TCRAP_Public/121212.mbx           T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 12, 2012, Vol. 15, No. 247


                            Headlines


A U S T R A L I A

PAPERLINX LIMITED: CFO Richard Barfield Steps Down
TINKLER GROUP: Tax Office Seeks to Wind Up Tinkler Main Entity


C H I N A

CHINA AOYUAN: Moody's Says Land Acquisition No Rating Impact
CHINA SOUTH: Moody's Reviews 'B1' CFR for Downgrade


H O N G  K O N G

AVENUE OF STAR: Court Enters Wind-Up Order
BILLION WIN: Fok and Sutton Step Down as Liquidators
CHINA HARMONY: Chiong and Sutton Step Down as Liquidators
CITIBOND INDUSTRIAL: Fok and Sutton Step Down as Liquidators
E.G. ENGINEERING: Court to Hear Wind-Up Petition on Jan. 30

PINE BASE: Creditors' Proofs of Debt Due Dec. 28
POWERFUL CLUB: Creditors' Proofs of Debt Due Jan. 8
REGENT SUMMIT: Members' and Creditors' Meetings Set for Dec. 31
SINCE-TECH: Final Meeting Set for Jan. 9
WINNER GLORY: Commences Wind-Up Proceedings

YIK FOK: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AMICUS OIL: CARE Rates INR5.71cr Long-Term Loan at 'CARE BB-'
ANIL STEEL: CARE Rates INR12cr Long-Term Loan at 'CARE B-'
BALAJI PLANTATIONS: Delays in Loan Payment Cues CARE Junk Ratings
CAPARO ENG'G: CARE Reaffirms 'D' Rating on INR622.05cr Loans
DNH PROJECTS: ICRA Rates INR18cr Cash Credit at '[ICRA]B'

EMMAY LOGISTICS: CARE Rates INR100cr LT Loan at 'CARE BB'
SERVALAKSHMI PAPER: CARE Assigns 'B-' Rating to INR324.51cr Loan
TRIVEDI CORP: CARE Assigns 'C' Rating to INR31cr LT Loan
VEER METAL: CARE Reaffirms 'CARE BB-' Rating on INR8.25cr Loan
VETO CERAMIC: ICRA Assigns 'B' Rating to INR6.72cr Loans


J A P A N

SHARP CORP: Resona Reportedly to Join Lenders Offering Loan


N E W  Z E A L A N D

BERGDORF INVESTMENTS: In Liquidation; Owes More Than NZ$1 Million
ROSS ASSET: David Ross Assets Remain Frozen Until February
SINGH SERVICES: High Court Issues Liquidation Order


S I N G A P O R E

MF GLOBAL: Creditors Get 100% Recovery on Claims
MORGAN TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 18
NUTRITEK OVERSEAS: Court Enters Wind-Up Order
ORCHARD SQUARE: Creditors' Proofs of Debt Due Jan. 7
ORCHARD SQUARE CAPITAL: Creditors' Proofs of Debt Due Jan. 7

PACIFIC KING: Creditors' Meetings Set for Dec. 14


X X X X X X X X

* ASIA: Moody's Says Liquidity Stress Index Down 27.6% in Nov.
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


PAPERLINX LIMITED: CFO Richard Barfield Steps Down
--------------------------------------------------
Australian Associated Press reports that PaperlinX Limited will
embark on its restructure of its struggling European operations
with a new chief financial officer.

AAP relates that PaperlinX, which in November announced 370 jobs
would be terminated at its European operations and flagged
$13 million in cost-cutting efforts at its UK business, said
chief financial officer Richard Barfield had left the company.

The company said a replacement for Mr. Barfield is expected to be
announced shortly.

                     About PaperlinX Limited

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

PaperlinX booked an annual loss of AUD266.7 million for the year
to June 30, 2012, after writing off the value of its European
operations, smh.com.au disclosed.


TINKLER GROUP: Tax Office Seeks to Wind Up Tinkler Main Entity
--------------------------------------------------------------
Paddy Manning at smh.com.au reports that the former billionaire
Nathan Tinkler's legal battles continue, with the Tax Office
confirming it will seek to wind up one of his main private
entities, Tinkler Group Holdings Administration, over unspecified
debts.

smh.com.au notes that in the NSW Supreme Court on Dec. 10, 2012,
lawyers for Mr. Tinkler and the Deputy Commissioner of Taxation
confirmed the Tax Office would replace the NSW Office of State
Revenue as petitioning creditor in the wind-up proceedings.

smh.com.au says Sentia Media withdrew from the proceedings
against Tinkler Group Holdings Administration after being paid.
According to the report, the case is one of almost half a dozen
proceedings under way against private Tinkler entities: Mulsanne
Resources, Patinack Farm Administration, Queen Street Capital and
Aston Copper, TGHA Aviation and Hunter Sports Group.

smh.com.au notes that Ferrier Hodgson is winding up Tinkler-owned
Mulsanne Resources over an unpaid AUD28.4 million debt to
Blackwood Corporation while Adelaide-based Anthony Matthews and
Associates is balancing whether to proceed with the wind-up of
Patinack Farm Administration -- the main employer at Mr.
Tinkler's thoroughbred stud -- which also owes millions to the
Tax Office but went into liquidation after a AUD17,000 debt to
South Australia's Workcover agency went unpaid, apparently due to
an "administrative error."

The report says Queen Street Capital and Aston Copper are facing
a wind-up by Brisbane-based HWL Ebsworth Lawyers for an unknown
amount of money.  smh.com.au adds that lender GE Capital has
appointed Taylor Woodings as receivers of TGHA Aviation, which
last week repossessed Mr. Tinkler's private jet and helicopter.

