TCRAP_Public/121203.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, December 3, 2012, Vol. 15, No. 240


                            Headlines


A U S T R A L I A

AUSTRALIAN MUSIC GRP: Con Gallin Buys Allan Billy Hyde Assets
CLASSIC INT'L: Administration Hits Travel Consultants
MISSION NEWENERGY: All Resolutions Passed at General Meeting
MISSION NEWENERGY: Convertible Note Exchange Offer Launched
MISSION NEWENERGY: Subsidiary Receives Winding up Petition

PATINACK FARM: Finds AUD270,000 to Pay Workers' Wages
PROGEN PHARMACEUTICALS: Incurs AUD3.4MM Net Loss in Fiscal 2012
SKELTON SHERBORNE: HSBC Appoints Deloitte as Administrators
ST ANTHONY'S COPTIC: College to Close Doors on December 14


C H I N A

BERKELEY COFFEE: Inks Licensing Agreement with Coffee Holding
CHINA LONGYUAN: S&P Assesses Stand-Alone Credit Profile at 'bb'
CHINA QINFA: Moody's Withdraws 'B1' Corporate Family Rating
CHINA TEL GROUP: Sells Shares to Kenneth Hobbs, et al.
CHINA TEL GROUP: Acquires MVNO China Motion Telecom for US$5.8MM

EVERGRANDE REAL ESTATE: Moody's Affirms 'B1' CFR; Outlook Stable
GREAT CHINA INT'L: Incurs $423,000 Net Loss in 3rd Quarter
SHIMAO PROPERTY: Moody's Changes Outlook on 'Ba3' CFR to Stable
* CHINA: Moody's Reviews Outlook on Property Sector to Stable


H O N G  K O N G

ASIA TELESYS: Court Enters Wind-Up Order
BUSINESS LINK: Court Enters Wind-Up Order
CAFE COTON: Court Enters Wind-Up Order
CIPHER INTERNATIONAL: Court Enters Wind-Up Order
GLOBAL ALLIANZ: Court to Hear Wind-Up Petition on Jan. 16

SWING INTERNATIONAL: Commences Wind-Up Proceedings
THYSSENKRUPP STAINLESS: Chan and Yeung Step Down as Liquidators
TOP GALAXY: Commences Wind-Up Proceedings
TOP LEVEL: Commences Wind-Up Proceedings
UNITED FUJIAN: Members' Final Meeting Set for Dec. 24

YEWSTAR LIMITED: Lin Chao Ming Jason Steps Down as Liquidator


I N D I A

ANILKUMAR CONSTRUCTION: CRISIL Puts 'D' Rating on INR63.9MM Loan
DELITE APPARELS: CRISIL Assigns 'B-' Rating to INR55MM Loans
GEM AROMATICS: CRISIL Assigns 'B' Rating to INR165MM Loans
GURUKRUPA COTGIN: CRISIL Upgrades Rating on INR70MM Loans to 'B+'
LOKESH MACHINES: Delay in Loan Payment Cues CRISIL Junk Ratings

RAYANI SPIN-TEX: Delay in Loan Rating Cues CRISIL Junk Ratings
R.K. RICE: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
SND IRON: CRISIL Assigns 'CRISIL B-' Rating to INR208.5MM Loans
SHIVAM COTTON: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loans
VIJAYA CHAITANYA: Delay in Loan Payment Cues CRISIL Junk Ratings

VINAYAK RAIL: CRISIL Assigns 'B-' Rating to INR99.5MM Loans


I N D O N E S I A

BANK OCBC: Fitch Affirms 'BB' Viability Rating


J A P A N

SILK ROAD: S&P Raises Rating on Series 2 Class B1-U Notes to BB-
* JAPAN: Moody's Says Default Rate for ABS Market Low
* JAPAN: Moody's Says RMBS Prepayment Rates Continue to Rise


N E W  Z E A L A N D

DOMINION FINANCE: Ex-Director Escape Trial Due to Ill Health


S I N G A P O R E

ART TECHNOLOGY: Creditors' Proofs of Debt Due Dec. 31
CHINA SQUARE: Creditors' Proofs of Debt Due Dec. 31
EAKIN TRADING: Court to Hear Wind-Up Petition Dec. 7
SAN TECHNOLOGY: Creditors to Get 100% Recovery on Claims
TOUCH LIMOUSINE: Court to Hear Wind-Up Petition Dec. 7


X X X X X X X X

PAKISTAN MOBILE: 3Q2012 Results No Impact on Moody's 'B2' CFR


                            - - - - -


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


AUSTRALIAN MUSIC GRP: Con Gallin Buys Allan Billy Hyde Assets
------------------------------------------------------------
Australian Associated Press reports that Con Gallin, managing director
of Australian Musical Imports, has bought the bulk of Allans Billy
Hyde assets after months of negotiating with receivers Ferrier
Hodgson.

The report cites that Allans Billy Hyde stores in Melbourne,
Blackburn, Sydney, Alexandria, Parramatta, Adelaide, and Southport
will continue to trade, with most employees at those stores keeping
their jobs; but some smaller stores in far flung locations such as
Cairns will close along with the Allans Billy Hyde warehouse.

AAP notes that Mr. Gallin, whose first part-time job was at Allans
Music in Melbourne, blamed management rather than the industry for the
company's decline.  "The management, both current and previous, lacked
music retail expertise and as a result lost large amounts of money.
They couldn't adjust the company expenses to meet reality . . .  we're
very, very confident it's going to go well, but it's an enormous task
to have to do so quickly at this time of the year," the report quotes
Mr. Gallin as saying.

AAP adds that Mr. Gallin plans to have the flagship stores restocked
and open for trading this week.

A spokesman for Ferrier Hodgson confirmed Australian Musical Imports
had purchased the company's brand name, Web site and domain names,
trademarks and intellectual property, AAP reports.

                     About Allans + Billy Hyde

Australian Music Group Holdings Pty Ltd, trading as Allans +
Billy Hyde -- http://www.allansbillyhyde.com.au/-- operates 25
stores across Australia plus four franchise stores.  There are
500 employees. The outlets specialize in the sale of musical
instruments, live music accessories and sheet music.  Allans
Music began in the 1850s when Mr. Joseph Wilkie and Mr. George
Allan opened a music warehouse in Melbourne's Collins Street.
Mr. Billy Hyde was a drum manufacturer who perfected of drum kits
in the 1950s and 1960s, opening his first store in Flemington in
1962.  Allans + Billy Hyde merged in July 2010.

AMG was placed into receivership on August 23, 2012, following
the appointment of voluntary administrators.

Ferrier Hodgson partners James Stewart and Brendan Richards were
appointed receivers and managers over AMG and a number of
associated entities.  The appointment was made by the secured
creditor (Revere Capital Pty Ltd) and extends to AMG's wholesale
distribution importing business, trading as MusicLink and
Intermusic, which commenced in 1973 and supplies over 300
independent music retailers. It does not however include Stage
Systems, a backline hire company servicing the festivals and live
concerts market.


CLASSIC INT'L: Administration Hits Travel Consultants
-----------------------------------------------------
TTG Asia reports that travel consultants have taken a hit following
the voluntary administration of Classic International Cruises on
October 31, which has itineraries covering Asia, Australia and Europe.

Its Athena ship was impounded in Marseille, along with other vessels
over unpaid bills. A viable replacement was not secured for its first
2012/2013 cruise, scheduled to depart Marseille on November 12, or for
the rest of its season.

According to the report, CIC's cancellations have left travel
consultants saddled with credit card chargebacks and unhappy
customers.  An estimated 5,000-plus passengers had booked cruises from
ports such as Fremantle, Adelaide, Sydney and Singapore with deposits
of 40%, the report says.

TTG Asia relates that Tour de Force Travel's owner, Carol Shaw, is
claiming for AUD10,000 (US$10,468) but she estimates she will lose
AUD5,000. "We donít know where we stand on the list of CIC creditors.
We were able to rebook eight clients on other cruises, including four
out of Singapore and four out of Sydney, and have been able to
minimise the damage to our agency.  We are telling some customers we
will give them travel credit," the report quotes Ms. Shaw as saying.

                              About CIC

Sydney-based Classic International Cruises is a shipping company.
It operates five luxury cruise ships, most notably their
flagship, the rebuilt ocean liner MS Athena.

Brad Tonks and John Vouris of the Business Recovery & Insolvency
team at Lawler Partners were appointed Voluntary Administrators
of Classic International Cruises Pty Ltd, on Oct. 31, 2012,
following a resolution passed by the company.

"The Administrators understand that CIC Australia's management
have been working with the owners of the cruise ship "Athena" to
confirm its availability for the 2012-2013 voyages after recent
reports that Athena was arrested at port and that it is currently
unable to depart," the company said in a statement.


MISSION NEWENERGY: All Resolutions Passed at General Meeting
------------------------------------------------------------
Mission NewEnergy Limited advised that at the annual general meeting
held on Nov. 23, 2012, all the resolutions put to vote to the members
were passed on a show of hands, namely the:

   (1) adoption of remuneration report;

   (2) re-election of Director Arun Bhatnagar;

   (3) re-election of Director Admiral (Ret) Tan Sri Dato' Sri
       Mohd Anwar Bin Haji Mohd Nor;

   (4) the appointment of auditor;

   (5) the ratification of prior issue of shares; and

   (6) the approval of 10% placement facility.

