TCRAP_Public/121204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, December 4, 2012, Vol. 15, No. 241


                            Headlines


A U S T R A L I A

GOURMET GROUP: Ferrier Hodgson Appointed as Receivers
ONE.TEL LTD: Liquidators Still Pursue Directors Over Collapse
RAPTIS GROUP: Administrators Eliminates AUD11.6MM Tax Claim
RETAIL ADVENTURES: Owner Pleads Suppliers to Stay
SKELTON SHERBORNE: Founder Partially Regains Control of Firm


C H I N A

CHINA AUTOMATION: Moody's Reviews 'Ba3 CFR for Downgrade
SUNRISE REAL ESTATE: Incurs $1.4 Million Net Loss in 3rd Quarter


H O N G  K O N G

GOLDGOOD PROPERTIES: Creditors' Proofs of Debt Due Dec. 14
INCORPORATED OWNERS: Court Enters Wind-Up Order
INCORPORATED OWNERS OF WAH: Court Enters Wind-Up Order
KEEN WISH: Court Enters Wind-Up Order
KING MILLION: Court to Hear Wind-Up Petition on Jan. 9

TAK CHEONG: Court to Hear Wind-Up Petition on Jan. 9
TAK CHEONG NURSING: Court to Hear Wind-Up Petition on Jan. 9
TAK ON: Court to Hear Wind-Up Petition on Jan. 9
TECHWELL ENGINEERING: Court Enters Wind-Up Order
WINNER CREST: Court Enters Wind-Up Order


I N D I A

JALARAM COTTON: CARE Reaffirms 'BB-' Rating on INR43.52cr Loan
KALYANI EDUCATION: CARE Rates INR10.55cr LT Loan at 'CARE B+'
KANCHAN INDIA: CARE Assigns 'CARE BB+' Rating to INR232.26cr Loan
MONAD EDUKASIONAL: CARE Assigns 'B+' Rating to INR27.4cr Loan
NARMADA SOLVEX: CARE Rates INR28cr Long-Term Loan at 'CARE B+'

RAJLAKSHMI BHANDAR: CARE Puts 'CARE BB+' Rating on INR15cr Loan
RSK INDUSTRIES: CARE Assigns 'CARE BB-' Rating to INR2.33cr Loan
RUHATIYA COTTON: CARE Rates INR7cr Long-Term Loan at 'CARE B+'
RUHATIYA SPINNERS: CARE Rates INR8cr LT Loan at 'CARE B+'
SKL HOTELS: CARE Rates INR25cr Long-Term Loan at 'CARE B'


K O R E A

HANKOOK SILICON: Moody's Says Unit's Insolvency Credit Negative
KOREA LAND: S&P Lowers Stand-Alone Credit Profile to 'b+'


P H I L I P P I N E S

RURAL BANK OF DASMARINAS: Placed Under PDIC Receivership


S I N G A P O R E

GEOCON PILING: Creditors' Meetings Set for Dec. 10
HLK TECHNO: Creditors' Meetings Set for Dec. 11
HOKKAIDO GOURMET: Creditors' Meetings Set for Dec. 17
P. TRADING: Court to Hear Wind-Up Petition Dec. 7
VANGUARD INVESTIGATION: Creditors' First Meeting Set for Dec. 7


T A I W A N

PRIMASIA SECURITIES: Fitch Withdraws 'BB' Nat'l Long-Term Rating


X X X X X X X X

* BOND PRICING: For the Week Nov. 26 to Nov. 30, 2012


                            - - - - -


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


GOURMET GROUP: Ferrier Hodgson Appointed as Receivers
-----------------------------------------------------
Steve Sherman, John Lindholm, and Jim Sarantinos of Ferrier
Hodgson were appointed joint and several receivers and managers
of food manufacturer Gourmet Food Holdings and related entities
on Nov. 30, 2012, pursuant to the provisions of a registered
debenture charge created by the Gourmet Group:

  -- Gourmet Food Holdings Pty Limited
  -- Australian Company Number
  -- Rosella Foods Pty Limited
  -- Philemon Pty Limited (t/as Waterwheel Industries)
  -- TCM Foods Pty Limited
  -- Gourmet Food Holdings New Zealand Limited
  -- Pitango Innovative Cuisine Limited

"The Receivers' appointment follows the appointment of Voluntary
Administrators to the Gourmet Group," Ferrier Hodgson said.

"The Receivers now control the Gourmet Group's assets and affairs
and are undertaking an urgent assessment of the Gourmet Group's
financial position. The Gourmet Group's directors have been
requested to prepare a statement about the Gourmet Group's
business, property, affairs and financial circumstances as at the
date of the Receivers' appointment.

"The Receivers will be seeking expressions of interest in the
Group."

The receivers and managers may be reached at:

          Steve Sherman
          John Lindholm
          Jim Sarantinos
          Ferrier Hodgson
          Level 13, Grosvenor Place
          225 George Street
          Sydney NSW 2000
          E-mail: jim.sarantinos@fh.com.au
                  steven.sherman@fh.com.au
                  john.lindholm@fh.com.au

                         About Gourmet Group

Gourmet Group is an Australian food manufacturer.  The group's
interests include sauce, spice and chutney manufacturer Rosella;
organic soups and pre-made meals maker Pitango; and crispbreads
and cracker maker Waterwheel.


ONE.TEL LTD: Liquidators Still Pursue Directors Over Collapse
-------------------------------------------------------------
The Sydney Morning Herald reports that James Packer and Lachlan
Murdoch and their associated companies are still being pursued by
One.Tel's liquidators for nearly AUD400 million for their
involvement in the collapsed telco.

