TCRAP_Public/121219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 19, 2012, Vol. 15, No. 252


                            Headlines


A U S T R A L I A

AMARANTHUS: Jim Raptis Fights Bank Claims Over Funding
BENDIGO AND ADELAIDE: Fitch Retains 'BB' Support Rating Floor
JACKSON'S RARE: Collapse Reminds Personal Securities Register
KAGARA LTD: Administrators Sell North Queensland Assets
* AUSTRALIA: Sees New Wave of Business Insolvencies in 2013


C H I N A

* CHINA: Moody's Says RLG Use of Trust Products May Cause Problem


H O N G  K O N G

CHARTER SMART: Court Enters Wind-Up Order
FACTORY LIMITED: Court to Hear Wind-Up Petition on Jan. 16
GOODYEAR INSURANCE: Blaauw and Lam Step Down as Liquidators
HAINA MARINE: Court to Hear Wind-Up Petition on Jan. 9
JADE PRODUCT: Court to Hear Wind-Up Petition on Jan. 23

JFK HOLDING: Court to Hear Wind-Up Petition on Jan. 30
LEHMAN BROTHERS: Paul Jeremy Brough Steps Down as Liquidator
MAXWAY INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 23
M TRAVEL: Court to Hear Wind-Up Petition on Jan. 9
TECHWELL ENGINEERING: General Meetings Set for Jan. 15


I N D I A

BARBEQUE NATION: CARE Assigns 'BB+' Rating to INR48.56cr Loan
BHAVNA TEXTILES: CARE Rates INR8.40cr LT Loan at 'CARE BB-'
DHANUSH INFOTECH: CARE Reaffirms 'CARE BB' Rating on INR6cr Loan
JUHI ALLOYS: CARE Rates INR35cr Long-Term Loan at 'CARE B+'
KINGFISHER AIRLINES: Revival Remains on Paper as Talks Continue

MALU PAPER: ICRA Reaffirms '[ICRA]D' Rating on INR113.24cr Loans
MOENUS TEXTILE: CARE Cuts Rating on INR30.87cr Loans to 'CARE D'
NS PAPERS: CARE Assigns 'CARE BB-' Rating to INR104.22cr LT Loan
RUCHIRA PAPERS: CARE Raises Rating on INR103.85cr Loan to 'B+'
SAINOV SPIRITS: ICRA Assigns 'ICRA B' Rating to INR75cr LT Loan

SHREE KANTA: ICRA Rates INR5cr Fund Based Loans at '[ICRA]B'
SHYAM JEE: CARE Assigns 'CARE B+' Rating to INR2.5cr LT Loan
SUPER STAINLESS: ICRA Rates INR8cr Cash Credit at '[ICRA]B'


N E W  Z E A L A N D

AORANGI SECURITIES: Managers Drop Plan to Recoup NZ$1.6MM Funds
CREDIT SAILS: Commerce Commission Secures NZ$60MM for Investors


S I N G A P O R E

CALOMEL PTE: Creditors' Proofs of Debt Due Jan. 7
CLEARVIEW SOLUTIONS: Court Enters Wind-Up Order
DAUPHIN SHIPYARD: Court Enters Wind-Up Order
GUAN SHENG: Court Enters Wind-Up Order
LLC INVEST: Creditors' Proofs of Debt Due Jan. 14


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AMARANTHUS: Jim Raptis Fights Bank Claims Over Funding
------------------------------------------------------
Quentin Tod at goldcoast.com.au reports that Gold Coast developer
Jim Raptis is in court battle against the Commonwealth Bank.

The report says the bank has gone to court to claim nearly
AUD2 million from Mr. Raptis over funding provided to his private
company, Amaranthus.

Three Amaranthus lots in Commodore Drive, Paradise Waters, were
security for the funding and were sold for AUD6.2 million late
last year by receivers, goldcoast.com.au relates.

The bank said Mr. Raptis gave a guarantee and indemnity over the
funding.

According to the report, the 66-year-old, who headed up the
public company, Raptis Group, is alleging unconscionable conduct
by the bank and its Bankwest arm and is counterclaiming for
damages and compensation.

goldcoast.com.au reports that the bank said a finance facility
offered to Amaranthus in 2005 was for up to AUD6.955 million and
that all money owing had to be repaid by January 18 last year.

When the money had not been repaid by March 21 this year, the CBA
filed a claim against Mr. Raptis seeking AUD1.984 million plus
interest at AUD543 a day, according to the report.

The Commodore Drive land was sold to Chinese buyers Songming
Zheng and Yanlian Wu for AUD6.2 million at an auction last
December, goldcoast.com.au recalls.  The court documents indicate
that those buyers had, in the months before the receiver auction,
entered into contracts for AUD8.6 million, and then AUD8 million,
on the land.

According to the report, the Raptis counterclaim documents argue
that it is the duty of a mortgagee or receiver to take reasonable
care to ensure a property is sold at market value.

They say the land was sold in one line despite Landmark White
saying a higher price could be achieved by selling it as three
separate lots, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 16, 2011, goldcoast.com.au said receivers have moved
on the personal assets of Raptis Group founder Jim Raptis,
placing one of his residential holdings at Paradise Waters on the
market.  The waterfront property, at 151 Commodore Drive, is
understood to have a sizeable mortgage against it and was seized
by receivers after Mr. Raptis failed to find a buyer earlier in
2011.

goldcoast.com.au, citing company records, disclosed that two
months after selling the home, Mr. Raptis secured a credit
facility of up to AUD10 million against 151 Commodore Drive which
is owned through private Raptis company Amaranthus.  The
property, which was bought by Amaranthus in 1999 for AUD1.11
million, has a site value of AUD6.8 million. The charge over the
company is held by Gibraltar-based Sevinhand Company Ltd, which
is understood to have appointed receivers Graham Killer --
graham.killer@au.gt.com --  and Michael McCann --
michael.mccann@au.gt.com -- of Grant Thornton, to recover the
debt.


BENDIGO AND ADELAIDE: Fitch Retains 'BB' Support Rating Floor
-------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Bendigo and Adelaide
Bank Limited's Long- and Short-Term Issuer Default (IDR) ratings
at 'A-' and 'F2' respectively.  The Outlook on the Long-Term IDR
is Stable.  At the same time, the agency affirmed BEN's Viability
Rating (VR) at 'a-' and Support Rating at '3'.

