TCRAP_Public/121217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, December 17, 2012, Vol. 15, No. 250


                            Headlines


A U S T R A L I A

ADCIV PTY: City Council Seeks Money From Insurers
BANKSIA SECURITIES: Richmond Sinnott Put on Notice Over Audit
CRUSADE ABS 2012-1: Moody's Assigns 'Ba1' Rating to Class E Notes
MIRABELA NICKEL: Moody's Changes 'Caa1' CFR Outlook to Stable
NEWCASTLE COAL: Moody's Affirms 'Ba2' Rating on Sr. Unsec. Notes


C H I N A

CENTRAL PLAZA: Moody's Assigns 'Ba3' Rating to CNY2-Bil. Bonds
LONGFOR PROPERTIES: Moody's Reviews 'Ba2' CFR for Upgrade


H O N G  K O N G

BEST VALUE: Sung Mi Yin Mella Steps Down as Liquidator
CHARMS TEAM: Members' Final Meeting Set for Jan. 7
CHARTER ACCESS: Members' Final Meeting Set for Jan. 8
CHEMISE INTERNATIONAL: Final General Meeting Set for Jan. 8
CONSUMERS CHOICE: Creditors' Meeting Set for Dec. 18

DELFI PARALLELS: Final Meeting Set for Jan. 7
FIT KEY: Members' Final General Meeting Set for Jan. 8
PINE GARMENT: Creditors' Proofs of Debt Due Dec. 28
S.T.S. HEADWEAR: Creditors' Meeting Set for Dec. 18
S.T.S. SPORT: Creditors' Meeting Set for Dec. 18

VICTORY CITY: Commences Wind-Up Proceedings
WRIST BULK: Placed Under Voluntary Wind-Up Proceedings
ZHONG HUA: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AVAIDS TECHNOVATORS: CRISIL Puts 'BB-' Rating on INR50MM Loans
JANI SALES: CRISIL Assigns 'BB+' Rating to INR205MM Loans
LAKSHMIGRAHA ENTERPRISES: CRISIL Rates INR310MM Loan 'B+'
MY CAR: CRISIL Assigns 'CRISIL BB-' Rating to INR220MM Loans
PERFECT INTERNATIONAL: CRISIL Puts 'B+' Rating on INR127MM Loans

R. PIYARELALL: CRISIL Cuts Rating on INR680MM Loans to 'CRISIL D'
R. PIYARELALL IRON: CRISIL Cuts Rating on INR350MM Loans to 'D'
R. R. DEVELOPERS: CRISIL Assigns 'B' Rating to INR83MM Loans
SANJIVANI PARANTERAL: CRISIL Cuts Rating on INR580M Loan to 'BB+'
SRI SAI COLLEGE: Delay in Loan Payment Cues CRISIL Junk Ratings

* INDIA: Moody's Affirms Debt & Deposit Ratings on 3 Indian Banks


I N D O N E S I A

BUMI RESOURCES: Rothschild May Seek to Oust Board


J A P A N

ELPIDA MEMORY: ITC OKs Nanya's Bid to End DRAM Patent Case


N E W  Z E A L A N D

ADVENTURE SPORTS: In Liquidation; Owes More Than NZ$1MM
KAITIAKI ADVENTURES: Rafting Firm Goes Into Liquidation
SIMPLY INSURANCE: S&P Withdraws 'BB' Issuer Credit Rating


                            - - - - -


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A U S T R A L I A
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ADCIV PTY: City Council Seeks Money From Insurers
-------------------------------------------------
Tim Williams at City Messenger reports that work has begun to
complete the long-delayed new playing fields in Victoria Park, as
Town Hall chases hundreds of thousands of dollars from the
insurers of collapsed civil engineering firm ADCIV.

The nine playing fields, to be used for soccer, cricket and
football, were supposed to have been ready for use in winter this
year but are now not expected to be ready until next May.

Cr Michael Henningsen told the City Messenger the one-year delay
was "a dreadful embarrassment."

"It has been a disaster because we missed this winter," the
report quotes Mr. Henningson as saying.

City Messenger relates that Mr. Henningson said the council was
aiming to recoup "several hundred thousand dollars" through
ADCIV's receivers.

Work restarted last month to complete the project, which was left
unfinished when ADCIV went into receivership in July, says City
Messenger.

City Messenger recalls that a Fullarton Rd resident wrote to Lord
Mayor Stephen Yarwood last month saying the council should have
provided better oversight of the playing fields project.

According to the report, City infrastructure and public works
general manager Neil Brown said councillors had met twice in
confidence before a new contract was awarded in October to
Landscape Construction Services.  He confirmed the council was
seeking money from ADCIV's insurers, via the receivers, the
report says.

The report notes that the collapse of ADCIV delayed several
projects around Adelaide.

According to City Messenger, ADCIV receiver Tim Clifton, of
Clifton Hall, said the company's assets had been sold and
employees paid their entitlements.

The council's claim was largely being dealt with by the company's
insurers, Mr. Clifton, as cited by City Messenger, said.

ADCIV -- http://www.adciv.com.au/-- is a South Australian-based
civil engineering contractor.  The Company was previously known
as Adelaide Civil Pty Ltd.

On July 12, 2012, Tim Clifton and Mark Hall were appointed Joint
and Several Administrators of Adciv Pty Ltd, Adplant Hire Pty
Ltd, Adequip Hire Pty Ltd, Kerb Channel Specialists Pty Ltd, and
Charvel Pty Ltd (the ADCIV Group).


BANKSIA SECURITIES: Richmond Sinnott Put on Notice Over Audit
-------------------------------------------------------------
Blair Thomson at Bendigo Advertiser reports that accounting firm
Richmond Sinnott and Delahunty (RSD) has been put on notice over
its audit of Banksia.

The report says RSD gave Banksia a clean bill of financial health
for the 2011-12 financial year, less than four weeks before it
collapsed.

Its audit, signed off by partner Warren Sinnott, found the
company had net assets of AUD24 million and found "no significant
changes in the state of affairs of the company" during the year,
the report relays.

According to the report, liquidator Tony McGrath said there were
concerns over the audit and said RSD was an "obvious" target of
legal action.  "There is an obvious issue around the role played
by the auditor," the report quotes Mr. McGrath as saying.

He said that while the report found Banksia was in surplus, it
was about AUD200 to AUD300 million in deficit, Bendigo Advertiser
reports.

The report relates that Mr. McGrath said there had been problems
embedded in Banksia for some time that had probably begun with
the global financial crisis.

Mr. McGrath said the company had failed to change its lending
practices to suit the market, Bendigo Advertiser relays.

Mr. McGrath, as cited by Bendigo Advertiser, said it could take
up to three years for the liquidation to be complete. The process
has already cost more than AUD1.5 million.

