TCRAP_Public/130102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, January 2, 2013, Vol. 16, No. 1


                             Headlines


C H I N A

APT PAPER: In Bankruptcy, Shenzhen Factory Closed
BERKELEY COFFEE: Had $111,000 Comprehensive Loss in Oct. 31 Qtr.
CHINA TIANRUI: Moody's Cuts CFR to 'B2'; Outlook Negative


H O N G  K O N G

ABYTE ELECTRONICS: Court to Hear Wind-Up Petition on Feb. 27
APC SOLUTIONS: Members' Final General Meeting Set for Jan. 22
CHINESE CHRISTIAN: Commences Wind-Up Proceedings
DIGITAL BROADCASTING: Court to Hear Wind-Up Petition on Jan. 17
ECO SWISS: Annual Meetings Set for Jan. 9

EGANA FAR: Annual Meetings Set for Jan. 9
EGANA FINANCE: Annual Meetings Set for Jan. 9
HK CHAK: Members' Final Meeting Set for Jan. 4
KAM YUEN: Court Enters Wind-Up Order
KEMCLAY LIMITED: Creditors' Meeting Set for Jan. 4

MAINLY INVESTMENT: Creditors' Proofs of Debt Due Jan. 22
MAN SHING: Court to Hear Wind-Up Petition on Feb. 6
MILLION STARS: Court Enters Wind-Up Order
PESO NAVIGATION: Members' Final Meeting Set for Jan. 11
PETS CENTRAL: Court Enters Wind-Up Order

SANDSPRINGS LIMITED: Creditors' Proofs of Debt Due Jan. 22
SYSTEM X-10: Court Enters Wind-Up Order
TALENT PLAY: Creditors' Proofs of Debt Due Jan. 22
WHOLE RESULT: Creditors' Proofs of Debt Due Jan. 22
YUE XIU: Court Enters Wind-Up Order


I N D I A

ANUPAM SYNTHETICS: CRISIL Puts 'B+' Rating to INR120MM Loans
CANOPY ESTATES: CRISIL Rates INR500MM LT Loans at 'CRISIL B'
IMAGE HEALTH: Delay in Loan Payment Cues CRISIL Junk Ratings
KINGFISHER AIRLINES: Loses Flying License
LOGIX MICROSYSTEMS: Delay in Loan Payment Cues Junk Ratings

MOR FARMS: CRISIL Assigns 'B-' Rating to INR229.2MM Loans
MOR POULTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
SHIV POLYMERS: CRISIL Rates INR35MM Cash Credit at 'CRISIL B+'
SHIVA POLYMERS: CRISIL Cuts Rating on INR100MM Loans to 'B+'
SUNDER MARKETING: CRISIL Places 'B' Rating on INR50MM Loan

SUBAM PAPERS: CRISIL Assigns 'CRISIL B+' Rating to INR137MM Loans
TIRUPATI COTTON: CRISIL Assigns 'B' Rating to INR80MM Loans
TRANSPORT SOLUTIONS: CRISIL Puts 'D' Rating on INR250MM Loans
UB VENTURES: CRISIL Assigns 'B-' Rating to INR133.7MM Loans


I N D O N E S I A

GAJAH Tunggal: S&P Puts 'B' CCR on Watch over New Refinancing


J A P A N

AOZORA BANK: Moody's Assigns Rating to Series 63 Debenture


N E W  Z E A L A N D

SPINACH DESIGN: Loses NZ$12,200 Demand; Faces Wind-Up


V I E T N A M

VIETNAM JOINT STOCK: S&P Raises Issuer Credit Rating to 'BB-'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


APT PAPER: In Bankruptcy, Shenzhen Factory Closed
-------------------------------------------------
Uni Core Holdings Corporation, a Hong Kong-based holding company,
regrettably informs its shareholders that it has filed for
bankruptcy protection for its Shenzhen Factory of the APT Paper
Group ("APT"), one of UCHC's subsidiaries.  The Shenzhen facility
was negatively impacted by the downturn of the Chinese and
worldwide economy coupled with a shortage of required cash flow
to meet current production needs.  APT Shenzhen has been
struggling for a long time and management has decided to close it
down.

UCHC's Board believes that this move will allow the company to
devote the expected cash savings to bolster the healthier APT
Group's Qingdao and Suzhou factories, which remain fully
operational.

UCHC's management's goal is to turn the remaining APT operations
profitable within six (6) months.

UCHC plans to soon initiate a Valuation Report and an Audit of
Prosperous Agriculture Company Limited, its farm business, in
order to consolidate their financial results with the Group.

UCHC recently appointed a New York-based investment advisor to
aid in the business restructuring and an investment banker to
potentially raise capital.

UCHC CEO James Wu commented that although the above-announced
recent moves will provide short-term pain, the results should
ultimately prove positive.

                     About Uni Core Holdings

Uni Core Holdings Corporation through its subsidiaries develops,
manufactures and distributes environmental friendly paper and
agricultural products based upon its proprietary technology and
supply chains.  The Company was founded in 1998 and is
headquartered in Hong Kong.


BERKELEY COFFEE: Had $111,000 Comprehensive Loss in Oct. 31 Qtr.
----------------------------------------------------------------
Berkeley Coffee & Tea, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a total comprehensive loss of $111,277 on $63,621 of sales for
the three months ended Oct. 31, 2012, compared with a total
comprehensive loss of $16,229 on $53,629 of sales for the same
period during the prior year.

