TCRAP_Public/121221.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

          Friday, December 21, 2012, Vol. 15, No. 254



BIG ANT: Video Game Studio Files for Voluntary Liquidation
FOODLIFE INVENTORY: RSM Bird Launches Fraud Claims Vs. Ex-Partner
JACKSON'S RARE: Liquidator Questions Personal Properties Register
KOMBAT PTY: Melbourne Storm Official Hit in Collapse
RELIANCE RAIL: Moody's Affirms 'B3' Senior Secured Rating


BERKELEY COFFEE: Incurs $110,000 Net Loss in Oct. 31 Quarter
FIFTH SEASON: Incurs $3.8-Mil. Net Loss in Third Quarter
GREENTOWN CHINA: S&P Ups Corp. Credit Rating to 'B'; Outlook Pos


AGFA MATERIALS: Creditors' Proofs of Debt Due Jan. 11
BOSTOCK COMPANY: Creditors' Proofs of Debt Due Jan. 14
COLOR MATCH: Cowley and Power Step Down as Liquidators
FORTUNE BEST: Cowley and Power Step Down as Liquidators
GENIUS LEGEND: Cowley and Power Step Down as Liquidators

GOOD MARK: Commences Wind-Up Proceedings
GOLDEN COMMENCE: Cowley and Power Step Down as Liquidators
KING ELEGANT: Cowley and Power Step Down as Liquidators
LFIE MANAGEMENT: Creditors' Proofs of Debt Due Jan. 21
NEW CREATION: Members' Final Set for Jan. 15

PRUDENTIAL SURPLUS: Cowley and Power Step Down as Liquidators
PROSPER LANE: Cowley and Power Step Down as Liquidators
RIPA BHARMA: Commences Wind-Up Proceedings
SHARP UNITED: Lam Tak Keung Steps Down as Liquidator
SYMS CONTAINER: Placed Under Voluntary Wind-Up Proceedings

WELL HONOUR: Cowley and Power Step Down as Liquidators


ANK FASHIONS: ICRA Cuts Rating on INR6.75cr Loans to 'B+'
EMIL PHARMACEUTICAL: ICRA Ups Rating on INR10.07cr Loan to 'B'
FIVE VISION: ICRA Rates INR23.50cr Loan at '[ICRA]B+'
GMR KAMALANGA: ICRA Downgrades Rating on INR3,405cr Loan to 'BB+'
JUPITER CONTECH: ICRA Cuts Rating on INR12.5cr Loan to 'B+'

KINGFISHER AIRLINES: Jet Likely to Beat Kingfisher Over Etihad
MAGNUM VENTURES: ICRA Reaffirms 'D' Rating on INR309.81cr Loan
MAHA MARUTI: ICRA Cuts Rating on INR9.75cr Loans to '[ICRA]B'
PIC INTERNATIONAL: ICRA Puts 'B' Rating on INR4.99cr Loans
RANBANKA HERITAGE: ICRA Assigns 'B-' Rating to INR5.75cr Loans

ROCKLAND HOTELS: ICRA Cuts Rating on INR11.29cr Loans to 'B+'
SERWEL ELECTRONICS: ICRA Reaffirms 'BB' Rating on INR36cr Loan
SHIVA FIBRES: ICRA Assigns '[ICRA]B' Rating to INR24.5cr Loans
SRI VENKATARAMANA: ICRA Cuts Rating on INR5.95cr Loans to 'B'
SSK EXPORTS: ICRA Reaffirms 'B+' Rating on INR4.95cr Loans

WARM GEARS: ICRA Rates INR18.10cr LT Loan at '[ICRA]B-'


GAJAH TUNGGAL: Moody's Reviews 'B3' Corp. Rating for Upgrade
MATAHARI PUTRA: Moody's Lowers CFR to 'B2'; Outlook Stable


ARCH FINANCE: Moody's Reviews 'Ba1' Rating on Loan for Downgrade
* JAPAN: New Leader Faces Intensifying Credit Challenges


BEST RE LTD: A.M. Best Cuts Financial Strength Rating to 'B'

N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Director Wins NZ$20MM Insurance Fight Appeal


EXPORTBANK: Less Than 50% of Depositors & Creditors OK Rehab
* PHILIPPINES: Moody's Changes Banking System Outlook to Positive
* PHILIPPINES: Moody's Issues Credit Analysis


* Large Companies with Insolvent Balance Sheets

                            - - - - -


BIG ANT: Video Game Studio Files for Voluntary Liquidation
Patrick Stafford at SmartCompany reports that Big Ant Studios has
been placed in liquidation, the latest video game studio victim
of a market that continues to consolidate despite booming sales.

Big Ant Studios filed for voluntary liquidation on November 28,
with S&Z Insolvency appointed as liquidators.

A creditors' meeting is set for today, December 21.  According to
SmartCompany, Big Ant chief executive Ross Symons has told trade
publication Kotaku all staff remains employed, and the
liquidation is "a restructure of a business that was not

"The vast majority of the debts are to the shareholders of the
company including myself," the report quotes Mr. Symons as
saying.  "All staff are securely employed and we continue to make

Kotaku indicates the studio could have debts up to
AUD6.7 million, the report adds.

Big Ant Studios is a Melbourne-based video game studio.

FOODLIFE INVENTORY: RSM Bird Launches Fraud Claims Vs. Ex-Partner
Adele Ferguson and Ben Butler at reports that
insolvency firm RSM Bird Cameron has launched legal action
against former partner Glenn Anthony Crisp, alleging he committed
fraud and misappropriated more than AUD500,000, much of which was
used to renovate a suburban property, over the course of a long-
running liquidation.

According to the report, the case comes as the Gillard government
released draft laws on Dec. 19 to overhaul the insolvency
industry, including giving greater powers to creditors to remove
liquidators and curb excessive fees.

"The Gillard government is committed to restoring the community's
confidence in the effective regulation, high professional
standards, transparency and accountability of the insolvency
profession following recent high-profile cases of misconduct by
corporate insolvency practitioners," the report quotes
Parliamentary secretary to the Treasurer Bernie Ripol as saying. notes that Mr. Crisp, a veteran insolvency
practitioner whose list of appointments runs to 11 pages, has
worked on jobs including Mick Gatto's Elite Dogman & Riggers,
which failed in February owing the Australian Taxation Office
AUD3 million, and trucking company Viking Group, which collapsed
last year amid allegations of fraud.

Mr. Crisp, who now works for rival firm Jirsch Sutherland, denies
the allegations, which relate to the liquidation of Foodlife
Inventory Holdings between 2002 and 2008, relates.

According to, Mr. Crisp's legal team said the
allegations of fraud against him were not properly pleaded, he
had provided all information about Foodlife to RSM and the firm
had released him from any liability in a deed signed when he left
in August.

RSM filed a writ on November 8, 2012, and a statement of claim
eight days later. On the same day RSM filed the writ, its 80
partners slapped a caveat on Mr. Crisp's property in Windsor
Drive, Lysterfield.

The statement of claim alleges that as liquidator of Foodlife,
Mr. Crisp billed AUD2.1 million but failed to pass all the fees
through to RSM, leaving a "shortfall amount" of AUD514,313.
Between September 8, 2004, and June 23, 2006, RSM alleges
Mr. Crisp made 70 payments from an account to his personal bank
account to meet debts to creditors.

JACKSON'S RARE: Liquidator Questions Personal Properties Register
Patrick Stafford at SmartCompany reports that the liquidator of
iconic rare guitar store Jackson's Rare Guitars has taken the
Australian Federal Government to task over the introduction of
its Personal Property Securities Register, saying he's attempting
to help the suppliers of the store's guitars get their property

SmartCompany relates that the criticism comes as experts have
warned more cases like this will emerge as companies collapse and
suppliers realize their property hasn't been properly documented
-- leaving it in jeopardy.

"I just think the government hasn't understood the difficulties
for the consumer here," insolvency expert Jamieson Louttit -- -- told SmartCompany. "I don't think it's
been marketed very well, and they've done a very poor job in
advertising it."

SmartCompany notes that Mr. Louttit is facing a complex issue.
Jackson's Rare Guitars sells stock on consignment from guitar
makers and right now, the store is holding about AUD800,000 worth
of product that hasn't been sold, the report discloses.

According to the report, the problem is that suppliers are now
required to register their property under the Personal Property
Securities Register -- introduced earlier this year as part of
the Personal Properties Securities Act 2009 -- in case a company
like Jackson's goes under.  That way, their property is fully
registered and they'll be able to claim it.  But most of the
guitar makers involved in Jackson's didn't do this, meaning they
can't get their property back easily, the report relates.

Now, Mr. Louttit says he's going to fix things another way: by
making an application to the court to have the suppliers heard.
"I'll be seeking a direction of the court, looking for an
opportunity for them to be heard. I want to give them the
opportunity to speak," Mr. Louttit told SmartCompany.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2012, Jackson's Rare Guitars, a staple in the Sydney
music community for decades, was placed in administration last
month, SmartCompany related.  Jamieson Louttit & Associates has
been tapped as administrator.

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

KOMBAT PTY: Melbourne Storm Official Hit in Collapse
Cara Waters and James Thomson at SmartCompany report that
disgraced sports administrator Brian Waldron, the man at the
centre of the Melbourne Storm salary cap breaches that cost the
club two premierships, has been dragged into the collapse of a
clothing company Kombat Pty Ltd.

SmartCompany relates that a week after telling staff at the
collapsed clothing firm that the firm was unable to pay their
wages or entitlements, Mr. Waldron is leading a new company
called Kombat Teamwork, which hopes to buy the assets of Kombat
Pty Ltd.

According to the report, parent company Beyond Sportswear
International, which has been struggling with poor trading
conditions, told the Australian Securities Exchange on
December 17 -- the same day Kombat Pty Ltd was placed in
administration -- it had completed a deal by which it would spin
off its key trading operating subsidiaries, including Kombat, to
Melbourne businessmen Rod Butterss and Mark Kellett.

Mr. Butterss was the president of AFL club St Kilda between 2000
and 2007, while Mr. Kellett was a former director of the club,
the report notes.

In a meeting with staff held days before Kombat Pty Ltd was being
placed in administration -- the audio of which has been posted on
YouTube -- Mr. Waldron told workers he was the third largest
shareholder of BSI and had been brought in by Mr. Kellett to
examine the state of the business.

Mr. Waldron, as cited by SmartCompany, told the staff the
situation was "grim" and that they would not be paid their wages
or entitlements, although promised they would be able to claim
them from Kombat Pty Ltd's liquidator or through the Federal
Government's GEERS scheme, which guarantees a level of
entitlements in the case of company collapses.

                         About Kombat Pty

Kombat Pty Ltd manufactures uniforms for sporting teams and
businesses.  It had a turnover of around AUD10 million a year and
employed over 80 full-time staff. Kombat is a subsidiary of ASX-
listed group Beyond Sportswear International (BSI).

As reported in the Troubled Company Report-Asia Pacific on
Dec. 19, 2012, SmartCompany said Kombat entered administration
just before Christmas and administrators are looking to sell the
business.  Andrew Beck and Paul Stewart of RSM Bird Cameron were
appointed as administrators to Kombat.  Mr. Beck told
SmartCompany all staff were dismissed prior to the appointment of
the administrators and RSM Bird Cameron was now looking to sell
the business.

RELIANCE RAIL: Moody's Affirms 'B3' Senior Secured Rating
Moody's Investors Service has affirmed the B3 senior secured
rating and Caa2 subordinated rating of Reliance Rail Finance Pty
Ltd. At the same time, the outlook on the ratings has been
revised to positive from developing.

"The change in the outlook considers Reliance Rail's improved
liquidity position and the progress made in the manufacturing and
delivery of train sets to RailCorp over the past 9 months," says
Spencer Ng, a Moody's analyst and Assistant Vice President.

To date, Reliance Rail has drawn down more than two-thirds of its
A$357 million bank facility, which is required to facilitate the
delivery of the remaining balance of the 78 train-sets as part of
the NSW Rolling Stock public private partnership (PPP) project.
The drawdown of a substantial portion of the bank facilities has
strengthened Reliance Rail's funding and liquidity profile, which
combined with the project performance to-date, supports the
improvement in its credit profile.