It is the final act in a liquidation process that ranks alongside
Ansett, insurer HIH, Duke Group and Bell Group as one of
Australia's longest-running corporate wind-ups, according to SMH.

SMH says the New South Wales Supreme Court's equity division
heard last week a brief notice of motion from Mr. Packer's and
Mr. Murdoch's legal teams as well as their associated companies.
A hearing date has not yet been set.

According to SMH, the case was lodged in June by a special-
purpose liquidator who was appointed in late 2003 by the NSW
Supreme Court to investigate suing the directors, including Mr.
Packer and Mr. Murdoch, over their decision to abandon a AUD132
million capital raising shortly before One.Tel's collapse in
2001.  The bulk of the One.Tel liquidation is being overseen by
insolvency firm Ferrier Hodgson, the report notes.

The report notes that the case is proceeding even though the
original special-purpose liquidator, Paul Weston of Pitcher
Partners, was replaced by Stephen Parbery of PPB Advisory in
June.

The report relates that the legal action is the final act before
Ferrier Hodgson can close its file on One.Tel, which has been in
liquidation for more than a decade.  Ferrier Hodgson managing
partner Steve Sherman said that so far 21 cents in the dollar, or
AUD71 million, has been returned to One.Tel creditors, the report
discloses.

Another 2 cents to 3 cents per dollar was expected to come,
Mr. Sherman, as cited by SMH, said.  However, the liquidator has
so far spent AUD25.7 million on legal fees and expenses.

SMH notes the case against Messrs. Packer and Murdoch is being
funded by a third party -- Hong Kong-based investor Louis
Reijtenbagh.

The report says Ferrier Hodgson is still chasing nearly
AUD340 million on behalf of more than 1,600 One.Tel creditors.
The largest creditor is rival telco Optus, which was left
AUD65 million out of pocket.  Telstra, another rival, is owed
AUD48 million, the report relays.

According to SMH, liquidators are currently sitting on about
AUD15 million in cash.  This is all creditors are expected to
receive unless the special-purpose liquidator wins its case
against the former directors.

Liquidator John Sheahan said he expects the process to be wrapped
up in 2013 after it was delayed by two "extremely lengthy" court
cases, SMH adds.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the Australian
telecommunications industry, most of which are currently under
external administration by court appointed liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


RAPTIS GROUP: Administrators Eliminates AUD11.6MM Tax Claim
-----------------------------------------------------------
Jonathan Chancellor at Property Observer reports that the
administrators of the Raptis Group construction company, Rapcivic
Contractors Pty Ltd, have eliminated an AUD11.6 million claim
against the company from the Australian Tax Office.

According to the report, the administrators Brian Silvia and
Andrew Cummins of BRI Ferrier not only defeated the claim but
secured a GST refund of AUD302,000 after working in co-operation
with the Raptis management team.

Additionally Rapcivic's chairman Jim Raptis has been successful
before the Federal Court in having an ATO assessment for a
AUD19.5 million also set aside, although the ATO is seeking leave
to appeal to the High Court, says Property Observer.

The report says the ATO's claim made up almost 75% of the
estimated unsecured creditors' claims against Rapcivic, which is
now estimated to be between AUD11 million and AUD12 million.

The report notes that the removal of this claim means the likely
return to unsecured creditors under the company's deed of company
arrangement is now between 5.38 cents to 10.26 cents on the
dollar.

According to the report, the veteran property developer said he
was determined to bring the group back under shareholders'
control and back to operational status.

"Creditors will become shareholders under the deed of company
arrangement and any future operations will benefit them
directly," Property Observer quotes Mr. Raptis as saying.

"This is why we have worked tirelessly to resolve the dispute
with the tax office, and the withdrawal of the claim brings us
another step closer to returning to operations."

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AUD940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AUD1 billion in total
liabilities.

The TCR-AP, citing The Australian, reported on April 2, 2009,
that Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31, 2009, by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.


RETAIL ADVENTURES: Owner Pleads Suppliers to Stay
-------------------------------------------------
NBR Online reports that Australian-domiciled National Business
Review Rich Lister Jan Cameron is pleading with suppliers to stay
on board as she tries to restructure her collapsed Retail
Adventures discount chain in Australia.

Ms. Cameron, who lives in Triabunna, Tasmania, is competing with
eight others who have expressions of interest for Retail
Adventures, NBR relates citing the Australian Financial Review.

NBR says Ms. Cameron has written to suppliers and landlords
explaining how she will restructure the business and invest
AUD50 million to keep the stores trading during administration.

NBR notes the business, which has a turnover of AUD648 million,
went into voluntary administration in October.

According to NBR, the 59-year-old bought Retail Adventures --
which includes 236 Sam's Warehouse and Crazy Clark's stores --
out of receivership for about AUD85 million in 2009.

She claimed when she bought Retail Adventures that "it would be
difficult for a company like this to lose money," NBR relays.
But the business has since lost $A70 million and more than 50
stores have been closed, the report notes.

NBR relates that Ms. Cameron has loaned the business
AUD80 million out of her personal funds to prop up the business.

She maintained that closing 60 stores would return Retail
Adventures to profitability, according to NBR.

                       About Retail Adventures

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

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

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


SKELTON SHERBORNE: Founder Partially Regains Control of Firm
------------------------------------------------------------
SmartCompany reports that Brad Skelton, founder and director of
transport company Skelton Sherborne, has regained partial control
of the AUD68.5 million shipping company after it was placed in
receivership last week, but says the deal is "the hospital pass
from hell."