The following resolutions were also passed at the general meeting:

   -- issuance of new notes under the exhange offer;
   -- acquisition of shares by SLWI;
   -- acquisition of shares by Westcliff Trust;
   -- acquisition of shares by Eatswood Trust; and
   -- acquisition of shares by NHA.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

The Company's balance sheet at June 30, 2012, showed
AUD10.7 million in total assets, AUD35.1 million in total
liabilities, resulting in an equity deficiency of AUD24.4 million.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.

The Company reported a net loss of AUD6.1 million on
AUD38.3 million of revenue in fiscal 2012, compared with a net loss of
AUD21.7 million on AUD16.4 million of revenue in fiscal 2011.


MISSION NEWENERGY: Convertible Note Exchange Offer Launched
-----------------------------------------------------------
Mission NewEnergy Limited announced it has launched an exchange offer
for all of its outstanding convertible notes.  The completion of the
exchange offer is subject to approval of shareholders.

The New Notes will be on substantially the same terms as the Existing
Notes with the following key differences:

   * The New Notes will have no coupon payment;

   * Each New Note will convert into 433 ordinary shares in the
     Company at a conversion price of $A0.15 per share, to more
     closely reflect the current market price of the Company's
     shares;

   * The New Notes will be forced to convert upon the conversion
     of a Significant Noteholing (where Significant Noteholding
     is defined as being greater than 50% of outstanding notes);
     and

   * The New Notes will be subject to default upon the sale of a
     Material Asset by the Company (where Material Asset is
     defined as being greater than US$1 million).

A copy of the announcement is available for free at:

                        http://is.gd/nrjmoU

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

At this point in time, due to failure of material obligations by
PTPN111, the Joint Venture in Indonesia has been terminated.  The
Company is reviewing its position in the Joint Venture in
Indonesia and expects that this will result in either the
continuation of the project of the sale of its equity interests.

The Company reported a net loss of AUD6.1 million on AUD38.3 million
of revenue in fiscal 2012, compared with a net loss of
AUD21.7 million on AUD16.4 million of revenue in fiscal 2011.

The Company's balance sheet at June 30, 2012, showed
AUD10.7 million in total assets, AUD35.1 million in total
liabilities, resulting in an equity deficiency of AUD24.4 million.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.


MISSION NEWENERGY: Subsidiary Receives Winding up Petition
----------------------------------------------------------
Mission NewEnergy Limited's wholly owned Malaysian subsidiary Mission
Biofuels Sdn Bhd has been served with a winding up petition under
Section 218(1)(e) & (i) and Section 218(2)(c) of the Malaysian
Companies Act 1965 by KNM Process Systems Sdn Bhd, the contractor for
its second 250,000 tpa biodisel refinery.

The Petition dated Nov. 1, 2012, claims that MBSB is indebted to
KNM for a disputed sum of around AUD16.1 million for goods sold and
delivered and works carried out by KNM for MBSB.  The winding up
Petition is fixed for hearing on Feb. 4, 2012.

MSBS's solicitors have advised that KNM's Petition is highly unlikely
to succeed.  MBSB said it will take all necessary steps to oppose and
set aside the said Petition and is reviewing its legal options in the
light of this Petition.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

At this point in time, due to failure of material obligations by
PTPN111, the Joint Venture in Indonesia has been terminated.  The
Company is reviewing its position in the Joint Venture in
Indonesia and expects that this will result in either the
continuation of the project of the sale of its equity interests.

The Company reported a net loss of AUD6.1 million on AUD38.3 million
of revenue in fiscal 2012, compared with a net loss of
AUD21.7 million on AUD16.4 million of revenue in fiscal 2011.

The Company's balance sheet at June 30, 2012, showed
AUD10.7 million in total assets, AUD35.1 million in total
liabilities, resulting in an equity deficiency of AUD24.4 million.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.


PATINACK FARM: Finds AUD270,000 to Pay Workers' Wages
-----------------------------------------------------
The Sydney Morning Herald reports that coal baron Nathan Tinkler's
Patinack Farm thoroughbred stud has come up with AUD270,000 it was
required to pay in unpaid wages and assured workers it hopes to save
their jobs, settle all debts in full, and apply to terminate the
liquidation begun last month.
SMH notes that Adelaide-based liquidator Anthony Matthews and
Associates was appointed by the Federal Court late last month to wind
up Patinack Farm Administration after it failed to pay a AUD17,000
debt to South Australia's WorkCover agency.

SMH recounts that at that time, a spokesman for Mr. Tinkler said the
failure was due to an "administrative error."  SMH says the company is
one of at least a dozen private companies involved in Mr. Tinkler's
racing operation but was the main employer at Patinack and is believed
to have total liabilities -- outstanding super, wages, taxes and
workers compensation premiums -- of between AUD5 million and AUD6
million.

According to the report, liquidator Anthony Matthews on Thursday said
the directors of Patinack Farm Administration, including
Mr. Tinkler, and right-hand man Troy Palmer, had confirmed they "wish
to preserve the employment of all staff and to provide funds to meet
their ongoing wages and entitlements."  "I have been further advised
by the directors that it is their intention to discharge all debts
owed to creditors," Mr. Matthews, as cited SMH, said.

SMH relates that it is understood Patinack Farm Administration has
paid AUD270,000 in wages and other entitlements, plus about AUD50,000
in liquidators fees.  "All the funds we've asked him to pay to date
have been paid," the report quotes liquidator Raymond Nolan as saying.

The TCR-AP, citing Bloomberg News, reported on Nov. 29, 2012, that Mr.
Tinkler last month lost control of Mulsanne Resources Pty. after an
Australian court ordered its liquidation over a
AUD28.4 million unpaid debt to coal developer Blackwood Corp.
Patinack Farm Administration Pty, another of his companies, was
ordered to liquidate the following day. His Ocean Street Holdings Pty
and Buildev Group Pty in October settled a dispute with Mirvac Group
out of court by agreeing to pay the developer AUD16.6 million in a
failed property deal.


PROGEN PHARMACEUTICALS: Incurs AUD3.4MM Net Loss in Fiscal 2012
---------------------------------------------------------------
PKF O'Connor Davies in New York expressed substantial doubt about
Progen Pharmaceuticals Limited's ability to continue as a going
concern following their audit of the Company's financial statements
for the fiscal year ended June 30, 2012.

As described in Note 2 to the financial statements, current cash
inflows are not sufficient to continue to fund operations and based on
current and projected expenditure levels required to meet minimum
commitments and operating expenses management anticipates that a
capital raising may be required to continue to fund operations.

The Company reported a net loss of AUD3.4 million on AUD2.8 million of
total revenue from continuing operations in fiscal 2012, compared with
a net loss of AUD6.1 million on AUD3.6 million of total revenue from
continuing operations in fiscal 2011.

The Company's balance sheet at June 30, 2012, showed AUD7.4 million in
total assets, AUD1.7 million in total liabilities, and equity of
AUD5.7 million.

A copy of the Form 20-F is available at http://is.gd/GVZJ8T

A copy of the Consolidated Financial Statements for the fiscal year
ended June 30, 2012, is available at http://is.gd/zLQiLS

                   About Progen Pharmaceuticals

Headquartered in Brisbane, Australia, Progen Pharmaceuticals Limited
(ASX: PGL; OTC: PGLA) -- http://www.progen-pharma.com/-- is a
biotechnology company committed to the discovery, development and
commercialization of small molecule pharmaceuticals primarily for the
treatment of cancer.  Progen has built a focus and strength in
anti-cancer drug discovery and development.

The Company operates the Research and Development business segment
primarily in Australia following the closure of the U.S. office in
October 2010.


SKELTON SHERBORNE: HSBC Appoints Deloitte as Administrators
-----------------------------------------------------------
SmartCompany reports that the founder and director of Skelton
Sherborne, a shipping company based in Brisbane with a turnover of
AUD68.5 million, placed an apology letter on the internet after the
company was placed in receivership.

SmartCompany says Deloitte was appointed last month by HSBC bank as
receivers to the company.

Deloitte is continuing to trade the business while offering it for
sale, with advertisements placed in newspapers late last month, the
report relays.

According to the report, frustrated by his lack of control over his
own company, Brad Skelton, the founder and director of Skelton
Sherborne, posted an emotional apology letter to customers and staff
on his blog entitled "I'm sorry!"

"Skelton Sherborne has truly great people who I can say without
reservation are among the shipping industry's best in the world," Mr.
Skelton said in the letter cited by SmartCompany.  "I thank them for
the dedication to company and for their hard work. I am personally
doing my best not to let them or their families down."

SmartCompany notes that in the letter, Mr. Skelton attributes the
company's receivership as a result of losing the support of its bank,
HSBC.

Skelton Sherborne specialized in transporting heavy equipment around
the world and has offices worldwide with 25 staff.


