TCRAP_Public/130103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, January 3, 2013, Vol. 16, No. 2


                            Headlines


A U S T R A L I A

BROKEN HILL: Miner Demand Could Force City Into Administration
MURCHISON METALS: Seeks Investors OK for Shares Buy Back Plan


H O N G  K O N G

ABLE GRACE: Members' Final Meeting Set for Jan. 22
AFEX INTERNATIONAL: Lui and Chan Step Down as Liquidators
AFEX PROCUREMENT: Lui and Chan Step Down as Liquidators
AIRCRAFT INSTRUMENT: Creditors' Proofs of Debt Due Jan. 31
ALNERY NO. 133: Members' Final Meeting Set for Jan. 22

APEX WINNING: Members' Final Meeting Set for Jan. 21
AVNET HK: Chiu and Har Step Down as Liquidators
B C S LIMITED: Members' Final Meeting Set for Jan. 21
BARCLAYS CAPITAL: Middleton and Lui Step Down as Liquidators
BOUR INVESTMENTZ: Commences Wind-Up Proceedings

BOYLE LIMITED: Members' Final Meeting Set for Jan. 22
BYRNE CORPORATE: Members' Final Meeting Set for Jan. 21
CAMIS METAL: Chan Yui Hang Appointed as Liquidator
CANTRONIC INDUSTRIES: Annual Meetings Set for Jan. 11
CARRINGTON CAPITAL: Members' Final Meeting Set for Jan. 25

CENTRAL WAY: Commences Wind-Up Proceedings
CITY (HONG KONG): Members' Final Meeting Set for Jan. 23
DEAR GREEN: Man Yun Wah Steps Down as Liquidator
DOUBLE FIRST: Creditors' Proofs of Debt Due Jan. 31
DTC ASIA: Philip Brendan Gilligan Steps Down as Liquidator

ECO-HARU PROPERTY: Annual Meetings Set for Jan. 9


I N D I A

ASHISH VESSEL: CRISIL Rates INR50MM Long-Term Loan at 'B+'
ASHTAVINAYAK STEEL: Delays in Loan Payment Cue CRISIL Junk Rating
CHEMICAL DE ENTERPRISES: CRISIL Puts 'B+' Rating on INR90MM Loans
ESHWARR STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
HARYANA HATCHERY: CRISIL Puts 'B' Rating on INR70.2MM Loans

JAGANNATH RICE: CRISIL Assigns 'B+' Rating to INR100MM Loans
KATALINE INFRA: CRISIL Cuts Ratings on INR27.5MM Loans to 'D'
PACIFIC ORIENT: CRISIL Rates INR80MM Term Loan at 'CRISIL D'
RAGHAV EXPORT: CRISIL Puts 'CRISIL B+' Rating on INR87MM Loans
R. N. OSWAL: CRISIL Rates INR65MM Loan at 'CRISIL B+'

SHINDE AND SONS: Delay in Loan Payment Cues CRISIL Junk Ratings
SRI JAGANNATH: CRISIL Puts 'CRISIL B' Rating on INR235MM Loans
SRI VENKATESWARA: CRISIL Assigns 'B' Rating to INR50MM Loans
T.J.S. ENGINEERING: CRISIL Rates INR90MM Term Loan at 'CRISIL B'
TRIMULA G: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans

VAIGAI LEATHER: CRISIL Rates INR17.5MM Loan at 'CRISIL B'
VESSER ENGINEERING: CRISIL Rates INR100MM Loan at 'CRISIL B+'


J A P A N

SHARP CORP: Mulls JPY100-Bil. Public Offering Early This Year


N E W  Z E A L A N D

PROPERTY VENTURES: Unit Fails to Settle NZ$1.52 Million Debt


P H I L I P P I N E S

CALATA CORP: Director Quits As Firm Faces Insider Trading Probe
RURAL BANK OF BANGAR: Placed Under PDIC Receivership
* PHILIPPINES: 10 Listed Firms Face Trading Suspension


                            - - - - -


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


BROKEN HILL: Miner Demand Could Force City Into Administration
--------------------------------------------------------------
Margaret Paul at ABC News reports that Broken Hill City Mayor
Wincen Cuy said the City Council has become too dependent on
mining revenue, and faces administration.

The Broken Hill City Council faces the prospect of having to pay
mining company Perilya $6.8 million, after the Land and
Environment Court found the state's Valuer-General had massively
overestimated the worth of company's land, according to ABC News.

The report relates that the NSW government will appeal against
that decision, but the council could be forced to pay back the
money before that appeal can be heard.

The council, the report notes, will vote on whether to reduce
capital works, cut nearly 10 jobs and apply to increase rates.

The council gets more than a quarter of its annual revenue from
mining rates, the report discloses.

Mr. Cuy said the case is an opportunity for the council to re-
evaluate that, the report adds.


MURCHISON METALS: Seeks Investors OK for Shares Buy Back Plan
-------------------------------------------------------------
Australian Associated Press reports that failed former Pilbara
iron ore miner Murchison Metals has asked investors to support
its buy back of shares before the company is wound up, but its
largest shareholder won't be involved.

Mercantile Investment, the listed investment arm chaired by
corporate raider Sir Ron Brierley and 17% shareholder, rejects
the plan as it stands, the report says.