There has been uncertainty about Reliance Rail's ability to
access the bank facility due to a provision in the facility
documents, which could trigger cancellation of the unutilized
portion of the facility in the event of wrapper insolvency.
Reliance Rail's bank facilities are guaranteed by Syncora
Guarantee Inc. (unrated) and FGIC UK Limited (unrated). Remaining
balance of the bank facility limit is scheduled to be utilized by
the third quarter of 2013, subject to Reliance Rail continuing to

The positive outlook also reflects the practical completion of
the 23rd train-set on 12th December 2012, which supports the
Reliance Rail's capacity to complete the development of the 78-
train program before the end of 2014.

Further positive momentum on the rating could emerge over time if
Reliance Rail draws on the remainder of its bank facility, and if
delivery of the balance of the train sets remains substantially
in line with the current timetable.

On the other hand, the rating could face downward pressure if
there is increased risk of a funding shortfall for the project.

The methodologies used in this rating were Construction Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007, and Operating Risk in Privately-
Financed Public Infrastructure (PFI/PPP/P3) Projects published in
December 2007.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group. Reliance Rail Group was the successful
consortium appointed by Railcorp in 2006 to deliver the NSW
Rolling Stock public private partnership (PPP) project. Reliance
Rail is in the process of manufacturing 78-car "Waratah" trains
for the Sydney suburban rail network and has completed an
associated maintenance facility. Reliance Rail will also maintain
the trains and the maintenance facility from completion until


BERKELEY COFFEE: Incurs $110,000 Net Loss in Oct. 31 Quarter
Berkeley Coffee & Tea, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $109,779 on $63,621 of sales for
the three months ended Oct. 31, 2012, compared with a net loss of
$11,753 on $53,629 of sales for the prior fiscal period.

For the six months ended Oct. 31, 2012, the Company had a net
loss of $183,522 on $119,793 of sales, compared with a net loss
of $774 on $102,659 of sales for the six months ended Oct. 31,
2011.  Expenses were $199,718 and $42,321 for the six months
ended Oct. 31, 2012, and 2011.

The increase in expenses for the six months ended Oct. 31, 2012,
resulted from higher office and administration costs and an
amortization of discount on bonds of $9,030.

The Company's balance sheet at Oct. 31, 2012, showed
$4.62 million in total assets, $4.69 million in total
liabilities, and stockholders' equity of $19,961.

As reported in the TCR on Aug. 14, 2012, MaloneBailey, LLP, in
Houston, Texas, expressed substantial doubt about Berkeley Coffee
& Tea Inc.'s ability to continue as a going concern, following
the Company's results for the fiscal year ended April 30, 2012.
The independent auditors noted that the Company has suffered
recurring losses from operations.

A copy of the Form 10-Q is available at

Shanghai, China-based Berkeley Coffee & Tea, Inc., was
incorporated in the State of Nevada on March 27, 2009.  Berkeley
Coffee derives its revenue from the sale of roasted coffee.

FIFTH SEASON: Incurs $3.8-Mil. Net Loss in Third Quarter
Fifth Season International, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $3.8 million on $20.8 million
of total revenue for the three months ended Sept. 30, 2012,
compared with a net loss of $1.5 million on $36.8 million of
total revenue for the same period last year.

For the nine months ended Sept. 30, 2012, the Company had a net
loss of $16.8 million on $93.1 million of total revenue, compared
with net income of $1.1 million on $136.5 million of total
revenue for the comparable period last year.

Loss from operations was $11.5 million during the nine months
ended Sept. 30, 2012, compared with loss from operations of
$2.9 million during the same period last year.

"Our administrative expenses increased $7 million, or 163.5%, to
$11 million in the nine months ended September 30, 2012, from
$4 million in the same period in 2011."

The Company recognized a gain on business combination of
$7.1 million in the nine months ended Sept. 30, 2011, resulting
from the acquisition of Zibo Longyun Industrial and Trade Co.,
Ltd., during the first quarter of 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$194.0 million in total assets, $167.9 million in total
liabilities, and stockholders' equity of $26.1 million.

"The Group's consolidated current liabilities exceeded its
consolidated current assets by approximately $52 million as of
Sept. 30, 2012.  In addition the Group has commitments for tenant
improvement projects and the purchase of commercial properties
totaling $10.7 million as of Sept. 30, 2012.  Management believes
that these factors raise substantial doubt about the Company's
ability to continue as a going concern."

As at Sept. 30, 2012, the Company was in material compliance with
all its outstanding loans.

A copy of the Form 10-Q is available at

                         About Fifth Season

Located in Shenzhen, People's Republic of China, Fifth Season
International, Inc., is engaged in the investment, assignment,
and leasing of commercial properties, in the operation of
department stores, and in the wholesale of goods in China.  As at
Sept. 30, 2012, the Company had invested or leased seven
commercial properties in Southeastern China, encompassing
approximately 152,244 square meters, which includes three
properties comprising 93,010 square meters, or approximately 61%
of the properties, directly owned by the Company.  Many of the
properties are positioned as department stores with large
commercial tenants, including but not limited to Bank of China,
and Boshiwa International Holding Limited.

                           *     *     *

As reported in the TCR on April 23, 2012, Marcum Bernstein &
Pinchuk LLP, in New York, expressed substantial doubt about Fifth
Season's ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011.  The
independent auditors noted that the Company has a significant
working capital deficiency.  "[A]s of Dec. 31, 2011, the Company
is not in compliance with its loan covenant in connection with
its loan with China Construction Bank," the independent auditors

GREENTOWN CHINA: S&P Ups Corp. Credit Rating to 'B'; Outlook Pos
Standard & Poor's Ratings Services had raised its long-term
corporate credit rating on China-based real estate developer
Greentown China Holdings Ltd. to 'B' from 'CCC+'. The outlook is
positive. Standard & Poor's also raised its issue rating on the
company's senior unsecured notes to 'B-' from 'CCC'. "At the same
time, we raised the long-term Greater China regional scale rating
on Greentown to 'cnBB-' from 'cnCCC+' and on the notes to 'cnB+'
from 'cnCCC'. We removed all the ratings from CreditWatch, where
they were placed with positive implications on June 11, 2012,"
S&P said.

"We raised the ratings to reflect our view that Greentown's
financial strength will improve in the next 12 months, mainly due
to the company's reduced debt, improving sales, and less
aggressive business and financial management," said Standard &
Poor's credit analyst Frank Lu. "Greentown's financial
flexibility, particularly its access to funding, should also
improve following a capital injection by Hong Kong-based Wharf
(Holdings) Ltd."

"We expect Greentown's property sales (including those of joint
ventures) to exceed Chinese renminbi (RMB) 50 billion (about
RMB29 billion on an attributable basis) in 2012, up 42% from
2011. We partly attribute the sales recovery to an improvement in
the outlook for the property market that we expect to continue
over the next 12 months," S&P said.

"Greentown's profitability is unlikely to improve materially in
the next 12 months. We expect increases in property prices to be
limited; the benefits of Greentown's cost controls and its
increased offerings of more affordable products in the mass
market will take time. The company's high-cost land bank and its
long development period for properties make controlling costs
difficult," S&P said.

"We anticipate that Greentown's leverage will improve in the next
12 months with more disciplined land acquisitions and the use of
additional asset sales for debt reduction," S&P said.

"Greentown should benefit from Wharf's support in raising funds
in the offshore market. Greentown still has significant short-
term debt and high funding costs because onshore project loans
dominate its borrowings profile," S&P said.

"Visibility is still low over the cash movements and liabilities
of Greentown's large number of joint ventures," said Mr. Lu. "We
believe the company's complex corporate structure will continue
to be a rating constraint over the next two years."

"The positive outlook reflects our view that Greentown's
financial position is likely to improve in the next 12 months. We
expect Greentown to remain cautious toward land acquisitions,
reduce its total debt level, and maintain sufficient cash while
implementing a business strategy aimed at steady growth," S&P

"We are likely to raise the rating if Greentown consistently
executes its business strategy and disciplined investment policy.
A sustainable reduction in debt and improvement in cash flow over
the next 12 months could also trigger an upgrade. EBIT interest
coverage of more than 2x and a stronger debt-to-capital ratio
would indicate such improvement," S&P said.

"We could revise the outlook to stable if Greentown's financial
performance does not improve from 2012 levels, such that its
sales performance deteriorates, its margin is lower than our
expectation, or the company does not execute its stated cautious
strategy for financial management," S&P said.


AGFA MATERIALS: Creditors' Proofs of Debt Due Jan. 11
Creditors of Agfa Materials Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 11, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

         Fong Ming Wai Howard
         Room 3704, Hong Kong Plaza
         188 Connaught Road
         West, Hong Kong

BOSTOCK COMPANY: Creditors' Proofs of Debt Due Jan. 14
Creditors of Bostock Company Limited, 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

The company commenced wind-up proceedings on Dec. 6, 2012.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong

COLOR MATCH: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Color Match Limited on Dec. 11, 2012.

FORTUNE BEST: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Fortune Best Investment Limited on Dec. 11, 2012.

GENIUS LEGEND: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Genius Legend Limited on Dec. 11, 2012.

GOOD MARK: Commences Wind-Up Proceedings
Members of Good Mark Investments Limited, on Dec. 4, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255 Des Voeux Road
         Central, Hong Kong

GOLDEN COMMENCE: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Golden Commence Limited on Dec. 11, 2012.

KING ELEGANT: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of King Elegant Holdings Limited on Dec. 11, 2012.

LFIE MANAGEMENT: Creditors' Proofs of Debt Due Jan. 21
Creditors of Lfie Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 21, 2013, to be included in the company's dividend

The company's liquidator is:

         Ha Yue Fuen Henry
         Unit A, 5/F, Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong

NEW CREATION: Members' Final Set for Jan. 15
Members of New Creation Garment Limited will hold their final
general meeting on Jan. 15, 2013, at 10:00 a.m., at 703, Hang
Bong Commercial Centre, 28 Shanghai Street, in Kowloon.

At the meeting, Yang Kam Wing Vee Sin, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

PRUDENTIAL SURPLUS: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Prudential Surplus Limited on Dec. 11, 2012.

PROSPER LANE: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Prosper Lane Limited on Dec. 11, 2012.

RIPA BHARMA: Commences Wind-Up Proceedings
Members of Ripa Bharma Foundation Limited, on Dec. 3, 2012,
passed a resolution to voluntarily wind up the company's

The company's liquidator is:

         Kong John
         Room 2102, 21/F, King Centre
         23-29 Dundas Street
         Mongkok, Kowloon
         Hong Kong

SHARP UNITED: Lam Tak Keung Steps Down as Liquidator
Lam Tak Keung stepped down as liquidator of Sharp United Limited
on Dec. 5, 2012.

SYMS CONTAINER: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Nov. 30, 2012,
creditors of SYMS Container Line Agencies (HK) Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, 14 Floor
         Harbour Centre, 25 Harbour Road
         Wan Chai, Hong Kong

WELL HONOUR: Cowley and Power Step Down as Liquidators
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Well Honour Limited on Dec. 11, 2012.


ANK FASHIONS: ICRA Cuts Rating on INR6.75cr Loans to 'B+'
ICRA has revised downwards the long term rating assigned to
INR7.25 crore (enhanced from INR4.00 crore) cash credit limits of
ANK Fashions Private Limited (Erstwhile NRK Overseas India) to
'[ICRA]B+' from '[ICRA]BB'.  ICRA has also assigned '[ICRA]B+'
rating to INR1.00 crore standby line of credit limits. However,
ICRA has reaffirmed the '[ICRA]A4' rating to the INR1.50 crore
non-fund based bank limits of ANK Fashions Pvt Ltd.

   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Fund based-Cash Credit       7.25    [ICRA]B+ Downgraded

   Fund based- EPC/EBD         (1.50)   [ICRA]B+ Downgraded

   Fund based-SLOC              1.00    [ICRA]B+ Assigned

   Non-fund based-Letter        1.50    [ICRA]A4 Reaffirmed
   of Credit

The rating revision reflects the tight liquidity position as
evident from consistently full utilization of limits and
instances of LC devolvement; weak financial risk profile
characterized by low profitability, moderately leveraged capital
structure and weak coverage indicators. The rating also
incorporates modest scale of operations and susceptibility of
margins to fluctuation in raw material prices and adverse
movement in foreign exchange which together with competition from
low-cost countries exerts pressure on the margins. The ratings
however factor in the promoter's established track record in the
garment manufacturing industry; sustained growth in the operating
income over the last few years and healthy order book position
providing short term revenue visibility.

