TCRAP_Public/121126.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

          Monday, November 26, 2012, Vol. 15, No. 235


                            Headlines


A U S T R A L I A

ABC LEARNING: Co-Founder Fails to Quash Bankruptcy Notice
BBB CONSTRUCTION: Placed in Administration; BRI Ferrier Appointed
RETAIL ADVENTURES: Administrators to Sell Brands Individually
* AUSTRALIA: Moody's Says ABS Delinquencies Down in Q3 2012


C H I N A

CHINA 3C GROUP: Incurs $4.2-Mil. Net Loss in Third Quarter
CHINA ENERGY: Reports $900,600 Net Income in Third Quarter
CHINA GINSENG: Incurs $1.4-Mil. Net Loss in Q1 Ended Sept. 30
CHINA GREEN ENERGY: Incurs $184,700 Net Loss in Third Quarter
CHINA MARKETING: Incurs $602,000 Net Loss in 2012 3rd Quarter

CHINA SHOUGUAN: Reports $312,060 Net Income in Third Quarter
CHINA TELETECH: Reports $112,000 Net Income in Third Quarter
CHINESEINVESTORS.COM: Incurs $284,000 Net Loss in Sept. 30 Qtr
GLOBAL A&T: Bond Issue Delay No Impact on Moody's 'B1' CFR
CYBRDI INC: Incurs $134,800 Net Loss in Third Quarter


H O N G  K O N G

CHARMLINE INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 9
CHI SHING: Lau and Liang Step Down as Liquidators
DESIGN NETWORK: Court Enters Wind-Up Order
GRE (HONG KONG): Court Enters Wind-Up Order
HENCH (CHINA): Court Enters Wind-Up Order

KAM HING: Court Enters Wind-Up Order
KENNIS LIMITED: Creditors' Proofs of Debt Due Dec. 10
MANLOY TEXTILE: Court Enters Wind-Up Order
METROPLEX HK: Court to Hear Wind-Up Petition on Dec. 19
MOULIN HOLDINGS: Creditors to Get 20.5% Recovery on Claims

ON STEP: Court to Hear Wind-Up Petition on Jan. 2
PHYSICAL PROPERTY: Incurs HK$101,000 Net Loss in Third Quarter
ROYAL DOULTON: Creditors to Get 3.685% Recovery on Claims
SINO PROMISE: Court Enters Wind-Up Order
UNIROSS BATTERIES: Creditors to Get 2.9% Recovery on Claims

WIKI EDUCATION: Court Enters Wind-Up Order


I N D I A

ARTISONS TRADING: CARE Rates INR10cr Long-Term Loan at 'CARE BB'
GEMINI EQUIPMENT: CARE Reaffirms 'BB+' Issuer Ratings
LOKMANGAL MAULI: CARE Rates INR183.47cr LT Loan at 'CARE B'
MAHA HOTEL: CARE Rates INR30cr Longterm Loan at 'CARE BB'
PATEL JIVA: CARE Assigns 'B+' Rating to INR6.85cr LT Loan

RATNAPRIYA IMPEX: CARE Reaffirms 'BB-' Rating on INR5cr LT Loan
SUPER SPINNING: CARE Assigns 'BB' Rating to INR36.95cr LT Loan
VALUE POINT: CARE Places 'BB-' Rating on INR8cr Long-Term Loan
* INDIA: Fitch Affirms Rating on 4 Largest Public-Sector Banks


I N D O N E S I A

TELKOM: High Court Rejects Unit Bankruptcy Ruling


J A P A N

EAST STREET: Moody's Cuts Ratings on Two Note Classes to 'C'
PANASONIC CORP: Fitch Lowers Senior Unsecured Ratings to 'BB'
SONY CORP: Fitch Lowers Issuer Default Rating to 'BB-'
* Fitch Reports on Rating Cuts in Japanese Technology Sector


N E W  Z E A L A N D

FELTEX CARPETS: CA Rejects Directors' Bid to Stop Class Action
ROSS ASSET: Fund Manager Tells Receiver Not to Expect More Assets


S I N G A P O R E

ACI COMMUNICATIONS: Court to Hear Wind-Up Petition on Nov. 30
CORSAIR MARINE: Court to Hear Wind-Up Petition on Nov. 30
CORSAIR MARINE INT'L: Court to Hear Wind-Up Petition on Nov. 30
DAUPHIN SHIPYARD: Court to Hear Wind-Up Petition on Dec. 7
GOLDKEY INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 7


V I E T N A M

VIETNAM NATIONAL: S&P Cuts CCR to 'B+' on Capital Spending


                            - - - - -


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


ABC LEARNING: Co-Founder Fails to Quash Bankruptcy Notice
---------------------------------------------------------
Liam Walsh at goldcoast.com.au reports that pressure has mounted
on former childcare mogul Eddy Groves after a Federal Court in
Brisbane rejected his attempt to quash a bankruptcy notice.

Federal Magistrate Michael Burnett on Nov. 23 ruled Mr. Groves
had not demonstrated a "real prospect of sourcing other funds" to
pay off a debt owed to the Commonwealth Bank.

goldcoast.com.au relates that Mr. Groves, who co-founded the now
collapsed ABC Learning Centres chain, had applied to court to set
aside the bankruptcy notice.

According to the report, the notice involved a bank debt of
almost AUD8 million linked to a judgment in South Australia.  The
bank also seized Mr. Groves's asset, the Adelaide Dome, the
report says.

goldcoast.com.au says Mr. Groves had contended that once the Dome
was sold and the balance outstanding known, there was a "real
prospect" of repaying.

The report notes that the court heard he would attempt to source
funds from family and acquaintances.  But the court also heard
evidence that one unconditional offer was for less than the
$5 million Mr. Groves had already spent on the Dome.

Magistrate Burnett also ruled against arguments the bank had
engaged in an abuse of process in issuing the bankruptcy notice,
goldcoast.com.au adds.

The decision does not mean Mr. Groves has been bankrupted, the
report notes.  An industry source said after a bankruptcy notice
was issued, the report cites, a creditor could apply to court to
bankrupt the individual.  This legal process could take several
weeks, the source said.

                        About ABC Learning

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

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

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

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

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


BBB CONSTRUCTION: Placed in Administration; BRI Ferrier Appointed
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that BBB Construction
has been placed in administration on Monday, Nov. 19, amid the
general downturn in the construction industry.  Andrew Cummins at
BRI Ferrier was appointed as administrator.

SmartCompany relates that the collapse also comes after the
business has been embroiled in several years of ongoing legal
turmoil with supermarket giant ALDI.

According to the report, the legal brawl has been cited by legal
and property experts as a leading case in determining when
commercial parties have the ability to walk away from
negotiations without incurring legal liabilities.

Back in 2006, SmartCompany recalls, BBB had negotiated with ALDI
about a possible commercial agreement over a piece of land on
which the company could run a supermarket.  Negotiations
continued over a year, during which time BBB started constructing
a second basement for the land, which ALDI requested.

In 2007, SmartCompany reltes, final documents had already been
prepared when ALDI walked away from the agreement.  BBB sued,
suggesting it incurred costs on ALDI's representations and that
it acted unconscionably and had misled the business.

But the Supreme Court ruled in favor of ALDI, saying BBB regarded
itself as "uncommitted, and free to withdraw, before an agreement
for lease was executed and exchanged".

"It can hardly have been unconscientious for ALDI to take the
same approach."

BBB appealed, but the New South Wales Court of Appeal upheld the
ruling in July of this year.


RETAIL ADVENTURES: Administrators to Sell Brands Individually
-------------------------------------------------------------
Patrick Stafford at SmartCompany reports that the administrators
of Retail Adventures have put out a call for expressions of
interest for the business, revealing its revenue and offering to
sell the company's separate brands individually.

In the process, Smart Company relates, Deloitte has also revealed
the company turned over AUD648 million during the 2012 financial
year, and currently has 4,717 employees.  Before this
announcement, a specific revenue figure hadn't been divulged.

SmartCompany notes that a Deloitte spokesman point out that all
remaining Go-Lo and Chickenfeed stores will be rebranded to Crazy
Clark's or Sam's Warehouse.  As a result, the Go-Lo and
Chickenfeed brands are being sold independently.

"The business is currently undergoing a restructure and
rebranding," the spokesman told SmartCompany.  "Consequently, the
brands Go-Lo and Chickenfeed are also offered independently of
the other assets of Retail Adventures."

                      About Retail Adventures

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

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

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

The company has 1,700 unsecured trade creditors and 318
landlords. Currently the stores continue to trade under a licence
agreement with administrators, according to SmartCompany.


* AUSTRALIA: Moody's Says ABS Delinquencies Down in Q3 2012
-----------------------------------------------------------
Moody's Investors Service says that the delinquencies and losses
for Australian ABS transactions were generally stable in the year
through to Q3 2012, and losses for all vintages will stay stable
for the rest of 2012.

"For Q3 itself, or July-September, delinquencies fell slightly
across all programs. For this period, cumulative defaults for the
2007 to 2011 vintages were in the 0.5%-2.1% range, while net
losses were in the 0.3%-1.1% range," says Alena Chen, a Moody's
Analyst.

"Looking ahead, we expect a stable performance for both defaults
and net losses for all vintages, while the overall stability of
the ABS market is mainly due to the resilient macro-economic
conditions evident in Australia," says Ms. Chen, who was speaking
on the release of Moody's "Australian ABS Performance Review: Q3
2012."

"Moreover, there have been no upgrades or downgrades of
Australian ABS notes since October 2011. Performance remains
within our expectations, and the majority of the outstanding
transactions are backed by motor-vehicle and commercial-equipment
leases -- a well-performing and stable asset class," says
Ms. Chen.

"We expect the default rates for the underlying collateral to be
steady, underpinned by the resilient economic growth evident in
Australia," adds Ms. Chen.

"Finally, as before, the implications for securitization
structures of the implementation of the Personal Property
Securities Act (PPSA) in February 2012 remain to be time-tested,"
says Chen.



