TCRAP_Public/121127.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

          Tuesday, November 27, 2012, Vol. 15, No. 236


                            Headlines


A U S T R A L I A

SEDCO COMMUNICATIONS: Administrators Seek Buyers for Assets
TOP RYDE: Blackstone Group to Acquire Assets for AUS$341 Million


C H I N A

BEIJING CAPITAL: Fitch Rates CNY2 Billion Bonds at 'BB+'
CHINA AOYUAN: Moody's Affirms 'B2' CFR; Rates US$125MM Bonds 'B3'
CHINA TEL GROUP: Securities Sale Exceeds Threshold
LDK SOLAR: Closes Share Purchase Transaction with Heng Rui Xin
STUDIO CITY: Moody's Assigns 'B2' CFR; Outlook Stable

TONJI HEALTHCARE: Incurs $983,000 Net Loss in Third Quarter


H O N G  K O N G

ALNERY NO. 130: Members' Final Meeting Set for Dec. 28
CHEE LICK: Commences Wind-Up Proceedings
CHINA PRECISION: Incurs $4.2 Million Net Loss in Sept. 30 Quarter
CMT ADVISORS: Creditors' Proofs of Debt Due Dec. 10
DUCAT COMPANY: Members' Final Meeting Set for Dec. 28

ELCOTEQ ASIA: Members' and Creditors' Meetings Set for Dec. 21
ENTERPRISE WINNER: Creditors' Proofs of Debt Due Dec. 27
FORTUNE INDUSTRIES: Creditors' Proofs of Debt Due Dec. 27
INT'L (HONG KONG): Members' Final General Meeting Set for Jan. 4
KEDRON ENTERPRISES: Members' Final Meeting Set for Dec. 28

NGAI SHING: Ho and Kong Appointed as Liquidators


I N D I A

CORAL CERAMIC: ICRA Assigns 'BB-' Rating to INR6cr Cash Credit
JAIHIND AUTOMATION: ICRA Assigns 'BB-' Rating to INR17.5cr Loans
JOP HOTELS: ICRA Reaffirms 'BB+' Rating on INR44cr Term Loans
KNR CONTRACTORS: ICRA Assigns 'B+' Rating to INR12.5cr Loans
NS PAPERS: ICRA Reaffirms 'B+' Rating on INR34.15cr Loan

PADMAVATI FERROUS: ICRA Rates INR47cr Term Loan '[ICRA]B+'
SAI INFRA: ICRA Rates INR6cr Term Loan at '[ICRA]B+'
SALASAR PLYWOOD: ICRA Rates INR0.5cr Cash Credit at '[ICRA]B+'
SHRI BANKEY: Delays in Loan Payment Cues ICRA Junk Ratings
WELLCOME FISHERIES: ICRA Reaffirms 'BB' Rating on INR1.5cr Loan


N E W  Z E A L A N D

REEF GROUP: Placed in Receivership
ROSS ASSET: Investors Want Liquidation Tender
ROSS ASSET: Receivers Seek OK to Sell Assets


S I N G A P O R E

HAKO OFFSHORE: Court to Hear Wind-Up Petition on Dec. 7
HENG SHENG: Creditors' Proofs of Debt Due Dec. 5
INTERNATIONAL FORMWORK: Meetings Set for Nov. 30
KOSMOS GEO-ENGINEERING: Court to Hear Wind-Up Petition on Dec. 7


S R I  L A N K A

PEOPLE'S FINANCE: Fitch Affirms 'B+' LT Issuer Default Rating


X X X X X X X X

* Fitch Publishes Latest Edition of Asia-Pacific Newsletter
* BOND PRICING: For the Week Nov. 19 to Nov. 23, 2012


                            - - - - -


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A U S T R A L I A
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SEDCO COMMUNICATIONS: Administrators Seek Buyers for Assets
-----------------------------------------------------------
SmartCompany reports that Sedco Communications has collapsed,
with administrators now seeking a buyer for company's assets.
Administrators PPB have been appointed to Sedco.

SmartCompany notes that Sedco ceased to trade before
administrators were called in.

According to SmartCompany, the collapse comes despite the vibrant
and lucrative nature of the healthcare market -- the sector was
recently named the nation's biggest employer.  The collapse
suggests problems could have been more internally focused,
although PPB is still looking to sell the business.

Business assets include intellectual property, inventory,
goodwill and other intangible assets, along with local and
international customer databases, the report relays.

Sedco Communications is an Australian manufacturer and
distributor of healthcare communications devices.  The business
has run for over 43 years, with offices across Australia and
New Zealand.


TOP RYDE: Blackstone Group to Acquire Assets for AUS$341 Million
----------------------------------------------------------------
Gavin Lower at Masketwatch.com reports that U.S. private equity
firm Blackstone Group L.P. will buy Australian shopping mall Top
Ryde in Sydney for AUS$341 million (US$353.7 million), a person
familiar with the matter said.

The 78,000 square-meter shopping center in Sydney's north western
suburbs has been in receivership since February 2011, according
to   Masketwatch.com.  The report relates that the move by
Blackstone increases its reach in Australian property after it
agreed to buy Valad Property Group for AU$208 million and the
assumption of around A$600 million in debt in April last year.

Valad had owned retail malls and office buildings in Australia
and New Zealand.



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BEIJING CAPITAL: Fitch Rates CNY2 Billion Bonds at 'BB+'
--------------------------------------------------------
Fitch Ratings has assigned Beijing Capital Land Ltd's (BCL,
'BB+'/Stable) offshore CNY2bn 7.6% guaranteed bonds due 2015 a
final 'BB+' rating.  The notes, issued by Central Plaza
Development Limited (CPD), are jointly and severally guaranteed
by BCL subsidiaries.

The assignment of the final rating follows the receipt of
documents conforming to information already received.  The final
rating is in line with the expected rating assigned on 20
November 2012.

BCL's rating is enhanced by the land incubation strategy of its
47.2% parent Beijing Capital Group and capital support from China
Development Bank and Government of Singapore Investment
Corporation.

BCG provides BCL with land bank resources at a low cost, removing
the need for BCL to actively replenish its land bank.  As of end-
2011, BCL had a land bank of around 10 million sqm gross floor
area, including a portion sourced directly or indirectly from
BCG.  CDB has provided over RMB20bn in long-term and short-term
funding for BCL since 2003.  GIC has a 8.1% interest in BCL and
also invested in 16 joint-venture projects with BCL in six cities
as of end-2011.

What Could Trigger A Rating Action?

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

  -- Unfavorable changes to China's regulation or economy leading
     to a decline in contracted sales or a decline in EBITDA
     margin below 15% (2011:21.2%) or deterioration in net
     debt/adjusted inventory leverage above 35% (2011:30%) over a
     sustained period

  -- Any signs of BCL being unable to source cheap land bank from
     BCG , or weakening relationship with CDB and GIC

Positive: An upgrade is unlikely in the short term, given the
regulatory risks in the home building industry in China.
However, a successful execution of BCL expansion strategy for the
next three years with contracted sales exceeding RMB30bn-35bn,
increasing recurring rental income and improvement in net
debt/adjusted inventory below 20%-25% on a sustained basis would
be positive for the ratings.


CHINA AOYUAN: Moody's Affirms 'B2' CFR; Rates US$125MM Bonds 'B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating to
the US$125 million, 13.875%, five-year senior unsecured bonds
issued by China Aoyuan Property Group Limited.

