional time in order to
prepare and file its quarterly report on Form 10-Q for the
quarter ended Sept. 30, 2012.  The Company is still awaiting its
independent auditor to review its management prepared unaudited
financial statements in order to prepare Form 10-Q.

The Company does not expect significant changes in its results of
operations and earnings from the corresponding period ended
Sept. 30, 2011.

                        About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.

After auditing the 2011 financial statements, Keith K. Zhen, CPA,
in Brooklyn, New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The
independent auditors noted that the company incurred an operating
loss for each of the years in the two-year period ended Dec. 31,
2011, and as of Dec. 31, 2011, had an accumulated deficit.

The Company's balance sheet at June 30, 2012, showed $17.44
million in total assets, $7.45 million in total liabilities and
$9.98 million in total shareholders' equity.


CHINA EXECUTIVE: Delays Form 10-Q for Third Quarter
---------------------------------------------------
China Executive Education Corp. notified the U.S. Securities and
Exchange Commission that because of delays in coordinating
reports, the Company's quarterly report on Form 10-Q for the
fiscal period ended Sept. 30, 2012, could not be timely filed
without unreasonable effort or expense.  The Company anticipates
that it will file its Form 10-Q within the five-day grace period
provided by Exchange Act Rule 12b-25.

                       About China Executive

Hangzhou, China-based China Executive Education Corp. is an
executive education company with operations in Hangzhou and
Shanghai, China.  It operates comprehensive business training
programs that are designed to fit the needs of Chinese
entrepreneurs and to improve their leadership, management and
marketing skills, as well as bottom-line results.

Albert Wong & Co, in Hong Kong, China, issued a "going concern"
qualification on the financial statements for the year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has accumulated deficits as at Dec. 31, 2011, of $17,466,892
including net losses of $5,478,202 for the year ended Dec. 31,
2011, which raised substantial doubt about the Company's ability
to continue as a going concern.

The Company reported a net loss of US$5.47 million in 2011,
compared with a net loss of US$8.54 million in 2010.

The Company's balance sheet at March 31, 2012, showed US$10.14
million in total assets, US$27.32 million in total liabilities
and a US$17.17 million total stockholders' deficiency.

The Company reported a net loss of US$5.47 million in 2011,
compared with a net loss of US$8.54 million in 2010.


SEARCHMEDIA HOLDINGS: To Hold Annual General Meeting on Dec. 14
---------------------------------------------------------------
SearchMedia Holdings Limited will hold its 2012 annual general
meeting of shareholders at Rooms 902 and 903, 500 Weihei Road,
Jing An District, Shanghai, China 200041, on Dec. 14, 2012, at
10:00 a.m. local time for the following purposes:

   1. To elect Robert Fried, Chi-Chuan (Frank) Chen, Paul M.
      Conway, Yunan (Jeffrey) Ren, Steven D. Rubin, and Peter W.
      H. Tan as directors of the Company;

   2. To amend the Company's Amended and Restated 2008 Share
      Incentive Plan by increasing the number of authorized
      ordinary shares available for grant under the 2008 Plan
      from 3,000,000 ordinary shares to 4,500,000 ordinary
      shares;

   3. By special resolution to change the name of the Company
      from SearchMedia Holdings Limited to Tiger Media, Inc.;
      and

   4. By special resolution to amend the Articles of Association
      of the Company to reduce the minimum notice for a Director
      meeting from seven days to two days.

The Board of Directors of the Company has fixed the close of
business on Oct. 29, 2012, as the record date for determining the
shareholders entitled to receive notice of and to vote at the
Meeting or any adjournment or postponement thereof.

                         About SearchMedia

SearchMedia is a leading nationwide multi-platform media company
and one of the largest operators of integrated outdoor billboard
and in-elevator advertising networks in China.  SearchMedia
operates a network of high-impact billboards and one of China's
largest networks of in-elevator advertisement panels in 50 cities
throughout China.  Additionally, SearchMedia operates a network
of large-format light boxes in concourses of eleven major subway
lines in Shanghai.  SearchMedia's core outdoor billboard and in-
elevator platforms are complemented by its subway advertising
platform, which together enable it to provide a multi-platform,
"one-stop shop" services for its local, national and
international advertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification on the consolidated financials statements
for the year ended Dec. 31, 2011.  The independent auditors noted
that the Company has suffered recurring losses and has a working
capital deficiency of approximately $31,000,000 at Dec. 31, 2011,
which raises substantial doubt about its ability to continue as a
going concern.