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


CHINA 3C GROUP: Incurs $4.2-Mil. Net Loss in Third Quarter
----------------------------------------------------------
China 3C Group filed its quarterly report on Form 10-Q, reporting
a net loss of $4.2 million on $5.6 million of sales for the three
months ended Sept. 30, 2012, compared with a net loss of
$18.5 million on $8.6 million of sales for the same period last
year.

For the nine months ended Sept. 30, 2012, the Company had a net
loss of $12.3 million on $15.9 million of sales, compared with a
net loss of $28.7 million on $30.6 million of sales for the same
period of 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$8.1 million in total assets, $4.8 million in total liabilities,
and stockholders' equity of $3.3 million.

"The Company realized net losses of $52,844,000 and $24,927,000
for the years ended Dec. 31, 2011m and 2010, respectively, as
well as $12,337,000 through the first nine months of 2012,
accumulating a deficit of $39,968,000 as of Sept. 30, 2012."

A copy of the Form 10-Q is available at http://is.gd/oGzQfA

                       About China 3C Group

Located in HangZhou City, Zhejiang Province, China, China 3C
Group was incorporated on Aug. 20, 1998, under the laws of the
State of Nevada.  China 3C focuses on distributing mobile phones
through Wang Da Electronics Company Limited and Zhejiang Yong Xin
Digital Technology Company Limited.

                          *     *     *

As reported in the TCR on April 20, 2012, Goldman Kurland and
Mohidin LLP, in Encino, California, expressed substantial doubt
about China 3C Group's ability to continue as a going concern,
following the Company's results for the fiscal year ended Dec.
31, 2011.  The independent auditors noted that the Company has
incurred significant losses from operations for the past three
years.  "In addition, the Company's cash position substantially
deteriorated from 2010."


CHINA ENERGY: Reports $900,600 Net Income in Third Quarter
----------------------------------------------------------
China Energy Recovery, Inc., filed its quarterly report on Form
10-Q, reporting net income of $900,619 on $20.9 million of
revenues for the three months ended Sept. 30, 2012, compared with
net income of $2.3 million on $29.4 million of revenues for the
same period last year.

For the nine months ended Sept. 30, 2012, the Company reported
net income of $2.6 million on $76.5 million of revenues, compared
with net income of $2.7 million on $55.0 million of revenues for
the same period of 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$90.0 million in total assets, $79.8 million in total
liabilities, and stockholders' equity of $10.2 million.

The accompanying financial statements have been prepared assuming
the Group will continue as a going concern.  However, as of Sept.
30, 2012, the Group reported a negative working capital balance
of $31.3 million and had negative operating cash flows of
$352,824 for the nine months ended Sept. 30, 2012.  The Group
expects such negative working capital to continue into the
foreseeable future and will need to obtain new sales orders and
additional financing to fund its daily operations.  These factors
raise substantial doubt about the Group's ability to continue as
a going concern.

A copy of the Form 10-Q is available at http://is.gd/GrlYQP

Shanghai, China-based China Energy Recovery, Inc., through its
subsidiaries and affiliates, is in the business of designing,
fabricating, implementing and servicing industrial energy
recovery systems.  The Company's energy recovery systems capture
industrial waste energy for reuse in industrial processes or to
produce electricity and thermal power, thereby allowing
industrial manufacturers to reduce their energy costs, shrink
their emissions and generate sellable emissions credits.  All of
the manufacturing takes place at the Company's manufacturing
facility in Yangzhou, China.  The Company transports the
manufactured systems in parts via truck, train or ship to the
customers' facilities where the systems are assembled and
installed.  The Company has primarily sold energy recovery
systems to chemical manufacturing plants to reduce their energy
costs by increasing the efficiency of their manufacturing
equipment.  The Company mainly sells its energy recovery systems
and services directly to customers.


CHINA GINSENG: Incurs $1.4-Mil. Net Loss in Q1 Ended Sept. 30
-------------------------------------------------------------
China Ginseng Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $1.4 million on $503,772 of revenue
for the three months ended Sept. 30, 2012, compared with a net
loss of $412,259 on $892,405 of revenue for the prior fiscal
period.

The Company's balance sheet at Sept. 30, 2012, showed
$7.3 million in total assets, $6.2 million in total liabilities,
and stockholders' equity of $1.1 million.

The Company had an accumulated deficit of $7,154,611 as of
Sept. 30, 2012.

A copy of the Form 10-Q is available at http://is.gd/OiroI4

                  About China Ginseng Holdings

China Ginseng Holdings, Inc., headquartered in Changchun City,
China, was incorporated on June 24, 2004, in the State of Nevada.
Since its inception in 2004, the Company has been engaged in the
business of farming, processing, distribution and marketing of
fresh ginseng, dry ginseng, ginseng seeds, and seedlings.
Starting August 2010, it has gradually shifted the focus of its
business from direct sales of ginseng to canned ginseng juice
production and wine production.

                          *     *     *

As reported in the TCR on Oct. 9, 2012, Meyler & Company, LLC, in
Middletown, N.J., expressed substantial doubt about China
Ginseng's ability to continue as a going concern.  The
independent auditors noted that the Company had an accumulated
deficit of $5.8 million at June 30, 2012, had a negative working
capital of $547,480, and there are existing uncertain conditions
the Company faces relative to its ability to obtain working
capital and operate successfully.


CHINA GREEN ENERGY: Incurs $184,700 Net Loss in Third Quarter
-------------------------------------------------------------
China Green Energy Industries, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $184,695 on $7.4 million of
revenues for the three months ended June 30, 2012, compared with
a net loss of $874,430 on $7.1 million of revenues for the same
period last year.

For the nine months ended Sept. 30, 2012, the Company had net
income of $965,650 on $27.1 million of revenues, compared with a
net loss of $1.0 million on $18.3 million of revenues for the
same period of 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$58.5 million in total assets, $53.8 million in total current
liabilities, and stockholders' equity of $4.7 million.

The Company said in the regulatory filing: "The Company has a
negative cash flow from operations of $700,938 for the period
ended Sept. 30, 2012.  To date, we have financed our operations
primarily through cash flows from operations, augmented by short-
term bank loans and equity contributions by stockholders.  We
believe that cash on hand and cash flow from operations will meet
a portion of our present cash needs and that we will require
additional cash resources, including equity investment, to meet
expected capital expenditures and working capital requirements
for the next 12 months."

A copy of the Form 10-Q is available at http://is.gd/9FGpqN

Located in Changzhou City, Jiangsu Province, China, China Green
Energy Industries, Inc., manufactures and distributes clean
technology-based consumer products, including light electric
vehicles, or LEVs, and cryogen-free refrigerators.  The Company
also manufactures and distributes network and High-Definition
Multimedia Interface, or HDMI, cables.

                           *     *     *

As reported in the Troubled Company Reporter on April 23, PKF, in
San Diego, California, expressed substantial doubt about China
Green Energy's ability to continue as a going concern, following
the Company's results for the fiscal year ended Dec. 31, 2011.
The independent auditors noted that the Company has experienced
negative cash flows from operations and is dependent upon future
financing in order to meet its planned operating activities.


CHINA MARKETING: Incurs $602,000 Net Loss in 2012 3rd Quarter
-------------------------------------------------------------
China Marketing Media Holdings, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $602,379 on $2.0 million
of revenue for the three months ended Sept. 30, 2012, compared
with a net loss of $123,999 on $2.8 million of revenue for the
same period last year.

"The decrease in revenues for the three months ended Sept. 30,
2012, was mainly due to a decrease in Advertising Space Sales of
$307,776 or 23.7% and Consulting Services of $430,132 or 41.2%.
The management believes that the Advertising Space Sales will
continue to suffer from continuously low market demand."

For the nine months ended Sept. 30, 2012, the Company had a net
loss of $871,846 on $7.0 million of revenue, compared with net
income of $47,202 on $9.3 million of revenue for the same period
of 2011.  "The decrease of $919,048 or 1,947.1% resulted from a
significant decrease in revenue and increase in cost of goods
sold in the 1st and 3rd quarter of 2012."

The Company's balance sheet at Sept. 30, 2012, showed
$17.8 million in total assets, $3.7 million in total liabilities,
and stockholders' equity of $14.1 million.

"As of Sept. 30, 2012, the Company has suffered from working
capital deficit of $903,190.  For the nine months ended Sept. 30,
2012, the Company has incurred a net loss of $871,846.  The
Company plans to obtain the additional capital injection from its
shareholders or external financing.  However, there can be no
assurance that the Company will be able to obtain sufficient
funds to meet its obligations on a timely basis."

"These factors raise substantial doubt about the Company's
ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/pzXTFv

Located in Beijing, China, China Marketing Media Holdings, Inc.,
was originally organized under the laws of the State of Texas on
Oct. 29, 1999, under the name Brazos Strategies, Inc.  It changed
its name to Infolife, Inc., on July 16, 2003, and finally to
China Marketing Media Holdings, Inc., on Feb. 7, 2006.  China
Marketing is a holding company and has no operations other than
administrative matters and the ownership of its direct and
indirect operating subsidiaries.  Through its indirect Chinese
subsidiaries, it is engaged in the business of selling magazines
and advertising space in its magazines and providing sales and
marketing consulting services.  All of the Company's operations,
assets, personnel, officers and directors are located in China.
Currently, it publishes China Marketing magazine in China.

                           *     *     *

As reported in the TCR on April 23, 2012, Van Wagoner & Bradshaw,
PLLC, in Salt Lake City, Utah, expressed substantial doubt about
China Marketing's ability to continue as a going concern,
following the Company's results for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has cash flow constraints and has suffered a large loss from
operations.


CHINA SHOUGUAN: Reports $312,060 Net Income in Third Quarter
------------------------------------------------------------
China Shouguan Mining Corporation filed its quarterly report on
Form 10-Q, reporting net income of $312,060 on $2.2 million of
revenues, compared with a net loss of $1.5 million on
$1.1 million of revenues for the same period last year.

For the nine months ended Sept. 30, 2012, the Company reported a
net loss of $1.3 million on $3.3 million of revenues, compared
with a net loss of $1.9 million on $3.6 million of revenues for
the same period of 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$15.4 million in total assets, $9.6 million in total liabilities,
and stockholders' equity of $5.8 million.

