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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, January 4, 2013, Vol. 16, No. 3


                            Headlines


A U S T R A L I A

MULSANNE RESOURCES: Liquidators Seek Probe Vs. Tinkler, Directors


C H I N A

COUNTRY GARDEN: S&P Rates 'BB-' ICR on Senior Unsecured Notes
KAISA GROUP: Moody's Assigns 'B1' CFR; Outlook Stable
KAISA GROUP: S&P Gives 'B+' Long-Term Issuer Credit Rating
WINSWAY COKING: Moody's Cuts 'B2' CFR; Outlook Negative


H O N G  K O N G

ELITE CHAIN: Members' Final Meeting Set for Jan. 22
FIRST VIEW: Commences Wind-Up Proceedings
GLOBAL CONTAINER: Members' Final Meeting Set for Jan. 22
GOOD MERIT: Commences Wind-Up Proceedings
HAECO ATE: Members' Final Meeting Set for Jan. 22

HAYDEN LAKE: Creditors' Proofs of Debt Due Jan. 11
HENISON LIMITED: Creditors' Proofs of Debt Due Jan. 21
HK INTERNATIONAL: Members' Final Meeting Set for Jan. 22
HSIN CHONG: Members' Final General Meeting Set for Jan. 25
INNOVATIONS LIMITED: Members' Final Meeting Set for Jan. 25

JC NO. 1: Philip Brendan Gilligan Steps Down as Liquidator
JET UNIVERSE: Members' Final Meeting Set for Jan. 30
JOYFUL FALCON: Contributories' Final Meeting Set for Jan. 23
JUNGHANS ASIA: Annual Meetings Set for Jan. 9
KAI-YIN LO: Annual Meetings Set for Jan. 9

KAM FUNG: Creditors' Proofs of Debt Due Jan. 31
KIND TREND: Members' Final Meeting Set for Jan. 22
KING LIFE: Commences Wind-Up Proceedings
LIFE IN: Creditors' Proofs of Debt Due Jan. 18
LECO WATCH: Chan Yui Hang Appointed as Liquidator

LOVE.CHARITY FOUNDATION: Man Yun Wah Steps Down as Liquidator
PIONEER VENTURES: Annual Meetings Set for Jan. 9
TIME SUCCESS: Annual Meetings Set for Jan. 9
WORLD ENTERPRISES: Creditors' Proofs of Debt Due Jan. 7


I N D I A

CITY CAT: CARE Reaffirms 'CARE BB+' Rating on INR8cr LT Loan
FARADAY ELECTRICALS: CARE Reaffirms 'BB+' Rating on INR3cr Loan
KINGFISHER AIRLINES: Must Be Revived for Workers, Singh Says
KINGFISHER AIRLINES: Etihad Likely to Decide on Deal in 10 Days
LIPI BOILERS: CARE Rates INR4cr LT Loan at 'CARE BB'

MEDISOL LIFESCIENCE: CARE Rates INR10.34cr Loans at 'CARE D'
NAVJEEVAN HATCHERIES: CARE Rates INR11.7cr LT Loan at 'CARE BB'
NV DISTILLERIES: CARE Rates INR108.42cr LT Loan at 'CARE C'
RLJ CONCAST: CARE Assigns 'CARE C' Rating to INR8.59cr LT Loan
SATYAM COMPUTER: Ex-Directors Win Dismissal of U.S. Fraud Lawsuit

SCL INFRATECH: CARE Reaffirms 'D' Rating on INR31cr LT Loan
SEA BLUE: CARE Assigns 'CARE BB-' Rating to INR5.5cr LT Loan
SWATHY SMART: CARE Rates INR36cr LT Loan at 'CARE BB'
TRANSLINE TECHNOLOGIES: CARE Rates INR10cr LT Loan at 'CARE BB+'
VARDAAN EXPORTS: CARE Assigns 'CARE B+' Rating to INR1.17cr Loan


I N D O N E S I A

BUMI RESOURCES: Swings to $632 Million Loss on Derivative Trades


N E W  Z E A L A N D

PITANGO INNOVATIVE: In Receivership, 25 Jobs at Risk


P H I L I P P I N E S

RB TAGAYTAY: PDIC to Continue Processing Depositors' Claims


X X X X X X X X

* Fitch 2013 Outlook for APAC Econ. Teleconferences Set for Jan 8
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


MULSANNE RESOURCES: Liquidators Seek Probe Vs. Tinkler, Directors
-----------------------------------------------------------------
Paddy Manning at The Sydney Morning Herald reports that
liquidators of Nathan Tinkler's Mulsanne Resources have applied
to examine the former billionnaire and three associates in the
New South Wales Supreme Court.

According to SMH, junior coal explorer Blackwood Corporation,
which last November succeeded in appointing liquidators Ferrier
Hodgson to wind up Mulsanne over a AUD28.4 million debt, told the
stock exchange Jan. 2 that it had applied to the Supreme Court to
issue public examination summonses on Mr. Tinkler, fellow
directors Troy Palmer and Matthew Keen and former company
secretary Aimee Hyde. The application was filed on Dec. 31, 2012.

The report recalls that Mulsanne agreed last July to take up
95 million shares in a Blackwood placement at 30 cents a share --
then a 50% premium to the prevailing share price -- to fund
Blackwood's exploration campaign.  The share placement would have
given Mr. Tinkler a 34% stake in Blackwood. But Blackwood shares
slumped last year and the company's shares last traded at
12 cents.

SMH relates that Mulsanne did not go ahead with the placement and
Blackwood applied for the company to be wound up.  According to
the report, Ferrier Hodgson's report on the affairs of Mulsanne,
which has been filed with the corporate regulator, shows the
shelf company has no assets and concludes further investigation
is required including into the possibility of insolvent trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2012, smh.com.au related that former billionaire
Nathan Tinkler's legal battles continue, with the ATO confirming
it will seek to wind up one of his main private entities, Tinkler
Group Holdings Administration, over unspecified debts.  Two of
Mr. Tinkler's companies, Mulsanne Resources and Patinack Farm
Administration, are in liquidation and another, TGHA Aviation, is
in receivership.  The ATO has also filed wind-up proceedings
against Queen St Capital.



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


COUNTRY GARDEN: S&P Rates 'BB-' ICR on Senior Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue
rating and its 'cnBB+' Greater China regional scale rating to a
proposed issue of 10-year U.S.-dollar-denominated senior
unsecured notes by Country Garden Holdings Co. Ltd. (BB/Stable/--
; cnBBB-/--).  The ratings are subject to S&P's review of the
final issuance documentation.  The company will use the proceeds
from the proposed issuance to refinance its existing debt and for
general corporate purposes.

The issue rating on Country Garden's proposed notes is one notch
lower than the corporate credit rating to reflect S&P's opinion
that offshore noteholders would be materially disadvantaged,
compared with onshore creditors, in the event of default.  In
S&P's view, the company's ratio of priority borrowings to total
assets will remain above the notching threshold of 15% for
speculative-grade debt.