For the six months ended Oct. 31, 2012, the Company incurred a
total comprehensive loss of $182,633 on $119,793 of sales,
compared with a total comprehensive loss of $7,133 on $102,659 of
sales for the same period a year ago.

The Company's balance sheet at Oct. 31, 2012, showed
$4.61 million in total assets, $4.59 million in total
liabilities, and $19,961 in total shareholders' equity.

"The Company has incurred material losses from operations.  At
October 31, 2012, the Company had an accumulated deficit in
addition to limited cash, limited revenue and unprofitable
operations.  For the period ended October 31, 2012, the Company
sustained net losses.  These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern for a reasonable period of time."

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

A copy of the Form 10-Q is available for free at:

                        http://is.gd/J3twx8

                       About Berkeley Coffee

Shanghai, China-based Berkeley Coffee & Tea Inc. was incorporated
on March 27, 2009, in the State of Nevada.  Berkeley Coffee
expects to generate revenue from the marketing and sale of green
coffee beans from Yunnan, China, into the United States.  It
plans to sell green bean coffee grown in China directly to coffee
wholesalers, coffee brokers and coffee roasters in the United
States.


CHINA TIANRUI: Moody's Cuts CFR to 'B2'; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded China Tianrui Group
Cement Company Ltd.'s corporate family rating to B2 from B1,
after the company announced the resignation of two independent
non-executive directors, and the retirement of another, on
Dec. 21, 2012.

Moody's has also withdrawn the provisional (P)B2 senior unsecured
debt rating assigned to the company's previously proposed USD
notes as the issuance has been canceled.

The rating outlook is negative.

Ratings Rationale

"The rating downgrade was prompted by the sudden resignation of
two independent non-executive directors of the company and the
retirement of a third," says Jiming Zou, a Moody's Analyst.

The sudden departure of these three independent directors could
jeopardize the company's banking relationships and hence weaken
its ability to tap the domestic bank market, which is crucial to
its daily business operations.

Tianrui Cement has been relying on short-term borrowings, which
represented about 71% of its gross unadjusted debt as of
June 2012.

In addition, the company has, on several occasions, failed to
issue long-term senior notes, which were meant to diversify its
funding sources and therefore reduce its refinancing pressure,
since early 2012.

The company's refinancing risk should therefore increase.

Furthermore, the recent event raises concerns over ongoing
weaknesses in the company's corporate governance procedures and
its lack of management discipline. The two directors that
resigned had held chairman roles in the Nomination Committee and
Remuneration Committee.

Tianrui Cement's rating is also constrained by its short listing
history.

Another constraint is the volatile nature of its profitability
because of its lack of pricing power in a fragmented cement
market.

Tianrui Cement's B2 corporate family rating continues to reflect
its leading market position in Henan and Liaoning provinces, and
its strong level of sales visibility, as supported by the demand
from urbanization and investments in infrastructure.

The company maintains a well-established market position in these
two key provinces because of its ability to secure inputs and use
efficient equipment.

The rating outlook is negative, reflecting Moody's concern over
Tianrui Cement's liquidity risk in the near term, since its
ability to roll over short-term debt could be impaired.

The principal methodology used in rating China Tianrui Cement
Group Cement Company Ltd was the Global Building Materials
Industry Methodology published in July 2009.

China Tianrui Cement Group Cement Company Ltd, which listed on
the Hong Kong Stock Exchange in December 2011, is the largest
cement producer in China's Henan and Liaoning provinces. The
company had an annual clinker and cement production capacity of
22.25 million tons and 39.23 million tons, respectively, as of
June 30, 2012. The company is 39.6% held by its chairman, Li
Liufa, and his son, Li Xuanyu; 18.7% by Tang Ming Chien; 16.7% by
KKR, and 8.4% by JPMorgan.



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


ABYTE ELECTRONICS: Court to Hear Wind-Up Petition on Feb. 27
------------------------------------------------------------
A petition to wind up the operations of Abyte Electronics Limited
will be heard before the High Court of Hong Kong on Feb. 27,
2013, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Tso Au Yim & Yeung
          5th Floor, Ka Wah Bank Centre
          232 Des Voeux Road
          Central, Hong Kong


APC SOLUTIONS: Members' Final General Meeting Set for Jan. 22
-------------------------------------------------------------
Members of APC Solutions (HK) Limited will hold their final
general meeting on Jan. 22, 2013, at 11:00 a.m., at 62/F One
Island East, at 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CHINESE CHRISTIAN: Commences Wind-Up Proceedings
------------------------------------------------
Members of Chinese Christian Restoration Evangelistic Association
Limited, on Dec. 7, 2012, passed a resolution to voluntarily wind
up the company's operations.

The company's liquidator is:

         Danny Kim Thurston
         Lot 103, Ping Yeung Village
         Ta Kwu Ling, Fanling
         New Territories, Hong Kong


DIGITAL BROADCASTING: Court to Hear Wind-Up Petition on Jan. 17
---------------------------------------------------------------
A petition to wind up the operations of Digital Broadcasting
Corporation Hong Kong Limited will be heard before the High Court
of Hong Kong on Jan. 17, 2013, at 9:30 a.m.