SmartCompany notes that Deloitte was appointed by HSBC bank as
receivers to Skelton Sherborne last week, prompting Mr. Skelton
to post an apology letter to clients and staff on the internet.

At that time, Mr. Skelton told SmartCompany he was "fighting like
hell" to save his business.

According to the report, it appeared Mr. Skelton had succeeded in
his wish when just before 5pm on Friday Deloitte advised him the
receivers had been "partially" retired by HSBC and handed control
of the business back to him.

However, Mr. Skelton has taken to the internet again to explain
the problems in being only partially given back control of
Skelton Sherborne, SmartCompany relays.

"I should be really happy as I am largely in control again but I
have been handed back a company that has literally had its heart
ripped out as a consequence of HSBC's actions in unjustifiably
freezing bank accounts and then appointing receivers who brutally
carried out their task in getting the banks money with little or
no regard for our clients and our ongoing relationship with them,
the future security of employment of my team and payment of other
creditors who are owed money too," SmartCompany quotes Mr.
Skelton as saying on his blog Sunday.

SmartCompany relates that Mr. Skelton said he is urgently seeking
advice on potential liability for trading and the exact financial
position of the company.

In the meantime, Mr. Skelton said he may not be legally able to
resume normal trading and cargo deliveries right away, the report
relays.

SmartCompany adds Mr. Skelton said Deloitte continues to maintain
control over bank accounts, the debtor book as at November 30 and
statutory refunds.

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



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CHINA AUTOMATION: Moody's Reviews 'Ba3 CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed China Automation Group Ltd's
Ba3 corporate family rating and senior unsecured debt ratings
under review for downgrade.

This review follows China Automation's announcement on 26
November of a profit warning for FY2012 (January to December).

Ratings Rationale

"The review is driven by the weaker-than-expected performance of
China Automation's railways business," says Alan Gao, a Moody's
Vice President and Senior Analyst.

In its profit warning, the company forecast a year-on-year
decline for its FY2012 annual results due to the suspension in
orders for its core railway signaling systems.

Although China's Ministry of Railway -- its main customer -- has
announced a resumption in orders and an increase in railway
project investments in 2H 2012, China Automation's announcement
indicates that actual project executions, particularly in the
signaling area, have been much slower than Moody's expectations.

Such developments raise questions over the company's ability to
secure contracts and the sustainability of its business model.
Such uncertainty could, Moody's considers, impact its financial
position.

Moreover, China Automation has suffered a decline in orders from
the oil refinery sector which is experiencing reduced sales.

"Additionally, the large amount of provisions on its trade
receivables signals deteriorating earnings quality, and could
pressure liquidity," adds Mr. Gao.

China Automation is required to treat accounts receivables of
over two years as doubtful though they are related to projects
from China Railway, China Railway Construction, the Ministry of
Railways. Such doubtful accounts receivables have reached a
significant level and consequently the company's liquidity
position is tight.

At June 30, 2012, it had RMB548 million in cash on hand, not
enough to cover short-term debt of RMB334 million and working
capital requirements. The company is also likely to generate
negative operating cash flows for FY2012.

In its review, Moody's will closely monitor (i) China
Automation's operational performance, as measured by sales and
contract wins, particularly in its core railway signaling
business; (ii) its liquidity position and management of working
capital; and (iii) any further impairment risk associated with
its trade receivables and investments.

The principal methodology used in rating China Automation Group
Limited was the Global Manufacturing Industry Methodology
published in December 2010.

China Automation Group Limited specializes in providing safety &
critical control systems for the petrochemicals industry and for
railways signaling. It began its operations in 1999 and listed on
the Main Board of the Stock Exchange of Hong Kong Limited on 12
July 2007. Its three founders, Mr. Xuan Rui Guo (Chairman &
Executive Director), Mr. Kuang Jian Ping (CEO & Executive
Director), and Mr. Huang Zhi Yong (Executive Director),
collectively own 44.89%.


SUNRISE REAL ESTATE: Incurs $1.4 Million Net Loss in 3rd Quarter
----------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$1.37 million on US$1.68 million of
net revenues for the three months ending Sept. 30, 2012, compared
with a net loss of US$706,124 on US$1.83 million of net revenues
for the same period during the preceding year.

For the nine months ending Sept. 30, 2012, the Company reported a
net loss of US$2.87 million on US$5.24 million of net revenues,
compared with a net loss of US$2.04 million on US$6.55 million of
net revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed
US$39.87 million in total assets, US$34.44 million in total
liabilities and US$5.43 million in total shareholders' equity.

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

                        http://is.gd/54Z2b0

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc. was initially incorporated in
Texas on Oct. 10, 1996, under the name of Parallax Entertainment,
Inc.  On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real
Estate Development Group, Inc. to Sunrise Real Estate Group,
Inc., effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

In its report accompanying the 2011 financial statements, Kenne
Ruan, CPA, P.C., in Woodbridge. CT, USA, noted that the Company
has significant accumulated losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.

The Company incurred a net loss of US$1.41 million in 2011 and a
net loss of US$25,487 in 2010.



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H O N G  K O N G
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GOLDGOOD PROPERTIES: Creditors' Proofs of Debt Due Dec. 14
----------------------------------------------------------
Creditors of Goldgood Properties Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


INCORPORATED OWNERS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to
wind up the operations of The Incorporated Owners of 100, Caine
Rd, Hong Kong.

The official receiver is Teresa S W Wong.


INCORPORATED OWNERS OF WAH: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to
wind up the operations of The Incorporated Owners of Wah Yuen
Building, Hoi Wan Street.

The official receiver is Teresa S W Wong.