According to smh.com.au, Hunter Sports Group is being sued by the
NSW government for almost AUD600,000 in stadium rent owing from
its Newcastle Knights rugby league team.  Hunter Sports is also
negotiating with the Knights to extend an audit deadline which
falls this Saturday.  The Knights also want to extend the
AUD20 million bank guarantee, which the company provided when the
club was privatized. If the negotiations fail, it could
jeopardize Hunter Sports' ownership of the club, the report
relays.



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


CHINA AOYUAN: Moody's Says Land Acquisition No Rating Impact
------------------------------------------------------------
Moody's Investors Service sees no immediate impact on China
Aoyuan Property Group Limited's B2 corporate family rating and B3
senior unsecured debt ratings -- or its stable ratings outlook --
from its acquisition of land in the Panyu district of Guangdong
Province for RMB3.4 billion.

"While the investment amount is substantial, relative to Aoyuan's
business scale, the company has adequate liquidity -- including
unrestricted cash of RMB576 million as of June 2012, as well as
total proceeds of around RMB3.4 billion from both the disposal of
a Beijing asset and a bond issuance -- to support the purchase,"
says Kaven Tsang, a Moody's Vice President and Senior Analyst.

The land purchase will be settled in two equal installments, with
one to be paid upfront and the second in November 2013. This
payment term will not pressure the company's near-term liquidity.

Furthermore, Aoyuan has good development experience in Panyu
which is one of its core markets in Guangdong province. Panyu
accounts for around 9% of its total land bank of 8.8 million
square meter (in gross floor area, GFA) as of June 2012.

The new land parcel -- located at the major tourist area in Panyu
-- has a GFA of approximately 501,000 square meters. It will
strengthen the company's market position within the district.

"Moody's expects Aoyuan's credit metrics to remain within its
rating range after the purchase and with construction loans to
develop the new project," says Tsang.

After factoring in the construction loans, EBITDA interest
coverage will stay around 2x-2.5x and debt leverage -- as
measured by adjusted debt/capitalization -- will remain at 45-50%
in the next 1-2 years.

Aoyuan's B2 corporate family rating reflects its track record in
property development in economically strong Guangdong province,
and the strength of the company's management, which has guided
Aoyuan through the last two down-cycles with some access to
offshore bank debt funding.

Aoyuan's B2 corporate family rating is also constrained by the
company's small scale and track record of volatility in sales and
profitability.

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

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


CHINA SOUTH: Moody's Reviews 'B1' CFR for Downgrade
---------------------------------------------------
Moody's Investors Service has placed China South City Holdings
Limited's B1 corporate family and its B2 senior unsecured debt
ratings on review for downgrade.

This review follows CSC's response on Dec. 5, 2012, to a news
article alleging that some of its projects do not comply with
certain legal requirements in China.

Ratings Rationale

"Moody's concern is that CSC has not received all certificates
and permits from the local governments for some of its projects
in a timely manner and which could in the long term delay sales
and increase development costs as it carries out measures to meet
the relevant requirements," says Zou Jiming, a Moody's Analyst.
"If the financial impact from this non-compliance is significant,
it would pressure the company's current ratings."

"The issue also indicates that CSC's approach to the management
of its projects is aggressive and that it has under-estimated
development risk," says Zou, also a lead analyst for CSC.

In its December 5, 2012 announcement, CSC said that was still
coordinating with the respective local governments of its
projects for seeking various development approvals, and that it
will be subject to fines and additional land premium payments for
some of its projects.

Moody's will focus its review on the following:

1) The speed of reducing inventory which don't have all
certificates and permits from the government.

2) The expected payments to be made to rectify the permits from
the government.

3) The execution risk of the business model going forward.

The principal methodology used in rating China South City
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.

China South City, listed on the Hong Kong Stock Exchange, is one
of the developers and operators of large scale integrated
logistics and trade centers in China. The company operates one
integrated logistics and trade center in Shenzhen and is
developing new trade centers in Nanning, Nanchang, Xian, Harbin
and Zhengzhou. It reported HKD3.7 billion in revenues for the
fiscal year ending March 2012.



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


AVENUE OF STAR: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 5, 2012, to
wind up the operations of Avenue of Star Entertainment &
Production Limited.

The company's liquidator is Pui Chiu Wing.


BILLION WIN: Fok and Sutton Step Down as Liquidators
----------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Billion Win International Enterprise Limited on Nov. 5, 2012.


CHINA HARMONY: Chiong and Sutton Step Down as Liquidators
---------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down
as liquidators of China Harmony Investment Company Limited on
Aug. 8, 2012.


CITIBOND INDUSTRIAL: Fok and Sutton Step Down as Liquidators
------------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Citibond Industrial Limited on Sept. 18, 2012.


E.G. ENGINEERING: Court to Hear Wind-Up Petition on Jan. 30
-----------------------------------------------------------
A petition to wind up the operations of E.G. Engineering Co.
Limited will be heard before the High Court of Hong Kong on
Jan. 30, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Nov. 28, 2012.

The Petitioner's solicitors are:

          Rowland Chow, Chan & Co
          21st Floor, Malaysia Building
          No. 50 Gloucester Road,
          Wanchai, Hong Kong


PINE BASE: Creditors' Proofs of Debt Due Dec. 28
------------------------------------------------
Creditors of Pine Base Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 28, 2012.

The company's liquidator is:

         Chan Ka Ling
         807 Fortress Tower
         250 King's Road
         North Point, Hong Kong


POWERFUL CLUB: Creditors' Proofs of Debt Due Jan. 8
---------------------------------------------------
Creditors of Powerful Club Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 8, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 7, 2012.