Moody's has also affirmed the company's B2 corporate family
rating.

The ratings outlook is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation affirms the
provisional rating assigned on November 8, 2012.

The affirmation follows China Aoyuan's successful completion of
its US$ bond issuance, the final terms and conditions of which
are consistent with Moody's expectations.

Moody's ratings rationale was set out in a press release
published on the same day.

The proceeds of the bonds will be used to fund China Aoyuan's
existing and new property projects and land acquisitions and to
refinance the company's existing indebtedness, as well as for
general corporate purposes.

The principal methodology used in rating China Aoyuan Property
Group Limited was the Global Homebuilding Industry Methodology
published in March 2009.

China Aoyuan Property Group Limited was founded in 1997 by
Mr. Guo Zi Wen. In October 2007, the company was listed on the
Hong Kong Stock Exchange. As of June 30, 2012, it had 26 projects
over 5 provinces, Chongqing and Beijing. Its total land bank
amounted to 8.8 million sqm of gross floor area (GFA) as of
June 2012. The company subsequently disposed of the project in
Beijing in October 2012.


CHINA TEL GROUP: Securities Sale Exceeds Threshold
--------------------------------------------------
Since its most recent report filed on any of Forms 8-K, 10-K or
10-Q, VelaTel Global Communications, Inc., formerly known as
China Tel Group Inc., has made sales of unregistered securities,
namely shares of the Company's Series A common stock and shares
of the Company's Series B common stock and warrants granting the
holder a right to acquire one Series A Share for each warrant.
The Company disclosed that the aggregate number of Series A
Shares sold exceeds 5% of the total number of those shares issued
and outstanding as of the Company's latest filed Report in which
the Sale of Series A Shares was reported, on Form 8-K filed on
Nov. 6, 2012.

On Nov. 7, 2012, the Company issued 3,036,437 Series A Shares and
3,036,437 Warrants to Isaac Organization, Inc., in partial
payment of a promissory note in the amount of $500,000 in favor
of Isaac. Each Warrant has an exercise price of $0.0247 and an
exercise term of three years.  This sale of Shares resulted in a
principal reduction of $75,000 in notes payable of the Company,
and payment of $0 of accrued interest.

On Nov. 7, 2012, the Company issued 5,243,446 Series A Shares and
5,243,446 Warrants to America Orient, LLC, in partial payment of
a promissory note in the amount of $500,000 in favor of Isaac and
assigned to America Orient.  Each Warrant has an exercise price
of $0.0267 and an exercise term of three years.  This sale of
Shares resulted in a principal reduction of $140,000 in notes
payable of the Company, and payment of $0 of accrued interest.

On Nov. 7, 2012, the Company issued 3,475,843 Series A Shares and
3,475,843 Warrants to David S. McEwen in partial payment of a
line of credit promissory note of up to $1,052,631 in favor of
McEwen.  Each Warrant has an exercise price of $0.02877 and an
exercise term of three years.  This sale of Shares resulted in a
principal reduction of $100,000 in notes payable of the Company,
and payment of $0 of accrued interest.

On Nov. 7, 2012, the Company issued 3,302,051 Series A Shares and
3,302,051 Warrants to Ryan Alvarez in partial payment of a line
of credit promissory note of up to $1,052,631 in favor of Weal
Group, Inc., and partially assigned to Ryan Alvarez.  Each
Warrant has an exercise price of $0.02877 and an exercise term of
three years. This sale of Shares resulted in a principal
reduction of $95,000in notes payable of the Company, and payment
of $0 of accrued interest.

On Nov. 14, 2012, the Company issued 941,915 Series A Shares and
941,915 Warrants to McEwen in partial payment of a line of credit
promissory note of up to $1,052,631 in favor McEwen.  Each
Warrant has an exercise price of $0.03185, and an exercise term
of three years.  This sale of Shares resulted in a principal
reduction of $30,000 in notes payable of the Company, and payment
of $0 of accrued interest.

On Nov. 7, 2012, the Company issued 10,000,000 Series B Shares to
Colin Tay, the Company's President.

On Nov. 14, 2012, the Company issued 2,800,000 Shares to
Ironridge Global IV, Ltd.  The Fourth Issuance was pursuant to an
Order for Approval of Stipulation for Settlement of Claims
between the Company and Ironridge, in settlement of $1,367,693 of
accounts payable of the Company which Ironridge had purchased
from certain creditors of the Company, in an amount equal to the
Assigned Accounts, plus fees and costs.

As of Nov. 15, 2012, and immediately following the issuances
described above, the Company has 77,046,807 shares of its Series
A common stock outstanding, with a par value of $0.001, and
20,000,000 shares of its Series B common stock outstanding, with
a par value of $0.001.

A copy of the Form 8-K is available for free at:

                        http://is.gd/fSFYhy

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.

The Company's balance sheet at June 30, 2012, showed $15.91
million in total assets, $20.01 million in total liabilities and
a $4.09 million total stockholders' deficiency.


LDK SOLAR: Closes Share Purchase Transaction with Heng Rui Xin
--------------------------------------------------------------
LDK Solar Co., Ltd., closed the share purchase agreement it
entered into on Oct. 19, 2012, with Heng Rui Xin Energy Co.,
Ltd., a PRC company invested by privately owned and state-owned
funds, with 25,307,497 ordinary shares issued by LDK Solar to
Heng Rui Xin Energy (HK) Co., Limited, a wholly owned subsidiary
of HRX, accounting for approximately 19.9% of the total issued
and outstanding capital of LDK Solar prior to that issuance, upon
receipt by LDK Solar of the purchase price of US$0.86 per share.

                    NYSE Non-Compliance Notice

LDK Solar received a notice from the New York Stock Exchange that
it did not meet one of the NYSE's continued listing standards as
the average closing price of the Company's American depositary
shares, or ADSs, was $0.99, less than $1.00 per ADS, over a
consecutive 30-trading-day period as of Nov. 5, 2012.  Under the
NYSE rules, the Company must bring its average ADS closing price
above $1.00 by the later of the end of six months from the
Company's receipt of the NYSE notification or its next annual
meeting of shareholders if a shareholders' action is proposed.
The Company has notified the NYSE of its intention to cure this
deficiency within the prescribed timeframe.  During this cure
period, the Company's ADSs will continue to be listed and traded
on the NYSE, subject to compliance with other NYSE continued
listing standards.  If the Company fails to become compliant with
the continued listing standards within the applicable timeframe,
its ADSs may be delisted by the NYSE.  The NYSE notification does
not affect the Company's business operations or its Securities
and Exchange Commission reporting requirements.

                          About LDK Solar

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

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

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

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


STUDIO CITY: Moody's Assigns 'B2' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating to Studio City Finance Limited.

Moody's has also assigned a definitive B3 rating to the US$ bond
issued by Studio City Finance, which is a subsidiary of Melco
Crown Entertainment Limited.

The bonds are guaranteed by the issuer's existing and future
restricted subsidiaries.

The ratings outlook is stable.

Ratings Rationale

Moody's has removed the provisional status of the ratings that
was assigned on November 7. The affirmation follows the company's
successful completion of its US$ bond issuance; the final terms
and conditions of which are consistent with Moody's expectations.

The proceeds of the bonds will be used to fund the Studio City
Project and to pay for related financing costs, fees and
expenses.