The Petitioner's solicitors are:

          K.B. Chau & Co
          23rd Floor, Wing On House
          71 Des Voeux Road
          Central, Hong Kong


ECO SWISS: Annual Meetings Set for Jan. 9
-----------------------------------------
Creditors and members of Eco Swiss China Time Limited will hold
their annual meetings on Jan. 9, 2013, at 4:00 p.m., and
4:30 p.m., respectively at 8th Floor, Prince's Building, at 10
Chater Road, Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EGANA FAR: Annual Meetings Set for Jan. 9
-----------------------------------------
Creditors and members of Egana Far East Procurement Services
Limited will hold their annual meetings on Jan. 9, 2013, at
5:00 p.m., and 5:30 p.m., respectively at 8th Floor, Prince's
Building, at 10 Chater Road, Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EGANA FINANCE: Annual Meetings Set for Jan. 9
----------------------------------------------
Creditors and members of Egana Finance Limited will hold their
annual meetings on Jan. 9, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at 8th Floor, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK CHAK: Members' Final Meeting Set for Jan. 4
-----------------------------------------------
Members of Hong Kong Chak Kai & Tin Yau Natives Association
Limited, which is in members' voluntary liquidation, will hold
their final meeting on Jan. 4, 2013, 11:00 a.m., Flat A, 1/F, Po
Cheong Building, at 148-154 Nam Cheong Street, Kowloon, in
Hong Kong.

At the meeting, Wong Kenneth Chu Yau, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KAM YUEN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 18, 2012, to
wind up the operations of Kam Yuen Toys Manufactory Limited.

The company's liquidator is Lau Siu Hung.


KEMCLAY LIMITED: Creditors' Meeting Set for Jan. 4
--------------------------------------------------
Creditors of Kemclay Limited will hold their meeting on Jan. 4,
2013, at 10:30 a.m., for the purposes provided for in Sections
241, 242, 243, 244, 251, 255A and 283 of the Companies Ordinance.

The meeting will be held at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.


MAINLY INVESTMENT: Creditors' Proofs of Debt Due Jan. 22
--------------------------------------------------------
Creditors of Mainly Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 14, 2012.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


MAN SHING: Court to Hear Wind-Up Petition on Feb. 6
---------------------------------------------------
A petition to wind up the operations of Man Shing Electrical
Manufactory Limited will be heard before the High Court of Hong
Kong on Feb. 6, 2013, at 9:30 a.m.

Yau Shik Yin filed the petition against the company on Nov. 20,
2012.

The Petitioner's solicitors are:

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


MILLION STARS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 24, 2012, to
wind up the operations of Million Stars Development Limited.

The company's liquidator is Lau Siu Hung.


PESO NAVIGATION: Members' Final Meeting Set for Jan. 11
-------------------------------------------------------
Members of Peso Navigation Company Limited will hold their final
general meeting on Jan. 11, 2013, at 11:00 a.m., at Room 2105,
21/F, Office Tower, Langham Place, at 8 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


PETS CENTRAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Dec. 6, 2012, to
wind up the operations of Pets Central Insurance Agency Limited.

The company's liquidator is Lau Siu Hung.


SANDSPRINGS LIMITED: Creditors' Proofs of Debt Due Jan. 22
----------------------------------------------------------
Creditors of Sandsprings Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 10, 2012.

The company's liquidator is:

         Chi Wai Tam
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


SYSTEM X-10: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Dec. 10, 2012, to
wind up the operations of System X-10 Limited.

The company's liquidator is Lau Siu Hung.


TALENT PLAY: Creditors' Proofs of Debt Due Jan. 22
--------------------------------------------------
Creditors of Talent Play Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 10, 2012.

The company's liquidator is:

         Chi Wai Tam
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


WHOLE RESULT: Creditors' Proofs of Debt Due Jan. 22
---------------------------------------------------
Creditors of Whole Result Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 10, 2012.

The company's liquidator is:

         Chi Wai Tam
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


YUE XIU: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Nov. 26, 2012, to
wind up the operations of Yue Xiu Medicines & Health Products
Company Limited.

The company's liquidator is Lau Siu Hung.



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


ANUPAM SYNTHETICS: CRISIL Puts 'B+' Rating to INR120MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Anupam Synthetics Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                3.5       CRISIL B+/Stable (Assigned)
   Cash Credit             35.0       CRISIL B+/Stable (Assigned)
   Proposed Long-Term      81.5       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects Anupam's modest scale of operations in a
highly fragmented textile industry, working capital intensive
nature of activity and slender profitability margins. These
rating weaknesses are partially offset by the benefits that
Anupam derives from the extensive experience of its promoters in
the textile industry, established relationship with its
customers, diversified revenue profile and above-average
financial risk profile.

Outlook: Stable

CRISIL believes that Anupam will maintain its stable business
risk profile over the medium term, backed by its promoter's
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if Anupam
demonstrates higher-than-expected growth in revenues, while
substantially improving its profitability, thereby leading to an
improved liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's financial
risk profile due to larger than expected debt funded capex or due
to decline in revenues and profitability.

                     About Anupam Synthetics

Anupam, incorporated in 1985, operates three different lines of
business, namely selling of cotton and polyester fabrics for
suiting and shirting, fabric for furniture products, and cutting,
sewing and packaging on job work basis for other companies, in
its garmenting unit. The company is promoted by Mr. Gulshan Kumar
Luthra, alongwith his sons Mr. Kshitij Luthra and Mr. Shrey
Luthra.

