TCRAP_Public/121213.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

          Thursday, December 13, 2012, Vol. 15, No. 248


                            Headlines


A U S T R A L I A

AUSTRALIAN SPECIAL: Ernst & Young Appointed as Administrators
COMPASS HOTEL: Former CEO Pleads Guilty to ASIC Charges
L & D O'BRIEN: Liquidators Recoups Part of AUD25 Million Owed
RETAIL ADVENTURES: AUD55-Mil. Loss Alarmed Auditors
SHANTON RETAIL: Fashion Chain Sale Finalized

TINKLER GROUP: High Court Ends Aston Copper Wind-Up Process
* AUSTRALIA: Businesses in Insolvency Hit Record High in October


C H I N A

ZOOMLION HEAVY: S&P Rates Senior Unsecured Notes 'BB+'


H O N G  K O N G

FAIRTOL INDUSTRIAL: Court Enters Wind-Up Order
GOLDCOME INDUSTRIAL: Fok and Sutton Step Down as Liquidators
HUA YANG: Creditors' Proofs of Debt Due Dec. 21
MARK UNIVERSAL: Court Enters Wind-Up Order
MEGAMOOCH INTERNATIONAL: Fok and Sutton Step Down as Liquidators

NAMEBLE GARMENT: Court Enters Wind-Up Order
NEW CENTURY: Court Enters Wind-Up Order
REGAL LINK: Court Enters Wind-Up Order
SIMS (H.K.): Court Enters Wind-Up Order
SILICON ARTS: Court Enters Wind-Up Order

SUN GLORY: Court to Hear Wind-Up Petition on Jan. 9
TANWAY DEVELOPMENT: Court to Hear Wind-Up Petition on Dec. 19
THERMOPOWER ELECTRICAL: Court Enters Wind-Up Order
TRUSTY ASIA: Court Enters Wind-Up Order


I N D I A

GENESIS INFRATECH: ICRA Rates INR15cr LT Loan '[ICRA]C'
HI-REACH CONSTRUCTION: ICRA Rates INR11cr Loan '[ICRA]B'
KINGFISHER AIRLINES: In Talks With Etihad Airways to Sell Stake
PREMSONS MOTOR: ICRA Assigns 'BB+' Rating  to INR13.21cr Loans
PRINCE MARKETING: ICRA Reaffirms 'B+' Rating on INR15cr LT Loan

RIDDHI AGRO: ICRA Reaffirms 'BB-' Rating on INR1.49cr Loan
SAHARA UTSARGA: ICRA Assigns 'B+' Rating to INR46cr LT Loan
SHREE PUSHKAR: ICRA Cuts Rating on INR48.07cr Loans to 'BB+'
SHIVAKRITI INT'L: ICRA Assigns 'BB' Rating to INR13cr Loans
TANGLING MINI: Delays in Loan Payment Cues ICRA Junk Ratings

TRIKOOT IRON: ICRA Reaffirms 'BB' Rating on INR31.79cr Loans


M A L A Y S I A

AMBANK BERHAD: Moody's Raises Preferred Stock Rating to 'B1(hyb)'


S I N G A P O R E

OSCAR MARITIME: Court Enters Wind-Up Order
SOUTH NIHON: Creditors' Proofs of Debt Due Jan. 8
TAI HUA: Creditors' Proofs of Debt Due Jan. 8
TNS SHIPPING: Court Enters Wind-Up Order
UPPERTON HOLDINGS: Creditors' Proofs of Debt Due Jan. 7


                            - - - - -


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


AUSTRALIAN SPECIAL: Ernst & Young Appointed as Administrators
-------------------------------------------------------------
SmartCompany reports that Adam Nikitins --
adam.nikitins@au.ey.com -- from Ernst & Young was appointed as an
administrator to Australian Special Metals this week.

A first meeting of creditors will be held in Brisbane on
December 20, 2012.

Australian Special Metals Pty Ltd distributes steels and provides
steel processing services to the mining, construction, earth
moving, agricultural, transport, hydraulics, waste, and
automotive industries.  It has offices in Brisbane, Mackay and
Perth.


COMPASS HOTEL: Former CEO Pleads Guilty to ASIC Charges
-------------------------------------------------------
The former chief executive officer of Compass Hotel Group Ltd,
Bryan Raymond Northcote, on Dec. 11, 2012, pleaded guilty in the
Downing Centre Local Court in Sydney to three charges of
breaching the Corporations Act 2001, brought by the Australian
Securities & Investment Commission.

The charges follow an ASIC investigation into the activities of
Mr. Northcote while he was CEO and executive director of Compass
Hotel.  CHGL floated on ASX on Jan. 3, 2008, and operated a West
Australian hotel chain consisting of 12 hotels and taverns. CHGL
went into receivership in March 2011.

Mr. Northcote pleaded guilty to one count of breaching his duty
as a director between Oct. 9, 2007, and April 22, 2008, by
dishonestly withholding information from the CHGL board and using
his position to gain a financial advantage.  ASIC alleged a
company owned and controlled by Mr. Northcote, Yard House
Australia and New Zealand Pty Ltd, entered into a conjunctional
agreement with a hotel broker whereby it would receive 50% of all
sales commissions paid by CHGL and vendors to the hotel broker
for hotels purchased by CHGL. YANZ subsequently received
AUD1.566 million in commissions.

Mr. Northcote also pleaded guilty to two counts of submitting
documents to ASIC which were misleading by falsely claiming
Mr. Northcote had resigned from YANZ on Oct. 1, 2007.

ASIC Deputy Chairman Belinda Gibson said company directors and
officers were critical gatekeepers in the management and
oversight of listed companies.

"This case is an example of ASIC taking action when gatekeepers
fail to act honestly," Ms Gibson said.

Mr. Northcote will appear in the Sydney District Court on
Jan. 25, 2013, when it is expected a sentence date will be set.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

As reported in the Troubled Company Reporter-Asia Pacific on
March 24, 2011, SmartCompany said Compass Hotel Group has been
placed in receivership.  Quentin Olde, Ian Francis, and Michael
Ryan of insolvency firm Taylor Woodings were appointed as
receivers to the sharemarket-listed group on March 22, 2011,
after secured lender St George Bank, a subsidiary of Westpac,
lost patience with the debt-laden group.  Compass Hotel's latest
financial statements, released in February, show the company had
liabilities of more than AUD100 million.  It is believed the bulk
of the debts is owed to St George.