The principal methodology used in rating Studio City Finance
Limited was the Global Gaming Industry Methodology published in
December 2009.

Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands. Through its fully owned subsidiary --
Studio City Company Limited -- it develops and operates the
Studio City project, an Asian-focused integrated gaming and
entertainment resort, located at Cotai in Macau. Total investment
for the project is estimated at around US$2.95 billion, and the
project is expected to open in 2015.

Studio City Finance is 60% owned by Melco Crown Entertainment Ltd
(unrated) and 40% by New Cotai, LLC, a holding company controlled
by private equity sponsors.


TONJI HEALTHCARE: Incurs $983,000 Net Loss in Third Quarter
-----------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $983,040 on $700,210 of total operating revenue for
the three months ended Sept. 30, 2012, compared with a net loss
of $22,846 on $703,330 of total operating revenue for the same
period during the prior year.

For the nine months ended Sept. 30, 2012, the Company reported a
net loss of $1.11 million on $2.07 million of total operating
revenue, compared with a net loss of $45,730 on $1.90 million of
total operating revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed
$14.06 million in total assets, $15.18 million in total
liabilities and a $1.11 million total shareholders' deficit.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/sHqPCz

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

As reported in the TCR on April 18, 2012, EFP Rotenberg, LLP, in
Rochester, New York, expressed substantial doubt about Tongji
Healthcare Group'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 negative
working capital of $9.8 million, an accumulated deficit of
$581,741, and a stockholders' deficit of $5,161 as of Dec. 31,
2011.



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H O N G  K O N G
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ALNERY NO. 130: Members' Final Meeting Set for Dec. 28
------------------------------------------------------
Members of Alnery No. 130 Limited will hold their final general
meeting on Dec. 28, 2013, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CHEE LICK: Commences Wind-Up Proceedings
----------------------------------------
Members of Chee Lick Plastic Products Company Limited, on Nov.
15, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Yui Hang
         Room 2611-13A, 26/F
         113 Argyle Street
         Mongkok, Kowloon
         Hong Kong


CHINA PRECISION: Incurs $4.2 Million Net Loss in Sept. 30 Quarter
-----------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $4.22 million on $5.95 million of sales revenues
for the three months ended Sept. 30, 2012, compared with a net
loss of $1.07 million on $42.16 million of sales revenues for the
same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed $184.06
million in total assets, $68.13 million in total liabilities, all
current, and $115.93 million in total stockholders' equity.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/3axDqQ

                       About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines. China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.

China Precision reported a net loss of $16.94 million for the
year ended June 30, 2012, compared with net income of $256,950
during the prior fiscal year.

Moore Stephens, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statement for the
year ended June 30, 2012.  The independent auditors noted that
the Company has suffered a very significant loss in the year
ended June 30, 2012, and defaulted on interest and principal
repayments of bank borrowings that raise substantial doubt about
its ability to continue as a going concern.


CMT ADVISORS: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------
Creditors of CMT Advisors Asia 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 commenced wind-up proceedings on Nov. 16, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


DUCAT COMPANY: Members' Final Meeting Set for Dec. 28
-----------------------------------------------------
Members of Ducat Company Limited will hold their final general
meeting on Dec. 28, 2013, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ELCOTEQ ASIA: Members' and Creditors' Meetings Set for Dec. 21
--------------------------------------------------------------
Members and creditors of Elcoteq Asia Limited will hold their
meetings on Dec. 21, 2012, at 4:00 p.m., and 4:30 p.m.,
respectively at 32nd Floor, One Pacific Place, at 88 Queensway,
in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


ENTERPRISE WINNER: Creditors' Proofs of Debt Due Dec. 27
--------------------------------------------------------
Creditors of Enterprise Winner Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 16, 2012.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


FORTUNE INDUSTRIES: Creditors' Proofs of Debt Due Dec. 27
---------------------------------------------------------
Creditors of Fortune Industries Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 16, 2012.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


INT'L (HONG KONG): Members' Final General Meeting Set for Jan. 4
----------------------------------------------------------------
Members of International (Hong Kong) Antique & Unique Mineral
Collectors Association Limited will hold their final general
meeting on Jan. 4, 2013, at 11:30 a.m., at Unit 9, 17/F, Citicorp
Centre, at 18 Whitfield Road, Causeway Bay, in Hong Kong.

At the meeting, Lau Cheuk Man Timothy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KEDRON ENTERPRISES: Members' Final Meeting Set for Dec. 28
----------------------------------------------------------
Members of Kedron Enterprises Limited will hold their final
general meeting on Dec. 28, 2013, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


NGAI SHING: Ho and Kong Appointed as Liquidators
------------------------------------------------
Ho Man Kit Horace and Kong Sau Wai on March 30, 2012, were
appointed as liquidators of Ngai Shing Neon Light Limited.

The liquidators may be reached at:

          Ho Man Kit Horace
          Kong Sau Wai
          Unit 511, 5/F
          Tower 1 Silvercord
          30 Canton Road
          Tsim Sha Tsui, Kowloon
          Hong Kong



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CORAL CERAMIC: ICRA Assigns 'BB-' Rating to INR6cr Cash Credit
--------------------------------------------------------------
The rating of '[ICRA]BB-' has been assigned to the INR6.00 crore
fund based cash credit facility of Coral Ceramic Private Limited.
The rating of '[ICRA]A4' has also been assigned to the INR1.75
crore non fund based bank guarantee facility of CCPL. The outlook
on long term rating is stable.

                        Amount
   Facilities        (INR crore)   Ratings
   -----------       ----------    -------
   Cash Credit           6.00      [ICRA]BB-(stable) assigned
   Bank Guarantee        1.75      [ICRA]A4 assigned

The assigned ratings are constrained by CCPL's modest scale of
operations and moderate financial profile characterized by
moderate gearing level and coverage indicators and high working
intensity of operations. The ratings are further constrained by
cyclical nature of the real estate industry which is the main
consuming sector and exposure of company's profitability to
availability and increasing prices of gas which is the major fuel
for tile manufacturers. The ratings also note that CCPL' operates
under high competitive business environment and faces strong
competition from established organized tile manufacturers,
unorganized players.

The assigned ratings, however, favorably consider extensive
experience of promoters in the ceramic industry, favorable
location of the plant giving it easy access to raw materials and
established brand name of Coral with group presence in all type
of tiles which enables the company to market its product
effectively.

Coral Ceramic Private Limited was incorporated in the year 2003
by Mr. Narayanbhai Zalariya with other six promoters. The
promoters have long standing experience in ceramic industry
through their other group concerns which are involved in all
types of tiles. CCPL operates from its plant situated at Morbi,
Gujarat, with an installed capacity of manufacturing 9000 boxes
per day. CCPL is engaged in manufacturing of ceramic floor tiles.
The other entities operating under "Coral Group" includes Coral
Gold Tiles Private Limited, Coral Plus Ceramic Private Limited
and Coral Granito Private Limited.

Recent Results

During FY 2012, the company reported an operating income of
INR32.53 crore and profit after tax of INR0.67 crore as against
an operating income of INR29.01 crore and profit after tax of
INR0.70 crore on in FY 2011.