                      About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately $660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


CRUSADE ABS 2012-1: Moody's Assigns 'Ba1' Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Corporate Trust Limited as trustee of
the Crusade ABS Series 2012-1 Trust.

Issuer: Crusade ABS Series 2012-1 Trust

   AUD1,020.00 million Class A Notes, Assigned Aaa (sf);

   AUD60.00 million Class B Notes, Assigned Aa2 (sf);

   AUD36.00 million Class C Notes, Assigned A2 (sf);

   AUD24.00 million Class D Notes, Assigned Baa2 (sf);

   AUD22.00 million Class E Notes, Assigned Ba1 (sf).

The AUD38.00 million Seller Notes are not rated by Moody's.

This is an Australian prime ABS transaction -- a cash
securitisation of receivables extended to obligors located in
Australia. The transaction has a substitution period of 12
months, subject to certain amortisation triggers and portfolio
parameters. The portfolio consists of consumer finance,
commercial hire purchase, goods loan (chattel mortgage) and
finance lease receivables secured by motor vehicles. All
receivables were originated by St. George Finance Limite, a
wholly owned subsidiary of Westpac Banking Corporation. This is
St. George's fourth auto ABS transaction and the first since
merging with Westpac.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Rating Rationale

Crusade Series 2012-1 Trust is similar to structures seen in
previous Crusade transactions sponsored by St. George. A notable
feature of this transaction is the 12 month substitution period.

The portfolio includes a high percentage of loans to retail
consumer obligors (66%). The transaction is exclusively backed by
motor vehicles, predominantly passenger vehicles. Motor vehicles
exhibit less pro-cyclical default patterns and, on average,
higher recovery rates. As a result, Moody's views the Crusade ABS
Series 2012-1 Trust portfolio as exhibiting similar
characteristics to peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue six classes of notes. The notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 15% to 19%), and during the
tail end of the transaction. At all other times, the structure
will follow a pro rata repayment profile, subject to certain
performance criteria such as no unreimbursed charge-offs on any
class of note. This principal paydown structure is comparable to
other structures in the Australian ABS market in recent years.

The substitution period is a feature not commonly seen within
Australian term ABS transactions. The substitution (revolving)
period of 12 months from closing allows available principal to be
used to purchase additional receivables to replenish the pool.

The substitution period is subject to certain performance
triggers which, if breached, will stop the Trustee from
purchasing further receivables. These include, amongst others:

  * charge-offs exceed 1% of the aggregate initial principal
    balance of all Notes;

  * average 90 days delinquencies over the immediately prior 12
    months of greater than 3%.

During the substitution period, the Trustee may only purchase
receivables to the extent they comply with the eligibility
criteria and if, after the purchase, the portfolio continues to
comply with the portfolio parameters. The portfolio parameters
minimise the possibility of major deviation from the
characteristics of the initial portfolio and include:

  * the aggregate principal balance of receivables with balloon
    payments exceeding 55% must not exceed 5% of the aggregate
    principal balance of all receivables;

  * the aggregate principal balance of receivables with a
    remaining term greater than 60 months must not exceed 15% of
    the aggregate principal balance of all receivables; and

  * the aggregate principal balance of receivables with a
    principal balance exceeding $150,000 must not exceed 1.5% of
    the aggregate principal balance of all receivables.

  * the aggregate principal balance of receivables with balloon
    repayments must not exceed 35% of the aggregate principal
    balance of all receivables;

  * the weighted average balloon percentage of receivables (which
    have a balloon payment) must not exceed 30%, based on the
    balloon percentage at origination and weighted by the current
    balance of the receivables; and

  * the aggregate principal balance of consumer finance
    receivables must not exceed 75% of the aggregate principal
    balance of all receivables.

Moody's has assessed the impact of the substitution period on the
credit quality of the portfolio and transaction structure.
Moody's has considered, amongst others, the effect on timing of
defaults for receivables being sold into the trust during the
substitution period, given the seasoned nature of the original
portfolio. Moody's has also considered the possible increase in
default probability, to the extent receivables relating to poorer
performing contract types may be sold into the trust during the
substitution period.

Finally, if Westpac doesn't utilize all the monthly principal
collections to purchase additional receivables, they may hold the
monthly collections up to an amount equal to 25% of the initial
note balance in cash. Given that such cash will not be included
as part of the interest rate swap, Moody's has factored into
Moody's analysis the possible negative carry that may arise
during the substitution period.

Moody's base case assumptions are a default rate of 2.75% and a
recovery rate of 30%. These imply a expected (net) loss of 1.93%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 2.2% and 42%
respectively.

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 2001-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
Crusade transactions, have to date been performing stably.
Overall, the V score of Low/Medium allows Moody's to have a
material degree of comfort with regard to assumptions made in
rating the Crusade Series 2012-1 Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Crusade Series 2012-1 Trust, the model indicated
rating for the Class A Notes remain investment grade when the
default rate rises to 5.5% (double of Moody's assumption of
2.75%) and recovery rates are reduced to 15% (half of Moody's
assumption of 30%). In this scenario the model indicated rating
for the Class A Notes drops 6 notches to A3. The model indicated
ratings for the Class B notes drop 8 notches to Ba1 in the above
scenario.

RATING METHODOLOGY

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


MIRABELA NICKEL: Moody's Changes 'Caa1' CFR Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Caa1
corporate family and senior unsecured ratings of Mirabela Nickel
Limited to stable from negative.

Ratings Rationale

"The outlook change to stable reflects Mirabela's improved
liquidity position resulting from the company's continued
improvement in operating metrics and the equity raising in
June 2013", says Matthew Moore a Moody's Assistant Vice President
-- Analyst. "Mirabela has recently announced that it has
significantly reduced its cash cost position for the second
consecutive quarter. This combined with average nickel price
performance has allowed the company to begin to generate
operating cash flow and maintain its now solid cash balances",
Moore adds.

"While the company is still highly exposed to volatile nickel
prices, the reduction in cash costs to below AUD6.00/lb combined
with the AUD160 million of cash available on Mirabela's balance
sheet as of September 30, 2012 should provide adequate buffer to
withstand a short term downturn in prices" Mr. Moore, says.

Furthermore, nickel prices seem to have stabilised at current
levels having averaged around AUD7.50/lb over the last 6 months.
Moody's base case assumption for the 2013 calendar year is for
nickel prices to average around AUD7.00/lb.

The ability of the company to reduce its cash costs to below
AUD6.00/lb (based on Mirabela's public announcements) and
evidence of stabilisation in nickel prices had previously been
flagged by Moody's as key drivers that could lead to a stable
outlook.