ST ANTHONY'S COPTIC: College to Close Doors on December 14
----------------------------------------------------------
Herald Sun reports that students, parents and residents have expressed
their dismay at the collapse of St Anthony's Coptic Orthodox College
in Frankston North.

According to the report, school co-director Fr. Daniel Ghabrial said
it was the saddest day of his life, and described the closure as a
death in the family.

Herald Sun says more than 200 students will have to find another
school after the college appointed an administrator on Nov. 28 because
it doesn't have the money to continue in 2013.

The school will close its doors on December 14, the report relays.

According to Herald Sun, Fr. Ghabrial said a lack of fee-paying by
parents had contributed to the school's financial woes.

"We have reached a critical situation in terms of funding and could no
longer finance the school next year," Herald Sun quotes Fr. Ghabrial
as saying.

"The school had been funded thanks to the generosity of the Orthodox
Church, but the situation could not be extended until next year.  Also
there has been a lack of support from parents paying fees . . . and
the situation was unsustainable."

Victorian Treasurer Kim Wells said the government won't provide money
to keep the school open, Herald Sun relates.

St Anthony's Coptic Orthodox College, established in 1995, has more
than 200 students from prep to year 12.



=========
C H I N A
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BERKELEY COFFEE: Inks Licensing Agreement with Coffee Holding
-------------------------------------------------------------
Berkeley Coffee & Tea, Inc., and, its wholly owned China subsidiary,
DTS8 Coffee (Shanghai) Co., Ltd, entered into a licensing agreement
with Coffee Holding Company, Inc., effective Nov. 8, 2012.  Pursuant
to the license agreement the Company has been granted an exclusive use
of the Don Manuel Brand to roast, market and sell coffee in the
territory; which includes the People Republic of China, Taiwan,
Thailand, Vietnam, Cambodia, Laos, Philippines, Myanmar, Indonesia,
East Timor, Hong Kong, Macau, Malaysia, Singapore and Brunei.  The
Company will pay a license fee for all coffee sold under the Don
Manuel Brand.  The license is valid for 5 years and will expire Nov.
1, 2017.

                       About Berkeley Coffee

Shanghai, China-based Berkeley Coffee & Tea Inc. was incorporated
on March 27, 2009, in the State of Nevada.  Berkeley Coffee
expects to generate revenue from the marketing and sale of green
coffee beans from Yunnan, China, into the United States.  It plans to
sell green bean coffee grown in China directly to coffee
wholesalers, coffee brokers and coffee roasters in the United
States.

The Company's balance sheet at July 31, 2012, showed
$4.68 million in total assets, $4.72 million in total liabilities, and
a shareholders' deficit of $39,087.

As reported in the TCR on Aug. 14, 2012, MaloneBailey, LLP, in
Houston, Texas, expressed substantial doubt about Berkeley Coffee
& Tea Inc.'s ability to continue as a going concern, following the
Company's results for the fiscal year ended April 30, 2012.  The
independent auditors noted that the Company has suffered recurring
losses from operations.


CHINA LONGYUAN: S&P Assesses Stand-Alone Credit Profile at 'bb'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB+' long-term
corporate credit rating to China-based wind power generator China
Longyuan Power Group Corp. The outlook is stable. At the same time,
Standard & Poor's assigned its 'cnA+' long-term Greater China regional
scale rating to Longyuan.

"The rating on Longyuan reflects our assessment of the company's
stand-alone credit profile and likelihood of government support for
the company," said Standard & Poor's credit analyst Johnson Ng.

"We assess Longyuan's stand-alone credit profile as 'bb'. We believe
that there is a 'very high' likelihood that the government of China
(AA-/Stable/A-1+; cnAAA/cnA-1+) will provide sufficient and timely
extraordinary support to the company through its wholly-owned parent,
China Guodian Corp. (not rated), in the event of financial distress,"
S&P said.

In accordance with its criteria for government-related entities, S&P's
view of the extraordinary government support is based on its
assessment of the following Longyuan characteristics:

    Its "very important" role as China's major wind power
    generator and a crucial player in meeting the government's
    policies for renewable energy and reducing carbon emissions
    by 45%; and

    Its "very strong" link with the government through its
    parent, Guodian, which the Chinese government fully owns.

"The aggressive financial risk profile of Guodian constrains the
rating on Longyuan. We see strong linkages between the two entities:
(1) we view Longyuan as a core subsidiary of Guodian as its renewable
energy platform; (2) Guodian controls Longyuan's management, although
the parent's board representatives cannot vote on related-party
matters; (3) the parent provides shareholder loans to Longyuan at very
favorable terms; and (4) Guodian guarantees some of Longyuan's debts,"
S&P said.

"In our view, Longyuan's business risk profile is 'satisfactory.'
Curtailment (or the non-dispatch of power at request of grid
operators) over recent years is a key rating constraint. Curtailment
affects 14%-15% of the company's total utilization. Nevertheless, we
believe grid curtailment issues will improve
over the next couple of years because of the government's announced
policies to address the problem," S&P said.

"Longyuan's longer track record in operating wind power stations than
other peers in China underpins its business risk profile," said Mr.
Ng. "The company also has a superior-quality asset portfolio to its
peers, a strong market position, and favorable regulatory framework
supportive of its growth plans."

"We assess Longyuan as having a 'significant' financial risk profile,
stemming from its increasing balance sheet leverage to fund its
capital spending. However, in our base case, we believe the company's
debt to total capital ratio will remain at about 65% over the next
couple of years, a level that is slightly higher than the average for
the peers that we rate. We also expect capacity additions over the
next couple of years to enhance Longyuan's cash flow adequacy," S&P
said.

"The stable outlook reflects our expectation that Longyuan's strong
market position and supportive regulatory landscape will be maintained
for the next couple of years. It also reflects our expectation that
the company will continue to generate steady operating cash flows from
its portfolio of wind farm assets. We expect the company to maintain
good access to external funding
sources to support its significant capital expenditure plans as well
as to refinance its maturing debt obligations," S&P said.

"We could raise the rating on Longyuan if its parent Guodian's credit
profile improves, and if Longyuan can execute its projects in a timely
manner and within budgeted costs," S&P said.

"We could lower the rating on Longyuan if: (1) greater execution risk
arises from the implementation of its capital expenditure, including
significant cost over-runs or delays in project completion; (2) the
company aggressively increases its debt-funded investments, which
could weaken the financial metrics beyond our base case expectations;
(3) Guodian's creditworthiness deteriorates; or (4) the likelihood
reduces that Longyuan will receive extraordinary government support,"
S&P said.


CHINA QINFA: Moody's Withdraws 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn its B1 corporate family rating
on China Qinfa Group Limited.

Ratings Rationale

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

China Qinfa Group Limited is the largest private thermal coal supplier
in China. The company operates an integrated supply chain, including
mining and procurement, storage, filtering and blending,
transportation, and marketing and distribution.


CHINA TEL GROUP: Sells Shares to Kenneth Hobbs, et al.
------------------------------------------------------
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 warrants granting the holder a
right to acquire one Series A Share for each warrant.  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 first reported, on Form 8-K
filed on Nov. 15, 2012.

On Nov. 21, 2012, the Company issued 2,129,520 Series A Shares and
2,129,520 Warrants to Kenneth Hobbs IRA in payment of a promissory
note in the amount of $48,421 in favor of Kenneth Hobbs IRA.  Each
Warrant has an exercise price of $0.02442 and an exercise term of
three years.  This sale of Shares resulted in a principal reduction of
$48,421 in notes payable of the Company, and payment of $3,581 of
accrued interest.

On Nov. 21, 2012, the Company issued 1,526,792 Series A Shares and
1,526,792 Warrants to Kenneth Hobbs in payment of accrued compensation
owed to Kenneth Hobbs as an independent contractor. Each Warrant has
an exercise price of $0.03053 and an exercise term of three years.
This sale of Shares resulted in a reduction of $46,612 in accounts
payable of the Company.

On Nov. 21, 2012, the Company issued 2,047,502 Series A Shares and
2,047,502 Warrants to Nathan Alvarez, as partial assignee of Weal
Group, Inc., in partial payment of a line of credit promissory note of
up to $1,052,631 in favor of Weal Group, Inc.  Each Warrant has an
exercise price of $0.02442 and an exercise term of three years.  This
sale of Shares resulted in a principal reduction of $50,000 in notes
payable of the Company, and payment of $0 of accrued interest.

On Nov. 21, 2012, the Company issued 4,570,651 Series A Shares and
4,570,651 Warrants to Isidoro Gutierrez in payment of accrued
compensation owed to Isidoro Gutierrez as an independent contractor.
Each Warrant has an exercise price of $0.03053 and an exercise term of
three years.  This sale of Shares resulted in a reduction of $139,541
in accounts payable of the Company.

On Nov. 21, 2012, the Company issued 4,392,411 Series A Shares and
4,392,411 Warrants to Carlos Trujillo in payment of accrued
compensation owed to Carlos Trujillo as an independent contractor.
Each Warrant has an exercise price of $0.03053 and an exercise term of
three years.  This sale of Shares resulted in a reduction of $134,100
in accounts payable of the Company.