The rating on Country Garden, a Chinese real estate developer,
reflects the company's sales concentration in Guangdong province
and its exposure to market risk in third- and fourth-tier cities
where the depth of the market and sensitivity to economic cycles
may not support a large supply.  The rating also reflects S&P's
negative outlook for the Chinese property sector and the
continued challenging operating conditions for the next six to 12
months.  These risks are tempered by the company's strong track
record in Guangdong province, its large scale and low-cost land
bank as well as improving execution.

The stable outlook reflects S&P's expectation that Country
Garden's sales are likely to remain resilient over the next six
to 12 months despite an ongoing market correction in China.  We
estimate the company's contracted sales at more than 40 billion
Chinese renminbi and a moderate growth in total borrowings in the
next 12 months.  We believe that Country Garden will maintain
adequate liquidity while pursuing growth," S&P said.


KAISA GROUP: Moody's Assigns 'B1' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has revised to stable from negative the
outlook of Kaisa Group Holdings Ltd.'s B1 corporate family and
senior unsecured debt ratings.

At the same time Moody's has affirmed the B1 ratings and has
assigned a B1 senior unsecured debt rating to Kaisa's proposed
USD notes issuance.

The proceeds from the proposed notes will be used mainly to
prepay debt.

RATINGS RATIONALE

"The stable outlook reflects Kaisa's improved sales execution in
the last 12 months. This positive development provides good
liquidity support to the company's property development
business," says Franco Leung, a Moody's Assistant Vice President
and Analyst.

Kaisa reported contract sales of RMB17.3 billion for 2012,
exceeding its 2012 sales target of RMB16.5 billion. This growth
represents a 13% increase in dollar sales and an 18% rise in
gross floor area on a year-on-year basis.

China's residential property market has stabilized and will
support the sales growth of developers with the right product
offerings. Moody's expects that the momentum in Kaisa's sales
growth will continue and that it will report a higher level of
contract sales in the next 12 months based on the projects
available for sale in 2013.

The stable outlook also reflects Kaisa's ability to maintain a
reasonable profit margin while it grows its sales. Moody's
expects adjusted EBITDA margin will be around 25-30% in the next
12 months.

With the issuance of the proposed USD notes, Kaisa will use the
proceeds to prepay US$120 million of the 13.5% exchangeable term
loan and the RMB2 billion senior guaranteed bonds, both due in
2014.

"Because the proceeds from the proposed notes will be primarily
used to prepay existing debt, Kaisa's credit metrics will not be
affected by the issuance. Hence, its credit profile will continue
to support the B1 rating level," adds Mr. Leung, also the Lead
Analyst for Kaisa.

After the issuance, Kaisa's debt leverage -- as measured by
adjusted debt to total capitalization -- will be around 50%-55%
in the next 12-18 months, while interest coverage will remain
around 2.5x-3x. Such debt and interest coverage levels will
remain comparable to those of its B1 rated peers.

The proposed USD notes will also improve the company's debt
maturity profile. Kaisa has about RMB4.3 billion in offshore debt
maturing in 2014 and about RMB4.1 billion maturing in 2015. The
notes will lengthen its debt maturity and reduce the debt falling
due in 2014.

Kaisa's B1 corporate family rating continues to reflect its track
record in developing property projects in major Chinese cities,
such as Shenzhen. The rating also takes into account Kaisa's
ability to purchase land at a low cost for redevelopment projects
in Guangdong province, which is its home base. In addition, its
presence in cities beyond its home turf is developing.

On the other hand, the rating is constrained by the company's
rapid expansion, which has increased its execution risk and debt
in the past few years.

Downward rating pressure could emerge if: (1) the company's
contracted sales fall substantially below its business plan; (2)
its debt rises further as a result of aggressive land
acquisitions; (3) there is a material decline in profitability to
the extent that EBITDA margin falls below 20%-25%; (4) its credit
metrics weaken such that adjusted debt/capitalization exceeds 55%
and EBITDA/interest falls below 2.5x-3.0x; or (5) its liquidity
weakens, with its cash slipping below 5% of total assets.

Upgrade pressure on the ratings is limited, given that the
company is developing its scale and track record of disciplined
land acquisitions and expansion.

However, over the medium term, Kaisa's ratings could be upgraded
if it: (1) demonstrates discipline in acquiring land; (2)
generates stable growth in its sales; (3) improves its interest
coverage position to more than 3.5x and debt leverage to below
50%-55%; and (4) maintains adequate liquidity, with unrestricted
cash of more than 10% of total assets.

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

Kaisa Group Holdings Ltd. is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. As of June 2012, the company was 62.4% owned by
the founder and his family members. As of June 2012, Kaisa had a
land bank of around 23.9 million square meters in gross floor
area located in the Pearl River and Yangtze River deltas, Bohai
Rim, and central and western China.


KAISA GROUP: S&P Gives 'B+' Long-Term Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Kaisa Group Holdings Ltd. (B+/Negative/--;
cnBB-/--).  The rating is subject to S&P's review of the final
issuance documentation.

S&P do not notch down the issue rating from the issuer rating on
Kaisa because the company has improved its debt structure by
reducing the structural subordination risk on its offshore debt.
S&P expect the company to maintain its priority debt at less than
15% of total assets over the next 12 months.  The ratio was below
this downgrade threshold in 2010 and 2011.

The rating on Kaisa reflects S&P's view of the company's
aggressive debt-funded expansion, weakening profitability, and
limited consistency in financial management.  The company's
increasing operating scale, low-cost land bank, and improving
execution in new markets temper the above weaknesses.  S&P expect
Kaisa to mainly use proceeds from the proposed notes issue to
refinance its existing offshore debt.  The issuance will increase
the company's borrowings slightly.  However, a modest improvement
in Kaisa's debt maturity profile offsets the weakness.

The negative outlook on the rating on Kaisa reflects the
company's aggressive debt-funded expansion and uncertainty over
its property sales for the next 12 months.  S&P expect home
purchase restrictions to affect sales of key projects, such as
the urban redevelopment projects in Shenzhen. S&P anticipate that
Kaisa's cash flow protection will be strained over the next 12
months, as reflected in credit metrics that are weak for the
rating.


WINSWAY COKING: Moody's Cuts 'B2' CFR; Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded Winsway Coking Coal
Holdings Limited's corporate family rating to B2 from B1 and
senior unsecured bond rating to B3 from B2.

The ratings outlook is negative.

This action concludes the ratings review that commenced on 4
October 2012.

Ratings Rationale

"The downgrades reflect Moody's expectation that Winsway will
report a substantial operating loss for 2012, owing to weak
coking coal prices in the second half of 2012 and the sluggish
ramp up of its Canadian subsidiary," says Alan Gao, a Moody's
Vice President and Senior Analyst.

The spot price of coking coal dropped below US$140 per metric ton
in September 2012 from US$200-US$220 in the first half of 2012,
before it recovered mildly to around US$160 per metric ton in the
fourth quarter, according to brokerage firm Freight Investors
Services.

Consequently, Moody's expects Winsway's unit gross profit to drop
sharply to below US$20 per metric ton in 2012 from US$234 per
metric ton in 2011.