JAIHIND AUTOMATION: ICRA Assigns 'BB-' Rating to INR17.5cr Loans
----------------------------------------------------------------
A long-term rating of '[ICRA]BB-' has been assigned to the
INR10.00 crore1 term loans and INR7.50 crore long-term, fund-
based working capital facilities of Jaihind Automation Private
Limited. The long term rating has been assigned stable outlook.

                            Amount
   Facilities            (INR crore)  Ratings
   -----------           ----------   -------
   Long-term loans          10.00     [ICRA]BB- (Stable) assigned
   Long-term, fund-based     7.50     [ICRA]BB- (Stable) assigned
   working capital facilities

The assigned ratings take into account the experience of the
promoters in manufacturing of plastic injection moulded auto
components and JAPL's sole supplier status for certain components
to reputed OEMs such as Tata Motors Limited and Fiat India
Automobiles Limited. The ratings are however constrained by
JAPL's small scale of operations, highly leveraged capital
structure on account of the company's debt funded capital
expenditure, thin net margins in line with limited value add
nature of business and vulnerability of margins to raw material
price rises. The ratings are further constrained by risks
associated to high client concentration as ~90% of JAPL's revenue
derived from TML and its associated companies. With sizeable
repayment obligations, liquidity profile of the company will
remain contingent on ensuring healthy capacity utilization at its
three manufacturing locations.

Jaihind Automation Private Limited is engaged in the
manufacturing of Injection moulded plastic Components for
automobiles. The company was incorporated in 2006 by Mr. V.
Sugathan. The business was started in 1987 and was earlier
carried on under a proprietorship concern, M/s Jaihind
Enterprises. The company has three manufacturing units with Tata
Motors Limited being the key customer.

Recent Results

JAPL reported a profit after tax (PAT) of INR1.19 crore on an
operating income of INR54.10 crore in FY2012, as against a net
loss of INR-0.13 crore on an operating income of INR45.00 crore
in FY2011.


JOP HOTELS: ICRA Reaffirms 'BB+' Rating on INR44cr Term Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR44 crore
term loans of JOP Hotels Limited at '[ICRA]BB+'.  The rating
carries a stable outlook.

                        Amount
   Facilities        (INR crore)   Ratings
   -----------        ----------   -------
   Term Loans           44.00      [ICRA]BB+ (stable) Reaffirmed

The rating reaffirmation takes into account the healthy occupancy
and average room revenue (ARR) at JOP's hotel, which has resulted
in robust cashflow from operations for the company. The rating
continues to derive comfort from favorable location of the
property due to its proximity to commercial sectors in the city
of Noida (Uttar Pradesh) and limited competition in the vicinity.
The reaffirmation also factors in the company's association with
'Carlsons Group' (CG) for their brand 'Park Plaza' which besides
brand recognition provides it access to CG's global reservation
system. The rating is however constrained by the leveraging of
the hotel property to fund other ventures of Bestech Group, which
has adversely impacted its debt coverage indicators and has
resulted in limited free cash flows after meeting debt
obligations. The rating is further constrained by high
concentration risks arising out of operating a single property
and the cyclicality inherent in the hotel industry.

Going forward, sustaining the current levels of occupancy and ARR
will be the key rating sensitivity.

JOP Hotels Limited is part of the Bestech Group which was founded
by Mr. Dharmendra Bhandari and Mr. Sunil Satija in early 90s. The
group started as a construction contractor and has been in the
construction business for over two decades. It has constructed
over 14 million sq. ft of space for various real estate projects
including several residential and commercial projects in the NCR
for developers like Unitech, MGF etc. In 2001, the group
diversified into real estate business and incorporated Besetch
India Private Limited (BIPL). Over the years, the Bestech Group
has developed residential and commercial projects in Gurgaon
which include - Bestech Chambers, Bestech Central Square, Park
View City - I & II. In 2002, the Bestech Group diversified into
hospitality sector and incorporated BHPL. BHPL has completed
three hotel properties - Park Plaza Gurgaon (4 star property)
which was sold in 2008, Radisson Suites Gurgaon which became
operational in April 2009 and Radisson Blu Indore which commenced
operations June 2010. The company is in the process of developing
a five star hotel property at Nagpur (Radisson Blu). JOP is
BHPL's subsidiary and is the holding and operating entity for the
group's Park Plaza hotel in sector 55 in Noida. Park Plaza Noida
is a 88 room hotel, which commenced operations in November 2008.

Recent Results

As per the provisional financial statements for FY2012, JHL has
recorded operating income of INR28.90 crore and net profit of
INR4.65 crore.


KNR CONTRACTORS: ICRA Assigns 'B+' Rating to INR12.5cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR12.50
crore1 bank facilities of KNR Contractors Private Limited.

                             Amount
   Facilities              (INR crore)  Ratings
   -----------             ----------   -------
   Fund based limits           4.50     [ICRA]B+ assigned
   Non Fund based limits       8.00     [ICRA]B+ assigned

The assigned rating takes into account the thirty year long
experience of the chief promoter Mr. K Narasimha Reddy in the
construction of Road Over Bridges (ROBs) and High Level Bridges
(HLBs) in the road construction segment and the construction of
River Water Intake Well systems (RWIWs) for thermal power plants
and the proven execution track record of KNRCPL in the past. The
rating also favorably factors in the comfortable financial
profile of KNRCPL with stable operating margins supported by the
focus on relatively niche areas, low levels of borrowing and
healthy coverage indicators. However, the assigned rating is
constrained by the small scale of operations of KNRCPL and high
geographic concentration of its order book in the states of AP
and Chhattisgarh and the associated socio political risks. ICRA
also notes the operational hurdles faced by KNRCPL in
construction of RWIWs with protests from local stakeholders and
delays in getting the completed work certified in case of road
projects resulting in high work in progress and working capital
intensity leading to near 100% utilization of the working capital
limits. Further, given the limited number of projects, KNRCPL's
liquidity position could be stretched during the winding up of
one project and the beginning of another, if the mobilization
advances are insufficient or delayed and the retention money held
up in completed projects is higher. The unexecuted order book of
the company also remained modest at INR42 crore as on Sept. 30,
2012 (1.2 times the FY2012 turnover) thereby limiting the revenue
visibility to the near term.

KNR Contractors Private Limited, incorporated in 2009,
specializes in the design and construction of all pre cast and
pre stressed concrete structures, Girder and Pipe line bridges,
Road Over Bridges (ROBs), High Level Bridges, River Water Intake
Well systems and Bridge rehabilitation works. Based out of
Hyderabad, the company in the past, has executed projects for
Roads and Buildings (R&B) department of AP, AP Road Development
Corporation, Public Works Departments (PWD) of Tamil Nadu and
Karnataka, sub contracts for various National Highways Authority
of India (NHAI) Concessionaires, EPC (Engineering, Procurement
and Construction) contractors for thermal power plants among
others.

Recent Results

In FY2012, KNRCPL reported an operating income of INR36.39 crore
with an operating profit of INR3.27 crore against an operating
income of INR21.79 crore with an operating profit of INR2.10
crore in FY2011.


NS PAPERS: ICRA Reaffirms 'B+' Rating on INR34.15cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]B+' to the
INR34.15 crore fund based limits(enhanced from INR25.40 crore )
of NS Papers Limited(erstwhile Rana Papers Limited). ICRA has
also reaffirmed '[ICRA]A4' rating to the INR9.10 crores non fund
based limits of NSPL.