Anupam reported a profit after tax (PAT) of INR1.7 million on net
sales of INR206.5 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR102.4 million for 2010-11.


CANOPY ESTATES: CRISIL Rates INR500MM LT Loans at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Canopy Estates Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed long-term       500       CRISIL B/Stable (Assigned)
   bank loan facility

The rating reflects Canopy's weak financial risk profile marked
by a small net worth, its average project economics, and its
exposure to high funding risk for completion of its projects.
These rating weaknesses are partially offset by the moderate
saleability of Canopy's residential projects.

Outlook: Stable

CRISIL believes that Canopy will remain exposed to funding risk
for constructing its real estate projects, over the medium term.
The outlook may be revised to 'Positive' if the company receives
significantly higher-than-expected customer advances, and
improves its capital structure through equity infusion.
Conversely, the outlook may be revised to 'Negative' if there are
significant delays in completing its projects, most likely
because of lack of timely arrangement for funds or a slowdown in
the real estate market.

                        About Canopy Estates

Canopy was incorporated in December 2005. In 2010, the company
entered into two joint development agreements for developing
residential and commercial space in Bengaluru (Karnataka). It
obtained all the requisite approvals during 2011 for the projects
and commenced the construction of Canopy Crest at Kogilu Junction
on New Airport Road, in Yelahanka, North Bengaluru in 2011. The
other project, Canopy Classic, was taken up during 2011-12
(refers to financial year, April 1 to March 31), in Ramamurthy
Nagar near Banasawadi.

For 2011-12, Canopy reported a profit after tax (PAT) of INR0.2
million on an operating income of INR0.9 million, against a PAT
of INR0.2 million and an operating income of INR2.1 million for
the preceding year.


IMAGE HEALTH: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Image Health Care Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan           104.5     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Cash Credit              200.0     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Bank Guarantee            2.50     CRISIL D(Downgraded from
                                       'CRISIL A4+')

The rating downgrade reflects instances of delay by Image in
servicing its debt; the delays have been caused by the company's
weak liquidity. Image has weak liquidity on account of its large
working capital requirements.

Image also has geographical concentration in its revenue profile.
However, the company benefits from its established position in
the healthcare segment in Hyderabad (Andhra Pradesh), supported
by its healthy operating capabilities.

Image, set up in 1998, offers tertiary healthcare services
through two multispecialty hospitals in Hyderabad. The two
hospitals, located in Ameerpet and Madhapur, have capacities of
300 and 100 beds respectively. Image was set up by Mr. C V Rao
and his family.


KINGFISHER AIRLINES: Loses Flying License
-----------------------------------------
Anirban Chowdhury at The Wall Street Journal reports that
Kingfisher Airlines Ltd.'s flying license lapsed Dec. 31, 2012,
as it failed to submit a "convincing" plan to the government to
resume its operations, a senior Aviation Ministry official said.

"We are not renewing the license, although Kingfisher has applied
for it," the official, who declined to be identified, told the
news agency.

The Journal notes that the airline hasn't operated its flights
since Oct. 1, 2012, when it grounded its planes due to a strike
by its employees over unpaid salaries.  Later that month, the
aviation regulator suspended Kingfisher's license, as the company
failed to provide a plan to resume operations.

The regulator hasn't yet lifted the suspension on the license,
which is also due for regular renewal by Dec. 31, 2012, the
Journal relays.

Kingfisher, however, has two more years to apply for its license
renewal, the Journal says.  After two years, the airline will
have to apply for an entirely new license if it wants to operate
flights.

Last week, the Journal recalls, an Aviation Ministry official
said the airline had submitted a proposal to the government to
partly restart its flights.  In its proposal, the company said it
would need INR6.52 billion (US$119 million) over a year to pay
salaries, refurbish planes and fund operations.

The Journal adds Kingfisher said it is still "confident of
securing approval" from the regulator for the plan, which it said
would be funded by Kingfisher parent UB Group.

                     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.


LOGIX MICROSYSTEMS: Delay in Loan Payment Cues Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Logix
Microsystems Ltd (part of the Logix group) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             10        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

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

   Long-Term Loan          20        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Packing Credit         110        CRISIL D (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects delays by the Logix group in servicing its
term loan due to the group's weak liquidity, driven by large
working capital requirements particularly because of stretched
receivables.

The Logix group also has working-capital-intensive-operations and
exposure to risks related to revenue concentration and volatility
in foreign exchange rates. The group however benefits from its'
niche product portfolio in the automotive software and web
solutions business.

For arriving at its ratings, CRISIL has combined the business and
financial profiles of Logix and its subsidiaries in the US,
Europe, and Singapore, namely, Homestar LLC, IzmoCRM Inc,
Midrange Software Pte Ltd, Logix Americas Inc, Izmo Media USA,
Homestar Systems Inc, and Izmo Europe BVBA. All the entities,
collectively referred to as the Logix group, provide automotive
business solutions.

Incorporated in 1995 by Mr. Sanjay Soni, Logix provides software
and web solutions to automotive dealers in Europe and the US. The
company provides customised web marketing platforms, including
online stores, car animation and graphics, and online marketing
tools under its brand, Izmocars.

For 2011-12 (refers to financial year, April 1 to March 31), the
Logix group reported a profit after tax (PAT) of INR41 million on
net sales of INR335 million, against a PAT of INR11 million on
net sales of INR493 million for 2010-11.