As of Nov. 21, 2012, and immediately following the issuances, the
Company has 91,713,683 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.

                          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 Sept. 30, 2012, showed
$21.55 million in total assets, $26.54 million in total liabilities,
and a $4.99 million total stockholders' deficiency.


CHINA TEL GROUP: Acquires MVNO China Motion Telecom for US$5.8MM
----------------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel
Group Inc., is paying HK$45 million (US$5.8 million) to acquire 100%
of the capital stock of China Motion Telecom (HK) Limited.

China Motion, www.cmmobile.com.hk/eng/, is the leading mobile virtual
network operator (MVNO) in Hong Kong, with more than 100,000
customers, generating $12 million in revenue and $2 million in EBITDA
(net of certain intercompany charges) during its fiscal year completed
March 31, 2012.  As an MVNO, China Motion partners with leading mobile
carriers in Greater China region to provide mobile wireless network
services to retail customers using its own billing support systems,
customer service and sales personnel.  China Motion's business model
focuses on frequent travelers who conduct cross-border business
between Hong Kong, Taiwan and mainland China.  China Motion offers
customers a single cell phone SIM chip with dual number capability for
use in both Hong Kong and China.

The acquisition of China Motion furthers several of VelaTel's long
term strategic goals.  First, China Motion's access to wholesale voice
and data services using the wireless network resources of incumbent
carriers will allow VelaTel to begin deployment of its projects in
mainland China for state owned companies NGSN and China Aerospace with
a fraction of the capital expenditures originally budgeted.  Second,
China Motion's experience and personnel in sales and marketing,
customer service and billing solutions provides a platform to serve
not only the NGSN and China Aerospace projects, but also VelaTel's
expanding networks in Peru, Croatia, and Montenegro.  Third, the
acquisition creates tremendous synergies with VelaTel's Europe based
subsidiary Zapna, which also focusses on long distance and roaming
solutions that cater particularly to the frequent international
traveler.

"Our management and our investors are very pleased with the China
Motion acquisition," stated VelaTel's President, Colin Tay.  "Not only
are the financial terms very favorable from the standpoint of purchase
price compared to enterprise value; the real value comes from the
synergies with our other divisions and the operational experience
China Motion provides."

A copy of the Agreement is available for free at:

                        http://is.gd/oaQGMj

                          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 Sept. 30, 2012, showed $21.55
million in total assets, $26.54 million in total liabilities and a
$4.99 million total stockholders' deficiency.


EVERGRANDE REAL ESTATE: Moody's Affirms 'B1' CFR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has revised the outlook of Evergrande Real
Estate Group Limited's B1 corporate family rating and B2 senior
unsecured bond rating to stable from negative.

At the same time, Moody's has affirmed Evergrande's B1 corporate
family rating and B2 senior unsecured bond ratings.

Ratings Rationale

"The change in outlook reflects Evergrande's achievement of good sales
execution in the last 2 years, and Moody's expectation that it will
maintain stable contract sales in the next 12 -- 18 months," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

"In addition, Moody's expects Evergrande to slow its pace of project
development in response to the expectation of lower growth in sales in
the next 12-18 months, and thereby stabilizing its financial profile,"
adds Mr. Tsang, also the lead analyst for Evergrande.

Evergrande achieved RMB72.8 billion in contract sales in the first 10
months of 2012, representing 91% of the company's full-year target.

As sales growth is likely to slow in the next 2 years, it is not under
pressure to further reduce its product prices and raise its debt
level.

As a result, Moody's expects its gross margin and EBITDA interest
coverage to be in the range of 25-30% and 3.0x-3.5x respectively in
the next 1-2 years.

"Also supporting the stable outlook is Evergrande's adequate liquidity
position," says Mr. Tsang.

Evergrande's total cash (including restricted cash) of RMB24.7 billion
as of June 2012 and projected operating cash flow of around RMB10-12
billion per annum will be sufficient to meet its estimated land
payments of around RMB15 billion in the next 12 months and repayment
of short-term debt of RMB19.9 billion as of June.

Evergrande's B1 corporate family rating continues to reflect its
strong market position as one of the top five property developers in
China in terms of contracted sales and the size of its land bank.

The B1 rating also considers its large national coverage across 121
cities in China. Moreover, its focus on second- and third-tier cities
and mass-market residential properties makes it less vulnerable to
regulatory measures that seek to restrain investment activities.

Evergrande's bond rating is B2, one-notch below the B1 corporate
family rating, reflecting legal and structural subordinations. Its
secured and subsidiary debt-to-total assets ratio was 21.3% as of June
2012. Moody's believes this ratio will not fall below 15% in near
term, as onshore bank loans will remain a major source of funding.

Evergrande's ratings could be upgraded if it: (1) consistently meet
its sales plan and maintains strong discipline in land acquisitions;
(2) reduces its debt leverage as planned, such that adjusted
debt/capitalization falls below 55%-60% and EBITDA/interest exceeds
3.5x-4.0x; and (3) maintains an adequate level of liquidity to support
its large-scale developments.

On the other hand, Evergrande's ratings could face downgrade pressure
if: (1) its profit margins decline, such that its EBITDA margin falls
well below 20%; (2) liquidity declines to the extent that its cash
balance is well below 1x of debt due in 12 months; or (3) it raises
more debt, and which results in adjusted debt/capitalization staying
consistently above 65% - 70%, or EBITDA/interest staying below
2x-2.5x.

The principal methodology used in rating Evergrande Real Estate Group
Limited was the Global Homebuilding Industry Methodology published in
March 2009.

Evergrande Real Estate Group Limited is one of the major residential
developers in China, with a standardized operating model. Founded in
1996 in Guangzhou, the company has rapidly expanded its business
across the country over the past few years. As of June 2012, it had a
land bank of 142 million square meters in gross floor area across 121
cities in China.


GREAT CHINA INT'L: Incurs $423,000 Net Loss in 3rd Quarter
----------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $423,263 on
$2.0 million of revenues for the three months ended Sept. 30, 2012,
compared with a net loss of $92,662 on $1.8 million of revenues for
the comparable period last year.

For the nine months ended Sept. 30, 2012, the Company had a net loss
of $1.7 million on $5.8 million of revenues, compared with a net loss
of $1.4 million on $5.4 million of revenues for the same
period of 2011.

The Company earned $828,038 income from disposal of parking lots in
the first nine months of 2011, but there is was no such disposal of
assets in the first nine months of 2012.

The Company's balance sheet at Sept. 30, 2012, showed
$59.6 million in total assets, $34.1 million in total
liabilities, and stockholders' equity of $25.5 million.

The Company has a working capital deficit of $12.1 million and $27.6
million as of Sept. 30, 2012, and Dec.  31, 2011, respectively.

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

Shenyang, China-based Great China International Holdings, Inc.,
through its various subsidiaries, is or has been engaged in commercial
and residential real estate leasing, management, consulting,
investment, development and sales.  The Company conducts all its
operation in the People's Republic of China through its direct and
indirect wholly owned subsidiaries; Shenyang Maryland International
Industry Company Limited and Silverstrand International Holdings
Company Limited.

                           *     *     *

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International'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 a working capital deficit of
$27,643,655 as of Dec. 31, 2011.  "In  addition, the Company has
negative cash flow for each of the two years in the period ended
Dec. 31, 2011, of $3,289,571 and $349,200 respectively."


SHIMAO PROPERTY: Moody's Changes Outlook on 'Ba3' CFR to Stable
---------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook of Shimao Property Holdings Limited's Ba3 corporate family
rating and B1 senior unsecured bond rating.

"The change in outlook to stable reflects Shimao's improved sales
execution after its adoption of a business strategy that aims at
supplying more mass-market products," says Franco Leung, a Moody's
AVP/Analyst.

In the first 10 months of 2012, Shimao achieved RMB39.2 billion in
contract sales, or 128% of its original full-year target of RMB30.7
billion.

"Moreover, Shimao has reduced its refinancing risk by its successful
conclusion of approximately USD670 million in offshore club loans,"
says Mr. Leung, also Shimao's lead analyst.

The multi-currency term loan has a maturity of 36 months and has
financial covenants that are similar to those in its existing
syndicated loans. The loan will fund the repayment of some of its
short-term debt and lengthen Shimao's overall debt maturity profile.

"The change in outlook is also driven by Shimao's plan to reduce its
debt leverage," says Mr. Leung.

Shimao has adopted a strategy of enhancing sales and slowing land
acquisitions until debt leverage returns to a reasonable level, as
measured by net debt to equity of around 70%. As of November 2012,
Shimao had paid less than RMB4.0 billion in land premiums, far less
than RMB11.0 billion in 2011 and RMB15.0 billion in 2010.

But Moody's expects the company will step up its land acquisitions in
the next 12 months to a level supported by internal funding and
without materially increasing its debt .

Moody's expects debt/total capitalization will improve to below 55% in
the next 12-18 months and EBITDA interest coverage will improve to
around 3.0-3.5x as more revenue will be booked on the back of the
strong contracted sale achieved in 2012.