The ratings reflect BEN's stable domestic retail banking
franchise, sound funding and liquidity position, conservative
risk management framework and adequate capitalisation.  The
ratings also consider increasing pressure on BEN's operating
profitability.

BEN's IDRs and VR may come under pressure from a weakening of
funding and liquidity or significant deterioration in asset
quality.  Positive rating action is unlikely due to the bank's
unresolved exposure to investors under Great Southern Limited's
investment management scheme and earnings pressures stemming from
competition for deposits and loans against a mildly weaker
economic backdrop.

BEN has performed well despite funding pressures and a weakening
operating environment.  Fitch expects the bank to continue to
perform solidly in the financial year ending June 30, 2013, in a
low credit growth environment, benefiting from a loyal customer
base.  More efficient cost management and sound asset quality
will be key to maintaining profit growth in FY13.

BEN's asset quality remains strong, benefiting from conservative
risk controls and a well collateralised loan book. Concentration
risk by single name and industry is manageable.  Fitch expects
the bank's impaired loans to rise from their low levels,
reflecting a slowdown in non-mining sectors and given the bank's
cyclically low arrears.  However, a high level of loans secured
on residential property should provide buffer for potential
losses and keep overall loan impairment manageable.

BEN's solid funding is underpinned by an extensive regional
franchise and community-focused business model.  Around 80% of
BEN's funding is sourced from customer deposits, making the bank
less dependent on wholesale markets relative to peers.  Wholesale
funds are well diversified by instrument and maturity, and
include securitizations which are non-recourse and whose
maturities are matched by that of underlying loans, limiting
refinancing risk.  In addition, the bank benefits from sound
liquidity which sufficiently covered wholesale funds maturing
within 12 months at FYE12.  BEN's capitalization has continued to
improve, supported by healthy internal capital generation in
addition to a AUD195.5m share issue in FY12.

The Support Rating and Support Rating Floor reflect the moderate
potential of support, in case of need, from the government for
the bank, given its modest market share in Australia.  The
Support Rating is sensitive to any change in assumptions around
the propensity or ability of the Australian sovereign to provide
timely support to the bank.

The rating actions are as follows:

Bendigo and Adelaide Bank Limited:

  -- Long-Term IDR affirmed at 'A-'; Outlook Stable
  -- Short-Term IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'a-'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'
  -- Commercial Paper affirmed at 'F2'
  -- Long-term senior unsecured debt affirmed at 'A-'
  -- Short-term senior unsecured debt affirmed at 'F2'


JACKSON'S RARE: Collapse Reminds Personal Securities Register
-------------------------------------------------------------
Patrick Stafford at SmartCompany reports that small businesses
have once again been warned about the importance of being up to
speed with the new Personal Properties Security Registry, after
the collapse of Jackson's Rare Guitars has left suppliers empty-
handed and confused.

SmartCompany says the administration of Jackson's Rare Guitars in
Sydney has left some 100 guitar sellers empty-handed, after they
had provided custom guitars to the store.

SmartCompany notes that experts have been warning SMEs for months
that they need to have a better understanding of the registry,
and especially how it can affect them in the event of a corporate
collapse.

"As an insolvency practitioner I always thought it was going to
be a nightmare," the report quotes Dissolve liquidator Cliff
Sanderson as saying. "And it will become increasingly so as the
years go by."

Jackson's Rare Guitars, a staple in the Sydney music community
for decades, was placed in administration last month,
SmartCompany reports.  Jamieson Louttit & Associates has been
tapped as administrator.

SmartCompany says the Jacksons store gained a name for itself
after selling instruments to famous musicians, including country
star Keith Urban and former Beatle George Harrison.

According to the report, the collapse is complicated by the
store's sale of guitars contributed on consignment by local
guitar makers, which is where the new Personal Properties
Security Registry comes in.

Earlier this year, the registry was set up so that any person or
company which has personal property involved in a business needs
to register that property, in the event of a corporate collapse.
That property extends to almost everything except most buildings.

SmartCompany states that the importance of the registry is this:
if you register your property, you'll be treated as a secured
creditor, rather than an unsecured creditor, in the event of a
company collapse.

But the registry is new, and many people aren't up to speed with
how it works.  Mr. Sanderson said it will take time for property
owners -- like the guitar makers -- to become familiar with the
system and how to register, SmartCompany adds.


KAGARA LTD: Administrators Sell North Queensland Assets
-------------------------------------------------------
The West Australian reports that administrators for failed miner
Kagara have sold some of the company's North Queensland assets
for AUD40 million.

Snow Peak Mining, which is associated with the listed
Consolidated Tin Mines, will pick up Kagara Central Region assets
including the resources and processing plant at Mt. Garnet, the
Balcooma and Baal Gammon mines and the Einasleigh and Maitland
exploration projects, the report relates.

"This transaction enables the administrators to continue to
review the restructuring options available to the group," the
West Australian quotes administrators Taylor Woodings as saying.

"The proceeds from the sale will largely be used to extinguish
the group's secured debt, trading costs, and administration
expenses, with the balance to be retained for working capital.

"The administrators are currently considering offers on other
assets of the group and are considering possible deed of company
arrangement scenarios."

According to the report, Michael Ryan, of Taylor Woodings, said
the transaction was another positive step that might facilitate
the restructuring of the group, or assist in maximising the value
which can be returned to creditors.

The transaction is set to settle next month and the
administrators are expected to announce a second creditors'
meeting before February 28, the report adds.

                         About Kagara Ltd

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin
James Olde and Stefan Dopking of Taylor Woodings were appointed
Joint and Several Administrators of Kagara Ltd and certain
subsidiaries on April 29, 2012.


* AUSTRALIA: Sees New Wave of Business Insolvencies in 2013
-----------------------------------------------------------
Russell Emmerson at Herald Sun reports that Australia may be on
the cusp of a new wave of business collapses, debt collectors and
a leading retailer warn.

Herald Sun relates that the chief executive of debt collector
Prushka, Roger Prushka, said retail businesses are set for a
new-year shock.

According to the report, Mr. Prushka said businesses are holding
on to accounts for longer before referring them for collection,
meaning these older debts are more likely to spark a business
collapse.