MOR FARMS: CRISIL Assigns 'B-' Rating to INR229.2MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Mor Farms Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               184.2      CRISIL B-/Stable (Assigned)
   Cash Credit              40        CRISIL B-/Stable (Assigned)
   Proposed Long-Term        5        CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The rating reflects MFPL's weak financial risk profile, marked by
high gearing, moderate net worth and weak debt protection
metrics, small scale of operations in a competitive industry, and
vulnerability to risks inherent in the poultry industry. These
rating weaknesses are partially offset by the extensive
experience of MFPL's management in the poultry industry.

Outlook: Stable

CRISIL believes that the MFPL will continue to benefit from its
promoter's experience in the poultry industry. The outlook may be
revised to 'Positive' if MFPL increases its scale of operations
substantially, while maintaining healthy profitability, or
generates more-than-expected cash accruals, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the company's profitability is lower than expected,
or if its capital structure weakens further because of more-than-
expected debt contracted to fund capital structure (capex) and
incremental working capital requirements.

MFPL was incorporated in 2009 in Jind, Haryana. The company is in
the poultry business and produces eggs from layer chicken. The
poultry farm has capacity to accommodate about 210,000 chickens.
The company sells primarily to wholesalers and traders in
Haryana. The company is managed by Mr. Anil Kumar Mor and his
brothers, Mr. Shamsher Singh Mor and Mr. Raj Kumar Mor.

MFPL reported, on provisional basis, a profit after tax (PAT) of
INR4.6 million on net sales of INR127.8 million for 2011-12
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR1.3 million on net sales of INR46.8 million
for 2010-11.


MOR POULTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Mor Poultries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 70       CRISIL D (Assigned)
   Cash Credit               67       CRISIL D (Assigned)
   Proposed Long-Term         3       CRISIL D (Assigned)
   Bank Loan Facility

The rating reflects instances of delay by Mor Poultries in
servicing its debt; the delays have been caused by the firm's
weak liquidity resulting from its large working capital
requirements and delays in capital expansion project.

Mor Poultries also has weak financial risk profile, marked by
high gearing and small net worth and weak debt protection
metrics, and small scale of operations in a competitive industry,
and is susceptible to risks inherent in the poultry industry.
However, the firm benefits from its promoters' extensive
experience in the poultry industry.

                         About Mor Poultries

Mor Poultries was established as a partnership firm in Jind,
Haryana in 2006. The company is in the poultry farming business.
Its poultry farm has capacity to accommodate about 75,000
chickens. The partners in the firm, Mr. Anil Kumar Mor, Mr.
Shamsher Singh Mor and Mr. Raj Kumar Mor, have been in the
poultry business for over a decade. The business of the firm
includes purchasing egg-laying birds, selling eggs and chicks,
and finally selling the bird which becomes incapable of producing
eggs (culls).

Mor Poultries reported, on provisional basis, a profit after tax
(PAT) of INR1.8 million on net sales of INR191.2 million for
2011-12 (refers to financial year, April 1 to March 31); the firm
reported a PAT of INR1.5 million on net sales of INR138.5 million
for 2010-11.


SHIV POLYMERS: CRISIL Rates INR35MM Cash Credit at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shiv Polymers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               35      CRISIL B+/Stable (Assigned)
   Letter of Credit          85      CRISIL A4 (Assigned)

The ratings reflect SP's below-average financial risk profile
because of low profitability, and the firm's small scale of
operations in the intensely competitive polymer industry. These
rating weaknesses are partially offset by the benefits that SP
derives from its management's extensive industry experience.

Outlook: Stable

CRISIL believes that SP will continue to benefit over the medium
term from its long-standing presence in the polymer industry. The
outlook may be revised to 'Positive' if the firm achieves more-
than-expected growth in its revenues and profitability, thereby
leading to improvement in its financial risk profile on account
of increase in cash accruals. Conversely, the outlook may be
revised to 'Negative' if SP's financial risk profile deteriorates
because of lengthening of its working capital cycle or in case of
lower-than-expected profitability margins.

                          About Shiv Polymers

SP was set up in November 2009 as a proprietorship firm by Mrs.
Tanya Mahajan; its day-to-day operations are looked after by her
father-in-law, Mr. Anil Mahajan. SP trades in imported polyvinyl
chloride resins, stablisers, and polyster fabric. It supplies
about 90 per cent of these products to its group entity, Canadian
Speciality Vinyls, in Kashipur (Uttarakhand).

SP reported a profit after tax (PAT) and net sales of INR7.3
million and INR591.4 million, respectively, for 2011-12 (refers
to financial year, April 1 to March 31); the firm reported a PAT
of INR5.2 million on net sales of INR295.3 million for 2010-11.


SHIVA POLYMERS: CRISIL Cuts Rating on INR100MM Loans to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shiva
Polymers Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            15       CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Cash Credit               90       CRISIL B+/Stable
                                      (Downgraded from 'CRISIL
                                      BB+/Stable')

   Letter of Credit          25       CRISIL A4(Downgraded from
                                      'CRISIL A4+')

   Proposed Long-Term        10       CRISIL B+/Stable
   Bank Loan Facility                 (Downgraded
                                      from 'CRISIL BB+/Stable')

The ratings downgrade follows the sharp deterioration in SPPL's
liquidity, caused by production-related issues and stretch in its
working capital cycle. Amid plant break downs and labor issues,
the company posted operating losses on significantly reduced
sales of INR252.4 million in 2011-12 (refers to financial year,
April 1 to March 31). The corresponding working capital
requirements have remained high, which has further impacted the
company's liquidity. Though SPPL's operations have shown signs of
stabilisation in the current year, sustenance of the same and the
company's ability to improve its working capital cycle will
determine the rating direction over the medium term.