The company's liquidator is:

         Kei Siu Kuen Lok
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon, Hong Kong


REGENT SUMMIT: Members' and Creditors' Meetings Set for Dec. 31
---------------------------------------------------------------
Members and creditors of Regent Summit Holding Limited will hold
their annual meetings on Dec. 31, 2012 at 10:30 a.m., and
2:30 p.m., respectively at Suite 1710, 17/F., at 625 King's Road,
North Point in Hong Kong.

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


SINCE-TECH: Final Meeting Set for Jan. 9
----------------------------------------
Contributories and Creditors of Since-Tech Industrial Limited
will hold their final meeting on Jan. 9, 2013, at 2:30 p.m., at
25/F, Tern Centre Tower I, at 237 Queen's Road Central in Hong
Kong.

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


WINNER GLORY: Commences Wind-Up Proceedings
-------------------------------------------
Sole member of Winner Glory Development Limited, on Dec. 6, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


YIK FOK: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Jan. 2, 2013,
creditors of Yik Fok Investment Holding Company Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Leong Ting Kwok David
         Mok Mun Lan Linda
         Units 3401-2, 34/F
         AIA Tower, 183 Electric Road
         North Point, Hong Kong



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


AMICUS OIL: CARE Rates INR5.71cr Long-Term Loan at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Amicus Oil & Chemicals Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.71      CARE BB- Assigned
   Short-term Bank Facilities      0.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Amicus Oil &
Chemicals Pvt. Ltd. is primarily constrained due to AOCPL's
vulnerability to fluctuation in the raw material prices, customer
concentration risk, working capital intensive nature of
operations and relatively small player in a highly competitive
and fragmented edible oil industry.

The above-mentioned constraints are partially offset by the
experience of the promoter & long track record of operations and
strong growth prospect.

The ability of the company to improve its scale of operation &
profitability margins and the ability to manage its working
capital efficiently are the key rating sensitivities.

Amicus Oil & Chemicals Pvt. Ltd. was incorporated in June 1993 by
Mr. Satyanarayan Agarwal and Mrs. Mira Agarwal of Kolkata to
refine crude Rice Bran Oil (RBO) into refined RBO.

The company was then bought by Mr. Rajkumar Agarwal and Mrs.
Munni Devi Agarwal (wife of Mr. Rajkumar Agarwal) of Kolkata in
February 2001. The company has an installed capacity of 13,500
metric tonnes per annum (MTPA) at Kalyani in Nadia District, West
Bengal. In addition to the refining and selling of byproducts
such as Fatty Acid, Gum, Wax, etc, AOCPL is also engaged in the
trading of refined Palm oil and refined RBO. The company sells
its product in West Bengal, Andhra Pradesh, Orissa and Bihar.
AOCPL is a part of the "Bansal Group of Companies" promoted by
Mr. Rajkumar Agarwal.

As per the audited results of FY12 (refers to the period April 1
to March 31), AOCPL reported PBILDT and PAT of INR2.2 crore
(INR1.4 crore in FY11) and INR0.3 crore (INR0.02 crore in FY11),
respectively, on a total income of INR21.2 crore (INR6.5 crore in
FY11).


ANIL STEEL: CARE Rates INR12cr Long-Term Loan at 'CARE B-'
----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Anil
Steel Works.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        12       CARE B- Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought by the partners in addition to the
financial performance and other relevant factors

Rating Rationale

The rating assigned to the bank facilities of Anil Steel Work is
primarily constrained on account of its weak financial risk
profile marked by fluctuating turnover, fluctuating profitability
margins, leveraged capital structure and stressed debt coverage
indicators. The rating is further constrained on account of its
working capital intensive nature of operations, high geographic &
customer concentration risk and instance of significant amount of
capital withdrawal by the partners observed in the past.

The above constraints far offset the benefits derived from the
established track record of operations and the vast experience of
the partners in hydraulic gates and mild steel pipe business.
The ability of AWS to increase its scale of operations through
geographic and customer diversification and improve the overall
financial risk profile through prudent working capital management
remains the key rating sensitivity.

Indore-based partnership firm, ASW was originally set up in 1984
by Mr. Punyapal Surana, Mr. Anil Surana (brother of Mr. Punyapal
Surana) and Mrs.  Anita Surana (wife of Mr. Anil Surana).
However,after the change in the partners, the firm is presently
owned and operated by Mr. Punyapal Surana, Mr. Arpit Surana (son
of Mr. Punyapal Surana) and Mrs. Hansa Surana (wife of Mr.
Punyapal Surana).

The firm is engaged in the manufacturing, designing, engineering,
installation and commissioning of different types of hydraulic
gates used in dams, which accounted for 50% of the total
operating income of ASW in FY12 (refers to the period April 1 to
March 31). ASW is also engaged into the manufacturing of mild
steel aqueducts used to transport water through the canals
(accounted for remaining 50% of the total operating income in
FY12). Since ASW's inception, Water Resources Department (WRD),
Madhya Pradesh (MP) has been the sole customer, the orders from
which are procured through bidding the tenders floated by WRD
(MP).


BALAJI PLANTATIONS: Delays in Loan Payment Cues CARE Junk Ratings
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Balaji
Plantations.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.67      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Balaji Plantations
primarily factors in the on-going delays in the servicing of its
debt obligations owing to stressed liquidity position and weak
financial risk profile marked by net loss over the past three
years and weak debt coverage indicators.