Mr. Prushka said the firm has noted a 50% increase in statutory
demands, this being the last step before a company is liquidated,
but a failure of creditors to pursue liquidation meant figures
understated the number of insolvent businesses.

"I believe that the B2B (business to business) sector is really
struggling," the report quotes Mr. Prushka as saying.  "Our
statutory demands are substantially up and more clients are now
prepared to fund liquidation proceedings. Insolvency continues to
be the real sleeper in the economy; it screams warning bells."

Herald Sun reports that the head of Harvey Norman, Gerry Harvey,
has also warned of a retail slowdown, saying there are "plenty
more" retail collapses to come, fuelled by an "extremely
difficult" first half and the arrival of big bills after the
Christmas sales peak.

"After Christmas, you will see a lot more (retailers) go," Mr.
Norman said.  "It is going to happen, I can guarantee you. It's
only getting worse."



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C H I N A
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* CHINA: Moody's Says RLG Use of Trust Products May Cause Problem
-----------------------------------------------------------------
Moody's Investors Service says that regional and local
governments (RLGs) in China have recently increased their use of
government trust cooperation products to secure financing for
capital projects, and the amounts, while still small, could
negatively affect the credit quality of some RLGs, if they
continue to rise.

Trust products ultimately add to an RLG's debt burden as they are
contractual obligations that require a repayment or "returns on
projects". As such, they are akin to debt obligations. Additional
pressures on RLG budgets could also emerge in view of the
elevated costs, which are related to the short tenors and higher
coupon rates of these transactions.

Moreover, these transactions -- which are not recorded as debt --
add a further layer of complexity for determining an RLG's
indebtedness levels, thereby potentially further blurring fiscal
transparency.

Unlike bank loans, which are recorded on a bank's balance sheets,
and bond issues, which are registered with the China Interbank
Regulator or are recorded on the local government financing
vehicles' (LGFVs') own balance sheets, there is no requirement to
report trust products as debt.

Moody's included its conclusions in a new report titled, Chinese
Regional & Local Governments: Growing Use of Trust Products Could
Challenge Credit Quality.

Chinese RLGs have increased their use of trust products in 2012,
given their ongoing demand for infrastructure investment as well
as the shortage of other financing options. Accordingly, the
balance of trust products -- which had been on a declining
trajectory over the 24 months until end-March 2012 -- climbed by
nearly 30% during April-June and 19.9% during July-October.

The report points out that ultimately, these transactions have
the potential to add to an RLG's debt burden as they are
undertaken by LGFVs or other government-related entities to carry
out local government policy objectives.

Another feature of trust products is that they offer yields
ranging from 9% to 14% -- considerably higher than bank loans and
bond issuance -- to attract high wealth individuals. Such higher
yields significantly increase the interest expenditure burdens of
the RLGs.

In addition, their short tenors of typically 1-2 years raise
refinancing risk, and can create a cash mismatch to the extent
that they become due in advance of any revenues that may be
generated by the infrastructure projects they are funding.



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


CHARTER SMART: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order Dec. 3, 2012, to
wind up the operations of Charter Smart Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


FACTORY LIMITED: Court to Hear Wind-Up Petition on Jan. 16
----------------------------------------------------------
A petition to wind up the operations of The Factory Limited will
be heard before the High Court of Hong Kong on Jan. 16, 2013, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Nov. 8, 2012.

The Petitioner's solicitors are:

          Arthur K. H. Chan & Co.
          Unit C1, 15th Floor, United Centre
          No. 95 Queensway, Hong Kong


GOODYEAR INSURANCE: Blaauw and Lam Step Down as Liquidators
-----------------------------------------------------------
Jan Gerard Willemszoon Blaauw and Rainier Hok Chung Lam stepped
down as liquidators of Goodyear Insurance Company Limited on
May 10, 2012.


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

Chimbusco Pan Nation PetroChemical Co. Ltd filed the petition
against the company on Oct. 16, 2012.

The Petitioner's solicitors are:

          Clyde & Co
          58th Floor, Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


JADE PRODUCT: Court to Hear Wind-Up Petition on Jan. 23
-------------------------------------------------------
A petition to wind up the operations of Jade Product Limited will
be heard before the High Court of Hong Kong on Jan. 23, 2013, at
9:30 a.m.

Petitioners (1) ShenZhen Wingart Art Supplies Co. Ltd filed the
petition against the company on Nov. 12, 2012.

The Petitioner's solicitors are:

          Ho and Wong
          Room 1408-1411, 14th Floor
          China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road


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

Great Bill Limited filed the petition against the company on
Nov. 22, 2012.

The Petitioner's solicitors are:

          Chan, Lau & Wai
          Address: 8th Floor, Asia Standard Tower
          Nos. 59-65 Queen's Road
          Central, Hong Kong


LEHMAN BROTHERS: Paul Jeremy Brough Steps Down as Liquidator
------------------------------------------------------------
Paul Jeremy Brough stepped down as liquidator of Lehman Brothers
Securities Asia Limited on Sept. 28, 2012.


MAXWAY INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 23
---------------------------------------------------------------
A petition to wind up the operations of Maxway International
Enterprise Limited will be heard before the High Court of Hong
Kong on Jan. 23, 2013, at 9:30 a.m.

Petitioner Industrial and Commercial Bank of China (Asia) Limited
filed the petition against the company on Nov. 13, 2012.

The Petitioner's solicitors are:

          Ho and Wong
          Room 1408-1411, 14th Floor
          China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


M TRAVEL: Court to Hear Wind-Up Petition on Jan. 9
--------------------------------------------------
A petition to wind up the operations of Jade Product (HK) Company
Limited will be heard before the High Court of Hong Kong on
Jan. 9, 2013, at 9:30 a.m.

Chan Ho Yin Eric filed the petition against the company on
Nov. 7, 2012.


TECHWELL ENGINEERING: General Meetings Set for Jan. 15
------------------------------------------------------
Creditors and contributories of Techwell Engineering Limited will
hold their general meetings on Jan. 15, 2013, at 3:00 p.m., and
3:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, at 66 Queensway, in
Hong Kong.

At the meeting, Teresa S W Wong, the official receiver &
Provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.