AAP recalls that Sir Ron recently successfully sought the
departure of two Murchison board members including managing
director Greg Martin and replaced them with his own
representatives.

According to the report, Murchison Metals said Dec. 28 that it
expects to offer to buy back its remaining issued shares at
4 cents to 4.2 cents per share (AUD18 million to AUD19 million).

AAP notes that Murchison got into trouble in mid-2011 when it
could not get funding it had hoped to attract from Chinese
interests for the $6 billion Pilbara Oakajee Port and Rail
project it was a major partner in.

It was forced to sell its interest in that and its producing Jack
Hills iron ore mine to joint venture partner Japan's Mitsubishi
for AUD325 million, the report says.

AAP says that while the company was expected to de-list with
liquidators appointed soon, the move by Sir Ron to nearly double
his stake to 17% in November has raised speculation he may have
his own plans for the shell company.

According to the news agency, Murchison said that the board
believed the proposed buy back offered shareholders a choice
between exiting their investments in the company and retaining
their shares.

AAP relates that the offer would need a majority of shareholders
to approve the plan, with Mercantile's 17% likely opposed and
second-largest shareholder, Korean steel giant POSCO (13.45%) yet
to decide.

A meeting to discuss the proposed buyback is due to be held after
February 20, AAP adds.

Murchison Metals was a Pilbara-based iron ore miner.



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


ABLE GRACE: Members' Final Meeting Set for Jan. 22
--------------------------------------------------
Members of Able Grace Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Jan. 22,
2013, at 11:30 a.m., at 12/F, No. 3 Lockhart Road, Wanchai, in
Hong Kong.

At the meeting, Chang Shuk Chien Leslie, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


AFEX INTERNATIONAL: Lui and Chan Step Down as Liquidators
---------------------------------------------------------
Lui Chi Kit and Chan Ka Chi Edmund stepped down as liquidators of
Afex International (HK) Limited on Dec. 11, 2012.


AFEX PROCUREMENT: Lui and Chan Step Down as Liquidators
-------------------------------------------------------
Lui Chi Kit and Chan Ka Chi Edmund stepped down as liquidators of
Afex Procurement Company Limited on Dec. 11, 2012.


AIRCRAFT INSTRUMENT: Creditors' Proofs of Debt Due Jan. 31
----------------------------------------------------------
Creditors of Aircraft Instrument and Electronics Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Jan. 31, 2013, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Dennis Richard Lewis
         Cheng Wai Kwan
         16B, Yam Tze Commercial Building
         23 Thomson Road
         Wanchai, Hong Kong


ALNERY NO. 133: Members' Final Meeting Set for Jan. 22
------------------------------------------------------
Members of Alnery No. 133 Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Jan. 22,
2013, 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's
Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


APEX WINNING: Members' Final Meeting Set for Jan. 21
----------------------------------------------------
Members of Apex Winning Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Jan. 21,
2013, at registered Office.

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


AVNET HK: Chiu and Har Step Down as Liquidators
-----------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Avnet Hong Kong Limited on Dec. 17, 2012.


B C S LIMITED: Members' Final Meeting Set for Jan. 21
-----------------------------------------------------
Members of B C S Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Jan. 21,
2013, at 11:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

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


BARCLAYS CAPITAL: Middleton and Lui Step Down as Liquidators
------------------------------------------------------------
Edward Simon Middleton and Lui Yee Man stepped down as
liquidators of Barclays Capital Securities Asia Limited on
Dec. 12, 2012.


BOUR INVESTMENTZ: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Bour Investment Limited, on Dec. 19, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


BOYLE LIMITED: Members' Final Meeting Set for Jan. 22
-----------------------------------------------------
Members of Boyle Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Jan. 22,
2013, 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's
Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BYRNE CORPORATE: Members' Final Meeting Set for Jan. 21
-------------------------------------------------------
Members of Byrne Corporate Services Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
Jan. 21, 2013, at 12:00 p.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

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


CAMIS METAL: Chan Yui Hang Appointed as Liquidator
--------------------------------------------------
Chan Yui Hang on Dec. 14, 2012, was appointed as liquidator of
Camis Metal Manufacturing Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 1703, 17/F
         Landmark Norht
         39 Lung Sum Avenue, Sheung Shui
         New Territories, Hong Kong


CANTRONIC INDUSTRIES: Annual Meetings Set for Jan. 11
-----------------------------------------------------
Creditors and members of Cantronic Industries Limited will hold
their annual meetings on Jan. 11, 2013, at 10:30 a.m., and
11:00 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CARRINGTON CAPITAL: Members' Final Meeting Set for Jan. 25
----------------------------------------------------------
Members of Carrington Capital Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 25,
2013, 9:30 a.m., at 8/F, Prince's Building, 10 Chater Road,
Central, in Hong Kong.

At the meeting, Wing Sze Tiffany Wong, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CENTRAL WAY: Commences Wind-Up Proceedings
------------------------------------------
Members of Central Way Investment Limited, on Dec. 19, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


CITY (HONG KONG): Members' Final Meeting Set for Jan. 23
--------------------------------------------------------
Members of City (Hong Kong) Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 23,
2013, at 10:15 a.m., at 19/F, Berverly House, Nos. 93-107
Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Cheng Kai Tai Allen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DEAR GREEN: Man Yun Wah Steps Down as Liquidator
------------------------------------------------
Man Yun Wah stepped down as liquidator of Dear Green
Environmental Foundation Limited on Dec. 21, 2012.


