TCRAP_Public/121228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, December 28, 2012, Vol. 15, No. 257


                            Headlines


A U S T R A L I A

LGH HOLDINGS: Accountant Committed to Stand Trial on 30 Charges
MAWSON GOLD: Fined for Failing to Submit Annual Report With ASIC


H O N G  K O N G

BEAUTY LABORATORY: Court Enters Wind-Up Order
BEST RISE: Court Enters Wind-Up Order
GETWAY LIMITED: Creditors To Get 15% Recovery on Claims
HONGKONG GOODSTAR: First Meeting Slated for Jan. 15
LUK HUP: Court to Hear Wind-Up Petition on Jan. 30

NOVEL ADVANCE: Court Enters Wind-Up Order
O'MACY BEAUTY: Court Enters Wind-Up Order
STATE LOGISTICS: Court to Hear Wind-Up Petition on Jan. 23
STORM ASSOCIATES: Court Enters Wind-Up Order
TAIYON RESOURCES: Court Enters Wind-Up Order

TRANXCODE TECHNOLOGIES: Court to Hear Wind-Up Petition on Feb. 20
TUNG WING: Court to Hear Wind-Up Petition on Feb. 20
VIGORIA MACHINERY: Court to Hear Wind-Up Petition on Jan. 30
WEDDING WHISTER: Court Enters Wind-Up Order
WING CHUEN: Court Enters Wind-Up Order


I N D I A

ACE KUDALE: CRISIL Cuts Rating on INR244.2MM Loans to 'B'
ARVIND INORGANICS: CRISIL Puts 'D' Ratings on INR63.5MM Loans
BEWELL LABS: CRISIL Upgrades Rating on INR64MM Loans to 'B+'
CAPITAL ELECTRICALS: CRISIL Rates INR120MM Loan at 'CRISIL B+'
C.P. EXPORTS: CRISIL Assigns 'B+' Rating to INR123.7MM Loans

DECCAN CHRONICLE: IDBI Seeks Liquidation Over INR100cr Notes
KINGFISHER AIRLINES: Fails to Give Funding Details in Revamp Plan
NAYAAB JEWELS: CRISIL Upgrades Rating on INR35MM Loan to 'B'
NIBHI INDUSTRIES: CRISIL Cuts Rating on INR370MM Loans to 'D'
ORACLE HOME: CRISIL Cuts Rating on INR152.5MM Loans to 'D'

PEARL MALT: CRISIL Places 'B+' Rating on INR80MM Loans
PRACHIN FOUNDATION: CRISIL Cuts Rating on INR100MM Loans to 'D'
RATHI BANDHUS: CRISIL Assigns 'B' Rating to INR67.5MM Loans
SRI SRI COTTON: CRISIL Rates INR50MM Cash Credit at 'CRISIL B'
SUNSHINE INFRAWELL: CRISIL Rates INR200MM Loan to 'CRISIL B+'

UDAY VIJAY: CRISIL Assigns 'B+' Rating to INR80.9MM Loan to 'B+'
UMIYA STEEL: CRISIL Assigns 'B-' Rating to INR60MM Loans


J A P A N

SUNSHINE TRUST: S&P Puts Rating on Cl. D Securities on Watch Pos.


N E W  Z E A L A N D

30/30 CONSULTING: High Court Appoints Liquidator
HANOVER GROUP: Loses Court Fight Over NZ$20-Mil. D&O Policy
LOMBARD FINANCE: Receiver in Settlement Talks With Directors
MSP TRADING: Wellington Retro Bar Set to Close After Liquidation
NZF GROUP: Shareholder Vote on Mike Pero Share Sale Put on Hold

STRATEGIC FINANCE: Receiver in Settlement Talks With Directors


S I N G A P O R E

PLD DEOKPYUNG 2: Creditors' Proofs of Debt Due Jan. 19
PLD DEOKPYUNG: Creditors' Proofs of Debt Due Jan. 19
PLD GONJIAM: Creditors' Proofs of Debt Due Jan. 19
PLD OKCHEON: Creditors' Proofs of Debt Due Jan. 19
PLD YONGIN: Creditors' Proofs of Debt Due Jan. 19

SAGINOMIYA SINGAPORE: Creditors' Proofs of Debt Due Jan. 21
WEE TAT: Court to Hear Wind-Up Petition Jan. 3


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


LGH HOLDINGS: Accountant Committed to Stand Trial on 30 Charges
---------------------------------------------------------------
Australian Securities & Investments Commission said that
Mark Ronald Letten, accountant and director of LGH Holdings Ltd
(in liquidation), has been committed to stand trial on more than
30 criminal charges following a 10-day contested committal
hearing in the Melbourne Magistrates Court.

The committal hearing, which ended on Dec. 21, related to 37
criminal charges laid in December 2011 following an ASIC
investigation.

Mr. Letten, of South Yarra, Victoria, has been committed on these
charges:

   * 21 counts of operating unregistered managed investment
     schemes;

   * 1 count of carrying on a financial services business
     without a Australian financial services license; and

   * 15 counts of obtaining a financial advantage by
     deception involving a total amount of approximately
     AUD1.4 million.

Mr. Letten faces a maximum of five years imprisonment on each on
the unregistered scheme charges and a maximum two years
imprisonment regarding the carrying on a financial services
business charge. The obtaining financial advantage by deception
charges carry a maximum term of ten years imprisonment.

Mr. Letten was granted conditional bail to appear at the Victoria
County Court on March 20, 2013, for a directions hearing.

The matter was prosecuted by the Commonwealth Department of
Public Prosecutions.

ASIC said the charges relate to the purchase and/or development
of real property located throughout Australia and in New Zealand.

During 2010, following a number of applications by ASIC, orders
were made in the Federal Court of Victoria winding up 15
operating unregistered managed investment schemes.
Damian Templeton -- djtempleton@kpmg.com.au -- and
Philip Hennessy -- phennessy@kpmg.com.au -- were appointed
receivers and managers of the scheme property and 52 related
entities.

Messrs. Templeton and Hennessy were also appointed receivers and
managers of the scheme property of a further six concluded
schemes.

Following ASIC applications during 2011, the scheme-related
companies have subsequently been placed in liquidation with
Messrs. Templeton and Hennessy appointed liquidators.

The liquidators have estimated that in excess of AUD100 million
was collected from approximately 1,000 investors between the
period 1998 and 2010.


MAWSON GOLD: Fined for Failing to Submit Annual Report With ASIC
----------------------------------------------------------------
Mawson Gold NL, on Dec. 21, 2012, was convicted of five charges
and fined more than AUD5,000 by the Magistrates Court of South
Australia, following an Australian Securities & Investments
Commission investigation.