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I N D I A
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BARBEQUE NATION: CARE Assigns 'BB+' Rating to INR48.56cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Barbeque Nation Hospitality Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      48.56      CARE BB+ Assigned
   Short-term bank Facilities      0.50      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by Barbeque Nation Hospitality
Limited's on-going predominantly debt funded expansion project
towards setting-up new outlets and long gestation period
associated with it. The ratings are further constrained by its
presence in a highly competitive business of fine dining along
with risks associated with operating under a single brand.

The ratings, however, favorably consider BNHL's experienced
promoters, established brand with geographically diversified
revenue stream and growth in its scale of operations.
Timely completion and stabilization of new restaurants within the
envisaged cost and time parameters and improvement in its capital
structure will be the key rating sensitivities.

BNHL, a subsidiary of Sayaji Hotels Ltd, was incorporated in 2006
at Indore as Sanchi Hotels Pvt Ltd.  During 2008, SHPL was
converted in to a public limited company and its name was
changed to the present form. BNHL was promoted with a view to
operate specialty restaurant business under the brand "Barbeque
Nation". SHL was promoted by Late Mr. Sajid Dhanani in 1982.
During 2009, a corporate investor, M/s BlueDeebaj LLC, UAE
infused equity share capital.

Subsequently in Q2FY12, there was an additional equity infusion
by BlueDeebaj which diluted SHL's equity holding to 68%. BNHL
operates 28 restaurants spread across India as on October 30,
2012. All the outlets are on lease and operated directly by BNHL.
During FY12 (refers to the period of April 01 to March 31), BNHL
reported total operating income INR129.37 crore and a PAT of
INR6.74 crore against total operating income of INR102.41 crore
and PAT of INR1.85 crore during FY11. Further, as per provisional
results of H1FY13, BNHL achieved total operating income of
INR79.95 crore with PBILDT of INR14 crore.


BHAVNA TEXTILES: CARE Rates INR8.40cr LT Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Bhavna
Textiles Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.40      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Bhavna Textiles
Pvt. Ltd. (BTPL) is primarily constrained on account of its short
operating track record, small scale of operations, leveraged
capital structure and high customer concentration risk. The
rating is also constrained on account of low entry barriers in
the spinning sector leading to high competition and inherent
cyclicality associated with denim industry. The above weaknesses
are partially offset by strength derived from long-standing track
record and experience of BTPL's promoters in the textile
industry.  Improvement in BTPL's overall financial risk profile
marked by increase in the scale of operations and improvement in
its profitability are the key rating sensitivities.

Incorporated in 1995, BTPL is promoted by the Chiripal group
based out of Ahmedabad. BTPL was a dormant company till FY08
(refers to the period April 1 to March 31) and thereafter it
started trading in shares & securities and denim fabrics in
domestic market. During FY11, the company expanded its operations
by setting up a spinning unit with an installed capacity of 18
Tons Per Day (TPD) at an estimated cost of INR10.87 crore. The
commercial production at the spinning unit commenced in June
2011. BTPL carries out spinning activity (i.e. manufacturing of
cotton yarn from cotton) on job work basis for Nandan Exim Ltd.,
which is one of its group companies engaged in the manufacturing
of denim fabric. NEL is BTPL's sole customer and BTPL's 100%
capacity is being used only for the purpose of job work for NEL.
Subsequent to the commencement of production at its spinning
unit, BTPL has wound up its trading business.

Among the other group entities, Shanti Shirting Pvt. Ltd. (rated:
'CARE BB-'), Dwarka Knitting Pvt. Ltd. (rated: 'CARE BB- / CARE
A4') and Hexa International Pvt. Ltd. (rated: 'CARE BB-') also
carry out job work for NEL, which is their sole customer.

As per the audited results for FY12, BTPL reported a total
operating income of INR3.94 crore (FY11: INR24.56 crore) and net
loss of INR0.28 crore (FY11: net loss of INR0.27 crore).


DHANUSH INFOTECH: CARE Reaffirms 'CARE BB' Rating on INR6cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dhanush Infotech Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6        CARE BB Reaffirmed

Rating Rationale

The rating continues to be constrained by small scale of
operations and moderate gearing. However, the rating is
underpinned by the experience of the promoters in the industry,
and moderate order book position. The ability of the company to
effectively manage its working capital, maintain the
profitability and increase the scale of operations would be the
key rating sensitivities.

Incorporated in the year 2008, Dhanush Infotech Pvt Ltd is
jointly promoted by Mr.D. S. N. Murthy, Mr. D. Sriramakrishna,
Mr. V. Natarajan and Mrs. D. Chandrima. DIPL is engaged in
providing Information Technology services mainly in the sphere of
Enterprise Resource Planning (ERP) on Microsoft and Oracle
platform. DIPL is a gold-certified partner of Microsoft and
platinum partner of Oracle. DIPL has an offshore development
centre in Hyderabad which caters to the customers in Africa,
Australia, USA and Papua New Guinea. DIPL also provides learning
management solutions, health management solutions, education
information management solutions and embedded technologies like
implementation of Vehicle Tracking Systems (VTS).

DIPL has onshore offices in Australia and Kenya through
associated companies of DIPL.


JUHI ALLOYS: CARE Rates INR35cr Long-Term Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Juhi
Alloys Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        35       CARE B+ Assigned

Rating Rationale

The rating is constrained by the elevated financial risk profile
characterized by low profitability margins, highly working
capital intensive operations and volatility in sales in the
recent years. The rating is also constrained by the exposure of
Juhi Alloys Ltd to fluctuation in the raw material prices, the
risks related to the proposed debt-funded project, highly
fragmented nature of the industry resulting in intense
competition and inherent cyclical nature of the steel industry.
The rating also takes into account the significant exposure of
JAL to group companies.  However, the rating derives strength
from the experienced promoters and established track record in
the steel industry and established operations with regionally
known brand name "Rimjhim".

The ability of the company to consistently scale up the
operations with improvement in the profitability margins,
effective working capital management along with completion of the
proposed debt-funded project within envisaged cost parameters
remain the key rating sensitivities.

Incorporated on July 12, 1990, Juhi Alloys Ltd is a part of the
Kanpur-based Rimjhim group managed by Mr. Yogesh Kumar Agarwal &
family relatives. JAL is engaged in manufacturing variety of
Thermo mechanically Treated (TMT) Bars, SS Flats and Rounds
products coupled with trading of billets, ingots, etc, which
primarily find application in construction activities. The
company markets its products through mix of direct sales to
builders and sales through traders.