DOUBLE FIRST: Creditors' Proofs of Debt Due Jan. 31
---------------------------------------------------
Creditors of Double First Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 13, 2012.

The company's liquidator is:

         Lau Cheuk Man Timothy
         Unit 9, 17/F
         Citicorp Centre, 18 Whitfield Road
         Causeway Bay, Hong Kong


DTC ASIA: Philip Brendan Gilligan Steps Down as Liquidator
----------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of DTC Asia
Pacific Limited on Dec. 17, 2012.


ECO-HARU PROPERTY: Annual Meetings Set for Jan. 9
-------------------------------------------------
Creditors and members of Eco-Haru Property Investment Limited
will hold their annual meetings on Jan. 9, 2013, at 11:30 a.m.,
and 12:00 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.



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


ASHISH VESSEL: CRISIL Rates INR50MM Long-Term Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ashish Vessel Demolition Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Letter of Credit          150      CRISIL A4
   Proposed Long-Term         50      CRISIL B+/Stable
   Bank Loan Facility

The ratings reflect AVDPL's exposure to risks relating to small
scale of operations in the highly fragmented ship-breaking
industry, to cyclicality in the industry, and to volatility in
foreign exchange rates and steel prices. The ratings also factor
in the company's weak financial risk profile, marked by high
total outside liabilities to tangible net worth ratio and
moderate debt protection metrics. These rating weaknesses are
partially offset by the benefits that AVDPL derives from the
extensive experience of its promoters, and the favorable growth
prospects for the ship-breaking industry.

Outlook: Stable

CRISIL believes that AVDPL will continue to benefit over the
medium term from its promoters' extensive experience in the ship-
breaking industry. The outlook may be revised to 'Positive' if
AVDPL strengthens its capital structure, or if there is
significant improvement in its revenues with sustainable margins
and improvement in operating efficiency, on the back of hedging
for fluctuation in foreign exchange fluctuation risk. Conversely,
the outlook may be revised to 'Negative' if there is significant
deterioration in AVDPL's capital structure, or if its liquidity
weakens because of an adverse steel scrap price scenario,
resulting in inability to recover cost of ship purchase, or any
change in risk management policies, or if adverse forex rates
lead to unprecedented losses for the company.

                       About Ashish Vessel

Incorporated in 2003, AVDPL is promoted by Mr. Ashish Agarwal.
The company undertakes ship-breaking activities at Alang Ship
Breaking Yard, Bhavnagar (Gujarat) and started its operations in
2008-09.

AVDPL's net profit and net sales are estimated at INR10.77
million and INR220 million respectively for 2011-12 (refers to
financial year, April 1 to March 31). AVDPL reported a net profit
of INR3.59 million on net sales of INR0.01 million for 2010-11,
as against a net profit of INR2.77 million for net sales of
INR113.2 million for 2009-10.


ASHTAVINAYAK STEEL: Delays in Loan Payment Cue CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Ashtavinayak Steel Pvt Ltd(ASPL; part of the Goel
group) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              110.0     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Letter of Credit          25.0     CRISIL D (Downgraded from
                                      'CRISIL A4')

The ratings downgraded reflect delays by the Goel group in
servicing its debt because of the group's weakening liquidity.
Its liquidity is weak on account of pressure on profitability and
cash accruals.

The Goel group also has modest scale of operations, is exposed to
volatility in raw material prices, and is vulnerable to
cyclicality in the steel industry. However, the group benefits
from its extensive experience of its promoters in the industry.

CRISIL has consolidated the financial and business risk profiles
of ASPL and Jai Jyotawali Steel Pvt Ltd, together referred to as
the Goel group, on account of operational linkages and financial
fungibility between them. ASPL makes its entire sales to JJSPL.
Besides being a part of the value chain, the promoters belong to
the same family and both companies have extended corporate
guarantees for each other's facilities.

                         About the Group

Part of the Goelgroup, ASPL was incorporated in 2002 by Mr.
AshishGoel. It manufacturesmild steel (MS) ingots from MS scrap.
ASPL's sales are made to JJSPL, which is managed and owned by Mr.
Girish Goel, brother of Mr. AshishGoel. JJSPL, incorporated in
1992, manufactures thermo-mechanically-treated bars.


CHEMICAL DE ENTERPRISES: CRISIL Puts 'B+' Rating on INR90MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chemical de Enterprises.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term        20       CRISIL B+/Stable
   Bank Loan Facility
  
   Cash Credit               70       CRISIL B+/Stable

   Letter of credit &        30       CRISIL A4
   Bank Guarantee

The ratings reflect the weak financial risk profile, marked by
small net worth and high gearing, and small scale of, and
working-capital-intensive, operations. These rating weaknesses
are partially offset by extensive industry experience of CE's
promoter and established linkages with suppliers.

Outlook: Stable

CRISIL believes that CE will benefit over the medium term from
its established linkages with suppliers and promoter's extensive
industry experience. The outlook may be revised to 'Positive' in
case of substantial increase in the firm's scale of operations
and profitability or sharp improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on profitability or working capital management due to
delays in receivables or high inventory holdings, leading to
weakening in its financial risk profile especially liquidity.

