TCRAP_Public/121227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 27, 2012, Vol. 15, No. 256


                            Headlines


A U S T R A L I A

GUNNS LTD: Receivers Say Sale Fund to Help Settle Some Debts


C H I N A

CHISEN ELECTRIC: Obtains RMB200 Million Loan From Chaowei Power
CHINA PEDIATRIC: Incurs $3.6-Mil. Net Loss in Third Quarter
CITIC TRUST: Misses Payment After Steelmaker Default Loan
COUNTRY GARDEN: Moody's Changes Outlook on Ba3 Rating to Positive
VELATEL GLOBAL: Secures $12 Million Funding From Ironridge


H O N G  K O N G

ACCELLENT INSURANCE: Court to Hear Wind-Up Petition on Jan. 16
CHONG LUEN: Court to Hear Wind-Up Petition on Jan. 23
CHUN WAH: Court to Hear Wind-Up Petition on Feb. 6
COMPACT CONST: Creditors to Get HK$250,000 Recovery on Claims
GOLDGOOD PROPERTIES: Creditors Get 1.0083% Recovery on Claims

GOLDRITE LIMITED: Court to Hear Wind-Up Petition on Feb. 6
GUARDIAN TRUST: Court to Hear Wind-Up Petition on Jan. 23
INARI INVESTMENT: Court to Hear Wind-Up Petition on Jan. 16
INTELLIGENT (HK): Court to Hear Wind-Up Petition on Feb. 20
LANDWIDE LIMITED: Creditors Get 100% Recovery on Claims

NORMET INDUSTRIES: Court to Hear Wind-Up Petition on Jan. 16
SUCCESS HERO: Court to Hear Wind-Up Petition on Feb. 6
TAI YUEN: Court to Hear Wind-Up Petition on Jan. 9
TINSON INTERNATIONAL: Creditors to Get 1.6973% Recovery on Claims
WINBO INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 6


I N D I A

A B CHEM: CARE Assigns 'BB+' Rating to INR2.97cr LT Loans
ACER GRANITO: CARE Reaffirms 'CARE BB' Rating to INR13.89cr Loan
ADHUNIK NIRYAT: CARE Assigns 'CARE BB-' Rating to INR3cr Loan
HOTEL ORBIT: CARE Assigns 'CARE BB' Rating to INR12.75cr Loan
KANODIA ALLOY: CARE Assigns 'CARE BB' Rating to INR6cr LT Loan

M.N. AGRO: CARE Rates INR7.12cr LT Loan at 'CARE BB'
RADHAKISAN PULSES: CARE Reaffirms 'BB-' Rating on INR15cr Loan
SITARAM MAHARAJ: CARE Assigns 'CARE B' Rating to INR57.66cr Loan


I N D O N E S I A

BERLIAN LAJU: Fitch Withdraws Junk Rating $400-Mil. Notes


J A P A N

ELPIDA MEMORY: Micron Wins Japan's FTC Nod on Purchase


N E W  Z E A L A N D

ROSS ASSET: Liquidators Face Fresh Pitfalls Over Missing Funds
ST LAURENCE: Receivers Set Final Payment to Investors in March


S I N G A P O R E

PLD GG5: Creditors' Proofs of Debt Due Jan. 19
PLD GG7: Creditors' Proofs of Debt Due Jan. 19
PLD GG8: Creditors' Proofs of Debt Due Jan. 19
PLD GG9: Creditors' Proofs of Debt Due Jan. 19
PLD NAMYANGJU: Creditors' Proofs of Debt Due Jan. 19


                            - - - - -


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


GUNNS LTD: Receivers Say Sale Fund to Help Settle Some Debts
------------------------------------------------------------
ABC News reports that the receivers of Gunns Ltd said money from
the sale of major assets will help to settle some of its debts.

ABC News relates that a Sydney-based company has purchased
hardwood sawmills in Tasmania and South Australia from Gunns.

According to the report, Gunns' receivers said the money from the
sales will help to pay its secured creditors but numerous local
unsecured creditors say there is no hope of them recovering what
they are owed.

                       About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.

KordaMentha has also been appointed Receivers and Managers.



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


CHISEN ELECTRIC: Obtains RMB200 Million Loan From Chaowei Power
---------------------------------------------------------------
Chisen Electric Jiangsu Co., Ltd. -- a 98%-owned subsidiary of
Zhejiang Chisen Electric Co., Ltd., a wholly-owned subsidiary of
Fast More Limited, a wholly-owned subsidiary of Chisen Electric
Corporation -- executed an entrusted loan agreement with Chaowei
Power Holdings Limited and CITIC Trust Co., Ltd., pursuant to
which the Lender will loan to Chisen Jiangsu RMB200 million at an
interest rate of 8% per annum for a term of three years (until
Dec. 16, 2015) for general working capital purposes.

Interest is payable by the Borrower quarterly or upon early
repayment of the loan.  Borrower will repay not less than 25%,
50% and 75% of the outstanding principal under the loan on or
before the expiration of the 27th, 30th and 33rd months from the
Effective Date, with balance repayable in full upon expiration of
the loan.  After release of the first installment of the loan to
the Borrower, the Borrower can, by advance written notice, repay
all or part of the loan.  Borrower and ZCEC will assume joint and
several obligations regarding the repayment of the principal and
interest of the loan.  Upon receipt of interest or principal, the
Lending Agent will pay the same amount to the Lender within two
business days after deduction of an agreed fee to be charged by
the Lending Agent.