In addition, the ramp up of the company's Canadian subsidiary,
Grand Cache Corporation (GCC), remains slow. Management has
indicated that GCC's current cash production cost is still above
the break-even level. Moreover, GCC's coal sales could be
disrupted by the berth damage in Westshore Port, the largest
terminal handling coal exports in North America.

On December 7, 2012, a large bulk carrier docked at Westshore
Terminals Bank destroyed a coal conveyor system. The incident has
put the berth out of service for an indefinite period of time,
affected around 60% the port's ability to export coal, and
disrupted deliveries to customers.

"The downgrades also highlight concerns over the deterioration in
Winsway's liquidity position and the sustainability of its
current business model during a prolonged commodity down cycle,"
adds Gao.

Winsway's liquidity profile worsened in the second half of 2012
after it aggressively built up its coal inventory level.

Moody's expects the company's total cash/short-term debt
(including bills payable) coverage ratio to drop below 70% at the
end of 2012, from 85% as of June 2012 and 174% as of end-2011.
Still, Moody's believes that Winsway can manage its liquidity
position because it has good access to banking facilities,
especially from domestic banks.

Moreover, Winsway aims to reduce its exposure to the highly
volatile coal trading business and diversify its revenue base
into other commodity logistics services. In 2013, the company
expects to start providing logistics services to clients mining
iron ore in Mongolia.

However, these efforts will result in minuscule contributions to
profit because the coal trading business will continue to account
for the bulk of company's revenue stream. Hence, the recovery in
Winsway's earnings will hinge on the performance of coking coal
prices in 2013 and its business model will remain subject to
commodity risk.

The rating outlook could revert to stable if: 1) Winsway improves
its EBITDA margin to 10%-12% on a sustainable basis by
successfully managing price risks; 2) it maintains adequate
liquidity by managing working capital and maintaining bank
facilities; and 3) GCC achieves a production ramp-up that is
economically sustainable.

On the other hand, the ratings could be further downgraded if
Winsway's financial profile worsens such that: 1) it posts
continuous operating losses due to a prolonged weakness in coking
coal prices; 2) liquidity deteriorates substantially because of
an aggressive inventory build-up or weaker access to banking
facilities; 3) the ramp-up of GCC's operations is delayed further
and it needs new capital support from Winsway; or 4) the
company's major shareholders decrease their ownership.

Any material change in Mongolian regulations for coal exports
that adversely affects Winsway's coal sourcing would also be
negative for the ratings.

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Winsway Coking Coal Holdings Limited 's core industry and
believes Winsway Coking Coal Holdings Limited's ratings are
comparable to those of other issuers with similar credit risk.

Winsway Coking Coal is one of the largest suppliers of coking
coal in China, and obtains its supplies from Mongolia and other
international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated supply chain for coking
coal in China. It listed on the Hong Kong Stock Exchange in
October 2010, and is 49.7% owned by its founder and CEO Wang
Xingchun.



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


ELITE CHAIN: Members' Final Meeting Set for Jan. 22
---------------------------------------------------
Members of Elite Chain Development Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 22,
2013, at 9:30 a.m., at 17/F, Kam Sang Building, 255 Des Voeux
Road Central, Sheung Wan, in Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FIRST VIEW: Commences Wind-Up Proceedings
-----------------------------------------
Members of First View 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


GLOBAL CONTAINER: Members' Final Meeting Set for Jan. 22
--------------------------------------------------------
Members of Global Container Line (Hong Kong) Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 22, 2013, at 10:00 a.m., at 17/F, Kam Sang Building, 255 Des
Voeux Road Central, Sheung Wan, in Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GOOD MERIT: Commences Wind-Up Proceedings
-----------------------------------------
Members of Good Merit International Limited, on Dec. 14, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Unit 511, 5th Floor, Tower 1
         Silvercord, Hong Kong


HAECO ATE: Members' Final Meeting Set for Jan. 22
-------------------------------------------------
Members of Haeco Ate Component Service Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 22, 2013, at 10:00 a.m., at 80 South Perimeter Road, Hong
Kong, International Airport, at Lantau, in Hong Kong.

At the meeting, Mark Hayman and Tang Kwok Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HAYDEN LAKE: Creditors' Proofs of Debt Due Jan. 11
--------------------------------------------------
Creditors of Hayden Lake Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.
11, 2013, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 7, 2012.

The company's liquidators are:

         Li Chi Chung
         Tang Yam Lun Alan
         83 Des Voeux Road
         Central, Hong Kong


HENISON LIMITED: Creditors' Proofs of Debt Due Jan. 21
------------------------------------------------------
Creditors of Henison Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 21, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 17, 2012.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


HK INTERNATIONAL: Members' Final Meeting Set for Jan. 22
--------------------------------------------------------
Members of Hong Kong International Airport Services Limited,
which is in members' voluntary liquidation, will hold their final
meeting on Jan. 22, 2013, 10:00 a.m., 33rd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, Martin James Murray and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


HSIN CHONG: Members' Final General Meeting Set for Jan. 25
----------------------------------------------------------
Members of Hsin Chong Real Estate Agency Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Jan. 25, 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.


INNOVATIONS LIMITED: Members' Final Meeting Set for Jan. 25
-----------------------------------------------------------
Members of Innovations Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 25, 2013, at
2:30 p.m., at Unit D, 12th Floor, Seabright Plaza, at 9-23 Shell
Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JC NO. 1: Philip Brendan Gilligan Steps Down as Liquidator
----------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of JC No. 1
(HK) Limited on Dec. 10, 2012.


JET UNIVERSE: Members' Final Meeting Set for Jan. 30
----------------------------------------------------
Members of Jet Universe International Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 30, 2013, at 3:00 p.m., at Room 608, 6/F, Dominion Centre,
at 43-59 Queen's Road East, Wanchai, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JOYFUL FALCON: Contributories' Final Meeting Set for Jan. 23
------------------------------------------------------------
Contributories of Joyful Falcon Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 23,
2013, at 2:30 p.m., at 25/F, Tern Centre Tower I, 237 Queen's
Road, Central, in Hong Kong.

At the meeting, Ho Mo Han Miranda and Au Wai Keung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JUNGHANS ASIA: Annual Meetings Set for Jan. 9
---------------------------------------------
Creditors and members of Junghans Asia Limited will hold their
annual meetings on Jan. 9, 2013, at 9:30 a.m., and 10:00 a.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.


KAI-YIN LO: Annual Meetings Set for Jan. 9
------------------------------------------
Creditors and members of Kai-Yin Lo Limited will hold their
annual meetings on Jan. 9, 2013, at 2:00 p.m., and 2:30 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.


KAM FUNG: Creditors' Proofs of Debt Due Jan. 31
-----------------------------------------------
Creditors of Kam Fung Land Investment 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's liquidators are:

         Ng Shing Kit
         Ng Chi Chiu
         10/F, Dawning House
         145-6 Connaught Road
         Central, Hong Kong


KIND TREND: Members' Final Meeting Set for Jan. 22
--------------------------------------------------
Members of Kind Trend Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 22, 2013, at
Units 2201-2, 308 Des Voeux Road Central, in Hong Kong.