Shimao's Ba3 corporate family rating continues to reflect its track
record of generating contract sales on a large scale, its diversified
and well-located land bank, its pricing flexibility -- in view of its
low-cost land bank -- and its portfolio of quality investment
properties.

Shimao's ratings could be downgraded if (i) its sales performance
weakens materially below its sales targets; (ii) its liquidity
position weakens, as evidenced by a decline in its unrestricted cash
balance, or a breach of its financial covenants or payment obligations
-- for land purchases and construction -- well in excess of cash on
hand and expected operating cash flow; or (iii) its debt leverage
further deteriorates; that is debt to total capitalization rises above
55%.

The ratings could be upgraded if Shimao (1) continues to meet its
presales targets; (2) maintains a sufficient cash balance to cover
maturing debt in the next 12 months; (3) demonstrates that it has
adequate room in complying with its financial covenants, such as
EBITDA interest coverage of more than 3x; and (4) improves debt
leverage to around 50% or below.

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

Shimao Property Holdings Ltd is a Grand Cayman-incorporated Chinese
property developer that was listed on the Hong Kong Stock Exchange in
July 2006. Together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co, Ltd, the company has an attributable
land bank of 38.8 million sqm distributed in 34 cities, mainly in
eastern and northeastern China. Shanghai Shimao mainly develops
commercial properties and has an attributable land bank of around 6.46
million sqm. Furthermore, it has 4 hotels in operation with a total of
1,994 rooms.


* CHINA: Moody's Reviews Outlook on Property Sector to Stable
-------------------------------------------------------------
Moody's Investors Service has changed its outlook for China's property
industry to stable from negative on the expectation that the trend of
improved sales and access to funding will continue in 2013.

"Moody's expects property sales to grow in the single digits in
percentage terms over the next 12 months," says Franco Leung, a
Moody's Assistant Vice President.

"Easing mortgage financing for first-time home buyers, increasing
development of mass-market products, solid underlying demand, and
continuing urbanization will lead to improved sales, which in turn
will lower the inventories of property developers," he adds.

Leung was speaking on the release of a new Moody's report on the
Chinese property market titled, "Improving Sales and Access to Funding
Support Stable Outlook ," which he co-authored with Kaven Tsang, a
Moody's Vice President and Senior Analyst. The report outlines Moody's
expectation for the sector over the next 12 to 18 months.

Developers have been recording positive year-on-year growth in sales
since June, after they started building more mass-market housing,
which caters largely to first-time homeowners. These first-time buyers
are usually based in lower-tier cities, where the government's
restrictions on home purchases are less stringent.

"But average selling prices are likely to decline mildly for at least
the next 12 months, because developers have now shifted their focus to
mass-market projects and away from luxury homes," Tsang says.

In addition, Moody's believes that the Chinese government is unlikely
to impose further regulatory restrictions to tighten the property
market, because the current restrictions have been effective in
controlling speculation and reining in prices.

In the absence of a material increase in average selling prices
-- a situation that Moody's believes is unlikely -- the regulatory
environment will not change significantly in 2013.

"A further cut back in investment in the property sector would also
weigh on an already slowing economy and make it difficult for the
government to achieve its stated target of GDP growth of 7.5%," Tsang
adds.

Moody's also expects that developers will be able to refinance debt
maturities expiring in the next two years, as a variety of funding
channels, such as offshore bond financing and asset sales, are now
available to them. In addition, only a limited amount of offshore
bonds will mature between 2012 and 2014.



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


ASIA TELESYS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind
up the operations of Asia Telesys (HK) Limited.

The official receiver is Teresa S W Wong.


BUSINESS LINK: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind
up the operations of Business Link Services Limited.

The official receiver is Teresa S W Wong.


CAFE COTON: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind
up the operations of Cafe Coton Asia Limited.

The official receiver is Teresa S W Wong.


CIPHER INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind
up the operations of Cipher International Limited.

The official receiver is Teresa S W Wong.


GLOBAL ALLIANZ: Court to Hear Wind-Up Petition on Jan. 16
---------------------------------------------------------
A petition to wind up the operations of Global Allianz Limousine
Services Limited (formerly known as Maxberg Limited) will be heard
before the High Court of Hong Kong on Jan. 16, 2013, at 9:30 a.m.

Bright Rich Development Limited filed the petition against the company
on Nov. 9, 2012.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two, Nina Tower
          No. 8 Yeung UK Road
          Tsuen Wan, New Territories
          Hong Kong


SWING INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Sole shareholder of Swing International Limited, on Nov. 7, 2012,
passed a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


THYSSENKRUPP STAINLESS: Chan and Yeung Step Down as Liquidators
---------------------------------------------------------------
Chan Mi Har and Betty Yeung Yuen stepped down as liquidators of
Thyssenkrupp Stainless International (Hong Kong) Limited on
Nov. 17, 2012.


TOP GALAXY: Commences Wind-Up Proceedings
-----------------------------------------
Sole shareholder of Top Galaxy Investments Limited, on Nov. 7, 2012,
passed a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


TOP LEVEL: Commences Wind-Up Proceedings
----------------------------------------
Sole shareholder of Top Level Limited, on Nov. 7, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


UNITED FUJIAN: Members' Final Meeting Set for Dec. 24
-----------------------------------------------------
Members of United Fujian Electric Investment Limited will hold their
final meeting on Dec. 24, 2012, at 10:00 a.m., at Unit A, 10/F, United
Overseas Plaza, at 11 Lai Yip Street, Kwun Tong, in Kowloon.

At the meeting, Yeung Pak Sing and Wong Ho Kar Daniel, the company's
liquidators, will give a report on the company's wind-up proceedings
and property disposal.


YEWSTAR LIMITED: Lin Chao Ming Jason Steps Down as Liquidator
-------------------------------------------------------------
Lin Chao Ming Jason stepped down as liquidator of Yewstar Limited on
Nov. 13, 2012.



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


ANILKUMAR CONSTRUCTION: CRISIL Puts 'D' Rating on INR63.9MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Anilkumar Construction Company. The ratings reflect the
instances of delay by ACC in servicing its debt; the delays have been
caused by the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 8.9      CRISIL D (Assigned)
   Bank Guarantee           20.0      CRISIL D (Assigned)
   Cash Credit              35.0      CRISIL D (Assigned)

ACC also has a weak financial risk profile marked by a small net
worth, a moderate gearing, and weak debt protection metrics. Moreover,
the firm also has a small scale of operations, and high geographical
concentration in its revenue profile. However, ACC benefits from its
partners' extensive experience in the civil construction industry and
its moderate order book.

ACC was set up in 1984 by Mr. Anilkumar Gulati and Mr. R B Bhalekar in
Nashik (Maharashtra). After the death of Mr. Anilkumar Gulati in 1992,
M INR Vineeta Bhalekar, Mr. L A Gulati, Mr. R A Gulati, Mr. S K
Jagtap, and Mr. P M Hiraskar were introduced as partners into the
firm. ACC currently undertakes operations only in Nashik.

For 2011-12 (refers to financial year, April 1 to March 31), ACC
reported, on a provisional basis, a profit after tax (PAT) of INR1.7
million on net sales of INR174.0 million, against a PAT of INR2.3
million on net sales of INR214.4 million in 2010-11.


DELITE APPARELS: CRISIL Assigns 'B-' Rating to INR55MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the
bank facilities of Delite Apparels Ltd.  The rating reflects DAL's
small scale of operations, susceptibility to intense competition in
the readymade garment industry, and modest financial risk profile,
driven by large working capital requirements and weak liquidity. These
rating weaknesses are partially offset by the long-standing presence
of DAL's promoters in the readymade garments industry and its
established customer base.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 5        CRISIL B-/Stable

   Proposed Long-Term        7.5      CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit              42.5      CRISIL B-/Stable

   Letter of Credit         20        CRISIL A4

Outlook: Stable

CRISIL believes that DAL will benefit over the medium term from its
established customer relationships and promoter's extensive experience
in the garment industry. The outlook may be revised to 'Positive' if
improved working capital management or substantial cash accruals,
improve DAL's financial flexibility. Conversely, the outlook may be
revised to 'Negative' in case of any pressure on DAL's profitability,
leading to lower-than-expected cash accruals or larger-than-expected
working capital requirements.

                        About Delite Apparels

DAL (formerly known as Delite Hosiery Pvt Ltd), was taken over by its
present management, Mr. A C Mishra and Mr. Manzoor Ahmed Shah, in
2003. It manufactures trousers for both men and women, with a presence
mainly in the domestic market. DAL has two manufacturing units, one
each in Noida (Uttar Pradesh) and Kundli (Haryana); the Kundli unit is
non-operational.

DAL reported a profit after tax (PAT) of INR8.1 million and revenues
of INR314.1 million in 2011-12 (refers to financial year, April 1 to
March 31); as against a PAT of INR4.7 million on revenues of INR287.6
million for 2010-11.