The ratings reflect SPPL's weakened financial risk profile marked
by a modest net worth, stretched liquidity, and inadequate debt
protection metrics, and its working-capital-intensive operations.
These ratings weaknesses are partially offset by the benefits
that SPPL derives from its established customer base and its
promoters' extensive industry experience.

For arriving at the ratings, CRISIL has now discontinued
combining the business and financial risk profiles of SPPL and
its associate company, Indusco Plastic Pvt Ltd.  This is because,
against earlier expectations, there has been no major operating
or financial linkages between the two companies.

Outlook: Stable

CRISIL believes that SPPL's liquidity will remain weak over the
medium term because of its constrained profitability and
stretched working capital cycle. The outlook may be revised to
'Positive' if the company reports larger-than-expected accruals,
or in case of sizeable infusion of long-term funds, leading to
easing of the pressure on its liquidity. Conversely, the outlook
may be revised to 'Negative' if there is further deterioration in
SPPL's liquidity, or it undertakes any large, debt-funded,
capital expenditure programme.

                      About of Shiva Polymers

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced
operations in November 1997.  The company manufactures high-
density polyethylene and polypropylene woven sacks.

For 2011-12, SPPL reported a net loss of INR26.8 million on net
sales of INR252.4 million, against a profit after tax of INR0.1
million on net sales of INR254.4million for 2010-11.


SUNDER MARKETING: CRISIL Places 'B' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sunder Marketing Associates.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               50       CRISIL B/Stable (Assigned)
   Letter of Credit          20       CRISIL A4 (Assigned)

The ratings reflect SMA's average financial risk profile, marked
by moderate leverage and weak debt protection metrics, large
working capital requirements, and small scale of operations.
These rating weaknesses are partially offset by its promoter's
extensive experience in trading, diversified product profile and
financial support from promoters.

Outlook: Stable

CRISIL believes that the SMA will maintain its business risk
profile, backed by its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the firm
increases its scale of operations leading to improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case SMA's financial risk profile deteriorates due
to lengthening of its working capital requirements or decline in
its operating margin.

SMA was established in 1995 as a proprietary concern by Mr.
Naveen Goel. It trades in molybdenum, edibile oil, dairy
products, and petcoke.

SMA reported a book profit of INR0.9 million on net sales of
INR230.7 million for 2011-12 (refers to financial year, April 1
to March 31), against a book profit of INR0.8 million on net
sales of INR220.9 million for 2010-11.


SUBAM PAPERS: CRISIL Assigns 'CRISIL B+' Rating to INR137MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Subam Papers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 48       CRISIL B+/Stable (Assigned)
   Cash Credit               80       CRISIL B+/Stable (Assigned)
   Proposed Long-Term         9       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects SPPL's modest scale of operations,
susceptibility to risks related to large ongoing capital
expenditure (capex), and expected deterioration in financial risk
profile due to its large capex. These rating weaknesses are
partially offset by the extensive experience of SPPL's promoters
in the industrial paper industry and strong funding support from
the promoters and other associate concerns.

Outlook: Stable

CRISIL believes that Subam Papers Pvt Ltd's (SPPL's) will
continue to benefit from the extensive experience of its
promoters in the industrial paper industry; however, its credit
risk profile will remain constrained by its large capex plans.
The outlook may be revised to 'Positive' in case the company
stabilises its upcoming capacity expansion programme within the
set timelines and budgeted cost, and generates higher-than-
expected cash accruals to service its debt over the medium term.
Conversely, the outlook may be revised to 'Negative' if there is
a significant time or cost overrun in SPPL's ongoing project or
if the company undertakes any additional large, debt-funded capex
leading to more-than-expected deterioration in the company's
financial risk profile, especially its liquidity.

                         About Subam Papers

SPPL was incorporated in 2004 by Mr. T Balakumar and his family.
The company manufactures kraft paper. Its manufacturing facility
is located in Tirunelveli (Tamil Nadu) and has a capacity to
produce 80 tonnes per day (tpd) of kraft paper. It also has two
windmills with combined capacity of 1700 Kilowatt (kW) per hour.

SPPL reported a profit after tax (PAT) of INR30 million on net
sales of INR484 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR27 million on net
sales of INR475 million for 2010-11.


TIRUPATI COTTON: CRISIL Assigns 'B' Rating to INR80MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tirupati Cotton Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               45       CRISIL B/Stable (Assigned)
   Proposed Long-Term        35       CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects TCI's modest scale of operations in highly
fragmented cotton industry, below-average financial risk profile
marked by small net worth, high gearing and weak debt protection
metrics. The rating also factors vulnerability of TCI's operating
performance to changes in government policy. These rating
weaknesses are partially offset by extensive experience of
partners in the cotton industry and established relationship with
suppliers and customers.

Outlook: Stable

CRISIL expects TCI to continue to benefit over the medium term,
backed by its partner's extensive experience in the cotton
industry and established customer relationship. The outlook may
be revised to 'Positive' in case of higher-than expected scale of
operations, while improving its profitability margins, resulting
in better cash accruals and hence capital structure. Conversely,
the outlook may be revised to 'Negative', if TCI's financial risk
profile deteriorates further due to lengthening of its working
capital cycle or due to decline in revenues or profitability.