                         About Compass Hotel

Compass Hotel Group (ASX:CXH) -- http://www.compasshotel.com.au/
-- is engaged in the provision of operating hotel and tavern
businesses in Western Australia and managing investment
properties in Western Australia.  The Company has four segments:
food, retail, beverage and other.  The Company's property
portfolio includes Kalamunda Hotel, Carine Glades Tavern,
Princess Rd Tavern, Peninsula Tavern, Brighton Hotel, Peel
Alehouse, Belmont Tavern, Herdsman Lake Tavern, Albion Hotel,
Gosnells Hotel, Greenwood Hotel and Lakers Tavern.  Its
subsidiaries include Kalamunda Hotel (WA) Pty Ltd, Carine Glades
Tavern (WA) Pty Ltd, Princess Road Tavern (WA) Pty Ltd, Brighton
Hotel (WA) Pty Ltd, Belmont Tavern (WA) Pty Ltd and Peninsula
Tavern (WA) Pty Ltd.


L & D O'BRIEN: Liquidators Recoups Part of AUD25 Million Owed
-------------------------------------------------------------
Chris Vedelago at smh.com.au reports that the collapse of the
Ettamogah Pub and entertainment empire has cost creditors at
least AUD25 million, with liquidators so far recovering only a
portion of what is owed by companies associated with Melbourne
businessman Leigh O'Brien.

While the auction of an office building in Brighton last week has
added AUD3.91 million to the kitty, the Ettamogah Pub in Albury,
made famous by the work of artist Ken Maynard, is yet to be sold,
says smh.com.au.

"Most things surrounding the Ettamogah seem to be in dispute,"
the report quotes David Ross of Hall Chadwick as saying.  Mr.
Ross was one of three liquidators appointed by the Australian
Securities and Investments Commission, the report notes.

The report says that at least two entities could be staking
claims to the signature Ettamogah Pub Mob, Li'l Larikkins and
Wakkaville cartoons.  "There's an ongoing dispute as to the
ownership of the licensing for the animation," Mr. Ross said.

According to smh.com.au, ASIC filings show three companies
controlled or owned by Mr. O'Brien owed about AUD25 million when
they were placed in liquidation more than 18 months ago.

Deloitte Touche Tohmatsu, appointed as liquidator of L & D
O'Brien Holdings, has paid AUD3.3 million to creditor National
Australia Bank, smh.com.au discloses.  The company still owes
more than AUD9.26 million.  The group's Melbourne headquarters
was sold last week for AUD3.914 million through Colliers
International, the report adds.


RETAIL ADVENTURES: AUD55-Mil. Loss Alarmed Auditors
---------------------------------------------------
Cara Waters at SmartCompany reports that financial reports filed
by Retail Adventures last week reveal the discount retail chain
was already in major trouble in March last year, when it reported
a loss of AUD55.076 million for its first 16 months of operation.

SmartCompany relates that two sets of "special purpose" financial
reports were filed by the beleaguered company with the regulator
last week despite Retail Adventures previously not being
considered a "reporting entity."

According to SmartCompany, The Australian reported documents
lodged with the Australian Securities and Investment Commission
revealed Retail Adventures had revenues of AUD985 million for the
first 16 months of its existence and employed 7,742 people.

However, SmartCompany says, by the end of July 2010, Retail
Adventures had lost AUD55.1 million and its auditors at the time,
KPMG, noted "these conditions . . . indicate the existence of a
material uncertainty which casts significant doubt about the
company's ability to continue as a going concern without the
ongoing financial support of the company's ultimate parent
entity."

The next year Retail Adventures recorded a loss of
AUD73.6 million and KPMG resigned as auditor, SmartCompany
relays.

Colin Porter, managing director of Creditor Watch, told
SmartCompany that as Retail Adventures was not a reporting
entity, it was not obliged to disclose profits or losses.
However, given the size of the business it is "understandable"
that ASIC wants to look at it to make sure they have been
conducting their business by the regulations.

Porter says being non-reporting leaves creditors and suppliers
"trading blind with no knowledge of the risks."

                       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.


SHANTON RETAIL: Fashion Chain Sale Finalized
--------------------------------------------
William Mace at stuff.co.nz reports that the sale of the Shanton
fashion chain to a consortium led by Auckland businessman Mandeep
Pala has been finalized.

While the sale price was not publicized, Shanton's receiver said
it was much less than the NZ$7.2 million owed to the company's
secured creditor, according to stuff.co.nz.

"Whilst there was a significant shortfall in the amount owed to
the secured parties they are very supportive of the sale on the
basis that the employment of many long serving loyal staff has
been preserved and that Shanton will continue to be a feature in
the retail fabric of New Zealand," receiver Anthony Harris said
in a statement.

stuff.co.nz says the company also owed over a million dollars
more to the Inland Revenue Department and trade creditors, with
the latter unlikely to be paid as a result of the deal.

                        About Shanton Retail

Shanton Retail Limited, the company behind Shanton clothing,
operates 39 retail stores throughout New Zealand and is a long
established brand. It employs 122 workers.

In October 2012, Anthony Harris -- anthony@anthonyharris.co.nz --
was appointed receiver of Shanton Retail and its parent company
Shanton Apparel, which also owns BBB Retail, the operator of Bed,
Bath & Beyond. Shanton Retail said the receivership follows "a
period of difficult trading conditions."


TINKLER GROUP: High Court Ends Aston Copper Wind-Up Process
-----------------------------------------------------------
Paddy Manning and Daniel Hurst at smh.com.au report that the
Supreme Court in Brisbane on Wednesday terminated wind-up
proceedings against former billionnaire Nathan Tinkler's Aston
Copper after the applicant, law firm HWL Ebsworth, withdrew.  All
parties agreed to dismiss the application and no costs order was
made, the report says.

smh.com.au says HWL Ebsworth also withdrew from wind-up
proceedings against Mr. Tinkler's Queen Street Capital, but the
tax office took its place as petitioning creditor and the matter
was adjourned until January 11.

