TCRAP_Public/121226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, December 26, 2012, Vol. 15, No. 255


                            Headlines


A U S T R A L I A

GRAIN PRODUCTS: Goes Into Voluntary Administration
IRIS DATA: Australian Unit Place Into Liquidation
WARATAH CO-OPERATIVE: Placed Into Receivership After Loan Default
* WESTERN AUSTRALIA: Moody's Changes Rating Outlook to Negative


C H I N A

CHINA TAIPING: S&P Raises Insurer Finc'l. Strength Rating to BBpi


H O N G  K O N G

AMERICA HK: Cheng Chi Man Appointed as Liquidator
CAPE TRANS: Members' Final Meeting Set for Jan. 18
CHEE LICK: Chan Yui Hang Appointed as Liquidator
EMERY ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
HAINAN WENCHANG: Creditors' Proofs of Debt Due Jan. 18

HOLLINGSWORTH & VOSE: Commences Wind-Up Proceedings
HONGKONG TERRITORIAL: Choi Steps Down as Liquidator
HOSPIRA HK: Creditors' Proofs of Debt Due Jan. 14
MATE PLASTIC: Wardell and Ip Step Down as Liquidators
MOST VIEW: Commences Wind-Up Proceedings

S.O.I. LIMITED: Seng and Cheng Step Down as Liquidators
WAPTX HOLDINGS: Creditors' Proofs of Debt Due Dec. 28


I N D I A

BAJAJ HOTELS: CRISIL Rates INR100MM Term Loan at 'CRISIL B+'
C.C.CONSTRUCTION: CRISIL Cuts Rating on INR40MM Loan to 'C'
ISHAAN PLASTICS: Delay in Loan Payment Cues CRISIL Junk Ratings
KHR INFRA: CRISIL Ups Rating on INR75MM Loans to 'CRISIL B'
MAHENDRA SUBMERSIBLE: CRISIL Puts 'B+' Rating to INR93.5MM Loans

MANAV AGRI: CRISIL Assigns 'B' Rating to INR75MM Cash Credit
MAVIN SWITCHGEARS: CRISIL Rates INR40MM Loan at 'CRISIL BB-'
NIRVIN COLD: CRISIL Cuts Rating on INR56.1MM Loans to 'CRISIL D'
SHYAMRAI ECOPACK: CRISIL Assigns 'B-' Rating to INR130MM Loans
UNNATHI PROJECTS: CRISIL Rates INR65MM LT Loan at 'CRISIL B-'


J A P A N

* Fitch Affirms Rating on 29 Japanese Structured Finance Deals


N E W  Z E A L A N D

PUBLICIS MOJO: Shareholder Places Ad Agency Into Liquidation


P H I L I P P I N E S

PHILIPPINES: S&P Puts Positive Outlook on BB+ Sov. Credit Rating
PHILIPPINES: S&P Revises Outlook on 4 Entities to Positive


S I N G A P O R E

ALTUS TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 4
AML CONSTRUCTION: Court to Hear Wind-Up Petition Jan. 3
EQUINOX OFFSHORE: Court to Hear Wind-Up Petition Jan. 3
FLEXTRONICS GLOBAL: Creditors' Proofs of Debt Due Jan. 21
INNOVATIVE NANO: Court to Hear Wind-Up Petition Jan. 3

LION FAIRFIELD: Creditors' Proofs of Debt Due Jan. 21
NAFA - ASIAGATE: Creditors' Proofs of Debt Due Jan. 21
ONSYS ENERGY: Court to Hear Wind-Up Petition Jan. 3
PLD BAEKAM: Creditors' Proofs of Debt Due Jan. 19
PLD GG3: Creditors' Proofs of Debt Due Jan. 19


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GRAIN PRODUCTS: Goes Into Voluntary Administration
--------------------------------------------------
Kerrin Thomas and Catherine Clifford at ABC News report that the
future of 68 employees is in limbo after Grain Products Australia
announced it has gone into voluntary administration.

ABC News relates that McGrath Nicol has been appointed to try and
find a buyer for the financially-troubled grain processor, which
has existed at its present site since 1938.

According to the report, Managing Director Robert Lowndes said he
believes there are interested buyers, but said it's too early to
say if the company can be saved.

"It's hard to say at the moment, the idea of the Administrator is
to try and sell the company, we have been trying, we have some
people interested but we haven't been able to complete the sale,"
the report quotes Mr. Lowndes as saying.

"The Administrator may be able to do that, there's no guarantee
of that, but part of their job is to re-advertise the business,
so they will be looking to spread the net for possible buyers."

Tamworth-based Grain Products Australia manufactures and supplies
wheat protein, wheat starch and related products.


IRIS DATA: Australian Unit Place Into Liquidation
-------------------------------------------------
Iris Pty Ltd, the collapsed Australian subsidiary of Kansas City,
Missouri-based IT company Iris Data Services Inc, traded and
incurred debts while insolvent, and directors illegally withdrew
bank account funds while the company was in the hands of its
liquidator.

According to a damning report released by the company's
liquidator, company assets including computer equipment and
software were also removed without permission after Iris had been
placed into the hands of its administrator last year.

The Australian company was forced into liquidation by creditors
last year owing more than AUD1.28 million (US$1.32 million),
including unpaid tax debts to the Australian Taxation Office.

Parent company Iris Data Services has effectively walked away
from Australia leaving a trail of unhappy creditors.