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


KING LIFE: Commences Wind-Up Proceedings
----------------------------------------
Members of King Life Limited, on Dec. 10, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Kong Chung Kau
         Room M202, Haleson Building
         1 Jubilee Street
         Central, Hong Kong


LIFE IN: Creditors' Proofs of Debt Due Jan. 18
----------------------------------------------
Creditors of Life In Harmony Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 18, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 17, 2012.

The company's liquidator is:

         Tsang Yuet Mei
         22nd Floor, Shum Tower
         268 Des Voeux Road
         Central, Hong Kong


LECO WATCH: Chan Yui Hang Appointed as Liquidator
-------------------------------------------------
Chan Yui Hang on Dec. 14, 2012, was appointed as liquidator of
Leco Watch Case Manufactory 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


LOVE.CHARITY FOUNDATION: Man Yun Wah Steps Down as Liquidator
-------------------------------------------------------------
Man Yun Wah stepped down as liquidator of Love.Charity Foundation
Limited on Nov. 30, 2012.


PIONEER VENTURES: Annual Meetings Set for Jan. 9
------------------------------------------------
Creditors and members of Pioneer Ventures Limited will hold their
annual meetings on Jan. 9, 2013, at 8:30 a.m., and 9:00 a.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.


TIME SUCCESS: Annual Meetings Set for Jan. 9
--------------------------------------------
Creditors and members of Time Success Industrial Limited will
hold their annual meetings on Jan. 9, 2013, at 10:30 a.m., and
11:00 a.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.


WORLD ENTERPRISES: Creditors' Proofs of Debt Due Jan. 7
-------------------------------------------------------
Creditors of The World Enterprises Holdings Limited, which is in
liquidation, are required to file their proofs of debt by Jan. 7,
2013, to be included in the company's dividend distribution.

The company's liquidators are:

         Li Man Wai
         Tsang Lai Fun
         Room 902, 9/F
         Fu Fai Commercial Centre
         27 Hillier Street
         Sheung Wan, Hong Kong



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I N D I A
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CITY CAT: CARE Reaffirms 'CARE BB+' Rating on INR8cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of City
Cat Overseas Chemicals Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Fund-based           8.00       CARE BB+ Reaffirmed
   Bank Facilities

   Short-term Non-fund Based      0.60       CARE A4+ Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the small size of
operations of City Cat Overseas Chemicals Ltd, low profitability
due to the trading nature of its operations, susceptibility
of its profit margins to volatility in the prices of
chemicals/fluctuations in foreign exchange rates and depressed
demand scenario with regards to the primary export market.
Furthermore, geographically concentrated customer/supplier
profile and stiff competitive nature of the industry also act as
the constraining factors.

The ratings continue to derive strength from the experience of
the promoters of CCOCL in the chemical trading business and
diversified product portfolio.

The ability of CCOCL to maintain its profitability margins amidst
increasing competition, depressed demand scenario with regards to
its primary export market, volatile chemical prices and
fluctuating foreign exchange rates is the key rating sensitivity.

City Cat Overseas Chemicals Ltd promoted by Ms. Swati Walawalkar,
Mr. Anil Prabhu and Ms. Uma Agarwal, commenced operations in the
year 1985 as a partnership concern and was later converted into a
closely-held public limited company. CCOCL is a part of the City
Cat group of companies (all of them are merchant exporters).
CCOCL is engaged in the trading of various types of chemicals
such as various varieties of dyes (reactive dyes, direct dyes,
acid dyes and basic dyes), organic pigments, inorganic pigments,
fluorescent pigments, food colours and textile auxiliaries.

The company procures its supplies both domestically
(approximately 26% in FY12 [refers to the period April 1 to
March 31] and the rest through imports. CCOCL is a merchant
exporter with 98% of the revenue contributed by export sales
during FY12.


FARADAY ELECTRICALS: CARE Reaffirms 'BB+' Rating on INR3cr Loan
---------------------------------------------------------------
CARE reaffirms/revises the rating assigned to the bank facilities
of Faraday Electricals Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.00      CARE BB+ Reaffirmed

   Long-term/Short-term Bank       5.50      CARE BB+/CARE A4
   Facilities                                Revised from
                                             CARE BB+/CARE A4+

   Short-term Bank Facilities      1.45      CARE A4 Revised
                                             From CARE A4+

Rating Rationale

The revision in the short-term rating is primarily driven by a
decline in the total operating income and deterioration in the
liquidity position of Faraday Electricals Pvt Ltd marked by an
elongation in the working capital cycle owing to an increase in
the collection period.

The ratings continue to be constrained by the small scale of
operations of FEPL, relatively low bargaining power vis-…-vis its
large customers and a weak liquidity position owing to the
working capital intensive nature of its operations. Furthermore,
a highly fragmented and a competitive nature of the electrical
equipment industry also continue to constrain the ratings.

The ratings, however, continue to derive benefits from the
promoters' vast experience in the manufacturing of the electrical
equipment, their long-standing association with the major
clientele and a presence of the price-escalation clause for the
major raw materials in most the government contracts.

FEPL's ability to increase its scale of operations by securing
more orders in a highly competitive electrical equipment industry
as well as an improvement in the liquidity position, remain the
key rating sensitivities.

FEPL, incorporated in August 1980 by Mr S K Saboo, is a small-
sized company engaged mainly in the manufacturing and supply of a
wide range of the electrical products used in the power
transmission such as the high-voltage isolators up to 400kv, the
horn gap fuse, the drop-out fuse and the transmission line
hardware. These products are used in transmission lines for the
electricity supply. FEPL operates from its sole manufacturing
facility located in Jaipur and its major clientele include the
central utility players, the state electricity boards and various
Engineering, Procurement & Construction (EPC) contractors.

FEPL is a part of the 'Faraday Group' which includes other group
companies such as Engineers Enterprises (rated 'CARE BB', 'CARE
A4'), Abhinav Industries and Hi-tech Industries. All these
group companies are engaged into the manufacturing and trading of
the electrical equipments mainly used for the power transmission.


KINGFISHER AIRLINES: Must Be Revived for Workers, Singh Says
------------------------------------------------------------
The Economic Times reports that Civil Aviation Minister Ajit
Singh said Kingfisher Airlines Ltd. should present a satisfactory
operating plan to the Directorate General of Civil Aviation
(DGCA) and work on its rescue plans for the sake of its
employees, stakeholders and passengers.

He also pointed out that the airline has not renewed its license
which expired on Dec. 31, 2012, the report says.

"They don't have a (SOP) license today [Jan. 2], if they decide
to operate today then the rule says, they don't have to go
through paperwork which a new operator has to. All they have to
present a satisfactory operating plan to the Directorate General
of Civil Aviation who would ensure financial stability before
being allowed to fly," the report quotes Mr. Singh as saying.

The report relates that Mr. Singh said the airline should revive
of the sake of its employees, banks, stakeholders and passengers.

"If they don't fly again, there will be co-lateral damage," Mr.
Singh said.

As per official estimates, the report notes, the co-lateral
damage could be on banks (which have lent the airline close to
INR7,000 crore), airports around India which are owed over INR250
crore and oil companies which also not been paid by the now
defunct airline.