Meanwhile, smh.com.au cites, the Tinkler Group's main Web site
has been pulled down.

The site -- http://www.tinklergroup.com/-- which once showcased
the various mining, property and infrastructure interests of
Mr. Tinkler now presents only as a single homepage with the
group's logo, says smh.com.au.

According to the report, still running are Web sites for
Mr. Tinkler's Hunter Sports Group, which owns the Newcastle
Knights and Newcastle Jets, and thoroughbred stud Patinack Farm.

smh.com.au says the Tinkler Group site once boasted that chairman
Mr Tinkler, was "guided, in business, by a philosophy that serves
both he and his partners well . . .  Nathan embarks on deals and
investments he is truly passionate about."

A spokesman for Mr. Tinkler said the group's Web site had just
been a title page for "some months," the report relays.

Two of Mr. Tinkler's companies, Mulsanne Resources and Patinack
Farm Administration, are in liquidation and another, TGHA
Aviation, is in receivership.  A fourth company, Tinkler Group
Holdings Administration, is facing a possible wind-up by the tax
office, smh.com.au notes.


* AUSTRALIA: Businesses in Insolvency Hit Record High in October
----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that the number of
businesses entering insolvency reached a record number in
October, but insolvency firms said activity has lessened now
they're settling in for the traditionally quiet Christmas period.

SmartCompany relates that insolvency firms also said they're
expecting a rise in the number of insolvencies in the new year,
as retailers who have hung on through a dry summer end up closing
down.

SmartCompany notes that the most recent figures from the
Australian Securities and Investment Commission show in October
that 991 companies entered at least some form of insolvency
administration, including liquidation, voluntary administration
and receivership. It's the highest October on record, up by 148
appointments from 2011, SmartCompany relays.

According to SmartCompany, the statistics are the culmination of
a shocking year for insolvencies.  In February, there were 1,123
insolvencies, which was a record and represented a 47% increase
from the average of the previous five years.

Dissolve managing director Cliff Sanderson told SmartCompany
while there is no evidence to suggest the Australian Tax Office
[ATO] is cracking down on small business, it's almost certain to
be a factor.

"I've always had the feeling that for the smaller insolvencies, a
prime factor there is the Australian Tax Office. But having said
that, we get a pretty good feel for whether or not directors are
being pressured," the report quotes Mr. Sanderson as saying. "So
I'd say it's there, to be sure, but I'm not sure if it's
significantly more than in the past six months."



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


ZOOMLION HEAVY: S&P Rates Senior Unsecured Notes 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating and 'cnBBB+' Greater China regional scale rating to a
proposed issue of senior unsecured notes guaranteed by Zoomlion
Heavy Industry Science and Technology Co. Ltd. (Zoomlion:
BB+/Stable/--; cnBBB+/--). Zoomlion H.K. SPV Co. Ltd. will issue
the notes. The rating on the notes is subject to our review of
the final issuance documentation.

"The issue rating is the same as the corporate credit rating on
Zoomlion to reflect credit support from the company. We expect
Zoomlion's ratio of priority debt to total assets to remain below
our threshold of 15% for speculative-grade debt over the next two
years," S&P said.

Zoomlion will use the proceeds from the proposed notes to fund
overseas expansion, including enhancing its distribution and
service network and establishing research and development centers
and manufacturing facilities. The notes issuance will slightly
increase the company's debt-to-EBITDA ratio to 2.5x-3.0x in 2013
from our base case of 2.2x-2.5x.

The rating on Zoomlion reflects the company's high revenue
concentration, significant working capital requirements, credit
sales, and execution risk. Zoomlion's strong market position,
product diversity, and good profitability temper the above
weaknesses.



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


FAIRTOL INDUSTRIAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of Fairtol Industrial Limited.

The company's liquidator is Teresa S. W. Wong.


GOLDCOME INDUSTRIAL: Fok and Sutton Step Down as Liquidators
------------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Goldcome Industrial Limited on Oct. 24, 2012.


HUA YANG: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------
Creditors of Hua Yang Printing Holdings Co., Limited, which is in
liquidation are required to file their proofs of debt by Dec. 21,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          8th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


MARK UNIVERSAL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of Mark Universal Limited.

The company's liquidator is Teresa S. W. Wong.


MEGAMOOCH INTERNATIONAL: Fok and Sutton Step Down as Liquidators
----------------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Megamooch International Limited on July 20, 2012.


NAMEBLE GARMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Nov. 26, 2012, to
wind up the operations of Nameble Garment Limited.

The company's liquidator is Teresa S. W. Wong.


NEW CENTURY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of New Century Properties Limited.

The company's liquidator is Teresa S. W. Wong.


REGAL LINK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of Regal Link Industrial Limited.

The company's liquidator is Teresa S. W. Wong.


SIMS (H.K.): Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of Sims (H.K.) Limited.

The company's liquidator is Teresa S. W. Wong.


SILICON ARTS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 24, 2012, to
wind up the operations of Silicon Arts Company Limited.

The company's liquidator is Pui Chiu Wing.


SUN GLORY: Court to Hear Wind-Up Petition on Jan. 9
---------------------------------------------------
A petition to wind up the operations of Sun Glory (Hong Kong)
Limited will be heard before the High Court of Hong Kong on
Jan. 9, 2013, at 9:30 a.m.

Lee Lok Bun filed the petition against the company on Nov. 5,
2012.


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

Yang Kang Yi filed the petition against the company on June 19,
2012.

The Petitioner's solicitors are:

          S. T. Poon & Wong
          16th Floor, Hong Kong Trade Centre
          Nos. 161-167 Des Voeux Road
          Central, Hong Kong


THERMOPOWER ELECTRICAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of Thermopower Electrical Appliance (HK)
Limited.

The company's liquidator is Teresa S. W. Wong.


TRUSTY ASIA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2012, to
wind up the operations of Trusty Asia Group Limited.

The company's liquidator is Teresa S. W. Wong.