As of Sept. 30, 2012, the Company has available cash of $642,589
and a working deficit of $4.4 million, compared with cash of
$339,870 and a working capital deficit of $7.5 million at
Dec. 31, 2011.

A copy of the Form 10-Q is available at http://is.gd/cIiL2H

Located in Shenzhen, PRC, China Shouguan Mining Corporation was
incorporated in the State of Nevada on May 4, 2010.

The Company, through its subsidiaries and variable interest
entities, is principally engaged in the project management of
gold mining operations in China.  In May 2009, the Company
commenced its first project, the Cunli Ji Mine which is located
in Shandong Province, the People Republic of China.

HKCMCPA Company Limited, in Hong Kong, said China Shouguan has
incurred substantial losses and working capital deficit for the
year ended Dec. 31, 2011, all of which raise substantial doubt
about its ability to continue as a going concern.


CHINA TELETECH: Reports $112,000 Net Income in Third Quarter
------------------------------------------------------------
China Teletech Holding, Inc., filed its quarterly report on Form
10-Q, reporting net income of $112,491 on $8.6 million of sales
for the three months ended Sept. 30, 2012, compared with a net
loss of $27,367 on $3.1 million of sales for the comparable
period a year earlier.

For the nine months ended Sept. 30, 2012, the Company had net
income of $2.7 million on $19.6 million of sales, compared with
net income of $132,002 on $15.8 million of sales for the same
period of 2011.

General and administrative expenses were $892,465 during the nine
months ended Sept. 30, 2012, as compared to $271,729 during the
same period in 2011, representing an increase of $620,736, or
228%.  The increase in G&A expenses was mainly due to the special
equity compensation ($455,133) to mainly business partners for
business development, the increase in several types of
professional fees and the net increase in such expenses from the
newly acquired companies less the exclusion of the expenses from
Guangzhou Global Telecommunication Company Limited (GGT) which
was disposed on June 30, 2012.

In the nine months of 2012, there were a gain on forgiveness of
long term debt of $1,566,323 and a gain from disposal of GGT of
$1,371,596.

The Company's balance sheet at Sept. 30, 2012, showed
$4.3 million in total assets, $2.4 million in total liabilities,
and stockholders' equity of $1.9 million.

"As of Sept. 30, 2012, the Company has an accumulated loss of
$3,876,558 due to the fact that the Company incurred losses over
the past several years."

A copy of the Form 10-Q is available at http://is.gd/Z72obK

                       About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-
added services.  The Company is an independent qualified
corporation that serves as one of the principal distributors of
China Telecom, China Unicom, and China Mobile products in
Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

                           *     *     *

Samuel H. Wong & Co., LLP, in San Mateo, Calif., expressed
substantial doubt about Guangzhou Global's ability to continue as
a going concern, following the Company's results for the year
ended Dec. 31, 2011.  The independent auditors noted that the
Company has incurred substantial losses, and has difficulty to
pay the PRC government Value Added Tax and past due Debenture
Holders Settlement.


CHINESEINVESTORS.COM: Incurs $284,000 Net Loss in Sept. 30 Qtr
-------------------------------------------------------------
Chineseinvestors.com, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $284,192 on $425,676 of total
revenue for the three months ended Aug. 31, 2012, compared with a
net loss of $256,295 on $217,591 of total revenue for the prior
fiscal period.

The Company's balance sheet at Aug. 31, 2012, showed $1.0 million
in total assets, $378,267 in total liabilities, and stockholders'
equity of $659,937.

The Company had an accumulated deficit of $9.4 million at
Aug. 31, 2012, compared to an accumulated deficit of $9.1 million
at May 31, 2012.

A copy of the Form 10-Q is available at http://is.gd/96goHT

Aurora, Colo.-based Chineseinvestors.com, Inc. (OTC BB: CIIX) was
incorporated on June 15, 1999, in the State of California.  The
Company is a provider of Chinese language web-based real-time
financial information.  The Company's operations had been located
in California until September 2002 at which time the operations
were relocated to Shanghai, in the People's Republic of China
(PRC).

                           *     *     *

As reported in the Troubled Company Reporter on Sept 4, 2012,
B.F. Borgers CPA PC, in Denver, in their audit report on
Chineseinvestors.com, Inc.'s financial statements for the years
ended May 31, 2012, and 2011, said that the Company's significant
operating losses raise substantial doubt about the Company's
ability to continue as a going concern.


GLOBAL A&T: Bond Issue Delay No Impact on Moody's 'B1' CFR
----------------------------------------------------------
Moody's Investors Service says that the B1 corporate family
rating and stable outlook of Global A&T Electronics Ltd are
unaffected by the delay in launch of its US$625 million first
lien senior secured notes due 2018.

The bond launch was postponed earlier last week due to market
conditions. However, Moody's understands that the company remains
keen to launch the senior notes when market conditions improve.

On November 7, 2012, Moody's assigned a provisional (P)B1 rating
to GATE's proposed notes.

The company planned to use the proceeds from the proposed notes
-- together with the cash and a drawdown from a new US$125
million first lien first-out secured revolving credit facility
(unrated) -- to repay the entire amount outstanding under an
existing senior secured term-loan facility of US$589.6 million
and senior secured revolving credit facility of US$146.5 million,
both of which are rated Ba3.

"GATE is currently not in need of funds to support its
operations. However, if it decides to shelve the plan to issue
notes, refinancing risks will arise in late 2013 as the existing
term loan matures in October 2014," says Annalisa DiChiara, a
Moody's Vice President and Senior Analyst.

The company had cash on hand of US$273 million as of September
30, 2012 which is sufficient to fund operations, including
servicing debt, and repay the outstanding amounts under the
existing revolver in 2013, if required. As such, GATE's liquidity
profile in the next 12 months will remain adequate.

Moody's will continue to monitor the progress of the proposed
bond issuance. Should the proposed transaction be aborted
entirely, Moody's will monitor the company's liquidity position
and evaluate any additional plans to address the pending bank
facility maturities in 2013 and 2014.

The principal methodology used in rating GATE was the Global
Semiconductor Industry Methodology published in November 2009.

Global A&T Electronics Ltd. (GATE) is the holding company of
United Test and Assembly Center Ltd. (UTAC), a provider of
semiconductor assembly and test services with manufacturing
facilities in Singapore, Taiwan, Thailand and China. UTAC was
privatized through a leverage buy-out by a private equity group
led by TPG Capital and Affinity Equity Partners in October 2007.


CYBRDI INC: Incurs $134,800 Net Loss in Third Quarter
-----------------------------------------------------
Cybrdi, Inc., filed its quarterly report on Form 10-Q, reporting
a net loss of $134,843 on $129,032 of revenues for the three
months ended Sept. 30, 2012, compared with a net loss of $255,705
on $146,709 of revenues for the same period last year.

For the nine months ended Sept. 30, 2012, the Company had a net
loss of $495,915 on $483,549 of revenues, compared with a net
loss of $582,400 on $383,939 of revenues for the corresponding
period in 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$10.4 million in total assets, $5.8 million in total liabilities,
and equity of $4.6 million.

"The Company had an accumulated deficit of $2,854,278 and
$2,447,643 as of Sept. 30, 2012, and Dec. 31, 2011, including net
losses of $495,915 and $582,400 for the nine months ended
Sept. 30, 2012, and 2011, respectively.  In addition, current
liabilities exceeded current assets by $3,315,503 and $2,931,175
as of Sept. 30, 2012, and Dec. 31, 2011, respectively.  These
matters raise substantial doubt about the Company's ability to
continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/8CAsOd

Cybrdi, Inc., located in Xi'an, Shaanxi, People's Republic of
China, is a holding company incorporated with 80% equity in
Chaoying Biotech, which is engaged in biotechnology
manufacturing, and research and development.  Through Chaoying
Biotech, Cybrdi also controls SD Chaoying, a cultural and
entertainment company, which is also developing a casino.

                           *     *     *

As reported in the Troubled Company Reporter on April 23, 2012,
KCCW Accountancy Corp., in Diamond Bar, California, expressed
substantial doubt about Cybrdi's ability to continue as a going
concern, following the Company's results for the fiscal year
ended Dec. 31, 2011.  The independent auditors noted that the
Company has incurred recurring losses, accumulated deficit, and
working capital deficit at Dec. 31, 2011, and 2010.



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


CHARMLINE INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 9
-----------------------------------------------------------------
A petition to wind up the operations of Charmline International
Limited will be heard before the High Court of Hong Kong on
Jan. 9, 2013, at 9:30 a.m.

Lo Milton filed the petition against the company on Nov. 1, 2012.

The Petitioner's solicitors are:

          Tang Tso & Lau
          Room 209, 2/F
          China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


CHI SHING: Lau and Liang Step Down as Liquidators
-------------------------------------------------
Lau Siu Hung and Liang Yang Keng stepped down as liquidators of
Chi Shing Drilling Engineering Company Limited on Nov. 8, 2012.


DESIGN NETWORK: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of Design Network Action Limited.

The official receiver is Teresa S W Wong.


GRE (HONG KONG): Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of GRE (Hong Kong) Limited.

The official receiver is Teresa S W Wong.


HENCH (CHINA): Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of Hench (China) Building Services
Engineering Limited.

The official receiver is Teresa S W Wong.


KAM HING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of Kam Hing Decoration Engineering
Limited.

The official receiver is Teresa S W Wong.


KENNIS LIMITED: Creditors' Proofs of Debt Due Dec. 10
-----------------------------------------------------
Creditors of Kennis 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:

          Teresa S W Wong
          10th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


MANLOY TEXTILE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of Manloy Textile Company Limited.

The official receiver is Teresa S W Wong.


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

DLA Piper Hong Kong filed the petition against the company on
Oct. 11, 2012.

The Petitioner's solicitors are:

          DLA Piper Hong Kong
          17th Floor, Edinburgh Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


MOULIN HOLDINGS: Creditors to Get 20.5% Recovery on Claims
----------------------------------------------------------
Moulin Holdings (H.K.) Company Limited, which is in creditors'
liquidation, will declare the sixth interim dividend to its
creditors on or after Nov. 30, 2012.