Promoted by Mr. Rakesh Kabra as a propreitory concern in 1994,
NRK Overseas (India) merged with one of its associate concerns-
ANK Fashion Pvt Ltd in April, 2012. Previously, it was operating
as a sole proprietorship company. ANK is engaged in the
manufacture of formals, casuals and jeans wear for men, women and
children. The company is a Government recognized export house and
also holds an ISO 9001: 2000 certification. ANK has a registered
office in Mumbai and a manufacturing unit at MIDC, Rabale in
district Thane.

Recent Results

ANK recorded a net profit after tax of INR0.25 crore on an
operating income of INR39.35 crore for the year ending March 31,
2012. (Provisional).

EMIL PHARMACEUTICAL: ICRA Ups Rating on INR10.07cr Loan to 'B'
The rating on the INR0.32 crore (reduced from INR3.20 crore),
long-term loans and INR7.50 crore (enhanced from INR5.50 crore)
long term fund based bank facilities of Emil Pharmaceutical
Industries Private Limited has been upgraded to '[ICRA]B-' from
'[ICRA]D'.  The short term rating on the INR2.25 crore (enhanced
from INR1.10 crore), short-term, non-fund based bank facilities
of EPIPL has also been upgraded to '[ICRA]A4' from '[ICRA]D'.

   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Long-term, term loans       0.32      Upgraded to [ICRA]B-
                                         from [ICRA]D

   Long-term, fund-based       7.50      Upgraded to [ICRA]B-
   bank facilities                       from [ICRA]D

   Short-term, non-fund        2.25      Upgraded to [ICRA]A4
   based bank facilities                 from [ICRA]D

The rating upgrade reflects the regularization in the debt
repayment obligations of the company - based on information
shared by the management the company has been regular in
servicing its debt obligations for the last nine months.

The company has registered healthy growth in the revenues for
FY2012, driven by the increase in contribution from exports to
semi-regulated markets of Latin America, Africa and South East
Asia and low base effect of revenues for FY2011. The vast
experience of the promoters in formulations manufacturing coupled
with the credentials of the company as an established contract
manufacturer for MNCs and domestic pharmaceutical companies
resulting in healthy client relations further strengthens the
risk profile. The ratings are however constrained by the weak
financial profile of EPIPL, marked by gearing of 2.91 times for
FY2012 and weak coverage indicators. The small scale of
operations of EPIPL in the highly competitive domestic industry
for contract manufacturing, coupled with the competition from
players in the tax free zones and vulnerability to excise duty
movements limits the overall bargaining power of the company.
However, the company's ability to increase contribution from high
margin exports in the future will remain key to the growth of

Emil Pharmaceutical Industries Private Limited (EPIPL), set up in
1989, is a formulations contract manufacturing and exports
company engaged in the production of tablets, capsules, powders,
liquids and ointments for multinational and domestic
pharmaceutical companies, merchant exporters and direct sales to
customers in South-East Asia, Africa and Latin America. EPIPL has
its production facility located at Tarapur, Maharashtra. The
company is closely held and promoted by Mr. Tushar Korday and
Mr. Rajendra Gole, who are also the promoters of Medibios
Laboratories Private Limited a firm in which EPIPL has a 30.94%
stake. EPIPL and MLPL have similar business profiles.

Recent Results

For the twelve months ending March 31, 2012, EPIPL reported
profit after tax (PAT) of INR0.53 crore on revenues of INR31.21
crore as against a PAT of INR0.09 crore on revenues of INR19.55
crore for the twelve months ending March 31, 2011.

FIVE VISION: ICRA Rates INR23.50cr Loan at '[ICRA]B+'
ICRA has assigned a long-term rating of '[ICRA]B+' to the
INR23.50 crore, fund-based facilities of Five Vision Promoters
Private Limited.

   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund-based facilities       23.50     [ICRA]B+ assigned

The assigned rating takes into account FVPPL's relatively lower
operating profitability margins vis--vis sector average which
together with significant debt obligations, results in stretched
debt coverage indicators. The rating is also constrained by the
high lease renewal risk owing to expected increase in competition
in the catchment area, small lock-in period of one year in
several agreements and payment of minimum guaranteed rent in some
cases that indicates lower than expected revenue-booking by those
tenants. Further, the rating also takes into consideration the
single-property and single-market concentration risk exposing the
company to risks associated with adverse regional developments.
Nevertheless, the mall's favorable location in proximity to
established residential colonies and limited competition in the
areas in vicinity provides access to a larger catchment area
thereby resulting in healthy footfalls. Further, the rating also
derives comfort from the presence of reputed tenants in the mall
which reduces the off-take risk for vacant space (-20% of the
total leasable area). Although the coverage indicators are
expected to remain modest in the short to medium term;
availability of entertainment tax subsidy benefits is expected to
ease company's liquidity pressures to some extent till FY15.

In ICRA's view, the key rating sensitivity will be the company's
ability to lease out the vacant space at favorable terms; renew
its existing lease agreements at agreed terms and in a timely
manner - particularly with tenants occupying larger spaces; and
optimize its cost structure to improve its profitability and debt
coverage metrics. Further, the company's ability to improve its
earnings from the multiplex will be critical for it to claim the
permitted entertainment tax subsidy benefits.

Incorporated in January 2005, Five Vision Promoters Private
Limited is a part of the SVP group which has interests spanning
across real-estate, education, liquor and hospitality sectors.
FVPPL owns and operates a retail mall, namely 'The Opulent' in
Ghaziabad (Uttar Pradesh), with a super built-up area of around 2
lakh square feet. The mall commenced operations in April 2010 and
has reputed tenants such as Bharti Retail, Woodland, Puma,
Chunmun Stores, Reliance Trends and Mc Donalds.

Recent Results

FVPPL reported an operating income of INR14.11 crore and profit
after tax (PAT) of INR0.29 crore in FY12 as compared to an
operating income of INR8.18 crore and a net loss of INR7.11 crore
in FY11.

GMR KAMALANGA: ICRA Downgrades Rating on INR3,405cr Loan to 'BB+'
ICRA has revised the rating assigned to the INR3405 crore term
loan programme of GMR Kamalanga Energy Limited to '[ICRA]BB+'
from '[ICRA]BBB'.  The outlook on the rating is stable. ICRA has
also revised the ratings assigned to the INR450 crore non fund
based limits of GMR Kamalanga to '[ICRA]BB+' in the long term and
'[ICRA]A4+' in the short term from [ICRA]BBB and '[ICRA]A3+' in
the long and short term respectively. The non fund based limits
are interchangeable under the long and short term and the
combined utilisation should not exceed INR450 crore.

The rating revision factors in the crystallization of offtake and
fuel supply/pricing risks for GMR Kamalanga's 1050 MW domestic-
coal based power plant at Orissa since the asset is due to be
commissioned within April 2013. While approx 823 MW of power has
been tied up through long term PPAs with DISCOMs in Orissa,
Haryana and Bihar, ICRA notes that barring the 263 MW PPA with
GRIDCO* in Orissa which factors in a cost-plus tariff, the
contracted tariff structure for the balance 560 MW is quite
aggressive. The project is also exposed to risks on the fuel
supply front given that the PPA with Bihar SEB requires supply of
power to commence only in November 2015 and thus restricts GMR
Kamalanga's eligibility to enter into FSA's to 563 MW at present
(300 MW to Haryana DISCOM + 263 MW to GRIDCO). Moreover, GMR
Kamalanga would continue to be exposed to coal supply and pricing
risks even for the FSA portion, given that the FSA would limit
domestic coal supply to the extent of 65% of the commitment with
the balance being met through imported coal at GMR Kamalanga's
expense. Fuel supply risks are compounded given that the balance
487 MW would be dependent on imported/e-auction coal. GMR
Kamalanga's dependence on imported coal thus exacerbates the
risks arising from the low contracted tariff levels for a large
part of the PPA tied capacity. Although GMR Kamalanga has been
allocated a captive coal mine for this project, limited comfort
can be drawn from this mine given the poor progress in its
development. ICRA notes that debt repayments for GMR Kamalanga
commence in August 2013 and that the offtake and fuel risks
already described would expose the project to cash gaps
particularly over the initial few years. The project has also
been considerably delayed resulting in an cost overrun of approx
INR630 crore - further cost overruns of up to INR200 crore are
likely. Given that funds availability within the Group is under
pressure, the Group's ability to support the project for cost
overruns and cash gaps once operational, would be critical. The
rating however favorably factors in the advanced stage of
implementation of the project and the strengths arising from
being part of the GMR Group of companies.

GMR Kamalanga is an SPV promoted by GMR Energy Limited for the
development of a 1050 MW coal based thermal power project at
Kamalanga in Orissa. GMR Group holds 80% stake in GMR Kamalanga,
while 20% is held by IDFC. The total project cost of INR4540
crore is being funded through debt of INR3405 crore and equity of
INR1135 crore. As on June 2012, the project was assessed to have
a cost overrun of approx. INR630 crore for which the debt funding
has already been tied up. Unit I of the power plant was
originally scheduled to be commissioned by November 2011. The
project is currently running a 13 month delay in implementation
against this schedule.

JUPITER CONTECH: ICRA Cuts Rating on INR12.5cr Loan to 'B+'
ICRA has revised the long term rating of Jupiter Contech Private
Limited (formerly Konark Foundations Private Limited) to
'[ICRA]B+' from '[ICRA]BB-' assigned to the INR7.50 crores fund
based and INR5.00 crores non-fund based facilities.

The revision in rating takes into account the stretched liquidity
profile of the company as reflected by regular overutilization of
the working capital bank limits owing to large pending
receivables. The rating is also constrained by the weak financial
profile characterized by modest debt coverage indicators and high
working capital intensity with net working capital
(NWC)/operating income (OI) of 40.37% as on 31st March, 2012.
Further, the rating also factors in delay in execution of some of
the projects resulting in decline in operating income in FY2012
and also high customer concentration risk arising out of the fact
that the top two customers account for about ~59% and ~67% of the
revenues in FY2010-11 and FY2011-12 respectively. However, the
rating positively factors in the experience and long track record
of the promoters in the construction business and technical
capabilities, especially in marine works such as shipping berths
and Jetties and adequate order book of INR44.21 crores (as on
31st March, 2012) representing an order book/ FY2012-OI of 1.68
times, which provides growth visibility for current financial
year. Going forward, the ability of the company in realizing
payments from customers and timely execution of ongoing projects
will be key rating sensitivities.

Jupiter Contech Private Limited, formerly known as Konark
Foundations Private Limited was incorporated in 2007 as a
partnership firm and subsequently converted into Private Limited
Company in 2009. The company is involved in construction of
buildings, bridges, marine works such as Shipping berths and
Jetties for customers such as Military Engineering Service (MES)
and Visakhapatnam Port trust.

Recent Results

During the financial year ending March 2012, the company reported
net profit of INR1.35 crores on operating income of INR26.21
crores as against net profit of INR1.07 crores on operating
income of INR30.10 crores during FY 2010-11.

KINGFISHER AIRLINES: Jet Likely to Beat Kingfisher Over Etihad
Karthikeyan Sundaram at Bloomberg News reports that Jet Airways
(India) Ltd. may trump Kingfisher Airlines Ltd. in the race for
funds from Etihad Airways PJSC, hindering the grounded rival's
efforts to win investment to help restart flights.

Jet Airways' network, domestic market share and a codeshare pact
with Etihad may help it clinch a deal, according to analysts,
including Kapil Kaul of CAPA Centre for Aviation. In comparison,
Kingfisher stopped flying in October and had its license
suspended by Indian authorities following service disruptions
caused by five straight years of losses.

"For Etihad, tying up with Jet makes more sense," said Arun
Kejriwal, director at Kejriwal Research & Investment Services
Pvt. "It's an airline that is in business and also flies to the
Middle East. They can have a new hub."

Bloomberg notes that both the companies are in talks with Etihad
for a stake sale and the Gulf carrier may decide on one of them
by next week, an Indian government official said Dec. 17.  A
share purchase by Etihad may attract more investors to the
nation's aviation industry, after companies struggled with high
costs and a price war, Bloomberg relates citing Jagannadham
Thunuguntla of SMC Global Securities Ltd.