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


GENESIS INFRATECH: ICRA Rates INR15cr LT Loan '[ICRA]C'
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]C' to INR15.0
crore proposed long term fund based facilities of Genesis
Infratech Private Limited.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              --------    -------
   Proposed Long Term        15.00     [ICRA]C/Assigned
   Fund Based Limit

The rating assigned by ICRA takes into consideration the
simultaneous launch of many projects by the Genesis group, which
coupled with significant delays in completion of "Genesis Mall"
project gives rise to execution risk. While the group has
recently completed its first residential project "Genesis
Gardenia" as per the schedule which is a credit positive, however
significant delays in its largest project "Genesis Mall" and
considerable work remaining in the Genesis Mall project (with
-50% of the budgeted cost incurred till Sept. 30, 2012) continue
to pose high execution and funding risks. This is also reflected
in two re-schedulements in repayment terms undertaken by the
company for its term loans taken for funding of the Mall project.
The rating takes comfort from the satisfactory booking response
witnessed in its "Genesis Flora" project wherein the company has
sold -55% of the flats within 6 months of launch (Till November
15, 2012), which will mitigate the funding risks for this project
in case of timely collection from its customers.

Going forward, the ability of the company to execute its ongoing
projects within its budgeted costs and time, maintain timely
sales and collections for its residential project and arranging
funds for completion and timely repayments of the term loan
(commencing from July 2013) raised for the Mall project will
remain key rating sensitivities.

Incorporated in 2006, Genesis Infratech Pvt. Ltd is engaged in
construction of mall and residential housing projects, mainly in
Bhiwadi, Rajasthan. Currently, the Genesis group has five
projects in the pipeline, of which three are residential housing
projects "Genesis Gardenia", "Genesis Flora" and "Genesis
Skyeon"; one commercial mall "Genesis Mall" and one plotted
development "Genesis City". Of these five projects, two projects
of the group "Genesis Mall" and "Genesis Flora" are being
executed by GIPL, while the other projects are being undertaken
by the group companies. Currently the Gardenia project is nearing
completion, while all the other projects are in nascent stages,
except for mall which has been under-construction for last 4
years. The construction of "Genesis Mall" commenced in the year
2008 with funding support from Rajasthan Financial Corporation.

During FY 2012, the company reported revenues of INR12.59 crore
and net profit of INR0.19 crore as against revenues of INR8.63
crore and net profit of INR0.20 crore in the previous year based
on the percentage completion method for Genesis Mall project.


HI-REACH CONSTRUCTION: ICRA Rates INR11cr Loan '[ICRA]B'
--------------------------------------------------------
ICRA has assigned '[ICRA]B' to the INR11.00 crore long term fund
based limits of Hi-Reach Construction Equipments Private Limited.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------               --------      -------
   Fund Based Limits (CC)     11.00       [ICRA]B assigned

The assigned ratings favorably take into account HCEPL's long
standing presence in the scaffolding industry and a reputed and
diversified client base. However, the ratings are constrained by
execution risks associated with its debt funded retail project,
which has led to deterioration in the capital structure of the
company. Further, the ratings are also constrained by the
volatility in the scaffolding sales, stretched receivables and
competition driven margin pressures in this highly competitive
and unorganized industry. Going forward, the rating will remain
sensitive to the profitability of the retail project and
stability of the scaffolding business.

Hi-Reach Construction Equipments Private Limited was incorporated
in 1992 and is involved in manufacturing and trading of steel
scaffolding and formworks. Scaffolding is a temporary structure
used to support labor and material for construction, repair and
maintenance activity. The company has manufacturing plants in
Sahibabad, UP and has marketing offices in Bangalore, Hyderabad,
Mumbai, Nagpur and Vadodra.

The company manufacturing facilities are located in Sahibabad,
U.P. and have a capacity of manufacturing 13000 MT per annum. The
company plans to venture into retails segment and is about to
launch a five storied retail store in Noida, Uttar Pradesh. The
store is named 'Indian August' and will feature products such as
home furnishings, drapers, designer women wear to personal
accessories such as artificial jewellery, leather bags etc.


KINGFISHER AIRLINES: In Talks With Etihad Airways to Sell Stake
---------------------------------------------------------------
Niveditha Ravi at Bloomberg News reports that Kingfisher Airlines
Ltd. said Etihad Airways PJSC is among possible investors the
airlines is talking to as it seeks to raise funds though a stake
sale.

Kingfisher said in a filing on Dec. 10, 2012, that discussions
are only at the "negotiation stages" and no agreement has been
reached with Abu Dhabi-based Etihad or any other airline.  It
didn't name any other potential investors or give further details
on the talks, Bloomberg relays.

Etihad is in due diligence with a "couple" of Indian carriers,
Chief Executive Officer James Hogan told Bloomberg in an
interview.  The carrier already has stakes in Virgin Australia
Holdings Ltd., Aer Lingus Group Plc and Air Berlin Plc.

Bloomberg says Etihad agreed to purchase the Kingfisher stake for
more than INR30 billion, Mirror newspaper reported, citing
airlines' officials it didn't identify.  That's more than double
Kingfisher's market value.  A deal may be announced around
Dec. 18, Mallya's birthday, the paper, as cited by Bloomberg,
said.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.


PREMSONS MOTOR: ICRA Assigns 'BB+' Rating  to INR13.21cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR2.21 crore term
loan and INR11.00 cash credit facilities of Premsons Motor Udyog
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned an '[ICRA]A4+' rating to the INR1.65 crore
non fund based bank facilities of PMUPL.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              --------      -------
   Fund Based Limit -        2.21        [ICRA]BB+ assigned
   Term Loan

   Fund Based Limit - Cash   5.00        [ICRA]BB+ assigned
   Credit (Stock & Book Debt)

   Fund Based Limit -        6.00        [ICRA]BB+ assigned
   Cash Credit (e-DFS)

   Non Fund Based Limit-     1.55        [ICRA]A4+ assigned
   Bank Guarantee

   Non Fund Based Limit-     0.10        [ICRA]A4+ assigned
   Derivative Limit

The ratings factor in the experience of the promoters in the
automobile dealership business, the company's status as an
authorized dealer of Maruti Suzuki India Limited in Ranchi and
its presence across different parts of Jharkhand, which is likely
to improve the company's competitive position. The ratings,
however, take into account the inherently low operating margin of
the company, on account of industry dynamics and commission
structure decided by the principal, which in turn leads to
depressed level of coverage indicators. ICRA notes that the
decline in PMUPL's sales and profits in 2011-12 was due to
production losses suffered by MSIL, the highly competitive
intensity among dealers of MSIL and other Original Equipment
Manufacturers (OEM) which led to severe pressure on pricing. The
prevailing high interest rates and fuel prices in the country are
likely to have an adverse impact on the business of the company
in the near term.