GEM AROMATICS: CRISIL Assigns 'B' Rating to INR165MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Gem Aromatics Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                13.7      CRISIL B/Stable

   Proposed Long-Term       31.3      CRISIL B/Stable
   Bank Loan Facility

   Export Packing Credit    20.0      CRISIL B/Stable

   Cash Credit             100.0      CRISIL B/Stable

   Letter of Credit         10.0      CRISIL A4

   Bank Guarantee            5.0      CRISIL A4

The ratings reflect GAPL's weak financial risk profile, marked by a
weak capital structure, and weak debt protection metrics, high
customer concentration, and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience in
essential oils industry of GAPL's promoters and its established
relationship with custome INR

For arriving at the rating, CRISIL has treated unsecured loans of
INR16.7 million extended by the promoters as on March 31, 2011, as
neither debt nor equity as these loans are subordinated to bank debt.

Outlook: Stable

CRISIL believes that GAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. However, its
financial risk profile will remain constrained by its large working
capital requirements and small cash accruals. The outlook may be
revised to 'Positive' if GAPL's cash accruals improve significantly
leading to improvement in liquidity, or its capital structure improves
due to large capital infusion. The outlook may be revised to
'Negative' if there is a further deterioration in GAPL's financial
risk profile and liquidity due to larger-than-expected working capital
requirements or debt-funded capital expenditure (capex).

                         About Gem Aromatics

GAPL was incorporated in 1994 by Mr. Vipul Parekh and his family. GAPL
refines and blends essential oils and deals primarily in mint, clove,
eucalyptus, and basil oils. The company has a fractional distillation
capacity of 1200 tonnes per annum (tpa) and chilling capacity of 480
tpa at its manufacturing unit at Silvassa.

GAPL's profit after tax (PAT) and net sales are estimated at INR6
million and INR 468 million, respectively, for 2011-12 (refers to
financial year, April 1 to March 31); it reported a PAT of INR1
million on net sales of INR330 million for 2010-11.


GURUKRUPA COTGIN: CRISIL Upgrades Rating on INR70MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Gurukrupa Cotgin Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              40.0      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long-Term       11.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan                18.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects GCPL's improved liquidity as a result of a
shift in the company's inventory policy. The company has reduced its
inventory to 10 to 15 days in 2011-12 (refers to financial year, April
1 to March 31) from 30 to 40 days. CRISIL believes that the overall
inventory will remain at around 20 days. This has resulted in a
substantial reduction in GCPL's working capital requirements as
reflected in average bank limit utilisation of 28 per cent for the 12
months ending September 2012. The shift in the inventory policy has
also reduced GCPL's susceptibility to volatility in cotton prices. The
rating upgrade also factors in the improvement in GCPL's revenue
profile. GCPL sold 18,000 bales of cotton in 2011-12, registering
operating revenues of INR388 million as against sales of 13,000 bales
and operating revenue of INR295 million in 2010-11. GCPL has achieved
sales growth while maintaining moderate profitability at around 3.1
per cent in 2011-12. The operating margin declined marginally from 3.5
per cent in 2010-11 because of adverse price movement of cotton.

However, GCPL's financial risk profile continues to remain weak with a
small net worth of INR16 million as on March 31, 2012. Furthermore,
GCPL's debt protection metrics also remained below average, with
gearing at 2.2 times and net cash accruals against total debt ratio of
0.12 times as on March 31, 2012. The rating also reflects GCPL's
susceptibility to adverse regulatory changes and volatility in cotton
input prices. These rating weaknesses are partially offset by the
extensive industry experience of GCPL's promoter in the cotton
industry.

CRISIL has treated GCPL's outstanding unsecured loans of INR1.1
million from its promoter and other affiliates as on March 31, 2012,
as neither debt nor equity, as these are subordinated to the bank loan
and are likely to be retained in the business.

Outlook: Stable

CRISIL believes that GCPL shall continue to benefit from its
promoters' extensive industry experience. The outlook may be revised
to 'Positive' in case GCPL's scale of operations and profitability
improves considerably, leading to substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of any
further pressure on GCPL's profitability or increase in its working
capital requirements, especially inventory holdings, leading to
further deterioration in its financial risk profile, particularly
liquidity.

                      About Gurukrupa Cotgin

GCPL undertakes ginning and pressing of raw cotton. Set up in 2008,
GCPL has 24 ginning machines and one pressing machine. The company is
managed by Mr. Vishal Vajani and his family. GCPL reported a profit
after tax (PAT) of INR780,000 on net sales of INR385 million for
2011-12 (refers to financial year, April 1 to March 31), as against a
PAT of INR750,000 on net sales of INR294 million for 2011-12.


LOKESH MACHINES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lokesh
Machines Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'. The rating downgrade reflects instances of delay by LML in
servicing its debt; the delays have been caused by the company's weak
liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              500.0     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Working Capital           49.1     CRISIL D (Downgraded from
   Term Loan                          'CRISIL BB/Stable')

   Letter of Credit         125.0     CRISIL D (Downgraded from
                                      'CRISIL A4+')


   Bank Guarantee            75.0     CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Term Loan                553.0     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

LML's operations are working-capital-intensive and it has a high
degree of customer concentration in its revenue profile. The company,
however, benefits from its established market position in the capital
goods industry, supported by strong relationships with custome INR

Incorporated in 1983 and promoted by Mr. M Lokeshwara Rao, LML
commenced commercial production in 1986. The company is engaged in
developing, designing, and fabricating various capital goods, such as
special purpose and general purpose machines, primarily used in the
automotive and automotive component sector.


RAYANI SPIN-TEX: Delay in Loan Rating Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Rayani
Spin-Tex Private Limited (RSPL; part of the Vijaya Chaitanya group) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'. The rating
downgrade reflects instances of delay by VCEPL in servicing its debt;
the delays have been caused by the Vijaya Chaitanya group's weak
liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             5       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit               30       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Proposed Cash Credit      12       CRISIL D (Downgraded from
   Limit                              'CRISIL B-/Stable')

   Term Loan                200       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating continues to factor the Vijaya Chaitanya group's geographic
concentration in its revenue profile, and its exposure to intense
competitive pressures prevailing in the cotton industry. These rating
weaknesses are partially offset by extensive experience of the
promoters in the cotton industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Vijaya Chaitanya Enterprises Private
Limited (VCEPL) and RSPL, collectively referred to as the Vijaya
Chaitanya group. This is because both the companies have a common
management, and strong business linkages and fungible cash flows.

Set up in 2006 by Mr. Rayani Venkateswarulu and his family, VCEPL
undertakes ginning of raw cotton at its unit in Dhulipalla village
(Andhra Pradesh) and sells the resultant cotton lint and cotton seeds.
Set up in 2007, RSPL commenced commercial operations in November 2011.
It has a cotton spinning mill with capacity of 14,400 spindles at
Dhulipalla village.


R.K. RICE: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of R.K. Rice & General Mills.  The ratings reflect
RKRG's weak financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics. The rating also factors in
RKRG's small scale and working-capital-intensive operations. These
rating weaknesses are partially offset by the benefits RKRG derives
from its promoters' extensive experience in the rice milling industry
and their funding support.
                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              90        CRISIL B/Stable (Assigned)
   Packing Credit           40        CRISIL A4 (Assigned)

For arriving at its rating, CRISIL has treated the unsecured loans of
INR59.12 million extended to RKRG by its promoters and their
affiliates as neither debt nor equity, as they are expected to be
retained in the business.

Outlook: Stable

CRISIL believes that RKRG will benefit from the extensive experience
of its promoters in the rice milling industry; however, its financial
risk profile will remain constrained by its small cash accruals. The
outlook may be revised to 'Positive' in the event of improvement in
RKRG's financial risk profile, driven by substantial cash accruals or
improved working capital management. Conversely, the outlook may be
revised to 'Negative' in case RKRG's liquidity is further constrained,
most likely because of lower-than-expected cash accruals or
larger-than-expected working capital requirements and debt-funded
capital expenditure (capex).

                         About R.K. Rice

RKRG was set up as a partnership firm in 2001 by Mr. Ram Karan Goyal
and Mr. Sanjeev Bansal. In 2008, the partnership firm was
reconstituted, with M INR Monica Goyal, daughter-in-law of Mr. Ram
Karan Goyal, taking over the stake of Mr. Sanjeev Bansal. RKRG's daily
operations are looked after by Mr. Ram Karan Goyal and his son, Mr.
Nitin Goyal. The firm mills basmati rice at its milling unit in Cheeka
(Haryana).

RKRG's profit after tax (PAT) and net sales are estimated at INR1.3
million and INR424.6 million, respectively, for 2011-12 (refers to
financial year, April 1 to March 31); as against a PAT of INR1.5
million on net sales of INR392.1 million for 2010-11.