Iris, which describes itself as a leading provider of electronic
discovery services, and recently announced that it had made it
onto the 2011 Inc. 500 list of the fastest-growing private
companies in America, opted to pull the pin on its Australian
subsidiary and place the affairs of the company into the hands of
chartered accountants and liquidators Sheridans.

In documentation signed by Iris Data Services President Major
Baisden, the company has listed its total assets at just
AUD41,578, with a total estimated realizable value of AUD18,470.
The largest creditor of the Australian unit is listed as Iris
Data Services which, according to court documentation lodged by
the liquidator, is owed AUD1.26 million.

Iris Data Services notes that preferential creditors are entitled
to AUD14,774, leaving only AUD3,696 to be split between unsecured
creditors.  The total listed deficiency is AUD1.27 million.

Owed more than AUD89,000 is Perth, Western Australia-based
property company Royal Glow Nominees, which has appointed leading
attorneys Slater & Gordon to recover outstanding rent, outgoings
and fit-out costs on a property lease breached by Iris Pty Ltd.

Iris Data Services no longer has an active operation in Australia
but has offices across the United States, as well as one
international office in Nanjing, China.

In its report to creditors, liquidator Jennifer Low --
general@sheridansac.com.au -- of Sheridans noted that the
company's bank account had a balance of more than $18,000 in
August last year, but that $11,198 had been withdrawn by the
company's directors on August 18 without liquidator approval. The
bank account was closed down by Sheridans the next day.

Ms. Low said it was a legal requirement that these funds be
repaid to the liquidator, but added: "Unfortunately, as the two
directors are based in the United States of America (USA), it is
difficult and costly to commence legal proceedings against the
directors to recover this debt."

Ms. Low attributed the failure of the Iris subsidiary to its
income being "insufficient to discharge running costs".

"I believe that the directors allowed the company to incur
further debt whilst the company was insolvent, which remained
unpaid at the date of liquidation. Furthermore, I believe the
directors of the company had reasonable grounds to suspect that
the company was insolvent at this point in time."

Ms. Low said she had lodged her detailed liquidator's report with
the Australian Securities and Investments Commission in January
2012, however due to the likely difficulties in pursuing the
company and its directors for recovery she and ASIC had
determined they would take no further action.


WARATAH CO-OPERATIVE: Placed Into Receivership After Loan Default
-----------------------------------------------------------------
BRW reports that Queensland-based Waratah Co-operative Housing
Society has been placed into receivership after the organization
on its loan with the Commonwealth Bank of Australia.

Michael McCann -- michael.mccann@au.gt.com --  recovery and
reorganisation partner with Grant Thornton said Waratah is the
umbrella entity for the five separate Queensland co-ops that
provide loans to "many hundreds of people," says BRW.

While CBA was the major lender to Waratah, there are other
creditors on the books, Mr. McCann said.

BRW says the receivers are in the process of transitioning the
management of the loan portfolio and expect to begin approaching
potential buyers for the loan book early in the New Year.

According to the report, Mr. McCann said it's too early in the
process to comment on how large the loan book in question is
other than to said it is comparable to other recent receiverships
in the state.

Earlier this year, Poinciana and Jacaranda Co-operative Housing
Societies were placed in receivership after defaulting a loan
book of AUD120 million, BRW recalls.


* WESTERN AUSTRALIA: Moody's Changes Rating Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the State of
Western Australia's Aaa rating to negative from stable.

Ratings Rationale

The change in outlook reflects the state's widening deficit
position and the deterioration in its debt metrics. Challenges to
improving this situation include greater volatility in the
state's revenue base, reflecting its increasing reliance on
royalty income, and the ongoing expenditure pressures related to
the rapid expansion in the state's economy and population.

Deficits (net lending) emerged in Western Australia's general
government sector in 2008/09, reflecting the state's elevated
current and capital spending in the context of a still strong but
slower pace of revenue growth. These deficits have widened
recently and led to a rapidly rising debt burden. Moody's expects
this situation to persist over the medium term.

Following several years of relatively moderate deficits, the
state's budget gap widened to 6.8% of revenues in 2011/12 and is
forecast to remain elevated over the next several years. In part,
this budget gap reflects the fact that revenues have not grown in
line with the economic expansion due to the weakness in duties on
property-related conveyancing and royalty income.

It also reflects the persistently high level of spending, as the
state needs to meet the service demands of a growing population
as well as provide infrastructure to support resource
development.

For 2012/13, the state has forecast a deficit equal to 6.8% of
revenues and over the medium term the deficit will peak at 7.3%
of revenues in 2013/14, before moving into a surplus position
equivalent to 2.1% of revenues in 2015/16.

The widening deficits have led to a rapid rise in the state's
debt burden. Net direct and indirect debt has been estimated to
have risen to around 100% in 2011/12 from a moderate level of 59%
of revenues in 2008/09, although the figure is closer to 80%
excluding pre-financing for the subsequent year. This debt burden
is high in comparison with other Australian states and
international peers.

Despite these concerns, the Aaa rating is still supported by the
state's strong economic prospects. Western Australia is the
fastest-growing state in the country, and has a strong record of
generating financial outcomes that are better than budgeted
projections.

It also has inherently strong budget flexibility, including tax
rates that are below the average for Australian states and high
levels of capital spending that could be re-prioritized. In
addition, the government, in the near term, is expected to
implement corrective budgetary measures, which have the potential
to reverse this deterioration.