In addition to the joint and several repayment obligations
assumed by the Borrower and ZCEC, the full repayment of the loan,
the interest and the relevant expenses shall be secured by: (a) a
pledge of 98% equity interest in the Borrower by ZCEC for a term
commencing from the date of approval of that pledge by the
competent governmental authority up to the expiration of the
limitation period for action by the Lending Agent under the Loan
Agreement and a joint payment agreement, (b) a pledge of 100%
equity interest in ZCEC by Fast.

                        About Chisen Electric

Headquartered in Changxing, Zhejiang Province, The People's
Republic of China, Chisen Electric Corporation produces and sells
sealed lead-acid motive batteries, also known as valve regulated
lead-acid motive batteries (VRLA batteries) in China's personal
transportation device market.

                           *     *     *

As reported in the TCR on July 5, 2012, Mazars CPA Limited, in
Hong Kong, expressed substantial doubt about Chisen Electric's
ability to continue as a going concern, following the Company's
results for the year ended March 31, 2012.  The independent
auditors noted that the Company had a negative working capital as
of March 31, 2012, and incurred loss for the year then ended.

The Company's balance sheet at Sept. 30, 2012, showed
$229.8 million in total assets, $243.9 million in total
liabilities, and stockholders' deficit of $14.1 million.


CHINA PEDIATRIC: Incurs $3.6-Mil. Net Loss in Third Quarter
-----------------------------------------------------------
China Pediatric Pharmaceuticals, Inc., filed its quarterly
report on Form 10-Q, disclosing a net loss of $3.6 million on
$2.0 million of sales, net of rebates, for the three months ended
Sept. 30, 2012, compared with a net loss of $4.5 million on $6.5
million of sales, net of rebates, for the same period last year.

For the nine months ended Sept. 30, 2012, the Company reported a
net loss of $5.8 million on $13.0 million of sales, net of
rebates, as compared with a net loss of $731,814 on $19.9 million
of sales, net of rebates, for the same period of 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$16.5 million in total assets, $1.6 million in total liabilities,
and stockholders' equity of $14.9 million.

"As shown in the accompanying consolidated financial statements,
the Company incurred a net loss of $3,580,461 and $4,509,657 for
the three months ended Sept. 30, 2012, and 2011; incurred a net
loss of $5,818,013 and $731,814 for the nine months ended
Sept. 30, 2012, and 2011.  Further, the Company had accumulated
deficit of $3,200,599 as at Sept. 30, 2012.  These create an
uncertainty about the Company's ability to continue as a going
concern.  In this regard, the Company's Chairman has issued a
letter of undertaking that he will provide financial support to
the Company."

A copy of the Form 10-Q is available at http://is.gd/nyxCMb

Headquartered in Xi'an, Shaanxi Province, PRC, China Pediatric
Pharmaceuticals, Inc., is engaged in the business of
manufacturing and marketing of over-the-counter and prescription
pharmaceutical products for the Chinese marketplace as treatment
for a variety of disease and conditions.


CITIC TRUST: Misses Payment After Steelmaker Default Loan
---------------------------------------------------------
Bloomberg News reports that Citic Trust Co., a unit of China's
biggest state-owned investment company, missed a bi-annual
payment to investors in one of its products after a steel company
missed interest payments on the underlying loan.

Citic Trust said in a statement that a sustained fall in steel
prices and losses sustained by Yichang Three Gorges Quantong
Coated and Galvanized Plate Co. caused the company to miss
CNY74.6 million ($12 million) in interest payments.  As a result,
Citic Trust won't be able to pay investors the latest installment
of the trust product payment that was due Dec. 20, the trust
company said.

Trusts, which target people with at least CNY1 million to invest,
have grown to account for more than a quarter of China's
estimated $3.35 trillion in lending outside the banking system,
according to an Oct. 16 UBS AG report obtained by Bloomberg.
More loosely regulated than banks because they don't hold
deposits, trusts have lured investors with promises of high
returns, and invest in everything from metals to real estate, as
well as make loans.

Citic Trust said Yichang raised CNY1.33 billion in January 2012
via the trust product sold by Citic Trust and used the money to
buy raw materials.  The underlying loan now faces the risk of
default, it said.

Based in Beijing, China, CITIC Trust Co., Ltd., manages medium
and long-term trust funds to provide infrastructure financing.
The trust company is a subsidiary of state-owned investment
company Citic Group Corp.


COUNTRY GARDEN: Moody's Changes Outlook on Ba3 Rating to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable,
the outlook for the corporate family and senior unsecured debt
ratings of Country Garden Holdings Company Limited.

Moody's has also affirmed both ratings.

Ratings Rationale

"The positive outlook reflects Country Garden's strong pre-sales
performance in the past year. Moody's believes the company can
sustain its sales momentum, given China's stabilizing property
market in the next 12-18 months," says Lina Choi, a Moody's Vice
President and Senior Analyst.

Country Garden achieved its full year target of RMB43 billion as
of December 4, 2012.

The company's efficient turnover business model is particularly
sensitive to favorable market conditions, which facilitate price
stability and strong sales volume.

"The change in outlook also reflects Country Garden's efficient
business model, specifically, its turnover of inventory, which is
one of the quickest amongst Ba-rated developers" adds Choi, who
is also the Lead Analyst for Country Garden.

As of June 30, 2012, the firm's ratio of inventory (including
completed and work-in-progress) to recognized sales was at 1.4x
on a last-12 months' basis, a level which is lower than the 1.5x
-- 2.5x for its rated peers.