"It will be a game changer," Bloombeg quotes Mr. Thunuguntla,
chief strategist of the New Delhi-based brokerage. "Until and
unless foreign money comes in, many of the players risk going out
of business. They need a fresh breather of life."

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines -- 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

                          *     *     *

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.

MAGNUM VENTURES: ICRA Reaffirms 'D' Rating on INR309.81cr Loan
ICRA has reaffirmed '[ICRA]D' rating to the INR309.81 crores
(enhanced from INR272.86 crores) fund based limits of Magnum
Ventures Limited.

   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Fund based limits       309.81     [ICRA]D Reaffirmed

The reaffirmation of rating continues to reflect delays in
servicing of interest payments in the past and the losses being
made by the company on account of significant interest and
depreciation cost for new hotel being setup and lower margins in
the paper division. As a result of continued losses during the
last two years, the company has opted for restructuring of its
liabilities and has applied for Corporate Debt Restructuring
(CDR) twice. While assigning the ICRA has taken into account the
long track record of promoters in the business. Going forward,
the company's ability to generate profit and service its debt
obligations in a timely manner will remain key rating

Incorporated in the year 1980 Magnum Ventures Limited is engaged
in the business of trading and manufacturing of paper for more
than 25 years. The existing manufacturing activities cover
writing & printing paper , newsprints and duplex boards with an
installed capacity of 85,000 MT per annum.  The Company also
operates a five star hotel in Sahibabad under the brand name of
Country Inn & Suites which became operational in April 2010.

Recent Results

The company posted a Loss after Tax of INR20.35 Crores on
operating income of INR196.07 Crores in FY 12 as against a loss
after tax of INR28.44 Crores on operating income of INR173.09
Crores in FY11.

MAHA MARUTI: ICRA Cuts Rating on INR9.75cr Loans to '[ICRA]B'
ICRA has revised the long term rating of Maha Maruti Logistics
Private Limited to '[ICRA]B' from '[ICRA]BB' assigned to the INR4
crores fund based and INR5.75 crores non-fund based facilities.

The revision in rating takes into account the stretched liquidity
profile of the company as reflected by regular overutilization of
the working capital bank limits and also in the invocation of the
non-fund based bank facility. The rating is also constrained by
the weak financial profile characterized by high gearing, decline
in profitability and consequent weakening of the debt coverage
indicators. Further, the rating also factors in small scale of
operations of the company resulting in modest economies of scale
and high customer concentration risk arising out of the fact that
the top two customers account for about -58% and -59% of the
revenues in FY2010-11 and FY2011-12 respectively. However, the
rating positively factors in the experience and long track record
of the promoters in the logistics & transportation business and
established relations with key customers such as Container
Corporation of India and Rashtriya Ispat Nigam Limited. The
rating also factors in the recent investments in handling &
transportation equipment, which will enable the company to
execute the new orders from customers such as Jindal Steel &
Power and Abhijeet Ferrotech among others.

Maha Maruti Logistics Private Limited was set up as a partnership
firm in 1978 by Mr. A Satyanarayana Murthy and was reconstituted
as a private limited company in 2004. The company provides
terminal operator and consignment agent services to companies
such as CONCOR, RINL, Abhijeet Ferrotech and Jindal Steel & Power
among others. In addition to this, the company provides freight
forwarding, customs clearance and cargo handling services at
Visakhapatnam port.

Recent Results

During the financial year ending March 2012, the company reported
net loss of INR0.19 crores on operating income of INR26.03 crores
as against net profit of INR0.05 crores on operating income of
INR29.88 crores during FY 2010-11.

PIC INTERNATIONAL: ICRA Puts 'B' Rating on INR4.99cr Loans
ICRA has assigned '[ICRA]B' and '[ICRA]A4' rating to the INR9
Crore fund based and non fund based limits of PIC International
Metals & Alloys Pvt. Ltd.  The ratings favorably factor in the
long standing experience of 31 years of the promoters in the
manufacturing and trading of ferro alloys and the healthy growth
in operating income over the years. The ratings are however
constrained by the company's small scale of operations; exposure
to raw material price risk, vulnerability to cyclicality inherent
in the key end-user industry i.e. steel and the company's
leveraged capital structure and weak debt coverage metrics.

   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Fund Based (Cash Credit)    4.50     [ICRA]B assigned

   Fund Based (WCTL)           0.49     [ICRA]B assigned

   Non fund based (Letter      4.00     [ICRA]A4 assigned
   of Credit)

   Fund based (Buyer's Credit) (2.00)   [ICRA]A4 assigned

   Unallocated                  0.01    [ICRA]B/[ICRA]A4 assigned

PIC International Metals & Alloys Pvt. Ltd. is engaged in the
manufacturing and trading of various ferro alloys for the past 5
years. The primary products of the company are ferro molybdenum,
ferro chrome, ferro manganese, ferro aluminium etc. The group
company Prakash Industrial Corporation has been in the business
of trading of various ferrous and non-ferrous alloys for the last
31 years.

Recent Results

The net sales for H1FY13 stood at INR16 crore on a provisional
basis against INR33.18crore for FY12.

RANBANKA HERITAGE: ICRA Assigns 'B-' Rating to INR5.75cr Loans
ICRA has assigned '[ICRA]B-' rating for the INR5.75 crore bank
facilities of Ranbanka Heritage Resorts Private Limited.

   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loans                  5.31      [ICRA]B- assigned
   Cash Credit                 0.25      [ICRA]B- assigned
   Unallocated                 0.19      [ICRA]B- assigned

The rating considers the growth opportunity available to the
resort, on account of its proximity to several textile
manufacturing companies, and the good quality banquet services
provided by the resort. However, the profitability of RHPL is
weak, which led to poor coverage indicators in the first year of
operations. The ratings are also constrained by the low cash
accruals and stretched liquidity position of the company at
present, which raise concern about ability of the company to
timely service its bank obligations in future. The scale of
operations remains small with low room occupancy and moderate
utilization of the banquet facilities. The ability of the resort
to scale-up its operations, and improve its profitability would
be key rating sensitivities going forward.

Ranbanka Heritage Resorts Private Limited is a 60-room resort
located in Bhilwara city in Rajasthan. The room portfolio
includes 56 rooms (deluxe and super-deluxe) and 4 suites.
Besides, the resort hosts a marriage hall and three conference
rooms, along with a restaurant and a bar. The resort was started
in January 2011, and has witnessed moderate occupancy during last
one year. The promoter group also has other business related to
mining operations in Rajasthan

Recent Results

The company reports Operating Income (OI) of INR1.7 Crore,
Operating Profit Before Depreciation, Interest and Tax (OPBDIT)
of INR0.8 Crore and Net Loss of INR0.1 Crore as per 2011-12
audited financials.

ROCKLAND HOTELS: ICRA Cuts Rating on INR11.29cr Loans to 'B+'

ICRA has revised the long term rating of '[ICRA]BB' to '[ICRA]B+'
assigned earlier to INR7.69 crore1 (reduced from INR8.39 crore)
term loan facilities and to INR3.60 crore (enhanced from INR2.90
crore) unallocated limits of Rockland Hotels Limited.

   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Term Loans                  7.69     [ICRA]B+ (downgraded)
   Unallocated Limits          3.60     [ICRA]B+ (downgraded)

The rating revision reflects the decline in FY12 revenues
witnessed by RHL; which declined by 17% to INR6.05 crore.
Further, the company has reported sales of INR1.99 crore in
H1FY13 as compared to INR2.71 crore a year ago. Decline in scale
of operations resulted in subdued operating profits of INR1.29
crore despite the margins improving to 21.4%; which coupled with
high interest charge resulted in continued losses at net level
for the company. Moreover, given the lower cash-flow generation
from the operations, the timely debt repayment remains dependent
on infusion of funds by the promoters. The rating, however, draws
support from the strategic location of the two operational budget
hotel properties of RHL which are in close proximity to the
Central Business Districts (Nehru Place, Saket) and demonstrated
financial support from the promoters. Going forward, improvement
in scale of operations and profitability, and the extent of
promoter's support will remain amongst the key rating sensitivity

Rockland Hotels Limited a closely held company, was incorporated
in December 2005 by three brothers namely Mr. Rajesh Kumar
Srivastava, Mr. Prabhat Kumar Srivastava and Mr. Rishi Kumar
Srivastava. In January 2007 the company took over the two
partnership firms namely Rockland Inn and Hotel Rockland.
Consequently, RHL has a portfolio of two properties - Rockland
Inn (38 room property at C.R. Park, New Delhi) and Hotel Rockland
(20 room property at Panchsheel Enclave, New Delhi).

Recent Results

For FY12, the company reported a loss of INR0.86 crore on a
operating income of INR6.05 crore as compared to a loss of
INR0.83 crore on an operating income of INR7.25 crore. The
company has reported sale of INR1.99 crore in H1FY13.

SERWEL ELECTRONICS: ICRA Reaffirms 'BB' Rating on INR36cr Loan
ICRA has reaffirmed the long-term rating at '[ICRA]BB' for
INR36.00 crore fund based facilities (increased from INR18.00
crore) of Serwel Electronics Limited.  ICRA has also re-affirmed
the '[ICRA]A4' rating to INR20.00 crore non fund based facilities
(increased from INR10.00 crore) of SEL.  The outlook on the long-
term rating is Stable.

   Facilities           (INR Cr)   Ratings
   ----------           --------   -------
   Cash Credit           36.00     [ICRA]BB (Stable) Reaffirmed

   Letter of Credit      18.00     [ICRA]A4 Reaffirmed

   Bank Guarantee         2.00     [ICRA]A4 Reaffirmed

The rating reaffirmation takes into account SEL's stretched
liquidity profile owing to increase in inventory days and debtors
days; which coupled with high turnover growth has led to high
working capital requirements. High working capital requirements
have primarily been met by increased borrowings leading to
increased leverage for the company. High gearing coupled with low
profitability has resulted in moderate debt coverage indicators.
The ratings also factor in the highly competitive nature of the
transformer industry and the vulnerability of margins to the
fluctuations in raw material prices. However, ICRA draws comfort
from the long and established track record of the company in
manufacturing of transformers, significant growth in the
operating income over the last three years and improved operating
profitability over the last two years.

Serwel Electronics Limited, incorporated in 1997, is an ISO: 2008
company and is engaged in design and manufacturing of auto
transformers, distribution transformers and PCBS. Auto
transformers and distribution transformers are manufactured up to
a capacity of 5000 KVA. The manufacturing facilities are located
at Hyderabad, Pashamylaram (Andhra Pradesh) and Bangalore. The
plant is equipped with machinery and test equipments to conduct
test as per IS: 5142 with an installed capacity of 50,000 units
per annum. Recent Results In FY12, SEL reported operating income
of INR123.03 crore and net profit of INR5.76 crore.

SHIVA FIBRES: ICRA Assigns '[ICRA]B' Rating to INR24.5cr Loans
ICRA has assigned an '[ICRA]B' rating to the INR24.50 Crore bank
facilities of Shiva Fibres Private Limited.

   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Long Term Fund              21.25     [ICRA]B (Assigned)
   Based Facilities

   Long Term Non Fund           3.00     [ICRA]B (Assigned)
   Based Facilities

   Long Term Unallocated        0.25     [ICRA]B (Assigned)

The assigned rating is constrained on account weak financial
profile resulting from nascent stage of operations and aggressive
funding mix used for installation of Greenfield capacity of
10,800 spindles. Furthermore, the working capital intensive
nature of operations has augmented dependence upon bank debt,
thereby resulting gearing of 3.46 times (including unsecured
loans). This coupled with partial commissioning of capacity for
full year 2011-12, resulted in net loss and corresponding weak
debt protection measures like Debt/OPBITDA of 10.68 times and
interest coverage of 1.8 times. ICRA notes that debt protection
measures are expected to improve in 2012-13 on account of full
year of operations with entire capacity operational, thereby
resulting in increase in sales and operation profits.
Notwithstanding the expected improvement, the financial profile
is expected to continue to remain weak in back drop of increasing
burden of principal repayments which commenced in October 2011.
The rating is also constrained by susceptibility of profitability
to volatility in raw material prices on account of weak
bargaining power with suppliers and modest pricing power due to
commoditized nature of product and fragmented nature of the
industry. Also, the brown field capacity expansion plans to more
than double the installed spindleage might further stress the
cash flow profile in medium term. ICRA however notes that
promoters plan to infuse incremental equity for supporting
capacity expansion and commissioning of incremental capacity
would improve scale of operations. Also, the assigned rating
takes into account long standing track record of the Promoter
Group in textile business and corresponding established
distribution network available to SFPL.