KEEN WISH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to
wind up the operations of Keen Wish Limited.

The official receiver is Teresa S W Wong.


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

Li Ching Yiu filed the petition against the company on Oct. 26,
2012.

The Petitioner's solicitors are:

          Hobson & Ma
          13th Floor, Tower 2
          New World Tower
          18 Queen's Road
          Central, Hong Kong


TAK CHEONG: Court to Hear Wind-Up Petition on Jan. 9
----------------------------------------------------
A petition to wind up the operations of Tak Cheong Nursing Center
Limited will be heard before the High Court of Hong Kong on
Jan. 9, 2013, at 9:30 a.m.

Li Ching Yiu filed the petition against the company on Oct. 26,
2012.

The Petitioner's solicitors are:

          Hobson & Ma
          13th Floor, Tower 2
          New World Tower
          18 Queen's Road
          Central, Hong Kong


TAK CHEONG NURSING: Court to Hear Wind-Up Petition on Jan. 9
------------------------------------------------------------
A petition to wind up the operations of Tak Cheong Nursing Center
(Kwai Hing Branch) Limited will be heard before the High Court of
Hong Kong on Jan. 9, 2013, at 9:30 a.m.

Li Ching Yiu filed the petition against the company on Oct. 26,
2012.

The Petitioner's solicitors are:

          Hobson & Ma
          13th Floor, Tower 2
          New World Tower
          18 Queen's Road
          Central, Hong Kong


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

Li Ching Yiu filed the petition against the company on Oct. 26,
2012.

The Petitioner's solicitors are:

          Hobson & Ma
          13th Floor, Tower 2
          New World Tower
          18 Queen's Road
          Central, Hong Kong


TECHWELL ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to
wind up the operations of Techwell Engineering Limited.

The official receiver is Teresa S W Wong.


WINNER CREST: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Nov. 21, 2012, to
wind up the operations of Winner Crest Investments Limited.

The official receiver is Teresa S W Wong.



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JALARAM COTTON: CARE Reaffirms 'BB-' Rating on INR43.52cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jalaram Cotton & Proteins Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       43.52     CARE BB- Reaffirmed

Rating Rationale

The rating continues to be constrained by the working capital
intensive operations of Jalaram Cotton & Proteins Limited (JCPL),
its low profitability and high leverage. Susceptibility of JCPL's
margins to the volatile cotton prices, impact of the changes in
government policies and presence in the highly fragmented cotton
ginning industry further constrains the rating.

The rating continues to take into account the vast experience of
the promoters of JCPL in cotton ginning industry, its favorable
location and established marketing and distribution network.
The ability of JCPL to move up the cotton value chain and thereby
improve its profitability and efficient management of inventory
in light of volatile prices are the key rating sensitivities.

JCPL, based in Rajkot was originally incorporated in 2007 as a
partnership firm in the name of
'Jalaram Cottex' and was subsequently converted into a closely
held public limited company during 2008-09. JCPL is engaged in
cotton ginning, pressing and manufacturing of refined cottonseed
oil. The promoter family of JCPL has been involved in the cotton
ginning business since 1969.

JCPL earned a PAT of INR1.80 crore on a total operating income of
INR314.48 crore in FY12 (refers to the period April 1 to March
31) as against a PAT of INR 2.86 crore on a total operating
income of INR333.71 crore in FY11.


KALYANI EDUCATION: CARE Rates INR10.55cr LT Loan at 'CARE B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kalyani
Education Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.55     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kalyani Education
Private Limited (KEPL) is constrained by the dependence of its
revenue on the parent entity Kalyani Charitable Trust), which
operates various education institutes, small scale of operations,
stretched operating cycle and project execution risk associated
with the construction of new buildings for KCT. The rating,
however, does find some support from the experienced promoters
and growth in income along with comfortable profitability and
satisfactory capital structure.

The ability of KEPL to extend lease period along with KCT's
availability to maintain healthy enrollment ratio and healthy
financial risk profile would be the key rating sensitivity.

Kalyani Education Private Limited was established in July 2003 by
the trustees of Kalyani Charitable Trust namely Mr Ravindra
Sapkal and his wife Mrs. Kalyani Ravindra Sapkal. KEPL operates
as a Special Purpose Vehicle (SPV) for Kalyani Charitable Trust
(KCT) and provides infrastructure, canteen and transportation
services to various education institutes of KCT in Nashik,
Maharashtra. KEPL has completed four projects till date and has
signed lease agreements with KCT for these projects. Currently,
KEPL is constructing new premises for pre-primary and primary
section for Orchid International School and two building blocks
for Engineering College. KEPL takes loan for the construction of
buildings and service the same from lease rental income from KCT
and income from canteen & transportation services.

During FY12 (refers to the period April 2011 to March 2012-),
KEPL registered a PAT of INR1.10 crore against a total operating
income of INR4.11 crore as against the loss of INR0.13 crore on a
total operating income of INR2.13 crore in FY11.


KANCHAN INDIA: CARE Assigns 'CARE BB+' Rating to INR232.26cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Kanchan India Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     232.26      CARE BB+ Assigned
   Short-term Bank Facilities      1.92      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the thin profitability, high
leverage and modest debt protection indicators of Kanchan India
Limited. Stabilization and saleability risk associated with the
recently completed projects and inherent cyclicality associated
with the textile industry further constrain the ratings.

The ratings, however, derive strength from its experienced
promoters, integrated operations and an established marketing
network. The ratings also take into account its moderate
liquidity position.