Therefore, the government's resolve to develop and implement a
strong policy response that leads to narrower deficits and a
slower pace of debt accumulation will be of key importance to
future credit quality.

What Could Change the Rating -- Up/Down

The outlook could revert to stable if the state implements robust
policies that dampen deficits and slow the rate of debt
accumulation. A delay in the development and implementation of
budgetary measures to address the current situation, could result
in a one-notch downgrade of the Aaa rating.

Moody's assigns long-term debt and issuer ratings of Aaa to the
Western Australia Treasury Corporation (WATC), the entity that
issues debt on behalf of the State of Western Australia and
state-owned corporations. WATC's debt is guaranteed by the State
of Western Australia and the rating is based on the credit
quality of the state.

Moody's also assigns a short-term rating of Prime-1 to Western
Australia's commercial paper program.

The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008, and The
Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008.



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


CHINA TAIPING: S&P Raises Insurer Finc'l. Strength Rating to BBpi
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its insurer financial
strength rating on China Taiping Insurance (UK) Co. Ltd. to
'BBpi' (marginal), from 'Bpi' (weak).

"The upgrade was triggered by an improvement in the firm's
capital adequacy and significant reduction of risk in its
investment portfolio. The rating reflects the company's good
capitalization and reduced exposure to volatile equity markets.
Negative rating factors include the company's weak competitive
position and its marginal, if improving, operating performance,"
S&P said.

The rating is based on the 2012 annual accounts, 2012 interim
accounts, the 2011 U.K. regulatory return, and limited input from
management. CTIC is part of the China Taiping Insurance Group.

"CTIC's core business is providing cover for the Chinese
community living and working within the U.K. Based on 2011 gross
premium written (GPW), 70% relates to property risks, mainly
relating to catering and other retail business risks in the U.K.
The company also has small motor and travel accounts. Most of the
business written relates to U.K. risks, but 11% of GPW in 2011
relates to commercial business lines stemming from the company's
branch in Rotterdam, and a very small amount stems from Ireland.
GPW has increased by 3% in the year, mainly due to growth in the
nonproperty direct lines (25%). The company has continued to
suffer from downward pressure on U.K. rates as a result of
continued intense competition for business. We regard CTIC's
overall competitive position as weak, limited by its small size
and narrow niche business lines," S&P said.

"CTIC reported a release of prior-year loss reserves in 2011 of
GBP1.7 million, a significant improvement on the prior-year
strengthening of GBP8.4 million in 2010. However, we remain wary
of CTIC's reserve adequacy, considering the deterioration we have
seen in recent years. CTIC has decreased its exposure to
reinsurer counterparty credit risk, with 27% of gross premiums
ceded in 2011 (2010; 41%). Most of CTIC's major reinsurers have a
Standard & Poor's rating in the 'A' range or better," S&P said.

Liquidity is considered good; investments cover gross technical
reserves 1.5x (2010; 1.4x).

"We consider CTIC's investments as good. During the first six
months of 2012, the company reduced its equity exposure
significantly to 9% (2011; 25%) and increased its investment in
fixed income to 57% (52%) and cash and cash equivalents to 34%
(23%)," S&P said.



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


AMERICA HK: Cheng Chi Man Appointed as Liquidator
-------------------------------------------------
Cheng Chi Man on Aug. 17, 2012, was appointed as liquidator of
America Hong Kong Electronics Association Limited.

The liquidator may be reached at:

         Cheng Chi Man
         18/F, Tung Nam Commercial Centre
         42 Pitt Street, Yaumatei
         Kowloon


CAPE TRANS: Members' Final Meeting Set for Jan. 18
--------------------------------------------------
Members of Cape Trans Co. Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 18, 2013, at
10:00 a.m., at Unit 501, 5/F, Mirror Tower, 61 Mody Road,
Tsimshatsui East, Kowloon, in Hong Kong.

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


CHEE LICK: Chan Yui Hang Appointed as Liquidator
------------------------------------------------
Chan Yui Hang on Dec. 3, 2012, was appointed as liquidator of
Chee Lick Plastic Products Company Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 2611-13A, 26/F
         113 Argyle Street, Kowloon
         Hong Kong


EMERY ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2012,
creditors of Emery Enterprises Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Cheng Yun Sing
         Rooms 401-2, Tung Ming Building
         40-42 Des Voeux Road
         Central, Hong Kong


HAINAN WENCHANG: Creditors' Proofs of Debt Due Jan. 18
------------------------------------------------------
Creditors of Hainan Wenchang Shi Changsa Overseas Chinese School
Education Fund Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 18, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ma Kam Man Jasper
         Room 1502, 15/F
         101 King's Road
         North Point, Hong Kong


HOLLINGSWORTH & VOSE: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Hollingsworth & Vose (Hong Kong) Limited, on Dec. 3,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         John Chi Wai Wong
         Lay Hong Tan
         21/F, Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


HONGKONG TERRITORIAL: Choi Steps Down as Liquidator
----------------------------------------------------
Choi Wai Lung Edward stepped down as liquidator of Hongkong
Territorial Trades Limited on Dec. 14, 2012.


HOSPIRA HK: Creditors' Proofs of Debt Due Jan. 14
-------------------------------------------------
Creditors of Hospira Hong Kong 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
distribution.

The company commenced wind-up proceedings on Dec. 3, 2012.