Balaji Plantations was formed in 2004 as a partnership firm by
Mr. S. V. Gangaiah Hegde, Mrs. K. G. Vasanthi Hegde, Mr. V. G.
Siddhartha and Mrs. Malavika Hegde.  The firm is primarily
engaged in the business of coffee plantations at Chikmagalur,
Karnataka, and also engaged in the selling of other products like
pepper, timber, etc. Balaji Plantations and its other group
companies were promoted by first generation entrepreneurs, with a
history of over 14 decades with diversified interests from coffee
bean procuring to retailing. The firm sells coffee beans to its
group company,

Amalgamated Bean Coffee Trading Company Ltd. (rated 'CARE A+',
'CARE A1+'), India's largest coffee conglomerate and coffee
exporter, established and promoted by Mr. V. G. Siddhartha.

The firm has its fertilizers and other material suppliers based
in and around Chikmagalur.

During FY11 (refers to the period April 1 to March 31), the firm
reported a total operating income of INR0.38 crore and during
FY12 (UA), the firm has reported a total operating income of
INR0.38 crore and a PAT of INR0.01 crore.


CAPARO ENG'G: CARE Reaffirms 'D' Rating on INR622.05cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Caparo Engineering India Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      503.05     CARE D Reaffirmed
   Short-term Bank Facilities     119.00     CARE D Reaffirmed

Rating Rationale

The ratings reaffirmation reflects the instances of delays by
Caparo Engineering India Limited in servicing its debt
obligations.

CEIL incorporated in May 2000, is engaged in the manufacturing of
auto components, including sheet metal components, tubes and
fasteners. The company's product range includes outer body
panel, large inner panels, brackets, frame add-on parts,
fasteners, electric resistance-welded tubes and cold-drawn welded
tubes for automobile Original Equipment Manufacturers (OEMs) viz
Nissan Motors India Private Limited, Ford India Private Limited,
Eicher Motors Limited, etc.

Currently, the company has 16 manufacturing plants located at
various locations across India. CEIL has diversified operations
and caters to the demand of OEMs in the passenger vehicles,
commercial vehicles and three-wheelers segment.

During CY11 (refers to the period January 1 to December 31), CEIL
registered a PBILDT and net loss of INR113.20 crore and INR36.85
crore, respectively, on a total operating income of INR1,108.35
crore. As per the provisional results for the half year ending
June 30, 2012, the company has posted an income of INR478.96
crore with a PBDILT and net loss of INR65.93 crore and INR14.61
crore, respectively.


DNH PROJECTS: ICRA Rates INR18cr Cash Credit at '[ICRA]B'
---------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR18.00 crore long
term fund based facilities of DNH Projects Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR10.00 crore short term
non fund based facilities of DNH Projects Limited.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------                ---------    -------
   Fund Based-Cash Credit      18.00      [ICRA]B assigned
   Non Fund Based-Bank         10.00      [ICRA]A4 assigned
   Guarantee

The ratings are constrained by the firm's small scale of
operations with geographically concentrated operations; high
working capital intensity of operations resulting in leveraged
capital structure; modest accruals resulting in weak debt
coverage indicators; and the vulnerability of profitability to
fluctuation in cement and steel prices in the absence of price
escalation clause in most orders. The ratings also take note of
the highly competitive business environment characterized by the
presence of a large number of players.

The ratings however, favorably factor in promoter's long-standing
experience of over two decades in the business and the company's
reputed customer base. ICRA further notes the healthy order book
position of the company, providing revenue visibility over the
medium term though availability of labor remains critical for
timely completion of the projects.

DNH Projects Limited is engaged in executing work orders for
construction of industrial units, factories and corporate and
institutional buildings. The company originally commenced its
business as a Private Limited Company in 1996 under the name of
M/s. Nagar Haveli Real Estate Pvt Ltd and later changed into a
closely held public limited company in March, 2009. Mr. Vijay
Desai, Mr. Ajay Desai and Mr. Ramkrishna Desai are the directors
of the company. M/s. Ajay Enterprises and M/s. Morai
Infrastructure Pvt Ltd are the associate companies of the
company.

Recent Results

DNH Projects Limited recorded a net profit of INR0.17 crore on an
operating income of INR23.57crore for the year ending March 31,
2012.


EMMAY LOGISTICS: CARE Rates INR100cr LT Loan at 'CARE BB'
---------------------------------------------------------
CARE assigns 'CARE BB' Rating to the bank facilities of Emmay
Logistics (India) Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       100       CARE BB Assigned

Rating Rationale

The rating is constrained by the largely debt-funded nature of
the project, involving establishment of a warehousing facility,
undertaken by Emmay Logistics (India) Private Limited and the
execution risk associated with the project. The rating also takes
into account the concurrence of the commencement of principal
repayments on the term loan with the commencement of commercial
operations of the project. The rating also factors in the
seasonality and agro-climatic risks associated with agro products
which could impact the capacity utilisation levels of the project
along with the regional competitive landscape involving presence
of other warehousing facilities that offer competitive pricing
for such services.

These rating weaknesses of ELPL are partially offset by the
demonstrated support from the promoter with strong credentials
and resourcefulness. The rating is further underpinned by the
strategic location of the project with ease of connectivity by
various modes of transportation. The rating also favorably
considers ELPL being part of the Emke group and the favorable
business prospects for an advanced warehousing facility for agro
commodities in Kerala with a considerable share of the available
leasable area expected to be utilized by the group entities.

The completion of the project within the estimated time and cost
framework along with the ability of ELPL to achieve the
anticipated occupancy levels, considering the large size of the
leasable area available at the proposed warehousing facility
would be key rating sensitivities. The financial risk profile of
the company would depend on the continued support of the promoter
towards the project in case of any time or cost overrun and
achievability of the envisaged profit margin so as to meet the
significant debt obligations in the medium term.