The reaffirmation of the long term rating takes into account the
stretched liquidity position as evidenced by full utilization of
working capital limits in the past which has resulted in
overdrawls being made by the company, though these were corrected
in 2-3 days time. The rating also takes into account the larger
than expected debt funded capex which exposes the company to
project cost escalation risks, however some comfort is drawn from
the fact that majority of the capex is already incurred. The
company is setting up a 54500 TPA duplex paper plant which is
expected to be operational by April 2013. The ratings also
continues to reflect the high business risk profile of NSPL,
arising out of the highly fragmented and competitive nature of
both the key business segments of the company - Paper and MS
Ingots. However the rating continues to derive comfort from
account the long experience of the promoters and the satisfactory
capital structure as evidenced by a moderate gearing of 0.81
times as on March 31st, 2012 and adequate debt coverage
indicators. Going forward, the company's ability to successfully
commission the plant and manage the working capital thereby
maintaining sufficient cushion will be the key rating
sensitivities.

NSPL (erstwhile Rana Papers Limited) is a closely held company
that was incorporated in 1997 by Mr. Noor Saleem Rana and his
brothers. It is part of Rana Group of companies and is engaged in
the manufacturing of Kraft paper from agricultural residues and
MS ingots. The company operates its unit in Muzaffarnagar
district in UP. RPL has an installed capacity of 49500 TPA of
Kraft paper and 52500 TPA of MS ingots. The company also has a
captive power plant having two turbines of 6MW and 8MW power
generated form which is used in house. The company is setting up
a 49500 TPA duplex paper plant which is expected to be
commissioned by April 2013.


PADMAVATI FERROUS: ICRA Rates INR47cr Term Loan '[ICRA]B+'
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR47
crore fund based facilities of Padmavati Ferrous Limited.

                         Amount
   Facilities           (INR crore)   Ratings
   -----------          ----------    -------
   Term Loans               47.00     [ICRA]B+ assigned

The rating takes into account the intensely competitive and
cyclical nature of the steel and ferro alloys industry which
coupled with PFL's moderate scale of operations (thereby
resulting in modest economies of scale) and high interest cost
(due to debt funded capex) have resulted in low net profitability
indicators, modest cash accruals and moderate debt protection
indicators.

The company is also exposed to client concentration risk as its
entire sales are to a single client {JSW steel Limited), although
this risk is partly mitigated by PFL's established relationship
with JSWSL and close family ties of the promoters of two
companies. Further, PFL's does job work for JSWSL at a fixed
conversion charge which not only limits the profitability of the
company but also reduces its ability to pass on the rise in cost
of labor and consumable stores. While assigning the rating ICRA
has also noted the debt funded capital expenditure incurred by
the company in the past which has resulted in significant debt
repayment burden of the company in relation to the cash accruals.
Moreover, a part of capital expenditure is to be funded by
promoters, thereby exposing the company to funding risk on these
projects.

Nevertheless, the rating draws comfort from the experienced
promoters of the company, low offtake risk as the company has
signed an agreement with JSWSL for supplying sponge iron and the
expected cost savings from the captive power plant. Also, the
gearing of the company remains moderate at 0.61x as on March 31,
2012 despite capital expenditure undertaken by the company due to
equity infusions by the company. Going forward, the company's
ability to stabilize new projects, generate adequate cash
accruals from these new projects to meet the debt servicing
burden will remain the key rating driver for the company.

PFL is engaged in the manufacturing of ferro manganese, silico
manganese and direct reduced iron. The company was established in
the year 2001 by Mr. Manmohan Jindal as its chairman and Mrs.
Niramala Goel (Mr. Sajjan Jindal's Sister), Mr. Madhur Goel and
Mrs. Pratibha Goel as its directors. The company at present has
its ferro alloy and sponge iron unit at Chikkantapur Village,
Sultanpur, Bellary District, Karnataka. It has a sponge iron
capacity of 1.2 lakh MTPA and ferro alloy capacity of 15000 MTPA.
The company is in the process of expanding its ferro alloy
capacity to 25000 MTPA and setting up a 12 MW captive power
plant. The company primarily sells its output to JSW Steels
Limited.


SAI INFRA: ICRA Rates INR6cr Term Loan at '[ICRA]B+'
---------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR6.00 crore
term loan facility of Sai Infra.

                         Amount
   Facilities          (INR crore)   Ratings
   -----------         ----------    -------
   Term Loan               6.00      [ICRA]B+ assigned

The assigned rating is constrained by firm's exposure to
execution risk given the initial stages of construction as well
as to funding risk given the debt and customer advances funded
nature of cap-ex for the project; the funding risk is augmented
by low booking status with debt repayment remaining contingent to
future bookings. The rating also takes into account the
vulnerability of profitability to variations in steel and cement
prices and cyclicality in the real estate sector. Further, the
intense competition in the Surat real estate market and
moderation in demand growth remains a concern. ICRA also notes
that Sai Infra is a partnership concern and any significant
withdrawals from the capital account would impact the net worth
and thereby the capital structure.

The rating, however, favorably considers the long experience of
promoters in the real estate industry and favorable location of
the project with proximity to public amenities and other
successfully executed projects of the promoters.

Sai Infra was established as a partnership firm in 2011 and is
engaged in construction of residential building - 'Sai Heaven' in
Katargam (Surat). The firm is based in Surat, Gujarat and is
promoted by five partners who have experience of more than a
decade in construction industry through execution of various
projects under different entities for each project. The partners
have previously executed three residential projects 'Sai
Residency', 'Sunrise Residency' and 'Shradhdha Residency' in
Surat.


SALASAR PLYWOOD: ICRA Rates INR0.5cr Cash Credit at '[ICRA]B+'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR0.50 crore cash
credit facility of Salasar Plywood Private Limited.  ICRA has
also assigned an '[ICRA]A4' rating to the INR5.00 crore import
letter of credit and INR5.00 forward sales of contract facility
of Salasar Plywood Private Limited.

                         Amount
   Facilities          (INR crore)   Ratings
   -----------         ----------    -------
   Cash Credit             0.50      [ICRA]B+ assigned
   Letter of Credit        5.00      [ICRA]A4 assigned
   Forward Sale of         5.00      [ICRA]A4 assigned
   Contract

The assigned ratings are constrained by risks inherent in
greenfield projects including project implementation risk and
risks associated with plant stabilization. The ratings also
factor in the high competitive intensity caused due to the
presence of a large number of players; consisting of a few large
players and several small unorganized players. ICRA also takes
note of the vulnerability of profitability to the cyclicality in
the real estate industry, fluctuation in imported timber prices
and currency related fluctuations in the absence of a formal
hedging policy The ratings also factor in the risk caused due to
high concentration of raw material originating primarily from
Burma and Malaysia, resulting in vulnerability to political
instability, adverse foreign trade policy and domestic
deforestation policy arising in these countries.

The ratings, however, favorably factor in the long track record
of promoters in timber business, locational advantage arising due
to the presence of the manufacturing facility in close proximity
to Kandla port and marketing support from other group entities.

Incorporated in 2011, SPPL is promoted by Mr. Rakesh Agarwal and
Mr. Mukesh Agarwal, who have vast experience in the timber
business. The company is currently engaged in trading of imported
timber, while it proposes to commence sawing of imported timber
in the near to medium term. The company's manufacturing facility
is located at Gandhidham, in Kutch District (Gujarat).  SPPL
forms part of the 'Amul Group' that has been engaged in trading
of imported timbers and manufacturing of veneers and plywood for
more than 15 years.