PMUPL, incorporated in 2004, as an authorized dealer of MSIL with
one showroom in Ranchi, Jharkhand is presently engaged in the
sale of new cars, servicing of vehicles, sale of spare parts and
also deals in pre-owned cars. Mr. Punit Kumar Poddar and Mr.
Pankaj Kumar Poddar are currently handling the entire operations
of the company and currently operates through two showroom cum
service centre at Ranchi, service centre and workshop facilities
at Daltongunj and Gumla and a service station at Khunti district
of Jharkhand.

Recent Results

The company reported a net profit of INR0.25 crore on an
operating income of INR109.34 crore in 2011-12 as compared to a
net profit of INR1.13 crore on an operating income of INR126.58
crore during 2010-11.


PRINCE MARKETING: ICRA Reaffirms 'B+' Rating on INR15cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned
to the INR15.00 crore, long-term, fund based facility and the
short-term rating of '[ICRA]A4' assigned to the INR7.5 crore,
short-term, non-fund based facilities of Prince Marketing.  ICRA
has also assigned long-term rating of [ICRA]B+ to the INR33.00
crore, long-term loans and a short-term rating of [ICRA]A4 to the
INR25.00 crore (enhanced from INR10.00 crore), short-term, non-
fund based facilities of the firm. The INR7.50 crore, short-term,
fund based facility is a sub-limit of INR15.00 crore, long-term,
fund based facility with combined utilization not to exceed
INR15.00 crore.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------               --------      -------
   Long-term, fund            15.00       [ICRA]B+ Reaffirmed
   based limits               33.00       [ICRA]B+ Assigned

   Short-term, fund            7.50       [ICRA]A4 Reaffirmed
   based limits

   Short-term, non-           25.00       [ICRA]A4 assigned
   fund based limits

The rating takes into the account the sharp deterioration of
capital structure indicators following the firm's high debt
funded investment in property. The operating environment has also
deteriorated reflecting in the decline in operating margins.
Coupled with higher interest costs on rising debt, the interest
and debt service indicators have weakened considerably over FY
2012. The firm continues to have high working capital intensity -
this along with large investments lead to stretched liquidity
indicators.

ICRA also takes note of the association of the firm with Prince
Group which aides the firm's trading operations and strong growth
demonstrated by the firm over the past three years. According to
the management, the firm's strategic investment in distressed
assets in Bhuj leaves the scope for future value-unlocking.

                      About Prince Marketing

Prince Marketing is a partnership firm started in 2001 and is
primarily engaged in trading of raw materials utilized in plastic
manufacturing and finished PVC products. The key products traded
by PM are PVC resins, PVC pipes and fittings, PVC ball valve, and
other petroleum products such as EVA, PPE and HDPE. The firm is
jointly held by Mr. Jayant Chheda (Managing Director, PPFL) and
family. The firm operates through five depots in India - one
owned depot at Bhiwandi and four leased out depots each at Pune,
Haridwar, Indore and Chennai.

The firm, being a part of the Prince Group, enjoys good
relationship with existing dealers of PPFL (which are over 2,500
spread across India). PM also has strong relationship with key
PVC resin manufacturers in India and in international markets and
has developed a strong market intelligence system to time
purchases based on demand-supply scenario of various products.
The firm also acts as a stockist for PPFL products -- PVC, CPVC
and UPVC pipes and fittings.

Recent Results

For the twelve months ending March 31, 2012, the firm has
reported profit before tax (PBT) of INR8.9 crore on an operating
income of INR100.7 crore as compared to a PBT of INR0.9 crore on
an operating income of INR71.4 crore for the twelve months ending
March 31, 2011.


RIDDHI AGRO: ICRA Reaffirms 'BB-' Rating on INR1.49cr Loan
----------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB-' rating assigned to the
INR1.49 crore (reduced from INR2.24 crore earlier) term loan and
INR9.50 crore (enhanced from INR7.70 crore earlier) cash credit
facilities of Riddhi Agro Industries.  The outlook on the long
term rating is stable.

                         Amount
   Facilities           (INR Cr)      Ratings
   ----------           ---------     -------
   Fund Based Limits      1.49        [ICRA]BB-reaffirmed
   (Term Loans)

   Fund Based Limits      9.50        [ICRA]BB-(Stable)
   (Cash Credit)                      reaffirmed/ assigned

The reaffirmation of rating takes into account the experience of
the promoters in the business of agro based products, proximity
to raw material sources, resulting in low landed cost and easy
availability of pulses, and a diversified customer base, which
reduces client concentration risk to a large extent. The rating,
however, is constrained by RAI's relatively small scale of
current operations, though the business has witnessed continuous
growth over the years and the susceptibility of its margins to
raw material price fluctuations. The rating also considers the
highly competitive industry, leading to thin operating
profitability, weak financial profile characterized by low net
profitability, aggressive capital structure and depressed level
of coverage indicators, and the risks associated with the legal
status of RAI as a partnership firm, including the risk of
withdrawal of capital by the partners.

RAI, incorporated in 2006, is engaged in the processing of pulses
to manufacture chana and masoor dal with an installed capacity of
21,000 metric tonne per annum (MTPA) and 7,200 MTPA respectively.
The manufacturing facilities of the firm are located at Raipur,
Chhattisgarh.

Recent Results

The firm reported a net profit of INR0.07 crore on an operating
income of INR46.11 crore in 2011-12. During the first half of
2012-13, the firm has reported an operating income of INR26.81
crore (provisional).