"Moody's expects Country Garden to achieve solid sales in the
next 12 months, which would continue to strengthen its liquidity
and operating cash flow and result in a stronger credit profile
when compared with its Ba3 peers," says Ms. Choi.

Moody's also expects Country Garden's EBITDA/interest to be at
3.5x and its adjusted debt/total capitalization to be at 54%,
over the next 12-18 months.

The company's Ba3 rating continues to reflect its large size,
good experience in suburban property development in China's
Guangdong Province, and its strong sales execution.

Its business model aims at developing affordable housing with
value-added services in integrated townships to meet the needs of
the growing middle-class, a segment of the market which supports
long-term demand for property, and which in turn, supports
Country Garden's business growth. The company's average selling
price of around RMB6,150 for the first 11 months of 2012, and its
focus on mass-market products enable it to achieve its sales
targets.

Country Garden's rating is also supported by its large and low-
cost land bank, which offers pricing flexibility, and which is a
significant advantage in a down market. This flexibility is seen
in its consistent sales performance in good business years (2007,
2009-10) and in more difficult times (2008 and 2011).

However, the current Ba3 rating is constrained by Country
Garden's rapid growth model, moderately high debt leverage, and
reliance on sales contributions from Guangdong Province.

Nonetheless, the company's liquidity position is strong. Its cash
balance of RMB13.7 billion as of June 30, 2012 covers
sufficiently its short-term debt of RMB7.1 billion.

Upward rating pressure could emerge if Country Garden achieves
the following: (1) it meets its sales targets; (2) it maintains a
prudent approach to acquiring land; (3) its profit margins are
between 25% and 30%; and (4) its EBITDA/interest exceeds 4.0x.

On the other hand, a change in the outlook to stable from
positive could occur if Country Garden: (1) is unable to sustain
its solid sales track record due to new regulations or adverse
market conditions; (2) posts lower profit margins; or (3) adopts
an aggressive land acquisition strategy, which in turn, has a
negative effect on its liquidity and credit profile.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2012, it had a sizeable
land bank of 54.8 million square meters in attributable gross
floor area.

It also owns and operates 29 hotels with a total of 8,882 rooms
as of June 2012. The hotels are located mainly in China's
Guangdong province, and support its development of townships.


VELATEL GLOBAL: Secures $12 Million Funding From Ironridge
----------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel Group
Inc., has closed a $12 million stock purchase agreement with
Ironridge Technology Co., an institutional investor in the
telecommunications sector.

Proceeds will be used to fund VelaTel's acquisition of China
Motion Telecom (HK) Limited.

Ironridge is initiating payment of $600,000 for the initial 10%
down payment called for under VelaTel's agreement to acquire 100%
of the equity interest of China Motion.  VelaTel projects that
the remaining proceeds of Ironridge's equity funding will be
sufficient for VelaTel to:

-- pay the remaining balance to acquire China Motion.

-- complete deployment and launch of VelaTel's wireless
    broadband networks in Croatia and Montenegro.

-- other strategic purposes on projects under development.

The acquisition of China Motion furthers several of VelaTel's
long term strategic goals:

-- China Motion's access to wholesale voice and data services
    using the wireless network resources of incumbent carriers
    allows VelaTel to deploy its projects in mainland China at a
    fraction of the capital expenditures originally budgeted.

-- China Motion's experience and personnel in sales and
    marketing, customer service and billing solutions provides a
    platform to serve VelaTel's wireless broadband networks
    worldwide.

-- The acquisition creates tremendous synergies with VelaTel's
    Europe based subsidiary Zapna, which also focusses on long
    distance and roaming solutions that cater particularly to
    the frequent international traveler.

"I am very impressed with the operational experience of China
Motion," commented Ironridge managing director John Kirkland.
"We are grateful for the opportunity to facilitate VelaTel's
acquisition of the leading mobile virtual network operator in
Hong Kong, and the synergies it can create for VelaTel in
mainland China, South America and Europe."

Under the Ironridge funding contract, VelaTel will sell Ironridge
preferred shares valued at $10,000 per share, which are
convertible into VelaTel's publicly traded Series A Common Stock
at a fixed conversion price of $0.20 per share.  Funding is
subject to customary equity conditions and Ironridge is entitled
to non-cumulative dividends and an embedded derivative liability
upon early redemption or conversion as defined in the contract.
VelaTel also agreed to file a customary registration statement to
allow resale of the shares upon conversion.

"We are very grateful to Ironridge for the continued support they
have shown VelaTel," stated VelaTel's President Colin Tay.
"Ironridge recently completed payment of more than $1.3 million
to our most important vendors under their liability for equity
(LIFE) program.  They have now broadened their support by not
only increasing the size of their investment, but structuring it
in a manner that allows us flexibility to use the proceeds
wherever they are needed most.  We also appreciate the efforts of
Mr. Luo Hongye, our lead partner in China as CEO of our VN Tech
division and a co-founder of ZTE Corporation.  Mr. Luo, as a
leader in the telecom and green energy fields in China, was
instrumental in bringing VelaTel and Ironridge together in this
transaction."

Additional information about the transaction is available at:

                       http://is.gd/b5aBpk

                        About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is building, operating and
deploying networks in Asia and South America: a 3.5GHz wireless
broadband system in 29 cities across the People's Republic of
China with and for CECT-Chinacomm Communications Co., Ltd., a PRC
company that holds a license to build the high speed wireless
broadband system; and a 2.5GHz wireless broadband system in
cities across Peru with and for Perusat, S.A., a Peruvian company
that holds a license to build high speed wireless broadband
systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.