                        About Tirupati Cotton

TCI was established as a partnership firm in 2002 by Mr.
Durgashankar Agarwal along with his mother Chandrakalabai
Agarwal. The firm is engaged in ginning and pressing of raw
cotton (kapas) to make cotton bales, it also trades cotton seeds
and various grains like tuar daal, chana daal etc. TCI has a
manufacturing facility at Paratwada (Maharashtra).


TRANSPORT SOLUTIONS: CRISIL Puts 'D' Rating on INR250MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the
facilities of Transport Solutions India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 75       CRISIL D (Assigned)
   Cash Credit              100       CRISIL D (Assigned)
   Letter of credit &        75       CRISIL D (Assigned)
   Bank Guarantee

The ratings reflect instances of delay by TSI in servicing its
debt on account of its weak liquidity; the company's liquidity is
weak because of significant advances to a group company.

TSI has an average financial risk profile, constrained by its
large working capital requirements and modest scale of
operations, which are susceptible to down turns in end-user
industry. However, the company benefits from the longstanding
experience of its management in the automobile industry and
international collaboration with group companies, coupled with
established customer relationships.

Incorporated in 2006, Transport Solutions India Pvt Ltd (TSI) is
engaged in manufacturing of trailers and tippers. The company
operates out of its plant in Chakan (Pune).


UB VENTURES: CRISIL Assigns 'B-' Rating to INR133.7MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of UB Ventures Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               70       CRISIL B-/Stable (Assigned)
   Term Loan                 63.7     CRISIL B-/Stable (Assigned)

The rating reflects UVPL's small scale of operations in
fragmented industry, and weak financial risk profile, marked by a
high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that UVPL derives
from its promoters' experience in the iron and steel industry and
financial support from its promoters.

Outlook: Stable

CRISIL believes that UVPL will maintain its business risk profile
over the medium term, backed by its promoters' experience in the
steel industry. The outlook may be revised to 'Positive' if
UVPL's top line and net cash accruals exceed current expectations
leading to improvement in company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens because of lower-than-
expected net cash accrual, or if the company undertakes a larger-
than-expected, debt-funded capital expenditure programme.

                         About UB Ventures

UVPL was incorporated in 2008, promoted by the Malik family and
Panwar family in Sarguja District, Chhattisgarh. The company
manufactures thermo-mechanically-treated bars. The company
started its commercial operations in October 2012.



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


GAJAH Tunggal: S&P Puts 'B' CCR on Watch over New Refinancing
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Indonesia-based tire manufacturer PT
Gajah Tunggal Tbk. on CreditWatch with positive implications. "At
the same time, we placed our 'axBB-' ASEAN regional scale rating
on the company and our 'B' issue rating on Gajah Tunggal's
guaranteed secured notes on CreditWatch with positive
implications," S&P said.

"The CreditWatch placement reflects our view that Gajah Tunggal's
proposed refinancing of US$412.5 million in outstanding bonds due
by 2014 will improve its debt maturity profile and reduce its
refinancing risk. The company expects to refinance the existing
debt with a senior unsecured bond issue of up to US$500 million.
After refinancing, Gajah Tunggal's capital structure will only
consist of a five-year senior unsecured bond maturing in 2018. We
expect the company to obtain shareholder approval for the
refinancing during its Jan. 14, 2013, extraordinary shareholder
meeting, and the transaction to close by the end of that month,"
S&P said.

"With Gajah Tunggal's refinancing initiative, we now have more
visibility on the company's refinancing risk, capital spending
program, and strategy," said Standard & Poor's credit analyst
Xavier Jean. "We believe the company's financial risk profile
will become more sustainable over the next two years. We expect
moderate revenue growth in 2013 and 2014 to support the company's
cash flows, despite a potential softening of operating margin and
a capital spending plan that is moderately higher than we had
earlier anticipated."

The rating on Gajah Tunggal reflects the company's "weak"
business risk profile and its "aggressive" financial risk
profile. Gajah Tunggal has an aggressive capital structure and
exposure to the cyclical and competitive tire manufacturing
industry, with volatile raw material prices. Nevertheless, the
company's low cost position and strong share in the Indonesian
tire market temper these weaknesses.

"Standard & Poor's expects to resolve the CreditWatch status when
Gajah Tunggal's refinancing initiative closes, which we expect by
the end of January 2013," S&P said.

"We may raise the rating on Gajah Tunggal by one notch to 'B+'
after the refinancing. On the other hand, we may affirm the
rating and revise the outlook to stable if Gajah Tunggal
postpones or cancels its bond refinancing initiative, or if the
amount raised by the company is larger than the US$500 million we
have incorporated in our base-case assumptions," Mr. Jean said.



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


AOZORA BANK: Moody's Assigns Rating to Series 63 Debenture
----------------------------------------------------------
Moody's Japan K.K. has assigned a Baa2 rating to Aozora Bank,
Ltd.'s Series 63 debenture.

The rating outlook is stable.

The specific bond issue rated is:

* JPY8.55 billion Series 63 senior unsecured debenture, due 2015

Ratings Rationale

Aozora Bank's Baa2 long-term deposit rating incorporates: 1)
Aozora Bank's D+ standalone bank financial strength rating
(BFSR), which maps to ba1 on the long-term scale; and 2) Moody's
assessment of the "very high" probability of systemic support
given that it is one of Japan's major banks.