Mirabela set out to aggressively reduce costs early in 2012
following a significant increase in costs in the December 2011
quarter and as nickel prices dropped around 40% from the highs
achieved in 2011. Since implementing these cost cutting and
optimisation initiatives, Mirabela reduced its cash costs for two
consecutive quarters achieving a C1 cash cost of AUD5.38/lb in
the September 2012 quarter. This around AUD2.00/lb reduction
(AUD7.37/lb in the March quarter) allowed the company to generate
modest cash flow from operations for the quarter and preserve its
cash balances, which improved following the AUD120 million equity
raising in June 2012.

"The Caa1 rating continues to reflect the company's position as a
single asset nickel producer with exposure to the highly cyclical
prices and demand characteristics as well as the relatively short
track record of improved production and cash cost levels," says
Moore.

The rating also reflects Mirabela's weak expected credit metrics
under Moody's price assumptions. Assuming Nickel prices of around
AUD7.00/lb over the next two years, Moody's expects Debt-to-
EBITDA to range between 5.5x to 6.5x. This is balanced by
Mirabela's large long life resource base, which lends itself to
conventional mining and processing techniques and limited volume
risk as a result of off-take agreements in place for all
production capacity through 2014.

Moody's expects Mirabela's rating to continue to experience
positive pressure as the company establishes a track record of
sustained production levels and reduced costs. Positive pressure
will also depend on continued stability or improvement in nickel
prices. Specifically, the rating could be upgraded if Mirabela is
able to sustain cash cost at or below the mid-AUD5/lb level and
nickel prices continue to average AUD7.50/lb or above.

The rating could experience negative pressure if improvements in
cash costs and production are not sustained or nickel prices
decline beyond Moody's expectations for a protracted period, such
that Mirabela's liquidity begins to be challenged.

The principal methodology used in rating Mirabela Nickel Limited
was the Global Mining Industry Methodology published in May 2009.

Mirabela Nickel Ltd. based in Perth, Western Australia is a
single asset nickel producer. Mirabela's principal asset is the
Santa Rita Project in Bahia State, Brazil. The Santa Rita project
is a nickel sulphide operation with a nameplate capacity of
7.2Mtpa of ore milled and full production target between 23,000
to 25,000 tonnes of nickel in concentrate.


NEWCASTLE COAL: Moody's Affirms 'Ba2' Rating on Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Baa3 rating
to the AUD325 million senior secured notes to be issued by
Newcastle Coal Infrastructure Group Pty Ltd (NCIG). Moody's also
has affirmed the existing Ba2 rating on the senior unsecured
notes issued by NCIG's parent company, NCIG Holdings Pty Limited
('NCIGH'; together 'Group'), known as the "A Class Hunter
Infrastructure Term Redeemable Securities (HITRS)". The rating
outlook is stable.

The definitive rating supersedes the provisional ratings assigned
on October 3, 2012.

Ratings Rationale

The notes rated are:

  AUD135 million 4.14% Guaranteed Senior Secured Notes, Series
  2012A, due 2019

  AUD120 million 4.72% Guaranteed Senior Secured Notes, Series
  2012B, due 2022

  AUD70 million 4.92% Guaranteed Senior Secured Notes, Series
  2012C, due 2024

The notes are irrevocably and unconditionally guaranteed by NCIGH
and will be senior secured obligations ranking pari passu with
all existing and future unsubordinated indebtedness and benefit
from a first priority security interest in substantially all of
the Group's assets.

The Baa3 rating on the senior secured notes issuance also
recognises the notes' priority position in the Group's capital
structure and the support provided by the secured creditors'
interest in substantially all of the Group's assets. The notes,
which are pari passu to the existing senior secured credit
facilities, are at the operating company level, are senior to the
remainder of the capital structure and have a priority claim on
the group's cash flow and assets.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.

NCIG Holdings Pty Limited (NCIGH) is owned by six substantial
coal producers ('shipper shareholders') operating coal fields in
New South Wales, Australia. NCIGH wholly owns Newcastle Coal
Infrastructure Group Pty Limited ('NCIG'; together 'the group'),
which holds the long term lease on the NCIG Coal Export Terminal
in Newcastle, New South Wales.

NCIG has a 35 year lease on the 172-hectare site on Kooragang
Island and the group began exporting coal in March 2010, from
Stage 1 of the terminal, which is now completed and has a nominal
capacity of 30 million tonnes per annum (mtpa). The second stage
of development, Stage 2AA, which increases nominal capacity of
the terminal to 53mtpa, began shipping coal in May 2012 and
achieved mechanical completion in June 2012. The company is in
the process undertaking the third stage of construction on the
facility, Stage 2F, which will increase total export capacity to
66mtpa.



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C H I N A
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CENTRAL PLAZA: Moody's Assigns 'Ba3' Rating to CNY2-Bil. Bonds
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 senior
unsecured rating to the CNY2 billion 7.6%, 3-year bonds issued by
Central Plaza Development Limited, a fully owned subsidiary of
Beijing Capital Land Limited (BJCL, Ba2 stable).

Moody's has also affirmed the Ba3 corporate family rating of
International Financial Center Property Ltd. ("IFC"), also a
wholly owned subsidiary of BJCL. The bonds are guaranteed by IFC.

The bonds are also supported by a Deed of Equity Interest
Purchase Undertaking and a Keepwell Deed between BJCL, CPD, IFC
and the bond trustee.

In addition, Beijing Capital Group Ltd (unrated), the parent
company of BJCL, has provided a Letter of Support in favor of
BJCL and IFC in connection with the bond issuance.

The ratings outlook is stable.

RATINGS RATIONALE

Moody's definitive rating on this debt obligation affirms the
provisional rating assigned on 20 November 2012.

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

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

The bond proceeds will be used to fund new acquisitions and
project development.

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

Incorporated in the British Virgin Islands in 2000, IFC is the
primary overseas holding company for BJCL. It is fully owned by
BJCL. It is also the guarantor to the bonds issued by CPD.

As of September 2012, IFC had a total land bank of approximately
5.2 million sqm in saleable gross floor area (GFA), representing
approximately 48% of the total land bank under the BJCL group.
Total assets of IFC as of September 2012 were RMB20.4 billion.

Incorporated in China, BJCL is mid-sized developers in China's
residential property sector. As of 30 June 2012, BJCL had a total
land bank of 11 million square meters (sqm) (attributable land
bank: 6.94 million sqm) in GFA covering 14 cities in China. This
land bank would support the company's development in the next
four to five years.


LONGFOR PROPERTIES: Moody's Reviews 'Ba2' CFR for Upgrade
---------------------------------------------------------
Moody's Investors Service has placed Longfor Properties Co.
Ltd.'s Ba2 corporate family rating and Ba3 senior unsecured bond
rating on review for upgrade.