Execution of the large-sized debt-funded capex adversely
affecting the credit profile of KIL, generation of envisaged cash
flows from added capacities, the ability to pass on volatility in
the raw material prices to the customers and improvement in the
capital structure are the key rating sensitivities.

Incorporated in 1996 and promoted by the Banger family, KIL is
engaged in the manufacturing of blended yarn, synthetic and denim
fabric at Bhilwara, which is a major textile hub of India. KIL
has merged its four group companies engaged in the processing and
manufacturing of woolen yarn with itself from April 1, 2008, to
rationalize its overheads. KIL has also undertaken backward
integration projects in its spinning division for manufacturing
blended yarn during the last two years and has become an
integrated player with presence in spinning, weaving and
processing.

During FY12 (refers to the period April 1 to March 31), KIL
reported total operating income of INR 415.45 crore (P.Y.
INR315.99 crore) and Profit after Tax (PAT) of INR2.19 crore
(P.Y. INR1.38 crore) based on the audited results.


MONAD EDUKASIONAL: CARE Assigns 'B+' Rating to INR27.4cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Monad
Edukasional Society.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        27.4     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facility of Monad Edukasional
Society (MES) is primarily constrained by post implementation
risk associated with attracting large number of students & high
quality faculty for its various courses and establishing its
brand image, high competition from established and upcoming
educational institutes, stringent regulatory framework for
education sector in India, capital intensive nature of business
and delay in the commercial start of operations.

The aforesaid constraints are partially offset by the presence of
experienced members on the advisory board of the society, the
status of private university and good growth potential for the
educational sector in India.

Going forward, the ability of MES to establish a brand name for
itself amidst intense competition and ensure adequate student
intake would be the key rating sensitivities.

MES was established in April 2007 as a non-profit charitable
society, registered under the Societies Act, 1860, for the
purpose of establishing a private university. The society has set
up a university under the name 'Monad University.'  MU is an
autonomous body promulgated by the Government of Uttar Pradesh
through an Act 23 of 2010 and is also recognised by the
University Grants Commission).

The society has recently completed a green field project of
setting up a university campus at an aggregate cost of INR80
crore being funded at debt equity mix of 1.25:1. The campus is
located at Hapur city of Uttar Pradesh, spread over an area of 61
acre with modern infrastructure and latest available technology.
MU is providing post-graduation, graduation, diploma and
certification courses from academic year (AY) 2012-13.


NARMADA SOLVEX: CARE Rates INR28cr Long-Term Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Narmada
Solvex Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        28       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Narmada Solvex
Private Limited (NSPL) is primarily constrained by low &
fluctuating profitability margins with susceptibility to volatile
soya prices and highly leveraged capital structure. The rating is
further constrained by NSPL's presence in a highly fragmented and
intensely competitive edible oil industry.

The aforesaid constraints far outweigh the strength derived from
the long and established track record of the Ruhatiya group along
with their extensive experience in agro-based industries and
proximity of NSPL plant to raw material cultivation areas.

The ability of NSPL to improve its overall financial risk profile
along with efficient management of working capital and
improvement in liquidity position are the key rating
sensitivities.

Narmada Solvex Private Limited (NSPL) was incorporated in 1995 by
the Ruhatiya family and is engaged in the business of soya
solvent extraction since 2008. The company's plant is located in
Washim, Maharashtra, with an installed capacity of 700 tonnes per
day. The company earns the entire revenue from the domestic
market where it sells crude soya oil (60% of FY12 [refers to the
period April 01 to March 31] revenue) to oil refining companies &
De-oiled cake (DOC) (40% of FY12 revenue), mainly to poultry
farms. The company has received subsidy of INR1 crore during
FY12 and is expected to receive additional subsidy of INR2 from
the central & state government during FY13 under Industrial
Promotion (Subsidy) Scheme 2007.

During FY12, NSPL reported total operating income of INR154.55
crore (up by 19.49% vis-a-vis FY11) and PAT of INR0.62 crore (up
by 81.18% vis-a-vis FY11).


RAJLAKSHMI BHANDAR: CARE Puts 'CARE BB+' Rating on INR15cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Rajlakshmi Bhandar Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       15.0      CARE BB+ Assigned

Rating Rationale

The above rating is constrained by RBPL's moderate scale of
operations, seasonality of business and dependence on vagaries of
nature, financial risk profile marked by low profitability, low
networth base & working capital intensive nature of operations,
highly regulated sector and its presence in a highly fragmented
and competitive industry. The aforesaid constraints are partially
offset by the rich experience of the management, high capacity
utilization, proximity to paddy growing areas, comfortable
capital structure with zero debt equity ratio.

Ability of the company to increase its scale of operations &
profitability in the midst of high competition and its ability to
manage working capital effectively will be the key rating
sensitivities.

Rajlakshmi Bhandar Private Limited, incorporated in May 14, 1987,
was promoted by the Hazra family of Burdwan. RBPL is engaged in
processing and sale of non basmati rice through its unit named
'Giriraj Rice Mill' at Burdwan, WB with a capacity of 90,000 MT
of paddy per annum (contributing around 70% of the total revenue
in FY11). Apart from this, RBPL is also involved in trading of
agricultural products mainly potato (contributing 27% of the
total revenue in FY11) and it also runs a cold storage unit named
'Ganada Cold Storage' with a storage capacity of 2,50,000
quintals per annum.

In FY11 (refers to a period from April 1 to March 31), the
company achieved a PBILDT of INR5.2 crore (FY10 - INR5.6 crore)
and a PAT (after deferred tax) of INR2.6 crore (FY10 - INR3.7
crore) on total income of INR120.2 crore (FY10 - INR 110.3
crore).  As per provisional results for FY12, RBPL achieved a
PBILDT & PAT of INR 5.7 crore & INR 2.7 crore respectively on
total income of INR 127.4 crore.