The Company's balance sheet at Sept. 30, 2012, showed $21.55
million in total assets, $26.54 million in total liabilities and
a $4.99 million total stockholders' deficiency.



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


ACCELLENT INSURANCE: Court to Hear Wind-Up Petition on Jan. 16
--------------------------------------------------------------
A petition to wind up the operations of Accellent Insurance
Brokers Limited will be heard before the High Court of Hong Kong
on Jan. 16, 2013, at 9:30 a.m.

Zurich International Life Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Fairbairn Catley Low & Kong
          23rd Floor, Shui On Centre
          Nos. 6-8 Harbour Road
          Hong Kong


CHONG LUEN: Court to Hear Wind-Up Petition on Jan. 23
-----------------------------------------------------
A petition to wind up the operations of Chong Luen Hing Garments
Limited will be heard before the High Court of Hong Kong on
Jan. 23, 2013, at 9:30 a.m.

The Petitioner's Solicitors are:

          Michael Cheuk, Wong & Kee
          Rooms 407-410, 4th Floor
          Tower Two, Lippo Centre
          No. 89 Queensway, Hong Kong


CHUN WAH: Court to Hear Wind-Up Petition on Feb. 6
--------------------------------------------------
A petition to wind up the operations of Chun Wah (Asia) Limited
will be heard before the High Court of Hong Kong on Feb. 6, 2013,
at 9:30 a.m.

Hang Seng Bank (China) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Messrs. Li, Kwok & Law
          Room 403, 4th Floor
          Wing On House
          71 Des Voeux Road
          Central, Hong Kong


COMPACT CONST: Creditors to Get HK$250,000 Recovery on Claims
-------------------------------------------------------------
Compact Construction Engineering Company Limited, which is in
liquidation, will today, Dec. 27, 2012, declare the first and
final dividend to its creditors.

The company will pay HK$250,000 for ordinary claims.

The company's liquidator is:

         Leung King Wai William
         11th Floor, Beautiful Group Tower
         77 Connaught Road
         Central, Hong Kong


GOLDGOOD PROPERTIES: Creditors Get 1.0083% Recovery on Claims
-------------------------------------------------------------
Goldgood Properties Limited, which is in creditors' voluntary
liquidation, will declare the final dividend to its creditors on
Dec. 28, 2012.

The company will pay 1.0083% for ordinary claims.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road, Hong Kong


GOLDRITE LIMITED: Court to Hear Wind-Up Petition on Feb. 6
----------------------------------------------------------
A petition to wind up the operations of Goldrite Limited will be
heard before the High Court of Hong Kong on Feb. 6, 2013, at
9:30 a.m.

The Petitioner's Solicitors are:

          Wong Yuen Chi & Co
          14th Floor, Wings Building
          110-116 Queen's Road
          Central, Hong Kong


GUARDIAN TRUST: Court to Hear Wind-Up Petition on Jan. 23
---------------------------------------------------------
A petition to wind up the operations of Guardian Trust Company
(Asia) Limited will be heard before the High Court of Hong Kong
on Jan. 23, 2013, at 9:30 a.m.

The Government Counsel is:

          Manda Cheng
          Department of Justice
          Rm. 2401, 24/F
          Tower 1, Admiralty Centre
          18 Harcourt Road, Queensway
          Hong Kong


INARI INVESTMENT: Court to Hear Wind-Up Petition on Jan. 16
-----------------------------------------------------------
A petition to wind up the operations of Inari Investment Co.,
Limited will be heard before the High Court of Hong Kong on
Jan. 16, 2013, at 9:30 a.m.

Woo Yan Fat filed the petition against the company.

The Petitioner's Solicitors are:

          Rebecca V.I. Ho & Co
          Unit 1203, 12th Floor
          Bonham Trade Centre
          50-54 Bonham Strand
          Sheung Wan


INTELLIGENT (HK): Court to Hear Wind-Up Petition on Feb. 20
-----------------------------------------------------------
A petition to wind up the operations of Intelligent (Hong Kong)
Electronics Limited will be heard before the High Court of Hong
Kong on Feb. 20, 2013, at 9:30 a.m.

Chu Yik Kan filed the petition against the company.

The Petitioner's Solicitors are:

          P.C. Woo & Co
          12/F, Prince's Building
          No. 10 Chater Road
          Central, Hong Kong


LANDWIDE LIMITED: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
Landwide Limited, which is in creditors' voluntary liquidation,
declared dividend to its creditors on Dec. 21, 2012.

The company paid 100% for preferential claims.

The company's liquidator is:

         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


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

Westford Trade Services Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Hart Giles
          1401 China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


SUCCESS HERO: Court to Hear Wind-Up Petition on Feb. 6
------------------------------------------------------
A petition to wind up the operations of Success Hero Investments
Limited will be heard before the High Court of Hong Kong on
Feb. 6, 2013, at 9:30 a.m.

Chu Chi Mei filed the petition against the company.


TAI YUEN: Court to Hear Wind-Up Petition on Jan. 9
--------------------------------------------------
A petition to wind up the operations of Tai Yuen Riding Centre
Company Limited will be heard before the High Court of Hong Kong
on Jan. 9, 2013, at 9:30 a.m.

Tsang Chiu Hung Victor filed the petition against the company.