The manufacturing facilities of the company are located in
Hamirpur district of Uttar Pradesh (UP) with an installed
capacity of 90,000 MTPA p.a as on March 31, 2012.

JAL reported a PAT of INR0.87 crore on a total income of
INR167.46 crore for FY12 (refers to the period April 1 to
March 31) as compared with PAT of INR0.43 crore on a total income
of INR123.39 crore for FY11.


KINGFISHER AIRLINES: Revival Remains on Paper as Talks Continue
---------------------------------------------------------------
The Economic Times reports that the revival of Kingfisher
Airlines remained on paper as lenders turned down Vijay Mallya's
demand for bank guarantees even though he promised to invest at
least INR105 crore in its equity by February.

According to the report, two people familiar with the development
said bankers have formed a group with executives from State Bank
of India, Bank of India, IDBI, Bank of Baroda and Punjab National
Bank to work out ways to revive the company amid assurance by
Mallya to invest as much as INR425 crore in stages.

"They have informed us that they will restart operations on a
limited basis and have assured us the promoters will infuse Rs
425 crore for the same. They have not yet set a time-frame for
restarting operations," Shyamal Acharya, deputy managing director
of State Bank of India, told waiting reporters outside The
Trident Hotel in Mumbai, relates ET.

ET states that billionaire Mallya and bankers are keen on
reviving the airline, once coveted for its five-star services.
The airline that never made a profit has defaulted on loans worth
more than INR7,000 crore to banks.  While banks have said Mallya
bringing in equity is a pre-condition for them agreeing to
restructure loans, the liquor baron is seeking bank guarantees,
the report relays.

"If the limited restart happens and we are happy, then we are not
averse to restructuring their loans," ET quotes Mr. Acharya as
saying.

ET notes that bankers are averse to providing guarantee at this
point, given the airline owes INR1,600 crore to the airports
authority and oil companies.

Any guarantee may be invoked by them, leaving little funds for
restarting operations, the bankers, as cited by ET, 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.


MALU PAPER: ICRA Reaffirms '[ICRA]D' Rating on INR113.24cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]D' assigned to the term
loans, fund based facilities and non-fund based facilities of
Malu Paper Mills Limited aggregating to INR113.24 crore (enhanced
from INR95.95 crore).

                             Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loans                  74.29     [ICRA]D reaffirmed
   Fund Based Limits           24.75     [ICRA]D reaffirmed
   Non-Fund Based Limits       14.20     [ICRA]D reaffirmed

The reaffirmation of rating takes into account the weak financial
profile of the company with continuing net losses, highly
leveraged capital structure with gearing of 5.37 times as on
March 2012 and a stretched liquidity position which puts pressure
on the company's ability to meet the debt repayments that have
commenced from June 2012 as per the Corporate Debt Resourcing
(CDR) package. ICRA notes that a significant improvement in the
company's financial position in the near term would remain
critical as its debt repayments would increase subsequently,
given the ballooning structure of the repayment schedule. The
ratings are further constrained by the cyclical nature of the
newsprint industry and vulnerability of the company's
profitability margins to price fluctuations of waste paper (key
raw material) and international newsprint paper.

ICRA however favorably factors in the long track record of the
promoters in the business, the healthy plant capacity utilization
levels, the widening of the product portfolio with commissioning
of writing & printing paper production from FY 2011 onwards and
the presence of a captive power plant for the newsprint
manufacturing unit which provides power supply reliability.

Malu Paper Mills Limited, the flagship company of Malu group, was
incorporated on 11th January 1994 as Malu Solvex Ltd.
Subsequently the name of the company was changed to Malu Paper
Mills Ltd. with effect from 24th April 1998. MPML is promoted by
the Malu family. The company is involved in the manufacture of
kraft paper, newsprint paper and writing & printing paper and has
plants located in Saoner-Taluka district, about 30 km away from
Nagpur city in the state of Maharashtra. The first paper machine
of the company was commissioned for commercial production in 1996
with a capacity to produce 5,940 TPA of kraft paper which was
later upgraded to 8,250 TPA. MPML set up another unit at the same
location to produce 19,800 TPA of newsprint in 2001 and later
modified the same for production of kraft paper from FY 2011. The
capacity of the unit has been further expanded to 26,400 TPA. The
company also setup a new plant of 49,500 TPA for production of
newsprint and writing & printing paper, along with captive power
generation capacity of 6 MW, in the nearby area for which the
equity requirement was met through company's Initial Public Offer
(IPO) issued in March 2006 raising proceeds of about INR 20
crore. The plant commenced operations on 10th March 2008.


MOENUS TEXTILE: CARE Cuts Rating on INR30.87cr Loans to 'CARE D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Moenus Textile Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      28.07      CARE D Revised from
                                             CARE B+

   Short-term Bank Facilities      2.80      CARE D Revised from
                                             CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Moenus Textiles Private Limited is driven by the on-going
irregularity in debt servicing of its fund-based bank facilities.
Background Moenus Textile Pvt. Ltd., incorporated in 2005, is a
private limited company promoted by Saket Rupramka & Associates
and J.N. Patel & Associates. Mr. J. N. Patel is a NRI based in
London and friend of Mr. N. M. Shukla (director of MTPL). MTPL is
engaged in the manufacturing of coarser-count cotton yarn ranging
from Ne4 to Ne12 through rotor spinning technology. It has an
installed capacity of 1,800 rotors or 6,000 Metric Tonnes Per
Annum (MTPA) at its facility at Mandideep (Madhya Pradesh) as on
March 31, 2012. MTPL uses virgin cotton and comber noil
(produced as waste during ring spinning) for manufacturing cotton
yarn and it caters to the demand of manufacturers of denim
products and industrial fabrics in India and abroad.

During FY12 (refers to the period April 1 to March 31), MTPL
reported a total operating income of INR44.47 crore (FY11:
INR47.47 crore) with a net loss of Rs0.09 crore (FY11: net loss
of INR6.04 crore).