ELPL was incorporated with an objective to set up a warehousing
facility at Aluva, Ernakulam District, Kerala. The project scope
includes establishment of a warehouse complex to provide
warehousing, material handling, packaging and related activities.
The complex would consist of three warehouse buildings of an
aggregate area of nearly 7 lakh square feet and logistics support
inclusive of forklift and other equipment, to be established at
an estimated cost of INR126 crore funded with term debt of INR100
crore and equity share capital of INR26 crore. The project is
expected to commence commercial operations in April 2014. Till
June 30, 2012, ELPL had spent INR11 crore on the project, funded
with term loans of INR5.7 crore and promoter contribution of
INR5.4 crore.

ELPL is promoted by 'Padma Shri' Mr. Yusuff Ali M.A. and is part
of the Emke group, a large conglomerate having varied businesses
operating in the Gulf Cooperation Countries (GCC), Egypt,
India, Indonesia, Thailand, Hong Kong, China, Kenya, Tanzania and
Benin. Founded in 1966 in Abu Dhabi, the Emke group operates
popular brands of retail chain stores that include the Lulu chain
of supermarkets, department stores, hypermarkets and shopping
malls.


SERVALAKSHMI PAPER: CARE Assigns 'B-' Rating to INR324.51cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities Servalakshmi Paper Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      324.51     CARE B- Assigned
   Short-term Bank Facilities      11.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Servalakshmi Paper
Limited (SPL) are constrained by its stressed financial risk
profile characterized by cash losses in the first two years of
operations consequent to production disruptions, the resultant
restructuring of debt, its weak debt protection metrics marked by
high debt levels, low coverage indicators and negative networth
as on March 31, 2012. The ratings are further constrained by the
susceptibility of the company's earning to volatile raw material
prices and fluctuation in foreign exchange rates, limited product
portfolio with relatively low operating margins, high working
capital intensity and cyclical nature of the industry with
relatively low entry barriers.

The ratings do take comfort from the vast experience of the
promoters in the paper industry and the established track record
of the group. The ratings also factor in SPL's established
relationship with key overseas raw material suppliers and
proximity of its manufacturing facilities to the Tuticorin port
providing ease of logistics for significant import of its key raw
material - waste paper, proximity to the Thaimrabarani river
ensuring copious water for paper manufacturing and availability
of captive co-generation (power & steam) source ensuring
uninterrupted supply of power and steam to the paper plant.

Going forward, the ability of the company to improve its capacity
utilization and turnaround its operations, improve its
profitability amidst volatile raw material prices and strengthen
its capital structure will be the key rating sensitivities.
Additionally, the company's ability to effectively manage its
working capital requirements would be another key rating
sensitivity.

SPL is part of the Servall group, founded by Mr. R. Ramaswamy in
Coimbatore (Tamil Nadu). SPL is engaged in the business of
manufacturing newsprint and writing & printing paper (WPP). It
was initially incorporated as 'Sri Sai Shakthi Raam Papers
Private Limited' in 2005. The company was later converted into a
public limited company in April 2010 and was renamed SPL. The
Servall group has presence in paper machinery manufacture, paper
manufacture (Newsprint and Speciality papers), project
consultancy and turnkey project implementation for paper mills
through various
group entities.

SPL has paper manufacturing facilities with an installed capacity
of 90,000 metric tonnes per annum (MTPA) to manufacture Newsprint
and WPP using recycled/waste paper at Kodaganallur village,
Tirunelveli, Tamil Nadu. The company has also installed a 15 MW
captive co-generation (power & steam) plant at the paper
manufacturing facilities. The company did not have any
operations till FY10 (refers to the 12-month period April 1 to
March 31) and the commercial production commenced in April 2010.
Essentially, FY11 (refers to 15-month period April 1 to
June 30) was the first full year of operations. Presently, the
company manufactures high-end papers (ranging 45 to 48 GSM) in
Newsprint and Cream wove, Maplitho, Offset Print and Text / Note
book papers in WPP segment. During FY12 (refers to 9-month period
July 1 to March 31), the newsprint segment contributed 72% of the
total income (59% in FY11) followed by WPP segment contributing
19% (29% in FY11) and sale of power contributing 6% (9% in FY11)
of the total income.

The company mobilized funds through an Initial Public Offering in
May 2011 aggregating INR60 crore and subsequently got listed at
the Bombay Stock Exchange and National Stock Exchange. The
funds from the IPO were deployed towards augmenting its long-term
working capital requirements along with fixed assets additions
towards improving productivity and producing value-added
products. The day-to-day activities of the company are managed by
Mr. R. Ramswamy, who is the Chairman and Managing Director of the
company.

During FY12, SPL has registered a net loss of INR58 crore on a
total income of INR56.28 crore. Furthermore, during H1FY13, the
company has registered a net loss of INR23.83 crore on a total
income of INR94.24 crore.


TRIVEDI CORP: CARE Assigns 'C' Rating to INR31cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Trivedi Corp Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      31.00      CARE C Assigned
   Short-term Bank Facilities      9.40      CARE A4 Assigned
   Long-term/ Short-term Bank      9.50      CARE C/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Trivedi Corp
Private Limited (TCPL) are constrained mainly on account of its
weakened financial risk profile marked by significant decline in
the total income and net loss reported during FY12 (refers to the
period April 1 to March 31), highly leveraged capital structure,
elongated working capital cycle and weak debt protection metrics.
The ratings are further constrained on account of stabilization
risks associated with the ongoing debt-funded capacity expansion
project with substantial delay in the project implementation,
risk associated with the availability of raw material and
exposure to volatile real estate market.