The Petitioner's Solicitors are:

          Gary Lau & Partners
          Unit 701, 7th Floor
          Golden Centre
          188 Des Voeux Road
          Central, Hong Kong


TINSON INTERNATIONAL: Creditors to Get 1.6973% Recovery on Claims
-----------------------------------------------------------------
Tinson International Limited, which is in creditors' voluntary
liquidation, will declare the final dividend to its creditors on
Dec. 28, 2012.

The company will pay 1.6973% for ordinary claims.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road, Hong Kong


WINBO INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 6
----------------------------------------------------------
A petition to wind up the operations of Winbo Industries (H.K.)
Limited will be heard before the High Court of Hong Kong on
Feb. 6, 2013, at 9:30 a.m.

The Petitioner's Solicitors are:

          Wong Yuen Chi & Co
          14th Floor, Wings Building
          110-116 Queen's Road
          Central, Hong Kong



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I N D I A
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A B CHEM: CARE Assigns 'BB+' Rating to INR2.97cr LT Loans
---------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of A B Chem India.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     2.97       CARE BB+ Assigned
   Short-term Bank Facilities   30.00       CARE A4+ Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of A B CHEM INDIA
are primarily constrained by low capacity utilization of its
manufacturing business along with declining PBIDT margins and
susceptibility to foreign currency fluctuations. The ratings are
further constrained due to vulnerability of sales to agro-
climatic conditions and by its presence in a highly fragmented
and competitive insecticide and pesticide industry. The above
constraints are partially offset by the strengths derived from
experienced promoters of ABCI, diversified revenue streams,
moderate financial risk profile and fiscal benefits available to
it by virtue of its location of manufacturing facility in a tax-
free zone.

Going forward, the firm's ability to increase its scale of
operation while maintaining its profitability margins and manage
foreign currency fluctuations in its trading business are the key
rating sensitivities.

ABCI was incorporated as a partnership firm in 2007. The current
partners are Mr. Bishnu Kumar, Mr. Deepak Goyal, Mrs Renu Jindal
and Mr. Umang Jindal (nephew of Mr. Deepak Goyal) having a
profit share of 20%, 20%, 40% and 20%, respectively. The firm is
engaged in the manufacturing of pesticides, insecticides and crop
saving material and has its manufacturing facilities in Sambha,
Jammu. In addition, ABCI is also engaged in high seas trading
whereby it imports crude palm oil (CPO) from Singapore and sells
to domestic oil refining companies.

ABCI directly sells pesticides to institutional customers and to
dealers. The sales to dealership is affected through the
marketing network of its group company, G H Crop Science Private
Limited (GHCS), which has pesticides dealership network of over
200 dealers, in northern Indian states of Punjab, Haryana, Uttar
Pradesh, and Uttarakhand. The partners of ABCI have other
business interests in solvent extraction, cattle feed, real
estate, etc.


ACER GRANITO: CARE Reaffirms 'CARE BB' Rating to INR13.89cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Acer Granito Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities    13.89       CARE BB Reaffirmed
   Long-term/Short-term Bank     2.65       CARE BB/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Acer Granito
Private Limited continue to remain constrained on account of its
modest financial risk profile marked by thin profitability
margins, leveraged capital structure and moderately stressed
liquidity position. The ratings further continue to remain
constrained on account of volatile raw material and fuel
(Liquefied Natural Gas) prices and its presence in the highly
competitive tile industry which is characterized by low entry
barriers.

The above constraints are partially offset by benefits derived
from the vast experience of the promoters in the ceramic industry
and its medium-term revenue visibility by the way of sales
offtake agreement with a leading tile manufacturer.

Improvement in the overall financial risk profile with better
profitability, rationalization of debt levels and the ability to
increase its market presence in light of increasing competition
in the sector are the key rating sensitivities.

Incorporated in April 2008, AGPL is promoted by two promoter
directors, namely, Mr. Dinesh A. Patel and Mr. Ashvin R. Savsani
having vast experience in ceramic glazed tiles and vitrified
tiles manufacturing business through their various group
concerns. AGPL's manufacturing facility is located in the ceramic
hub of Morbi in Gujarat and has an installed capacity of
2,200,000 square meters per annum (smpa). AGPL sells its products
under the brand name "Acer".

As against a net profit of INR0.38 crore on a total operating
income of INR48.38 crore in FY11 (refers to the period April 1 to
March 31), AGPL reported a net profit of INR0.49 crore on a total
operating income of INR47.37 crore during FY12. During H1FY13
AGPL generated revenue of INR21.69 crore.


ADHUNIK NIRYAT: CARE Assigns 'CARE BB-' Rating to INR3cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Adhunik Niryat Ispat Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     3.00       CARE BB- Assigned
   Short-term Bank Facilities   14.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Adhunik Niryat
Ispat Ltd. are primarily constrained by its fluctuating total
operating income coupled with thin profitability margins. The
ratings are further constrained by susceptibility of its margins
to foreign exchange fluctuation risk and fortunes linked to power
and power equipment industry.  The ratings, however, take comfort
from the experience of the promoters of ANIL and moderate capital
structure and operating cycle.  Going forward, the ability of
ANIL to increase its scale of operations while improving its
profitability margins in light of foreign currency fluctuation
risk shall be key rating sensitivity.