                    About Chemical de Enterprises

CE was incorporated in 1966 by Rajendra Gupta. The firm has been
selling different types of chemicals past 45 years. The major
chemical that CE trades is titanium dioxide


ESHWARR STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Eshwarr Steel Tech Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               20       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Long-Term Loan            35       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by ESTPL in
servicing its term debt; the delays have been caused by ESTPL's
weak liquidity, resulting from its large working capital
requirements.

ESTPL also has a below-average financial risk profile marked by
high gearing and moderate debt protection metrics, and small
scale of operations in a highly fragmented castings industry. The
above-mentioned weaknesses are partially offset by the extensive
industry experience of ESTPL's promoters.

                       About Eshwarr Steel

Incorporated in 2007 and based in Shimoga (Karnataka), ESTPL
manufactures steel and alloy steel castings. The company's day-
to-day operations are managed by Mr. Maheswarappa, Mr.
Parmeshwar, and Mr. Lokesh, who, along with six other friends,
jointly own ESTPL.

ESTPL reported a profit after tax (PAT) of INR1 million on net
sales of INR190.05 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.45 million on net
sales of INR130.92 million for 2010-11.


HARYANA HATCHERY: CRISIL Puts 'B' Rating on INR70.2MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Haryana Hatchery.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              15.5      CRISIL B/Stable
   Term Loan                54.7      CRISIL B/Stable

The rating reflects Haryana Hatchery's weak financial risk
profile, marked by a high gearing and a small net worth, and
vulnerability of the firm's margins to risks inherent in the
poultry industry. These rating weaknesses are partially offset by
the extensive experience of Haryana Hatchery's promoters in the
poultry industry.

Outlook: Stable

CRISIL believes that Haryana Hatchery will benefit over the
medium term from its promoters' extensive experience in the
poultry industry and its established relationship with its
customers and suppliers. The outlook may be revised to 'Positive'
if the firm significantly increases its scale of operations,
while it maintains its profitability and improves its capital
structure. Conversely, the outlook may be revised to 'Negative'
if Haryana Hatchery's profitability declines or if its capital
structure weakens because of larger-than-expected debt-funded
capital expenditure.

                      About Haryana Hatchery

Haryana Hatchery, a partnership firm, was set up in 2002 by Mr.
Balwan Singh and Mr. Surender Singh in Haryana. The firm is in
the business of poultry farming wherein it purchases the egg
laying bird, sells the chicks produced and the birds. The
facility is at Panipat (Haryana).

Haryana Hatchery reported a book profit of INR0.21 million on net
sales of INR50.4 million for 2011-12 (refers to financial year,
April 1 to March 31), against a book loss of INR0.04 million on
net sales of INR22.4 million for 2010-11.


JAGANNATH RICE: CRISIL Assigns 'B+' Rating to INR100MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Jagannath Rice Mills.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              65        CRISIL B+/Stable
   Proposed Cash Credit     35        CRISIL B+/Stable
   Limit

The rating reflects JRM's weak financial risk profile, marked by
small networth, high gearing and weak debt protection measures,
modest scale of operations, and susceptibility to adverse changes
in government policies. These rating weaknesses are partially
offset by the extensive experience of JRM's promoters in the
flour mill industry.

Outlook: Stable

CRISIL believes that Jagannath Rice Mills will continue to
benefit from the promoters' long standing experience in the flour
mill industry. The outlook may be revised to 'Positive' in case
of significant increases in the firm's scale of operations
resulting in higher than expected cash accruals and subsequent
improvement in the capital structure and overall financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of in case of larger than expected working capital
requirements or larger than expected cash outflow towards related
parties.

                       About Jagannath Rice

Jagannath Rice Mills was established in 1974 as a partnership
firm by Gupta family. The firm is engaged in the manufacture and
sale of grinded wheat products such as atta, maida and suji. The
firm has a manufacturing plant in Bhubaneswar, Orissa.


KATALINE INFRA: CRISIL Cuts Ratings on INR27.5MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kataline Infraproducts Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           2.5       CRISIL D(Downgraded from
                                      'CRISIL A4')

   Cash Credit             10.0       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Letter of Credit        50.0       CRISIL D(Downgraded from
                                      'CRISIL A4')

   Proposed Long-Term      17.5       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B+/Stable')

The downgrade reflects instances of devolvement of KIP's letter
of credit (LC) limits and overutilisation of the company's cash
credit (CC) limit for more than 30 days. The devolvement in LC
and the overutilisation of the CC limit have been caused by
weakening of the company's liquidity. KIP's liquidity has
weakened because of large incremental working capital
requirements.

KIP also has a below-average financial risk profile, marked by a
small net worth. Moreover, it has a small scale of operations,
and a limited track record. However, KIP benefits from its
promoters' extensive industry experience.

                   About Kataline Infraproducts

KIP, incorporated in 2008, is promoted by its director, Mr. Amit
Thatte, and his wife, Mrs. Ketki Thatte. It manufactures road
marking paints and application equipment. The company's day-to-
day operations are handled by Mr. Amit Thatte.