The ratings, however, favorably take into account the rich
experience of the promoters in the dimension stone industry and
wide product portfolio with customized offerings. Increase in the
scale of operations along with an improvement in the overall
financial risk profile and timely completion and stabilization of
its ongoing capacity expansion project are the key rating
sensitivities.

TCPL was initially incorporated in 1991 as Trivedi Crafts Private
Limited and later changed its name to the current one in 2001.
TCPL is a closely held private limited company promoted by the
Trivedi family based out of Ahmedabad (Gujarat). It is engaged in
the processing and designing of marble, granite, limestone,
sandstone and various other stones into blocks, artistic
monuments and polished slabs. The products are of premium range
and find application in designing of buildings, homes, religious
monuments, etc. TCPL has a processing capacity of 72,000 cubic
feet per annum (CFPA) for carved stones as on March 31, 2012, at
Ahmedabad and 256,876 square meters per annum (SMPA) for marble
slab at Abu road. Marble slab facility was shifted from Ahmedabad
to Rajasthan during February 2012 to October 2012 and became
operational from November 2012. In addition to these, TCPL is
currently undertaking a project to process marble slabs with a
capacity of 770,628 SMPA at its facility at Abu Road (Rajasthan),
which is scheduled to be operational from end of Q3FY13 (refers
to the period April 1 to March 31).

During FY12, TCPL reported total income of INR18.94 crore with a
net loss of INR0.96 crore as against the total income of INR35.53
and PAT of INR2.72 crore during FY11.


VEER METAL: CARE Reaffirms 'CARE BB-' Rating on INR8.25cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Veer Metal Industries Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.25      CARE BB- Reaffirmed
   Short-term Bank Facilities      0.50      CARE A4

Rating Rationale

The ratings continue to be constrained by the financial risk
profile of Veer Metal Industries Pvt. Ltd. (VMIPL) characterised
by relatively small scale of operations, low profitability,
highly leveraged capital structure and stressed liquidity. The
ratings further continue to be constrained by operations of VMIPL
in a highly fragmented & cyclical steel trading industry along
with customer concentration risk.

The ratings, however, continue to derive strength from the
experienced management and their financial support in the past.
The ability of VMIPL to improve the overall financial risk
profile and improvement in the liquidity profile is the key
rating sensitivity.

Incorporated in 1990, VMIPL is engaged in the business of
manufacturing and trading of stainless steel (SS) flat products
including sheets & circles. The promoters have been in the
business of trading of steel products since 1979. The company
generates its entire revenue from the domestic market and raw
materials are also sourced domestically. VMIPL's plant is located
at Sarigaum, Gujarat, with an installed capacity of 9,600 metric
tonnes per annum (MTPA), as on March 31, 2012, and current
capacity utilization of approximately 65%.

During FY12 (refers to the period April 1 to March 31), VMIPL
reported total operating income of INR52.81 crore (up by 7.45%
vis-a-vis FY11) and PAT of INR0.28 (down by 31.71% vis--vis
FY11).  Furthermore, during H1FY13, the company has reported
total income of INR31.42 crore & PAT of INR 0.21 crore.


VETO CERAMIC: ICRA Assigns 'B' Rating to INR6.72cr Loans
--------------------------------------------------------
The rating of '[ICRA]B'  has been assigned to the INR3.72 crore
term loans and INR3.00 crore fund-based cash-credit facility of
Veto Ceramic Private Limited.  The rating of '[ICRA]A4' has also
been assigned to the INR0.70 crore short-term non-fund based
facility of VCPL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit              3.00     [ICRA]B assigned

   OD*                     (1.50)    [ICRA]B assigned

   Term Loans               3.72     [ICRA]B assigned

   Bank Guarantee           0.70     [ICRA]A4 assigned

   * Sub-limit of Cash Credit

The assigned ratings are constrained by small scale of operations
of the entity and its limited portfolio comprising only ceramic
wall tiles which restricts its sales prospects and dealings with
large institutional buyers. Further the ratings are constrained
by the entity's moderate coverage indicators and relatively
aggressive capital structure which is expected to be further
stretched by the recent capex towards installation of new
machinery; and the highly fragmented nature of the tiles industry
which results in intense competitive pressures.

The ratings also take into account the cyclical nature of the
real estate industry which is the main consuming sector and
exposure of profitability to availability and increasing prices
of gas which is the major fuel for tile manufacturers. The
ratings however take comfort from long experience of the promoter
in the ceramic industry and the entity's competitive advantage in
raw material procurement over other tile manufacturers on account
of its favourable location in Morbi.

Incorporated in November 2006, Veto Ceramic Private Limited
commenced commercial production of ceramic wall tiles (initial
production capacity of 24,000 MTPA) in June 2007. Its plant is
located at Morbi in Rajkot district of Gujarat. VCPL is managed
by Mr. Karsan Jivani and his brother Mr. Arvind Jivani. The
company currently manufactures wall tiles of sizes 12"x12" and
12"x18" (current production capacity of 30,000 MTPA) and sells
under 'Veto' brand.

Recent Results

For the year ended March 31, 2012 the company reported an
operating income of INR13.50 crore and profit after tax of
Rs0.09 crore as against an operating income of INR12.72 crore and
profit after tax of INR0.26 crore for FY11.



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


SHARP CORP: Resona Reportedly to Join Lenders Offering Loan
-----------------------------------------------------------
Shigeru Sato & Shingo Kawamoto at Bloomberg News report that
Resona Holdings Inc. will join Japanese lenders offering
JPY360 billion (US$4.4 billion) of emergency loans to Sharp Corp.
(6753), three bank officials with knowledge of the matter said.