The cash strapped airline, according to ET, ceased operations on
October 20 last year after it failed to pay employees salaries
for close to eight months.  The airline has about 4,000 employees
on its rolls.

                      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.


KINGFISHER AIRLINES: Etihad Likely to Decide on Deal in 10 Days
---------------------------------------------------------------
The Economic Times reports that Abu Dhabi-based airline Etihad
might announce an India investment within the next 10 days, a top
civil aviation ministry source said on Wednesday.

ET relates that the ministry source added that Etihad has not yet
decided whether it will invest in Jet Airways or the debt-laden
Kingfisher Airlines that has not taken to the skies since October
last year and also has an expired air operating permit.

"Etihad is likely to decide on an investment in either Jet
Airways or Kingfisher Airlines in their next board meeting," ET's
source added. There were unconfirmed reports of an Etihad board
meet likely to take place next week to announce the equity
partnership with an Indian carrier, the report notes.

According to the report, sources said James Hogan, Etihad's CEO
and the person who is widely believed to be driving the
negotiations, is on leave until January 4 and things would move
once he is back in action.

"A deal is possible within next 10 days, there are a number of
agreements to be signed as part of it," the ministry source, as
cited by ET, said.

                     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.


LIPI BOILERS: CARE Rates INR4cr LT Loan at 'CARE BB'
----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Lipi Boilers Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        4        CARE B Assigned
   Short-term Bank Facilities       6        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lipi Boilers
Limited are mainly constrained on account of a high contingent
liability in the form of a corporate guarantee extended to the
bank facility of a group concern having a weak credit profile,
concentration of order book in the sugar industry, competition
from more established players and susceptibility of the company's
margin to the input cost which is intensified in the absence of
the price-escalation clause in the contract. The ratings,
however, are underpinned by healthy order book status, increasing
scale of operations due to synergies with the group's established
presence in the sugar sector.

The ability of the company to reduce its contingent liability and
improve its profitability and the scale of operations by
effectively managing fluctuations in raw material prices, is the
key rating sensitivity.

Incorporated in the year 1974 as a private limited company, Lipi
Boilers Limited was promoted by Mr. J P Mukhrji to manufacture
industrial boilers. LBL was acquired by Delhi-based
Uttam Group in the year 1992. The Uttam Group has diversified
business interests and it provides a wide range of products and
services to the industry verticals, including sugar, power,
engineering, cement and construction. LBL is engaged in the
manufacturing of boilers with design, fabrication and complete
installation. The company also provides services of enhancing and
upgrading capacities of existing boilers. LBL primarily
manufactures boilers and auxiliaries for the sugar sector which
is contributing 90% of its operating income for the last three
years ended FY12.


MEDISOL LIFESCIENCE: CARE Rates INR10.34cr Loans at 'CARE D'
------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Medisol
Lifescience Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.64      CARE D Revised from
                                             CARE B

   Short-term Bank Facilities      1.70      CARE D Revised from
                                             CARE A4

Rating Rationale

The revision in ratings assigned to the bank facilities of
Medisol Lifescience Pvt Ltd primarily factors in the instances of
delay in servicing of its debt obligations.

Medisol Lifescience Pvt Ltd, incorporated in January 2009, was
promoted by Mr Bhogilal L Patel with the objective to undertake a
manufacturing of the pharmaceutical aerosol dosage form
i.e. the pressurized metered dose inhalers (MDI) for the
treatment of the respiratory diseases, such as asthma and chronic
obstructive pulmonary diseases (COPD).

In July 2011, MLPL had completed its project of manufacturing of
the MDI, with a total annual capacity to manufacture 401.76 lakh
MDIs and an incurred cost of INR14.94 crore towards the same
which was funded through the equity contribution of INR2 crore, a
term loan of INR7 crore and a balance through an unsecured loan.

MLPL plans to sell the MDIs through a contract manufacturing
model in India as well as the nonregulated markets of Africa and
Asia.


NAVJEEVAN HATCHERIES: CARE Rates INR11.7cr LT Loan at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Navjeevan
Hatcheries Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       11.70     CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Navjeevan
Hatcheries Private Limited is constrained by competition from
more established integrated players in the poultry industry,
inherent risk in the poultry business in terms of disease
outbreaks and financial risk profile marked by low profit margin
and high gearing.  The rating also factors in the susceptibility
of margins to volatility in realization rates of hatching eggs
(HE) and day-old chick (DOC) characterized by the seasonal nature
of business and contingent liability in the form of bank
guarantee extended to the bank facilities of a group concern.

The rating, however, is underpinned by the long-standing
experience of the promoters in the poultry and related business,
integration through breeder farming, hatching and poultry farming
resulting in enhanced value addition.  The ability of the company
to increase the scale of operations, improve margins and reduce
its contingent liability is the key rating sensitivity.

CARE has taken a consolidated view on NHPL and its group
companies while arriving at the rating.

Navjeevan Hatcheries Private Limited is a part of the Aurangabad-
based R J group which is promoted by Mr. Raghvendra Joshi and
engaged in the diversified agro-related businesses such as
poultry, neem-based pesticides, granulated-mixed fertilizers and
biotechnology. NHPL commenced its operations in the year 1998 in
order to support the group's activity in poultry industry along
with the flagship company of the group Khadkeshwara Hatcheries
Private Limited (KHPL; rated 'CARE BB+'). NHPL has integrated
business spanning across breeder farming, hatchery and poultry
farming and operates via own and third-party (contract farming)
units in the state of Maharashtra.

NHPL purchases parent DOCs, which are sent to the company's
breeder farms that have annual capacity to rear around 240,000
parent birds. The hatchery units of the company have a combined
annual capacity of hatching around 12 million eggs. The company
also has rented capacity of 500,000 birds (contract farming).


NV DISTILLERIES: CARE Rates INR108.42cr LT Loan at 'CARE C'
-----------------------------------------------------------
CARE assigns 'CARE C'' rating to the bank facilities of NV
Distilleries Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       108.42    CARE C Assigned

Rating Rationale

The rating takes into consideration the stressed liquidity
position resulting in irregularity in debt servicing in the past.
Furthermore, the rating is also constrained by weak financial
risk profile marked by low current ratio, high gearing levels and
weak debt coverage indicators, exposure to changes in the state
policies regarding pricing and sales, working capital intensive
nature of operations and volatility in the raw material prices.
The rating somewhat draws comfort from the experienced promoters,
strategic location and high entry barrier in the industry.
Going forward, the ability of the company to manage its working
capital, improve its financial discipline and profitability
margins along with decline in leverage levels would be the key
rating sensitivities.

NVDL, promoted by Mr Ashok Jain and Mr Sameer Goyal, was
incorporated in 1998. The company has a grain based distillery in
Ambala (Haryana), with 75 KL per day capacity plant. The
commercial production was commenced in November 2008 along with a
captive power generation plant (2.5MW). NVDL realizes revenue
primarily from sale of extra neutral alcohol (ENA), Indian
Made Foreign Liquor facilities (capacity-48 lakh cases per annum)
and Country Liquor (capacity-48 lakh cases per annum). The
company also carries out bottling operations for M/s. Pernod
Ricard India Private Ltd for production of their brands.