Going forward, the company's ability to operate at satisfactory
capacity utilization levels and manage working capital intensity
of operations will remain key rating sensitivities along with
timely commissioning of incremental capacity and funding mix used
for installation of same.

Incorporated in 1994 by Mr. Sat Paul Sachdeva, Shiva Fibres
Private Limited is a Ludhiana based spinning unit engaged in
manufacturing of sewing thread and acrylic yarn with an installed
capacity of 10,800 spindles. The company was initially engaged in
merchant exports of garments, edible oils, thread etc; however,
in 2008, SFPL undertook installation of spinning unit, which
commenced operations in January 2011. The company's shareholding
is entirely held by the Sachdeva family.

SRI VENKATARAMANA: ICRA Cuts Rating on INR5.95cr Loans to 'B'
ICRA has revised the long term rating of Sri VenkataRamana
Engineering to '[ICRA]B' from '[ICRA]BB' assigned to the INR0.60
crores1 fund based and INR5.35 crores non-fund based facilities

The revision in rating takes into account the stretched liquidity
profile of the firm as reflected by regular overutilization of
the working capital bank limits. The rating is constrained by
high customer concentration with all the revenues contributed by
a single customer and also by the small scale of operations,
resulting in modest economies of scale. Further, the financial
profile of the company is constrained by relatively small growth
in revenues, low profitability and weak coverage indicators. The
rating also factors in the revision in rating of the larger
promoter group company, Maha Maruti Logistics Private Limited.
However, the rating positively factors in the experience and long
track record of promoters in the logistics & transportation
business and established relations with the customer, Steel
Authority of India Limited.

Sri VenkataRamana Engineering commenced operations as a
proprietorship firm in 1990 and was converted into a partnership
firm in 2004-05. SVRE is an associate firm of Maha Maruti
Logistics Pvt Ltd and they share operational and financial
linkages. SVRE provides cargo handling and transportation
services at the Nagpur stockyard of Steel Authority of India

Recent Results

During the financial year ending March 2012, the firm recorded
net profit of INR0.04 crores on operating income of INR9.52
crores as against net profit of INR0.23 crores on a operating
income of INR9.25 crores during FY2010-11.

SSK EXPORTS: ICRA Reaffirms 'B+' Rating on INR4.95cr Loans
ICRA has reaffirmed the '[ICRA]B+' rating to the INR1.50 crore
term loan, INR3.15 crore long term fund based limits and INR0.30
crore non fund based bank limits of SSK Exports Limited.  ICRA
has also reaffirmed the '[ICRA]A4' rating to the INR19.50 crore
short term fund based bank limits of SSKE. Earlier the ratings
were suspended in the month of September 2012 in the absence of
the requisite information from the company and now suspension is

   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund Based Limits            1.50     [ICRA]B+ reaffirmed
   (Term Loan)

   Fund Based Limits            3.15     [ICRA]B+ reaffirmed
   (Cash Credit)

   Non-Fund Based Limits        0.30     [ICRA]B+ reaffirmed
   (Letter of Credit)

   Fund Based Limits           12.90     [ICRA]A4 reaffirmed
   (Foreign Bills Purchase)

   Fund Based Limits            6.00     [ICRA]A4 reaffirmed
   (Packing Credit)

The reaffirmation of the ratings take into account the low value
addition in its trading business, agro-climatic risks associated
with tea production and significant dependence on export
incentives received from the Government of India. The financial
risk profile is characterized by an aggressive capital structure,
leading to depressed debt coverage indicators, and a high working
capital intensity of the business, which exerts pressure on the
liquidity of the company; although significant improvement
noticed during the last couple of years. The ratings, however,
derive comfort from the consistent growth in turnover of the
company over the past years, the experience of the promoters in
the tea industry and a favorable outlook for the domestic tea
industry over the short to medium term.

The company was incorporated in 1978 as a partnership firm and
was later converted into a public limited company in 1993. SSKE
has its own garden at Boisahabi, Assam with an annual installed
capacity of 15 lakh Kg. The entire production of tea is sold in
the domestic market. The company is also engaged in trading in
tea, with tea being primarily procured from auction houses and
exported to Iran, Netherland and Kazakhastan, among others.

Recent Results

The company has reported a net profit of INR0.81 crore on an
operating income of INR63.52 crore during 2011-12 as compared to
a net profit of INR0.84 crore on an operating income of INR48.00
crore during 2010-11.

WARM GEARS: ICRA Rates INR18.10cr LT Loan at '[ICRA]B-'
ICRA has assigned the long-term rating of '[ICRA]B-' to the
INR18.10 Crore fund based bank facilities of Warm Gears private

   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   LT Fund Based Facilities    18.10     [ICRA]B- assigned

The assigned ratings consider the long standing experience of
WGPL's promoters in the forgings business, and locational
advantage of its manufacturing facilities, placing WGPL in close
proximity to its customers. The ratings are, however, constrained
by WGPL's exposure to price risk in view of limited ability to
pass on increase in raw material costs to customers given its
presence at tier-2 level in the value chain and high dependence
on Warm Forging Private Limited for sale of its product. WGPL's
financial risk profile is characterized by high gearing (1.9x as
on March 31, 2012), weak debt coverage indicators (Total Debt/
OPBITDA of 3.9x in 2011-12) and stretched liquidity position on
account of long cash cycle. Going forward, WGPL's ability to
improve its position in the value chain, maintain its operating
profitability and improve its liquidity position as well as
financial profile would be the key rating sensitivities.

Warm Gears Private Limited was incorporated in July 2008, and
promoted by Mr. Amit Rajput and Smt. Anupam Chauhan. The company
manufactures products related to gears for two wheelers such as
hubs, gear blanks (forged and turned), sliding clutches, rotors
and pulleys. WGPL is also manufacturing bevel gears and other
gear products for four - wheeler market at its manufacturing
facilities located in Bhiwadi (Rajasthan). The company is also
engaged in forging and machining for transmission, engine and
suspension applications. The products manufactured are of various
sizes and shapes as per the requirement of customers. The company
is supplying its products to various customers like Mitsuba, Hero
Motors, Mushahsi and Denso etc among the tier one customers

Recent Results

As per financials for, 2011-12, WGPL recorded an operating income
of INR55.6 Crore. The company recorded an operating profit before
depreciation, interest and tax of INR5.3 Crore and Profit after
Tax (PAT) of INR2.4 Crore.


GAJAH TUNGGAL: Moody's Reviews 'B3' Corp. Rating for Upgrade
Moody's Investors Service placed Gajah Tunggal's (GT) B3
corporate family rating on review for upgrade. At the same time,
the ratings on the USD denominated bonds issued by GT 2005 Bonds
BV, and guaranteed by GT have also been placed on review for

Ratings Rationale

The rating action follows the company's announcement on 13th
December that it is seeking approval from its shareholders to
issue a bond of up to USD500 million, the proceeds of which will
be used to repay the current outstanding bond of USD 413 million
which will mature in July 2014.

"We view the timing of this refinancing, over a year ahead of
scheduled maturity of the existing bonds, as prudent and credit
positive" says Vikas Halan, a Moody's Vice President and Senior

"The review for upgrade will focus on GT's execution of its plan
to refinance its maturing debt. If the company succeeds in
refinancing its bonds and it thus materially extends its debt
maturity profile, near-term liquidity pressures will be
alleviated and the rating will likely be upgraded by one notch to
B2" continues Mr. Halan.

"Over the next 12 to 18 months, the rating could see further
upward momentum, if the company is successful in a) diversifying
its funding sources with more spread out debt maturity schedule,
b) reducing exposure to volatile foreign exchange fluctuation and
c) executing its expansion plans while maintaining its credit
metrics such that its debt/EBITDA remains below 3.0x and
EBIT/Interest is maintained at above 2.0x on a sustained basis"
adds Halan.

"On the other hand, if the company fails to execute its
refinancing plan within the next six months, the rating may face
downward pressure" adds Mr. Halan.

GT's corporate family rating reflects its leading and competitive
position in the Indonesian domestic tire market and its balanced
product and geographical sales mix. While its financial profile
is currently solid for the rating, indicated by Debt/EBITDA of 2x
and retained cash flow RCF/net debt of 50% for the nine months
ending September 2012, its rating is constrained by the company's
history of debt restructuring during the Asian Financial crisis
and a distressed debt exchange in 2009, and its exposure to
cyclical raw material prices and FX movements, leading to
volatile operating performance.

The principal methodology used in rating GT was the Global
Automotive Supplier Industry Methodology published in January

Gajah Tunggal is Southeast Asia's largest integrated tire
manufacturer producing over 35 million tires covering
motorcycles, passenger cars and commercial vehicles. Exports
accounted for 36% of sales during the nine months ending
September 2012 and replacement market sales accounted for almost
86% during the same period. Controlled by the Nursalim family,
Giti Tire, a Chinese tire manufacturer, is a 49.7% shareholder in
the company through its subsidiary, Denham Pte Ltd while
Compagnie Financiere Michelin holds a 10% interest.

MATAHARI PUTRA: Moody's Lowers CFR to 'B2'; Outlook Stable
Moody's Investors Service has downgraded the Corporate Family
Rating of PT Matahari Putra Prima Tbk (Matahari), to B2 from B1.

The rating outlook is stable.

Ratings Rationale

"Matahari's rating downgrade reflects its anticipated free cash
flow generation relative to its high debt and financial leverage
for 2012 and 2013. The company has not met de-levering
expectations that were presumed by Moody's for its B1 rating.
Furthermore, Moody's estimates that the company's debt-to-EBITDA
leverage for 2013 will continue to exceed 5.5x," says Annalisa
DiChiara, a Moody's Vice President and Senior Analyst.

Matahari announced its shareholders' approval to divest IDR3.2
trillion of its non-core businesses in September 2012.

The company will transfer its non-core assets, such as Timezone,
Books & Beyond Bookstores, as well as its restaurant and property
businesses, by selling its wholly owned subsidiaries PT Matahari
Pacific and PT Nadya Putra Investama to the publicly listed
investment company PT Multipolar Tbk (unrated), which is also the
50.23% controlling shareholder in Matahari.

The company also received shareholder approval to deploy a total
of IDR3.4 trillion by paying IDR1 trillion in shareholder
dividends as well as a capital reduction of IDR2.4 trillion.

"Matahari will not use the proceeds from this asset sale to
reduce its debt. While the performance of its hypermarket
operations has been solid, significant shareholder dividend
payments and an ongoing expansion plan will continue to impede
any significant improvement in the company's credit metrics over
the next 12-18 months," adds Ms. DiChiara.

Following the asset sale, Matahari will focus primarily on its
core hypermarket business, which Moody's views as having solid
growth fundamentals but also highly concentrated from both a
revenue and geographic perspective. Furthermore, as the operating
margins are fairly thin, in the range of 2%-3%, the performance
of this business segment is susceptible to even small changes in
consumer sentiment and demand.

While its hypermarket operating performance is in line with
Moody's expectations, there is increasing competition from
Carrefour, Giant and Hero in the Indonesian market, which could
exert additional pressure on its growth and margins.

The rating outlook is stable, reflecting (1) the supportive
market factors in Indonesia, (2) the company's proven ability to
implement its expansion plan and (3) Moody's expectations of
leverage below 6.0x. Over the medium term, upward pressure on the
rating may develop, if management commits to a less aggressive
shareholder return and financial strategy such that (1) gross
adjusted leverage is sustained below 4.5x and (2) retained cash
flow/gross adjusted debt remains above 20% .