KIP reported a profit after tax (PAT) of INR4.4 million on net
sales of INR261.0 million in 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR6.4 million on net
sales of INR232.4 million in 2010-11.


PACIFIC ORIENT: CRISIL Rates INR80MM Term Loan at 'CRISIL D'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term Loan
facility of Pacific Orient Genesis Associates.  The rating
reflects instances of delay by POA in servicing its debt; the
delays have been caused by the firm's weak liquidity due to
delays in project completion.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                80        CRISIL D

POA also has a weak financial risk profile, driven by low
customer advances and delays in project execution leading to
exposure to risk related to completion, funding, and saleability
of the project. These rating weaknesses are partially offset by
the extensive experience of POA's partners in the real estate
industry.

Established as a joint venture in January 2005 for a housing
project, ENGRACIA, POA is currently being managed by Mr. Parvez
Khan and Mr. Sameer Khan. POA is based in Pune (Maharashtra) and
undertakes real estate construction for residential purposes.
Currently, POA has only one ongoing project, ENGRACIA, in Pune.
ENGRACIA started in 2007-08 (refers to financial year, April 1 to
March 31) and involves construction of six buildings consisting
of 252 flats of 2-BHK, 2-and-a-half BHK, 3-BHK, and 3-and-a-half
BHK.


RAGHAV EXPORT: CRISIL Puts 'CRISIL B+' Rating on INR87MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Raghav Export (part of the Raghav group).

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Term Loan                  50      CRISIL B+/Stable
   Cash Credit                37      CRISIL B+/Stable
   Foreign Letter of Credit    5      CRISIL A4
   Bank Guarantee              3      CRISIL A4

The ratings reflect the Raghav group's average financial risk
profile, marked by weak debt protection metrics, its modest scale
of operations in a fragmented industry and its large working
capital requirements. These rating weaknesses are partially
offset by the experience of the group's promoters in the
industry, their funding support and the group's moderate
operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RE and its group entity R. N. Oswal
Hosiery factory (RN). This is because both the firms, together
referred to as the Raghav group, are in the same line of business
and managed by the same promoters, and have financial and
operational linkages with each other.

Outlook: Stable

CRISIL believes that the Raghav group will continue to benefit
from its promoters' industry experience over the medium term. The
outlook may be revised to 'Positive' if the group's liquidity
improves, driven most likely by a significant improvement in
sales and profitability leading to larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the group's financial risk profile, particularly liquidity,
weakens further, caused most likely by larger-than-expected
working capital requirements or a decline in cash accruals.

                         About the Group

RE set up by Mr. Sant Kumar Jain and family, is engaged into
manufacturing of ready made garments mainly winter wear such as
pullovers and sweaters, and t-shirts, and caps for men and women.
Promoters have one more group entity, RN, engaged in similar line
of business. The group has two manufacturing units located at
Ludhiana, Punjab.


R. N. OSWAL: CRISIL Rates INR65MM Loan at 'CRISIL B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R. N. Oswal Hosiery factory (RN; part of
the Raghav group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              65        CRISIL B+/Stable
   Letter of Credit          9        CRISIL A4

The ratings reflect the Raghav group's average financial risk
profile, marked by weak debt protection metrics, its modest scale
of operations in a fragmented industry and its large working
capital requirements. These rating weaknesses are partially
offset by the experience of the group's promoters in the
industry, their funding support and the group's moderate
operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RN and its group entity Raghav Export
(RE). This is because both the firms, together referred to as the
Raghav group, are in the same line of business and managed by the
same promoters, and have financial and operational linkages with
each other.

Outlook: Stable

CRISIL believes that the Raghav group will continue to benefit
from its promoters' industry experience over the medium term. The
outlook may be revised to 'Positive' if the group's liquidity
improves, driven most likely by a significant improvement in
sales and profitability leading to larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the group's financial risk profile, particularly liquidity,
weakens further, caused most likely by larger-than-expected
working capital requirements or a decline in cash accruals.

                         About the Group

RN set up in 1950 by Mr. Sant Kumar Jain and family, is engaged
into manufacturing of ready made garments mainly winter wear such
as pullovers and sweaters, and t-shirts, and caps for men and
women. Promoters have one more group entity, RE, engaged in
similar line of business. The group has two manufacturing units
located at Ludhiana, Punjab.


SHINDE AND SONS: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shinde and Sons (part of the Kalika group) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            25      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit               22      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Working Capital Demand    28      CRISIL D (Downgraded from
   Loan                              'CRISIL B+/Stable')

The downgrade reflects instances of delay by the Kalika group in
servicing its term debt and working capital demand loan
obligations; its cash credit account has also occasionally been
overdrawn for more than 30 days. This is because the group's
liquidity is weak, on account of delayed payments by Government
of Maharashtra entities.

The Kalika group's scale of operations is small, it is exposed to
geographical concentration in its revenue profile, has a small
order book, and is susceptible to the tender-based nature of its
operations. The group, however, benefits from the extensive
experience of its promoters in the construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kalika Construction (KC) and SS,
together referred to as the Kalika group. This is because both
firms are in the same line of business and are under common
management.