SAHARA UTSARGA: ICRA Assigns 'B+' Rating to INR46cr LT Loan
-----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating and '[ICRA]A4' rating to the
INR46 crores bank facilities of Sahara Utsarga Welfare Society.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long term/ Short term     46.00    [ICRA]B+ and [ICRA]A4
   bank facilities                    assigned

The ratings factor in Sahara's modest scale of operations
(managed portfolio size of INR52 crore as on Sep-12),
geographical concentration of portfolio, high delinquencies,
tight liquidity, limited financial flexibility, lack of access to
external equity capital because of legal structure (Sahara being
registered as a Society) and lack of regulatory oversight.
Sahara, being registered as a society, does not come under the
regulatory purview of Reserve Bank of India (RBI) though it
follows RBI guidelines as applicable to NBFC-MFI. Sahara also
needs to upgrade its IT systems to enable it to undertake credit
information bureau check which would be important to maintain
health of its credit portfolio. The ratings, however, draw
comfort from Sahara's reasonable track record of more than a
decade in microfinance operations and experienced founders and
senior management team. The ratings are also constrained by risks
associated with the unsecured lending business, political risks,
operational risks arising out of cash handling, and dependence on
wholesale funding sources. Though establishment of credit
information bureau and disciplined lending post the introduction
of norms for MFIs by RBI are likely to mitigate some of risks
associated with unsecured lending.

Sahara started microfinance operations in 1998 and it has
reasonable track record of microfinance operations. Its
operations are currently limited to West Bengal with 120 branches
spread over 9 districts of West Bengal which expose it to
geographical concentration risk. Sahara's credit portfolio
declined from INR69.15 crore as on Mar-11 to INR51.91 crore as on
Sep-12 due to paucity of funds post AP crisis. As a result of
difficult operating environment, Sahara's asset quality has
deteriorated over the past one and half year. The 30+ dpd has
risen from 2.54% in Mar-11 to 4.59% in Mar-12, though moderated
marginally to 4.17% as on Sep-12. The increase in delinquency has
been partly due to the decline in the portfolio of Sahara with no
fresh disbursements to new members. Ability of the company to
maintain its asset quality indicators would remain a key rating
sensitivity going forward.

Sahara, being registered as a Society, does not have access to
external equity capital; its capital requirement is met primarily
from internal capital generation (accumulated profits). As for
debt funding, it is primarily dependent on the term loans from
banks and financial institutions. Sahara has been unable to raise
adequate resources post the AP crisis in October 2010 which has
impacted its portfolio growth. In ICRA's view the company's
ability to raise funds from banking channel at competitive cost
would be critical for its growth.

Sahara has reported adequate profitability over last few years
though profitability declined in FY 2012 (PAT 3.28% of ATA in
FY12 from 5.19% in FY11) primarily because of decline in
portfolio which caused rise in operating expenses as % of ATA.
Organisation's profitability is also supported by the fact that
it does not pay income tax as it is registered as a society.
Sahara's future profitability would depend on its ability to
raise funds at competitive rates to achieve portfolio growth and
maintain control on asset quality profile.

Sahara Utsarga Welfare Society was set up in July 1996 as a non-
governmental organisation under the West Bengal Societies
Registration Act of 1961. The society provides microfinance loans
to women under the Self Help Group Model. Sahara is operating
through a network of 120 branches spread over 9 district of West
Bengal and has a managed portfolio of INR51.91 crore as on Sep-
12. Its corporate and registered office is in Kolkata, West
Bengal. Founders of Sahara have also formed a NBFC named Destiny
Finco Private Limited and are in the process of transferring
Sahara's micro finance operations to NBFC company.

Sahara reported a profit after tax (PAT) of INR2.50 crore in
FY2011-12 on total managed asset base of INR72.30 crore as on
Mar-12 compared with PAT of INR4.11 crore in FY 2010-11 on total
managed asset of INR80.21 crore as on Mar-11. Sahara had a gross
NPA of 3.88% as on Mar-12.


SHREE PUSHKAR: ICRA Cuts Rating on INR48.07cr Loans to 'BB+'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR48.07
crores1 fund based/ term loan facility of Shree Pushkar Chemicals
and Fertilisers Limited (formerly known as Shree Pushkar Petro
Products Limited) to '[ICRA]BB+' from '[ICRA]BBB-'.  The outlook
on the long-term rating has been revised to 'Negative'. ICRA has
also revised the short term rating assigned to the INR33.0
crores, short term non-fund based limits of SPCFL to '[ICRA]A4'
from '[ICRA]A3.'

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long Term Fund Based     33.0         [ICRA]BB+ (Negative)
   Limits                                (revised from [ICRA]BBB-
                                         (Stable))

   Term Loans               15.07        [ICRA]BB+ (Negative)
                                         (revised from [ICRA]BBB-
                                         (Stable))

   Short Term Non-Fund      33.0         [ICRA]A4 (revised from
   Based Limits                          [ICRA]A3)

The ratings revision take into account the stretched cash flow
position of the company as reflected by negative free cash flows
& consistently high working capital utilization following
increased working capital requirements post commissioning of the
new product facilities and sizeable debt repayments scheduled
during the current fiscal. The ratings also factor the limited
financial flexibility and moderate gearing levels (at 1.17 times
as on March 31, 2012) due to significant capex & high working
capital intensity. The ratings are further constrained by the
vulnerability of the operating profitability to adverse
fluctuations in the cost of raw materials, decline in import duty
level, demand risks arising from end user industries as well as
intense competitive pressures in the industry. Also, the ratings
take into account of the regulatory risk associated with the
fertilizer business and further susceptibility of the
profitability margins to volatile raw material prices and foreign
exchange fluctuation.

The ratings however continue to reflect the long track record of
SPCFL in the business, its integrated operations; favorable
customer profile, and locational advantage arising from proximity
to ports; raw material sources and end-user industries. The
ratings also factor the improvement in the margins during FY 12
and H1 FY 13 on account of the backward integration benefits and
increased focus on the fertilisers.

Shree Pushkar Chemicals and Fertilisers Limited (SPCFL, formerly
known as Shree Pushkar Petro products Limited) was incorporated
in 1993 and was engaged in trading activities in dyes
intermediates. The company set up its own manufacturing facility
with a single product plant for Gamma Acid at MIDC, Lote
Parshuram in Maharashtra in 1998-99 and over the years has
expanded its activities into manufacturing of complimentary and
allied products like K Acid, Vinyl Sulphone Ester, Acetanilide,
Meta Uriedo Aniline, R Salt, Dicalcium phosphate, H-acid and
Sulphuric acid and its derivatives, Single Super Phosphate (SSP)
and Soil Conditioner (SC). The company has several plants
presently at a single location to manufacture the various
products with an installed capacity of 109936 tonnes per annum
(TPA).