Searchmedia Holdings reported a net loss of $13.45 million
in 2011, a net loss of $46.63 million in 2010, and a net loss of
$22.64 million in 2009.

The Company's balance sheet at June 30, 2012, showed US$39.18
million in total assets, US$41.22 million in total liabilities
and a US$2.04 million total shareholders' deficit.


SHANGHAI INDUST'L: Moody's Says Consent Solicitation No Impact
--------------------------------------------------------------
Moody's Investors Service says that Shanghai Industrial Urban
Development Group Limited's proposed consent solicitation has no
impact on its B1 corporate family rating and B2 senior unsecured
rating.

The ratings outlook remains stable.

The company announced on 15 November 2012 a proposed consent
solicitation with respect to amendments on the definition of
asset disposition, limitation on indebtedness, and the terms of
an existing cross-guarantee agreement.

The purposes of the amendments are to allow SIUD to rationalize
its assets and improve liquidity.

"If the consent is approved by bond holders, it would allow SIUD
to dispose of undeveloped or partially developed projects that
are not compatible with its updated business strategy," says
Franco Leung, a Moody's AVP/Analyst, adding, "The move is credit
positive as SIUD needs to undergo some rationalization to improve
its business."

SIUD's latest business strategy is to focus its resources on
property development projects in the Yangtze River Delta region,
where it can leverage on the influence of its parent, Shanghai
Industrial Holdings Limited, a conglomerate majority-owned by the
Shanghai Municipal Government.

"The proposed asset disposals will address SIUD's needs in the
areas of funding and debt refinancing", says Mr. Leung, also lead
analyst for SIUD.

The proposal to amend the definition of asset disposals will not
materially affect the interest of bond holders because SIUD will
remain obligated to the covenants in the bond indenture
controlling the use of proceeds from asset disposals.

The amendment will facilitate the liquidation of certain assets
and funding of new developments and debt refinancing.

The proposed amendment on limitations on indebtedness offers an
opportunity for SIUD to refinance maturing offshore debt through
pledged onshore deposits. This form of financing is more
efficient and less costly than remitting dividends to settle
maturing foreign debt.

Moody's notes that the rise in additional bank deposit secured
indebtedness will increase subordination risk for bond holders.
However, Moody's expects SIUD's latest business plan will keep
its secured and subsidiary debt to total assets ratio at around
15% -20%, a level appropriate for its current bond rating of B2,
which is already notched down from its B1 corporate family
rating.

Moody's does not expect any significant financial impact from the
amendment of the terms of the cross-guarantee agreement between
Shanghai Urban Development, a subsidiary of SIUD, and Shanghai
Xuhui State-owned Assets Management Co., Ltd. SIUD has proposed
extending the expiry of the cross-guarantee arrangement to
December 2015 from December 2012.

Though the expiry date is now 3 years later, the amount has
fallen to RMB400 million from RMB1.2 billion.

The principal methodology used in rating SIUD was the Global
Homebuilding Industry Methodology published in March 2009.

SIUD is a Chinese property developer engaged in residential and
mixed-use developments. After the acquisition of SUD (from its
parent, Shanghai Industrial Holdings Limited ("SIH", unrated),
SIUD accumulated a total of 25 projects across 13 cities in China
and a land bank of 17.2 million sqm in aggregate GFA .

After the acquisition of SUD, SIUD became 70% owned by SIH, a
Chinese conglomerate majority-owned by the Shanghai municipal
government. Listed on the Stock Exchange of Hong Kong in 1996,
its main business interests are in real estate, infrastructure
facilities and consumer products.



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


BENSUN LIMITED: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
Creditors of Bensun Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 6, 2012.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit D, 12/F
         Seabright Plaza
         9-23 Shell Street
         North Point, Hong Kong


CHINA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Nov. 9, 2012,
creditors of China International Arbitration Club Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Yau Choi
         Rm 1101A, Causeway Bay Comm. Bldg
         1 Sugar Street, Hong Kong


HONGKONG CHINONTEC: Members' Final Meeting Set for Dec. 17
----------------------------------------------------------
Members of Hongkong Chinontec Limited will hold their final
general meeting on Dec. 17, 2012, at 3:00 p.m., at Room 10, 16/F,
Parklane Centre, at 25 Kin Wing Street, Tuen Mun, N.T., in
Hong Kong.