RSK INDUSTRIES: CARE Assigns 'CARE BB-' Rating to INR2.33cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of RSK Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.33      CARE BB- Assigned
   Long-term/Short-term Bank       4.00      CARE BB-/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of RSK Industries
Pvt. Ltd. are primarily constrained on account of its short track
record of operations, leveraged capital structure and
stabilization risk associated with the on-going capex. The
ratings are further constrained on account of its presence in the
highly competitive steel products industry and susceptibility of
its profitability to the raw material price fluctuation. The
ratings, however, favorably take into account the experience of
the promoters and support from associate concerns.

The ability of RSK to achieve the envisaged level of sales,
stabilization of the operations and improvement in the profit
margins while managing raw material price fluctuation is the key
rating sensitivity.

RSK, based in Bhavnagar, was incorporated as a private limited
company by Mr Anil Jain and Mr. Rakesh Bansal in April 2010.
Initially, RSK started its operations of manufacturing Mild Steel
Ingots with installed capacity of 16,000 Metric Tonnes Per Annum
(MTPA) at its plant located at Bhavnagar. Subsequently, in FY12
(refers to the period April 1 to March 31), RSK undertook forward
integration project and started manufacturing of Mild Steel
Billets with an installed capacity of 16,000 MTPA which finds
application in the manufacturing of TMT Bars and MS Angles.

RSK procures key raw material from the domestic market and sells
the entire finished goods domestically. Furthermore, RSK has
undertaken forward integration project of manufacturing of
TMT bars and MS Angle by installing rolling machine.

The promoters are also engaged in the ship-breaking business
through other entities, namely, Atam Manohar Ship Breakers
Private Limited (promoted by Mr Anil Jain) and K.P.G. Enterprise
(promoted by Mr. Rakesh Bansal, rated CARE BB-; CARE A4+).

As per the provisional results for FY12, RSK reported total
operating income of INR44.60 crore (FY11: INR13.21 crore) and PAT
of INR0.36 crore (FY11: INR0.05 crore)


RUHATIYA COTTON: CARE Rates INR7cr Long-Term Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ruhatiya
Cotton & Metal Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ruhatiya Cotton &
Metal Private Limited (RCMPL) is primarily constrained by its low
& fluctuating profitability margin which is susceptible to
volatile raw material prices, moderately high leverage and weak
debt coverage indicators. The rating is further constrained by
RCMPL's presence in a highly fragmented and competitive cotton
yarn industry.

The aforesaid constraints far outweigh the strength derived from
the long & established track record and extensive experience of
the Ruhatiya group in agro-based industries.

The ability of RCMPL to improve the overall financial risk
profile along with efficient management of working capital and
improvement in liquidity position are the key rating
sensitivities.

Ruhatiya Cotton & Metal Private Limited (RCMPL) was incorporated
in 1984 by the Ruhatiya family and is engaged in the
manufacturing of fully pressed cotton bales & seeds through
cotton ginning and pressing activity. The plant is located in
Akola, Maharashtra, with an installed capacity of 500 metric
tonnes per day. The company earns almost the entire revenue from
the domestic market (90%) where it sells cotton bales (89% of
FY12 [refers to the period April 01 to March 31] revenue) &
cotton seeds (10% of FY12 revenue) mainly to ginning companies.
The company procures the raw materials from the domestic market
through "Mandis" and through commission agents.

During FY12, RCMPL reported total operating income of INR74.28
crore (up by 9.33% vis-a-vis FY11) and PAT of INR0.13 crore (down
by 7.14% vis-a-vis FY11).


RUHATIYA SPINNERS: CARE Rates INR8cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ruhatiya
Spinners Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ruhatiya Spinners
Private Limited is primarily constrained by low & fluctuating
profitability margins along with their susceptibility to volatile
raw material prices, weak debt coverage indicators and moderately
leveraged capital structure. The rating is further constrained by
RSPL's presence in a highly fragmented and competitive cotton
yarn industry.

The aforesaid constraints far outweigh the strength derived from
the long & established track record and extensive experience of
the Ruhatiya group in agro-based industries.

The ability of RSPL to improve the overall scale of operations
along with its financial risk profile and efficient management of
working capital are the key rating sensitivities.

Ruhatiya Spinner Private Limited was incorporated in 1996 by the
Ruhatiya family and is engaged in the business of manufacturing
of cotton yarn (33% of total income in FY12 [refers to the period
April 01 to March 31] vis-…-vis 60% in FY11) and trading of
cotton. The plant is located at Akola, Maharashtra, and has an
installed capacity of 20,000 spindles. The company earns its
entire revenue from the domestic market & also procures the raw
materials from the domestic market through Mandis and agents.

As per FY12 results, RSPL reported total operating income of
INR64.47 crore (up by 86.85% vis-a-vis FY11) and PAT of INR0.05
crore (down by 79.75% vis-a-vis FY11).


SKL HOTELS: CARE Rates INR25cr Long-Term Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of SKL Hotels
Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       25.00     CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of SKL Hotels Private
Limited (SHPL) is mainly constrained by limited experience of the
promoters in the hotel industry, risk associated with
implementation of its greenfield hotel project where there has
been a cost and time overrun with partial financial closure yet
to be achieved. The rating, however, favorably takes into account
the tie up with Starwood Hotel & Resorts Worldwide Inc. for
initial operations and marketing functions thereby imparting
brand recognition and location advantage due to the proximity to
airport.