In FY12 (refers to the period April 2011 to March 2012), NVDL
registered total income of INR208.18 crore and PAT of INR10.49
crore. As per the provisional results in H1FY13, the company
earned total income of INR110.06 crore and profit before tax of
INR5.63 crore.


RLJ CONCAST: CARE Assigns 'CARE C' Rating to INR8.59cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of RLJ
Concast Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.59      CARE C Assigned


Rating Rationale

The rating assigned to the bank facilities of RLJ Concast Limited
is primarily constrained by its small scale of operation coupled
with customer concentration risk, raw material price volatility,
low capacity utilization and cyclicality of the steel industry.
The rating is further constrained by working capital intensive
nature of operations and cash flow mismatches due to delay in the
commencement of operations leading to irregularities in debt
servicing in the past.

The rating, however, does factor in the experience of the
promoters of RLJ with demonstrated funding support, and moderate
financial risk profile marked by increasing total operating
income and moderate capital structure.

Going forward, the ability of RLJ to increase its scale of
operations and profitability margins and improvement in the
liquidity position would be the key rating sensitivities.

RLJ Concast Ltd. was incorporated in March 2008 for manufacturing
sponge iron by Mr. Arun Jain (aged 48 years) and his brother Mr
Ajit Jain (aged 50 years). The manufacturing facility of the
company is located in Chunar (near Varanasi in Uttar Pradesh) and
the commercial production of the company started in January 2010.
The installed capacity is of 60,000 tons per annum (TPA). It
has two kilns of 30,000 TPA capacities each. The major raw
materials required for production of sponge iron are iron ore,
coal and limestone. Iron ore is available from Barbil Mines, Joda
Mines and Keonjhar Mines (not owned or leased by the company) in
the state of Orissa and DEF grade non-coking coal from Chandasi
Mandi, respectively. The unit caters to the demand of induction
furnaces located in the states of Uttar Pradesh, Rajasthan,
Punjab and Haryana. These furnaces are at present purchasing
sponge iron from various sponge iron manufacturing units located
at Rourkela, Raipur, Raigarh, Ramgarh, Raniganj, etc.


SATYAM COMPUTER: Ex-Directors Win Dismissal of U.S. Fraud Lawsuit
-----------------------------------------------------------------
David Glovin & Bob Van Voris at Bloomberg News report that former
Satyam Computer (SCS) Services Ltd. directors won dismissal of
civil claims in a U.S. lawsuit over a $1 billion accounting
fraud.

According to Bloomberg, U.S. District Judge Barbara Jones in
New York on Jan. 3 dismissed claims against former members of
Satyam's audit committee and other directors, citing insufficient
allegations in the complaint.  The ruling in the class-action, or
group, lawsuit involved only the former board members, and not
other defendants in the case, the report notes.

Most allegations in the complaint "concern an intricate and well
concealed fraud perpetrated by a very small group of insiders and
only reinforce the inference" that some former board members
"were themselves victims of the fraud," Judge Jones said in a
71-page ruling cited by Bloomberg.

Bloomberg recalls that Satyam has been embroiled in India's
biggest corporate fraud probe. Former Chairman Ramalinga Raju
disclosed in January 2009 that he overstated assets by more than
$1 billion.  In 2011, the company agreed to pay $125 million to
settle a U.S. shareholder lawsuit over alleged securities
violations.  Other defendants in the lawsuit have also reached
settlements.

                       About Mahindra Satyam

Headquartered in Secunderabad, India, Mahindra Satyam
(PINK:SAYCY) -- http://www.mahindrasatyam.net/-- formerly known
as Satyam Computer Services Limited, is information,
communications and technology (ICT) Company providing business
consulting, information technology and communication services.
The Company is powered by a pool of information technology (IT)
and consulting professionals across enterprise solutions, client
relationship management, business intelligence, business process
quality, operations management, engineering solutions, digital
convergence, product lifecycle management, and infrastructure
management services. The Company is a part of the Mahindra Group,
a global industrial conglomerate in India.


SCL INFRATECH: CARE Reaffirms 'D' Rating on INR31cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
SCL Infratech Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        31       CARE D Reaffirmed
   Long-term/Short-term Bank       260       CARE D/CARE D
   Facilities                                Reaffirmed
   Long-term Bank Facilities (Term Loan)     Withdrawn
   Short-term Bank Facilities (Term Loan)    Withdrawn
   Short-term Bank Facilities (Standby
   Line of Credit)                           Withdrawn

Rating Rationale

The ratings continue to take into account the strain on the
liquidity position of SCL Infratech Ltd. and consequent delays in
servicing of debt obligations.  The company has fully repaid
Long-term Loan, Short-term Loan and Short-term Standby Line of
Credit in full and there is no outstanding under the said
facility.

SCL was started by Mr. D. V. Naidu as a partnership firm under
the name of Srinivasa Construction in 1981. It was incorporated
as private limited company in June 1990 and was later converted
into a public limited company in June 1997. Furthermore, the name
of the company was changed to "SCL Infratech Ltd" from "Srinivasa
Construction Ltd" on October 24, 2008. Based in Hyderabad, the
company is engaged in construction of irrigation projects and
hydro power projects.

During FY12, the company achieved total income of INR192.70 crore
with PAT of INR7.90 crore.


SEA BLUE: CARE Assigns 'CARE BB-' Rating to INR5.5cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sea Blue Shipyard Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.55      CARE BB- Assigned

   Short-term Bank Facilities      2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sea Blue Shipyard
Limited are constrained by a small scale of its operations,
fluctuating profitability inherent to cyclical nature of ship-
building industry and deteriorating operating cycle on account of
working capital intensive nature of business. The ratings,
however, derive strength from the vast experience of the
promoters in the ship building and repairing industry, increased
scale of operations with favorable capital structure, established
business relations with key customers and diversified revenue
stream.

The ability of the company to improve its profit margins and
ability to manage its working capital effectively will be the key
rating sensitivity.

SBSL, incorporated in December 2003, is a shipyard engaged in
shipbuilding and ship repairing activities. SBSL has its yard,
located at Vypin in Kerala, having necessary infrastructure
facilities like wharfs, slipways and workshop for undertaking
ship repairs, ship building and other engineering fabrication and
maintenance projects.

SBSL has three licensed slipways capable of hauling up vessels up
to 3,000 DWT (Dead Weight Tonnage). It also has berthing
facilities for ships up to 115m length. This apart, SBSL provides
afloat repairs of medium-sized vessels and also shelter to
vessels during offseason especially to those vessels plying
between Kochi and Lakshadweep Islands. In the absence of own dry
dock; SBSL is
presently utilizing the dry dock facility of Cochin Port Trust,
in case its own capacity is fully utilized, on request subject to
the availability.