Ratings Rationale

"The review was triggered by Longfor's track record of achieving
its sales target. This ability provides good liquidity support to
the company's property development business," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Longfor recorded contract sales of RMB35.9 billion in the period
from January to November 2012. Moody's believes the company is
likely to achieve its 2012 sales target of RMB39 billion, which
will represent a 20% increase in sales year-on-year measured by
gross floor area.

For 2011, Longfor's contract sales grew by 15% to RMB38 billion,
despite challenging market conditions in the second half of the
year. This growth demonstrates the company's strong ability to
execute sales and is similar to that of developers rated at the
upper end of the Ba range.

In addition, it has good access to debt and equity capital
markets. Longfor has strengthened its liquidity position by
issuing equity of about HKD3.1 billion in September 2012 and
offshore bonds of USD400 million in October 2012.

"Moreover, Longfor has shown prudence in managing its financials
when pursuing land acquisitions, as reflected in its strong
credit metrics," says Mr. Tsang, also the Lead Analyst for the
company.

Based on its 1H 2012 results, the company's EBITDA/interest was
5.5x (on a last-12-months basis) and its adjusted
debt/capitalization was 52%. These metrics are similar to those
of Ba1 rated developers.

Moody's also expects market conditions in 2013 to remain stable.
This situation will make it easier for Longfor to maintain its
operating and financial profiles.

If Longfor sustains its favorable credit metrics, in addition to
cash/total assets of around 10%, in the next 2 years, there would
be pressure for upgrade.

Moody's will evaluate the probability of Longfor achieving this
financial profile in the next 2 years by reviewing Longfor's: 1)
2012 financial results, 2) future business and land acquisition
strategies, and 3) funding needs and debt leverage in the next
two years.

The principal methodology used in rating Longfor Properties
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipality. As of June 30, 2012, it had an
attributable land bank of 31.9 million square meters in gross
floor area, which spans 15 cities in four major regions in China.



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H O N G  K O N G
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BEST VALUE: Sung Mi Yin Mella Steps Down as Liquidator
------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of Best Value
Promotionland Limited on Nov. 30, 2012.


CHARMS TEAM: Members' Final Meeting Set for Jan. 7
--------------------------------------------------
Members of Charms Team Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 7, 2013, at
10:00 a.m., at 8th Floor, Gloucester Tower, The Landmark, at 15
Queen's Road Central, in Hong Kong.

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


CHARTER ACCESS: Members' Final Meeting Set for Jan. 8
-----------------------------------------------------
Members of Charter Access Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Jan. 8,
2013, at 4:00 p.m., at 10/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, in Hong Kong.

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


CHEMISE INTERNATIONAL: Final General Meeting Set for Jan. 8
-----------------------------------------------------------
Members of Chemise International Company Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Jan. 8, 2013, at 11:00 a.m., at 2/F, Block C, Startex
Industrial Building, at 14 Tai Yau Street, San Po Kong, Kowloon,
in Hong Kong.

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


CONSUMERS CHOICE: Creditors' Meeting Set for Dec. 18
----------------------------------------------------
Creditors of Consumers Choice Limited will hold their meeting on
Dec. 18, 2012, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.


DELFI PARALLELS: Final Meeting Set for Jan. 7
---------------------------------------------
Members of Delfi Parallels Marketing Research and Services
Limited, which is in members' voluntary liquidation, will hold
their final meeting on Jan. 7, 2013, at 10:00 a.m., at Unit F,
CNT Tower, 338 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, John Wing Kit Wong, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FIT KEY: Members' Final General Meeting Set for Jan. 8
------------------------------------------------------
Members of Fit Key Limited will hold their final general meeting
on Jan. 8, 2013, at 10:00 a.m., at 20/F, Prince's Building,
Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PINE GARMENT: Creditors' Proofs of Debt Due Dec. 28
---------------------------------------------------
Pine Garment Factory (Hong Kong) Limited, which is in members'
voluntary liquidation, requires its creditors to file their
proofs of debt by Dec. 28, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Liu Sik Fai
         c/o Messrs. Ho, Wong & Wong
         Suite 2508, Tower 1
         Lippo Centre, 89 Queensway
         Hong Kong


S.T.S. HEADWEAR: Creditors' Meeting Set for Dec. 18
---------------------------------------------------
Creditors of S.T.S. Headwear Limited will hold their meeting on
Dec. 18, 2012, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.


S.T.S. SPORT: Creditors' Meeting Set for Dec. 18
------------------------------------------------
Creditors of S.T.S. Sport Limited will hold their meeting on
Dec. 18, 2012, at 10:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.


VICTORY CITY: Commences Wind-Up Proceedings
-------------------------------------------
Members of Victory City Enterprises 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


WRIST BULK: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 23, 2012,
creditors of Wrist Bulk China Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Jesper Soren Glinvad
         Karetmagergyden 7
         9000 Aalborg, Denmark


ZHONG HUA: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2012,
creditors of Zhong Hua Association for the Advancement of Real
Estate and Construction Technology Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, 14/F
         Harbour Centre
         No. 25 Harbour Road
         Wanchai, in Hong Kong



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


AVAIDS TECHNOVATORS: CRISIL Puts 'BB-' Rating on INR50MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Avaids Technovators Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        5       CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              45       CRISIL BB-/Stable (Assigned)

   Packing Credit           10       CRISIL A4+ (Assigned)

   Letter of Credit         10       CRISIL A4+ (Assigned)

   Letter Of Guarantee      95       CRISIL A4+ (Assigned)

   Bill Discounting         20       CRISIL A4+ (Assigned)

The ratings reflect ATPL's moderate financial risk profile,
marked by a low gearing and moderate debt protection metrics; the
ratings also reflect the benefits that the company derives from
its promoters' extensive industry experience and its established
relationships with its customers and suppliers. These rating
strengths are partially offset by ATPL's large working capital
requirements, marked by stretched debtors, and exposure to its
group entity.

Outlook: Stable

CRISIL believes that ATPL will continue to benefit over the
medium term from its long track record of operations and its
established customer base. The outlook may be revised to
'Positive' if the company improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case ATPL records lower-than-expected sales and operating
margin, or if it undertakes a substantial debt-funded capital
expenditure programme or extends substantial financial support to
its group entity, resulting in weakening in its financial risk
profile.

                      About Avaids Technovators

ATPL was set up in 1988 as a private limited company, with Mr.
Rajesh Piplani and Mr. Ashok Kaul as its directors. The company
manufactures aviation warning light systems and control panels,
and trades in electrical fittings, cables, and equipment; it also
undertakes projects on a turnkey basis for design, supply, and
installation of electrical equipment.