Mawson Gold pleaded guilty to five charges of failing to lodge
its financial report, director's report and auditor's report for
the financial years ending 2006, 2007, 2008, 2009 and 2010. Ivan
Peter Lewis, director and secretary of Mawson Gold during this
period, admitted responsibility for the failure to lodge the
documents.

Mawson Gold was convicted and fined a total of AUD5,625.

The failure of Mawson Gold to lodge the required annual reports
was identified as part of a regular compliance program which aims
to ensure that creditors, investors and the public have access to
accurate and up to date information about companies.

ASIC Commissioner Greg Tanzer said ASIC will continue to
prosecute companies for failing to comply with reporting
requirements.

"Annual reports provide important information for all people that
may have dealings with a company and enable transparent and
informed decision making. Any company which is required to lodge
annual reports should be mindful that ASIC will not hesitate to
pursue failures to do so," Mr. Tanzer said.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Mawson Gold NL is a South Australian-based mining exploration
company.



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


BEAUTY LABORATORY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2012, to
wind up the operations of Beauty Laboratory Limited.

The company's liquidator is Teresa S W Wong.


BEST RISE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2012, to
wind up the operations of Best Rise International Limited.

The company's liquidator is Teresa S W Wong.


GETWAY LIMITED: Creditors To Get 15% Recovery on Claims
-------------------------------------------------------
Getway Limited, which is in creditors' voluntary liquidation,
will declare the first and interim dividend to its creditors on
Jan. 17, 2013.

The company will pay 15% for ordinary claims.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Room 511, 5/F, Tower 1
         Tsim Sha Tsui
         Kowloon, Hong Kong


HONGKONG GOODSTAR: First Meeting Slated for Jan. 15
---------------------------------------------------
Contributories and creditors of HongKong Goodstar Enterprise
Limited will hold their first meetings on Jan. 15, 2013, at
2:30 p.m., and 3:00 p.m., respectively at Suite 1704, 17th Floor,
625 King's Road, North Point, in Hong Kong.

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


LUK HUP: Court to Hear Wind-Up Petition on Jan. 30
--------------------------------------------------
A petition to wind up the operations of Luk Hup Plastic Materials
Company Limited will be heard before the High Court of Hong Kong
on Jan. 30, 2013, at 9:30 a.m.

Ho Chi Wa filed the petition against the company on Nov. 23,
2012.

The Petitioner's solicitors are:

          Cheung & Liu
          6th Floor, Guangdong Investment Tower
          148 Connaught Road
          Central, Hong Kong


NOVEL ADVANCE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2012, to
wind up the operations of Novel Advance Limited.

The company's liquidator is Teresa S W Wong.


O'MACY BEAUTY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 10, 2012, to
wind up the operations of O'Macy Beauty Limited.

The company's liquidator is Teresa S W Wong.


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

Chu Kai Sing filed the petition against the company on Nov. 19,
2012.

The Petitioner's solicitors are:

          Messrs. Wong & Co
          16th Floor, No. 579 Nathan Road
          Kowloon, Hong Kong


STORM ASSOCIATES: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 10, 2012, to
wind up the operations of Storm Associates Hong Kong Limited.

The company's liquidator is Teresa S W Wong.


TAIYON RESOURCES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2012, to
wind up the operations of Taiyon Resources Limited.

The company's liquidator is Teresa S W Wong.


TRANXCODE TECHNOLOGIES: Court to Hear Wind-Up Petition on Feb. 20
-----------------------------------------------------------------
A petition to wind up the operations of Tranxcode Technologies
Limited will be heard before the High Court of Hong Kong on
Feb. 20, 2013, at 9:30 a.m.

Leung Ho Kin filed the petition against the company on Dec. 5,
2012.

The Petitioner's solicitors are:

          Keith Lam Lau & Chan
          5th-7th Floors, The Chinese Club Building
          21-22 Connaught Road
          Central, Hong Kong


TUNG WING: Court to Hear Wind-Up Petition on Feb. 20
----------------------------------------------------
A petition to wind up the operations of Tung Wing Industrial
International Company Limited will be heard before the High Court
of Hong Kong on Feb. 20, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited (The Successor Corporation to
Sin Shu Bank Limited Pursuant to the Bank of China (Hong Kong)
Limited (Merger) Ordinance, Cap. 1167) filed the petition against
the company on Dec. 6, 2012.

The Petitioner's solicitors are:

          Messrs. Liu, Chan and Lam
          Office A, 9th Floor
          United Centre, No. 95 Queensway
          Hong Kong


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

Bank of China (Hong Kong) Limited filed the petition against the
company on Nov. 20, 2012.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road Central
          Hong Kong


WEDDING WHISTER: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2012, to
wind up the operations of Wedding Whister Photo Limited.

The company's liquidator is Teresa S W Wong.


WING CHUEN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2012, to
wind up the operations of Wing Chuen Metal Factory Limited.

The company's liquidator is Teresa S W Wong.



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


ACE KUDALE: CRISIL Cuts Rating on INR244.2MM Loans to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Ace Kudale Car Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term bank facility at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           35.0       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan             34.1       CRISIL B/Stable(Downgraded
                                    from 'CRISIL B+/Stable')

   Channel Financing    175.2       CRISIL B/Stable(Downgraded
                                    from 'CRISIL B+/Stable')

   Bank Guarantee        10.0       CRISIL A4 (Reaffirmed)


The rating downgrade reflects AKCPL's significantly lower-than-
expected margins, which adversely impacted its accruals and debt
protection metrics in 2011-12 (refers to financial year, April 1
to March 31). The operating margin turned negative mainly due to
significant increase in employee cost and additional rental cost
for the company's new workshop at Bhosari, Pune-Nashik highway
(Maharashtra). AKCPL was not operational for two months during
2012-13 due to the Manesar issue of Maruti Suzuki India Ltd
(MSIL; rated CRISIL AAA/Stable/CRISIL A1+). The operating margin
has remained negative in the eight months ended November 30,
2012, and is expected to remain constrained over the medium term.

AKCPL's accruals are expected to be inadequate to meet its debt
repayment obligations over the medium term. Consequently, CRISIL
believes that timely servicing of debt will continue to be
contingent upon timely infusion of funds by the promoters. The
rating downgrade also factors in CRISIL's belief that AKCPL's
debt protection metrics and liquidity will remain under pressure
over the medium term because of large working capital
requirements and negative accruals.

The ratings reflect AKCPL's weak financial risk profile, because
of its large working capital requirements. The ratings also
factor in the company's low bargaining power with its principal,
MSIL, and its susceptibility to intense competition in the
automobile dealership business. These rating weaknesses are
partially offset by the funding support AKCPL gets from its
promoters.

For arriving at its ratings, CRISIL has treated AKCPL's unsecured
loans of INR107.1 million, outstanding as on March 31, 2012,
extended by the promoters and other affiliates, as quasi-equity;
any interest on these loans would be retained in the business.