The company will pay 20.5% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         John Howard Batchelor
         Level 22, The Center 99 Queen's Road
         Central, Hong Kong


ON STEP: Court to Hear Wind-Up Petition on Jan. 2
-------------------------------------------------
A petition to wind up the operations of On Step Industrial
Limited will be heard before the High Court of Hong Kong on
Jan. 2, 2013, at 9:30 a.m.

Gold Typhoon Entertainment Limited filed the petition against the
company on Oct. 19, 2012.

The Petitioner's solicitors are:

          Tony Au & Partners
          Room 2003, 20/F
          Tower Two Lippo Centre
          89 Queensway, Hong Kong


PHYSICAL PROPERTY: Incurs HK$101,000 Net Loss in Third Quarter
--------------------------------------------------------------
Physical Property Holdings Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of HK$101,000 on HK$248,000 of
revenues for the three months ended Sept. 30, 2012, compared with
a net loss of HK$110,000 on HK$203,000 of revenues for the same
period last year.

For the nine months ended June 30, 2012, the Company had a net
loss of HK$373,000 on HK$624,000 of revenue, compared with a net
loss of HK$381,000 on HK$604,000 of revenue for the same period
in 2011.

The Company's balance sheet at Sept. 30, 2012, showed
HK$10.1 million in total assets, HK$11.5 million in total current
liabilities, and a stockholders' deficit of HK$1.4 million.

"The Company had negative working capital of HK$11,419,000 as of
Sept. 30, 2012, and incurred losses of HK$373,000 and HK$381,000
for the nine months ended Sept. 30, 2012, and 2011, respectively.
These conditions raised substantial doubt about the Company's
ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/PsLAKu

Located in Hong Kong, Physical Property Holdings Inc., through
its wholly-owned subsidiary, Good Partner Limited, owns five
residential apartments located in Hong Kong.

The Company was incorporated in the State of Delaware.

                           *     *     *

As reported in the Troubled Company Reporter on March 30, 2012,
Mazars CPA Limited, in Hongkong, noted that Physical Property had
a negative working capital as of Dec. 31, 2011, and incurred loss
for the year then ended, which raised substantial doubt about its
ability to continue as a going concern.


ROYAL DOULTON: Creditors to Get 3.685% Recovery on Claims
---------------------------------------------------------
Royal Doulton Hong Kong Limited, which is in creditors'
liquidation, will declare the final dividend to its creditors on
Nov. 30, 2012.

The company will pay 3.685% for ordinary claims.

The company's liquidator is:

         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


SINO PROMISE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of Sino Promise (HK) Limited.

The official receiver is Teresa S W Wong.


UNIROSS BATTERIES: Creditors to Get 2.9% Recovery on Claims
-----------------------------------------------------------
Uniross Batteries (HK) Limited, which is in liquidation, will
declare the second and final dividend to its creditors on or
after Dec. 21, 2012.

The company will pay 2.9% for ordinary claims.

The company's liquidator is:

         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


WIKI EDUCATION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Nov. 14, 2012, to
wind up the operations of Wiki Education Network Limited.

The official receiver is Teresa S W Wong.



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


ARTISONS TRADING: CARE Rates INR10cr Long-Term Loan at 'CARE BB'
----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Artisons
Trading India Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10        CARE BB Assigned

Rating Rationale

The rating reflects the relatively small size of operations of
Artisons Trading India Private Limited, its trading nature of
operations with very fragile profit margins and huge debt-funded
expansion plans as compared with its present scale of operations.
Besides, the stretched liquidity position emanating from the
elongated operating cycle is the other credit concern.

The rating is however strengthened by the promoter's experience
in textile retailing, infusion of equity by the promoters during
FY12 (refers to the period April 01 to March 31), and growing
business operations.

The ability of the company to sustain growth and manage the
operating cycle and liquidity efficiently constitute its key
rating sensitivities.

Artisons, incorporated in 2010, is engaged in the retailing of a
wide range of textiles like home d‚cor and furnishing, apparels &
fashion accessories, etc. As on September 30, 2012, the company
was operating through six retail outlets, of which five are in
the name of 'A to Z' and one in the name of 'Splendour' located
in Mumbai, with an aggregate carpet area of around 12,680 sq ft.
Its sales comprise approximately retail (40%) and
institutional/wholesale trading (60%). Institutional
sales/wholesale trading comprises sales of fabrics and office
furnishing to various corporate houses, Hospitality and
Government organizations.

During FY12, Artisons reported a PAT of INR0.25 crore on the
total income of INR28.96 crore as against a PAT INR0.02 crore on
the total income of INR9.86 crore during FY11.


GEMINI EQUIPMENT: CARE Reaffirms 'BB+' Issuer Ratings
-----------------------------------------------------
CARE reaffirms rating assigned issuer rating of Gemini Equipment
and Rentals Pvt Ltd.

                               Amount
   Facilities                  Ratings
   -----------                 -------
   Issuer Rating               CARE BB+ (Is) Reaffirmed

Rating Rationale

The rating continues to be constrained by the revenue profile of
the company being skewed towards construction and infrastructure
sector, stretched receivables period, cyclical nature of the
construction industry and predominantly debt-funded capital
expenditure plans.

The rating, however, considers reputed client profile and
financial support from its shareholders Berggruen Holdings Inc
and Cycladic Capital Management, customized offering and high
utilization of its asset base. The rating also considers the
management's decision to scale down the capital expenditure plans
in case of depressed demand scenario.

The ability of Gemini Equipment And Rentals Private Limited to
scale up its operations without resorting to larger than expected
debt and the ability to optimally utilize the asset base
considering the cyclical nature of the industry and depressed
demand scenario with respect to the construction sector are the
key rating sensitivities.

Incorporated in 2007, GEAR is engaged the in renting and leasing
of capital equipment. GEAR was set up two private equity firms
Berggruen Holdings and Cycladic Capital with the two private
equity firms holding approximately 55% and 45%, respectively, in
GEAR's equity. Berggruen Holdings and Cycladic Capital have a
track record of investing in businesses in similar line of
operation as that of GEAR. GEAR currently owns 507 equipments and
employs around 1,084 people across seven offices and 118 client
sites in India. During May 2011, BC Equipment Trading Private
Limited (BCETPL) an associate entity of GEAR launched the
equipment distribution platform branded as 'Equipwell'.

BCTEPL is engaged in the distribution of material handling
equipment and leverages on the well established network of GEAR
to do the same.

During FY12 (refers to the period April 1 to March 31), GEAR
posted a PAT of INR5.28 crore on total operating income of
INR42.98 crore. While during Q1FY13, GEAR posted APAT of INR0.50
crore on a turnover of INR13.26 crore.


LOKMANGAL MAULI: CARE Rates INR183.47cr LT Loan at 'CARE B'
----------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Lokmangal
Mauli Industries Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        183.47   CARE B Assigned
   (Term Loan)

Rating Rationale

The rating assigned to the bank facility of Lokmangal Mauli
Industries Limited (LMIL) is constrained by the project execution
risk, absence of off-take agreement for the power from the co-
generation unit and competition from nearby factories. The rating
also factors in the cyclicality and agro-climatic risks
associated with the sugar industry along with the highly
regulated nature of the industry. However, the rating derives
strength from the parentage of LMIL, experience of the promoters
in the sugar industry, financial closure achieved for the project
along with requisite approvals and current progress of the
project. The ability of LMIL to ensure successful completion of
the project within the estimated time and cost parameters and
fructification of the sugarcane development programs undertaken
by LMIL are the key rating sensitivities.

Lokmangal Mauli Industries Ltd, a group entity of the Solapur-
based Lokmangal group, was incorporated on August 20, 2007. LGP
is a family-driven agro-business group promoted by Mr S.
Deshmukh, the Chief Promoter, and Mr Mahesh Deshmukh, the current
Chairman of the group. The promoters of LGP have been engaged
into sugar and sugar-related production since the last 14 years
through the sister concerns of LGP, Lokmangal Agro Industries
Ltd, incorporated in 1998, and Lokmangal Sugar Ethanol & Co-
generation Industries Limited, incorporated in 2003. The group,
presently through its operating sugar mills from the two group
companies, has an existing capacity of 8,500 TCD of sugar plant
and 80 kilo litres per day (KLPD) of distillery plant. The
proposed cane processing plant will also act as a backward
integration for providing molasses for the distillery plant of
LAIL.

LMIL is in the process of setting up a green field partially
integrated cane processing plant comprising sugar plant with a
crushing capacity of 6,000 tonne cane per day (TCD) and bagasse &
biomass-fired co-generation unit of 30 MW with a project cost of
INR318 crore funded through a debt to equity mix in the ratio of
1.97:1. The erection of the plant commenced in August 2011 and as
on June 30, 2012, 53% of the project cost has been incurred. The
erection & commissioning of the co- gen plant is expected to be
completed by the end of Q1FY14 (refers to the period April 1 to
March 31) and of the sugar plant by the end of Q2FY14. The
company has applied with Maharashtra State
Electricity Distribution Company Limited (MSEDCL) for the off-
take of power from the co- generation unit of the plant post
captive consumption and the approval for the same is under
process.


MAHA HOTEL: CARE Rates INR30cr Longterm Loan at 'CARE BB'
---------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Maha
Hotel Projects p. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      30.0       CARE BB Assigned

Rating Rationale

The ratings are constrained by relatively small size of the
company with no major business operation of its own, small order
book position, relatively high investment commitment in
subsidiaries, project implementation & funding risk as lead
developer of several hotel projects and moderate outlook of
hospitality industry in Hyderabad. The rating also factors in
experienced promoters with support of several Private-Equity
players & renowned operators for hotel projects and comfortable
capital structure with investments funded through equity. Ability
of the company to fund equity commitments in projects without
impacting the capital structure and ensure timely completion of
projects in the Special Purpose Vehicle within the cost envisaged
are the key rating sensitivities.