The company's liquidators are:

         Messrs. Darach E Haughey
         Lai Kar Yan (Derek)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


MATE PLASTIC: Wardell and Ip Step Down as Liquidators
-----------------------------------------------------
James Wardell and Jackson Ip stepped down as liquidators of Mate
Plastic Manufacturing Limited on Nov. 30, 2012.


MOST VIEW: Commences Wind-Up Proceedings
----------------------------------------
Members of Most View (HK) Industrial Limited, on Dec. 7, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Chiu Wai Hon.


S.O.I. LIMITED: Seng and Cheng Step Down as Liquidators
-------------------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as
liquidators of S.O.I. Limited on Dec. 6, 2012.


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

The company's liquidator is:

         Leung Yee Ting
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong



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


BAJAJ HOTELS: CRISIL Rates INR100MM Term Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan facility of Bajaj Hotels.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                100       CRISIL B+/Stable


The rating reflects BH's start-up nature of operations and
vulnerability of its performance to the level of economic
activity in and around its area of operations. These rating
weaknesses are partially offset by benefits that BH derives from
favorable location of the hotel and association with Ginger
Hotels for management of the hotel.

Outlook: Stable

CRISIL expects Bajaj Hotels (BH) to benefit from established
brand of 'Ginger Hotels' in hospitality industry. The outlook may
be revised to 'Positive' upon successful stabilisation of
operations of the hotel with significant improvement in the
company's financial risk profile as a result of increase in the
occupancy and average room revenue (ARR), resulting in better-
than-expected cash accruals. Conversely the outlook may be
revised to 'Negative' in case of sustained low occupancy rates,
low ARR due to competitive pressures which may strain the
company's debt repayment capacity.

BH was setup in 2009, as a partnership firm of Mrs. Alka Bajaj
and Mrs. Reeta Bajaj. The firm is managed by Mr. Ravi Bajaj
(husband of Mrs. Alka Bajaj) and his brother, Mr. Raman Bajaj
(Husband of Mrs. Reeta Bajaj). The firm is constructing a mall-
cum-hotel in Amritsar (Punjab). The company has tied up with
Ginger Hotels (Roots Corporation Limited, subsidiary of The
Indian Hotels Company Limited) for management of the hotel. The
hotel is expected to commence its commercial operations in
January 2013.


C.C.CONSTRUCTION: CRISIL Cuts Rating on INR40MM Loan to 'C'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
C.C.Construction to 'CRISIL C/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             40.00      CRISIL C (Downgraded from
                                      'CRISIL BB-/Stable')

   Bank Guarantee          60.00      CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

The downgrade reflects considerable weakening in the firm's
liquidity because of delayed payments from Indian Railways as
well as high work in progress. The stretch in liquidity is
reflected in high bank limit utilization, at an average of 97 per
cent, as well as instances of irregularities in conduct of
equipment loan account with Tata Capital Ltd over the 12 months
through October 2012.

The rating reflects CCC's working-capital-intensive operations
and geographical and customer concentration in its revenue
profile. These weaknesses are partially offset by CCC's healthy
project execution capabilities and experienced management.

                       About C.C.Construction

CCC was set up as a partnership firm in 1982 by Mr. S N Choudhary
and his relatives. Currently, the firm's second-generation
promoters are actively involved in the business. Since its
inception, CCC has been engaged in civil construction activities
in the north-eastern India involving earth cutting, earth
filling, and bridgework for North East Frontier Railway (NEFR).
Till date, CCC has executed work orders for only NEFR.

CCC reported a profit after tax (PAT) of INR5.9 million on net
sales of INR97 million for 2011-12 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR7.3
million on net sales of INR161 million for 2010-11.


ISHAAN PLASTICS: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ishaan Plastics Pvt. Ltd. to 'CRISIL D/CRISIL D' from 'CRISIL B/
Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             2       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit               40       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Letter of Credit           5       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Term Loan                 55       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects delay in servicing the term debt
obligations by IPPL; because of its weak liquidity. The
lengthening of the company's working capital cycle on account of
large inventories and stretched receivables has intensified the
liquidity pressures faced by the company. Its bank limits
continued to remain high utilized at an average of above 95 per
cent for the 6 months ended September 2012. The company's cash
accruals are tightly matched with its term debt obligations for
2012-13.

IPPL's financial risk profile is modest marked by its small net
worth, high gearing, and subdued debt protection metrics.
However, it continues to benefit from its established position in
the polyethylene terephthalate (PET) bottles industry and
diversified clientele.

                        About Ishaan Plastics

Incorporated in 2005 by Mr. Ajay Poddar, a Kolkata based
entrepreneur, IPPL manufactures PET bottles, jars, and preforms
for pharmaceutical, food products, mineral water and tea
manufacturing companies. The company's manufacturing facilities
are located in West Bengal.

IPPL reported a profit after tax (PAT) of INR0.07 million on net
sales of INR154 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.5 million on net
sales of INR95.1 million for 2010-11.


KHR INFRA: CRISIL Ups Rating on INR75MM Loans to 'CRISIL B'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of KHR
Infrastructures Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       21.4      CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan                53.6      CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects improvement in the company's
liquidity and adequate financial discipline, resulting in timely
debt servicing by KHR over the eight months through November
2012. The upgrade also factors in CRISIL's belief that KHR will
generate sufficient cash accruals to service its debt over the
medium term, backed by healthy profitability and assured offtake
from its customer.