Outlook: Stable

CRISIL believes that AKCPL will continue to benefit over the
medium term from its established relationship with its principal.
The outlook may be revised to 'Positive' if AKCPL reports
considerable increase in its revenues and profitability,
resulting in sustained improvement in its capital structure over
the medium term. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the company's
financial risk profile, most likely because of larger-than-
expected working capital requirements or less-than-expected cash
accruals.

                        About Ace Kudale

Incorporated in 2007 by the Kudale family, AKCPL started its
operations in 2010 with the dealership of MSIL. It has one owned
showroom-cum-workshop at Manjri, Pune-Solapur highway
(Maharashtra), and another workshop on rented premises at
Bhosari, Pune-Nashik highway.

For 2011-12, AKCPL reported net loss of INR33.2 million on net
sales of INR771.4 million, as against a net profit of INR0.2
million on net sales of INR792.1 million for 2010-11.


ARVIND INORGANICS: CRISIL Puts 'D' Ratings on INR63.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Arvind Inorganics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              23.5      CRISIL D (Assigned)
   Cash Credit            35.0      CRISIL D (Assigned)
   Letter of Credit        5.0      CRISIL D (Assigned)

The ratings reflect delays by AIPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

AIPL has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. Moreover,
its financial flexibility is constrained by its large working
capital requirements and small net cash accruals. These rating
weaknesses are partially offset by the extensive experience of
AIPL's promoter in the chemical industry.

                      About Arvind Inorganics

AIPL was incorporated in 2005-06 (refers to financial year, April
1 to March 31), and is managed by Mr. Raj Kumar Bubna and his two
sons, Mr. Arvind Bubna and Mr. Avinash Bubna. Till 2009, the
company was mainly trading 40 to 50 organic/inorganic chemicals.
Since January 2010, the company has also been manufacturing
barium carbonate (main usage: chlor alkali, ceramics, and glass
industry) and sodium sulphide (main usage: leather and dyes). The
company is based in Kolkata (West Bengal)


BEWELL LABS: CRISIL Upgrades Rating on INR64MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bewell Labs Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           39.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   FCNR Loan             24.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

CRISIL's rating upgrade reflects the successful completion and
commencement of commercial operations of BLPL's hormone
manufacturing facility in compliance with Good Manufacturing
Practices (GMP) standards. Furthermore, the upgrade reflects the
company's better-than-expected financial risk profile on account
of infusion of promoter's equity in 2011-12 (refers to financial
year, April 1 to March 31) and continued infusion of INR12.8
million in 2012-13. The equity infusion has led to higher-than-
expected net worth, leading to lower gearing. BLPL's gearing
improved to 1.49 times as on March 31, 2012, from 1.64 times as
on March 31, 2011. The gearing is expected to improve with
further equity infusion in 2012-13 and is expected to range from
1 to 1.25 times.

The rating reflects BLPL's weak financial risk profile,
constrained by a small net worth, large working capital
requirements, and susceptibility to adverse changes in government
regulations. These rating weaknesses are partially offset by the
extensive experience of BLPL's promoter in the hormone
formulations industry and its strong distribution network.

Outlook: Stable

CRISIL believes that BLPL will continue to maintain its
established position in the pharmaceutical business and benefit
from its promoter's extensive industry experience, over the
medium term. The outlook may be revised to 'Positive' if BLPL
scales up its operations and improves its profitability,
resulting in an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case a decline in BLPL's
business volumes adversely affects its cash accruals and,
consequently, its financial risk profile.

                       About Bewell Labs

Set up in 1999 by Mr. Sameer Chatterjee, BLPL manufactures
formulations, including tablets, vials, ampoules, and bottles,
that are used in branches of medicine such as gynaecology,
ophthalmology, and paediatrics. The company commenced operations
in 2001. BLPL manufactures around 45 different kinds of products
at its facilities in West Bengal and also through outsourcing
arrangements.

For 2011-12 (refers to financial year, April 1 to March 31), BLPL
reported a profit after tax (PAT) of INR6.3 million on net sales
of INR107 million, as against a PAT of INR3.7 million on net
sales of INR71 million for 2010-11.


CAPITAL ELECTRICALS: CRISIL Rates INR120MM Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4'
to the bank facilities of Capital Electricals Ltd (part of the
Capital group).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Short-Term    50        CRISIL A4 (Assigned)
   Bank Loan Facility

   Letter of Credit       50        CRISIL A4 (Assigned)

   Bank Guarantee        200        CRISIL A4 (Assigned)

   Cash Credit           120        CRISIL B+/Stable (Assigned)

The ratings reflect the group's average financial risk profile,
large working capital requirements and small scale of operations
along with susceptibility to tender based nature of business.
These rating strengths are partially offset by the promoters'
long standing experience and established relationship with
customers.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CEL and Capital Meters Ltd, together
referred to as the Capital group. This is because these companies
have operational linkages, common management and marketing
network.

Outlook: Stable

CRISIL believes that Capital group will continue to benefit from
the long standing experience of its promoters and established
relationship with customers. The financial risk profile is
expected to remain constrained on account of low operating
profitability. The outlook may be revised to 'Positive' in case
of significant ramp up in scale of operations and profitability
of the group along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the group's liquidity on account of lower than
expected cash accruals or larger than expected working capital
requirements.

                         About the Group

Incorporated in 1992 by Mr. Pawan Kumar Bansal, CEL (Formerly
known as Mayur Electrical Industries Pvt Ltd) is engaged in the
manufacture of electric wires and cables. The company's plant is
situated in Noida, Uttar Pradesh.

Set up in 1985, CML is engaged in the manufacture of single phase
and three phase meters electric meters at its plant in Noida,
Uttar Pradesh.

For 2011-12 (refers to financial year, April 1 to March 31), CEL
reported profit after tax (PAT) of INR6.8 million on net sales of
INR468.7 million, against a PAT of INR4.2 million on net sales of
INR340.3 million for 2010-11.


C.P. EXPORTS: CRISIL Assigns 'B+' Rating to INR123.7MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of C.P. Exports.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            120       CRISIL B+/Stable (Assigned)
   Long-Term Loan           3.7     CRISIL B+/Stable (Assigned)

The rating reflects CPE's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth ratio and
low networth; the rating also factors in the firm's exposure to
intense competition in the coffee beans trading business. These
rating weaknesses are partially offset by the benefits that CPE
derives from its promoters' extensive experience in the
agricultural products trading business.

Outlook: Stable

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

                         About C.P. Exports

CPE, set up in 1994, processes and trades in coffee beans. The
firm is promoted by Mr. C Eswaran and Mr. C Shunmugapriya and
their family members. CPE is based in Virudhunagar (Tamil Nadu).