                          About the Group

KC undertakes civil construction projects for earthwork, paver
lining and structures, and construction of stretches for bridges
across rivers in Maharashtra. Set up by Mr. Ramesh Shinde and his
family members, KC mainly executes projects for Public Works
Department of Jalna (Maharashtra), and other state government
authorities such as Majalgaon Canal Division and Godavari
Irrigation Development Corporation. The partners also operate SS,
which is in the same line of business.


SRI JAGANNATH: CRISIL Puts 'CRISIL B' Rating on INR235MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Jagannath Roller Flour Mills.

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

   Proposed Cash Credit      120      CRISIL B/Stable
   Limit

   Proposed Long-Term Bank    15      CRISIL B/Stable
   Loan Facility

The rating reflects SJRFM's exposure to risks related to project
implementation, which is currently in the nascent stage. Also,
the firm is expected to have a below-average financial risk
profile marked by a moderate gearing over the medium term. These
rating weaknesses are partially offset by the benefits that SJRFM
derives from its promoters' extensive experience in the agro
industry along with their funding support.

Outlook: Stable

CRISIL expects SJRFM to benefit from the expected funding support
from the promoters. The outlook may be revised to 'Positive' in
case of timely completion of project along with better than
expected cash accruals after the commencement of operations
resulting in overall improvement of the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in implementation of project or in the
event of lower than expected cash accruals or larger than
expected working capital requirements during the initial phase of
operations resulting in a pressure on the liquidity profile of
the firm.

                       About Sri Jagganath

Sri Jagganath Roller Flour Mills was established in 1980 as
partnership firm. It has been engaged in flour milling ever
since. The firm has now moved to Khurda Industrial City situated
outside Bhubaneswar city limits in order to set up a new flour
mill. The commercial operations of new plant are expected to
start from April 2013 onwards.


SRI VENKATESWARA: CRISIL Assigns 'B' Rating to INR50MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Venkateswara Ginning and Pressing.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             32.5       CRISIL B/Stable
   Long-Term Loan          17.5       CRISIL B/Stable

The rating reflects SVGP's small scale of operations in highly
fragmented and competitive cotton industry and weak financial
risk profile, marked by high gearing, small net worth, and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of SVGP's
promoters.

Outlook: Stable

CRISIL believes that SVGP will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company's revenues and profitability increase substantially,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes aggressive debt-funded expansions, or if its
revenues and profitability decline substantially, leading to
weakening in its financial risk profile.

                       About Sri Venkateswara

Set up in 2011 as a proprietorship concern, SVGP is engaged in
ginning and pressing of raw cotton and sells cotton lint and
cotton seeds. The company was promoted by Mr.K.Ramakrishna.

SVGP reported a profit after tax (PAT) of INR1 million on net
sales of INR117 million for 2011-12 (refers to financial year,
April 1 to March 31).


T.J.S. ENGINEERING: CRISIL Rates INR90MM Term Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of T.J.S. Engineering College part of the TJ Sivananda
Mudaliar Educational Trust.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 90       CRISIL B/Stable

The rating reflects TJSMET's susceptibility to changing student
preferences and competition, and vulnerability to regulatory
risks associated with educational institutions. These rating
weaknesses are partially offset by the extensive entrepreneurship
experience of TJSMET's l promoters and their established business
relations.

Outlook: Stable

CRISIL believes that TJSMET will continue to benefit over the
medium term from the diversified courses offerings. The outlook
may be revised to 'Positive' if TJSMET scales up its operations
while maintaining its margins and capital structure. Conversely,
the outlook may be revised to 'Negative' in the event of a
substantial decline in student intake leading to drop in revenues
and margins or if the institutes undertake a large debt funded
capital expenditure resulting in deterioration in its financial
risk profile.

TJ Sivananda Mudaliar Educational Trust was setup in 2007 by Late
Mr. T.J.Sivananda Mudaliar.  TJSMET has established two
educational institutions over a 11.5 acre campus located at
Peruvoyal in Thiruvallur district of Tamil Nadu. The trust
established TJS Engineering College (TJSEC), which started its
first academic session in 2009-10, offering B. Tech degree and
T.J.S Polytechnic College (TJSPC), which started its academic
session in 2010-11, offering Diploma in Engineering. The
institutes are affiliated with Anna University, Chennai, and
accredited by AICTE. T. J. Govindarajan is the chairman of the
trust and oversees the day-to-day operations of the institutes.


TRIMULA G: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Trimula G Basmati Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               75       CRISIL B+/Stable
   Term Loan                  5       CRISIL B+/Stable

The rating reflects TBRPL's below-average financial risk profile,
mainly because of its large working capital requirements, and the
company's modest scale of operations in the intensely competitive
rice milling industry. The rating also factors in the
susceptibility of TBRPL's operating margin to adverse government
regulations and to erratic rainfall. These rating weaknesses are
partially offset by the funding support that the company derives
from its promoters, and the healthy growth prospects of the
basmati rice industry.

Outlook: Stable

CRISIL believes that TBRPL will continue to benefit over the
medium term from the funding support that it receives from its
promoters, and the healthy growth prospects of the basmati rice
industry. The outlook may be revised to 'Positive' in case the
company improves its scale of operations, while it maintains its
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case TBRPL's financial risk profile deteriorates, because of
significant increase in its inventory, leading to large
incremental bank borrowings, or in case of large, debt-funded
capital expenditure.