Adhunik Niryat Ispat Ltd was incorporated in 1996 as a public
limited company (closely held) and is promoted by Mr. Rakesh
Singhal, Mr. Mukesh Singhal, and Mr. Pramod Gupta. The
company is engaged in the trading of Cold Rolled Grain Oriented
(CRGO) electrical steel strips and Cold Rolled Non-Grain Oriented
(CRNO) electrical steel strips. CRGO has its application in the
manufacturing of transformers and CRNO has its application in
manufacturing of electric motors, generators or any rotating
equipment, etc. The company imports of CRGO and CRNO from Russia,
Japan, Europe and USA and sells them in domestic market (covering
mainly North India) through its own network and also through
consignment agents. The company sells CRGO strips to
transformer manufacturing companies in Haryana, Uttarakhand,
Uttar Pradesh, Delhi and Rajasthan who primarily sell their end
product (transformers) to State Distribution Utilities.

For FY12 (refers to the period April 1 to March 31), ANIL
achieved total operating income of INR62.90 crore with PBILDT and
PAT of INR1.19 crore and INR0.19 crore, respectively.


HOTEL ORBIT: CARE Assigns 'CARE BB' Rating to INR12.75cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Hotel
Orbit.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     12.75      CARE BB Assigned

Rating Rationale

The rating for Hotel Orbit is constrained by its initial stage
and small scale of operation, competition from other hotels and
constitution of the entity being a proprietorship firm. However,
the rating derives strength from experience of the proprietor in
hotel industry and favorable location of the hotel. Going
forward, the ability of Hotel Orbit's to achieve the projected
Average room revenue (ARR) and occupancy would remain the key
rating sensitivities.

Hotel Orbit is a proprietorship firm with Mr. Hira Lal Mahajan as
proprietor of the firm. During Q4FY12 (refers to the period April
1 to March 31), the firm had set-up a 36 rooms hotel with
conference hall and restaurant at Industrial Area, Chandigarh.
The firm has commenced commercial operations at the hotel
property from January 1, 2012 onwards. The total project cost for
the hotel was INR19 crore funded through debt of INR12.75 crore
and remaining through proprietor's capital and unsecured loans.
During the first three months of operations during FY12, Hotel
Orbit reported a total operating income of INR0.6 crore and net
profit of INR0.2 crore.


KANODIA ALLOY: CARE Assigns 'CARE BB' Rating to INR6cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Kanodia
Alloy Steel Corporation.

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

The rating assigned by CARE is based on capital deployed by the
partners and the financial strength of the firm at present. The
rating may undergo change in case of withdrawal of capital or
infusion of fund in the form of unsecured loans brought in by the
partners in addition to the financial performance and other
business-related factors.

Rating Rationale

The rating assigned to the bank facilities of Kanodia Alloy Steel
Corporation is constrained by its low profitability inherent to
trading business, dependence on Rashtriya Ispat Nigam Ltd as
major supplier, highly competitive & fragmented industry and
cyclicality of steel industry. Constitution of KASC as a
partnership firm with inherent risk of withdrawal of capital
further constrains the rating. The rating, however, is
underpinned by the experience of the promoters in the Iron and
Steel industry, increased scale of operation in the last three
years, moderate capital structure and competitive advantage in by
virtue of being an authorized dealer of RINL.  The ability of the
firm to improve its profitability and capital structure is the
key rating sensitivity.

KASC was formed as a partnership firm in April 1993 by Mr. Shiv
Ratan Kanodia, Mr. Manoj Kumar Kanodia and Mr. Raj kumar Kanodia.
Mr. Raj Kumar retired from the firm and the partnership was
reconstituted with Mrs Sarita Kanodia as a partner on April 1,
2002. The firm, based in Bangalore, Karnataka, is engaged in the
wholesale and retail trading of iron and steel products like mild
carbon, alloy and stainless steel in different grades, shapes and
sizes like steel rounds, squares, wire rods, TMT bars, angles,
channels, beams, blooms, billets, etc. These products are being
used mostly in automobile, textiles, construction and engineering
industries. The firm is an authorized dealer of Rashtriya Ispat
Nigam Limited since 1995 and the Dealership Agreement is
renewable annually.

During FY12 (refers to the period April 1 to March 31), KASC
reported a total operating income of INR68.65 crore (FY11-
INR58.93 crore) and PAT of INR0.46 crore (FY11- INR0.34 crore).


M.N. AGRO: CARE Rates INR7.12cr LT Loan at 'CARE BB'
----------------------------------------------------
CARE assigned "CARE BB" rating to the bank facilities of M.N.
Agro Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     7.12       CARE BB Assigned

The rating assigned by CARE is based on capital deployed by the
partners and the financial strength of the firm at present. The
rating may undergo change in case of withdrawal of capital or
infusion of fund in the form of unsecured loans brought in by the
partners in addition to the financial performance and other
business-related factors.

Rating Rationale

The rating assigned to the bank facilities of M.N. Agro
Industries is constrained by its modest scale of operations in a
highly fragmented and competitive industry, seasonal availability
of paddy resulting in working capital intensive nature of the
business and project implementation risk.

The rating is further constrained by impact of changes in the
government regulations in terms of Minimum Support Price (MSP)
for raw material and constitution of the entity as a partnership
concern. The rating, however, derives strength from the
experience of the partners in the industry, presence in major
paddy cultivation area resulting in easy access to raw material,
diversified client base, growth in the total operating income and
moderate capital structure of the firm.

The ability of the firm to timely complete its ongoing project
without any time and cost overrun and to stabilize its operations
while managing volatility associated with the prices is the key
rating sensitivity.