Recent Results

For the year FY 12, the company reported an operating income of
INR150.71 crores and profit after tax of INR5.33 crores. For H1
FY 13, the company reported an operating income of INR81.10
crores and profit before tax of INR4.63 crores (provisional).


SHIVAKRITI INT'L: ICRA Assigns 'BB' Rating to INR13cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR13 crore fund based
facilities of Shivakriti International Limited. The long term
rating carries a stable outlook. ICRA has also assigned short
term rating of '[ICRA]A4' to INR62 Crore non fund based
facilities of SIL.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              --------    -------
   Fund Based Limits         13        ICRA]BB(Stable)(Assigned)
   Non-Fund Based Limits     62        [ICRA]A4 (Assigned)

The rating favourably factors in long experience of the promoter
in the field of railway infrastructure, established relationship
with clients and strong order book position of the company
leading to healthy revenue visibility in short to medium term.
The rating also draws comfort from the favorable capital
structure of the SIL characterized by gearing and interest
coverage of 0.67 times and 4.41 times respectively in FY12.

However ICRA notes that major of portion of the pending order
book is due to a single project involving significant land
acquisition hence exposing the company to high project
concentration and execution risks. The rating is also constrained
by exposure of SIL to fluctuations in raw material prices due to
absence of raw material price escalation clause in the contracts
entered into by SIL. Further rising working capital requirement
with growing scale of operations of the company has resulted in
negative fund flow from operations (FFO) for the company in FY12.
With execution of growing order book, the funding requirement of
the company is expected to increase further.

Going forward, timely completion of the orders while maintaining
its profitability and capital structure will be among the key
rating sensitive factors.

Shivakriti International Limited was incorporated in 2005 by Mr.
S.D. Sharma, who was previously associated with Kalindee Rail
Nirman (Engg) Private Limited as a director. The company got its
first order and started operations in 2008.SIL is an ISO
9001:2008 certified company engaged in the civil engineering
works and undertakes various projects relating to construction of
railway sidings, track linking and signaling & telecommunication
work for Indian Railways and other private companies. The company
has its head office in Jaipur (Rajasthan) and branch office in
Gurgaon (Haryana). The company is currently managed by Mr. S.D
Sharma who looks after the overall management of the company and
his son Mr. Aditya Awasthi who handles the marketing activities
of the firm.

Recent Results

For the period 2011-12, the company has reported net profit of
INR3.28 crore on an operating income of INR64.18 crore.


TANGLING MINI: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has revised the long term rating of Tangling Mini Hydel
power Project from '[ICRA]C' to '[ICRA]D' for INR20.00 crore1
fund based facilities.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              --------    -------
   Fund-Based Limits-         19.40    [ICRA]D
   Term Loan

   Fund-Based Limits-          0.60    [ICRA]D
   Unallocated

The rating revision factors in delays in debt servicing by the
company on account of low generation levels (14.31 MUs) in FY
2012 as well as in 7 months of FY2013 on account some technical
problem in turbine which led to lower generation. The rating
action also factors in the company's weak financial risk profile
characterized by high gearing of 1.78X as on March 31st, 2012,
modest coverage indicators and inadequate cash accruals which
have resulted in delays on debt servicing obligations. ICRA's
rating also factors in the limited track record of promoters in
hydro power sector as well as the exposure to high hydrological
risks as TMHPP is not covered under deemed generation clause in
case of factors like shortage of water or loss of generation due
to silting, etc. Going forward, satisfactory hydrology, the
ability of the company to meet the designed performance
parameters and timely repayment of its debt obligations will
remain the key rating drivers.

Tangling Mini Hydel Power Project is a Partnership firm jointly
promoted by Sai Engineering Foundation and Mr. K.K. Kashyap. The
firm operates a 5 MW run of the river hydel power plant which
utilizes the water of Tangling Nallah, a tributary of River
Sutlej in district Kinnuar of Himachal Pradesh. The plant
commenced commercial operations in December 2010. The total cost
of the project is INR29.42 crore (including a cost overrun of
INR2 crores), which is funded by a term loan of Rs.19.40 crores
from State Bank of India, and promoter's equity as well as a
capital subsidy of INR3.2 crores. TMHPP has entered into a PPA of
40 years with HPSEB for sale of power generated from the project
at a fixed tariff of INR2.95 per unit. The project is expected to
generate 22.74 MU in a 75% dependable year.

Recent Results:

As per the audited results, TMHPP reported a net profit of
INR0.54 crore on an operating income of INR4.22 crore for the
year ended March 31, 2012.


TRIKOOT IRON: ICRA Reaffirms 'BB' Rating on INR31.79cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of Trikoot Iron & Steel
Casting Limited at '[ICRA]BB' for an enhanced amount of INR31.79
crore1 (earlier INR27.05 crore) fund based limits. The rating
carries a stable outlook. ICRA has also reaffirmed the short term
rating at '[ICRA]A4' for INR6.00 crore non-fund based limits of
Trikoot.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                4.79    [ICRA]BB(Stable)(Reaffirmed)
   Fund Based Limits       27.00    [ICRA]BB(Stable)(Reaffirmed)
   Non Fund Based Limits    6       [ICRA]A4(Reaffirmed

The ratings reaffirmation takes into account long experience of
Trikoot's promoters in iron and steel industry and its
established presence with strong distribution network in regions
like Haryana, U.P., Delhi etc. The rating also factors in healthy
revenue growth (by 56%) witnessed by company in FY12 driven by
increase in revenue from TMT bar segment and higher income from
trading. The ratings are however constrained by weak financial
profile of the company as reflected by low profitability and
return indicators. Significant debt funded capex incurred by the
company has led to high gearing and weak coverage indicators.
However with infusion of equity of INR5 crore in the current
financial year by the promoters, the gearing is expected to
improve. The rating also factors in the intensely competitive
nature of the sector and vulnerability of the margins to inherent
cyclicality of the steel industry.