SHRI BANKEY: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------
ICRA has revised the rating for INR35.00 crore fund based limits
of Shri Bankey Bihari Pipes Limited to '[ICRA]D' from '[ICRA]B-'
earlier. ICRA has also revised short term rating for INR16 crore
non-fund based limits of SBBPL to '[ICRA]D' from '[ICRA]A4'
earlier.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             ----------    -------
   Working Capital Limits      35.0      Revised to [ICRA]D
   Non Fund Based Limits       16.0      Revised to [ICRA]D

The revision in ratings factor in SBBPL's stretched liquidity
profile which has led to delays in debt servicing by the company,
apart from consistently full utilization of working capital
facilities. This is mainly driven by the high working capital
intensity (NWC/OI of 31%) of operations, on account of high
receivable days (89 days as on March 31,2012) which has been
largely debt funded. This has also resulting in high gearing (1.7
times as on March 31, 2012), modest debt protection indicators
(interest coverage of 1.4 times and NCA/Debt of 4.2% in FY2012).
The ratings are also constrained by the modest profitability
indicators of the company arising out of the highly competitive
and low value additive nature of the steel pipe manufacturing
business and high interest expenses arising out of the debt
funded nature of company's operations. Nevertheless, ICRA takes
into account the long track record of operations of the company,
steady growth in the operating income during the last two years,
and long and established distribution network and customer
relationships.

SBBPL was incorporated in 1999 as TST Pipes Limited, however, in
January 2012 the company was renamed as Shri Bankey Bihari Pipes
Limited. Following an acquisition of the company in January 2011
from the erstwhile promoters, namely Mr. Naresh Garg and Mr.
Manish Garg, the present promoters/management of the company
includes Mr. Vinod Kumar Jain, Mrs. Mamta Jain and Mr. Sanjeev
Jain. SBBPL manufactures electric-resistance welded black and
galvanised steel pipes and tubes. The company has its
manufacturing facility in Ghaziabad (Uttar Pradesh) and has a
capacity to produce 48,000 M.T. per annum of ERW black and
galvanised pipes. The pipes are mainly used in various industries
such as irrigation and water supply sector for transportation of
water, agriculture, oil & gas, telecom, infrastructure, real
estate, automobiles, etc.

Recent Results

For FY2012, the company has achieved an operating income of
INR126.07 crore and a net profit of INR0.84 crore (as per
provisional financial results).


WELLCOME FISHERIES: ICRA Reaffirms 'BB' Rating on INR1.5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB'
outstanding on INR1.50 crore1 term loans of Wellcome Fisheries
Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' outstanding on INR44.00 crore fund based facilities
and INR4.50 crore non fund based facilities. The outlook on the
long term rating is stable

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           ----------    -------
   Term Loans               1.50       [ICRA]BB(stable)
                                       reaffirmed

   Short Term Fund         44.00       [ICRA]A4 reaffirmed
   Based Limits

   Short Term Non Fund      4.50       [ICRA]A4 reaffirmed
   Based Limits

The ratings consider the experience of the promoters in the sea
food export business and take into account the improvement in
scale and profit margins of the Company in 2011-12, driven by
favorable shift in product mix with higher share of vannamei.
However, the profit margins continued to remain thin owing to
commoditized nature of products, with limited value addition;
which coupled with competition from domestic and foreign players
result in limited pricing flexibility. The margins also remain
susceptible to inherent risks in sea food industry like
susceptibility to diseases, climate change risks, domestic and
foreign government policies and exchange rate movements. ICRA
also takes note of the constrained capital structure of the
company with high gearing and stretched coverage indicators,
which may witness additional pressure if the Company goes ahead
with its partially debt funded capital expenditure plans.

WFL is a closely held company, incorporated in the year 1987. The
promoters, who began as traders of seafood products, subsequently
established the processing unit in 1994, which is located in
Bhimavaram near Vijayawada. WFL procures shrimps from the farmers
in the nearby areas, which are processed and cold stored. The
company mainly deals in BT and vannamei shrimps apart from a few
other sea food varieties like scampi. WFL caters to about a dozen
export destinations including US, UK, Germany and Belgium.

Recent Results

The Company reported profit after tax (PAT) of INR1.1 crore on an
operating income (OI) of INR154.4 crore in FY12, compared to net
losses of INR0.2 crore on OI of INR112.7 crore in preceding
fiscal.



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


REEF GROUP: Placed in Receivership
----------------------------------
Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, have been appointed receivers to Reef
Group Limited and other associated entities in Auckland.

Receiver Mr. Colin McCloy says, "We are committed to doing the
best we can for the future of the Reef Group, its shipping
business and services provided in the South Pacific.

"We will work diligently with relevant parties on the possible
business and assets sale of the Reef Group (In Receivership).
Yet, in the meantime, it will be business as usual for its
employees and contractors across the region," adds Mr. McCloy.

Reef Group is a New Zealand-based shipping, fishing and fuel
supply company.  It has interests across the South Pacific
including eight cargo ships, a fleet of long-liner fishing
vessels, a business supplying bulk fuels to a dozen Pacific
island nations and the production and export of Niuean noni
juice.  Reef's shipping services currently service Fiji, New
Caledonia, Vanuatu, Samoa, Tonga, American Samoa, Cook Islands,
Niue, Tuvalu and Kiribati.


ROSS ASSET: Investors Want Liquidation Tender
---------------------------------------------
BusinessDesk reports that a group of investors in the failed Ross
Asset Management group has asked the High Court for it to be
admitted as a party to proceedings and called for the liquidation
of the companies to be put out to tender.

A tentative new date of Dec. 10 has been set for the Financial
Markets Authority to update the High Court on the Ross Asset
Management receivership, by which time receivers PwC is expected
to have applied to liquidate the group, BusinessDesk discloses.

At a brief hearing in the High Court at Wellington on Monday,
counsel for receivers John Fisk and David Bridgman of PwC sought
an order allowing them to sell property owned by the Ross Group
to the extent necessary to pay their fees up until Nov. 12 of
$153,683.  There were insufficient liquid assets from the group's
owner David Ross.  Mr. Fisk told BusinessDesk the application to
put the group into liquidation would be made this week.

Also at the court yesterday, BusinessDesk relates, Bruce Tichbon,
who represents more than 50% of investors in Ross's group of
investment companies, sought to be admitted to proceedings. Mr.
Tichbon told BusinessDesk he was concerned his group wasn't being
kept in the loop.

In Mr. Tichbon's memo to the court, he also sought for any
liquidation to be put out to tender with a clear brief on
strategy and costs, the report relays.

Mr. Tichbon said members of his group had observed receiverships
and liquidations "where professional fees have devoured all the
money left over."  The tender for liquidation should clearly
state "how investors' interests will be represented."

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.

The Serious Fraud Office has also commenced a formal
investigation into David Ross, Ross Asset Management Limited and
associated entities.


ROSS ASSET: Receivers Seek OK to Sell Assets
--------------------------------------------
The receivers and managers to Ross Asset Management Limited and
related entities submitted a Memorandum of Counsel on Nov. 23,
2012, for the High Court of New Zealand to review yesterday
(November 26).

The receivers and managers confirmed no additional significant
assets have been located since their last report to the Courts
and investors. The latest value of assets identified as
supporting investors' portfolios is NZ$11.478 million with
inquiries continuing.