M.N. Agro Industries started in 2001 as a proprietorship concern
by Mr. K. Mohammed Nasrulla, who has 40 years of experience in
the rice milling industry. Later in 2011, MNAI was converted into
a partnership firm with Mr. K.Mohammed Nasrulla, Mr. N.Mohammed
Naeemulla, and Mrs Nazia Noor as partners. The firm is engaged in
milling and processing of rice at its rice milling unit located
at Gargeshwari, Mysore Dist, Karnataka with an installed capacity
of 65Tons Per Day (TPD) during FY12 (refers to the period April 1
to March 31). The product (Rice) is sold in the markets directly
to dealers/retailers and also through agents under the brand
namely Bison and Kiwi.

During FY12 (refers to the period April 1 to March 31), MNAI
reported a total operating income of INR52.78 crore (FY11-
INR42.62 crore) and a PAT of INR1.26 crore (FY11- INR0.84 crore).


RADHAKISAN PULSES: CARE Reaffirms 'BB-' Rating on INR15cr Loan
--------------------------------------------------------------
CARE reaffirms 'CARE BB-' rating assigned to the bank facilities
of Radhakisan Pulses.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities      15        CARE BB- Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the entity at
present. The rating may undergo change in case of withdrawal of
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating continues to be primarily constrained by the modest
scale of operation of Radhakisan Pulses along with its financial
risk profile marked by low profitability and leveraged capital
structure. Furthermore, the rating continues to factor in the
proprietorship constitution of the entity and presence in a
highly competitive & fragmented agro-processing industry which is
exposed to commodity price fluctuation risk.

The rating, however, continues to be underpinned by the benefit
derived from experienced promoters, established relationship with
customer & suppliers and steady growth in operations over
the years. The ability of RP to improve the overall financial
risk profile and managing working capital cycle efficiently are
the key rating sensitivities.

Radhakisan Pulses is a proprietorship firm established in 1997 by
Mr. Vishal Mundhadha for trading and processing of Arhar (toor)
dal and its quality-based variants like Toor tukadi, Toor
chunni and Toor mukni (low-quality Toor). RP's main business is
processing of Toor dal with trading business contributing to only
0.5% to the total sales [as per provisional FY12 (refers to the
period from April 1 - March 31)]. RP has a sister concern by the
name of Janak Ginning and Pressing [proprietorship firm of Mr.
Bharat Mundhadha (younger brother of Mr. Vishal Mundhadha)]
having a turnover of INR20 crore with PAT of INR0.15 crore in
FY12. RP has three processing units (one owned and two leased
from family-owned firms) located at Malkapur, Buldhana and each
of these units has a De-husking machine and a Sortex machine.
During the process of cleaning, splitting, polishing and sorting,
various quality-based variants i.e. Toor chunni, Toor Mukni and
Toor Tukdi are obtained as by-products.

RP's raw material procurement is mainly domestic with nearly 1.5%
imports from Singapore, during FY12. In the domestic market, the
firm procures from the 'Mandis' of Buldhana, Jalna and Mumbai
through large number of brokers. The firm's sales are entirely
domestic through the agents located in Maharashtra, Madhya
Pradesh, Chennai and Gujarat.


SITARAM MAHARAJ: CARE Assigns 'CARE B' Rating to INR57.66cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sitaram
Maharaj Sakhar Karkhana (Khardi) Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     57.66      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sitaram Maharaj
Sakhar Karkhana (Khardi) Ltd is constrained by delayed
commencement of commercial operations of the sugar plant
despite successful erection of the same, relatively small scale
of operations, non-achievement of financial closure for working
capital facilities, reduced sugarcane acreage in Maharashtra
region leading to scarcity of sugarcane for crushing and weak
financial risk profile. The rating also factors in the
cyclicality and agro-climatic risks associated with the sugar
industry along with the highly regulated nature of the industry.

The rating, however, derives strength from the track record of
the promoter in the sugar industry, experienced & qualified
management and favorable location of the plant.

The ability of SMSKL to operate the sugar and co-generation plant
efficiently, procurement of cane at the envisaged prices and
maintaining profitability are the key rating sensitivities.

Sitaram Maharaj Sakhar Karkhan (khardi) Ltd was incorporated by
Mr. Baban Sonawale under the guidance of Mr. Kalyanrao Kale on
May 24, 1999 to undertake manufacturing of sugar and sugar-
related activities at Khardi village in Pandhrapur Taluka.
However, the company did not undertake any business activity till
October 2010 due to lack of funds and regulatory approvals.

Post fund tie-ups and receiving all necessary approvals, in the
year 2010, the promoters started setting up a partially
integrated sugar manufacturing facility with an installed
capacity of 2,500 TCD (Tonnes crushed per day) and bagasse-based
cogeneration plant with an installed capacity of 10 MW. Post
captive consumption, the surplus power will be sold to
Maharashtra State Electricity Distribution Co. Ltd.  The company
has entered into a Power Purchase Agreement (PPA) with MSEDCL for
the sale of electricity. The partially integrated cane processing
plant has been setup with a project cost of INR81.80 crore funded
in the debt to equity ratio of 2.39:1.

Erection of the sugar plant completed on October 30, 2012, and
subsequent trial runs of the manufacturing facilities carried
out. However, the commissioning of the sugar plant delayed on
account of ongoing dispute of sugarcane pricing and subsequent
delay in procurement of sugarcane.