At the meeting, Pui Chiu Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MEDIA VALOR: Wong Sun Keung Appointed as Liquidators
----------------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice on Nov. 2, 2012, were
appointed as liquidators of Media Valor Limited.

The liquidators may be reached at:

         Wong Sun Keung
         21/F, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


MEGA CHOICE: Chow and Lam Step Down as Liquidators
--------------------------------------------------
Chow Yu Chun Alexander and Lam Yim King Christina stepped down as
liquidators of Mega Choice Holdings Limited on Nov. 6, 2012.


ONE AXCESS: Members' Final Meeting Set for Dec. 17
--------------------------------------------------
Members of One Axcess Limited will hold their final meeting on
Dec. 17, 2012, at 7:00 p.m., at Suite 1003, 10/F, Silvercord
Tower 1, at 30 Canton Road, Tsim Sha Tsui, in Hong Kong.

At the meeting, Robert Mark Formon and Daniel De Weyer, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


PSG INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------------
Creditors of PSG International (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 7, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 8, 2012.

The company's liquidator is:

         Jeffrey Roehl
         5275 Westview Drive
         Frederick MD 21703
         United States of America


SHEENLEX DEVELOPMENT: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Sheenlex Development Limited, on Nov. 15, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F., Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


SUNVIEW FAR: Suen Man Fai Steps Down as Liquidator
--------------------------------------------------
Suen Man Fai stepped down as liquidator of Sunview Far East
Limited on Nov. 12, 2012.


UNISON FOUNDATION: Hok Chung and Boswell Step Down as Liquidators
-----------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Unison Foundation Limited on Nov. 6, 2012.



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


AGNI STEELS: ICRA Reaffirms 'BB' Rating on INR23.5cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB'
outstanding on the INR7.70 crore term loan facilities and the
INR15.80 crore fund based facilities of Agni Steels Private
Limited.  The outlook on the long-term rating is stable. ICRA has
also reaffirmed the short-term rating of '[ICRA]A4' outstanding
on the INR25.00 crore fund based facilities and the INR25.00
crore non-fund based facilities of ASPL.

                               Amount
   Facilities                 (INR cr)   Ratings
   -----------                --------   -------
   Term loan facilities         7.70     [ICRA]BB (Stable)
                                         reaffirmed

   Fund based facilities       15.80     [ICRA]BB (Stable)
                                         reaffirmed

   Fund based facilities       25.00     [ICRA]A4 reaffirmed

   Non-fund based facilities   25.00     [ICRA]A4 reaffirmed

The reaffirmation of ratings consider the favorable demand
outlook for steel in the long term, ASPL's established presence
and distribution network in the TMT bars market in Tamil Nadu,
its partly integrated nature of operations which helps control
costs to an extent and the increase in revenues and profits
during 2011-12. The ratings also consider the Company's stretched
capital structure / declining operating margins, the intense
competition amidst the weak operating environment which entails
risk of volatility in cash accruals and restricts scope for
margin expansion, and the adverse impact on the financial profile
in the event of devolvement of contingent liabilities.

While unfavorable power supply in the state impacts production
efficiencies and iron ore supply constraints impact operations of
the sponge iron unit, purchase of power from third-parties partly
mitigates the power deficit situation to a certain extent.

ASPL is primarily engaged in the manufacture of TMT bars. It also
has facilities to produce sponge iron and billets. Its
manufacturing units are located in Erode, Tamil Nadu.
Incorporated in 1989, ASPL was jointly promoted by Mr. M
Chinnasami, Mr. R Krishnamoorthy and Mr. K Thangavelu. The sponge
iron and billets produced by the Company are captively consumed.

Recent results (unaudited)

ASPL has reported net profit of INR2.7 crore on an operating
income of INR148.0 crore, during the five months ended August
2012.


CIPSA TEC: ICRA Assigns Junk Ratings to INR46cr Loans
-----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR16.00
crore term loan facilities and the INR13.00 crore fund based
facilities of CIPSA TEC India Private Limited.  ICRA has also
assigned short-term rating of '[ICRA]D' to the INR4.00 crore fund
based facilities and the INR13.00 crore non-fund based facilities
of CTIPL.