The receivers also updated the Court with their opinion that
those Ross Group companies holding assets be placed in
liquidation and that a relevant application to do so will be
filed shortly with the Court. Those entities not holding assets
should remain in receivership.

For avoidance of doubt, the receivers and managers sought re-
confirmation from the Court that they be allowed to sell assets
owned by the wider Ross Group in order to pay for reasonable fees
and costs incurred to date in their administration (e.g.
receivership fees and costs, advertising and legal fees). Today's
High Court hearing re-confirmed the Court's earlier ruling that
the receivers can sell such property to cover those costs and
fees incurred.

The receivers and managers said they continue to work through the
process of preparing liquidation applications.

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.

The Serious Fraud Office has also commenced a formal
investigation into David Ross, Ross Asset Management Limited and
associated entities.



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


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

Global Marine Safety (Singapore) Pte Ltd filed the petition
against the company on Nov. 12, 2012.

The Petitioner's solicitors are:

          Messrs Lim & Bangras
          133 New Bridge Road
          #11-06 Chinatown Point
          Singapore 059413


HENG SHENG: Creditors' Proofs of Debt Due Dec. 5
------------------------------------------------
Creditors of Heng Sheng Corporation Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Dec. 5, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


INTERNATIONAL FORMWORK: Meetings Set for Nov. 30
------------------------------------------------
International Formwork & Scaffolding Pte Ltd, which is in
liquidation, will hold their meetings for its contributories and
creditors on Nov. 30, 2012, at 10:00 a.m., and 10:30 a.m.,
respectively at 8 Wilkie Road #03-08 Wilkie Edge, in Singapore
228095.

Agenda of the meeting includes:

   a. to update on the status of liquidation;

   b. to consider and if thought fit, to appoint a committee of
      inspection; and

   c. discuss other business.

The company's liquidators are:

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


KOSMOS GEO-ENGINEERING: Court to Hear Wind-Up Petition on Dec. 7
----------------------------------------------------------------
A petition to wind up the operations of Kosmos Geo-Engineering
Pte Ltd will be heard before the High Court of Singapore on
Dec. 7, 2012, at 10:00 a.m.

Sharikat National Steel Pte Ltd filed the petition against the
company on Nov. 9, 2012.

The Petitioner's solicitors are:

          Messrs Kelvin Lim & Partners
          133 New Bridge Road
          #12-10 Chinatown Point
          Singapore 059413



================
S R I  L A N K A
================


PEOPLE'S FINANCE: Fitch Affirms 'B+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has placed Sri-Lanka-based People's Finance PLC
(PF) 'A(lka)' National Long-Term Rating on Rating Watch Positive,
on its planned merger with its 88% parent -- People's Leasing and
Finance PLC (PLFP, 'B+'/'AA-(lka)'/Stable).  The agency has
simultaneously affirmed PLFP's ratings.

The upcoming merger is a precondition imposed on PLFP by the
regulator as a consequence of granting it with a license to
operate as a finance company.  PLFP expects to complete the
merger by 1 April 2013, subject to shareholder approval.  Fitch
will resolve the Rating Watch upon the conclusion of the merger.

The Rating Watch Positive indicates that PF's rating will be
upgraded to align with PLFP's rating upon the successful
conclusion of the merger.  The potential upgrade underlines the
elimination of administrative difficulties and regulatory
restrictions (such as maximum single party exposures) that could
currently impede the flow of support from PLFP to PF.

The affirmation of PLFP's ratings with Stable Outlook reflect
Fitch's view that the linkages with its state-owned parent
People's Bank (PB, 'AA+(lka)'/Stable) will remain the same upon
the conclusion of the intended merger.

The ratings of PLFP and PF continue to reflect Fitch's
expectations of extraordinary support available from PB and PLFP
respectively, given PLFP's close integration with, and strategic
importance to, PB, and PF's strategic importance to, and
integration with, PLFP. Both PLFP and PF are strongly associated
with the People's Bank brand.  PB's majority ownership of PLFP
(75%) and PF (effectively 66.5% held through PLFP) also supports
the ratings.  The two-notch differential between the ratings of
PB and PLFP, and of PLFP and PF, currently reflect potential
impediments to the flow of support usually seen in layered
support structures.

PB's ability to support its subsidiaries in turn stems from the
government of Sri Lanka's own credit strength.  Fitch believes it
is highly likely that government support could flow through to
PLFP via PB, and to PF via PLFP, due to the above linkages and
the consequent reputation risk to the government if PLFP or PF
should fail.

Changes to PB's ratings may result in corresponding changes to
PLFP's ratings, provided that the linkages between PB and PLFP
remain intact.  PLFP's ratings may be downgraded if PB gives up
its controlling stake, or if its strategic importance to PB
diminishes  over time. The same is true of PLFP's and PF's
ratings.

PLFP's ratings:

  -- Long-Term Foreign Currency Issuer Default Rating affirmed at
     'B+'; Outlook Stable
  -- Long-Term Local Currency Issuer Default Rating affirmed at
     'B+'; Outlook Stable
  -- National Long-Term rating affirmed at 'AA-(lka)'; Outlook
     Stable
  -- LKR1.48bn outstanding senior unsecured redeemable debentures
     affirmed at 'AA-(lka)'
  -- LKR3bn outstanding rated commercial paper affirmed at 'F1+
     (lka)'

PF's ratings:

National Long-term rating: 'A(lka)' on Rating Watch Positive



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


* Fitch Publishes Latest Edition of Asia-Pacific Newsletter
-----------------------------------------------------------
Fitch Ratings has published the latest edition of its Asia-
Pacific monthly newsletter.  The 'Asia-Pacific Monthly' is one of
the most viewed reports on the Fitch website.

The global economy, prevailing euro crisis and credit risks
dominated readers' interest in October, with 'Risk Radar', 'How
Sovereign Ratings Relate to Other Asset Class Ratings in the
Eurozone' and 'Global Economic Outlook' among the most read
research.  The Weekly Wire -- The Week's Top Stories from Fitch
Wire was also a popular read.

Corporates were once again active issuers in Asia-Pacific bond
markets in October.  Fitch published rating actions on several
transactions including "Fitch Rates SK Telecom's USD Notes 'A-
(EXP)', Fitch Rates Franshion's USD Notes Final 'BBB-', Fitch
Rates Lippo Karawaci's 2019 & 2020 Notes 'BB-(EXP)', Fitch Rates
China Guangdong Nuclear Notes Final 'A+', and Fitch Rates
Lifestyle International's USD300m Notes Final 'BBB-'.

Caution was on the rise with respect to certain APAC economies
with 'Fitch: Indonesia's External Finances Showing Strains' (5
October 2012), and 'Fitch: Thailand Still Resilient but Growing
Caution' (10 October 2012).  There were also bright spots within
APAC, with 'Fitch Expects Rate Cuts to Boost Australian Mortgage
Performance' (2 October 2012), 'Fitch: Mindanao Accord May Herald
Boost for Philippines Growth' (9 October 2012), and 'Fitch: China
Corporate Profits and Cash Flow to Remain Positive' (31 October
2012).

October also saw the latest quarterly update of APAC structured
finance transactions, with generally stable performance, except
for Japan.  Other SF non-rating action commentaries were 'Fitch:
Losses to be Minimal for Post-Crisis Structured Finance Deals'
(22 October 2012) and 'Fitch: Structured Finance Losses to be
Lowest on EMEA and APAC Deals' (22 October 2012).