NS PAPERS: CARE Assigns 'CARE BB-' Rating to INR104.22cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of NS Papers Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      104.22     CARE BB- Assigned
   Short-term Bank Facilities       9.10     CARE A4 Assigned

The ratings assigned to the bank facilities of NS Papers Limited
are constrained by its financial risk profile characterized by
low profitability margins, declining capacity utilization levels
& working capital intensive operation, susceptibility of margins
to volatility in raw material price, highly fragmented industry
and large ongoing debt-funded capital expenditure. The ratings,
however, derive strength from the experience of the promoters in
the paper industry, their established marketing network,
locational advantages and presence of a captive power plant both
for its existing and new capacities.

Going forward, the ability of NSPL to improve its profitability
margins, increase its scale of business and timely complete the
expansion project and derive the expected benefits out of the
same would remain the key rating sensitivities.

Incorporated in 1997, NS Papers Limited earlier known as Rana
Papers Limited is promoted by Mr. Noor Saleem Rana and his family
members. NSPL is engaged in manufacturing kraft paper (waste
paper based), Kraft Liner & MS ingots.  The manufacturing
facilities of NSPL are located at Muzaffarnagar, UP, with
installed capacity of 49,500 TPA for Kraft paper, 52,500 TPA of
MS ingots and captive power plant of 14 MW.

NSPL recorded total operating income of INR120 crore and net
profit of INR4 crore during FY12 (refers to the period April 1 to
March 31).


RUCHIRA PAPERS: CARE Raises Rating on INR103.85cr Loan to 'B+'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ruchira Papers Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     103.85      CARE B+ Revised from
                                             'CARE D'

   Long/Short-term Bank            6.25      CARE B+/CARE A4
   Facilities                                Revised from 'CARE D

Rating Rationale

The revision in the ratings take into account the regularisation
of debt servicing by the company, steady improvement in plant
capacity utilization levels along with improvement in the
financial risk profile characterized by increasing operating
income, improved profitability and capital structure.
The ratings also consider the promoter's experience and long
operational track record, diversified product profile, proximity
of the manufacturing plant to raw material sources and captive
power generation capacity. However, the ratings continue to be
constrained by working capital intensive nature of operations,
vulnerability of profitability to volatility in raw material
prices and fragmented nature of the industry resulting in intense
competition.

Going forward, the ability of Ruchira Papers Ltd to maintain
healthy capacity utilization levels and profitability along with
servicing of debt obligations in a timely manner would be the key
rating sensitivities.

RPL, incorporated in 1980, is engaged in the manufacturing of
writing and printing paper (W&P) and kraft paper. RPL was
promoted by Mr. Subhash Chander Garg, Mr. Jatinder Singh and Mr.
Umesh Chander Garg. The manufacturing unit is located at Kala
Amb, Himachal Pradesh (HP), with total installed capacity of
85,800 MTPA as on March 31, 2012 (52,800 MTPA for Kraft Paper and
33,000 MTPA for WPP).

During FY12 (refers to the period April 01 to March 31), RPL
reported a total income of INR284 crore and PAT of INR8 crore. In
H1FY13, RPL has achieved PBT of INR13 crore on a total income of
INR150 crore.


SAINOV SPIRITS: ICRA Assigns 'ICRA B' Rating to INR75cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR75.00
crore1 fund-based facilities and a short-term rating of
'[ICRA]A4' to INR25 crore fund based facilities (Sub-limit of
Long-Term fund based facilities) of Sainov Spirits Private
Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Long-Term Fund Based        75.00     [ICRA]B Assigned
   Facilities

   Short-Term Fund Based       25.00     [ICRA]A4 Assigned
   Facilities

The rating takes comfort from the track record of promoters
having relevant experience in alcoholic/FMCG/ beverages
industries; leveraging on which the company is generating good
business volumes during its initial years of operations. During
FY-12, Sainov increased its operating income to INR106.5 crore as
compared to INR19.8 crore in the previous financial year. The
growth was mainly driven by trading activities undertaken by the
company for ENA which accounted for 81% of its revenues and the
revenue contribution of relatively higher margin IMFL retailing
segment remained minimal at 7% during FY12. Owing to nature of
trading operations, the operating profit margins remained low at
9% which coupled with high growth and high working capital
intensity (41% in FY-12) resulted in increased funding
requirements thereby increasing its reliance on working capital
borrowings. Further, to supplement its IMFL retailing business,
Sainov acquired a distillery in February 2011, which was
substantially funded through debt. Due to its high vintage and
adverse cost structure, the distillery witnessed low capacity
utilization (16% in FY-12) thereby resulting in limited
contribution to company's profitability. As a result of the above
acquisition and working capital borrowings, the company witnessed
sharp increase in its overall debt levels without a corresponding
increase in profitability. While the equity infusion by promoter
group protected the deterioration in capital structure to an
extent as reflected in a gearing of 1.26 times as on March 31,
2012, however in the backdrop of low profitability, the debt
coverage indicators of the company remained weak. This is
reflected by Total Debt/OPBDITA at 6.4 times, OPBDITA/Interest at
1.3 times and Net Cash accruals/Total debt at 9% as on March 31,
2012. ICRA has taken a note of competitive nature of industry,
vulnerability to Government's policies and high entry barriers
from already established brands of various domestic and
international players. Given the focus of Sainov to improve its
presence in IMFL retailing business; ICRA notes that the
gestation period in this business segment of company could be
longer, however it is expected to be supported by the
profitability from the ENA trading segment.

Going forward, ability of the company to effectively maintaining
its liquidity through calibrated growth, managing working capital
in its trading operations and optimally utilize its distillery on
profitable basis will be key rating sensitivities. ICRA also
notes that, to efficiently utilize its distillery, Sainov may
require further capital investments; hence the scale and the
funding mix of the same will also remain rating sensitivities.

Sainov Spirits Private Limited, incorporated in April-2008 is an
alcoholic beverage company promoted by - Mr. Sanjay Lamba and
Mr. Rajesh Mehta. Based in Delhi, the company is engaged in
manufacturing & trading of ENA, manufacturing & marketing of IMFL
and concentrates in India and abroad.

The company also has a distillery unit at Saharanpur (Uttar
Pradesh) having a production capacity of 36 KLPD (Kilo liters per
day) and bottling facility of 2 lakh cases per month, which is
currently being utilized for United Spirits Limited.