CPE reported a profit after tax (PAT) of INR5 million on net
sales of INR1.4 billion for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR1.1 billion for 2010-11.


DECCAN CHRONICLE: IDBI Seeks Liquidation Over INR100cr Notes
------------------------------------------------------------
The Times of India reports that IDBI Trusteeship Services Ltd of
Mumbai has filed a petition in the AP High Court seeking
liquidation of Deccan Chronicle Holdings Ltd on the grounds that
the latter had failed to repay INR100 crore to HDFC company and
HDFC Bank which together bought non convertible debentures in
DCHL.

According to the report, Shivaji B Gunware, the authorized
signatory of IDBI Trusteeship Services, said they entered into a
trusteeship agreement with DCHL on September 19, 2011, to sell
NCDs of DCHL. While HDFC Bank bought INR50 crore worth NCDs on
Oct. 17, 2011, HDFC Ltd bought another INR50 crore worth
debentures on Jan. 5, 2012. The petition also spoke of the
winding up (of DCHL) petition filed by IFCI which too was
aggrieved with the non redemption of the NCDs it bought.

Under the provisions of debenture trust deed, winding up
proceedings can be launched against the company if any of the NCD
holders move winding up proceedings against it, Mr. Gunware, as
cited by TOI, said in his petition adding that IFCI had already
done that in the AP High Court in the case of DCHL.  He sought
the appointment of a liquidator and also a direction to the DCHL
management not to transfer the assets of the company in favor of
third parties in the meanwhile, the report relates.

Meanwhile, the Times of India reports that IDFC Ltd, which lent
INR106 crore to DCHL and is seeking to recover the same through
the debt recovery tribunal, has filed a contempt case in the AP
High Court against T Venkatram Reddy, Vinayak Ravi Reddy and P K
Iyer, the three promoters of DCHL.

TOI relates that IDFC wants the court to punish them because the
trio had failed to comply with the order of the DRT that directed
them to furnish the list of their assets to the tribunal on
August 7.  According to the report, the HC bench comprising Chief
Justice PC Ghose and Justice Vilas V Afzalpurkar which initially
wondered whether this contempt case should first be moved at the
DRT itself, however, later said it would hear the case next week.

Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals.  The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily.  It also owns franchise rights for the
Hyderabad team of the Indian Premier League.


KINGFISHER AIRLINES: Fails to Give Funding Details in Revamp Plan
-----------------------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that Kingfisher
Airlines Ltd., the Indian carrier that grounded flights because
of a cash crunch, failed to provide a funding plan to the
nation's aviation regulator in its proposal to revive operations.

The revival plan Kingfisher submitted to the authorities earlier
this week is "only a wish," Aviation Minister Ajit Singh told
reporters in New Delhi on Dec. 26, Bloomberg relates.  The
airline's parent UB Group hasn't provided any assurance of
funding, he said.

According to Bloomberg, Mr. Singh said the Directorate General of
Civil Aviation will hold talks with Kingfisher's creditors and
airport operators before deciding on the proposal. The carrier,
controlled by liquor tycoon Vijay Mallya, has been seeking cash
for more than two years and said it's in talks with possible
investors, including Etihad Airways PJSC.

Bloomberg says Kingfisher has also applied to have its operating
license renewed.  The license was suspended in October after the
airline halted services because of a strike by engineers and
pilots demanding seven months of unpaid salaries. They agreed to
return to work after management pledged to pay the arrears.

The plan presented to the DGCA includes the money needed to
support the revival, Bloomberg relates citing Kingfisher
spokesman Prakash Mirpuri as saying in an e-mail. The company
will show the availability of funds as soon as the regulator is
satisfied with the proposal, Mr. Mirpuri said.

Bloomberg notes that the aviation regulator had earlier said that
the carrier must provide a "concrete and reliable" revival plan
to have its license restored.

The carrier plans to restart operations in a phased manner using
its own funds, according to a plan the company submitted to
bankers on Dec. 17 and obtained by Bloomberg.

                        About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.


NAYAAB JEWELS: CRISIL Upgrades Rating on INR35MM Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term facilities of
Nayaab Jewels to 'CRISIL B+/Stable' from 'CRISIL B/Stable' while
reaffirming its short-term ratings at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           35.0       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Gold Loan             90.0       CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in Nayaab's business risk
profile, driven by substantial and sustained increase in the
company's scale of operations and profitability margins. The
upgrade also factors in substantial increase in Nayaab's net
worth and the subsequent improvement in its capital structure.
CRISIL's belief that Nayaab will maintain its improved capital
structure supported by stable cash accruals and absence of any
large, debt-funded, capital expenditure (capex), over the medium
term.

Nayaab's revenues increased at a compound annual growth rate of
around 60 per cent from 2009-10 (refers to financial year, April
1 to March 31) to 2011-12. Revenues are expected to continue to
increase at a healthy rate over the medium term on the back of
the company's established presence in the jewellery industry and
its longstanding relationship with customers. Also, the company's
operating profit margin has sequentially increased to around 6.8
per cent in 2011-12 from 3.5 per cent in 2009-10. The operating
profit margin of the company is expected to remain stable at
these levels over the medium term, supported by its continued
focus on the high value jewellery, where margins are relatively
higher. Nayaab's healthy performance over the past two years has
resulted in an increase in Nayaab's net worth to around INR96
million as on March 31, 2012 from INR68 million as on March 31,
2010. Subsequently, the total outside liabilities to total
tangible net worth (TOL/TNW) ratio of Nayaab has also declined to
2.6 times as on March 31, 2012, from 3.8 times as on March 31,
2011.

The ratings continues to reflect Nayaab's working-capital-
intensive operations and its average financial risk profile
marked by moderate TOL/TNW ratio and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of Nayaab's promoter in the diamond-studded
and gold jewellery industry.

Outlook: Stable

CRISIL believes that Nayaab will maintain its established
presence in the diamond-studded and gold jewellery industry over
the medium term on the back of its promoters' extensive industry
experience and its established relationship with customers. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in Nayaab's profitability margins,
while maintaining healthy revenue growth or if there is
substantial increase in its net worth on the back of equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in Nayaab's
profitability margins from the current levels of if there is
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements.

                       About Nayaab Jewels

Set up in 2003 by Rajasthan-based Mr. Upendra Bothra, a third-
generation entrepreneur, NJ manufactures diamond-studded
jewellery, specialising in the jadau design form, and also gold
jewellery, such as necklaces, bracelets, earrings, cuffs,
bangles, and sets. The firm's unique-selling-proposition is the
exclusivity of its designs, with its tagline being "Once created,
Never Replicated." The firm has two showrooms, one each in Jaipur
(Rajasthan) and Mumbai (Maharashtra).

NJ reported a profit after tax (PAT) of INR2.1 million on net
sales of INR393.1 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR252.3 million for 2010-11.