Background Maha Hotel Projects P. Ltd., promoted by Shri L.N.
Sharma, is the holding company of the Maha group and functions as
an investment arm & lead developer for the various projects
undertaken by the subsidiaries. Besides, it also renders
technical & project management services to its projects and from
FY12 onwards the company has started undertaking Engineering,
Procurement & Construction (EPC) work only for projects being
executed under subsidiaries.

MHPPL has Project Special Purpose Vehicle which are engaged in
developing Trident, Oberoi & Double Tree brand of hotels in
Hyderabad and Hampton brand of hotels at various locations.
Being lead developer for projects there was no significant
revenue and profit in the last three years with total income
comprising design and consultancy fees. MHPPL earned revenue and
PAT (after defd. tax) of INR1.9 crore and INR0.4 crore
respectively in FY12.


PATEL JIVA: CARE Assigns 'B+' Rating to INR6.85cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Patel Jiva Sales Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.85      CARE B+ Assigned
   Short-term Bank Facilities     17.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Patel Jiva Sales
Private Limited are primarily constrained by its small scale of
operations, weak financial risk profile characterized by low
profitability margins, highly leveraged capital structure and
weak coverage indicators and working capital intensive nature of
its operations. The ratings are further constrained by
vulnerability of its margins to fluctuation in the price of
timber and currency rates, intense competition and dependence on
the real estate sector.  The ratings, however, take comfort from
the experience of the promoters of PJS and established
relationship with the customers.

Going forward, the ability of PJS to increase its scale of
operations while improving its profitability margins and better
working capital management shall be key rating sensitivities. The
ability to manage foreign currency fluctuation risk would also be
a key rating sensitivity.

Patel Jiva Sales Private Ltd was initially incorporated as Patel
Sales Corporation, a partnership firm in 1969. The name and
constitution of the firm was changed to its present status in
2010. PJS is promoted by Mr Moolji Patel, his sons Mr Govind
Patel and Mr Jagdish Patel and his daughter-in law Mrs Kamla
Patel. PJS is engaged into the trading and processing of timber
logs (contributing 80% of total revenue), plywood and laminates
(contributing remaining 20%). Timber logs are imported from Ivory
Coast, Myanmar, Panama and Costa Rica, which are subsequently
sized at its saw mill units in Delhi and Gandhidham into various
sizes. Timber logs are sold in the domestic market to the
traders, wholesalers, civil engineering and construction
companies mainly in Northern India. Plywood and laminates are
procured from the domestic market and sold to construction and
interior designing companies in Delhi and NCR region. The units
have the combined capacity to process about 55 cubic meters (cbm)
of timber per day. The company has established relations of more
than 5 years with majority of its suppliers which enables PJS to
get timely supply of timber, plywood and laminates.


RATNAPRIYA IMPEX: CARE Reaffirms 'BB-' Rating on INR5cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Ratnapriya Impex Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         5       CARE BB- Reaffirmed

   Short-term Bank Facilities       40       CARE A4' Reaffirmed

Rating Rationale

The ratings continue to be constrained by weak financial profile
marked by low profitability margins and high overall gearing and
relatively short track record of operations of the company.
The ratings also factor in the vulnerability of profitability
margins to fluctuation in the foreign currency rates, given the
significant amount of imports. However, the ratings draw comfort
from strong domestic demand of edible oil and experience of the
promoters in trading various commodities.

The ability of the company to sustain profitability amid
volatility in the price of commodities and foreign exchange
fluctuation and manage its working capital requirements
efficiently shall be the key rating sensitivities.

Ratnapriya Impex Pvt Ltd was incorporated in July 2009 with the
purpose of carrying on trading business of various commodities
like edible oils, oilseeds, melting scrap, etc. The company
commenced its operation from June 2010. RIPL is primarily engaged
in the trading of crude palm oil (imported from Singapore,
Malaysia) and indigenously available oil like cotton seed oil,
rice bran oil, mustard solvent, etc.

For FY12 (refers to the period April 1 to March 31), RIPL
achieved total operating income of INR195.0 crore with PBILDT and
PAT margins of 0.86% and 0.25%, respectively. For Q1FY13, RIPL
achieved total income of INR44.2 crore and PBT of INR0.5 crore.


SUPER SPINNING: CARE Assigns 'BB' Rating to INR36.95cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Super Spinning Mills Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       36.95     CARE BB Assigned
   Short-term Bank Facilities      60.00     CARE A4 Assigned
   Long/Short-term Bank            110.36    CARE BB/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned are constrained by the stressed financial
risk profile of Super Spinning Mills Limited (SSML) characterized
by high leverage and weak debt protection metrics, evidencing the
highly working capital intensive nature of operations, SSML's
tight liquidity position borne out of significant losses in FY12
(refers to the period April 1, 2011 and March 31, 2012) and the
vulnerability of operating margins to volatility in cotton yarn
prices.

The ratings, however, draw strength from the long track record of
SSML's operations for over five decades, the long standing
experience of the promoters in the textile business, SSML's
established presence in finer counts and specialized yarn
segments as well as SSML's long standing relationship with the
customers driven by its established brand image and wide product
offering within the yarn segment. The ratings do take note of the
subsequent improvement in operational and financial performance
in H1FY13 in line with the recovery in the industry.
The company's ability to sustain and improve profitability
margins witnessed in the last few quarters while managing the
volatility in cotton prices will be the key rating sensitivity.

SSML was incorporated in 1962 by the Coimbatore based ELGI group,
which has presence across various industries including textiles,
building products, compressors and textile machinery. The company
is engaged in cotton yarn spinning with an installed capacity of
1,65,984 spindles and 1,200 rotors as on March 31, 2012. SSML
manufactures cotton yarn in the range of 24s to 120s counts. SSML
also has marginal presence in knitting and weaving segments. The
company owns 7 windmills, with an aggregate capacity of 3.70
megawatt (MW) as on March 31, 2012.

SSML has interests in manufacturing of PVC extrusions and
Unplasticized Poly Vinyl Chloride (UPVC) doors and windows
through its subsidiaries.

During FY12, the company posted a loss of INR43 crore (on
considering non operating income of INR9 crore) on an operating
income of INR365 crore as against a PAT of INR14 crore on an
operating income of INR468 crore in FY11 (refers to the period
between April 1, 2010 and March 31, 2011).


VALUE POINT: CARE Places 'BB-' Rating on INR8cr Long-Term Loan
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the long-term bank facilities
and 'CARE A4' rating to the short-term bank facilities of Value
Point Systems Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8.0      CARE BB- Assigned
   Short-term Bank Facilities       3.8      CARE A4 Assigned

Rating Rationale

The assigned ratings are constrained by the moderate scale of
operation with thin and volatile profitability margins. The
ratings also take into account the stressed liquidity position,
growing investment to group concerns and intense competition from
other players in IT hardware industry.

However, the ratings draw strength from the long track record of
the promoters in the IT infrastructure industry, established
partnership of Value Point Systems Private Limited (VPS) with the
leading IT companies and its strong clientele base spread across
diversified sectors.

Going ahead, the ability of the company to improve its scale of
operations and profitability, improvement in the liquidity
position and extent of support to the group firms would remain
the key rating sensitivities.

Value Point Systems Private Limited was established in 1991, as a
partnership firm, under the name Value Point Systems by two
professionals Mr. Ramachandra Sridhar Shanbhag and Mr
Sampath Kumar HR. VPS was reconstituted as a private limited
company in April 1996. VPS is primarily engaged in the sale of IT
products (hardware and software) and rendering managed support
services (which include Annual Maintenance Contract, Warranty
Support and Other related services).  VPS is an ISO 9001:2008
company, headquartered in Bangalore having branch offices in
seven cities across India.

During FY12 (refers to the period April 01 to March 31), the
company reported a PAT (aft. Deferred tax) of INR2.3 crore on net
sales of INR113.2 crore (as against a loss of INR2.5 crore on the
net sales of INR115.2 crore during FY11).


* INDIA: Fitch Affirms Rating on 4 Largest Public-Sector Banks
--------------------------------------------------------------
Fitch Ratings has affirmed India's four largest public-sector
banks and one subsidiary bank at Long-Term Issuer Default Rating
(IDR) 'BBB-'.  The banks are State Bank of India, Punjab National
Bank, Bank of Baroda, Canara Bank and Bank of Baroda New Zealand.
The Outlook on the IDRs is Negative, which mirrors India's rating
Outlook.

The agency has also downgraded Canara's Viability Rating (VR) by
one notch to 'bb+' while affirming that of SBI, PNB and BOB at
'bbb-'.

The IDRs of the four government banks are driven by a high
probability of extraordinary government support if required given
their high systemic importance.  These banks account for close to
32% of the system assets and deposits backed by a pan-India
franchise of over 27,000 branches as of the financial year ended
March 2012 (over 33,000 including SBI's five associate banks).

Compared with the government banks' covered in this review,
Canara's VR downgrade reflects structural challenges in the
bank's funding and asset quality, which are unlikely to be
addressed without near-term implications on growth and,
potentially, on market share.  In particular, Canara has higher
risk concentration to the troubled infrastructure sector
including state electricity boards (SEB) and a weaker funding
profile.

In general, government banks have large concentrations in the
infrastructure sector, where industry challenges including fuel
supply issues, low tariffs, and high interest cost are leading to
large-scale restructuring in areas such as SEBs, power projects
and aviation.  Fitch believes that the reported non-performing
loans (NPLs) do not completely reflect these risks as their
calculation does not include restructured loans.  Fitch believes
that the potential for further loan restructuring is highest for
Canara and is a negative for its asset quality given its weak
specific provision cover of only 15% at FYE12.

BOB is also vulnerable to more loan restructuring but this is
mitigated by its asset quality track record and performance --
the strongest among large government banks in the last five
years. Furthermore, BOB's specific provision cover -- along with
SBI's -- is among the highest for large government banks at 59%
and 64% respectively.

SBI -- despite its high NPLs -- has seen a consistent increase in
specific provision cover in the last four years and has the
lowest proportion of restructured assets relative to peers.
Fitch estimates that stressed assets (NPLs plus restructured
loans) ratios for SBI and BOB stood at 6.7% and 6.4% for H1FY13
despite wide divergence in their reported NPLs of 5.2% and 2%
respectively.  The stressed assets ratio was the weakest for PNB
at 11.7%.