The rating reflects KHR's small scale of operations and seasonal
nature of revenues, given that it operates in the agriculture
processing industry. These rating weaknesses are partially offset
by the extensive experience of KHR's promoters in the seed
processing industry.

Outlook: Stable

CRISIL believes that KHR will continue to benefit over the medium
term from its experienced management and assured offtake from its
customer, Monsanto India Ltd. The outlook may be revised to
'Positive' in case of substantial improvement in the company's
revenues while maintaining its healthy profitability or in case
of substantial increase in its net worth, backed by equity
infusion from promoters, thereby alleviating pressure on its
liquidity. Conversely, the outlook may be revised to 'Negative'
if there is steep decline in the company's profitability or in
case of significant deterioration in its capital structure on
account of larger-than-expected working capital requirements or
due to any large, debt-funded capital expenditure programme.

                     About KHR Infrastructures

Set up in 2010, KHR is engaged in processing and conditioning of
corn seeds for MIL, which produces and sells processed seeds. KHR
was promoted by Mr. K. Hemanth Kumar and Mrs. K Karthika, who
hails from an agricultural family. KHR has started its commercial
operations in April 2011.

In 2011-12 (refers to financial year, April 1 to March 31), KHR
reported a profit after tax of INR9.4 million on net sales of
INR39.5 million.


MAHENDRA SUBMERSIBLE: CRISIL Puts 'B+' Rating to INR93.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mahendra Submersible Pumps Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                28.5      CRISIL B+/Stable
   Cash Credit              65.0      CRISIL B+/Stable
   Letter of Credit          7.5      CRISIL A4
   Bank Guarantee            0.5      CRISIL A4
   Bill Discounting          0.5      CRISIL A4

The ratings reflect MSPPL's small scale of operations in the
intensely competitive pump manufacturing industry, and the
susceptibility of the company's operating margin, which is
currently moderately low, to volatility in raw material prices.
The ratings also factor in the company's below-average financial
risk profile, marked by a small net worth and a high gearing,
because of large working capital requirements and large debt-
funded capital expenditure. These rating weaknesses are partially
offset by the benefits that MSPPL derives from its established
market position in the pump manufacturing industry, primarily in
south India, supported by its long-standing presence in the pump
manufacturing industry, its promoters' extensive industry
experience, and its established relationships with its customers.

Outlook: Stable

CRISIL believes that MSPPL will continue to benefit over the
medium term from its established position in the pump
manufacturing industry, supported by its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the company registers better-than-expected revenues and
profitability, leading to larger-than-expected cash accruals,
thus improving its liquidity and significantly improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if MSPPL's financial risk profile, especially its
liquidity, deteriorates because of larger-than-expected working
capital requirements, lower cash accruals, or larger-than-
expected debt-funded capital expenditure.

                    About Mahendra Submersible

MSPPL, established in 1985, manufactures motors and pump sets
especially submersible pumps. It has an integrated manufacturing
facility (foundry and machine shop) at Kalapatty in Coimbatore
(Tamil Nadu). Majority of the casting requirement of the company
is met in-house. MSPPL also has two branches at Raipur
(Chhattisgarh) and Bengaluru (Karnataka); these act as stock
points for its finished goods.

MSPPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR260.9 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR4.4 million on net
sales of INR200.5 million for 2010-11.


MANAV AGRI: CRISIL Assigns 'B' Rating to INR75MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Manav Agri Foods Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              75        CRISIL B/Stable

The rating reflects MAPL's small scale of operations in
fragmented industry, high dependence on monsoon, exposure to
adverse changes in government policies, and weak financial risk
profile, marked by high gearing and weak debt protection
measures, . These rating weaknesses are partially offset by the
extensive industry experience of MAPL's promoters and healthy
growth prospects for the basmati rice industry.

Outlook: Stable

CRISIL believes that MAPL business risk profile will be supported
by the promoters' extensive experience in the basmati rice
industry. However the financial risk profile is expected to
remain constrained on account of working capital intensive nature
of operations. The outlook may be revised to 'Positive' if the
company increases its scale of operations while improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' lower than expected revenues, pressure on its
profitability negatively affecting its cash accruals or more than
expected working capital requirements, or if the company incurs
more-than-expected debt-funded capital expenditure, leading to
deterioration in its financial risk profile..

                        About Manav Agri

MAPL was promoted by the Mr. Ashok Gheek in 2007 to undertake
processing of rice. The company has started commercial production
in April 2012. The company has a paddy processing plant at
Holambi, Naya Bans (Delhi).


MAVIN SWITCHGEARS: CRISIL Rates INR40MM Loan at 'CRISIL BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Mavin Switchgears & Control.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Letter of Credit          110      CRISIL A4+
   Bank Guarantee            140      CRISIL A4+
   Cash Credit                40      CRISIL BB-/Stable

The ratings reflect extensive experience of MSC's promoters in
the engineering, procurement and construction (EPC) business and
healthy order book leading to strong revenue visibility. These
rating strengths are partially offset by MSC's modest scale of
operations, tender-based nature of business, and working-capital
intensive nature of operations.

Outlook: Stable

CRISIL believes that MSC will continue to benefit from its
promoters' extensive industry experience and healthy revenue
visibility over the medium term. The outlook may be revised to
'Positive' in case MSC scales up its operations, while improving
its working capital cycle and maintaining its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case MSC's liquidity deteriorates due to
further elongation of its working capital cycle or if the firm
undertakes debt-funded capital expenditure (capex).