NIBHI INDUSTRIES: CRISIL Cuts Rating on INR370MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on Nibhi Industries Private
Limited to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL
A4+'. The downgrade reflects delays in repayment of term loan
obligations by NIPL. This is due to weak liquidity of the company
caused by significant cost overruns and delay in stabilization of
operations.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit             82.5     CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit        40       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Long-Term Loan         287.5     CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The ratings also reflect NIPL's below average financial risk
profile, vulnerability of its operating margin to volatility in
input prices and intense competition in the asbestos cement (AC)
roofing industry. NIPL benefits from the extensive experience of
its management in the AC roofing industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NIPL and its 100 per cent subsidiary,
Sigri Roofings Pvt Ltd. NIPL has extended its corporate guarantee
for the debt contracted by SRPL.

                       About Nibhi Industries

NIPL was incorporated in March 2009 by Mr. S A Bhimaraja to
manufacture AC roofing sheets under the brand, Elephant. NIPL has
set up two manufacturing facilities one each in Madhya Pradesh
and Bihar. The company's units in Madhya Pradesh and Bihar began
commercial operations in November 2010 and August 2011
respectively. SRPL was incorporated in Sri Lanka in 2010 to
manufacture AC roofing sheets. It commenced operations in January
2012.

NIPL, on a standalone basis, reported a net loss of INR22.4
million on operating income of INR296 million for 2011-12 (refers
to financial year, April 1 to March 31), as against a net loss of
INR21.6 million on net sales of INR68.9 million for 2010-11.


ORACLE HOME: CRISIL Cuts Rating on INR152.5MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Oracle Home Textile Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Negative/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Purchase-         27.5      CRISIL D (Downgraded from
   Discounting Facility             'CRISIL A4')

   Cash Credit            12.5      CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')

   Packing Credit        122.5      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Post Shipment Credit   37.5      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Rupee Term Loan       140.0      CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')

The rating downgrade reflects instances of delay by Oracle Home
in servicing its term debt; the delays have been caused by
deterioration in Oracle Home's liquidity. The company's liquidity
is weak because of large incremental working capital
requirements, driven by stretching of debtors as well as sharp
increase in scale of operations. Oracle Home reported 45 per cent
year-on-year growth in revenues in 2011-12 (refers to financial
year, April 1 to March 31) due to higher capacities. However, the
debtor days were high, at around 70 days as of June 2012, due to
stretching in customer payments, as against 54 days as on
March 31, 2011. The inventory requirements have also increased
significantly, by around 35 per cent, during the first half of
2012-13 from INR250 million as of March 2011. Increased working
capital requirements, coupled with delays in tying up of funding
to support the growing operations, have put pressure on the
liquidity. During the current year as well, Oracle Home is
expected to register growth in a range of 25 to 30 per cent,
which will further increase the company's working capital
requirements.

Also, the company is undergoing a debt-funded capital expenditure
(capex) programme, which will cause its financial risk profile to
weaken over the medium term.

Oracle Home has a below-average financial risk profile, marked by
a high gearing and moderate debt protection metrics, driven by
large working capital requirements. Furthermore, its product
profile is concentrated. However, Oracle Home has an established
position and profitable operations in the jacquard terry towels
segment.

                       About Oracle Home

Set up as a private limited company named Oracle Exports Home
Textile Pvt Ltd by Mr. Sanjay Dave and Ms. Shilpa Dave in 2002,
Oracle Home was reconstituted as a closely held public limited
company with its current name in August 2011. It manufactures and
exports terry towels. The company also exports other home
textiles, such as bathrobe and table linen; the manufacturing of
which is outsourced. Oracle Home has vertically integrated
operations, comprising weaving, yarn and fabric dyeing, and
finishing facilities. It is currently undergoing a capex
programme involving an investment of INR215 million to replace
eight power looms and to start a unit for manufacturing
bathrobes.

Oracle Home reported a profit after tax (PAT) of INR27 million on
net sales of INR1.0 billion for 2011-12, against a PAT of INR23.0
million on net sales of INR691.8 million for 2010-11.


PEARL MALT: CRISIL Places 'B+' Rating on INR80MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Pearl Malt Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               29.3      CRISIL B+/Stable (Assigned)
   Standby Line of Credit   3.0      CRISIL B+/Stable (Assigned)
   Cash Credit             35        CRISIL B+/Stable (Assigned)
   Proposed Long-Term      12.7      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects Pearl's weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, and its modest scale of operations with vulnerability to
availability and price fluctuation of barley. These rating
weaknesses are partially offset by the extensive industry
experience of Pearl's promoters and its location advantage for
sourcing barley.

Outlook: Stable

CRISIL believes that Pearl will continue to benefit over the
medium term from its promoters' experience and its location
advantage for sourcing barley. The outlook may be revised to
'Positive' in case of significant improvement in Pearl's
financial risk profile, most likely through better-than-expected
cash accruals or equity infusion, along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if the company's liquidity deteriorates due to lower-
than-anticipated cash accruals, larger-than-expected working
capital requirements, or debt-funded capital expenditure.

                         About Pearl Malt

Pearl produces malted barley which is one of the raw materials
for distillers, brewers, and manufacturers of certain food
products. Pearl was incorporated in 2009 and began commercial
production around August 2011.


PRACHIN FOUNDATION: CRISIL Cuts Rating on INR100MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prachin Foundation to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long-Term Loan         90.0      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long-Term     10.0      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by Prachin in
servicing its debt; the delays have been caused by the society's
weak liquidity. Prachin has weak liquidity on account of its cash
losses.

Prachin also has a below-average financial risk profile, marked
by a negative net worth and cash losses, and has geographical
concentration in its revenue profile. However, the society
benefits from its modern infrastructure facilities and its
franchise agreement with Global Indian Foundation Ltd, Singapore.

Prachin was established in June 2009 under the Registrar of
Societies Act by Mr. G Satyanarayana. The society has a
franchisee agreement with Global Indian Foundation Ltd,
Singapore, to run Global Indian International School. The school,
which offers education from the pre-school to the high school
level, has its campus in Kondakal Village, around 22 kilometres
from Hyderabad (Andhra Pradesh). It opened for admissions in June
2010. Its daily operations are managed by Mr. A Venkateswara Rao.


RATHI BANDHUS: CRISIL Assigns 'B' Rating to INR67.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rathi Bandhus Commercial Private Limited.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            60        CRISIL B/Stable (Assigned)
   Proposed Long-Term      7.5      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects the company's modest scale of operations and
average financial risk profile marked by high leverage. The
rating weaknesses are partially offset by the extensive
experience and established relationships of RBCPL's promoters in
the construction materials industry.