Bloomberg relates that the officials, asking not to be named
because the discussion is confidential, said Mitsubishi UFJ Trust
& Banking Corp., Mizuho Trust & Banking Co. and Resona's banking
unit are holding talks on a plan under which Resona would provide
JPY20 billion and the two trust banks would each offer
JPY10 billion to loans announced in September.

Bloomberg notes that Sharp said on Sept. 28, 2012, that secured
JPY180 billion in collateralized loans through its main lenders
Mizuho Corporate Bank Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd.
Osaka-based Sharp also got a JPY180 billion credit facility that
expires at the end of June, Bloomberg notes.

Japan's Yomiuri newspaper reported the three banks' contribution
to the emergency loan, on Dec. 9 without citing anyone.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2012, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB+' its long-term corporate credit ratings on Sharp Corp.
and its overseas subsidiaries Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC.  S&P also lowered to 'B+' from
'BB+' its senior unsecured debt ratings on Sharp.  It kept both
Its 'B+' long-term and 'B' short-term ratings on CreditWatch with
negative implications.

S&P has lowered Sharp's financial risk profile to 'highly
leveraged' from 'significant' following its announcement of
disappointing business results. On Nov. 1, 2012, Sharp announced
a JPY387.5 billion net loss for the six months ended Sept. 30,
2012, and a forecast JPY450.0 billion net loss for fiscal 2012
(ending March 31, 2013), both significantly weaker than Standard
& Poor's expectations and Sharp's earlier forecasts. Sharp's net
loss for the first half of fiscal 2012 includes JPY84.4 billion
in restructuring costs -- including a JPY30.1 billion asset
impairment in solar batteries and a JPY53.4 billion inventory
write-down -- and JPY61.0 billion in a reversal of deferred tax
assets. Sharp's announced losses for fiscal 2012 follow a
JPY376.0 billion net loss in fiscal 2011. In Standard & Poor's
view, losses of this scale for two years running weaken Sharp's
equity and its capital structure and are likely to exacerbate the
company's difficulties in restoring earnings and liquidity. It
expects the ratio of the company's debt to capital to deteriorate
from 66% at the end of fiscal 2011 to around 86% at the end of
fiscal 2012.

Sharp's liquidity remains "less than adequate" in view of
upcoming liquidity needs that could exceed sources in the coming
12 months.  As of Sept. 30, 2012, Sharp remained highly dependent
on short-term borrowings. It had JPY511.2 billion in short-term
debt, JPY205.9 billion in bonds due to mature within a year
(including JPY200.7 billion in convertible bonds maturing
Sept. 30, 2013), and JPY167.5 billion in commercial paper. While
Sharp in late September signed a JPY360 billion syndicated loan
agreement with Mizuho Corporate Bank Ltd. (A+/Negative/A-1) and
Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) that consisted
of a JPY180 billion term loan and a JPY180 billion uncommitted
line of credit, Standard & Poor's does not consider the signing
of the loan agreement to have improved the company's debt profile
materially, because the contract term is short, ending June 30,
2013, and Sharp's debt profile remains largely dependent on
short-term debt. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Still, ongoing support from the banks and from management's
initiatives, including to slow funding uses for working capital
and capital expenditures and to expand funding sources by
disposing of assets, could alleviate pressure on the company's
liquidity, S&P said.



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


BERGDORF INVESTMENTS: In Liquidation; Owes More Than NZ$1 Million
-----------------------------------------------------------------
Rebecca Stevenson at stuff.co.nz reports that former NBR Rich-
Lister Bill Birnie's Bergdorf Investments has been liquidated
with creditors -- including the estate of his late wife -- out of
pocket more than NZ$11 million.

Bergdorf was liquidated at the end of November by Birnie. In his
first report liquidator, Glenn Walker said the company owed
NZ$11 million more than it held in assets, stuff.co.nz says.

According to stuff.co.nz, the report said the company's principal
assets comprised "various loans and investments made to growth
technology-related companies."

The report relates that the liquidator said Bergdorf believed its
investments were worth about NZ$17.9 million but those assets
were expected to have a realizable value of just over NZ$1.9
million. The company was formerly known as Birnie Capital
Partners until October 23 this year, just before its liquidation.
Mr. Birnie is Bergdorf's sole director and shareholder, the
report notes.

stuff.co.nz discloses that Mr. Birnie is a director and
shareholder of Birnie Capital and is a current board member of
public funding body Sport NZ and High Performance Sport
New Zealand.

The report adds that Mr. Walker said the businesses and assets
the company had invested in required significant funding but the
environment for "these types of investments" had deteriorated
significantly in recent years.

Most of the businesses have ceased trading or are in liquidation,
the report says.


ROSS ASSET: David Ross Assets Remain Frozen Until February
----------------------------------------------------------
NBR ONLINE reports that David Ross' assets will remain frozen
until February after a decision to delay court update.

NBR ONLINE relates that PwC receivers John Fisk and David
Bridgman were to update the Wellington High Court on their
progress into the receivership of Ross Asset Management but it
has held over until February 4.

Mr. Fisk told NBR ONLINE there was no particular reason for the
delay, but said there was hardly any need for the hearing, given
the application to liquidate RAM will be heard in court next
Monday.

In the meantime, the report says, the original High Court order
freezing Mr. Ross' assets will remain in place.

NBR ONLINE notes that Messrs. Fisk and Bridgman have so far only
found about NZ$11.4 million of assets out of a purported
NZ$450 million.

"I have not been told of any significant change in that figure
recently. Unfortunately, there's not a lot of money being
identified," the report quotes Mr. Fisk as saying.