* BOND PRICING: For the Week Nov. 19 to Nov. 23, 2012
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----

  AUSTRALIA
  ---------

COM BK AUSTRALIA       1.50    4/19/2022    AUD   73.99
MIDWEST VANADIUM      11.50    2/15/2018    USD   66.38
MIDWEST VANADIUM      11.50    2/15/2018    USD   65.50
NEW S WALES TREA       0.50    9/14/2022    AUD   69.68
NEW S WALES TREA       0.50    10/7/2022    AUD   69.48
NEW S WALES TREA       0.50   10/28/2022    AUD   69.30
NEW S WALES TREA       0.50   11/18/2022    AUD   69.18
NEW S WALES TREA       0.50   12/16/2022    AUD   69.76
NEW S WALES TREA       0.50     2/2/2023    AUD   69.40
NEW S WALES TREA       0.50    3/30/2023    AUD   69.00
TREAS CORP VICT        0.50    8/25/2022    AUD   72.07
TREAS CORP VICT        0.50     3/3/2023    AUD   70.82
TREAS CORP VICT        0.50   11/12/2030    AUD   51.24


  CHINA
  -----

CHINA GOVT BOND        4.86    8/10/2014    CNY  102.98
CHINA GOVT BOND        1.64   12/15/2033    CNY   68.24

INDIA
-----

JCT LTD                2.50     4/8/2011    USD   20.00
JSL STAINLESS LT       0.50   12/24/2019    USD   65.17
MASCON GLOBAL LT       2.00   12/28/2012    USD    9.88
PRAKASH IND LTD        5.63   10/17/2014    USD   67.93
PRAKASH IND LTD        5.25    4/30/2015    USD   68.14
PYRAMID SAIMIRA        1.75     7/4/2012    USD    1.00
REI AGRO               5.50   11/13/2014    USD   68.51
REI AGRO               5.50   11/13/2014    USD   68.51
SHIV-VANI OIL          5.00    8/17/2015    USD   53.91
SUZLON ENERGY LT       7.50   10/11/2012    USD   65.66
SUZLON ENERGY LT       5.00    4/13/2016    USD   41.16


  JAPAN
  -----

COSMO OIL CO LTD       1.26    8/28/2020    JPY   72.83
EACCESS LTD            3.50   12/15/2016    JPY  104.00
EBARA CORP             1.30    9/30/2013    JPY  100.04
ELPIDA MEMORY          2.03    3/22/2012    JPY   12.25
ELPIDA MEMORY          2.10   11/29/2012    JPY   12.25
ELPIDA MEMORY          2.29    12/7/2012    JPY   10.13
ELPIDA MEMORY          0.50   10/26/2015    JPY   10.13
ELPIDA MEMORY          0.70     8/1/2016    JPY   15.00
JPN EXP HLD/DEBT       0.50    9/17/2038    JPY   63.36
JPN EXP HLD/DEBT       0.50    3/18/2039    JPY   63.19
KADOKAWA HLDGS         1.00   12/18/2014    JPY  108.80
SHARP CORP             1.42    3/19/2014    JPY   46.95
SHARP CORP             0.85    9/16/2014    JPY   42.67
SHARP CORP             1.14    9/16/2016    JPY   36.34
SHARP CORP             2.07    3/19/2019    JPY   33.70
SHARP CORP             1.60    9/13/2019    JPY   33.49
SOFTBANK CORP          1.50    3/31/2013    JPY  132.38
TOKYO ELEC POWER       2.35    9/29/2028    JPY   72.12
TOKYO ELEC POWER       2.40   11/28/2028    JPY   72.97
TOKYO ELEC POWER       2.21    2/27/2029    JPY   70.48
TOKYO ELEC POWER       2.11   12/10/2029    JPY   68.06
TOKYO ELEC POWER       1.96    7/29/2030    JPY   65.15
TOKYO ELEC POWER       2.37    5/28/2040    JPY   61.89


  PHILIPPINES
  -----------

BAYAN TELECOMMUN      13.50    7/15/2049    USD   22.25
BAYAN TELECOMMUN      13.50    7/15/2049    USD   22.25


  SINGAPORE
  ---------

BAKRIE TELECOM        11.50     5/7/2015    USD   45.00
BAKRIE TELECOM        11.50     5/7/2015    USD   42.37
BLD INVESTMENT         8.63    3/23/2015    USD   61.99
BLUE OCEAN            11.00    6/28/2012    USD   34.00
BLUE OCEAN            11.00    6/28/2012    USD   34.00
BUMI INVESTMENT       10.75    10/6/2017    USD   75.84
BUMI INVESTMENT       10.75    10/6/2017    USD   78.00
CAPITAMALLS ASIA       2.15    1/21/2014    SGD   99.72
CAPITAMALLS ASIA       3.80    1/12/2022    SGD  100.83
DAVOMAS INTL FIN      11.00    12/8/2014    USD   29.00
DAVOMAS INTL FIN      11.00    12/8/2014    USD   29.00
ENERCOAL RESOURC       9.25     8/5/2014    USD   72.14
F&N TREASURY PTE       2.48    3/28/2016    SGD  100.46


  SOUTH KOREA
  -----------

CN 1ST ABS             8.00    2/27/2015    KRW   33.61
CN 1ST ABS             8.30   11/27/2015    KRW   34.97
EXP-IMP BK KOREA       0.50    8/10/2016    BRL   74.39
EXP-IMP BK KOREA       0.50    9/28/2016    BRL   74.02
EXP-IMP BK KOREA       0.50   10/27/2016    BRL   73.56
EXP-IMP BK KOREA       0.50   11/28/2016    BRL   73.19
EXP-IMP BK KOREA       0.50   12/22/2016    BRL   72.85
EXP-IMP BK KOREA       0.50   10/23/2017    TRY   73.51
EXP-IMP BK KOREA       0.50   11/21/2017    BRL   69.34
EXP-IMP BK KOREA       0.50   12/22/2017    BRL   69.23
EXP-IMP BK KOREA       0.50   12/22/2017    TRY   72.72
KIBO GRE 2ND ABS      10.00    3/20/2015    KRW   30.59
SINBO 10TH ABS        10.00   12/27/2014    KRW   29.96
SINBO 4TH ABS          8.00    8/18/2014    KRW   30.38
SINBO 7TH ABS          8.00    9/22/2014    KRW   30.17


  SRI LANKA
  ---------

SRI LANKA GOVT         5.65    1/15/2019    LKR   69.17
SRI LANKA GOVT         8.00     6/1/2020    LKR   73.36
SRI LANKA GOVT         6.20     8/1/2020    LKR   64.62
SRI LANKA GOVT         8.00     1/1/2022    LKR   70.41
SRI LANKA GOVT         7.00    10/1/2023    LKR   62.27
SRI LANKA GOVT         5.35     3/1/2026    LKR   49.16
SRI LANKA GOVT         8.00     1/1/2032    LKR   61.23


  THAILAND
  --------

BANGKOK LAND           4.50   10/13/2003    USD    5.25


  VIETNAM
  -------

VIETNAM GOVT           7.20     4/4/2014    VND   40.50
VIETNAM GOVT           8.95    3/28/2016    VND   14.71



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***