                         About Trimula G

TBRPL was established in 2009 by Mr. Sudhir Kumar, Mr. Shilpi
Kumar, and Mr. Ankur Kumar. The company is in the basmati rice
milling business. Its manufacturing unit, located in Nehtaur
(Uttar Pradesh), has milling capacity of 5 tonnes per hour (tph)
and sorting capacity of 5 tph.

TBRPL reported a profit after tax (PAT) of INR1 million on net
sales of INR221 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net
sales of INR194 million for 2010-11.


VAIGAI LEATHER: CRISIL Rates INR17.5MM Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Vaigai Leather Corporation.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Packing Credit            30       CRISIL A4
   Bill Discounting          12.5     CRISIL A4
   Long-Term Loan            17.5     CRISIL B/Stable

The ratings reflect VLC's small scale of operations in an
intensely competitive leather industry and it's below average
financial risk profile marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of VLC's promoters in the leather industry.

Outlook: Stable

CRISIL believes that the VLC will continue benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the firm substantially improves
its revenues and profitability resulting in improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of any significant decline on the firm's
revenues or margins or if their working capital management
deteriorates resulting in stretched liquidity or in case VLC
undertakes large debt-funded capital expenditure programme
impacting their financial risk profile.

                       About Vaigai Leather

Established in 1986, VLC derives its revenues from processing of
finished leather. The day to day operations are managed by Mr.
Mani.

VLC's profit after tax (PAT) and net sales are estimated at of
INR 0.08 million and INR 129 million respectively for 2011-12
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR2.6 million on net sales of INR132 million
for 2010-11.


VESSER ENGINEERING: CRISIL Rates INR100MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Vesser Engineering Services Private
Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              100       CRISIL B+/Stable

The rating reflects the company's modest scale of operations
coupled with customer concentration in its revenue profile and
working-capital-intensive nature of operations. These weaknesses
are partially offset by extensive industry experience of VESPL's
promoters and established relationship with its principals.

Outlook: Stable

CRISIL believes that VESPL will continue to benefit from its
promoters' extensive industry experience and established
relationship with the principals over the medium term. The
outlook may be revised to 'Positive' in case there is significant
and sustained improvement in the company's revenues and
profitability, while maintaining its capital structure. The
outlook may be revised to 'Negative' in case of a significant
decline in the company's revenues or profitability margins or an
elongation of its working capital cycle or a larger than
anticipated debt funded capital expenditure (capex) resulting in
a weakening in its financial risk profile.

                         About Vesser Engineering

VESPL, set up in 1996 by Mr. Baljit Singh Dhami and his brother
Mr. Sukhjeet Singh Dhami, is a supplier of industrial equipment,
spares and technical supplies to manufacturing units in steel
sector. VESPL represents more than 40 international principals
like Japan based JP Steel Plantech Company, MWE Germany, France
based OEL Technik, etc. amongst others in India. The company has
its head office in Bhilai (Chhattisgarh).

VESPL reported a profit after tax (PAT) of INR8.49 million on
operating income of INR166.24 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.11
million on net sales of INR139.80 million for 2010-11.



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


SHARP CORP: Mulls JPY100-Bil. Public Offering Early This Year
-------------------------------------------------------------
Japan Today, citing the Yomiuri Shimbun newspaper, reports that
Sharp Corp. is considering making a public share offering worth
more than JPY100 billion early this year.

According to Japan Today, the paper said the public offering
could take place in the spring with the firm hoping to use the
funds to strengthen its mainstay liquid crystal display (LCD)
business and improve its creditworthiness.

Japan Today relates the Yomiuri said Sharp has started talks with
major creditor banks and wants to include the capital increase
scheme in a mid-term business plan to be announced as early as
February.

Japan Today notes that the cash-strapped company said in
December, it had struck a 9.9-billion-yen capital injection deal
with U.S.-based chipmaker Qualcomm as it moves to repair its
tattered balance sheet.

The Qualcomm deal will see the pair jointly develop energy-
efficient LCD panels for smartphones using the Japanese firm's
technology, with the U.S. company initially getting about 2.64%
of Sharp's stock, the report adds.



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


PROPERTY VENTURES: Unit Fails to Settle NZ$1.52 Million Debt
------------------------------------------------------------
Michael Berry at stuff.co.nz reports that Associate Judge Rob
Osborne, on Dec. 21 last year, opined that Gibbston Downs Wines
failed in its attempt to have set aside a NZ$1.52 million debt
owed to its failed parent Property Ventures.

Property Ventures (PVL), the central company of the David
Henderson property development ventures, was put into
receivership in March 2010, and then into liquidation in July the
same year, the report relates.  Bankrupt Christchurch developer
David Henderson is a former director of both PVL and Gibbston
Downs Wines.

PVL liquidator Robert Walker -- walkerrb@actrix.co.nz --
retrieved, "after some resistance", electronic files from the
company that showed an advance made by PVL to Gibbston Downs of
NZ$1.5 million in the trial balance at March 31, 2008,
stuff.co.nz relates.  The advance was matched by a liability
reported in Gibbston Downs' records, which remained at the time
of PVL's liquidation.