                      About Mavin Switchgears

Mavin Switchgears and Control, established in 1984 as a
proprietorship concern by Mr. Irshad Ahmed Khan, is an EPC
contractor in the electricity transmission and distribution
vertical. The scope of projects includes engineering and design
of transmission towers, setting up substations, executing line
and ancillary works etc.

MSC reported a profit after tax (PAT) of INR16.9 million on net
sales of INR297 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.8 million on net
sales of INR201.8 million for 2010-11.


NIRVIN COLD: CRISIL Cuts Rating on INR56.1MM Loans to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nirvin Cold Storage Pvt Ltd to 'CRISIL D' from 'CRISIL C. The
downgrade reflects instances of delay by NSCPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

                    Amount
   Facilities     (INR Mln)   Ratings
   ----------     ---------   -------
   Cash Credit      43.6      CRISIL D (Downgraded from CRISIL C)
   Cash Credit      12.5      CRISIL D (Downgraded from CRISIL C)

NCSPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and is exposed to
intense competition in the cold storage industry in West Bengal.
However, NCSPL benefits from its promoter's extensive industry
experience.

NCSPL, incorporated in 1985, provides cold storage facility to
potato farmers and traders. The company is promoted by Mr. Niraj
Bansal. NCSPL's cold storage, with capacity of about 19,465
tonnes, is divided into three chambers; it is located in Bankura
district (West Bengal).

NCSPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR39.7 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net
sales of INR18.1 million for 2010-11.


SHYAMRAI ECOPACK: CRISIL Assigns 'B-' Rating to INR130MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Shyamrai Ecopack Inc.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                100       CRISIL B-/Stable
   Working Capital           30       CRISIL B-/Stable
   Term Loan

The rating reflects SREP's weak financial risk profile, marked by
high gearing, low net worth and weak debt protection metrics, and
susceptibility to intense competition in the disposable plastic
based kitchenware industry and to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of SREP's promoters in the plastics
industry.

Outlook: Stable

CRISIL believes that SREP will continue to benefit from its
promoters' extensive industry experience. However, its financial
risk profile is expected to remain under pressure over the medium
term because of high gearing and small cash accruals. The outlook
may be revised to 'Positive' if SREP's debt protection metrics
improve, driven most likely by better-than-expected business
growth leading to more-than-expected cash accruals, or if its
capital structure improves, driven most likely by capital
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if there is a decline in the firm's revenues and
profitability, resulting in further weakening in its debt
servicing metrics.

SREP was established in 2009 as a partnership firm by Mr. Brahm
Prakash Aggarwal and Mr. S C Baruah. The firm manufactures
disposable thermocole kitchenware at its facility located at
Rudrapur, Uttarakhand.

SREP reported a book profit of INR2.6 million on a net sales of
INR115.4 million for 2011-12 (refers to financial year, April 1
to March 31).


UNNATHI PROJECTS: CRISIL Rates INR65MM LT Loan at 'CRISIL B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term loan facility of Unnathi Projects Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan            65       CRISIL B-/Stable

The rating reflects UPL's weak financial risk profile, marked by
a negative net worth, and the company's small scale of operations
and exposure to risks related to wind power generation. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of UPL's promoters.

Outlook: Stable

CRISIL believes that UPL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' in case the
company scales up its operations, leading to significant and
sustainable growth in its revenues and profitability, thereby
resulting in improvement in its financial risk profile.
Conversely the outlook may be revised to 'Negative' in case of
decline in UPL's plant load factor, leading to decline in the
company's revenues, or delay in realisation from its customers
leading to further weakening of its liquidity.

                        About Unnathi Projects

UPL, based in Bengaluru (Karnataka), was set up in 1995 by Mr.
Srinivasa Raju; the company is engaged in wind power generation.

UPL reported net loss of INR15 million on a net sales of INR28
million during 2011-12 (refers to financial year, April 1 to
March 31) as against net loss of INR24 million on a net sales of
INR19 million during 2010-11.



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


* Fitch Affirms Rating on 29 Japanese Structured Finance Deals
--------------------------------------------------------------
Fitch Ratings has affirmed five Japanese structured finance (SF)
transactions, comprising 29 rated classes, and removed seven
classes from Rating Watch Negative (RWN).
.
The RWN on the seven 'AAAsf' rated classes has been removed
following remedial action by the respective transaction parties
to appoint a new account bank in each affected transaction.  The
classes had been placed on RWN since 22 August 2012 due to their
exposure to an ineligible account bank.  The affirmation of all
29 classes reflects Fitch's view that available credit
enhancement (CE) is sufficient to support the current ratings in
all cases, given asset performance.

In DTC Three Funding Limited, DTC Eight Funding Limited, Leopard
Two Funding Limited and L-MAP One Funding Limited, the master
lease structures in place have contributed to stable loan
performance.  Limited delinquencies and defaults, together with
sequential payment to date, have resulted in higher CE levels.
Fitch therefore believes that these transactions are protected
against potential performance deterioration.

In addition, for DTC Three and DTC Eight, Fitch continues to
believe that these transactions have available cash reserves to
address liquidity risk in the absence of an advancing agent.
This view is based on the expected stable performance of the loan
pools, note amortisation and a low interest rate environment in
Japan.