                             Amount
   Facilities              (INR crore)    Ratings
   -----------             -----------    -------
   Term loan facilities       16.00       [ICRA]D assigned

   Long-term fund based       13.00       [ICRA]D assigned
   facilities

   Short-term fund based       4.00       [ICRA]D assigned
   facilities

   Short term non-fund        13.00       [ICRA]D assigned
   Based facilities

The ratings reflect the delays in debt servicing by the Company
due to tight liquidity conditions on account of low accruals and
high repayment obligations. The Company has weak financial
profile characterized by highly geared capital structure and weak
coverage indicators due to significant debt-funded capital
expenditure incurred in 2007-09 to setup its new manufacturing
facility and erosion in reserves owing to losses since 2009-10.
Further, CTIPL's small scale of operations and underutilization
of production capacities from 2010-11 on account of decline in
export orders owing to slowdown in the export markets (primarily
European countries) coupled with intense competition from printed
circuit board (PCB) manufacturers in China and South East Asia
results in low accruals.

CTIPL (formerly known as CIPSA-RIC India Private Limited) is
primarily engaged in manufacture of PCBs and caters to segments
like Automotive, Power, Industrial automation, Telecommunication,
Defense etc. The Company derives more than one-third of the
revenues through exports. The Company has technical
collaborations with shareholding companies namely Circuitos
Impresos Profesionales S.A. of Spain and Technomec Srl of Italy
which enables access to technology and enhances marketability of
CTIPL's products.

Technomec holds 10 percent stake in the Company and the rest is
equally held by CTIPL and CIPSA. The manufacturing facility of
the Company is located in Tumkur (near Bangalore) with an
installed capacity of 18,000 square meters of PCBs per month. The
Company was incorporated as CIPSA-RIC India Private Limited in
2005 and acquired the business from erstwhile Rao Insulating
Company Limited (RIC) - which started PCB manufacturing in 1987.
In December 2010, Technomec (Italy) acquired 10 per cent stake in
CIPSA-RIC India Private Limited and subsequently the entity was
renamed as CIPSA Tec India Private Limited.

Recent Results

According to unaudited results, CTIPL's net loss stood at INR4.5
crore on an operating income of INR63.3 crore during 2011-12
against net loss of INR1.5 crore on an operating income of
INR56.8 crore during 2010-11.


IDL EXPLOSIVES: ICRA Assigns 'BB' Rating to INR58cr Loans
---------------------------------------------------------
The ratings of '[ICRA]BB' on the long term scale and '[ICRA]A4'
on the short term scale have been assigned to the INR132 crore
bank limits of IDL Explosives Limited. The long term rating has
been assigned a Stable outlook.  The ratings are constrained by
the modest financial risk profile of the company as reflected in
its weak profitability metrics owing to stabilization issues post
hive off as well as market and forex related difficulties; and
its stretched capital structure and weak coverage metrics.

                        Amount
   Facilities        (INR crore)    Ratings
   -----------       -----------    -------
   Term Loans            2.50       [ICRA]BB (Stable) Assigned

   Cash Credit Limits   15.00       [ICRA]BB (Stable) Assigned

   Non Fund Based       74.00       [ICRA]A4 Assigned
   Limits

   Unallocated Limits   40.50       [ICRA]BB (Stable) and
                                    [ICRA]A4 Assigned

The ratings also factor in the high business risks associated
with the bulk explosives business including the high dependence
and limited bargaining power with the major customer Coal India
Limited; vulnerability to raw material pricing pressures due to
high volatility in prices of Ammonium Nitrate, the main input,
coupled with exposure to forex variation on imports; the high
competitive intensity in the bulk explosives business and subdued
near term demand outlook due to the ongoing impasse in mining
activities in the country.

The ratings however favorably factor in the company's strong
parentage with it being a strategic part of the Hinduja group;
the company's long experience and well established track record
in the bulk explosives business and the upside potential linked
to certain product and business diversification plans which are
expected to fructify in the near term and will be a key rating
sensitivity.

IDL Explosives Limited was incorporated in September 2010 to take
over the demerged Explosives Undertaking (comprising mainly the
bulk explosives business) of Gulf Oil Corporation Ltd pursuant to
a Scheme of Arrangement, effective 1st Oct, 2010. IDL is a part
of the global Hinduja Group and is currently a 100% subsidiary of
GOCL. While GOCL has announced its intent to sell off stake in
IDL, the majority ownership of the company is expected to remain
with the Hinduja group.