Outlook: Stable

CRISIL believes that RBCPL will benefit over the medium term from
its promoters' extensive experience in the construction material
industry. The outlook may be revised to 'Positive' in case of
significant increase in its scale of operations while sustaining
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
company's revenues and profitability or an elongation of the
working capital cycle resulting in deterioration in its financial
risk profile.

                        About Rathi Bandhus

Rathi Bandhus Commercial Private Limited was established in 2007
by the Rathi family in Jagdalpur town in Bastar Dist. of
Chhattisgarh. The company is engaged in the trading of building
materials and interior needs.

RBCPL provisionally reported a profit after tax (PAT) of INR0.9
million on net sales of INR136.6 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.8
million on net sales of INR 110.4 million for 2010-11.


SRI SRI COTTON: CRISIL Rates INR50MM Cash Credit at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Sri Sri Cotton Concern.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            50        CRISIL B/Stable (Assigned)

The rating reflects SSC's weak financial risk profile, marked by
a highly leveraged capital structure, modest scale of operations,
and exposure to intense competition in the cotton ginning
industry. These rating weaknesses are partially offset by the
extensive industry experience of SSC's promoter.

Outlook: Stable

CRISIL believes that SSC will continue to benefit over the medium
term from its promoter's extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' if the
firm registers significant increase in its revenues and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SSC records considerable decline in its accruals or undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or in case there are more-than-expected capital withdrawals from
the firm by its promoter, thereby negatively impacting its
financial risk profile

                      About Sri Sri Cotton

SSC, set up in 2001, undertakes cotton ginning activities. The
firm's day-to-day operations are managed by Mr. Kameswara Rao.

For 2011-12 (refers to financial year, April 1 to March 31),
SSC's net profit is estimated at INR4.9 million on net sales of
INR319 million, against a net profit of INR0.3 million on net
sales of INR262 million for 2010-11.


SUNSHINE INFRAWELL: CRISIL Rates INR200MM Loan to 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B+/Stable' to the proposed
bank facilities of Sunshine Infrawell Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long-Term      200       CRISIL B+/Stable (Assigned)

The rating reflects the exposure to risks and cyclicality
inherent in the real estate sector in India, susceptibility to
project-related risks and the weak financial flexibility
constrained by high fund fungibility among the group companies.
These weaknesses are partially offset by location advantage
associated with the project and extensive experience of its
promoters in the real estate industry.

Outlook: Stable

CRISIL believes that Sunshine Infrawell Pvt Ltd. will maintain
its business risk profile on the back of its promoters' extensive
experience. The outlook may be revised to 'Positive' if there is
a significant improvement in its business and financial risk
profile backed by timely implementation of the project and
realization of payments from its customers leading to healthy
cash accruals. Conversely, the outlook may be revised to
'Negative' if there is a time and cost overrun in its ongoing
project on account of delays in receiving customer advances or it
faces delays in selling the remaining units in the project.

                       About Sunshine Infrawell

Sunshine Infrawell Pvt Ltd was formed in 2010 as a special
purpose vehicle to undertake a residential project namely
Sunshine Helios, located at Sector 78, Noida. The project is
promoted by the Sunshine group (through Sunshine Infratech Pvt
Ltd, the group's flagship company) along with a consortium of
companies. The project has 407 residential flats.

For 2011-12(refer to financial year, April 1 to March 31), the
company reported a net profit of INR33.0 million on sales of
INR1,030.0 million.


UDAY VIJAY: CRISIL Assigns 'B+' Rating to INR80.9MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Uday Vijay Steel Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              28.9      CRISIL B+/Stable (Assigned)
   Cash Credit            52.0      CRISIL B+/Stable (Assigned)
   Letter of Credit        6.5      CRISIL A4 (Assigned)

The ratings reflect UVSPL's average financial risk profile,
marked by weak debt protection metrics, and expected
deterioration in gearing because of the company's on-going
capital expenditure (capex) programme. The ratings also reflect
UVSPL's small scale of operations, large working capital
requirements, and susceptibility to economic downturns in the
end-user industry and to volatility in steel prices. These rating
weaknesses are partially offset by the extensive experience of
UVSPL's promoters in the steel industry.

Outlook: Stable

CRISIL believes that UVSPL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company significantly increases its scale of operations, and
improves its profitability, leading to more-than-expected cash
accruals, or if the company demonstrates better-than-expected
working capital management. Conversely, the outlook may be
revised to 'Negative' if UVSPL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
large incremental working capital requirements, small cash
accruals, or larger-than-expected, debt-funded capital
expenditure.

                         About Uday Vijay

UVSPL was set up in 2005 by Mr. Sudhir Kumar Rai, Mr. Sanjay
Kumar Rai, Mr. Vijay Kumar Rai, and Mr. Chandralok Prasad. It
manufactures mild steel ingots at its unit in Bokaro (Jharkhand).

For 2011-12 (refers to financial year, April 1 to March 31),
UVSPL's profit after tax (PAT) and net income were estimated at
INR2.0 million and INR334.6 million, respectively, against a PAT
of INR2.9 million on net income of INR296.4 million for 2010-11.


UMIYA STEEL: CRISIL Assigns 'B-' Rating to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Umiya Steel Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              32        CRISIL B-/Stable (Assigned)
   Cash Credit            24        CRISIL B-/Stable (Assigned)
   Proposed Long-Term      4        CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The rating reflects USI's weak financial risk profile, marked by
low net worth and weak debt protection metrics, small scale of
operations in an intensely fragmented and competitive steel
industry, and vulnerability of operating performance to raw
material price volatility. These rating weaknesses are partially
offset by extensive experience of USI's promoters in the steel
industry and established customer relationship.

Outlook: Stable

CRISIL believes that USI will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience and established customer relationship. The
outlook may be revised to 'Positive' in case of substantial
improvement in USI scale of operations and profitability,
resulting to better-than-expected cash accruals, and hence
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the firm's
financial risk profile due to lengthening of working capital
cycle or due to decline in revenues and profitability

                          About Umiya Steel

USI is a partnership firm set up in 2009-10, by Mr.Ashok Patel,
along with his family members. The firm manufactures mild steel
square bars, flat bars, round bars, and angles of various sizes.
USI has its manufacturing facility located at Vijaypur, Gujarat,
with an installed capacity of 11,000 metric tons per annum
(MTPA). Mr.Ashok Patel and his cousin Mr.Hasmukh Patel oversee
the day to day operations of the firm.



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


SUNSHINE TRUST: S&P Puts Rating on Cl. D Securities on Watch Pos.
-----------------------------------------------------------------
Nippon Standard & Poor's K.K. placed on CreditWatch with positive
implications its rating on the class D beneficial interest issued
under the Sunshine Trust asset-backed securities (ABS)
transaction. "A pool of consumer loan receivables that Shinsei
Financial Co. Ltd. originated secures the beneficial interest
issued under this transaction," S&P said.