The principal methodology used in rating PT Matahari Putra Prima
was the Global Retail Industry Methodology published in June

PT Matahari Putra Prima Tbk is a leading retailer in Indonesia
with multiple retail formats. It operates78 hypermarkets, 27
supermarkets, and 77 health and beauty centers in over 48 cities.
The Lippo Group controls an equity interest of about 57% in


ARCH FINANCE: Moody's Reviews 'Ba1' Rating on Loan for Downgrade
Moody's Japan K.K. has placed its rating on the Arch Finance
Limited Series 2007-1 Reverse Dual Currency Loan under review for


Deal Name: Arch Finance Limited Series 2007-1 Reverse Dual
Currency Loan

  JPY12,363,538,000 Series 2007-1 Reverse Dual Currency Loan, Ba1
  placed under review for downgrade;

  Previously on April 2, 2010, confirmed at Ba1.

This is a repackaged transaction. The review follows the
placement of the collateral asset under review for downgrade.

In its rating review and determination, Moody's takes into
account the impact to the transaction resulting from the rating
migration of the collateral asset.

The principal methodology used in this rating was Moody's
Approach to Rating Repackaged Securities, published on
September 30, 2010.

* JAPAN: New Leader Faces Intensifying Credit Challenges
Moody's Investors Service says that Shinzo Abe's return to the
position of Prime Minister will end a period of divided
government in Japan that left an incomplete economic and fiscal
reform agenda, while the credit challenges facing the incoming
leader will be even more difficult than those that prevailed when
he last occupied office in 2007.

Nonetheless, the new prime minister-elect's super parliamentary
majority provides an opportunity to allow him to pursue growth-
enhancing and credit supportive policies.

Moody's conclusions were outlined in a just released special
comment titled "Japan's New Leader Faces Intensifying Credit

Earlier improvements in the government's credit profile and in
Japan's economic performance through the Koizumi-era reforms and
the buoyant, pre-crisis global economy have largely dissipated.

According to the Moody's report, the Japanese government will
need to reduce the budget deficit and revive the country's growth
potential, in order to maintain fiscal sustainability.

These credit challenges will intensify over time in the absence
of effective policies, the government's response to which will
ultimately shape Japan's credit profile (Aa3 Stable) in the
decade ahead.

While near-term stability is likely to prevail in the government
bond market, Japan's credit profile will increasingly become
caught between persistently large fiscal borrowing requirements
and weak revenue performance, because of anemic economic growth.

Restoring fiscal credibility will be essential towards preserving
investor confidence and preventing a deterioration in
creditworthiness to a level that could induce a funding crisis.

Persistent fiscal deficits over the past decade have aggravated
Japan's already heavy debt burden. The budget deficit was around
10% of GDP in 2012, with government expenditure exceeding revenue
by more than JPY50 trillion.

According to the International Monetary Fund (IMF), Japan's
government debt is by far the highest among the advanced

General government debt -- as a share of GDP -- ballooned to
229.8% in 2011 from 105.6% in 1997.

Moreover, its gross financing needs are the most burdensome of
any industrialized country. The IMF estimates that its total debt
refinancing plus new budget deficit financing in 2012 was 59.4%
of GDP.

The rise in budget deficits and debt since the 2009 global
recession was the key factor in Moody's decision to downgrade
Japan's sovereign rating to Aa3 from Aa2 on in 2011.

The political stalemate that characterized the past few years of
the previous administration -- when the ruling Democratic Party
of Japan (DPJ) neither enjoyed a super majority in the lower
house of parliament (Diet) nor a majority in the upper house of
the Diet -- made it difficult to reach agreement on comprehensive
fiscal and supply-side measures to rein in the budget deficit.

The sole significant fiscal reform of the past few years -- the
agreement this year to double the consumption tax to 10% by
October 2015 from 5%, with an intermediate step-up to 8% in April
2014 -- remains conditional on an upturn in the economy.

Furthermore, the Liberal Democratic Party's pro-growth rhetoric
in the lead-up to the election implies considerable risk that the
anticipated increases in the consumption tax may not be fully
implemented nor subsequent fiscal improvements realized.

But even if the consumption tax increases go ahead, Japan will
not succeed in eliminating its primary deficit by 2020 without
further fiscal consolidation and stronger economic growth.
Reducing the fiscal deficit on a sustainable basis also requires
urgent social security reforms.

Incremental reforms, such as the welfare reforms implemented
earlier this year, are insufficient.

The costs of social security benefits have continued to rise, and
together with a rapidly aging population continue to aggravate
the budget deficit.


BEST RE LTD: A.M. Best Cuts Financial Strength Rating to 'B'
A.M. Best Europe - Rating Services Limited has downgraded the
financial strength rating (FSR) to B (Fair) from B++ (Good) and
issuer credit rating (ICR) to "bb" from "bbb" of BEST RE (L)
Limited (BEST RE) (Malaysia).  A.M. Best also has downgraded the
FSR to B+ (Good) from B++ (Good) and the ICR to "bbb-" from
"bbb+" of BEST RE FAMILY (L) Limited (BEST RE FAMILY) (Malaysia).
The outlook for BEST RE remains negative, while the outlook for
BEST RE FAMILY has been revised to negative from stable.

Concurrently, A.M. Best has withdrawn the ratings at the
companies' request.

The rating actions are due to the materially weakened risk-
adjusted capital position of BEST RE, its reduced profitability
and A.M. Best's concerns over the company's enterprise risk

During the third quarter of 2012, BEST RE experienced
considerable adverse development due to the Thailand flood events
in 2011, resulting in underwriting losses and a deterioration in
its capital position.  The events of the past year have
demonstrated a failure to apply underwriting controls, which
raises concerns over the group's ERM capabilities, particularly
at BEST RE.  Following these events, BEST RE has seen a turnover
in its senior management.

A.M. Best has removed the implicit support to the subsidiaries by
Islamic Arab Insurance Co. (Salama) given that it has not
provided capital support to the subsidiaries despite BEST RE
being under capital strain.  The ratings of BEST RE FAMILY
reflect the potential negative impact from its sister company,

N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Director Wins NZ$20MM Insurance Fight Appeal
Hamish Fletcher at The New Zealand Herald reports that former
Bridgecorp board member Peter Steigrad has succeeded in throwing
out a High Court decision blocking him and two others of the
failed finance company's directors from accessing an insurance
policy worth up to NZ$20 million.

Mr. Steigrad was convicted in April of making untrue statements
in Bridgecorp's offer documents and in May was ordered to
complete nine months of home detention, 200 hours of community
work, and pay NZ$350,000 in reparations, according to the Herald.

The Herald recalls that before this trial, in which he found
guilty of six Securities Act charges, Mr. Steigrad and two other
Bridgecorp directors went to the High Court in a dispute over
access to a directors and officers insurance policy that has a
limit of NZ$20 million.

The report relates that the policy, taken out with QBE Insurance,
indemnifies the men against liability they might incur as a
result of their actions as directors. It also provides cover for
costs they might incur in defending proceedings that seeks to
establish this liability.

According to the report, the High Court stoush over the insurance
involved the receivers of the collapsed Bridgecorp companies
claiming they had a "charge" over the money payable in the policy
for the amount they intended to claim from the directors in civil

After hearing the case, the Herald relates, the High Court's
Justice Graham Lang ruled last year the charge applied to the
money, which then prevented Steigrad and fellow directors Bruce
Davidson and Gary Urwin from having access to the insurance

The receivers have since filed a civil claim against Messrs.
Steigrad, Davidson and Urwin for NZ$442 million, for an alleged
"breach of duty," the report relays.

Mr. Steigrad then went on to appeal the insurance decision in
September, which was allowed yesterday [Dec. 20] by Justices Mark
O'Regan, Terence Arnold and Rhys Harrison, the Herald adds.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


EXPORTBANK: Less Than 50% of Depositors & Creditors OK Rehab
The Philippine Deposit Insurance Corporation (PDIC) said that
consent to the rehabilitation of the Export and Industry Bank had
come from less than half of the depositors and uninsured
creditors of the bank.

Executive Vice President Cristina Q. Orbeta disclosed that as of
end November 2012, only about 44% of the total number of
uninsured depositors and creditors of EIB accounting for 48% of
the bank's ordinary credits have signified their consent to the
rehabilitation of EIB. The consent from the uninsured depositors
and creditors is one of the critical requirements in order for
EIB's rehabilitation to proceed.

The major stockholders raised the need for consent from 100% of
the creditors and depositors with uninsured deposits before they
can undertake to perform the acts required to approve and
implement the rehabilitation of EIB. Likewise, strategic third
party investors interested in acquiring EIB also indicated that
the consent of depositors and creditors is critical considering
that the assets of EIB is much less compared to the total amount
of its liabilities. Moreover, the implementation of the
rehabilitation would necessitate the turnover of deposit
documents. This requires the written consent of the depositors to
preclude charges for the violation of the Deposit Secrecy Law.

PDIC earlier imposed a deadline of Sept. 8, 2012, for the
submission of the required consent of depositors and creditors.
To give sufficient time to depositors and creditors to make a
decision, the deadline was extended twice or by two (2) months up
to Nov. 9, 2012. During the extension period, only 14% of the
depositors, accounting for 23% of total ordinary credits of EIB
submitted their consent.

PDIC said that they have exerted all efforts to explain to
depositors why their consent is necessary. Individual notices
were sent to EIB depositors and creditors. PDIC has also been
conducting meetings with EIB's uninsured depositors and creditors
since August this year to explain the rehabilitation process and
the requirements for rehabilitation. During the meetings, which
were conducted nationwide, PDIC emphasized that for the
rehabilitation of EIB to proceed, the depositors need to waive
secrecy of deposits and agree to the restructuring, waiver and
condonation of amounts that will not be assumed by the investor.
Depositors and creditors were also informed that the
rehabilitation of EIB is possible only if there are interested
investors who will bid for the bank, and that the requisite
consent of creditors and uninsured depositors as well as of 2/3
of outstanding capital stock are obtained.

The stockholders also raised concern of the claims on the bank's
assets by parties other than the depositors and creditors of the
bank. The group that has a contingent claim on the assets of EIB
is composed of Forum Holdings Corporation, Pacific Rehouse
Corporation, East Asia Oil Company, Inc., Pacific Concorde
Corporation and Mizpah Holdings, Inc. The case filed by Forum
Holdings et. al. with the Court of Appeals (CA) for Declaration
of Liability with Prayer for Issuance of Temporary Restraining
Order (TRO) and/or Preliminary Injunction to prevent the
rehabilitation of EIB is pending.

The PDIC earlier determined that EIB, under certain conditions,
may be rehabilitated following expressions of interest from
strategic third party investors to rehabilitate the bank. Pre-
qualified investors indicated their preference to participate in
the rehabilitation of EIB via purchase of assets and assumption
of liabilities. The effort to pursue a re-bidding of EIB's
rehabilitation, following the failure of bidding on October 18,
2012, is intended to enhance recovery for the uninsured
depositors and creditors of the closed bank.

The PDIC expressed concern that the low turnout of consents
received from uninsured depositors and creditors of EIB may delay
the bidding process.

The PDIC assured that it is closely monitoring and reassessing
the feasibility of meeting the critical requirements for the
rehabilitation of EIB as well as assessing other viable options.

Headquartered in Makati City, Manila, Export & Industry Bank
-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, related that Bangko Sentral ng
Pilipinas placed EIB under receivership on April 26, 2012.  The
Monetary Board cited the bank's "inability to meet obligations as
they becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."  The
PDIC took over the Export & Industry Bank on April 27, 2012, to
implement Monetary Board Resolution No. 686 dated April 26, 2012.
As Receiver, PDIC will gather all the assets of the closed bank
and verify and validate all bank records.

* PHILIPPINES: Moody's Changes Banking System Outlook to Positive
Moody's Investors Service has changed the outlook for the
Philippine banking system to positive from stable on the combined
effects of a strong domestic macro-economic backdrop as well as
improvements in the banks' fundamentals, including asset quality,
liquidity, earnings and, therefore, capital generation.

"The robust and evolving state of the domestic economy will
continue to offset any potential weakness in exports," says Simon
Chen, a Moody's Analyst. "In particular, household consumption
and steady government-led infrastructure spending will support a
stable GDP growth rate of above 5%, which will in turn buttress
the earnings growth of banks without raising concerns about

Chen was speaking on the release of a new Moody's report titled,
"Banking System Outlook Philippines". The report details Moody's
assessment on how the creditworthiness of the country's banks
will evolve over the next 12 to 18 months. Prior to the Dec. 18
upward revision, the outlook for the industry had been stable
since January 2010.