Recent Results

In 2011-12, IDL reported a net loss of INR13 crore on an
Operating Income of INR255 crore. In H1 2012-13, IDL has reported
a net loss of INR2 crore on an Operating Income of INR112 crore
as per unaudited provisional results.


MUNGAD ALUMINIUM: ICRA Assigns '[ICRA] D' Rating on INR10cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the Rs10.0
crore1 fund based facilities of Mungad Aluminium Private Limited.

                             Amount
   Facilities              (INR crore)     Ratings
   -----------              -----------    -------
   Fund Based limits           10.0        [ICRA]D (assigned)

The assigned rating factors in instances of delays in debt
servicing by the company. MAPL's liquidity has come under
pressure during FY2012 because of high working capital intensity
and weak capitalization and coverage indicators as the company
has taken term loan to fund the acquisition of hotel which is
under construction and would be operational by April 2014. The
rating is also constrained by high competitive intensity in the
utensils manufacturing industry and high client concentration
with 2-3 clients contributing to ~90% of the revenue. However,
ICRA has taken note of the long experience of the promoters in
the aluminium utensil industry and established company's
established relationship with its key customers.

Mungad Aluminium Private Limited was incorporated in 2008 and is
engaged in the manufacturing and trading of large Aluminium
utensils. The company is engaged in the manufacturing and trading
of Aluminium products and other metal utensils to domestic
clients who are mainly exporters. The company has its
manufacturing plant located in Indore, Madhya Pradhesh. The
company has recently purchased a 72 bedded hotel located in Vijay
Nagar, Indore. The hotel is currently under construction and
would be operational by April 2014. The company is under the
leadership of Mr. Rajesh Mungad, who has been with the company
since inception and has relevant work experience of more than
30 years in the industry and holds a M.Com degree.

Recent Results

As per the provisional figures of 2011-12, the company reported a
profit after tax (PAT) of INR0.13 crore on an operating income of
INR26.17 crore as against PAT of INR0.04 crore on an operating
income of INR2.83 crore in 2011.


NATIONAL AUTO: ICRA Rates INR10cr Longterm Loan '[ICRA] C+'
-----------------------------------------------------------
ICRA has assigned '[ICRA]C+' rating to the INR10.00 crore long
term fund based working capital facility of National Auto Wheels
Private Limited.  ICRA has also assigned '[ICRA]A4' rating to the
INR10.00 crore short term fund based working capital of NAWPL.
The short term fund based limit is sublimit to the long term fund
based limit.

                              Amount
   Facilities               (INR crore)    Ratings
   -----------              -----------    -------
   Long-term, fund-based       10.00       [ICRA]C+ assigned
   facilities

   Short-term, fund-based      10.00       [ICRA]A4 assigned
   Facilities

The assigned ratings reflect NAWPL's weak financial provide
characterized by highly leverage capital structure and tight
liquidity condition; limited track record of operations and
relatively low share of lucrative services & spare business which
constrains operating profitability. The ratings also take into
account working capital intensive nature of operation, which is
inherent in auto dealership business; increasing competition
amongst dealers of TML as well other OEMs which could affect
profitability amid slowdown in domestic PV segment. The ratings
however favorably factors NAWPL's professional management team
and financial flexibility provided by the promoters. ICRA expects
promoters will continue to provide financial support in case of
any cash flow mismatch.

National Auto Wheels Private Limited is engaged in passenger car
dealership for Tata Motors Limited (TML, rated AA-/Positive/A1+
by ICRA). NAWPL started its operations from 14th March 2011
onwards, and the company currently operates from a rental
showroom (3,146 sq. ft) in Hadapsar region, which is one of the
emerging commercial/residential areas of Pune. NAWPL is managed
by Mr Ashish Nagpal, having interest in real estate, finance and
auto dealership business. Mr. Nagpal has close control over
company's operations, assisted by professional and experienced
team.

Recent Result

As per audited 2011-12 results, WCPL has reported a net profit of
INR0.25 crore on an operating income of INR87.15 crore.