JANI SALES: CRISIL Assigns 'BB+' Rating to INR205MM Loans
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Jani Sales Pvt Ltd and has assigned its 'CRISIL
BB+/Stable' ratings to the long-term bank facilities. The ratings
were previously 'Suspended' by CRISIL vide the Rating Rationale
dated October 3, 2012, because JSPL had not provided necessary
information for the rating review. JSPL has now shared the
requisite information enabling CRISIL to assign ratings on JSPL's
bank facilities.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            200       CRISIL BB+/Stable (Assigned;
                                    Suspension Revoked)

   Cheque Discounting       5       CRISIL BB+/Stable (Assigned;
                                    Suspension Revoked)

The ratings reflect JSPL's established position in the paper
distribution market, strong relationships with its principals,
and low inventory and pricing risks. These rating strengths are
partially offset by JSPL's average financial risk profile marked
by a high total outside liabilities to tangible net worth ratio
and moderate debt protection metrics, and the company's high cash
conversion cycle resulting in large working capital requirements.

Outlook: Stable

CRISIL believes that JSPL will continue to benefit over the
medium term from its established position in the paper
distribution market and its strong relationships with its
principals. The outlook may be revised to 'Positive' if JSPL's
debtors reduce, and if the company generates higher-than-expected
accruals, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company faces delays in realisations, leading to significantly
larger working capital requirements, or if its profitability
declines materially, resulting in further deterioration in its
debt protection metrics.

                         About Jani Sales

JSPL, incorporated in 1988, is promoted by Mr. Saifee Jani. It
trades in duplex paper boards and speciality paper. The company
is a distributor for paper mills such as ITC Ltd's Paperboards &
Speciality Papers Division India, Gayatrishakti Paper & Boards
Ltd, and Kherani Paper Mills Pvt Ltd. JSPL has three marketing
and sales offices across India - in Mumbai (Maharashtra), Vapi
(Gujarat), and Baddi (Himachal Pradesh).

For 2011-12 (refers to financial year, April 1 to March 31), JSPL
reported a profit after tax (PAT) of INR11.6 million on net sales
of INR2167 million as against a PAT of INR18.8 million on net
sales of INR1741 million for 2010-11.


LAKSHMIGRAHA ENTERPRISES: CRISIL Rates INR310MM Loan 'B+'
---------------------------------------------------------
CRISIL has assigned a 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Lakshmigraha Enterprises.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              110       CRISIL B+/Stable (Assigned)
   Bill Purchase              2.5     CRISIL A4 (Assigned)
   Bank Guarantee             2.5     CRISIL A4 (Assigned)
   Bill Discounting         200       CRISIL B+/Stable (Assigned)

The ratings reflect LE's below-average financial risk profile,
marked by a modest net worth, a high gearing and weak debt
protection metrics, and low profitability because of the trading
nature of its operations. These rating weaknesses are partially
offset by the benefits that LE derives from its management's
extensive industry experience.

Outlook: Stable

CRISIL believes that LE will continue to benefit over the medium
term from its established position as a del credere agent of
Reliance Industries Ltd (RIL) in South India. The outlook may be
revised to 'Positive' if the firm benefits from large infusion of
capital by its partners, leading to an improvement in its net
worth and capital structure. Conversely, the outlook may be
revised to 'Negative' in case LE faces delay in payment from its
debtors or a decline in its operating margin, leading to further
pressure on its already weak financial risk profile.

LE, established in 1986, is a partnership firm, with Mrs. R
Nandini and Ms. N Nivedita as its partners. The firm trades in
polyester fibre, including polyester filament yarn, polyester
stable fiber, polyester textured yarn, and related products. It
is a del credere agent of RIL, mainly in Tamil Nadu and in nearby
areas.


MY CAR: CRISIL Assigns 'CRISIL BB-' Rating to INR220MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISILA4+' ratings to
the bank facilities of My Car (Indore) Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                9.8       CRISIL BB-/Stable
   Bank Guarantee          30         CRISIL A4+
   Cash Credit            210.2       CRISIL BB-/Stable

The ratings reflect the benefits that MCIPL derives from its
established market position in the automobile dealership segment
in Madhya Pradesh and its promoters' extensive industry
experience. These rating strengths are partially offset by
MCIPL's below-average financial risk profile, marked by a modest
net worth, high external indebtedness, and subdued debt
protection metrics, and exposure to intense competition in the
automobile dealership business.

Outlook: Stable

CRISIL believes that MCIPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established market position in the automobile dealership segment
in Madhya Pradesh. The outlook may be revised to 'Positive' if
the company records higher-than-expected growth in its revenues
and profitability, while improving its capital structure and debt
protection metrics. The outlook may be revised to 'Negative' in
case MCIPL registers a sharp decline in its revenue growth and
profitability, or further weakening of its capital structure.

My Car (Indore) Private Limited (MCIPL), set up in 2009 by Mr.
Saurabh Garg, is an authorized dealer of Maruti Suzuki India Ltd.
(MSIL) in Madhya Pradesh. It has 2 showrooms in Indore. The
company also deals in MSIL spare parts.

MCIPL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR1.2 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR1.1 billion for 2010-11.


PERFECT INTERNATIONAL: CRISIL Puts 'B+' Rating on INR127MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Perfect International Fabricators Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Cash Credit     30.5      CRISIL B+/Stable
   Limit

   Long-Term Loan           36.5      CRISIL B+/Stable

   Cash Credit              60.0      CRISIL B+/Stable

   Letter of Credit         10.0      CRISIL A4

   Bank Guarantee            5.0      CRISIL A4

The ratings reflect PIEPL's weak financial risk profile, marked
by moderate gearing, a small net worth, and weak debt protection
metrics, customer concentration in its revenue profile, and its
exposure to risks related to intense competition. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the company's promoters.

Outlook: Stable

CRISIL believes that PIFPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company improves its scale of operations and its profitability on
a sustained basis, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in PIFPL's financial risk profile because
of aggressive debt-funded expansions, or weakening of its
liquidity due to delay in receivables or subdued cash accruals.

Set up in 2007, PIFPL is engaged in fabrication of heavy
engineering components. The company was promoted by Mr. P R
Venkatesh and the Dubai-based Perfect Industries LLC.

PIEPL reported a profit after tax (PAT) of INR20 million on net
sales of INR315 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR297 million for 2010-11.