For L-STaRS One Funding Limited, default and recovery performance
has remained within Fitch's expectations since the previous
rating action in January 2012.  The agency believes that stable
excess spread will continue to absorb expected losses from the
portfolio.

L-STaRS is a securitisation of residential mortgage loans mainly
backed by investment properties.  The other four transactions are
securitisations of mortgage loans backed by multi-family
apartment properties.

The full list of rating actions is as follows.

DTC Three Funding Limited:

  -- JPY2.48bn* Class A-1 notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY1.69bn* Class A-2 notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY0.87bn* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.54bn* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.69bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.776bn* Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Eight Funding Limited:

  -- JPY14.03bn* Class A notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY1.68bn* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY1.53bn* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY1.14bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.2bn* Class E notes affirmed at 'BBsf'; Outlook Stable
  -- JPY0.82bn* Class N notes affirmed at 'BBBsf'; Outlook Stable

Leopard Two Funding Limited:

  -- JPY3.89bn* Class A-1 notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY3.89bn* Class A-2 notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY0.52bn* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.52bn* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.54bn* Class D notes affirmed at 'BBsf'; Outlook Stable
  -- JPY41m* Class E notes affirmed at 'BBsf'; Outlook Stable

L-MAP One Funding Limited:

  -- JPY11.35bn* Class A notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY0.8bn* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.58bn* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.39bn* Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.3bn* Class J-NIM notes affirmed at 'BBBsf'; Outlook
     Stable

L-STaRS One Funding Limited:

  -- JPY5.41bn* Class A notes affirmed at 'AAAsf'; off RWN;
     Outlook Stable
  -- JPY0.45bn* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.3bn* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.15bn* Class D notes affirmed at 'BBB+sf'; Outlook
Stable
  -- JPY0.1bn* Class E notes affirmed at 'BBB-sf'; Outlook Stable
  -- JPY0.13bn* Class N-2 notes affirmed at 'BBBsf'; Outlook
     Stable

The class N-1 notes were redeemed in full in November 2012.

*as of December 18, 2012



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


PUBLICIS MOJO: Shareholder Places Ad Agency Into Liquidation
------------------------------------------------------------
William Mace at stuff.co.nz reports that Auckland advertising
agency Publicis Mojo has been put into liquidation by its major
international shareholder Publicis Groupe.  Kevin Bromwich of
Mcdonald Vague has been appointed as the company's liquidator.

stuff.co.nz relates that the agency was behind campaigns for
Speights Summit, Steinlager Pure and Hallensteins but its output
for major clients has slowed recently and its financial accounts
for the 2010 year showed liabilities outweighing assets by over
AUD9 million.

Despite the financial state of the company and a revenue slump
across the advertising industry, a senior industry source said
the arrival of liquidators at the company's Parnell offices on
Dec. 20 came as a surprise to the agency's employees, according
to stuff.co.nz.

Publicis Mojo is owned by New Zealand registered Publicis
Communications Limited, which is 65% owned by France-based
Publicis Groupe -- one of four major global holding companies.
Publicis Groupe is also the ultimate owner of Saatchi & Saatchi
New Zealand.



=====================
P H I L I P P I N E S
=====================


PHILIPPINES: S&P Puts Positive Outlook on BB+ Sov. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
ratings on the Republic of the Philippines to positive from
stable. At the same time, Standard & Poor's affirmed its 'BB+'
long-term and 'B' short-term sovereign credit ratings.

"Likewise, we affirmed our ASEAN regional scale rating of
'axBBB+/axA-2' on the Philippines and the transfer and
convertibility assessment at 'BBB-'. We also affirmed the ratings
on the Philippines' senior unsecured debt," S&P said.

"We revised the outlook to positive to reflect our reappraisal of
the political and institutional factors underlying the ratings,"
said Standard & Poor's credit analyst Agost Benard. "In our view,
the current administration possesses a level of legitimacy,
support, and stability that reduces political uncertainty and
allows for improved legislative efficiency. This conducive
political setting enables the administration to focus on its key
policy objectives of fiscal consolidation, increased
infrastructure provision, and poverty reduction."

"The ratings on the Philippines encompass the country's
relatively low income, weak fiscal profile, and high, albeit
improving, public debt and interest burden. These constraints are
balanced by a robust external profile, as shown in a net external
creditor position and strong liquidity ratios, as well as a
consistent track record of moderately strong growth," S&P said.

"The positive outlook reflects our more favorable assessment of
the prevailing political conditions and of the administration's
improved capacity to pursue its reform agenda," S&P said.

"We may raise the ratings next year on an improved government
revenue structure, a continued diminished reliance on foreign
currency government debt financing, or a lower government debt
burden. We may also raise the ratings if institutional and
structural reforms lead to improved investment environment, and
thus better growth potential," S&P said.

"Conversely, we may revise the outlook back to stable if the
Philippines' commitment to fiscal consolidation weakens or if the
country's external liquidity position deteriorates
significantly," S&P said.


PHILIPPINES: S&P Revises Outlook on 4 Entities to Positive
----------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlooks on
four Philippine entities -- Power Sector Assets & Liabilities
Management Corp. (PSALM), National Power Corp. (Napocor),
Philippine Long Distance Telephone Co. (PLDT), and Development
Bank of the Philippines (DBP) -- to positive from stable. "At the
same time, we affirmed all the ratings on the four entities. The
outlook revision comes after a similar action on the sovereign
credit rating on the Republic of Philippines (BB+/Positive/B;
axBBB+/axA-2)," S&P said.