SOKTAS INDIA: ICRA Reaffirms 'BB+' Rating on INR103.5cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR20.0 crore1 Cash Credit facilities and INR83.5 crore Term Loan
facilities of Soktas India Private Limited.  The outlook on the
long term rating is stable.  ICRA has also reaffirmed the
'[ICRA]A4+' rating assigned to the INR10.0 crore short term fund
based facilities and INR17.0 crore short term non fund based
facilities of SIPL. The short term fund based facilities are
sublimit to the cash credit limits.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Cash Credit              20.00      [ICRA]BB+ (Stable)
                                       reaffirmed

   Term Loan                83.50      [ICRA]BB+ (Stable)
                                       Reaffirmed

   Short Term Fund          10.00      [ICRA]A4+ reaffirmed
   Based Facilities

   Letter of Credit/Bank    17.00      [ICRA]A4+ reaffirmed
   Guarantees

The ratings continue to draw comfort from strong operational and
technological support from its parent and the internationally
established brand name, professional management and well
diversified customer base. The ratings however remain constrained
by weak financial performance of SIPL characterized by decline in
operating profitability and continued net losses during FY12.
Unfavorable operating environment and higher interest rates
impacted profitability of the company. Net worth position of the
company has deteriorated putting pressure on capital structure
which is aggravated by increasing working capital requirements.
Nonetheless, ICRA notes that operating performance of SIPL is
improving in current fiscal and profitability indicators are
expected to recover from FY12 levels. The ratings continue to
remain constrained by fragmented and competitive marketplace and
susceptibility to volatility in cotton yarn prices. Going
forward, achieving breakeven levels, scaling up of operations and
continued support from the parent would remain essential from
maintaining its credit profile.

SIPL is a subsidiary of Soktas, Turkey. It was incorporated on
February 15, 2007 and has set up a fabric manufacturing unit with
a capacity to manufacture 7 million meters of fabric per annum at
Kolhapur. The facility manufactures high quality yarn-processed
fabric to be used for shirting purposes, domestically as well as
for export. The parent company has contributed to 88.2% of the
capital and the rest has been contributed by International
Finance Corporation. The plant started commercial production in
April, 2009.


TIRUPATHI YARNTEX: ICRA Reaffirms 'C' Rating on INR28.7cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]C+'
outstanding against the INR18.20 crore term loan facilities,
INR10.00 crore fund based facilities and the INR0.50 crore non-
fund based facilities of Tirupathi Yarntex Spinners Private
Limited.

                             Amount
   Facilities              (INR crore)    Ratings
   -----------             -----------    -------
   Term loan facilities        18.20      [ICRA]C+/re-affirmed

   Fund based facilities       10.00      [ICRA]C+/re-affirmed

   Non-fund based facilities    0.50      [ICRA]C+/re-affirmed

   Non-fund based facilities    1.50      [ICRA]A4/re-affirmed

The short-term rating on the INR1.50 crore non-fund based
facilities has been reaffirmed at '[ICRA]A4'.  The re-affirmation
of the ratings continue to factor in the Company's weak financial
position, aggravated further by the losses reported during 2011-
12 owing to sluggish demand for yarn steep fall in yarn
realisations. The Company's financial profile is presently
characterised by accumulated losses, weak coverage indicators and
stretched debt protection metrics. The ratings further consider
TYSPL's small scale of operations, which restrict scale economies
and the intense competition prevalent in the spinning industry
which restricts the Company's pricing flexibility to an extent.
The ratings, however, continue to factor in the long standing
experience of the promoters in the spinning industry.

TYSPL, incorporated in 1996, is primarily engaged in the
production of cotton yarn at its manufacturing facility located
in Rajapalayam (Tamil Nadu). The promoters hold the entire share
capital of the Company and are also engaged in the agriculture
business. The Company, which commenced operations as a
partnership firm (M/s. Tirupathi Spinners) with an installed
capacity of 2,032 spindles, was converted into a private limited
company in 1996. The capacities were expanded over the years to
reach the current level of 30,696 spindles.

Recent Results

For the financial year 2011-12, the Company reported a net loss
of INR2.1 crore on an operating income of INR57.8 crore as
against a net profit of INR0.1 crore on an operating income of
INR65.3 crore for the financial year 2010-11.


VINYROYAL PLASTICOATES: ICRA Cuts Rating on INR2.5cr Loan to 'B+'
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to the fund based
facilities, aggregating to INR2.50 crore, of Vinyroyal
Plasticoates Limited from '[ICRA]BB-' with stable outlook to
'[ICRA]B+'.  The short term rating assigned to the fund and non-
fund based limits, aggregating to INR12.06 crore, of VPL has been
reaffirmed at '[ICRA]A4'.