R. PIYARELALL: CRISIL Cuts Rating on INR680MM Loans to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of R. Piyarelall International (P) Ltd to 'CRISIL D'
from 'CRISIL A4'. The downgrade reflects RPI's continuously
overdrawn packing credit limits for over 30 consecutive days; the
packing credit has been overdrawn on account of the company's
weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit    300       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Packing Credit           300       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Bank Guarantee            80       CRISIL D (Downgraded from
                                     'CRISIL A4')

RPI was formed in 1988 to export minerals and agricultural (agro)
commodities. The key products that the company initially focused
on were iron ore fines, rice, wheat, maize, sugar, coal, coke,
and cement clinker. After the ban on export of agro products in
2008, RPI now deals primarily in iron ore fines exports; the
fines are exported mainly from Paradip and Visakhapatnam ports.
The company has around 350,000 square feet of storage space at
the aforementioned ports.

RPI reported, on a provisional basis, a profit after tax (PAT) of
INR9 million on net sales of INR1.5 billion for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR14
million on net sales of INR2.3 billion for 2009-10.


R. PIYARELALL IRON: CRISIL Cuts Rating on INR350MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its short-term rating on the bank
facilities of R. Piyarelall Iron & Steel Pvt Ltd to 'CRISIL D'
from 'CRISIL A4'. The downgrade reflects RPISPL's continuously
overdrawn packing credit for over 30 consecutive days; the
packing credit has been overdrawn on account of the company's
weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Packing Credit           250       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Bank Guarantee           100       CRISIL D(Downgraded from
                                      'CRISIL A4')

RPISPL was formed in 2005 to export minerals and agricultural
commodities. Currently, the company exports only minerals. It
mainly exports iron ore fines, which are exported mostly from
Paradip and Visakhapatnam ports.

RPISPL reported, on a provisional basis, a profit after tax (PAT)
of INR7 million on net sales of INR619 million for 2010-11,
against a PAT of INR6 million on net sales of INR706 million for
2009-10.


R. R. DEVELOPERS: CRISIL Assigns 'B' Rating to INR83MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R. R. Developers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        1       CRISIL B/Stable (Assigned)
   Term Loan                82       CRISIL B/Stable (Assigned)

The rating reflects RRD's small scale of operations in the highly
fragmented hospitality industry, and exposure to cyclicality
inherent in this industry. These rating weaknesses are partially
offset by the benefits that the firm derives from the favourable
location of its hotel, and the established brand image of the RR
group in the Lucknow (Uttar Pradesh) region.

Outlook: Stable

CRISIL believes that RRD will continue to benefit over the medium
term from the established brand image of its promoter group in
the region. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected revenues and profitability, leading
to improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of a substantial decline in occupancy levels at RRD's
hotel, or if the firm undertakes a large, debt-funded, capital
expenditure programme, resulting in deterioration in its
financial risk profile.

Incorporated in 2002, RRD is promoted by the Lucknow-based
Agarwal family, known as the RR group. RRD runs a budget hotel in
Lucknow, with total capacity of 66 rooms and a brand name of Best
Western Levana Plus.

RRD reported a net loss and net sales of INR18.71 million and
INR18.50 million, respectively, for 2011-12 (refers to financial
year, April 1 to March 31), against a net profit and net sales of
INR0.37 million and INR7.6 million, respectively, for 2010-11.


SANJIVANI PARANTERAL: CRISIL Cuts Rating on INR580M Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sanjivani Paranteral Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Stable/CRISIL A3'. The downgrade follows continued
deterioration in SPL's financial risk profile on account of its
sizeable non-revenue generating capital expenditure (capex).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           65       CRISIL A4+ (Downgraded from
                                     'CRISIL A3')

   Export Bill Purchase-    10       CRISIL A4+ (Downgraded from
   Discounting                       'CRISIL A3')

   Cash Credit             450       CRISIL BB+/ (Downgraded from
                                     'CRISIL BBB-/Stable')

   Term Loan               130       CRISIL BB+/ (Downgraded from
                                     'CRISIL BBB-/Stable')

SPL incurred a predominantly debt-funded capex of INR85 million
in 2011-12 (refers to financial year, April 1 to March 31) for
buying an office space in Mumbai (Maharashtra). Subsequently, the
company's gearing rose to just under 2 times with net cash
accruals to total debt (NCATD) ratio at 6 per cent and interest
coverage ratio at just over 1 time. Amid large working capital
requirements and a sizeable maturing term loan, SPL's financial
risk profile is expected to remain constrained over the medium
term.

The ratings continue to reflect SPL's moderate business risk
profile, marked by a large product basket, established
relationships with government bodies, strong marketing network,
and extensively experienced management. These rating strengths
are partially offset by SPL's large working capital requirements,
revenue concentration in terms of client segment, and below-
average financial risk profile, marked by high gearing, moderate
net worth and inadequate debt protection metrics.

Outlook: Stable

CRISIL believes that SPL will benefit from its increased focus on
exports and steady demand from domestic markets over the medium
term. The outlook may be revised to 'Positive' if SPL's financial
risk profile improves, primarily through larger-than-anticipated
cash accruals or equity infusion. Conversely, the outlook may be
revised to 'Negative' if SPL's profitability declines or the
company undertakes any large debt-funded capital expenditure
programme, weakening its financial risk profile.

                      About Sanjivani Paranteral

Incorporated in 1994, SPL manufactures mainly injectibles in the
antibiotics segment and also owns branded capsules, tablets, and
formulations. The company is promoted by Mr. Ashwin Khemka.

SPL reported a profit after tax (PAT) of INR25.7 million on net
sales of INR1.49 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.2 million on net
sales of INR1.44 billion for 2010-11.


SRI SAI COLLEGE: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sri Sai College of Engineering & Technology.  The
rating reflects the instances of delay by SSCET in servicing its
debt; the delays have been caused by the group's weak liquidity,
which is on account of cash flow mismatches.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                200       CRISIL D (Assigned)
   Overdraft Facility        90       CRISIL D (Assigned)
   Proposed Long-Term       140       CRISIL D (Assigned)
   Bank Loan Facility

Moreover, SSCET's performance is susceptible to intense
competition in the education sector and to adverse regulatory
changes. The association, however, benefits from its established
position in the Indian education industry, its diversified
revenue profile and the healthy demand prospects for the
education sector in India.

SSCET was founded in 1996 by Mr. Babu Ram Iqbal Bhardwaj and his
relatives with an objective to provide education services. The
group has 19 institutions in its two campuses in Pathankot and
Amritsar. It also runs a university in Devbhoomi, Himachal
Pradesh.

SSCET reported a net surplus (excess of revenue over expenditure)
of INR81.2 million on an operating income of INR380 million for
2011-12 (refers to financial year, April 1 to March 31), against
a net surplus of INR84.5 million on an operating income of
INR316.6 million for 2010-11.


* INDIA: Moody's Affirms Debt & Deposit Ratings on 3 Indian Banks
-----------------------------------------------------------------
Moody's Investors Service has revised the rating outlook to
negative from stable for the various deposit and issuer ratings
assigned to three Indian banks -- Punjab National Bank, Bank of
Baroda and Canara Bank.