RATINGS LIST
                            To                 From
Power Sector Assets & Liabilities Management Corp.
National Power Corp.
Corporate credit rating
Foreign currency           BB+/Positive/--    BB+/Stable/--
Local currency             BB+/Positive/--    BB+/Stable/--
ASEAN regional scale        axBBB+/--          axBBB+/--
Senior unsecured            BB+                BB+

Philippine Long Distance Telephone Co.
Corporate credit rating
Foreign currency           BBB-/Positive/--   BBB-/Stable/--
ASEAN regional scale        axA-/--            axA-/--
Senior unsecured            BBB-               BBB-

Development Bank of the Philippines
Issuer credit rating        BB+/Positive/B     BB+/Stable/B
ASEAN regional Scale        axBBB+/axA-2       axBBB+/axA-2
Senior Unsecured
                            BB+                BB+
                            axBBB-             axBBB-
Subordinated                BB-                BB-
Junior Subordinated         BB-                BB-

"We consider the stand-alone credit profiles of PSALM and Napocor
as weak and heavily dependent on the support of the Philippine
government. The outlook revision reflects our opinion that both
utilities are almost certain to receive timely and sufficient
extraordinary government support in the event of financial
distress. Our view is based on our assessment that PSALM and
Napocor: (1) play a critical role in implementing government
reforms in the power sector and providing missionary
electrification in the country; and (2) benefit from an integral
link with the government, which fully owns both utilities and has
control over key budgetary and strategic decisions. The
Philippine government also provides an irrevocable,
unconditional, and timely guarantee on all debt obligations of
PSALM and Napocor," S&P said.

"The foreign currency rating on PLDT remains constrained by our
'BBB-' transfer and convertibility assessment on the Philippines.
The rating reflects the company's strong position in the domestic
market, diversified services, integrated network, and solid cash
flow measures. The country and macroeconomic risk of the
Philippines and intense competition in the matured domestic
cellular market temper these strength," S&P said.

"The ratings on DBP are equalized with the sovereign credit
ratings on the Philippines. DBP plays a critical public policy
role in supporting the economic and social development of the
Philippines and has an integral link to the government.
Therefore, we see an 'almost certain' likelihood that the
government will provide timely and sufficient extraordinary
support to DBP in the event of financial distress," S&P said.



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


ALTUS TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 4
--------------------------------------------------------
Creditors of Altus Technologies Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 4, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tay Swee Sze
         c/o Tay Swee Sze & Associates
         78 South Bridge Road
         #04-01 TKH Building
         Singapore 058708


AML CONSTRUCTION: Court to Hear Wind-Up Petition Jan. 3
-------------------------------------------------------
A petition to wind up the operations of AML Construction Pte Ltd
will be heard before the High Court of Singapore on Jan. 3, 2013,
at 10:00 a.m.

Lion (S) Pte Ltd filed the petition against the company on
Dec. 11, 2012.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


EQUINOX OFFSHORE: Court to Hear Wind-Up Petition Jan. 3
-------------------------------------------------------
A petition to wind up the operations of Equinox Offshore
Accommodation Limited will be heard before the High Court of
Singapore on Jan. 3, 2013, at 10:00 a.m.

Intec Maritime & Offshore Services Corp filed the petition
against the company on Dec. 10, 2012.

The Petitioner's solicitors are:

         Colin Ng & Partners LLP
         36 Carpenter Street
         Singapore 059915


FLEXTRONICS GLOBAL: Creditors' Proofs of Debt Due Jan. 21
---------------------------------------------------------
Creditors of Flextronics Global Services (Singapore) Pte Ltd,
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 distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


INNOVATIVE NANO: Court to Hear Wind-Up Petition Jan. 3
------------------------------------------------------
A petition to wind up the operations of Innovative Nano Systems
Pte Ltd will be heard before the High Court of Singapore on
Jan. 3, 2013, at 10:00 a.m.

Nanayakkara Ambagahaduwage Don Saman Mangala Dharmatilleke filed
the petition against the company on Nov. 2, 2012.

The Petitioner's solicitors are:

         Nalpon & Company
         11A Kampong Bahru Road
         Singapore 169344


LION FAIRFIELD: Creditors' Proofs of Debt Due Jan. 21
-----------------------------------------------------
Creditors of Lion Fairfield Capital 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 distribution.

The company's liquidators are:

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


NAFA - ASIAGATE: Creditors' Proofs of Debt Due Jan. 21
------------------------------------------------------
Creditors of Nafa - Asiagate Education Corporation Pte Ltd, 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 distribution.

The company's liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         c/o 8 Wilkie Road
         #03-01 Wilkie Edge
         Singapore 228095


ONSYS ENERGY: Court to Hear Wind-Up Petition Jan. 3
---------------------------------------------------
A petition to wind up the operations of Onsys Energy Pte Ltd will
be heard before the High Court of Singapore on Jan. 3, 2013, at
10:00 a.m.

TH KMG Singapore Pte Ltd filed the petition against the company
on Dec. 12, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         No. 9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


PLD BAEKAM: Creditors' Proofs of Debt Due Jan. 19
-------------------------------------------------
Creditors of PLD Baekam Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.
19, 2013, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PLD GG3: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------
Creditors of PLD GG3 Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.
19, 2013, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809




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


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


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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


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

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

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

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

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





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