"The transaction structure requires that the originator
repurchase, up to a certain limit, defaulted receivables not
covered through the default trap (a mechanism that uses excess
interest from the asset pool to cover losses from the defaulted
receivables). Our rating on class D already reflects our view
that the originator has, to an extent, the ability to perform its
obligations, particularly the repurchase of defaulted
receivables. The rating also already reflects the performance of
the transaction's underlying assets. This time, we placed the
rating on that class on CreditWatch positive due to the improving
credit quality of the originator," S&P said.

"We intend to review our rating on class D and resolve the
CreditWatch positive placement after considering a number of
factors, such as the performance of the transaction's underlying
assets and the credit enhancement available to class D," S&P
said.

RATING PLACED ON CREDITWATCH POSITIVE

Sunshine Trust ABLs and Beneficial Interest
ABLs and beneficial interest due July 2018
Class To                  From      Amount*     Interest  Issue
date     O/C*
D BI  BB+ (sf)/Watch Pos  BB+ (sf)  JPY39.0 bil.  Fixed  Jan. 27,
                                                  15.2%  2011

* The amount and overcollateralization (O/C) ratio for the class
   D beneficial interest (BI) are as of July 31, 2012.

NOTES

The basic approach to calculating the O/C ratio is as follows:
1-(A+B)/(C-D-E)
A: the rated obligations and equally ranked obligations
B: prior obligations to the rated obligations
C: underlying assets (including cash)
D: liquidity reserves
E: obligations, except for senior, mezzanine, or subordinate
obligations (seller's interest, etc.)

In the case of a master trust structure, the series base value
should be applied.



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


30/30 CONSULTING: High Court Appoints Liquidator
------------------------------------------------
Marlborough Express reports that 30/30 Consulting Limited, a
company belonging to Blenheim businessman Jack Love, was placed
in liquidation after an application on October 11 by Bosco
Connect Limited, trading as Tiny Mighty Power. The High Court at
Blenheim ruled the company was to be liquidated last week.

Mr. Love previously owned the Main St cafe and wine bar A Love
Affair, which closed in February. Its building was demolished and
the new Rebel Sport building built in its place.

The liquidation is being handled by Clare McCormick of the
Government's Insolvency and Trustee Service.


HANOVER GROUP: Loses Court Fight Over NZ$20-Mil. D&O Policy
-----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Hanover
Group Holdings has lost its High Court fight with insurance giant
AIG over a policy worth up to NZ$20 million.

According to the Herald, the insurance wrangle centred on a
directors and officers liability (D&O) policy Hanover took out in
November 2007 with AIG and whether cover is provided for claims
associated with certain Hanover prospectuses.

The Herald relates that the cover would be used for legal costs
associated with the upcoming civil stoush between former Hanover
directors and the Financial Markets Authority (FMA) or any
damages that may be payable in that case.

AIG (at time of the case legally known as Chartis Insurance New
Zealand) did not accept that two prospectuses released by Hanover
Finance Limited and United Finance Limited were covered by the
policy, the report relays.

The Herald says the actual policy issued by the insurance giant
fell far short of complete prospectus cover but Hanover's lawyer,
Nathan Gedye, argued that its broker and AIG had agreed in 2007
there would be D&O cover for all prospectuses issued by the
finance firm during the policy period.

The report notes that during civil proceedings in the High Court
at Auckland in October, Mr. Gedye pushed for the policy to be
rectified to reflect what he said was an "oral agreement" between
Hanover's broker, Grant Dawson, and AIG.

However, Justice Christopher Allan declined Hanover's bid in his
judgement released on Dec. 21, 2012.

Mr. Gedye also submitted that if the court decided there was no
agreement to provide the prospectus cover his client believed it
had obtained, then AIG underwriter Vince Barker had mislead
Dawson as to the insurer's position. However, Justice Allan did
not agree.

The report notes that the FMA is suing six former Hanover
directors and promoters over allegedly misleading or untrue
statements made in company prospectuses.

The market watchdog is seeking compensation for investors who put
NZ$35 million into Hanover Finance, Hanover Capital and United
Finance between December 2007 and July 22, 2008.  It is also
seeking penalty orders against the defendants, and if the claim
is successful, the former directors and promoters could each face
fines of up to NZ$5 million.

                        About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


LOMBARD FINANCE: Receiver in Settlement Talks With Directors
------------------------------------------------------------
BusinessDesk reports that the receiver for Strategic Finance and
Lombard Finance & Investments, PricewaterhouseCoopers' John Fisk,
is in talks to reach settlements with the directors of the two
failed lenders in a bid to avoid the costs of taking legal
action.

The Strategic and Lombard Finance boards have each received draft
statements of claim against them by their respective receiver and
both boards are in negotiations to reach an out-of-court
settlement, BusinessDesk relates, citing Mr. Fisk's latest
reports for the two companies.

The December 21 report said Lombard Finance's directors, who are
appealing a criminal conviction for signing off on a misleading
prospectus, are alleged to have breached their duties under the
Companies Act and have been in touch with the receiver since
receiving the claim, according to BusinessDesk.

"We are continuing to explore whether there is any opportunity to
achieve a negotiated settlement without incurring the substantial
cost of court proceedings," Mr. Fisk, as cited by BusinessDesk,
said in his report on Lombard Finance.

"As proceedings are likely against some or all of the directors,
we are not able to provide further specifics of those
communications at this stage."

Similarly, the Strategic directors have engaged in talks on a
without-prejudice basis with the receiver, according to the
Dec. 21 report obtained by BusinessDesk.

"If settlement cannot be reached, we expect that court
proceedings will be issued in April 2013," BusinessDesk quotes
Mr. Fisk as saying.

BusinessDesk notes that both lenders have been the subject of
regulatory probes, with convictions for Lombard Finance's Doug
Graham, Lawrence Bryant, Bill Jefferies and Michael Reeves, and
an investigation by the Financial Markets Authority into
Strategic's board.

Some 10,000 Strategic investors owed NZ$367.8 million when the
lender failed to get a Christmas Eve distribution of 1.5c in the
dollar, taking their return-to-date to 10c, BusinessDesk
discloses.  Mr. Fisk estimates they will get 12-20% of their
principal back, BusinessDesk relays.

The 4,400 Lombard Finance investors owed NZ$127 million at the
time of the receivership have been repaid 13c in the dollar and
are looking at an estimated recovery of 15-20%, BusinessDesk
adds.

According to the report, Mr. Fisk said the priorities for both
receiverships in 2013 will be to realize the remaining underlying
property securing the lenders' loan books and to pursue potential
claims against the directors of the firms and third parties.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MSP TRADING: Wellington Retro Bar Set to Close After Liquidation
----------------------------------------------------------------
Blair Ensor at Dominion Post reports the controversial Retro Bar
-- described by police as one of the worst bars in the Wellington
region -- is set to shut for good after owner MSP Trading was
placed into liquidation.