Ratings Rationale

The revision in rating outlook reflects the increased risk posed
by current trends in asset quality, with continuing rise in Gross
NPLs and restructured loans pressuring profits and capital.
Moody's says that these Indian banks are particularly challenged
by the prevailing operating environment, characterized by high
inflation and high interest rates. These conditions are leading
to a slowdown in economic growth and are reducing the repayment
ability of some corporate borrowers. Moody's analysis takes into
account these bank's comparatively low provisioning, exposing
their capital buffers to the risk of erosion in the event that
those difficult conditions persist.

The principal methodology used in rating of the three Indian
banks was Moody's Consolidated Global Bank Rating Methodology,
published in June 2012.

Given the negative outlook, the BFSR, BCA, deposit ratings and
supported debt ratings, are unlikely to go up in the next 12-18
months.

At ba1 BCA with a negative outlook, which is at the lower end of
the D+ BFSR, the individual bank's standalone rating could come
under pressure if the asset quality (Gross NPLs and restructured
loans taken together and low provisioning cover) continues to
deteriorate to a point where gross NPLs as a percentage of
shareholders capital and loan loss reserves increase to over 35%
and/or if pre-provision income as a percentage of year-end
average risk weighted assets falls below 2.75%.

The individual bank's supported debt/issuer ratings (refer below
for rating lists for Individual banks) and global local currency
(GLC) bank deposit ratings of Baa2/P-2 could be lowered given the
downward revision of BCA and/or if Moody's assumptions regarding
the willingness and capacity of the Indian government to support
the bank were to change.

Given below are the individual rating rationales for each of the
three banks.

Punjab National Bank: Summary Rating Rationale

Moody's Investors Service has affirmed Punjab National Bank's
(PNB) Baa2 foreign currency long-term issuer rating. Moody's has
also affirmed its D+ bank financial strength rating (BFSR),
mapping to a baseline credit assessment (BCA) to ba1. PNB's
global local currency (GLC) deposit ratings remained at Baa2/P-2
and benefit from a two-notch rating uplift from its ba1 BCA,
given Moody's current systemic support assumptions. The bank's
foreign-currency long-term issuer rating is in line with its GLC
deposit rating and foreign currency debt ceiling for Indian debt
issuers.

The affirmation of PNB's issuer rating and BFSR reflects the
bank's recent core profitability indicators, especially its
comparatively better net interest margins. This strength points
to good recurring earnings power leveraged from its nationwide
franchise and provides a moderate degree of comfort that it could
sustain the otherwise negative pressure arising from the current
environment. PNB is the second-largest public-sector bank in
India in terms of total assets, with a nationwide franchise and
it has a leading position in Northern India.

PNB's Baa3/P-3 foreign currency bank deposit rating, also
affirmed, is constrained by the foreign-currency deposit ceiling
for India and carries a stable outlook.

Punjab National Bank, headquartered in New Delhi, reported assets
of INR 4,582 billion as of 31 March 2012.

Canara Bank : Summary Rating Rationale

Moody's Investors Service has affirmed Canara Bank's deposit and
debt ratings. These ratings are: Baa2/P-2 for global local
currency (GLC) bank deposit ratings, (P)Baa2 foreign currency
senior unsecured debt program, (P)Baa3 foreign currency
subordinated debt program, Ba1(hyb) foreign currency junior
subordinated debt, and (P)Ba1 foreign currency junior
subordinated debt program.

Moody's has also affirmed the bank financial strength rating
(BFSR) of D+ and the baseline credit assessment (BCA) of ba1.

Canara Bank's global local currency (GLC) bank deposit ratings of
Baa2/P-2 and benefit from a two-notch rating uplift from its ba1
BCA, given Moody's current systemic support assumptions. The
bank's foreign-currency senior unsecured debt program rating of
(P)Baa2 is in line with its GLC deposit rating and foreign
currency debt ceiling for Indian debt issuers.

The foreign currency debt ratings are assigned to the London
branch of Canara Bank, which also issues debt under its medium-
term notes program.

The affirmation of Canara Bank's deposit and debt ratings and
BFSR reflects the bank's recent core profitability indicators,
although under pressure provide a moderate degree of comfort that
it could sustain the otherwise negative pressure arising from the
current environment. Canara Bank is the fifth largest public-
sector bank in India in terms of total assets, leverages its
nationwide franchise and it has a leading position in Southern
India. Its current comfortable liquidity and capitalization
levels were other factors in Moody's decision to affirm its debt
ratings.

Canara Bank's Baa3/P-3 foreign currency bank deposit rating, also
affirmed, is constrained by the foreign-currency deposit ceiling
for India and carries a stable outlook.

Canara Bank, headquartered in Bengaluru, had assets of INR 3,732
billion as of 31 March 2012.

Bank of Baroda: Summary Rating Rationale:

Moody's Investors Service has affirmed Bank of Baroda's deposit
and debt ratings. These ratings are: Baa2/P-2 for global local
currency (GLC) bank deposit ratings, (P)Baa2 foreign currency
senior unsecured debt program, Baa2 foreign currency senior
unsecured debt, (P)Baa3 foreign currency subordinated debt
program, Baa3 foreign currency subordinated debt, and (P)Ba1
foreign currency junior subordinated debt program.

Moody's has also affirmed the bank financial strength rating
(BFSR) of D+ and the baseline credit assessment (BCA) of ba1.

Bank of Baroda's global local currency (GLC) bank deposit ratings
of Baa2/P-2 and benefit from a two-notch rating uplift from its
ba1 BCA, given Moody's current systemic support assumptions. The
bank's foreign-currency senior unsecured rating of Baa2 is in
line with its GLC deposit rating and foreign currency debt
ceiling for Indian debt issuers.

The foreign currency debt ratings are assigned to the London
branch of BOB, which issues debt under its medium-term notes
program.

The affirmation of Bank of Baroda's deposit and debt ratings, and
BFSR reflects the bank's recent core profitability indicators,
supported by improving operating efficiency. This strength points
to good recurring earnings power leveraged from its nationwide
franchise and provides a moderate degree of comfort that it could
sustain the otherwise negative pressure arising from the current
environment. The rating affirmation also reflects the bank's
significant franchise with growing market share, supporting its
comfortable liquidity position. Bank of Baroda is the third-
largest public-sector bank in India in terms of total assets, and
it has a leading position in Western India with a significant
international presence.

Bank of Baroda's Baa3/P-3 foreign currency bank deposit rating,
also affirmed, is constrained by the foreign-currency deposit
ceiling for India and carries a stable outlook.