While investors wait to find out whether RAM will be liquidated,
Mr. Fisk said he is regularly meeting with Mr. Ross and his
lawyer Gary Turkington, NBR ONLINE relays.

According to the report, Mr. Fisk said they are continuing to
provide updates to the Serious Fraud Office and the Financial
Markets Authority and are working closely with the investors'
group and other individual investors.

NBR ONLINE adds that the FMA said the delay in the hearing will
then allow it to update the court on the outcome of those
liquidation applications.

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

The nine other associated entities are:

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

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

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


SINGH SERVICES: High Court Issues Liquidation Order
---------------------------------------------------
The Marlborough Express reports that Singh Services (NZ) Ltd was
put into liquidation by Inland Revenue under an order issued by
the High Court in Blenheim on Dec. 10, 2012.

Lynda Smart and Keiran Horne from HFK Ltd have been appointed
liquidators, the report says.

The report relates that the company was registered in 2008 and
also lists Mrinal Sardana as a director.  Another of Mr. Singh's
companies, Singh Services Ltd, which also lists Mrinal Sardana as
a director, was placed into liquidation on August 20, the report
says.

The Marlborough Express notes that Singh Services lawyer Luke
Radich had requested more time to allow his client to file a 2012
tax return and free up tax credits.

According to the report, Associate Judge John Matthews said
Inland Revenue was claiming NZ$300,000 in unpaid taxes, and Singh
Services (NZ) had not filed tax returns for either 2011 and 2012.

The report states that Mr. Radich confirmed that Singh Services
had been placed into liquidation by Judge Matthews.

Mr. Singh said he just needed more time to sort out his financial
situation and he was disappointed the judge had refused that, The
Marlborough Express relays.

The report relates that Mr. Singh said contract rates in the
viticulture industry had not been good during the past two
seasons and more Marlborough companies like his were likely to go
out of business.

Singh Services (NZ) Ltd is a New Zealand-based vineyard
contracting company.  It employs 80 people during the peak
season, the report adds.



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


MF GLOBAL: Creditors Get 100% Recovery on Claims
------------------------------------------------
MF Global Singapore Pte Limited declared the first and final
dividend on Dec. 17, 2012.

The company paid 100% for preferential and 15% for unsecured
claims.

The company's liquidators are:

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


MORGAN TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 18
----------------------------------------------------------
Creditors of Morgan Technologies Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 18, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 29, 2012.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #21-08 Shaw Centre
          Singapore 228208


NUTRITEK OVERSEAS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Nov. 23, 2012, to
wind up the operations of Nutritek Overseas Pte Ltd.

Associates Corporate Services Pte Ltd filed the petition against
the company.

The company's liquidator is:

         Official Receiver
         The URA Centre, East Wing
         45 Maxwell Road #06-11
         Singapore 069118


ORCHARD SQUARE: Creditors' Proofs of Debt Due Jan. 7
----------------------------------------------------
Creditors of Orchard Square Properties Private Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Jan. 7, 2013, to be included in the company's
dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


ORCHARD SQUARE CAPITAL: Creditors' Proofs of Debt Due Jan. 7
------------------------------------------------------------
Creditors of Orchard Square Capital Assets Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 7, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


PACIFIC KING: Creditors' Meetings Set for Dec. 14
-------------------------------------------------
Pacific King Shipping Holding Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Dec. 14,
2012, at 10:00 a.m., at 8 Robinson Road #11-00 ASO Building, in
Singapore 048544.

Agenda of the meeting include:

   a. to update the status of the investigation into the
      affairs of the Company; and

   b. to discuss other business.

The company's liquidator is:

          Timothy James Reid
          c/o Ferrier Hodgson
          8 Robinson Road #12-00
          ASO Building
          Singapore 048544



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


* ASIA: Moody's Says Liquidity Stress Index Down 27.6% in Nov.
--------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) has come off its recent highs, and fell to
27.6% in November from 29.1% in October.

"Although there was a month-on-month improvement, this was the
result of several changes: two companies moved out of the SGL-4
category, which is the lowest speculative-grade liquidity score,
while only one company was added," says Laura Acres, a Moody's
Senior Vice President.

"While four ratings were assigned, two were withdrawn, so the
number of companies in the index rose to 105 from 103," says
Ms. Acres.

Acres was speaking on the release of Moody's latest report on the
index, entitled "Asian Liquidity Stress Index."

"At the same time, the index -- which increases when speculative-
grade liquidity appears to decrease -- remains elevated, but is
also far from its record high of 37% recorded in Oct-Dec 2008,
the height of the global financial crisis," says Ms. Acres.

The new report notes that the liquidity sub-index for Chinese
speculative-grade companies fell to 31.4% in November from 32% in
October. The Chinese property companies' liquidity sub-index also
improved, falling to 31.3% from 34.5%.

However, both improvements were because of the addition of new
ratings, which increased the base. At the same time, the sub-
index for Indonesian companies remained unchanged at to 12%,
which equates to three of the 25 companies in the index having a
SGL-4 score.

Looking ahead, Oct-Dec 2012 is currently on track to be the first
quarter since Apr-Jun 2011 where corporate family rating upgrades
exceeded downgrades. The Oct-Nov period has seen four upgrades to
corporate family ratings and three downgrades.

The report says that a very clear negative bias to ratings
outlooks remains. Although, the percentage of speculative-grade
companies with a negative outlook or on review for downgrade fell
to 33.3% in November from 36.9% at end-October. There were six
outlook changes in November: five were in a positive direction
and only one was negative.

Moody's had assigned speculative-grade ratings to 105 issuers in
Asia (excluding Japan and Australia) covering $44.5 billion of
rated debt as at the end of November, up from $42.7 billion at
the end of October.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


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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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