Going forward, the ability of the company to timely commence the
commercial operations without further cost overrun and to achieve
the occupancy levels would be the key rating sensitivities.

SHPL was incorporated in 2010 and is a family-owned business
promoted by Mr. S. Kannayalal and family. SHPL is setting-up a
three-star hotel located at Devanahalli area, Bangalore. SHPL
started implementation of the project in April 2010 and has
envisaged completing it by March 2013 as against the initial
scheduled COD of October 2011. The delay was on account of
getting construction approvals for the project. The total project
cost is estimated at INR46.44 crore which is to be funded through
a term loan of INR30.60 crore, equity capital of INR7.0 crore and
balance in the form of quasi equity. As on Oct. 30, 2012,
INR24.44 crore has been incurred and approximately 70% of the
civil work has been completed.



=========
K O R E A
=========


HANKOOK SILICON: Moody's Says Unit's Insolvency Credit Negative
---------------------------------------------------------------
Moody's Investors Service says that the insolvency of Hankook
Silicon Company Limited (HK Silicon), a 33.4% owned joint venture
(JV) affiliate of S-OIL Corporation, is credit negative, but it
will not immediately affect S-OIL's Baa2 issuer rating and stable
outlook.

"S-OIL could face contingent liabilities because of moral
obligations and subject to the position of HK Silicon's
creditors, given that it is the second-largest shareholder and a
JV partner of the insolvent affiliate," says Mic Kang, a Moody's
Vice President and Senior Analyst.

"However, Moody's expects the company's credit profile to remain
consistent with the current rating, because such potential
liabilities would be manageable," adds Kang.

On November 29, HK Silicon, a manufacturer of polysilicon for
solar power, applied for a receivership at a court in Korea,
because of its increasing leverage and interest expenses, weak
profitability, and its failure to issue new shares to investors.
It could take about a year for the court to decide whether HK
Silicon would remain a going-concern or be liquidated.

S-OIL acquired the stake in HK Silicon for KRW265 billion in
June 2011 to become a JV partner with a smaller local company
called Osung LST Company Limited (unrated), in order to diversify
its business into renewable energy, such as solar.

As of June 30, 2012, HK Silicon's debt amounted to
KRW354 billion, which accounted for around 9% of S-OIL's debt.

On the other hand, S-OIL currently does not have any legal
obligations -- such as intercompany lending, guarantees, and
transactions -- related to HK Silicon, based on its public
filings with the Korea Stock Exchange.

Even if S-OIL incurs impairment losses on its investment in HK
Silicon, its cash flows would not be affected because such losses
would be non-cash in nature.

Moody's believes that S-OIL has a solid financial buffer against
unfavorable developments in its business conditions. Its average
ratio of funds from operation to debt was 42%, while retained
cash flow (RCF)/debt stood at 32%, from 2010 to 1H 2012.

In addition, Moody's expects that over the next couple of years
S-OIL's adjusted RCF/debt ratio will remain above 15% on a
sustainable basis, a level consistent with its underlying credit
strength.

However, if S-OIL provides significant financial support to HK
Silicon -- a situation that is unlikely, given S-OIL's recent
public announcement that it would not make additional investments
in the affiliate -- then its credit profile could be under
pressure.

S-OIL's final Baa2 rating includes an uplift of two notches from
its underlying credit strength, owing to the expected parental
support from Saudi Aramco (unrated), a fully state-owned company
of the Kingdom of Saudi Arabia (Aa3 stable), and the strong
institutional support for the refining sector in Korea.

The principal methodology used in rating S-OIL was the Global
Refining and Marketing Rating Methodology, published in December
2009.

S-OIL Corporation (S-OIL) is the third-largest oil refining and
marketing company in Korea, with a refining capacity of 669,000
barrels per day, or around 23% of the national refining capacity.
In addition, S-OIL operates its paraxylene plants with a
production capacity of 1.60 million metric tons per annum (MTA),
and BTX plants with 0.93 million MTA of production capacity. It
also has a lubricant plant with a production capacity of 38,000
barrels per day.

Listed on the Korean Stock Exchange, it is 35% owned by Aramco
Overseas Company and 28.4% owned by Korea-based Hanjin Group.


KOREA LAND: S&P Lowers Stand-Alone Credit Profile to 'b+'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A+' foreign
currency and 'AA-' local currency long-term corporate credit and
debt ratings on Korea-based property developer Korea Land and
Housing Corp.  The outlook on the ratings remains stable. "We
lowered the stand-alone credit profile (SACP) for KLHC to 'b+'
from 'bb-'," S&P said.

"We lowered the SACP for KLHC to 'b+' from 'bb-' because we
expect its financial risk profile to deteriorate due to its heavy
interest burden, continuing losses from its public rental housing
businesses, and large debt-financed capital expenditures and
working capital needs over the next few years," S&P said.

"Though we expect the increase in land and housing sales backed
by existing government projects and the government's strong
ongoing support through National Housing Fund, KLHC will, in our
view, increase its leverage to fund deficits in its cash flow and
repay bonds. The increase in KLHC's debt will likely raise the
ratio of its debt to total capital over 80% over the next few
years," S&P said.

"Still, we continue to equalize the ratings on KLHC with the
sovereign ratings on the Republic of Korea (local currency rating
AA-/Stable/A-1+; foreign currency rating A+/Stable/A-1). This
reflects Standard & Poor's opinion that there is an almost
certain likelihood that the Korean government would provide KLHC
with timely and sufficient extraordinary support in the event it
was to suffer financial distress," S&P said.