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


BERLIAN LAJU: Fitch Withdraws Junk Rating $400-Mil. Notes
---------------------------------------------------------
Fitch Ratings has withdrawn Indonesia-based shipping company PT
Berlian Laju Tanker Tbk's Long-Term Foreign and Local Currency
Issuer Default Ratings of 'RD' respectively.  The 'C' rating on
its USD400m notes due 2014 has also been withdrawn.  Fitch has
withdrawn the ratings due to insufficient information,
particularly with BLT's current debt restructuring process.

Fitch will no longer provide ratings or analytical coverage of
this issuer.



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


ELPIDA MEMORY: Micron Wins Japan's FTC Nod on Purchase
------------------------------------------------------
RTTNews.com reports that Micron Technology, Inc. said Friday that
the Japan Fair Trade Commission has cleared Micron's previously
announced acquisition of Elpida Memory, Inc.

Clearance under Japan's Act on Prohibition of Private
Monopolization and Maintenance of Fair Trade (Act No. 54 of
April 14, 1947) satisfies one of the conditions necessary for
consummation of the deal, the report says.

RTTNews.com relates that the deal has already cleared premerger
review in the United States, Czech Republic and Korea.

According to the report, the closing of the deal remains subject
to other conditions -- including approval by Elpida creditors,
the Tokyo District Court and regulatory approvals in other
countries -- and is expected to be completed in the first half of
calendar 2013.

RTTNews.com notes that Elpida's proposed reorganization plan was
submitted to the Tokyo District Court on Aug. 21, 2012, and the
Tokyo District Court's approved the submission of Elpida's
proposed reorganization plan to creditors on Oct. 31, 2012.

In July, the report recalls, Micron agreed to buy and support
Elpida for a total consideration of JPY200 billion or
US$2.5 billion.

                        About Elpida Memory

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

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

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



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


ROSS ASSET: Liquidators Face Fresh Pitfalls Over Missing Funds
--------------------------------------------------------------
BusinessDesk reports that PricewaterhouseCoopers' John Fisk and
David Bridgman have found another pitfall as they try to untangle
the mess surrounding Ross Asset Management which may make it more
difficult to try and recovery the missing investor funds.

The High Court in Wellington appointed Messrs. Fisk and Bridgman
as liquidators of Ross Asset Management last week and the pair
have found that about 40% of all stocks identified are held in an
individual client's name, according to their first report
obtained by BusinessDesk.

That means that any recovery from those specific assets may not
be available to the wider pool of investors, BusinessDesk says.

"We are working with the advisors and respective investors
concerned to determine entitlements to these investments with the
assistances of our legal counsel," BusinessDesk quotes the
liquidators as saying.

According to BusinessDesk, the duo was initially installed as
receivers and managers of the operation that Mr. Fisk has
previously described as having the hallmarks of a Ponzi scheme.
Some 1,720 investor accounts show investments totalling
NZ$449.6 million, though the liquidators have only been able to
identify NZ$10.5 million of assets, the report notes.

"The records of the Ross Group are not of sufficient standard to
immediately and accurately identify all assets and accordingly
the schedule of such assets continues to change as the
identification process continues and new assets are located and
accurate information is obtained," the PwC report said.

BusinessDesk relates that Messrs. Fisk and Bridgman said they
have been approached by a number of investors with queries about
the impact of the receiverships on their tax situation, and they
expect to have an update next year.

The liquidators back setting up a committee of Ross group
creditors to represent those people owed by the fund manager, and
are holding a vote to select up to seven members to join the
group to represent those interests.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).


ST LAURENCE: Receivers Set Final Payment to Investors in March
--------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the receivership of St
Laurence Limited will probably wrap up with the last repayment to
investors in March next year though nothing will have emerged
from former boss Kevin Podmore's bankruptcy and his $20 million
personal guarantee.

BusinessDesk says receivers Barry Jordan and David Vance of
Deloitte are working to dispose of the firm's last loan over a
recycling operation in New South Wales, though they didn't get
anything substantial from the guarantee made by Mr. Podmore and
backed by three of his companies, according to their latest
report.

"While we have made some minor recoveries from one liquidation,
we have not factored into our realisation estimate any recovery
from Mr Podmore's bankruptcy," the receivers' report, as cited by
BusinessDesk, said.

According to BusinessDesk, Messrs. Jordan and Vance expect to pay
2c in the dollar to investors in March next year in a final
distribution to some 9,431 debenture holders who put NZ$212
million into the lender.

That distribution will take the total repayments to about 16c in
the dollar since the receivership in 2008, on top of the 10c
investors managed to get from St Laurence's abandoned moratorium,
BusinessDesk relates.

That's the lower end of the 15-22c range they had originally
expected and means there won't be any distribution for some
NZ$43 million of accrued interest or any amounts available for
unsecured creditors including the capital note holders, according
to BusinessDesk.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995, it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

On April 29, 2010, St. Laurence Limited was placed into
receivership, owing 9,000 investors NZ$245 million.  The
company's trustee, Perpetual Trust appointed Barry Jordan and
David Vance of Deloitte as receivers of St. Laurence and some of
its subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property
Limited and its proportionate ownership schemes and syndicates.



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


PLD GG5: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------
Creditors of PLD GG5 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 GG7: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------
Creditors of PLD GG7 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 GG8: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------
Creditors of PLD GG8 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 GG9: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------
Creditors of PLD GG9 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 NAMYANGJU: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------------
Creditors of PLD Namyangju 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



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***