The VRs for SBI, PNB and BOB factor in their stable funding,
asset diversity and reasonably high pre-provision profitability.
These strengths should help the banks to withstand increase in
credit costs even under stress without materially impairing their
capitalisation.  Canara, on the other hand, has lower overall
profitability relative to these peers due to weaker margins,
which are a function of its higher-cost funding profile.

Despite funding challenges posed by rising interest rates over
the last two years, low-cost deposits per branch have increased
for large government banks, except Canara, and have helped
maintain deposit stability despite migration towards term
deposits.

Capitalisation is considered strong for the four banks, backed by
timely capital support from the government and sound quality of
capital.  The large banks are expected to account for a sizeable
share of the Indian banking system's capital requirement under
Basel 3.  Raising capital may be a challenge at a time when most
banks are also likely to seek capital, which is between FY16-
FY18.

The ratings of the tier 1 subordinated bonds and upper tier 2
bonds are consistent with the approach taken for other similar
performing securities based on Fitch's criteria.

BOBNZ's ratings reflect Fitch's expectation of continued strong
support from BOB, given 100% ownership and management control.

The IDRs for all four banks and the VRs for SBI, PNB and BOB,
which are capped by the sovereign's IDR, would be sensitive to a
downgrade of the Indian sovereign.  Furthermore, the VRs would be
sensitive to weaker operating conditions that materially impact
asset quality indicators beyond Fitch's current expectations.

The rating actions are as follows:

SBI:

  -- Long-Term IDR: affirmed at 'BBB-'; Outlook Negative
  -- Short-Term IDR: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB-'
  -- USD5bn MTN programme: affirmed at 'BBB-'
  -- USD400m perpetual tier 1 bonds: affirmed at 'B'

PNB:

  -- Long-Term IDR: affirmed at 'BBB-'; Outlook Negative
  -- Short-Term IDR: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB-'

BOB:

  -- Long-Term IDR: affirmed at 'BBB-'; Outlook Negative
  -- Short-Term IDR: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB-'
  -- USD500m senior notes under MTN programme: affirmed at 'BBB-'
  -- USD350m senior notes under MTN programme: affirmed at 'BBB-'
  -- USD300m upper Tier 2 notes under MTN programme: affirmed at
     'B+'

BOB NZ:

  -- Long-Term IDR: affirmed at 'BBB-'; Outlook Negative
  -- Support Rating: affirmed at '2'

Canara:

  -- Long-Term IDR: affirmed at 'BBB-'; Outlook Negative
  -- Short-Term IDR: affirmed at 'F3'
  -- Viability Rating: downgraded to 'bb+' from 'bbb-'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB-'
  -- USD1bn MTN programme: affirmed at 'BBB-'
  -- Senior debt under MTN programme: affirmed at 'BBB-'
  -- USD250m upper Tier 2 bonds: affirmed at 'B+'



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


TELKOM: High Court Rejects Unit Bankruptcy Ruling
-------------------------------------------------
Jakarta Globe reports that the Supreme Court rejected a ruling
declaring Indonesia's biggest cell phone operator Telkomsel
bankrupt on Thursday, overturning a controversial decision
stemming from IDR5.3 billion (US$555,000) in unpaid debt.

Jakarta Globe says the telecommunications firm, owned by
Telekomunikasi Indonesia, filed an appeal with the Supreme Court
after the company was declared bankrupt by the Jakarta Commercial
Court on Sept. 14.  According to the report, the commercial court
issued the ruling after finding Telkomsel guilty of failing to
pay a debt obligation to plaintiff Prima Jaya Informatika.

According to the report, Supreme Court spokesman Ridwan Mansyur
said the Supreme Court rejected the ruling on Nov. 22, siding
with Telkomsel.

Prima Jaya's attorney told Detik.com that they planned to review
the ruling, the Globe relays.

"We haven't received the ruling," the report quotes lawyer Kanta
Cahya as saying.  "We will study the consideration of the Supreme
Court."

Prima Jaya may ask for further review, Kanta said.

The Jakarta Globe said that Telkomsel and Prima Jaya established
a partnership on June 1, 2011, for a period through June 2013, in
which Telkomsel agreed to provide vouchers and SIM cards with a
special sports theme to Prima Jaya.  But in June of this year, a
dispute arose when Telkomsel terminated the contract because it
claimed Prima Jaya had failed to meet agreed-upon conditions.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.



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


EAST STREET: Moody's Cuts Ratings on Two Note Classes to 'C'
------------------------------------------------------------
Moody's Japan K.K. has carried out rating actions on two East
Street transactions.

First, Moody's has downgraded its ratings on one class of the
Series 2 notes issued by East Street Referenced Linked Notes
2002-1 and two classes of notes issued by East Street Referenced
Linked Notes 2004-1.

Second, Moody's has upgraded its rating on one class of notes of
Series 2.

Third, Moody's has affirmed its ratings on other classes of notes
of both transactions.

Details follow:

Deal Name: East Street Referenced Linked Notes 2002-1 Series 2

JPY15.0 billion Class X2 Notes, affirmed at Aa1 (sf);

Previously on 13 October 2011, confirmed at Aa1 (sf).

JPY9.0 billion Class X1 Notes, upgraded to A1 (sf);

Previously on 13 October 2011, downgraded to A3 (sf).

JPY4.875 billion Class A Notes, affirmed at Ba2 (sf);

Previously on 13 October 2011, downgraded to Ba2 (sf).

JPY4.5 billion Class B Notes, downgraded to Caa3 (sf);

Previously on 13 October 2011, confirmed at Caa1 (sf).

JPY2.025 billion Class C Notes, affirmed at C (sf);

Previously on 10 February 2009, downgraded to C (sf).

JPY0.6 billion Class D Notes, affirmed at C (sf);

Previously on 10 February 2009, downgraded to C (sf).

Deal Name: East Street Referenced Linked Note 2004-1

JPY18.75 billion Class X1 Notes, affirmed at A3 (sf);

Previously on 13 October 2011, downgraded to A3 (sf).

JPY7.5 billion Class A Notes, affirmed at B3 (sf);

Previously on 13 October 2011, downgraded to B3 (sf).

JPY3.75 billion Class B Notes, affirmed at Caa3 (sf);

Previously on 13 October 2011, downgraded to Caa3 (sf).

JPY3 billion Class C Notes, affirmed at Caa3 (sf);

Previously on 4 March 2011, downgraded to Caa3 (sf).

JPY1.5 billion Class D Notes, downgraded to C (sf);

Previously on 27 April 2010, downgraded to Caa3 (sf).

JPY1.5 billion Class E Notes, downgraded to C (sf);

Previously on 27 April 2010, downgraded to Caa3 (sf).

These transactions are structured finance CDO (SF CDO)
referencing ABS, RMBS, CMBS, and CDO assets, more than 70% of
which are Japanese assets.

Ratings Rationale

The rating downgrades of three subordinate classes reflect the
increased probabilities of loss for them due to the credit event
notice on some referenced assets in the CMBS sector.

The rating upgrade of Class X1 on Series 2 reflects the increased
credit quality of referencing pool due to redemption of
referenced assets.

Moody's has also affirmed its ratings on other classes of both
transaction, given the credit quality of the referenced pools and
subordination ratios.

In its expected loss analysis, Moody's applied the Monte Carlo
simulation framework within CDOROM to model the loss distribution
for SF CDOs.

In its determination of the ratings, Moody's performed
sensitivity analysis on the varying probability of default and
the recovery assumptions of the referenced assets.

The principal methodology used in this rating was Moody's
Approach to Rating SF CDOs published on June 21, 2012.

Moody's received and took into account a third party due
diligence report (Independent Accountant's Periodic Reports on
Applying Agreed Upon Procedure) on the reference asset portfolio
in this transaction and the due diligence report had a neutral
impact on the rating.


PANASONIC CORP: Fitch Lowers Senior Unsecured Ratings to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded Panasonic Corporation's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) and
local currency senior unsecured ratings to 'BB' from 'BBB-'.  The
Outlook on the Long-Term IDRs is Negative.  Simultaneously, its
Short-Term Foreign- and Local-Currency IDRs have been downgraded
to 'B' from 'F3'.

The downgrade reflects Panasonic's weakened competitiveness in
its core businesses, particularly in TVs and panels, as well as
weak cash generation from operations (CFO).  It also reflects the
agency's view that the company's financial profile is not likely
to show a material improvement in the short- to medium-term.
Fitch acknowledges that the company is in the right direction in
its restructuring efforts which could potentially lead to margin
recovery over the long-term.  However, the company's turnaround
programme remains exposed to execution risk.

Fitch believes that Panasonic will continue to suffer from frail
economic conditions in both Japan and overseas and resultant weak
demand for its products, as well as continuing price competition
from overseas companies not hampered by the high value of the
yen.  In particular, the company's market position in its core
business suffered from strong competition from Korean
manufacturers, which led to a subsequent downsizing of the
business.  Fitch, therefore, forecasts that the company's CFO
will remain weak and any significant reduction in gross debt is
unlikely in the short- to medium-term.

Fitch believes that Panasonic's restructuring efforts,
principally through consolidation of its manufacturing facilities
and labor force rationalisation, will help gradually improve
operating margins as witnessed in the first half of the financial
year ending March 2013 (H1FYE13) results.  However, the agency
remains cautious that the benefits of the restructuring may be
marred by as the weak performance in Panasonic's electronics
products and components businesses and lead to a slow recovery in
profitability.

Revenue contracted 9% yoy to JPY3,638bn H1FYE13 with a 2.4% EBIT
margin (H1FYE12: 1.2%).  This is mainly due to dampened demand
for its major products as well as the negative impact from the
high yen.  Panasonic also revised down its FYE13 forecast,
reflecting the tough operating outlook.  The company now
forecasts JPY7,300bn revenue with a 1.9% EBIT margin in FY13.
(FY12: JPY7,846bn revenue with a 0.6% EBIT margin)

What Could Trigger A Rating Action?