SND IRON: CRISIL Assigns 'CRISIL B-' Rating to INR208.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the
bank facilities of SND Iron Pvt Ltd.  The ratings reflect SIPL's
modest scale of operations in an intensely competitive steel industry
and moderate financial risk profile marked by low networth and high
gearing. These weaknesses are partially offset by the extensive
experience of SND's promoters in the steel industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                80.5      CRISIL B-/Stable (Assigned)

   Proposed Long-Term       58.0      CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee            6.5      CRISIL A4 (Assigned)

   Cash Credit              70.0      CRISIL B-/Stable (Assigned)

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoter's extensive experience in the steel industry.
The outlook may be revised to 'Positive' in case there is significant
and sustained improvement in the company's revenues, profitability and
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of decline in the company's revenues or operating
margins or a larger than expected debt-funded capital expenditure
(capex), resulting in weakening in its financial risk profile.

About SND Iron

SIPL, incorporated in April 2004 by Mr. C.P. Jindal and Mr. A.K.
Goyal, is currently engaged in manufacturing of mild steel ingots. The
company has its manufacturing facility in Nashik (Maharahstra). SIPL
is planning to gradually shift to manufacturing mild steel billets.
The mild steel billet manufacturing capacity is expected to commence
operations by March 2013.

For 2011-12 (refers to financial year, April 1 to March 31), SIPL
reported on a provisional basis a profit after tax (PAT) of
INR4.0 million on net sales of INR 316.6 million, against a PAT of
INR3.9 million on net sales of INR 341.3 million for 2010-11.


SHIVAM COTTON: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Shivam Cotton Industries.  The rating reflects SCI's
newly started and, hence, small scale, of operations in the intensely
competitive cotton industry, and working-capital-intensive nature of
its business. The rating also reflects the firm's average financial
risk profile, marked by high gearing and average debt protection
metrics. These rating weaknesses are partially offset by benefits that
SCI derives from its promoters' extensive experience in the cotton
industry and the proximity of its plant to the cotton-growing belt.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B/Stable (Assigned)
   Term Loan               20       CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium term
from its promoters' experience in the cotton industry. CRISIL,
however, also believes that the firm's financial risk profile will
remain average over the same period, because of lower accruals for
newly started operations. The outlook may be revised to 'Positive' if
SCI stabilises its operations earlier than expected, leading to
improvement in its financial risk profile. Conversely, the outlook may
be revised to 'Negative', if SCI's operating margin is lower than
expected, or if the firm undertakes a larger-than-expected debt-funded
expansion programme, or if its working capital management
deteriorates, thereby leading to deterioration of its financial risk
profile.

SCI, set up in 2012, is in the cotton ginning and pressing business.
It is promoted by Bhavnagar (Gujarat)-based Mr. Pragjibhai Padharia
and his family. Mr. Pragjibhai Padharia has over two decades of
experience in the cotton industry.


VIJAYA CHAITANYA: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vijaya
Chaitanya Enterprises Pvt Ltd (VCEPL; part of the Vijaya Chaitanya
group) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'. The
rating downgrade reflects instances of delay by VCEPL in servicing its
debt; the delays have been caused by the Vijaya Chaitanya group's weak
liquidity.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              110.0     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Letter of credit &        11.6     CRISIL D (Downgraded from
   Bank Guarantee                     'CRISIL A4')

   Term Loan                 60.7     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating continues to factor the Vijaya Chaitanya group's geographic
concentration in its revenue profile, and its exposure to intense
competitive pressures prevailing in the cotton industry. These rating
weaknesses are partially offset by extensive experience of the
promoters in the cotton industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of VCEPL and Rayani Spin-Tex Private Limited
(RSPL), collectively referred to as the Vijaya Chaitanya group. This
is because both the companies have a common management, and strong
business linkages and fungible cash flows.

Set up in 2006 by Mr. Rayani Venkateswarulu and his family, VCEPL
undertakes ginning of raw cotton at its unit in Dhulipalla village
(Andhra Pradesh) and sells the resultant cotton lint and cotton seeds.
Set up in 2007, RSPL commenced commercial operations in November 2011.
It has a cotton spinning mill with capacity of 14,400 spindles at
Dhulipalla village.


VINAYAK RAIL: CRISIL Assigns 'B-' Rating to INR99.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Vinayak Rail Track Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan           34.5      CRISIL B-/Stable (Assigned)
   Proposed Long-Term       65        CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The rating reflects VRTPL's nascent stage of operations and its
expected weak financial risk profile. These rating weaknesses are
partially offset by the benefits that VRTPL derives from its
promoters' diversified business experience.

Outlook: Stable

CRISIL believes that VRTPL will benefit over the medium term from the
diversified business experience of its promote INR The outlook may be
revised to 'Positive' upon successful stabilisation of operations,
resulting in higher-than-expected sales realisations. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-expected
operating revenues, resulting in insufficient cash accruals to timely
service the term debt.

                         About Vinayak Rail

Incorporated on July 2, 2009, and based in Kolkata (West Bengal),
VRTPL is a contractor and undertakes general fabrication and railway
track laying operations. The company is promoted by Mr. Naresh Agarwal
and his wife, M INR Neelam Agarwal.


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


BANK OCBC: Fitch Affirms 'BB' Viability Rating
----------------------------------------------
Fitch Ratings has affirmed PT Bank OCBC NISP Tbk's (OCBC NISP)
Long-Term Issuer Default Rating at 'BBB' and National Long-Term rating
at 'AAA(idn)' with Stable Outlook.

The ratings reflect Fitch's expectation that OCBC NISP will continue
to receive strong support from its parent, Oversea-Chinese Banking
Corp (OCBC, 'AA-'/Stable), which is rated higher than Indonesia's
Country Ceiling of 'BBB', equivalent to 'AAA(idn)' on the National
Rating scale.  Fitch's view of support is reinforced by OCBC NISP's
strategic importance to OCBC's regional business growth, the parent's
85.08% ownership and close integration between the two entities, in
name association and operational alignment in most key areas.

Any significant dilution in ownership by, or perceived weakening of
support from, OCBC would put pressure on OCBC NISP's ratings. Upside
potential for OCBC NISP's IDR may result from an upgrade of the
Indonesian Country Ceiling.

OCBC NISP's Viability Rating of 'bb' reflects its smaller franchise
and its weaker profitability and funding profile compared with its
larger peers.  The rating also reflects its consistently strong asset
quality and satisfactory capital position.  Rapid loan growth
adversely affecting the bank's asset quality or capital position could
put pressure on its Viability Rating, particularly if the economic
environment were to deteriorate.

OCBC NISP's profitability has been under pressure from tight
competition with moderated return on assets (ROA), in line with a
decrease of net interest margin (NIM) in Q312.  Fitch believes that
intensifying competition will continue to weigh on the bank's
profitability in the near term.  However, asset quality is likely to
be stable in the near- to medium-term given its stringent risk
management in line with OCBC's policy.

Low-cost current and saving accounts decreased as a share of total
deposits to about 50% at end-Q312 (2011: 59%).  However, OCBC NISP has
remained adequately capitalised with a Tier 1 capital ratio at 14.1%
at end-Q312, underpinned by capital injections from its parent bank.
Fitch expects that the bank will be able to maintain Tier 1 ratio of
at least 11% in the near- to medium-term given its parent's strong
commitment not to seek dividend payments from OCBC NISP.

Established in 1941, OCBC NISP was previously owned by the Surjaudaja
family, and weathered the 1997-1998 Asian crisis without a state
bailout.  OCBC, which acquired 22.5% of OCBC NISP in mid-2004, now
owns 85.08% following a merger between OCBC Indonesia and OCBC NISP on
January 2011.

OCBC NISP's ratings:

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'BBB';
     Outlook Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F3'
  -- National Long-Term rating affirmed at 'AAA(idn)'; Outlook
     Stable
  -- Viability Rating affirmed at 'bb'
  -- Support Rating affirmed at '2'
  -- Subordinated bond affirmed at 'AA(idn)'



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


SILK ROAD: S&P Raises Rating on Series 2 Class B1-U Notes to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on seven
tranches of seven Japanese synthetic collateralized debt obligation
(CDO) transactions, and removed the ratings on five of the seven
tranches from CreditWatch with positive implications.

"The upgrades of the seven tranches reflect, among other factors, the
tranches' synthetic rated overcollateralization (SROC) levels, which
exceeded 100% at higher ratings than the current ratings and meet our
minimum required cushion for an upgrade, as well as our sensitivity
analyses in line with our criteria," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

If applicable, the Standard & Poor's 17g-7 Disclosure Report included
in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE

Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series 2 class B1-U
To             From                    Issue amount
BB- (sf)       B+ (sf)/Watch Pos       $70.0 mil.

Limited recourse secured floating-rate credit-linked notes series 5 class C1-J
To             From                    Issue amount
B+ (sf)        B (sf)/Watch Pos        JPY1.0 bil.

Limited-recourse secured variable return combination credit-linked notes
series 6 class B3-U
To             From                    Issue amount
BB-pNRi (sf)   B+pNRi (sf)/Watch Pos   $14.0 mil.

Limited recourse secured floating-rate credit-linked notes series 10 class
A1-E
To             From                    Issue amount
BB+ (sf)       BB (sf)/Watch Pos       EUR10.0 mil.

Hummingbird Securitisation Ltd.
Series 2 loan
To             From                    Loan amount
CCC+ (sf)      CCC (sf)/Watch Pos      JPY3.0 bil.