Iain Shephard and Heath Gair at Shephard Dunphy were appointed as
joint liquidators of MSP Trading, formerly known as Retro Bar, on
Dec. 18, 2012.

The company's sole shareholder and director, Mark Spiekerman,
placed the company into liquidation on Dec. 18. Creditors have
until February 20 to make their claims.

According to the report, the announcement comes after the Liquor
Licensing Authority chose not to renew Retro Bar's on-licence
this month.

The Post relates that Mr. Shephard said Mr. Spiekerman placed the
company into liquidation because the authority's decision left
him with no other choice.

All Retro Bar staff had lost their jobs, the report says.

"We are unsure whether there will be sufficient funds to pay
staff all of their wages and other entitlements," the Post quotes
Mr. Shephard as saying.

According to the Post, Retro Bar in Paraparaumu suffered unwanted
publicity following the deaths of lzak Millanta, 17, in August,
and Sean Strongman-Lintern, 20, in September.  Both men were
attacked in car parks near the bar at Kapiti Lights, the report
adds.


NZF GROUP: Shareholder Vote on Mike Pero Share Sale Put on Hold
---------------------------------------------------------------
BusinessDesk reports that NZF Group, the financial services firm
at odds with receivers of its failed finance unit, has delayed a
shareholder vote on whether to exit its stake in Mike Pero
Mortgages after the buyer filed High Court papers to limit
information that can be shared with investors.

NZF said Australia's Liberty Financial, which owns the other half
of MPMH, has applied to "restrain information that NZF Group may
provide to its shareholders in considering the sale and to compel
the directors of NZF Group to make a positive recommendation to
approve the sale," the report relays.

According to BusinessDesk, the Auckland-based firm needs
shareholder approval to sign off on the sale of its 50% stake in
MPMH, which was valued at NZ$2.76 million by Simmons Corporate
Finance, as it's more than eight times greater than NZF's
NZ$330,000 market capitalisation.

Last month, BusinessDesk notes, NZF said it valued the stake at
NZ$7.51 million and that its board was surprised by the
discrepancy between the valuations.

BusinessDesk says NZF's directors put the discrepancy down to
different valuation methodologies being used, the valuers not
placing much weight on a recovery in the property market, and the
strained relationship between NZF and Liberty which meant Simmons
didn't have access to MPMH board approved information including
projections.

In August, the High Court relaxed a freezing order over NZF
Group's assets as the troubled financial services firm battles
with the receiver of its failed lending unit.

KordaMentha, the receiver for NZF Money, in April filed
proceedings against the parent and its directors, who presided
over a restructure in 2010 as it sought to claw back funds for
investors owed about NZ$16.4 million, according to BusinessDesk.

                         About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.  NZF Money is the deposit-taking subsidiary of
NZF Group.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money was put in
receivership in July 2011 after its parent failed to secure
short-term funding needed to keep the finance company afloat.
The shortfall arose after the Financial Markets Authority forced
the company to pull its debenture prospectus which hoped to raise
NZ$350 million over the issues around asset quality and liquidity
disclosure.

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.

                        About NZF Group

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


STRATEGIC FINANCE: Receiver in Settlement Talks With Directors
--------------------------------------------------------------
BusinessDesk reports that the receiver for Strategic Finance and
Lombard Finance & Investments, PricewaterhouseCoopers' John Fisk,
is in talks to reach settlements with the directors of the two
failed lenders in a bid to avoid the costs of taking legal
action.

The Strategic and Lombard Finance boards have each received draft
statements of claim against them by their respective receiver and
both boards are in negotiations to reach an out-of-court
settlement, BusinessDesk relates citing Mr. Fisk's latest reports
for the two companies.

The December 21 report said Lombard Finance's directors, who are
appealing a criminal conviction for signing off on a misleading
prospectus, are alleged to have breached their duties under the
Companies Act and have been in touch with the receiver since
receiving the claim, according to BusinessDesk.

"We are continuing to explore whether there is any opportunity to
achieve a negotiated settlement without incurring the substantial
cost of court proceedings," Mr. Fisk, as cited by BusinessDesk,
said in his report on Lombard Finance.

"As proceedings are likely against some or all of the directors,
we are not able to provide further specifics of those
communications at this stage."

Similarly, the Strategic directors have engaged in talks on a
without-prejudice basis with the receiver, according to the
Dec. 21 report obtained by BusinessDesk.

"If settlement cannot be reached, we expect that court
proceedings will be issued in April 2013," BusinessDesk quotes
Mr. Fisk as saying.

BusinessDesk notes that both lenders have been the subject of
regulatory probes, with convictions for Lombard Finance's Doug
Graham, Lawrence Bryant, Bill Jefferies and Michael Reeves, and
an investigation by the Financial Markets Authority into
Strategic's board.

Some 10,000 Strategic investors owed NZ$367.8 million when the
lender failed got a Christmas Eve distribution of 1.5c in the
dollar, taking their return-to-date to 10c, BusinessDesk
discloses.  Mr. Fisk estimates they will get 12-20% of their
principal back, BusinessDesk relays.

The 4,400 Lombard Finance investors owed NZ$127 million at the
time of the receivership have been repaid 13c in the dollar and
are looking at an estimated recovery of 15-20%, BusinessDesk
adds.

According to the report, Mr. Fisk said the priorities for both
receiverships in 2013 will be to realise the remaining underlying
property securing the lenders' loan books and to pursue potential
claims against the directors of the firms and third parties.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.



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


PLD DEOKPYUNG 2: Creditors' Proofs of Debt Due Jan. 19
------------------------------------------------------
Creditors of PLD Deokpyung 2 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 DEOKPYUNG: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------------
Creditors of PLD Deokpyung 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 GONJIAM: Creditors' Proofs of Debt Due Jan. 19
--------------------------------------------------
Creditors of PLD Gonjiam 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 OKCHEON: Creditors' Proofs of Debt Due Jan. 19
--------------------------------------------------
Creditors of PLD Okcheon 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 YONGIN: Creditors' Proofs of Debt Due Jan. 19
-------------------------------------------------
Creditors of PLD Yongin 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


SAGINOMIYA SINGAPORE: Creditors' Proofs of Debt Due Jan. 21
-----------------------------------------------------------
Creditors of Saginomiya 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 liquidator is:

         Chua Keng Khng
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


WEE TAT: Court to Hear Wind-Up Petition Jan. 3
----------------------------------------------
A petition to wind up the operations of Wee Tat Marine Hardware
Pte Ltd will be heard before the High Court of Singapore on
Jan. 3, 2013, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Dec. 7, 2012.

The Petitioner's solicitors are:

         Khattarwong LLP
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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