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

  -- Funds flow from operations (FFO)-adjusted leverage remaining
     over 4.5x (end-FYE12: 14x) on a sustained basis
  -- EBIT margin below 2% on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to a revision of Outlook to Stable include

  -- FFO-adjusted leverage falling below 4x on a sustained basis
  -- EBIT margin above 2.5% on a sustained basis


SONY CORP: Fitch Lowers Issuer Default Rating to 'BB-'
------------------------------------------------------
Fitch Ratings has downgraded Sony Corporation's (Sony) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-'
from 'BBB-' and maintained the Outlooks at Negative.

The downgrade reflects Fitch's belief that meaningful recovery
will be slow, given the company's loss of technology leadership
in key products, high competition, weak economic conditions in
developed markets and the strong yen.  Excluding Sony Financial
Holdings (SFH), for the financial years ending March 2013 and
March 2014 (FYE13, FYE14), Fitch expects operating EBIT margins
to be negative or minimal and funds flow from operations (FFO)-
adjusted leverage to be above 4.5x.  Significant recovery in
FYE15 will depend on the success of the turnaround plan which
will be a challenge given the company's circumstances.

Fitch believes that continuing weakness in the home entertainment
& sound and mobile products & communications segments will offset
the relatively stable music and pictures segments and improvement
in the devices segment which makes semiconductors and components.

The 60%-owned, fully consolidated SFH remains relatively stable
and has a significantly stronger credit profile than the rest of
the Sony group.  However this business is highly regulated and
Sony's ability to receive support from SFH is restricted by
guidelines issued by Japanese regulatory agencies.  For example,
Sony received just JPY5.3bn in dividends from SFH in FYE12.
Therefore in its analysis of Sony, Fitch deconsolidates SFH.

While SFH remains a valuable capital asset, Fitch believes that
Sony would only sell down its stake if other sources of liquidity
were not available.  The prevailing market value of Sony's equity
in SFH is around JPY380bn, which compares with the September 2012
debt of JPY1,253bn in the Sony group excluding SFH.

Fitch believes that the strategic initiatives announced in April
2012 to turn around the company's electronics business are the
right approach, but execution is a risk and macro headwinds and
intense competition across almost all of Sony's key products may
delay the recovery.

The company has invested to expand capacity of complementary
metal-oxide semiconductor (CMOS) image sensors, a product where
the company retains market and technology leadership.  Sony
estimates that the global image sensor market will increase from
JPY460bn in FYE12 to JPY602bn in FYE14, a 7.5% compound annual
growth rate in global units shipped, driven by demand from phones
and digital SLR cameras.  Fitch believes this product is one of
the most profitable in Sony's portfolio. It is also likely that
Sony will use its strength in imagine sensors to promote its next
range of smartphones as best-in-category for photography.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include (for Sony
excluding SFH):

  -- sustained negative EBIT margins
  -- FFO-adjusted leverage sustained above 4.5x.

Positive: Future developments that may, individually or
collectively, lead to Fitch revising the Outlook to Stable
include (for Sony excluding SFH):

  -- sustained EBIT margins of greater than 1%.
  -- FFO-adjusted leverage is sustained below 4x

List of rating actions:

  -- Long-Term Foreign- and Local-Currency IDRs downgraded to
     'BB-' from 'BBB-' with Negative Outlook maintained
  -- Local-currency senior unsecured rating downgraded to 'BB-'
     from 'BBB-'
  -- Short-Term Foreign- and Local-Currency IDR downgraded to 'B'
     from 'F3'


* Fitch Reports on Rating Cuts in Japanese Technology Sector
------------------------------------------------------------
In this Fitch Street InterView Matt Jamieson speaks with Steve
Durose, Fitch's Head of Asia Pacific TMT ratings, about Fitch's
latest rating downgrades in the Japanese technology sector.  Mr.
Jamieson is Head of APAC Research in Fitch's Corporate Ratings
Group.

In a previous Fitch Street InterView dated February 2012 and
titled "The Fall of the Japanese Tech Giants" Mr. Durose
explained the rating rationale for Panasonic Corporation, Sharp
Corporation, Sony Corporation and the likelihood that all three
would be downgraded to speculative grade.  Over the past nine
months the extent of the turnaround task facing these businesses
has only increased and, in Sharp's case, liquidity has become a
significant rating issue.

Matt: Focusing on Panasonic, Sharp, Sony and Toshiba, what rating
changes have you made since our last Fitch Street InterView in
February 2012 and how do the ratings now compare with mid-2008
levels?

Steve: In February we rated Sharp, Sony and Panasonic at 'BBB-'
with a Negative Outlook and Toshiba 'BBB-' with a Stable Outlook.
We've subsequently downgraded Sharp by six notches to 'B-', Sony
three notches to 'BB-' and Panasonic two notches to 'BB'.
Sharp's rating is on Negative Watch, while Sony and Panasonic are
on Negative Outlook.  Toshiba's rating remains at 'BBB-'/Stable

Since mid-2008 Sharp has fallen 11 notches from 'A+', Panasonic
eight notches from 'AA-' and Sony six notches 'A-' and Toshiba a
single notch from 'BBB'.

Matt: Clearly Sharp has been the biggest downgrade this year -
what's driven that?

Steve: Sharp's sources of cash generation are significantly less
diversified compared with those of its peers; the company is
overly reliant on a turnaround in LCD TVs/panel and solar cells
segments.  However, these markets remain very competitive and
oversupplied where only the strongest manufacturers are making
profits at the moment.  Moreover, Sharp's weak position is
exacerbated by a flawed strategy to focus on super large-sized
TVs and panels (60-inch plus) at a time when economic growth in
developed markets remains weak.

Sharp posted another record loss during H1FY13 (year ending March
2013) as revenue fell 16% yoy to JPY1,104bn with a negative 15.3%
EBIT margin (H1FY12: 2.6%).  Cash flow from operations (CFO) also
fell further to negative JPY104bn (H1FY12: negative JPY28bn).
LCD TV shipments fell dramatically by 43% yoy during H1FY13 and
the company's advanced technology for small- and medium-sized
panels has failed to make any meaningful profit contribution so
far.

In September 2012, the company obtained JPY360bn in new funding,
but banks required security for this debt and the term of the
loans was just nine months.  CDS levels indicate that Sharp's
access to new debt capital will remain limited and the company is
undertaking asset sales to raise cash. Fitch's 'B-'/Negative
Watch rating indicates this high level of liquidity risk.

Matt: Turning to the Sony and Panasonic downgrades, why is Fitch
now rating Sony ('BB-') one notch lower than Panasonic ('BB')?

Steve: We think Sony is the higher risk of the two, hence its
lower rating of 'BB-'/Negative.  But even at this lower rating,
we think there is little headroom for Sony. One positive for Sony
has been that over the last five years its pictures and music
divisions have delivered relatively stable profits compared with
the rest of its portfolio, although both businesses may come
under pressure in the next 18 months.  In general Fitch believes
that the pictures and music businesses are less able to support
Sony's overall debt level than successful high-end tech
businesses or lower-end tech manufacturers with a strong
franchise such as Panasonic's domestic appliance business.

Fitch believes that Sony is substantially more reliant on a
strong turnaround in its core electronics segments than
Panasonic.  In particular we believe that Sony will struggle to
record operating profits in its home entertainment, mobile phone
and PC product divisions over the short-to-medium term. Our view
is that Panasonic, with its slightly stronger product portfolio,
including a comparatively stable appliance business, is ahead of
Sony in its turnaround efforts, as evidenced by an improved EBIT
margin in H1FY13.  Nevertheless Panasonic's margins and cashflow
generation remain thin, and significant execution risks remain,
warranting a Negative rating Outlook.

Matt: What is the business outlook for Sony and Panasonic? Could
a devaluation of the yen in 2013 turn their business fortunes
around?

Steve: The future of both companies will depend on their ability
to curb loss-making segments and re-discover the kind of
technological leadership which historically enabled them to
develop must-have products.  However, at the moment their weak
financial performance does not enable them to invest in new
technologies anywhere near the extent of their competitors.  For
example, we expect Sony's capex to average around USD2.5bn p.a.
over FY13 and FY14 and Panasonic's capex to average around USD4bn
p.a.  This compares with USD22bn p.a. for Samsung and USD5.5bn
p.a. for LG Electronics on a consolidated basis, including LG
Display.

While a significant devaluation of the yen would be positive for
these Japanese exporters, without a radical change to the
structure of their businesses it is difficult to see
profitability improving enough for them to regain investment-
grade ratings. The downside risks for Sony are higher than for
Panasonic.

Matt: What about Toshiba, how is it managing to beat the negative
trend in this sector?

Steve: Toshiba's financial performance is underpinned by its
higher-margin and more stable social infrastructure systems
business, comprising power and other industrial systems and
medical equipment sales.  This segment accounted for 38% of
revenue, 66% of operating income and 44% of group employees in
FY12. This is despite its sizable digital products (PCs, DVDs,
TVs) and electronic devices and components (principally semi-
conductor business) segments.  Therefore Toshiba's business mix
and risk is quite different from the other companies we've been
discussing.

Matt: For Sharp, Panasonic and Sony, can you tell us what factors
may result in further rating downgrades?

Steve: It's different for each company, but the following future
developments may individually or collectively result in a rating
downgrade.  Firstly in the case of Sharp, liquidity is the major
issue, and hence a failure to obtain further sources of liquidity
to meet short-term obligations would result in a downgrade.  For
Sony, it would be on-going negative EBIT margins or funds flow
from operations (FFO)-adjusted leverage remaining above 4.5x,
noting that these metrics exclude the financial services
business.  And in Panasonic's case, a downgrade could result if
EBIT margins fall below 2% or if FFO-adjusted leverage remains
above 4.5x

Matt: And finally, on a more positive note, what developments are
necessary for Fitch to stabilise the rating Outlooks on these
three companies?