Bank of Baroda, headquartered in Mumbai, had assets of INR 4,459
billion as of March 31, 2012.



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


BUMI RESOURCES: Rothschild May Seek to Oust Board
-------------------------------------------------
Jesse Riseborough at Bloomberg News reports that Nathaniel
Rothschild said he may seek to remove the board of PT Bumi
Resources, the coal venture he founded with Indonesia's Bakrie
family, in the coming weeks because it has failed shareholders.

London-listed Bumi Plc lacks a viable plan to sever ties with the
Bakries and their "acolytes who will remain behind in even
greater voting control of Bumi Plc," Bloomberg cited the
financier in an e-mailed statement.  Bloomberg relates that Bumi
said it's working to cut its association with the family and sell
a 29% interest in Jakarta-based PT Bumi Resources "as soon as
practical."

Bloomberg notes that Rothschild and the Bakrie Group, a family-
owned palm oil- to-property empire, bundled stakes in Indonesian
coal producers Bumi Resources (BUMI) and PT Berau Coal Energy in
a $3 billion transaction two years ago.  Boardroom infighting
that led to Rothschild and Indra Bakrie resigning from the
company and investigations in London and Indonesia into possible
financial anomalies have prompted moves by both to unwind the
deal, the report relates.

Bumi Plc's entire "board needs to be removed as soon as possible,
to safeguard investor interests and prevent further value
destruction taking place at Bumi Resources and Berau," Bloomberg
quotes Mr. Rothschild as saying.  "Unless the board dramatically
alters course, this is exactly what we shall be doing in the
weeks ahead."

According to Bloomberg, Mr. Rothschild has made repeated demands
for Chairman Samin Tan, owner of about 23.8%, and Rosan Roeslani,
a director who indirectly controls about 13% of Bumi, to resign.
The board "has yet again failed to do the right thing for its
shareholders," Mr. Rothschild, as cited by Bloomberg, said.

                        About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2012, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Indonesia-based coal mining
company PT Bumi Resources Tbk. to 'B+' from 'BB-'. "At the same
time, we lowered the issue rating on the company's guaranteed
senior unsecured notes to 'B+' from 'BB-'. We also lowered our
long-term ASEAN regional scale rating on Bumi Resources to
'axBB-' from 'axBB'. We then placed all of the ratings on
CreditWatch with negative implications," S&P said.

Standard & Poor's downgraded Bumi Resources following an
announcement that a 29% shareholder in the company, Bumi PLC (not
rated), is investigating potential financial and other
irregularities at its Indonesian operations, especially in
relation to Bumi Resources.

The TCR-AP also reported on Oct. 1, 2012, that Moody's Investors
Service has revised the outlook on PT Bumi Resources Tbk's B1
corporate family and senior secured bond ratings to negative from
stable.

"The negative outlook reflects Moody's concern that the lingering
corporate governance issues at Bumi Resources will impact its
ability to refinance its scheduled loan maturities of over USD300
million in 2013," says Simon Wong, a Moody's Vice President and
Senior Analyst.



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


ELPIDA MEMORY: ITC OKs Nanya's Bid to End DRAM Patent Case
----------------------------------------------------------
Ciaran McEvoy at Bankruptcy Law360 reports that the U.S.
International Trade Commission said Tuesday it won't challenge an
administrative law judge's decision that Nanya Technology Corp.
could end its memory patent probe into Elpida Memory Inc. after
licensee Micron Technology Inc. offered to acquire Elpida for
$2.5 billion.

In Tuesday's two-page filing, the ITC announced it decided not to
seek review of the decision handed down by Administrative Law
Judge Robert K. Rogers Jr., who last month granted Nanya's
request to terminate its own investigation into Elpida, according
to Bankruptcy Law360.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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


ADVENTURE SPORTS: In Liquidation; Owes More Than NZ$1MM
-------------------------------------------------------
Nelson Mail reports that Adventure Sports, the company owned by
Greg Hall who ran the Stirling Sports stores in Nelson and
Blenheim, is in liquidation owing creditors more than
NZ$1 million.

Mr. Hall's Stirling Sports shop in Nelson's Trafalgar St and a
smaller shop in Blenheim closed two weeks ago, the report notes.

Geoff Falloon, of Biz Rescue, has been appointed liquidator and
has set January 20 as the deadline for creditors' claims,
according to Nelson Mail.

According to the report, Mr. Falloon said negotiations were
taking place with prospective new owners for the Trafalgar St
store.

Mr. Falloon's first liquidator's report shows secure creditors
are owed just over NZ$1 million, the largest being the ANZ Bank
which is owed NZ$993,742, Nelson Mail discloses.

Mr. Falloon said the proceeds of the sale of assets would be
distributed to creditors and that the liquidation was expected to
be completed within five months, the report adds.


KAITIAKI ADVENTURES: Rafting Firm Goes Into Liquidation
-------------------------------------------------------
Katie Holland at The Daily Post reports that Kaitiaki Adventures
Rotorua, the company behind Rotorua's Kaitiaki Adventures, has
gone into liquidation, but the rafting operation will continue.

Last month, Kaitiaki Adventures Rotorua, which owned and operated
the rafting and sledging trips on the Kaituna River, was given
until December 10 to pay the AUD345,058.51 it owed Inland Revenue
in unpaid taxes, interest and penalties.

When that failed to happen, Associate Judge Anthony Christiansen
in the High Court at Rotorua on December 10 made an order for
liquidation of the company.  Kaitiaki Adventures Rotorua was not
represented in court, but counsel for Inland Revenue told the
judge there was no opposition to the liquidation, the report
relays.

The company's director Jason Wright told The Daily Post he was
waiting for the proceeds from the sale of a Christchurch property
and was confident the company would continue to operate.

However Mr. Wright said December 10 Kaitiaki Adventures Rotorua
had sold its assets, including rafts, to another local adventure
company, Rotorua Combos, in mid-November, the report relates.

"Kaitiaki Adventures Rotorua Limited ceased trading last month
with an asset and brand sale to assist in clearing debt to the
creditor - the Inland Revenue Department. Kaitiaki Adventures
Rotorua Limited was unable to dispose of a house in Christchurch
in a timely fashion due to a further rezoning of the property, in
order to avoid the timeline of liquidation. This asset sale would
have completely alleviated any and all debt that was owed to the
Inland Revenue Department," The Daily Post quotes as saying.

Mr. Wright said some of the company's 15 employees had been
retained by the new owners, while the others had found new
employment, the report adds.


SIMPLY INSURANCE: S&P Withdraws 'BB' Issuer Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB/Stable'
financial strength and issuer credit ratings on Simply Insurance
New Zealand Ltd., at the request of the company.



                             *********

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

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

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


                            *********


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

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

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

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

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





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