In June, stuff.co.nz recounts, Mr. Walker wrote to Gibbston Downs
director Ian Hyndman demanding the money.  Mr. Hyndman replied
saying he would have nothing to do with Mr. Walker, calling him
"a crook".  Mr. Walker then issued the statutory demand for
payment of the debt, the report relates.

stuff.co.nz notes that Gibbston Downs applied to the High Court
to set aside the demand on the grounds that the debt was
disputed; the liquidator was not authorized to issue the demand;
and the liquidator had acted improperly.

According to stuff.co.nz, Judge Osborne dismissed Gibbston
Downs's application saying that the wine company had to show
there was a genuine and substantial dispute over the debt.  The
judge found the liquidator was entitled to order repayment of
debt owing to PVL, the report adds.



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


CALATA CORP: Director Quits As Firm Faces Insider Trading Probe
---------------------------------------------------------------
BusinessWorld Online reports that another director of embattled
listed firm Calata Corp. has quit amid an ongoing probe on
alleged insider trading.

"We advise the exchange that the board of directors of Calata
received and accepted the resignation of Mr. Baltazar N. Endriga
as member of the board of directors of the company," the firm
said in a disclosure obtained by BusinessWorld.

"The company was advised that as president of Credit Information
Corp., a government-owned and -controlled corporation, Mr.
Endriga would like to ensure that no circumstance tending to
create a potential conflict of interest might arise," Calata
added.

BusinessWorld relates that the company said Mr. Endriga will also
tender his resignation as a director in other private companies.

The resignation "is not expected to have any material impact on
the company's current or future operations or its financial
position or results of operation," Calata, as cited by
BusinessWorld, stated.

Mr. Endriga's resignation followed that of Jaime C. Laya, former
central bank governor, who quit the board on Dec. 12, 2012, the
report notes.

According to BusinessWorld, the Securities and Exchange
Commission has filed a complaint with the Justice department on
alleged insider trading involving company officials and the
financial advisor.

Calata Corp. distributes farming and agricultural products.


RURAL BANK OF BANGAR: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board placed the Rural Bank of Bangar (La Union),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 2107 dated
Dec. 19, 2012.  As Receiver, PDIC took over the bank on Dec. 20,
2012.

Rural Bank of Bangar is located at 2 Central East, Bangar, La
Union. Latest available records show that as of September 30,
2012, Rural Bank of Bangar had 1,256 accounts with total deposit
liabilities of PHP21.37 million. According to the latest Bank
Information Sheet (BIS) as of June 30, 2012 filed by the Rural
Bank of Bangar with the PDIC, the bank is majority owned by
Juanito Jun S. Valdez (17.63%), Dionisia M. Lagunilla (9.22%),
Zenaida Hermelina V. Galvez (9.01%); and Dante S. Valdez, Pedro
Dominic S. Valdez, Melvin S. Valdez and Wilfredo S. Valdez (8.99%
each). Its Chairman and President is Angeles O. Valdez.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct a Depositors Forum on
Jan. 4, 2013, to inform depositors of the requirements and
procedures for filing deposit insurance claims. Claim forms will
also be distributed during the Depositors Forum. The schedule and
venue of the Depositors Forum will be posted in the bank premises
and in the PDIC website, www.pdic.gov.ph.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms to be furnished by PDIC representatives.
Duly accomplished Depositor Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with signature. Depositors may update their addresses
until Jan. 9, 2013.

Depositors with valid savings accounts with balances of PHP15,000
and below, who have no outstanding obligations with the Rural
Bank of Bangar and who have complete and updated addresses with
the bank, need not file deposit insurance claims. PDIC targets to
start mailing payments to these depositors to their addresses
recorded in the bank by the third week of January 2013.


* PHILIPPINES: 10 Listed Firms Face Trading Suspension
------------------------------------------------------
Manila Standard Today reports that 10 publicly-listed companies,
including San Miguel Brewery Inc. and PAL Holdings Inc., face
trading suspension starting Jan. 2, after failing to comply with
the 10 % minimum public float rule of the Philippine Stock
Exchange.

Other companies whose stocks will be suspended from trading are
Allied Banking Corp., Alphaland Corp., Cosmos Bottling Corp.,
Nextstage Inc., Southeast Asia Cement Holdings Inc., PNOC-
Exploration Corp., Philcomsat Holdings Corp. and San Miguel
Properties Inc., Manila Standard discloses.

The report notes that the companies will be given the six-month
trading suspension as a penalty for their failure to sell more
shares to the public.

According to the report, the PSE said in a memorandum the trading
suspension will take effect on Jan. 2, the stock market's first
trading day in 2013.

PSE said the trading suspension on the shares of non-compliant
listed companies would cover not more than six months, or until
June 30, 2013, Manila Standard relays.

The report adds the Bureau of Internal Revenue will also impose
capital gains tax and a documentary stamp tax on every sale,
barter, exchange or other disposition of shares of listed
companies that are not compliant with the public ownership rule.

The PSE said if a listed company remained non-compliant after
June 30, 2013, its shares would be delisted effective July 1,
2013, according to Manila Standard.

The report notes the PSE will lift the trading suspension imposed
on the company's shares if the erring firm presents proof of
compliance with the public ownership requirement.



                             *********

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., 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.



                 *** End of Transmission ***