According to the report, healthy corporate sector balance sheets,
a steady inflow of remittances from overseas Filipinos, a nascent
but growing household credit market, and low interest rates will
fuel domestic business activity and consumption. "Moreover, the
country's improved political landscape will boost investor and
consumer confidence, as well as business conditions and economic
growth," Chen says.

In this buoyant environment, Moody's expects annual credit growth
to reach 11%-13% in the next 12-18 months.

Although the level will be slightly lower than the robust 14%
recorded so far in 2012, this moderation -- which will arise
mainly because of new regulatory measures to tighten real estate
lending and raise minimum capital requirements -- is healthy from
a bank credit perspective.

Furthermore, the banks are well-positioned to meet the new Basel
III requirements, which will be fully effective as of 2014.
According to Moody's analysis, even if they maintain their
current asset growth and profitability levels over the next 12
months, seven of the eight rated banks would still show Tier 1
capital ratios of 10% or more at end-2014.

Moody's also expects the banks to maintain excess and stable
liquidity on their balance sheets over the next 12-18 months.
They have a large proportion (over 40%) of total assets in the
form of liquid assets, like cash and local government securities,
and they have not experienced any difficulty in raising long-term
debt or equity capital domestically to fund asset growth.

The rated banks are further likely to maintain good profitability
in the coming 12-18 months, despite high infrastructure costs
arising from their continued network expansion and mild pressure
on net interest margins, due mainly to loans being re-priced
faster than deposits in a low rate environment.

Finally, on the issue of systemic support, Moody's believes that
the government's improved fiscal strength will add to its
capacity to extend support to the banks when necessary.

Moody's rates eight commercial Philippine banks, which together
accounted for 63% of banking system assets at end-2011. They have
an average long-term bank deposit rating of Ba1, and their bank
financial strength ratings (BFSRs) range from D to E.

* PHILIPPINES: Moody's Issues Credit Analysis
In its annual credit report on the Philippines, Moody's Investors
Service says that recent rating actions on the Philippines' Ba1
government debt rating have been driven by robust growth, more
favorable economic prospects over the medium-term, and the
continued improvement of fiscal performance.

The rating was upgraded to Ba1 from Ba2 in October 2012 and the
outlook is stable.

The rating agency's report is an annual update to the markets and
does not constitute a rating action.

In 2012, the Philippines will record a combination of faster
growth, lower inflation, exchange rate appreciation, and higher
foreign exchange reserves, while also maintaining trend debt

An improved investment climate that promotes further increases in
the capital stock, gains in productivity and employment, and
addresses relatively poor infrastructure will help to sustain
economic momentum.

The increase in the government's expenditures this year has
supported economic growth, but the effect on the headline deficit
has been mitigated by buoyant revenue performance due to
continued gains from enhanced tax administration. The primary
balance remain in surplus, contributing to sustained debt
consolidation. The Philippines' Bureau of the Treasury also
continues to proactively enhance the structure of the public debt
burden, resulting in lower debt servicing costs and refinancing

Despite the recent progress made in fiscal and debt management, a
number of the Philippines' key financial metrics, including the
stock of debt and revenue generation, are still weak relative to
similarly-rated peer countries.

In its assessment of the Philippines, Moody's evaluates four
factors on a scale which includes "very high," "high,"
"moderate," "low," and "very low."

Over the past year, Moody's assessment of the Philippines has
improved in two of these factors. Its evaluation of the country's
economic strength has improved to "moderate-to-low" from "low"
and that for government financial strength to "low-to-moderate"
from "low," mirroring the primary drivers of the upgrade.

Meanwhile, the Philippines' scores for institutional strength and
susceptibility to event risk have remained the same at "moderate-
to-low" and "low," respectively. Nevertheless, there have been
noticeable improvements in institutional quality reflecting the
current administration's focus on good governance, while banking
system stability anchors the low likelihood that tail risks
affect the government's fiscal position.

The Philippines' sovereign rating now sits at the bottom of its
indicative methodological range of Baa2-B1.

The report is entitled "Credit Analysis: Philippines."


* Large Companies with Insolvent Balance Sheets

                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AAT CORP LTD                 AAT             32.50    -13.46
ALTIUM LTD                   ALU             24.26     -3.62
ARASOR INTERNATI             ARR             19.21    -26.51
AUSTRALIAN ZI-PP            AZCCA            77.74     -2.57
AUSTRALIAN ZIRC              AZC             77.74     -2.57
BIRON APPAREL LT             BIC             19.71     -2.22
CLARITY OSS LTD              CYO             31.64     -5.75
CNPR GROUP                   CNP         15,483.44   -349.73
CWH RESOURCES LT             CWH             11.58     -2.08
MACQUARIE ATLAS              MQA          1,618.82   -941.02
MISSION NEWENER              MBT             22.05    -27.72
NATURAL FUEL LTD             NFL             19.38   -121.51
ORION GOLD NL                ORN             10.91     -0.31
RENISON CONSOLID             RSN             10.15    -22.74
RENISON CONSO-PP            RSNCL            10.15    -22.74
RIVERCITY MOTORW             RCY            386.88   -809.14
RUBICOR GROUP LT             RUB            101.62    -19.93
STERLING BIOFUEL             SBI             31.12     -7.52


ANHUI GUOTONG-A              600444          68.75     -3.62
BAOCHENG INVESTM             600892          43.58     -3.69
CHANG JIANG-A                 520         1,412.23    -34.77
CHENGDE DALU -B              200160          35.08     -6.23
CHENGDU UNION-A               693            29.46    -22.21
CHINA KEJIAN-A                 35            66.74   -211.15
CONTEL CORP LTD              CTEL            56.09    -14.27
DONGXIN ELECTR-A             600691          12.55    -32.52
GUANGDONG ORIE-A             600988          14.90     -3.96
GUANGXIA YINCH-A              557            50.01    -43.40
HEBEI BAOSHUO -A             600155          96.92    -82.96
HEBEI JINNIU C-A             600722         235.37    -87.11
HUASU HOLDINGS-A              509            82.75    -17.69
HULUDAO ZINC-A                751         1,156.17    -23.29
HUNAN TIANYI-A                908            62.60     -2.60
JILIN PHARMACE-A              545            30.62     -6.29
JINCHENG PAPER-A              820           109.56   -102.63
QINGDAO YELLOW               600579         197.77    -67.23
SHANDONG DACHE-A             600882         202.38    -17.37
SHANDONG HELON-A              677           744.39   -185.49
SHANG BROAD-A                600608          42.10     -9.12
SHANXI GUANLU-A               831           293.26    -22.96
SHENZ CHINA BI-A               17            22.32   -267.45
SHENZ CHINA BI-B             200017          22.32   -267.45
SHENZ INTL ENT-A               56           269.35    -48.30
SHENZ INTL ENT-B             200056         269.35    -48.30
SHIJIAZHUANG D-A              958           198.77   -118.66
SICHUAN GOLDEN               600678         145.99    -95.15
TAIYUAN TIANLO-A             600234          66.34    -12.60
TIANJIN MARINE               600751          70.78    -89.40
TIANJIN MARINE-B             900938          70.78    -89.40
TIBET SUMMIT I-A             600338          83.03    -10.94
TOPSUN SCIENCE-A             600771         125.34   -111.50
WUHAN BOILER-B               200770         255.82   -182.03
WUHAN LINUO SOLA             600885         104.94    -25.18
XIAMEN OVERSEA-A             600870         269.06   -133.94
XIAN HONGSHENG-A             600817          15.72   -276.16
XINJIANG CHALK-A              972           672.72    -24.08
YANBIAN SHIXIA-A             600462          96.06   -134.10
YIBIN PAPER IN-A             600793         131.24     -4.84
YOUYUE INTERNATI             YYUE           102.82     -9.02
YUEYANG HENGLI-A              622            33.31    -25.77
ZHEJIANG GENUINE              156            47.53    -21.44


ASIA COAL LTD                 835            20.25     -9.45
BEP INTL HLDGS L              2326           12.99     -0.37
BUILDMORE INTL                108            16.51    -47.88
CHINA HEALTHCARE              673            33.18    -15.21
CHINA OCEAN SHIP              651           408.06    -51.68
CHINA SEVEN STAR              245            90.25     -2.25
CYPRESS JADE                  875            38.61    -10.78
FIRST NTUL FOODS              1076           17.14    -56.90
FU JI FOOD & CAT              1175           73.43   -389.20
MELCOLOT LTD                  8198           39.21    -76.03
MITSUMARU EAST K              2358           24.72    -18.95
PALADIN LTD                   495           175.99    -12.97
PROVIEW INTL HLD              334           314.87   -294.85
SINO RESOURCES G              223            31.27    -28.33
SUNCORP TECH LTD              1063           11.78     -8.30
SUNLINK INTL HLD              2336           15.63    -36.91
SURFACE MOUNT                SMT             67.80    -28.72
U-RIGHT INTL HLD              627            14.80   -204.65


APAC CITRA CENT              MYTX           195.46     -0.74
ARPENI PRATAMA               APOL           431.45   -194.55
ASIA PACIFIC                 POLY           369.69   -833.16
JAKARTA KYOEI ST             JKSW            30.22    -42.19
MATAHARI DEPT                LPPF           254.86   -270.94
MITRA INTERNATIO             MIRA         1,076.79   -446.64
MITRA RAJASA-RTS           MIRA-R2        1,076.79   -446.64
PANASIA FILAMENT             PAFI            30.93    -21.52
PANCA WIRATAMA               PWSI            31.13    -38.63
PRIMARINDO ASIA              BIMA            11.11    -20.32
SUMALINDO LESTAR             SULI           172.87    -10.96
TOKO GUNUNG AGUN             TKGA            12.02     -1.03
UNITEX TBK                   UNTX            15.41    -19.99