Steve: Sharp will need to improve its liquidity and demonstrate
an on-going ability to meet its short-term obligations.  Sony's
EBIT margins will need to rise above 1% or its FFO-adjusted
leverage will need to fall below 4x on a sustained basis, noting
again that Fitch's analysis excludes Sony's financial services
business.  And lastly in Panasonic's case, sustained EBIT margins
above 2.5% or FFO-adjusted leverage sustained below 4x will be
necessary for a stabilization of its rating Outlook.



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


FELTEX CARPETS: CA Rejects Directors' Bid to Stop Class Action
--------------------------------------------------------------
BusinessDesk reports that attempts by the former directors of the
failed carpet-maker Feltex Carpets to halt a class action by
2,852 shareholders who lost $250 million have been thrown out by
the Court of Appeal.

BusinessDesk says all five appeals against the class action
started by Feltex shareholder Eric Houghton were rejected in a
judgment issued by the court on Nov. 23, clearing the way for the
class action seeking repayment of shareholders' original
investment to proceed.

Feltex made an initial public offering of shares in mid-2004 and
by December 2006 was in liquidation with all shareholders' funds
lost.

BusinessDesk notes that shareholders are alleging Fair Trading
Act and Securities Act breaches, negligence, dishonesty and
deception, although claims of breaches of fiduciary duty have
been struck out in earlier appeals.

Former Feltex directors named in the action are its chairman and
one-time Contact Energy director Tim Saunders, current
MightyRiverPower and Auckland International Airport chair Joan
Withers, Feltex's then chief financial officer, Sam Magill, and
directors John Feeney, Craig Horrocks, Peter Hunter, and then
chief executive Peter Thomas, according to BusinessDesk.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


ROSS ASSET: Fund Manager Tells Receiver Not to Expect More Assets
-----------------------------------------------------------------
BusinessDesk reports that Wellington fund manager David Ross,
whose businesses have been frozen after missing investor
payments, has told receiver PwC not to expect to find any other
assets after being released from hospital after three weeks of
care under the Mental Health Act.

John Fisk and David Bridgman from accounting firm PwC, the court-
appointed receiver and manager of the Ross Asset Management group
of companies, met with Mr. Ross on Friday to confirm the
financial position of the various entities under their
management, BusinessDesk relates citing a statement on PwC
website.

"Based on this meeting, the receivers and managers do not expect
to locate any further assets of significant value within the Ross
Group (In Receivership)," the report quotes PwC as saying.  "The
receivers and managers acknowledge this will be extremely
disappointing news for investors."

BusinessDesk notes legal firm Chapman Tripp said in a statement
that Mr. Ross was released earlier last week after receiving
compulsory treatment under the Mental Health Act.

According to the report, PwC's Fisk and Bridgman said they will
focus on collecting information from brokers and reporting to
court on today as the next step of their management. They have
already indicated they see liquidation of the Ross group
companies as the appropriate step.

BusinessDesk discloses that the Ross group's database purports to
show investments worth NZ$449.6 million, of which NZ$152.4
million is said to be held in Australian investments, another
NZ$136.1 million in Canada, some NZ$156.4 million in the US,
NZ$3.8 million in New Zealand, and NZ$943,332 elsewhere. Of this,
some NZ$437.6 million was held by a Ross group subsidiary, Bevis
Marks.  However, assets worth just NZ$10.2 million, and
NZ$200,000 in cash deposits, had been identified in the
receivers' initial searches, which they described as a matter of
"considerable concern.'

The Serious Fraud Office launched a formal investigation last
week, having helped the Financial Markets Authority with its own
inquiries since Oct. 25, BusinessDesk adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.

The nine other associated entities are:

     * Bevis Marks Corporation Limited
     * Dagger Nominees Limited
     * McIntosh Asset Management Limited
     * Mercury Asset Management Limited
     * Ross Investment Management Limited
     * Ross Unit Trusts Management Limited
     * United Asset Management Limited
     * Chapman Ross Trust
     * Woburn Ross Trust

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.



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


ACI COMMUNICATIONS: Court to Hear Wind-Up Petition on Nov. 30
-------------------------------------------------------------
A petition to wind up the operations of ACI Communications
Worldwide Pte Ltd will be heard before the High Court of
Singapore on Nov. 30, 2012, at 10:00 a.m.

Radius Design and Construction Pte Ltd filed the petition against
the company on Nov. 5, 2012.

The Petitioner's solicitors are:

          Messrs Wee Swee Teow & Co
          11 Unity Street
          #02-03 Robertson Walk
          Singapore 237995


CORSAIR MARINE: Court to Hear Wind-Up Petition on Nov. 30
---------------------------------------------------------
A petition to wind up the operations of Corsair Marine Sales Pte
Ltd will be heard before the High Court of Singapore on Nov. 30,
2012, at 10:00 a.m.

Wayne Arthur Goldman and Harriet Scannon filed the petition
against the company on Nov. 8, 2012.

The Petitioner's solicitors are:

          Asia Practice LLP
          6 Battery Road #28-01
          Singapore 049909


CORSAIR MARINE INT'L: Court to Hear Wind-Up Petition on Nov. 30
---------------------------------------------------------------
A petition to wind up the operations of Corsair Marine
International Pte Ltd will be heard before the High Court of
Singapore on Nov. 30, 2012, at 10:00 a.m.

Wayne Arthur Goldman and Harriet Scannon filed the petition
against the company on Nov. 8, 2012.

The Petitioner's solicitors are:

          Asia Practice LLP
          6 Battery Road #28-01
          Singapore 049909


DAUPHIN SHIPYARD: Court to Hear Wind-Up Petition on Dec. 7
----------------------------------------------------------
A petition to wind up the operations of Dauphin Shipyard Pte Ltd
will be heard before the High Court of Singapore on Dec. 7, 2012,
at 10:00 a.m.

Compass Steel International Pte Ltd filed the petition against
the company on Nov. 9, 2012.

The Petitioner's solicitors are:

          M/S TOH & CO
          101A Upper Cross Street
          #09-22 People's Park Centre
          Singapore 058358


GOLDKEY INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 7
---------------------------------------------------------------
A petition to wind up the operations of Goldkey International Pte
Ltd will be heard before the High Court of Singapore on Dec. 7,
2012, at 10:00 a.m.

Nguyen Thanh Cong filed the petition against the company on
Nov. 19, 2012.

The Petitioner's solicitor is:

          Pinnacle Law LLC
          9B Circular Road
          Singapore 049365



=============
V I E T N A M
=============


VIETNAM NATIONAL: S&P Cuts CCR to 'B+' on Capital Spending
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Vietnam-based Vietnam National Coal
and Mineral Industries Holding Corp. Ltd. to 'B+' from 'BB-'. The
outlook is stable. "At the same time, we affirmed the 'axBB'
long-term ASEAN regional scale rating on the company," S&P said.

"The downgrade reflects our expectation that Vinacomin's
financial risk profile will weaken due to the company's large
capital spending and the declining profitability of its coal
operations," said Standard & Poor's credit analyst Xavier Jean.

"In our base case, we expect Vinacomin's debt-to-EBITDA ratio to
climb to more than 4.0x and its ratio of funds from operations
(FFO) to debt to decline to about 15% over the next two years
from 2.8x and 24%, respectively, in 2011. These levels are more
consistent with a 'B+' rating. We lowered the company's stand-
alone credit profile to 'b+' from 'bb-'," S&P said.

"We anticipate that Vinacomin will spend Vietnamese dong (VND) 10
trillion-VND11 trillion (about US$500 million) a year in 2012,
2013, and 2014 to complete its power, alumina, and non-coal
minerals greenfield projects, and expand coal production. Our
capital spending forecasts are lower than the VND15 trillion-
VND20 trillion that Vinacomin originally expected to spend
annually over this period. This is because we factor in potential
delays in project disbursement and the discretionary nature of
some of the company's mineral expansion capacity. Still, we
believe Vinacomin will continue to have negative free operating
cash flows at least until 2014 and will raise debt to fund its
investments," S&P said.

"At the same time, we expect Vinacomin's coal operations to be
gradually less profitable and cash flow generative over the next
two years. This is because the company sells a higher proportion
of coal to the domestic market at below-market prices. We
forecast annual EBITDA at about VND10 trillion - VND12 trillion
in 2013 and 2014. We project FFO at about VND7.5 trillion-VND9
trillion annually until 2014," S&P said.

"We expect the contribution of Vinacomin's power project to cash
flows to grow over the next three years as the company expands
capacity. Nevertheless, we still anticipate that coal production
will represent more than 75% of the company's profits until 2014
at least. We do not forecast a significant contribution from
Vinacomin's alumina and non-coal mineral projects until 2014
because most of these are still in the commissioning or ramp-up
stage," S&P said.

Vinacomin's EBITDA and cash flows for the second half of the year
are likely to remain weak following the decline in coal prices
since May 2012.

"The stable outlook reflects our expectation that Vinacomin's
financial risk profile will stabilize at weaker levels over the
next two years," said Mr. Jean.

"We may downgrade Vinacomin if the company's credit measures or
liquidity deteriorate due to delays or cost over-runs in its
debt-funded expansion, adverse regulatory developments, or a
further fall in coal prices. A FFO-to-debt ratio below 10% on a
sustained basis would indicate such deterioration. This could
materialize if: (1) a higher proportion of sales to the domestic
market or further weakening of export coal prices results in a
gross profit before depreciation and amortization per ton of coal
sold falling below US$12 for more than 12 months, while total
sales volumes are below 44 million tons; or (2) the company's
capital spending significantly exceeds our expectations over the
next two years," S&P said.

"The probability of a positive rating action is remote, in our
view, given our expectations of negative free operating cash
flows for the next two years at least, and weaker margins on the
coal operations. Yet, we may revise the outlook to positive or
upgrade Vinacomin if the company's FFO-to-debt ratio improves to
over 25% for more than 18 months. This could materialize if: (1)
the gross profit before depreciation and amortization per ton of
coal sold sustains at more than US$20 while sales volumes
increase to more than 46 million tons for at least 12 months; or
(2) Vinacomin's capital spending is substantially below our
expectations," S&P said.



                             *********

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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