"In accordance with our criteria for government-related entities
(GREs), we base our rating approach on our view that KLHC plays a
critical role for the government as the sole government-owned
entity responsible for meeting the government's objectives of
providing a stable supply of land and low-cost public housing.
Furthermore, we believe KLHC has an integral link with the
government due to the government's full ownership, strong ongoing
financial support, and tight supervision and control through the
Ministry of Land, Transportation, and Maritime Affairs," S&P
said.

"The stable outlook on the ratings on KLHC reflects ongoing
financial support and extraordinary support from the Republic of
Korea in the event of financial distress. Due to our equalization
of the ratings on KLHC with those on the sovereign, we would
lower or raise the ratings on the agency in line with changes to
the ratings on the Republic of Korea. Furthermore, we could lower
the ratings if, in our assessment, KLHC's role as a policy arm
of, or link with, the government weakens. This could happen if
the government reduces its ownership in the agency or if the
private sector significantly expands its share in large
government-led property development projects," S&P said.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF DASMARINAS: Placed Under PDIC Receivership
--------------------------------------------------------
The Monetary Board placed Rural Bank of Dasmarinas, Inc. under
the receivership of the Philippine Deposit Insurance Corporation
by virtue of MB Resolution No. 1969 dated November 29, 2012. As
receiver, PDIC took over the bank on November 29, 2012.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct Depositors Forum on
Dec. 5, 2012, to inform depositors of the requirements and
procedures for filing deposit insurance claims. Claim forms will
also be distributed during the Depositors Forum. The schedule and
venue of the Depositors Forum will be posted in the bank premises
and in the PDIC website, www.pdic.gov.ph.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms to be furnished by PDIC representatives.
Duly accomplished Depositor Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with signature. Depositors may update their addresses
until Dec. 7, 2012.

Depositors with valid savings accounts with balances of PHP15,000
and below, who have no outstanding obligations with RB Dasmari¤as
and who have complete and updated addresses with the bank, need
not file deposit insurance claims. PDIC targets to start mailing
payments to these depositors to their addresses recorded in the
bank by the second week of December 2012.

RB Dasmarinas is single-unit bank based in Dasmarinas, Cavite.
Latest available records show that as of Sept. 30, 2012, RB
Dasmarinas had 2,624 accounts with total deposit liabilities of
PHP156.69 million. According to the latest Bank Information Sheet
(BIS) as of Jan. 31, 2011 filed by RB Dasmarinas with the PDIC,
the bank is majority owned by the Campos Family (80.47%). Its
Chairman and President is Atty. Paulo Jose E. Campos, Jr.



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


GEOCON PILING: Creditors' Meetings Set for Dec. 10
--------------------------------------------------
Geocon Piling and Engineering Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Dec. 10,
2012, at 10:00 a.m., at 6 Shenton Way, #32-00 DBS Building Tower
Two, in Singapore 068809.

Agenda of the meeting include:

   a. to receive and consider a status update of the liquidation
      administration including the ongoing legal suits;

   b. to consider and approve professional fees for the
      liquidator and solicitors; and

   c. discuss other business.

The company's liquidator is Tam Chee Chong.


HLK TECHNO: Creditors' Meetings Set for Dec. 11
-----------------------------------------------
HLK Techno Pacific Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on Dec. 11, 2012, at 3:00
p.m., at 6 Shenton Way, #32-00 DBS Building Tower Two, in
Singapore 068809.

Agenda of the meeting include:

   a. to update on the liquidation administration;

   b. to approve the final professional fees and liquidation
      expenses;

   c. to approve the Liquidators' application to Court for
      release & discharge and destruction of the Company's books
      and records; and

   d. discuss other business.

The company's liquidator is Lim Loo Khoon.


HOKKAIDO GOURMET: Creditors' Meetings Set for Dec. 17
-----------------------------------------------------
Hokkaido Gourmet Foods (Sandwiches and Sashimi) Private Limited
will hold a meeting for its creditors on Dec. 17, 2012, at
4:00 p.m., at 46 South Bridge Road, #02-01 Kingly Building, in
Singapore 058679.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to nominate Liquidator(s) or confirm members' nomination of
      Liquidator; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company.


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

Standard Chartered Bank filed the petition against the company on
Nov. 21, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


VANGUARD INVESTIGATION: Creditors' First Meeting Set for Dec. 7
---------------------------------------------------------------
Creditors of Vanguard Investigation And Security Services Pte Ltd
will hold their first meeting on Dec. 7, 2012, at 10:00 a.m., at
One Raffles Place, Tower 2, at #10-62, in Singapore 048616.

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



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


PRIMASIA SECURITIES: Fitch Withdraws 'BB' Nat'l Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Primasia Securities Co.,
Ltd's National Long-Term rating at 'BB(twn)' and National Short-
Term rating at 'B(twn)'.  The Outlook is Stable.  Simultaneously,
the ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to its coverage.

The ratings reflect inherent high risks within Primasia's
business model, given its reliance on proprietary trading.  This
makes its capital position vulnerable to volatile earnings
performance.

Fitch will no longer provide ratings or analytical coverage of
the issuer.



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


* BOND PRICING: For the Week Nov. 26 to Nov. 30, 2012
-----------------------------------------------------

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

  AUSTRALIA
  ---------

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


  CHINA
  -----

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

INDIA
-----

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


  JAPAN
  -----

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


  PHILIPPINES
  -----------

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


  SINGAPORE
  ---------

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


  SOUTH KOREA
  -----------

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


  SRI LANKA
  ---------

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


  THAILAND
  --------

BANGKOK LAND           4.50   10/13/2003    USD    5.25


  VIETNAM
  -------

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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