SWATHY SMART: CARE Rates INR36cr LT Loan at 'CARE BB'
-----------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Swathy Smart Cards Hi-Tech Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       36.00     CARE BB+ Assigned
   Short-term Bank Facilities       2.50     CARE A4+ Assigned
   Long/Short-term Bank            27.35     CARE BB+/CARE A4+
   Facilities                                Assigned

Rating Rationale

The ratings are primarily constrained by the limited track record
and relatively small scale of operations of Swathy Smart Cards
Hi-Tech Private Limited. The ratings also factor in the
operational risks involved in the execution of government-
sponsored projects, working capital intensive nature of
operations caused by the elongated working capital cycle and
leveraged capital structure. However, these constraints are
partially offset by the experience of the promoter in executing
government projects and good order book position of SSHPL
providing revenue visibility in the medium term.

Going forward, the ability of SSHPL to secure new work orders on
a consistent basis in a competitive environment, to successfully
execute on-going projects in a timely manner and prudent working
capital management in light of the growing scale of operations
would be the key rating sensitivities.

Swathy Smart cards Hi-Tech Private Limited provides services in
the e-governance space offering data enrolment, data management
and card issuance for various government sponsored projects such
as unique identification [being implemented by Unique
Identification Authority of India (UIDAI) - an agency of the
Government of India] and National Population Register (NPR) as
well as distribution of Iris cameras. The company was
incorporated in the year 2009 by Mr. M. Sekar, who is the
Managing Director of the company. SSHPL is a closely-held company
with Mrs S. Vijayalakshmi (wife of Mr Sekar) as another director.


TRANSLINE TECHNOLOGIES: CARE Rates INR10cr LT Loan at 'CARE BB+'
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Transline Technologies Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE BB+ Assigned
   Short-term Bank Facilities       25       CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the low profitability margins,
relatively new operations in the biometrics system
implementation, intense competition and high working capital
utilization. The ratings, however, draw comfort from the
experienced promoters and management team, established
relationship with reputed clients and distributors and
comfortable financial profile.  Going forward, the ability of
Transline Technologies Pvt Ltd to improve its profitability and
maintain overall gearing along with effective working capital
management would be the key rating sensitivities.

Transline Technologies Pvt Ltd (erstwhile Transline India
Business Solution Pvt Ltd) was established in 2001. TTPL is a
closely-held company of Mr. Arun Gupta along with his family
holding 43.76%. Another 36.55% is held by RKG Enterprises Pvt
Ltd, which is an investment company promoted by Mr. Arun Gupta.

TTPL was initially involved in providing System Integration,
Enterprise Solutions, Data Centre Solutions, LAN/WAN Solutions,
Security Solutions. It later diversified into distribution of IT
hardware products which include desktops, laptops, printers, UPS,
etc.


VARDAAN EXPORTS: CARE Assigns 'CARE B+' Rating to INR1.17cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vardaan Exports.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.17      CARE B+ Assigned
   Long-term/Short-term           12         CARE B+/CARE A4
   Bank Facilities                           Assigned

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


Rating Rationale

The ratings assigned to the bank facilities of Vardaan Exports
are primarily constrained by its short track record of operations
along with a weak financial risk profile characterized by low and
declining profitability margins, leveraged capital structure and
weak liquidity indicators. The ratings are further constrained
due to VEX's exposure to fluctuation in raw material prices and
monsoon-dependant operations along with its presence in the
highly fragmented agro industry characterized by a high level of
government regulation. The above constraints are partially offset
by the strengths derived from its growing scale of operations and
resourceful promoters along with its presence in a favorable
location.

Going forward, the firm's ability to improve its profit margins,
capital structure and ability to manage raw material price
volatility are the key sensitivities.

Vardaan Exports is a partnership firm incorporated in April 2009
and promoted by Mr. Jai Bhagwan Bansal and Ms. Poonam Garg (both
are family friends). The firm is engaged in milling, processing
and trading of basmati and non-basmati rice with an installed
capacity of 52,560 metric ton per annum (MTPA). VEX commenced
commercial production in September 2009. VEX procures paddy from
local grain markets through commission agents and sells its
product under the brand name of Satkar, Dulhan and Palki mainly
in Northern India viz Haryana, Himachal, Delhi, Rajasthan and
Uttar Pradesh through commission agents. VEX also exports to
Dubai and Saudi Arabia and the export contribution to total
operating income is less than 1.5% in last two financial years
(FY11 and FY12).



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


BUMI RESOURCES: Swings to $632 Million Loss on Derivative Trades
----------------------------------------------------------------
Elisabeth Behrmann at Bloomberg News reports that PT Bumi
Resources (BUMI), the coal company at the heart of a dispute
between Indonesia's Bakrie Group and Nathaniel Rothschild, swung
to a loss in the first nine months after a $422 million loss on
derivatives transactions.

According to Bloomberg, Bumi Resources said in statement that the
company had a net loss of $632 million in the nine months to
Sept. 30, compared with profit of $175 million a year earlier.
The statement didn't give details of the derivatives deals, which
showed a $125 million gain a year earlier, the report notes.

Bloomberg relates that the loss comes as a South Jakarta court
investigates Bumi Resources's financial accounts back to 2010
after revelations from its largest shareholder Bumi Plc (BUMI)
that it was examining "potential financial and other
irregularities" at Bumi Resources.  Bloomberg says Bumi Plc,
created in a $3 billion deal in 2010 by Rothschild and the
Bakries, is seeking to separate itself from the Bakries and Bumi
Resources, the company said last month.

Bumi Resources has slumped 72% in the past 12 months amid the
dispute between Rothschild and the Bakries, a family- owned
empire with investments from palm oil to property, says
Bloomberg.

Bumi Resources sales in the nine months slipped 3.1% to
$2.77 billion in the period and coal prices declined 18 percent
in the nine months to Sept. 30 after sluggish global demand,
Bloomberg adds.

                       About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2012, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Indonesia-based coal mining
company PT Bumi Resources Tbk. to 'B+' from 'BB-'. "At the same
time, we lowered the issue rating on the company's guaranteed
senior unsecured notes to 'B+' from 'BB-'. We also lowered our
long-term ASEAN regional scale rating on Bumi Resources to
'axBB-' from 'axBB'. We then placed all of the ratings on
CreditWatch with negative implications," S&P said.

Standard & Poor's downgraded Bumi Resources following an
announcement that a 29% shareholder in the company, Bumi PLC (not
rated), is investigating potential financial and other
irregularities at its Indonesian operations, especially in
relation to Bumi Resources.

The TCR-AP also reported on Oct. 1, 2012, that Moody's Investors
Service has revised the outlook on PT Bumi Resources Tbk's B1
corporate family and senior secured bond ratings to negative from
stable.

"The negative outlook reflects Moody's concern that the lingering
corporate governance issues at Bumi Resources will impact its
ability to refinance its scheduled loan maturities of over USD300
million in 2013," says Simon Wong, a Moody's Vice President and
Senior Analyst.



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


PITANGO INNOVATIVE: In Receivership, 25 Jobs at Risk
----------------------------------------------------
Radio New Zealand News reports that Pitango Innovative Cuisine
has been placed in receivership with the potential loss of up to
25 jobs.

Pitango Innovative Cuisine makes organic soups, risottos, curries
and pasta meals which are sold in supermarkets nationwide,
according to Radio New Zealand News.