Going forward, improvement in profit margins and coverage
indicators will be the key sensitive factors. About the firm
Trikoot Iron & Steel Casting Limited was established in 1968 as a
partnership firm named Bharat Steels by Mr. Harbans Lal Goel and
15 other partners. It was later renamed as Bharat Steels Rolling
in 1991 and the number of partners was reduced to eight. The firm
was again renamed as Tehri Girders and it remained a partnership
firm, later in 2005 it was constituted as a public limited
company named Tehri Girders Limited. The public limited company
was finally named Trikoot Iron & Steel Castings Limited in 2008.
It was initially engaged in the manufacturing of mild steel
ingots and commenced the manufacture of thermo mechanically
treated (TMT) bars in March 2008.The bars are used in the
construction of multi storied buildings, dams, bridges and houses
and their thickness varies from 8mm to 40 mm. It also
manufactures structural steel and steel castings. The present
company is promoted by Mr. Satish Chand Goel. The company has a
current capacity to manufacture 60, 000 MT TMT bars, 25, 000 MT
MS Ingots and 18, 000 MT structural steel

Recent Results

For the financial year 2011-12, Trikoot reported operating income
of INR188.33 crore and net profit of INR1.66 crore.



===============
M A L A Y S I A
===============


AMBANK BERHAD: Moody's Raises Preferred Stock Rating to 'B1(hyb)'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
deposit ratings of AmBank (M) Berhad to Baa1/P-2 from Baa2/P-3,
following the upgrade of its standalone bank financial strength
rating (BFSR) to D+ from D. The D+ BFSR maps to ba1 on Moody's
long-term rating scale.

At the same time, Moody's has upgraded AMBB Capital (L) Ltd's
preferred stock rating to B1 (hyb) from B2 (hyb). AMBB Capital is
a special purpose vehicle wholly-owned by AmBank.

All of the above ratings now carry a stable outlook.

Ratings Rationale

"The upgrade of AmBank's ratings results from the bank's improved
financial fundamentals, particularly asset quality and
capitalization, which position it well relative to similar
Moody's D+ rated banks," says Simon Chen, a Moody's Analyst.

"The upgrade also reflects Moody's expectation that AmBank will
continue to benefit from management's ongoing efforts to optimize
business growth based on profitability and focus on credit
quality," says Mr. Chen.

AmBank's foreign currency long-term deposit rating of Baa1 is
supported by (1) the bank's ba1 baseline credit assessment (BCA),
and (2) Moody's assessment of a very high probability of systemic
support, if required.

This assessment is predicated on AmBank's entrenched, sizable and
stable market position, with a 5% share of the system's deposits,
which in turn underpins Moody's view of its systemic significance
to the Malaysian banking sector.

The stabilization of the rate of formation of new impaired loans
over the last four years and high impaired loan coverage ratios
are driving the consistent improvements in asset quality.

At end-September 2012, its gross impaired loans ratio was 2.6%,
down from 2.9% at end-March 2012 and 3.7% at end-March 2011. Its
impaired loans coverage ratio was 110% at end-September 2012.

The bank's improved risk management practices and ongoing efforts
at rebalancing its portfolio -- coupled with the benign outlook
for domestic interest rates -- should support asset quality and
loan recovery from any potential weakening in the credit
environment.

Plans to further expand its wealth management, transaction
banking, foreign exchange and derivatives businesses -- partly
through leveraging ANZ's international connectivity and
intensifying cross-selling in the near term -- will support
profits and deposits.  The bank's Tier 1 capital ratio was 10.6%
at end-September 2012. Moody's expects core profitability to
remain robust and to support internal capital generation, thereby
funding business growth over the next 12-18 months.

The stable rating outlook incorporates Moody's opinion that even
if AmBank's credit costs exceed Moody's expectations, its capital
position should not deteriorate significantly. The stable outlook
can withstand cyclical downward pressures on asset quality and
the expected increase in credit charges.

AmBank's ratings have limited upside potential in the short term.
But the following factors could lead to upward pressure: (1)
stabilization of impaired loans below 2% of gross loans over six
quarters; (2) further reductions in credit risk concentration in
regard to single borrowers and industry sectors; (3) continued
maintenance of risk-adjusted profitability -- as measured by net
income as a percentage of average risk-weighted assets -- of
above 2%; and (4) continued maintenance of an adequate capital
buffer against credit losses with the Tier 1 capital ratio above
10%.

Conversely, the following factors could result in a downgrade of
AmBank's ratings: (1) aggressive organic expansion or
acquisitions resulting in significant rises in its risk profile;
(2) keen price competition that would result in net income
falling below 1.5% of average risk-weighted assets; (3) a
significant weakening in its operating environment, or more
relaxed underwriting practices, resulting in its impaired loans
ratio rising back above 3%; and (4) a decline in its Tier 1 ratio
below 8%.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Headquartered in Kuala Lumpur, AmBank (M) Berhad reported total
assets of MYR85.9 billion (US$27.8 billion) as at September 30,
2012.



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


OSCAR MARITIME: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 23, 2012, to
wind up the operations of Oscar Maritime Pte Ltd.

Eastern Bulk Pte Ltd filed the petition against the company.

The company's liquidators are:

         Tan Suah Pin
         Chian Yeow Hang
         Care of Messrs Infinity Consulting Pte Ltd
         133 New Bridge Road #25-08
         Chinatown Point
         Singapore 059413


SOUTH NIHON: Creditors' Proofs of Debt Due Jan. 8
-------------------------------------------------
Creditors of South Nihon (Singapore) Pte 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's liquidator is:

          Jacqueline Chan Li Shan
          171 Chin Swee Road
          #08-01 San Centre
          Singapore 169877


TAI HUA: Creditors' Proofs of Debt Due Jan. 8
---------------------------------------------
Creditors of Tai Hua Development & Investment Pte Ltd, which is
in 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 Nov. 24, 2012.

The company's liquidator is:

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


TNS SHIPPING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 23, 2012, to
wind up the operations of TNS Shipping Services Pte Ltd.

Kog Japan K. K. filed the petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         care of BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


UPPERTON HOLDINGS: Creditors' Proofs of Debt Due Jan. 7
-------------------------------------------------------
Creditors of Upperton Holdings Pte Ltd, 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



                             *********

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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