As per the provisional results, on standalone basis, during
FY2012, Sainov reported a PAT of INR3.91 crore with the operating
income of INR106.04 crore as compared to loss of INR0.06 crore
with operating income of INR19.67 crore for the previous
financial year.


SHREE KANTA: ICRA Rates INR5cr Fund Based Loans at '[ICRA]B'
------------------------------------------------------------
ICRA has assigned '[ICRA]B' B) rating to the INR 5.00 crore fund
based limits of Shree Kanta Rice and General Mills.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund based limits           5.00      [ICRA]B assigned

The rating takes into account the highly competitive and low
value additive nature of the rice milling industry with limited
pricing power vis-a-vis consumers and suppliers (paddy farmers).
These factors, coupled with the small size and non value added
nature of the firm's rice milling unit have resulted in
relatively weak profitability indicators and given the
fundamental industry dynamics, ICRA does not expect any change in
the near future. Further, the firm's working capital intensive
operations have been largely debt funded resulting in high
gearing and weak debt coverage indicators. ICRA also factors in
the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. ICRA
however draws comfort from the proximity of the mill to a major
rice growing area which results in easy availability of paddy and
stable demand outlook given that India is a major consumer (rice
being an important staple of the Indian diet) and exporter of
rice.

Incorporated in the year 2006, Shree Kanta Rice and General Mills
was a partnership firm till 31st March 2012 and with effect from
1st April, 2012, the business is run as a proprietorship concern.
The entity is engaged in milling of rice with an installed
capacity of 4 tons/hour. The firm is mow run by Mr. Rakesh Kumar
Garg as a proprietor.

Recent Results

The firm reported a net profit after tax of INR0.03 crores on an
operating income of INR29.62 crores in 2011-12 as against a
profit after tax of INR0.05 crores on operating income of
INR25.46 crores in 2010-11.


SHYAM JEE: CARE Assigns 'CARE B+' Rating to INR2.5cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shyam Jee Lumbers Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.50      CARE B+ Assigned
   Short-term Bank Facilities     14.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shyam Jee Lumbers
Pvt. Ltd. are constrained by relatively small size of its
operations, leveraged capital structure and low profitability
margins which are vulnerable to fluctuating exchange rates and
log prices. The ratings are further constrained due to its
concentrated supplier base, presence in a highly competitive
timber sector and exposure to government regulations.

The ratings, however, are underpinned by long track record of the
promoters along with their considerable experience in the timber
sector, location advantage, moderately diversified customer base
and good demand from user industries.

The ability of the company to increase its scale of operations
along with improvement in profitability and manage its foreign
exchange and raw material price risk are the key rating
sensitivities.

Shyam Jee Lumbers Pvt. Ltd., a Karnal (Haryana)-based importer
and wholesale supplier of timber was established as a
proprietorship firm in 1989. The constitution was later changed
in 2007 and the firm was rechristened to its current name. SJLPL
imports log from Malaysia, Nigeria, New Zealand and some African
countries and supplies processed timber to the wholesalers in the
states of Maharashtra, Haryana, UP, Punjab and Karnataka. The
company has a saw mill in Gandhidham, Gujrat, for procuring logs
and processing the same. Main varieties of wood imported include
Malaysian Saal, Ivory Coast Teak Wood, Nigerian Wood and New
Zealand wood. Termed as commercial wood, these varieties of woods
find application in making doors, windows, furniture and other
wooden items. SJLPT is a family owned business of the Mittal
family, managed by Mr. Ram Partap Mittal and his sons, Mr. Puneet
Mittal and Mr. Piyush Mittal.

In FY12 (refers to the period April 1 to March 31), SJLPL
recorded total operating income of INR30.79 crore with PBILDT of
INR0.58 crore against total operating income of INR20.97 crore
and PBILDT of INR0.39 crore in FY11.


SUPER STAINLESS: ICRA Rates INR8cr Cash Credit at '[ICRA]B'
-----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR 8.00 crore
cash credit facility of Super Stainless Steel.  The rating of
'[ICRA]A4' has also been assigned to the INR2.00 crore short-term
non-fund based limit of SSS.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                  8.00     [ICRA]B assigned
   Bank Guarantee               2.00     [ICRA]A4 assigned

The assigned ratings are constrained by SSS's modest scale of
operations and weak financial profile characterized by thin
profitability, adverse capital structure and weak coverage
indicators. The ratings also take into account the vulnerability
of firm's profitability with adverse fluctuations in stainless
steel prices, high competitive intensity with fragmented industry
structure and dependence on limited number of suppliers resulting
in limited bargaining power with respect to credit period
received for procurement. The ratings also factor in the high
working capital requirements owing to long credit periods
extended to the customers and high level of inventory required to
be maintained resulting in stretched liquidity position as
indicated by near full utilization of working capital limits.
While assigning the ratings ICRA has also noted the risks of
capital withdrawals that are inherent in proprietorship firms.

Super Stainless Steel is a proprietor ship firm, established in
the year 2002 by Mr. Devendra Patel. From 2002 to 2005, the firm
was mainly involved in the trading of the ammonium alum. From
2005 onwards, the firm discontinued trading of ammonium alum and
started the trading of the stainless steel sheets, coils and
plates. In the year 2007, the firm acquired the dealership of
Jindal Stainless Ltd. The firm currently also undertakes trading
of stainless steel products of SAIL.

Super Stainless Steel is a proprietor ship firm, established in
the year 2002 by Mr. Devendra Patel. From 2002 to 2005, the firm
was mainly involved in the trading of the ammonium alum. From
2005 onwards, the firm discontinued trading of ammonium alum and
started the trading of the stainless steel sheets, coils and
plates. In the year 2007, the firm acquired the dealership of
Jindal Stainless Ltd. The firm currently also undertakes trading
of stainless steel products of SAIL.

Recent Results

For the year ended March 31, 2012, SSS has reported operating
income of INR 88.46 crore and profit after tax (PAT) of INR 0.38
crore as against operating income of INR 86.07 crore and PAT of
INR 0.65 crore for the year ended March 31, 2011.



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


AORANGI SECURITIES: Managers Drop Plan to Recoup NZ$1.6MM Funds
---------------------------------------------------------------
Matt Nippert at stuff.co.nz reports that statutory managers
appointed to the late Allan Hubbard's Hubbard Management Funds
have dropped attempts to claw back funds incorrectly distributed
to investors.

stuff.co.nz says investors in HMF believed, according to reports
issued by Hubbard, their funds were worth NZ$80 million.