The report relates that the company won the award for Best
Business Operating Internationally under $10 million at the 2009
New Zealand International Business Awards.

Radio New Zealand News relates that it is in receivership along
with parent company Australian-based Gourmet Food Holdings.

In a statement, receivers Ferrier Hodgson say they placed the
companies into receivership after failing to find a buyer, the
report says.

The report notes that the receivers said they are working with
employees, customers and suppliers to determine whether
operations can continue.

Pitango Innovative Cuisine is an Auckland-based food
manufacturer.



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


RB TAGAYTAY: PDIC to Continue Processing Depositors' Claims
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that it will continue to receive and process deposit insurance
claims from depositors of the closed Rural Bank of Tagaytay
(Cavite), Inc. at the PDIC office located at SSS Bldg., 6782
Ayala Avenue corner V.A. Rufino Street, Makati City.

The state deposit insurer has already concluded the claims
settlement operations (CSO) for RB Tagaytay held at the bank's
head office located at 322 Gen. Emilio Aguinaldo Highway, Brgy.
Maitim 2nd, Tagaytay City, Cavite from Nov. 14 to 28, 2012.

As of Nov. 30, 2012, PDIC has yet to receive deposit insurance
claims for 1,294 accounts, or 44% of the total number of accounts
of 2,943. Earlier, PDIC had sent notices of payment amounting to
PHP1.16 million involving 952 accounts with balances of PHP10,000
and below and covered by the waiver of the requisite filing of
claims. Meanwhile, during the onsite claims settlement operations
at the bank's premises, PDIC has paid a total of PHP98.63 million
for 671 accounts.

In filing their deposit insurance claims, RB Tagaytay depositors
are advised to proceed to the PDIC Claims Counter located at 4th
Floor of the PDIC office.

When filing deposit insurance claims, depositors are advised to
personally present their duly accomplished Claim Forms and Claim
Status Sheets, original and photocopy of the evidence of deposit,
and original and photocopy of two (2) valid photo-bearing IDs
with signature of the depositor. Depositors may also file their
claims through mail and enclose the same set of document
requirements.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement. Claimants who
are not the signatories in the bank records are required to
submit an original copy of a notarized Special Power of Attorney
of the depositor or parent of a minor depositor.

The procedures and requirements for filing deposit insurance
claims are posted in the PDIC website, www.pdic.gov.ph. The Claim
Form, Claim Status Sheet, and format of the Special Power of
Attorney may also be downloaded from the PDIC website.

In accordance with the provisions of the PDIC Charter, the last
day for filing deposit insurance claims in the closed RB Tagaytay
is on Sept. 22, 2014.  After said date, PDIC, as Deposit Insurer,
shall no longer accept any deposit insurance claim.

The Bangko Sentral's Monetary Board placed the Rural Bank of
Tagaytay City Inc. under the receivership of the state-run
Philippine Deposit Insurance Corp. on Sept. 20, 2012.

RB Tagaytay City, which is controlled by the Velazco family, had
PHP304.9 million in deposits owned by 3,105 depositors as of end-
June 2012, according to the PDIC.



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


* Fitch 2013 Outlook for APAC Econ. Teleconferences Set for Jan 8
-----------------------------------------------------------------
Fitch Ratings will hold two separate teleconferences for market
participants and media representatives on January 8, Tuesday, to
discuss the 2013 challenges facing sovereigns across the Asia-
Pacific region.

China's investment-led growth is running into constraints, making
rebalancing towards consumption imperative for the new
leadership.

Japan's credit profile is under pressure from high and rising
government indebtedness, but the recent landslide election
victory by the Liberal Democratic Party is likely to make policy
implementation easier. In Korea, the presidential election win by
Park Geun-hye is unlikely to affect its sovereign ratings, but
the country faces rising income inequality and an ageing
population.

The two teleconferences will be hosted by Andrew Colquhoun, Head
of Asia-Pacific Sovereigns. He will kick off the discussion with
a short briefing, followed by a Q&A session with callers.
Participants are requested to register in advance.

Please note different times, conference ID numbers, and
registration links for the two calls. Dial-in numbers are the
same for both teleconferences.

Media teleconference, 11:30 a.m. Hong Kong/Singapore time,
Jan. 8, 2013

- Conference ID #82674393
- Pre-register online:
   http://fitchratings.nyws.com/fitchteleconf_jan8media
- Enquiries: Leslie Tan (leslie.tan@fitchratings.com, +65 6796
   7234), Wai-lun Wan (wailun.wan@fitchratings.com, +852 2263
   9935)

Market participants teleconference, 4:00 p.m. Hong Kong/Singapore
time, Jan. 8, 2013

- Conference ID #82676403
- Pre-register online:
    http://fitchratings.nyws.com/fitchteleconf_jan8investors
- Enquiries: Maggie Tang (maggie.tang@fitchratings.com,
    +852 2263 9898)

Participants are advised to call at least 10 minutes before the
start time. Dial-in numbers for both teleconferences are:

* International Dial-In Number: + 61288236760

Local Dial-In Number(s):

Belgium, Brussels +32 24012264
Canada, Toronto +1 4166286611
China, Domestic Domestic 8008700816
China, Domestic Domestic 4006988166
France, Paris +33 172254080
Germany, Berlin +49 3022153188
Hong Kong +852 27598661
India, Mumbai +91 2230985868
Ireland, Dublin +353 15060679
Japan, Domestic Domestic 0120941637
Japan, Tokyo +81 345808343
Korea (South), Seoul +82 264903507
Macau +853 62625215
Malaysia, Kuala Lumpur +60 377249586
Netherlands, Amsterdam +31 207091049
New Zealand, Auckland +64 98876904
Singapore +65 67226342
Spain, Madrid +34 911147400
Switzerland, Geneva +41 225803855
Taiwan, Taipei +886 226507828
United Kingdom, London +44 2033645165
United States, New York +1 6465689929
Vietnam, Hanoi +84 438012036
Vietnam, Ho Chi Minh +84 838012036

** International Toll Free Dial-in Number(s):

Australia 1800354715
Austria 0800296101
Belgium 080073590
Canada 18884473085
China, China Telecom 108002640084
China, China Unicom 108006400084
France 0800916748
Germany 08001821244
Hong Kong 800968831
India 180030106600
India 0008006103116
India, Bharti Airtel access 0008006105026
Indonesia 00180306130660
Ireland 1800556432
Italy 800870537
Japan 00531250068
Korea (South) 0079861360703
Malaysia 1800812564
Mexico 0018005146729
Netherlands 08000224523
New Zealand 0800452569
Philippines 180011100434
Singapore 8006162236
South Africa 0800998026
Spain 900996480
Switzerland 0800562703
Taiwan 00801615152
Thailand 00180061360689
United Arab Emirates 8000174259
United Kingdom 08082347860
United States 18662421388
Vietnam 18004809

A replay will be available at www.fitchratings.com shortly after
the teleconferences.


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

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


AUSTRALIA


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


CHINA

ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


HONG KONG

ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


INDONESIA

APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


INDIA

ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


JAPAN

DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZEALAND

ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


SINGAPORE

ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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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