                           Amount
   Facilities            (INR crore)    Ratings
   -----------           -----------    -------
   Fund Based Limits-        2.50       [ICRA]B+ downgraded
   Cash Credit

   Fund Based Limits-        4.50       [ICRA]A4 re-affirmed
   Bill Discounting

   Non-Fund Based Limits-    7.56       [ICRA]A4 re-affirmed
   Letter of Credit

The revision in the long-term rating takes into account the
deterioration in the financial risk profile of the company as
evident from stretched liquidity position resulting in
devolvement of LCs, as well as, declining profitability levels
and high leveraging levels. The company's operating profitability
(OPBDITA/OI) has remained low largely due to intense competitive
pressures arising from both organized and unorganized players as
well as due to cheap imports from China. The ratings are further
constrained by the company's modest size of operations,
vulnerability to any weakening of demand pattern in automobile
industry and also the susceptibility of profitability to any
adverse fluctuations in raw material prices, though the presence
of 'price variation' clause allows the company to pass on
deviations in excess of 5%, albeit with a lag period.

The ratings, however, draw comfort from the long experience of
the promoters in the artificial leather business, reputed
customer base in both domestic and export markets and improvement
in plant capacity utilization levels in the last two fiscals on
account of positive demand indicators especially from the
automobile segment.

Incorporated in 1992, Vinyroyal Plasticoates Limited is involved
in manufacturing of artificial leather i.e., vinyl coated fabric.
VPL was originally incorporated as a private limited company and
was converted into a public limited company in August 2009. VPL,
which sells its products under the brand name of 'Royal Touch',
is a part of the Samsons Group. Artificial leather is used in
automotive, footwear and upholstery industry. VPL has two plants,
both located in Vadodara with a total installed capacity of 60
lakh meters per annum. The company is one of the leading
suppliers to the automotive industry in India. The other group
companies of Samsons group include Royal Cushion Vinyl Products
Ltd., Vijayjyot Seats Pvt. Ltd. and Royal Knitting Pvt. Ltd who
are engaged in the business of vinyl floorings, seating systems
and knitted fabrics respectively.



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


BANK TABUNGAN: Moody's Raises Bank Finc'l. Strength Rating to 'D'
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3/Prime-3 long-
term/short-term foreign currency deposit ratings of Bank Tabungan
Negara (BTN). At the same time, the rating agency has raised the
bank's financial strength rating (BFSR), or standalone credit
assessment, to D from D-, mapping to a baseline credit assessment
(BCA) of ba2 from ba3. All ratings, including the revised rating,
carry a stable outlook.

Ratings Rationale

The affirmation of the deposit ratings is based on Moody's
continued view that the likelihood of systemic support for BTN in
the event of a crisis is very high. This is based on the bank's
pro forma 61.35% ownership by the government of Indonesia and its
significant policy role of providing housing loans to low and
middle income earners.

The upgrade in the BFSR follows the boost in BTN's capital as a
result of its IDR1.5 trillion rights issue in November. After the
exercise, its pro forma Tier 1 ratio will rise to 17.4% from
14.4% -- higher than the 14.1% average of the other Moody's-rated
Indonesian banks.

The higher standalone rating also considers the bank's successful
efforts to lessen several structural characteristics that arise
from its policy function as a bank that focuses on housing loans,
with a significant proportion to low income borrowers.
Specifically, BTN has relatively weak liquidity compared to other
Indonesian banks, with a loan-to-deposit ratio well above 100%.
The bank also has a maturity mismatch, with just over a third of
its assets in long-dated mortgages but 60% of its deposits in
time deposits maturing within a year.

BTN remains the largest mortgage provider in Indonesia, with a
22% share of the overall market and a virtual monopoly over the
government mortgage subsidy program. In September 2012, housing
loans accounted for 86% of the bank's loan portfolio; of this
total, 39% were subsidized mortgages.

As a result of this focus on housing loans, BTN's credit
impairment expenses are low compared to other Indonesian banks.
Nonetheless, BTN's non-performing loan (NPL) ratio has been
marginally above the system, and special mention loans far higher
than the system range of 4%-6%. The latter is attributed to the
repayment behavior of its mortgage borrowers, which tend to be
tardy. The bank is strengthening its collections system to
address this.