The D+ standalone BFSR reflects Moody's overall assessment of 1)
the bank's limited banking franchise, as demonstrated by its weak
branch network in all regions of Japan, and 2) its strong capital
base, which remains sufficient to support a business model of
relatively higher risk and higher returns.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology, published on July 6,
2012.

Aozora Bank, Ltd., headquartered in Tokyo, is one of Japan's
major banks. Its consolidated total assets were approximately
JPY5.1 trillion as of September 30, 2012.



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


SPINACH DESIGN: Loses NZ$12,200 Demand; Faces Wind-Up
-----------------------------------------------------
Michael Berry at stuff.co.nz reports that Spinach Design, a
company owned by Kristina Buxton, partner of property developer
David Henderson, has failed to have a demand for NZ$12,200 set
aside by the High Court.

The demand was made by Robert Walker as the receiver of Property
Ventures, the central company of Mr. Henderson's failed business.
the report says.

According to the report, the ruling of Associate Judge Rob
Osborne, issued on Dec. 21, 2012, said the applicant's case
lacked material to support the proposition that there was a
genuine and substantial dispute over the existence of the debt.

stuff.co.nz relates that it appeared from e-mail exchanges of
May 5, 2009, that Ms. Buxton, the sole director of Spinach
Design, had permitted a situation whereby others controlled
Spinach's bank account.

"Furthermore, they were using it for the purposes of Property
Ventures."

The ruling said that in May 2009, a Property Ventures' officer
e-mailed Mr. Henderson, saying: "Spinach was my last sanctuary
for hiding money," stuff.co.nz relates.

stuff.co.nz relates that Mr. Walker filed the e-mail in court to
support his claim that NZ$12,200 paid by Property Ventures to
Spinach in May 2009 should be repaid.

According to the report, Property Ventures' in-house accountant
e-mailed business development manager Daniel Godden advising him
of GST incurred by Spinach and that he was still waiting for the
money from Property Ventures.

Mr. Godden responded by e-mailing Mr. Henderson, saying the money
was for the development of the Minx Restaurant and Bar and that
he had been "left short of NZ$40k" from a GST refund, stuff.co.nz
relays.

stuff.co.nz notes that the judge said the timing of the emails
gave the "unavoidable inference" that the purpose of the payment
was to place Property Ventures' money with Spinach.

He ordered that the debt be repaid before Jan. 15, 2013,
otherwise Property Ventures could apply to wind up the company,
stuff.co.nz adds.



=============
V I E T N A M
=============


VIETNAM JOINT STOCK: S&P Raises Issuer Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Vietnam Joint Stock Commercial Bank for Industry
and Trade (Vietinbank) to 'BB-' from 'B+'. The outlook is stable.
"We also raised the long-term ASEAN regional scale rating on the
bank to 'axBB+' from 'axBB'. At the same time, we affirmed the
'B' short-term issuer credit rating and the 'axB' short-term
ASEAN regional scale rating on Vietinbank. We also raised the
issue rating on the bank's senior unsecured notes to 'BB-' from
'B+'," S&P said.

"We raised the rating because we expect Vietinbank's stand-alone
credit profile (SACP) to improve after Bank of Tokyo-Mitsubishi
UFJ Ltd. (BTMU; A+/Stable/A-1) acquires a stake in the bank. BTMU
will subscribe to 20% of Vietinbank's shares for Vietnamese dong
15.5 trillion through a private placement of equity," S&P said.

"We revised Vietinbank's SACP to 'bb-' from 'b+'. We anticipate
that the bank's capital position will improve to 'weak' from
'very weak,' as our criteria define these terms, after the
acquisition. In our opinion, Vietinbank's more moderate loan
growth following the Vietnam government's credit tightening
measures will support the bank's capitalization in a challenging
operating environment. We expect that the bank will maintain
sensible dividend payouts," S&P said.

"We believe that Vietinbank will benefit from the acquisition in
terms of technical support, mutual cooperation, and opportunities
for business partnerships with all the BTMU group companies,"
said Standard & Poor's credit analyst Ivan Tan. "Nevertheless,
the successful execution of this acquisition remains to be seen.
Success hinges on the ability of the two entities to bridge the
differences in risk culture and operating norms."

"The long-term rating on Vietinbank is the same as the SACP. We
believe that the bank has 'high systemic importance' in Vietnam
and assess the Vietnam government as 'highly supportive.'
Nonetheless, we do not factor any extraordinary government
support into the rating because the bank's SACP is already at the
same level as the sovereign rating on Vietnam (BB-/Stable/B;
axBB+/axB)," S&P said.

"The stable outlook reflects our expectation that Vietinbank will
maintain its strong market position and its financial profile
despite the difficult operating environment in Vietnam," said Mr.
Tan.

"We could raise the ratings on Vietinbank if: (1) we upgrade the
sovereign to 'BB'; and (2) we raise the bank's SACP to 'bb'
following a sustained and substantial improvement in its asset
quality, profitability, and capitalization," S&P said.

"We may lower the ratings if Vietinbank's nonperforming loans
increase sharply, the company's operating performance is poor, or
its capitalization weakens substantially," S&P said.



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


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


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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at 202-241-8200.



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