RATINGS RAISED
Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To             From                    Issue amount
B- (sf)        CCC+ (sf)               JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2005-06
To             From                    Issue amount
BpNRi (sf)     B-pNRi (sf)             JPY3.0 bil.


* JAPAN: Moody's Says Default Rate for ABS Market Low
-----------------------------------------------------
Moody's Japan K.K. says that the overall credit quality of all
consumer asset classes in Japan's asset-backed securities (ABS) market
has improved and which will ensure the stability of the market even in
the face of severe unemployment and a decline in income levels.

Moody's observations are detailed in a new report titled "Japanese ABS
Performance Indices."

Moody's notes that the default rate for Japan's ABS asset classes is
generally stable. In late 2011 and in 2012, the default rates of card
cash advances and consumer finance loans touched their lowest level in
10 years.

This is mainly because credit quality has improved significantly in
card cash advances and consumer loans owing to the following factors:
1) originators have tightened their lending policies in accordance
with the revised Money Lending Business Law that came into effect in
2010, 2) originators have agreed to provide more favorable terms for
loans and have repurchased these amended receivables from securitized
pools, 3) obligors with weak credit profiles have already defaulted
and left the pool, and 4) some transactions that were weak are no
longer part of the index.

On the other hand, the improvement in credit quality will gradually
slow. Therefore, the default rates are unlikely to decline
substantially from current levels.

Credit quality is also improving in other asset classes such as auto
loans and installment sales loans, as new ABS are now backed by loans
that were screened more strictly. Following the revision of
regulations and because of the financial problems of originators in
2007-08, originators tightened their credit policies in those asset
classes.

The composition of the asset pool underlying the index has changed
gradually in accordance with new ABS issuance and the withdrawal of
existing ABS. This transition has therefore lowered the index's
default rate, but is now nearly completed.

Moody's updates and publishes its performance indices for Japanese ABS
semi-annually, and has been doing so since April 2004. Moody's
provides data for five asset classes, auto loans, installment sales
loans, credit card shopping, card cashing advances and consumer
finance loans.


* JAPAN: Moody's Says RMBS Prepayment Rates Continue to Rise
------------------------------------------------------------
Moody's Japan K.K. says Japanese RMBS prepayment rates have continued
to increase significantly, because of falling interest rates and
strong competition in the mortgage market.

The conclusion was published in a newly released report titled
"Japanese RMBS Performance Indices", which also found that default and
delinquency rates have remained stable, owing to two factors:

-- The creditworthiness of borrowers in Japanese RMBS asset pools
being higher than the average credit quality of employees in Japan,
with the former resistant to economic downturns; and

-- The buybacks of modified loans which have improved the credit
quality of the pools. Such loans belong to financially troubled
borrowers who have successfully applied for the modifications under
the Loan Payment Moratorium Law.

While the Loan Payment Moratorium Law expires at the end of March
2013, Moody's expects financial institutions to continue modifying the
loans of troubled borrowers. The subsequent buybacks by originators of
the loans from the securitized pools will help maintain the stable
performance of Japanese RMBS, by curbing the rise in default and
delinquency rates.

Prepayment rates have continued to rise, as borrowers switch to lower
interest-rate mortgages; in particular, from long-term fixed-rate
loans to floating-rate loans or short-term fixed-rate loans. Falling
interest rates and strong competition among financial institutions
have sparked this trend.

Moody's expects this prepayment trend to continue increasing.

Moody's updates and publishes its performance indices for Japanese
RMBS semi-annually, and has been doing so since December 2004.



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


DOMINION FINANCE: Ex-Director Escape Trial Due to Ill Health
------------------------------------------------------------
APNZ reports that a former Dominion Finance and North South Finance
director has escaped trial because he has terminal cancer.

APNZ says Terence Maxwell Butler is facing two charges of theft in a
special relationship laid by the Serious Fraud Office (SFO) and was to
stand trial next February at the High Court at Auckland.

Co-accused Robert Barry Whale, former Dominion Finance chief executive
Paul William Cropp and a man with name suppression also face charges
laid by the Serious Fraud Office. They have previously pleaded not
guilty through their lawyers.

APNZ relates that Mr. Butler entered court today with the help of a
walking stick and sat in the public gallery.

According to the report, Mr. Butler has filed an affidavit from his
doctor.  The Crown has also filed documentation, the report relays.

Judge Pamela Andrews confirmed in court that the application was made
on the grounds of Butler's "ill health," says APNZ.

The Crown did not oppose the application, the report relays.

Outside court Crown prosecutor Brian Dickey said Butler's situation
would be reviewed after February, the report adds.

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



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


ART TECHNOLOGY: Creditors' Proofs of Debt Due Dec. 31
-----------------------------------------------------
Creditors of Art Technology Group Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 31,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

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


CHINA SQUARE: Creditors' Proofs of Debt Due Dec. 31
---------------------------------------------------
Creditors of China Square Holdings Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 31,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road #05-01
          Royal Merukh S.E.A. Building
          Singapore 058267


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

MSTC Limited filed the petition against the company on Nov. 19, 2012.

The Petitioner's solicitors are:

         M/s Bogaars & Din
         137 Telok Ayer Street
         #04-04/05, Singapore 068602


SAN TECHNOLOGY: Creditors to Get 100% Recovery on Claims
--------------------------------------------------------
San Technology Holding Pte Ltd will today, Dec. 3, 2012, declare the
first and final dividend.

The company will pay 100% for preferential and 1.1036% for unsecured claims.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


TOUCH LIMOUSINE: Court to Hear Wind-Up Petition Dec. 7
------------------------------------------------------
A petition to wind up the operations of Touch Limousine Leasing Pte
Ltd will be heard before the High Court of Singapore on
Dec. 7, 2012, at 10:00 a.m.

Aina Kwee filed the petition against the company on Nov. 22, 2012.

The Petitioner's solicitors are:

         Wong Alliance LLP
         24 Raffles Place, #24-03
         Clifford Centre
         Singapore 048621



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


PAKISTAN MOBILE: 3Q2012 Results No Impact on Moody's 'B2' CFR
-------------------------------------------------------------
Moody's Investors Service says that Pakistan Mobile Communications
Limited's (Mobilink) 3Q 2012 results were broadly in line with
expectations, and have no immediate impact on the company's B2
corporate family rating, Caa1 senior unsecured rating and negative
outlook.

"Despite Mobilink's strong fundamental credit quality, its ratings
remain constrained by a two-notch differential with the Caa1 sovereign
rating. The company's negative outlook is in line with that of
Pakistan's sovereign ratings," says Yoshio Takahashi, a Moody's
Assistant Vice President and Analyst.

Mobilink still demonstrated a solid financial performance in 3Q 2012.
Its revenue increased by 8% year-on-year for the first nine months
ended 30 September 2012, and which was driven by an increase in
subscribers.

"Its consolidated EBITDA before management fees also grew by 10%, and
which was a result of its cost cutting initiatives. Its EBITDA margin
remained strong at 46.2%," says Mr. Takahashi.

The company also generated free cash flow of USD86 million for the
same period, which it used to reduce debt.

"As a result, its total debt in September 2012 declined to USD530
million, from USD588 million in December 2011," says Takahashi.

Based on these results, Mobilink's adjusted debt/EBITDA in September
2012 improved to 1.7x from 1.9x in December 2011, and is strong for
the rating level.

Mobilink's has adequate liquidity; as of September 2012, the company
held USD80 million in cash and cash equivalents, and USD210 million in
undrawn committed lines. It also had USD198 million in available
vendor financing. Moody's expects that its cash flow from operations
over the next 12 months will be at least USD300 million.

These cash sources -- about USD790 million in total -- are expected to
cover the company's USD180 million in short-term debt falling due over
the twelve months to 30 September 2013, over USD200 million in
estimated capital expenditure (including USD37 million in committed
capital obligations), as well as a potential payment for a 3G license
auction of at least USD300 million.

Although it will depend on the actual amount and final payment terms
for the 3G auction, it is Moody's expectation that Mobilink may have
to raise additional funds to finance its 3G license.

Mobilink has USD112 million outstanding under its USD250 million bond
which is due to mature on November 13, 2013. While the company remains
relatively lowly geared, it is Moody's expectation that Mobilink will
seek to refinance the bonds and Moody's will continue to monitor
developments in this regard.

Moody's expects that Mobilink will continue to benefit from being a
part of a more globally diversified and financially sound telecoms
group.

It should receive financial support from its parent, Orascom Telecom
Holdings (unrated), or its ultimate shareholder, VimpelCom Limited
(Ba3, stable), in case of need, although its corporate family rating
does not incorporate any uplift from their potential support.

The principal methodology used in rating Mobilink was the Global
Telecommunications Industry published in December 2010.

Mobilink is the largest mobile operator in Pakistan with about 36
million customers equating to a subscriber market share of about 30%
as of September 2012 (Source: Pakistan Telecommunication Authority).
However, the company estimates that its market share is around 36%
based on an active subscriber base.



                             *********

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,
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Information contained herein is obtained from sources believed
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