Its loan growth since 2008 has outpaced the system. Most of this
growth was in non-housing loans, which record weaker NPL ratios
than housing loans but have higher yields. The shift in lending
towards non-housing loans is in line with the bank's strategic
direction. It is moving away from providing government subsidized
mortgages to granting loans on a commercial basis. Non-housing
loans accounted for 14% of loans in September 2012 versus 6% at
end-2009. While this shift in strategy has not materially
compromised asset quality to date, the growth in this area is a
risk factor that will be a key driver of the bank's rating going
forward.

From a funding perspective, the bank has a relatively small
branch network and has only recently been more aggressive in
gathering retail deposits. Therefore, the high loan-to-deposit
ratio will gradually trend down.

Furthermore, it aims to reduce maturity mismatch by diversifying
and lengthening its funding. Consequently, it is active in the
domestic market for securitizations, bond issuances and
repurchase agreements.

What Could Drive The Ratings DOWN/UP

BTN's ratings could be upgraded if for at least two years: (i)
its Tier 1 capital ratio, after incorporating expected losses in
its risk assets using Moody's scenario analysis, is in line with
levels for ba1 rated Indonesian banks; (ii) its percentage of
special mention loans is in line with the system; (iii) the
bank's loan-to-deposit ratio stays well below 100% and maturity
mismatch decreases; and (iv) its NPL ratios are in line with the
system.

Given this action, BTN's ratings are unlikely to be downgraded in
the near term although the triggers are: (i) Moody's assessment
shows that its Tier 1 capital ratio falls below the range for ba2
rated Indonesian banks after incorporating expected losses in its
risk assets using Moody's scenario analysis; (ii) its NPL ratios
for non-housing loans deteriorate from September 2012 levels for
four quarters: 4.8% for construction loans and 5.5% for
commercial loans; and (iii) the sovereign ratings are lowered.

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

BTN, headquartered in Jakarta, had assets of IDR98.8 trillion as
of September 2012. It is the tenth-largest bank in Indonesia by
assets.



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


FUJITRANS (SINGAPORE): Creditors' Proofs of Debt Due Nov. 30
------------------------------------------------------------
Creditors of Fujitrans (Singapore) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 30, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Chay Fook Yuen
          c/o KPMG Services Pte. Ltd.
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


HELVETICA WEALTH: Creditors' Proofs of Debt Due Dec. 12
-------------------------------------------------------
Creditors of Helvetica Wealth Management Partners (Asia) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Dec. 12, 2012, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


MATRIXONE ASIA: Creditors' Proofs of Debt Due Dec. 14
-----------------------------------------------------
Creditors of Matrixone Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807



===========
T A I W A N
===========


E. SUND BANK: Fitch Affirms 'Dsf' Rating on NTD0.87-Mil. Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of class A2, B and C notes
issued by E. Sun Bank 2007-2 CBO Securitisation Special Purpose
Trust and maintained the Stable Outlook for class A2 and B.  The
transaction is a static cash flow securitisation of a NTD-
denominated bond and USD-denominated zero coupon bond issued by
Citigroup Funding Inc. (Citigroup, 'A'/Stable/'F1'). The rating
actions are as follows:

  -- NTD5.64bn Class A2 zero coupon bond due February 2016:
     affirmed at 'AA+sf(twn)'; Outlook Stable

  -- NTD1.72bn Class B interest deferrable coupon bond due
     February 2016: affirmed at 'A+sf(twn)'; Outlook Stable

  -- NTD0.87bn Class C interest deferrable coupon bond due
     February 2016: affirmed at 'Dsf(twn)'; Recovery Estimate of
     0%.

The rating affirmation and Stable Outlook of class A2 reflect the
fact that class A2's ultimate principal repayment mainly relies
on the proceeds from the redemption of the underlying USD zero
coupon bond issued by Citigroup.

The rating affirmation and Stable Outlook of class B reflect its
first-to-default risk of the portfolio.  The portfolio currently
has two bonds issued by Citigroup and Taipei Fubon Bank.  Class
B's ultimate principal repayment relies on the proceeds from the
full redemption of two bonds on their maturity dates.  The first-
to-default risk of the portfolio is considered equivalent to
'A+sf(twn)'.

The rating on the class C notes and the Recovery Estimate reflect
Fitch's expectations of a significant loss of principal and
capitalised interest.

The credit quality of the current portfolio has remained stable
since the previous rating action in December 2011.  The portfolio
has high obligor concentration risk, with Citigroup accounting
for 97.4% of the portfolio's notional balance as at the latest
payment date in November 2012.  Both bonds in the asset pool will
mature in 2013.



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


* 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.


                            *********


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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