But statutory managers Grant Thornton, appointed in June 2010,
have since discovered significant discrepancies between the
investment statements and the NZ$60 million worth of assets held
by HMF and available for realization, stuff.co.nz relates.

stuff.co.nz notes the shortfall, and individual investor
statements apparently showing individual asset portfolios, has
complicated repayments to investors with High Court action
ongoing since early 2011 to determine how HMFs assets should be
carved up.

In April the High Court ordered a NZ$12 million distribution to
investors, but subsequent calculations showed NZ$1.6 million had
been overpaid, with five investors receiving the bulk of the
extra cash, stuff.co.nz recalls.

In a decision released earlier this month, stuff.co.nz relates,
Justice Lester Chisholm of the High Court in Timaru said Grant
Thornton had dropped efforts to claw back the NZ$1.6 million.

According to the report, the move came after concerns ongoing
legal action would cost more than it would recoup, and
potentially lead to a further year of delays while the matter was
before the Courts.

stuff.co.nz relates that the judgment said HMF was solvent only
until March 31, 2007. "The fund was solvent at that time even if
individual statements might not have been completely accurate."

Investor balances at this date will be used to determine how
future asset recoveries by Grant Thornton are to be distributed,
the report adds.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


CREDIT SAILS: Commerce Commission Secures NZ$60MM for Investors
---------------------------------------------------------------
The Commerce Commission has reached a settlement with five
companies that concludes its investigation into the failed
investment product Credit SaILS.  As part of the settlement, the
companies have agreed to create a settlement fund of
NZ$60 million to be distributed to investors who lost money when
Credit SaILS failed in 2008.

The companies involved in establishing the fund were Forsyth Barr
Limited, Forsyth Barr Group Limited, Credit Agricole Corporate
and Investment Bank, Credit Sail Limited and Calyon Hong Kong
Limited.

Credit SaILS were sophisticated debt securities marketed and sold
to the New Zealand public in 2006 with the prospect of 8.5%
interest income and capital protection. $91.5 million was raised
through the offer. Credit SaILS failed in 2008 and the notes are
now virtually worthless. On the information available, the
Commission estimates the total loss for those eligible for a
share of the settlement fund is around $70 million.

The Commission has reached the view that Credit SaILS was
marketed and sold in a way that is likely to have breached the
Fair Trading Act, in that:

   * the representations that Credit SaILS were 'capital
     protected' were misleading and deceptive;

   * Credit SaILS were marketed to the average investor;

   * Credit SaILS were highly complex and unsuitable for the
     average investor; and

   * the companies who marketed and sold Credit SaILS ought
     to have known that the product was unsuitable for the
     average investor.

The companies have not admitted liability and do not accept the
Commission's views on these matters.

"In our view there were sufficient grounds to file legal
proceedings under the Fair Trading Act against the companies who
promoted and sold Credit SaILS. While the Commission could have
issued proceedings, those proceedings would likely have been
lengthy, costly and with no absolute certainty of a successful
outcome," said Dr. Mark Berry, Chair of the Commerce Commission.

"We believe that a settlement fund of $60 million, available to
investors from March next year, is an excellent outcome. We
expect this settlement to restore eligible investors to around
85% of their original investment in Credit SaILS. We place high
priority on seeking redress for businesses and consumers and we
are pleased we are able to achieve this outcome for the
investors," said Dr. Berry.

More than 3,000 investors bought Credit SaILS. Most of these were
retail investors with a limited understanding of complex
financial products like Credit SaILS. A significant number of
investors are now over 70 years of age.

Under this settlement, investors will now receive about $850 for
every NZ$1,000 they invested in Credit SaILS. Without this
settlement, investors could expect to get about NZ$20 from their
NZ$1,000.

"It is crucial in relation to complex financial products that
investors are provided with accurate information, particularly
about the risks of a product. We believe these mostly elderly
investors bought Credit SaILS because they were told that their
capital was protected," said Dr. Berry. "Consumers must be able
to rely on representations made."

Eligible investors are defined in the settlement agreement as
including anyone who purchased Credit SaILS before Nov. 1, 2008,
and who still hold those notes, and anyone who purchased Credit
SaILS before Nov. 1, 2008, who has sold the notes at any time for
less than 85 cents per note.

A trustee will be appointed to distribute the settlement fund to
eligible investors. Investors do not need to contact the Commerce
Commission or the companies - the trustee will write to all
investors shortly.

The Commission's investigation has included liaison with the
Financial Markets Authority, which is aware of the Commission's
settlement and has agreed not to take action against the
companies in light of this settlement.

The settlement deed and further information about the settlement,
including more details about the settlement offer and the pay-out
process, are available on the Credit Sails Investigation page.



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


CALOMEL PTE: Creditors' Proofs of Debt Due Jan. 7
-------------------------------------------------
Creditors of Calomel 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:

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


CLEARVIEW SOLUTIONS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Dec. 21, 2012, to
wind up the operations of Clearview Solutions Pte Ltd.

Nicky Backjoo Kim filed the petition against the company.

The company's liquidators are:

         JLC ADVISORS LLP
         22 Malacca Street
         #07-03 RB Capital Building
         Singapore 048980


DAUPHIN SHIPYARD: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Dec. 7, 2012, to
wind up the operations of Dauphin Shipyard Pte Ltd.

Compass Steel International Pte Ltd filed the petition against
the company.

The company's liquidator is:

         Kung Seah Lim (Mr)
         c/o Kung Seah Lim Consultancy Pte Ltd
         336 Smith Street #05-309
         Singapore 050336


GUAN SHENG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Dec. 7, 2012, to
wind up the operations of Guan Sheng Oil Singapore Pte Ltd.

The Comptroller of Income Tax filed the petition against the
company.

The company's liquidator is:

         Aw Eng Hai
         M/s Foo Kon Tan Grant Thornton LLP
         47 Hill Street, #05-01
         Singapore Chinese Chamber
         Of Commerce & Industry Building
         Singapore 179365


LLC INVEST: Creditors' Proofs of Debt Due Jan. 14
-------------------------------------------------
Creditors of LLC Invest Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 14, 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



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


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


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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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.





                 *** End of Transmission ***