ABHISHEK CORPORA             ABSC            58.35    -14.51
AGRO DUTCH INDUS             ADF            105.49     -3.84
ALPS INDUS LTD               ALPI           215.85    -28.22
AMIT SPINNING                AMSP            16.21     -6.54
ARTSON ENGR                  ART             16.52     -3.14
ASHAPURA MINECHE             ASMN           167.68    -67.64
ASHIMA LTD                   ASHM            63.23    -48.94
ATV PROJECTS                 ATV             60.17    -54.25
BELLARY STEELS               BSAL           451.68   -108.50
BHAGHEERATHA ENG             BGEL            22.65    -28.20
BLUE BIRD INDIA              BIRD           122.02    -59.13
CAMBRIDGE TECHNO            CTECH            12.77     -7.96
CELEBRITY FASHIO             CFLI            27.59     -8.60
CFL CAPITAL FIN             CEATF            12.36    -49.56
CHESLIND TEXTILE             CTX             20.51     -0.03
COMPUTERSKILL                CPS             14.90     -7.56
CORE HEALTHCARE              CPAR           185.36   -241.91
DCM FINANCIAL SE            DCMFS            18.46     -9.46
DFL INFRASTRUCTU             DLFI            42.74     -6.49
DHARAMSI MORARJI             DMCC            21.44     -6.32
DIGJAM LTD                   DGJM            99.41    -22.59
DISH TV INDIA                DITV           517.02    -18.42
DISH TV INDI-SLB            DITV/S          517.02    -18.42
DUNCANS INDUS                DAI            122.76   -227.05
FIBERWEB INDIA               FWB             16.51     -7.98
GANESH BENZOPLST             GBP             49.24    -21.14
GOLDEN TOBACCO               GTO            109.72     -5.01
GSL INDIA LTD                GSL             29.86    -42.42
GUPTA SYNTHETICS            GUSYN            52.94     -0.50
HARYANA STEEL                HYSA            10.83     -5.91
HENKEL INDIA LTD             HNKL            69.07    -31.72
HINDUSTAN PHOTO              HPHT            74.44 -1,519.11
HINDUSTAN SYNTEX             HSYN            11.46     -5.39
HMT LTD                      HMT            133.66   -500.46
ICDS                         ICDS            13.30     -6.17
INDAGE RESTAURAN             IRL             15.11     -2.35
INTEGRAT FINANCE             IFC             49.83    -51.32
JCT ELECTRONICS              JCTE           104.55    -68.49
JD ORGOCHEM LTD              JDO             10.46     -1.60
JENSON & NIC LTD              JN             16.65    -75.51
JIK INDUS LTD                KFS             20.63     -5.62
JOG ENGINEERING              VMJ             50.08    -10.08
KALYANPUR CEMENT             KCEM            24.64    -38.69
KDL BIOTECH LTD              KOPD            14.66     -9.41
KERALA AYURVEDA              KERL            13.97     -1.69
KINGFISHER AIR               KAIR         1,782.32   -997.63
KINGFISHER A-SLB            KAIR/S        1,782.32   -997.63
KITPLY INDS LTD              KIT             37.68    -45.35
LLOYDS FINANCE               LYDF            14.71    -10.46
LLOYDS STEEL IND             LYDS           510.00    -48.98
LML LTD                      LML             65.26    -56.77
MADRAS FERTILIZE             MDF            143.14    -99.28
MAHA RASHTRA APE             MHAC            22.23    -15.85
MARKSANS PHARMA              MRKS           110.32    -14.04
MILTON PLASTICS              MILT            17.67    -51.22
MODERN DAIRIES               MRD             32.97     -3.87
MTZ POLYFILMS LT             TBE             31.94     -2.57
MURLI INDUSTRIES             MRLI           275.90    -20.19
MYSORE PAPER                 MSPM            97.02    -15.69
NATH PULP & PAP              NPPM            14.50     -0.63
NATL STAND INDI              NTSD            22.09     -0.73
NICCO CORP LTD               NICC            78.28     -4.14
NICCO UCO ALLIAN             NICU            25.42    -79.20
NK INDUS LTD                 NKI            141.35     -7.71
NRC LTD                      NTRY            73.10    -51.18
NUCHEM LTD                   NUC             24.72     -1.60
PANCHMAHAL STEEL             PMS             51.02     -0.33
PARASRAMPUR SYN              PPS             99.06   -307.14
PAREKH PLATINUM              PKPL            61.08    -88.85
PIONEER DISTILLE             PND             48.76     -1.44
PREMIER INDS LTD             PRMI            11.61     -6.09
QUADRANT TELEVEN             QDTV           188.57   -116.81
QUINTEGRA SOLUTI             QSL             16.76    -17.45
RAJ AGRO MILLS               RAM             10.21     -0.61
RATHI ISPAT LTD              RTIS            44.56     -3.93
RELIANCE MEDIAWO             RMW            425.22    -21.31
RELIANCE MED-SLB            RMW/S           425.22    -21.31
REMI METALS GUJA             RMM            101.32    -17.12
RENOWNED AUTO PR             RAP             14.12     -1.25
ROLLATAINERS LTD             RLT             22.97    -22.24
ROYAL CUSHION                RCVP            18.88    -81.42
SADHANA NITRO                SNC             17.08     -0.35
SANATHNAGAR ENTE             SNEL            39.67    -11.05
SAURASHTRA CEMEN             SRC             89.32     -6.92
SCOOTERS INDIA               SCTR            19.43    -10.78
SEN PET INDIA LT             SPEN            11.58    -26.67
SHAH ALLOYS LTD               SA            213.69    -39.95
SHALIMAR WIRES               SWRI            25.78    -38.78
SHAMKEN COTSYN               SHC             23.13     -6.17
SHAMKEN MULTIFAB             SHM             60.55    -13.26
SHAMKEN SPINNERS             SSP             42.18    -16.76
SHREE GANESH FOR             SGFO            35.96     -1.80
SHREE RAMA MULTI             SRMT            49.29    -25.47
SIDDHARTHA TUBES             SDT             75.90    -11.45
SOUTHERN PETROCH             SPET           210.98   -175.98
SPICEJET LTD                 SJET           386.76    -30.04
SQL STAR INTL                SQL             10.58     -3.28
STELCO STRIPS                STLS            14.90     -5.27
STI INDIA LTD                STIB            24.64     -0.44
STORE ONE RETAIL             SORI            15.48    -59.09
SUN PHARMA - RTS            SPADVR           16.81    -13.07
SUN PHARMA ADV              SPADV            16.81    -13.07
SUPER FORGINGS               SFS             16.31     -5.93
TAMILNADU JAI                TNJB            19.13     -2.69
TATA TELESERVICE             TTLS         1,311.30   -138.25
TATA TELE-SLB               TTLS/S        1,311.30   -138.25
TODAYS WRITING               TWPL            44.08     -5.32
TRIUMPH INTL                 OXIF            58.46    -14.18
TRIVENI GLASS                TRSG            24.23    -12.34
TUTICORIN ALKALI             TACF            20.48    -16.78
UNIFLEX CABLES               UFC             47.46     -7.49
UNIFLEX CABLES               UFCZ            47.46     -7.49
UNITED BREWERIES              UB          3,067.32   -137.09
UNIWORTH LTD                  WW            159.14   -146.31
UNIWORTH TEXTILE             FBW             21.44    -34.74
USHA INDIA LTD               USHA            12.06    -54.51
VANASTHALI TEXT              VTI             25.92     -0.15
VENTURA TEXTILES             VRTL            14.33     -1.91
VENUS SUGAR LTD               VS             11.06     -1.08
WIRE AND WIRELES             WNW            110.69    -14.26


CEREBRIX CORP                 2444           10.44     -2.32
GOYO FOODS INDUS              2230           14.77     -0.60
HIMAWARI HD                   8738          283.82    -50.87
ISHII HYOKI CO                6336          151.15    -28.05
KANMONKAI CO LTD              3372           59.00    -10.08
MEIHO ENTERPRISE              8927           80.76    -11.33
MISONOZA THEATRI              9664           63.24     -2.65
NIS GROUP CO LTD             NISZ           444.72   -158.85
PROPERST CO LTD               3236          305.90   -330.20
TAIYO BUSSAN KAI              9941          148.45     -1.49
WORLD LOGI CO                 9378          119.36     -2.48


CHIN HUNG INT-2P              2787          571.91     -9.34
CHIN HUNG INTL                2780          571.91     -9.34
CHIN HUNG INT-PF              2785          571.91     -9.34
DAISHIN INFO                 20180          740.50   -158.45
DVS KOREA CO LTD             46400           17.40     -1.20
KOREA PACIFIC 05             93400           19.23     -3.67
KOREA PACIFIC 06             93410           11.56     -2.37
KOREA PACIFIC 07             99210           26.66     -7.95
NAMKWANG ENGINEE              1260          762.58    -56.69
ORIENT PREGEN IN             60910           19.33     -0.09


HAISAN RESOURCES            HRB              41.05    -10.24
HO HUP CONSTR CO             HO              48.52    -13.65
LINEAR CORP BHD             LINE             14.70     -7.41
SILVER BIRD GROU            SBG              44.30    -30.68
VTI VINTAGE BHD             VTI              16.01     -3.34


NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


CYBER BAY CORP              CYBR             14.62   -102.98
FIL ESTATE CORP              FC              40.90    -15.77
FILSYN CORP A               FYN              23.11    -11.69
FILSYN CORP. B              FYNB             23.11    -11.69
GOTESCO LAND-A               GO              21.76    -19.21
GOTESCO LAND-B              GOB              21.76    -19.21
PICOP RESOURCES             PCP             105.66    -23.33
STENIEL MFG                 STN              21.07    -11.96
SWIFT FOODS INC             SFI              23.93     -0.12
UNIWIDE HOLDINGS             UW              50.36    -57.19
VICTORIAS MILL              VMC             164.26    -18.20


ADV SYSTEMS AUTO             ASA             16.02    -10.79
HL GLOBAL ENTERP             HLGE            81.65     -3.82
LINDETEVES-JACOB              LJ             25.10     -8.96
NEW LAKESIDE                 NLH             19.34     -5.25
SCIGEN LTD-CUFS              SIE             68.70    -42.35
SUNMOON FOOD COM            SMOON            19.33    -14.30
TT INTERNATIONAL             TTI            232.83    -79.27


ABICO HLDGS-F             ABICO/F            15.28     -4.40
ABICO HOLDINGS             ABICO             15.28     -4.40
ABICO HOLD-NVDR           ABICO-R            15.28     -4.40
ASCON CONSTR-NVD          ASCON-R            59.78     -3.37
ASCON CONSTRUCT            ASCON             59.78     -3.37
ASCON CONSTRU-FO          ASCON/F            59.78     -3.37
BANGKOK RUBBER              BRC              77.91   -114.37
BANGKOK RUBBER-F           BRC/F             77.91   -114.37
BANGKOK RUB-NVDR           BRC-R             77.91   -114.37
CALIFORNIA W-NVD          CAWOW-R            28.07    -11.94
CALIFORNIA WO-FO          CAWOW/F            28.07    -11.94
CALIFORNIA WOW X           CAWOW             28.07    -11.94
CIRCUIT ELEC PCL           CIRKIT            16.79    -96.30
CIRCUIT ELEC-FRN          CIRKIT/F           16.79    -96.30
CIRCUIT ELE-NVDR          CIRKIT-R           16.79    -96.30
DATAMAT PCL                 DTM              12.69     -6.13
DATAMAT PCL-NVDR           DTM-R             12.69     -6.13
DATAMAT PLC-F              DTM/F             12.69     -6.13
ITV PCL                     ITV              36.02   -121.94
ITV PCL-FOREIGN            ITV/F             36.02   -121.94
ITV PCL-NVDR               ITV-R             36.02   -121.94
K-TECH CONSTRUCT          KTECH/F            38.87    -46.47
K-TECH CONSTRUCT           KTECH             38.87    -46.47
K-TECH CONTRU-R           KTECH-R            38.87    -46.47
KUANG PEI SAN              POMPUI            17.70    -12.74
KUANG PEI SAN-F           POMPUI/F           17.70    -12.74
KUANG PEI-NVDR            POMPUI-R           17.70    -12.74
M LINK ASIA CORP           MLINK             80.04    -27.77
M LINK ASIA-FOR           MLINK/F            80.04    -27.77
M LINK ASIA-NVDR          MLINK-R            80.04    -27.77
PATKOL PCL                 PATKL             52.89    -30.64
PATKOL PCL-FORGN          PATKL/F            52.89    -30.64
PATKOL PCL-NVDR           PATKL-R            52.89    -30.64
PICNIC CORP-NVDR          PICNI-R           101.18   -175.61
PICNIC CORPORATI           PICNI            101.18   -175.61
PICNIC CORPORATI          PICNI/F           101.18   -175.61
PONGSAAP PCL              PSAAP/F            11.83     -0.91
PONGSAAP PCL               PSAAP             11.83     -0.91
PONGSAAP PCL-NVD          PSAAP-R            11.83     -0.91
SAHAMITR PRESS-F           SMPC/F            27.92     -1.48
SAHAMITR PRESSUR            SMPC             27.92     -1.48
SAHAMITR PR-NVDR           SMPC-R            27.92     -1.48
SUNWOOD INDS PCL            SUN              19.86    -13.03
SUNWOOD INDS-F             SUN/F             19.86    -13.03
SUNWOOD INDS-NVD           SUN-R             19.86    -13.03
THAI-DENMARK PCL           DMARK             15.72    -10.10
THAI-DENMARK-F            DMARK/F            15.72    -10.10
THAI-DENMARK-NVD          DMARK-R            15.72    -10.10
TONGKAH HARBOU-F           THL/F             62.30     -1.84
TONGKAH HARBOUR             THL              62.30     -1.84
TONGKAH HAR-NVDR           THL-R             62.30     -1.84
TRANG SEAFOOD               TRS              15.18     -6.61
TRANG SEAFOOD-F            TRS/F             15.18     -6.61
TRANG SFD-NVDR             TRS-R             15.18     -6.61
TT&T PCL                    TTNT            589.80   -223.22
TT&T PCL-NVDR              TTNT-R           589.80   -223.22
TT&T PUBLIC CO-F           TTNT/F           589.80   -223.22


BEHAVIOR TECH CO           2341S             30.60     -1.13
BEHAVIOR TECH CO           2341              30.60     -1.13
BEHAVIOR TECH-EC           2341O             30.60     -1.13
HELIX TECH-EC              2479T             23.39    -24.12
HELIX TECH-EC IS           2479U             23.39    -24.12
HELIX TECHNOL-EC           2479S             23.39    -24.12
TAIWAN KOL-E CRT           1606U            507.21   -147.14
TAIWAN KOLIN-EN            1606V            507.21   -147.14
TAIWAN KOLIN-ENT           1606W            507.21   -147.14


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

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 ***