TCRAP_Public/130107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, January 7, 2013, Vol. 16, No. 4


                            Headlines


A U S T R A L I A

TINKLER GROUP: Tinkler Fights to Get Back $16-Mil. Jet


C H I N A

COUNTRY GARDEN: Moody's Assigns 'Ba3' Sr. Unsec. Debt Rating
LDK SOLAR: Chinese Agency Orders Payment of RMB294MM to Supplier
REDCHIP COMPANIES: Opts to Wind Down China Operations
SINO-FOREST CORP: Settles Class Action Over Ernst & Young Audits
TIGER MEDIA: Raises $2.1-Mil. From Exercise of Warrants


H O N G  K O N G

MAGIC LAND: Members' Final Meeting Set for Jan. 25
MARINE ATSOURCE: Members' Final Meeting Set for Jan. 25
MARINE OPERATING: Members' Final Meeting Set for Jan. 25
MASSIVE MARINE: Members' Final Meeting Set for Jan. 25
M & H INSURANCE: Members' Final Meeting Set for Jan. 21

NATION FUNDS: Creditors' Proofs of Debt Due Jan. 21
NIELSEN BUSINESS: Lam and Boswell Step Down as Liquidators
NORITZ HK: Members' Final Meeting Set for Jan. 21
OMNIUM HK: Members' Final Meeting Set for Jan. 22
OSMONICS ASIA-PACIFIC: Members' Final Meeting Set for Jan. 23

PACIFIC GOLD: Commences Wind-Up Proceedings
PANDORA ASSET: Members' Final Meeting Set for Jan. 22
PENSON FINANCIAL: Members' Final Meeting Set for Jan. 21
REACH WAY: Creditors' Proofs of Debt Due Jan. 22
SOCIETY FOR WORLDWIDE: Lam and Boswell Step Down as Liquidators

SOL MELIA: Chan Mei Lan Appointed as New Liquidator
SUNBRIDGE COMPANY: Creditors' Proofs of Debt Due Jan. 31
STARLIGHT INDUSTRIAL: Members' Final Meeting Set for Jan. 21
TEGO GARMENTS: Members' Final Meeting Set for Jan. 22
TOPLUS INVESTMENT: Commences Wind-Up Proceedings

VICTOR CROWN: Members' Final Meeting Set for Jan. 22
WEALTHY REALTY: Members' Final Meeting Set for Jan. 23
WEALTHY REALTY AGENCY: Members' Final Meeting Set for Jan. 23
YINLI TRADING: Kwan Wing Hong Steps Down as Liquidator


I N D I A

ANIL KUMAR: CRISIL Cuts Rating on INR40MM Loan to 'BB'
J D ISPAT: CRISIL Assigns 'C' Rating to INR310MM Loans
JUPAX VANIJYA: CRISIL Ups Rating on INR70MM Loans to 'BB'
MANTORA AGRO: CRISIL Rates INR150MM Loan at 'CRISIL BB'
MRK PIPES: Delay in Loan Payment Cues CRISIL Junk Ratings

OMPRAKASH SHIVPRAKASH: CRISIL Rates INR90MM Loan at 'B+'
SIGNET PRODUCTS: CRISIL Rates INR70MM Loan at 'CRISIL B'
STAR PAPER: CRISIL Cuts Rating on INR190MM Loan to 'B'
TIJIYA STEEL: CRISIL Rates INR120MM Loan at 'CRISIL B'
VIKRAM HOSPITAL: Delay in Loan Payment Cues CRISIL Junk Ratings


J A P A N

ELPIDA MEMORY: Taiwan FTC OKs Merger Deal With Micron, Rexchip


M O N G O L I A

MONGOLIAN RESOURCES: Moody's Withdraws '(P)B3' Bond Rating


N E W  Z E A L A N D

AORANGI SECURITIES: Investors to Fund Hubbard Case, Judge Says
CAPEHORN FARMING: Pays Back Creditors Only NZ$291


S I N G A P O R E

ACI COMMUNICATIONS: Court Enters Wind-Up Order
CLEARVIEW SOLUTIONS: Court Enters Wind-Up Order
INFINITE LIFESTYLE: Court to Hear Wind-Up Petition Jan. 11
QBOP PTE: Creditors' Proofs of Debt Due Feb. 4
SENSEI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 16


                            - - - - -


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


TINKLER GROUP: Tinkler Fights to Get Back $16-Mil. Jet
-------------------------------------------------------
Jennifer Sexton at The Sunday Telegraph reports that Nathan
Tinkler is scrambling to refinance the US$11.9 million
(AUD11.42 million) debt on his seized private jet and chopper
before receivers sell them.

The Sunday Telegraph notes that the embattled former billionaire
lost his Dassault Falcon 900C and AgustaWestland helicopter to
receivers last month after failing to make $230,000 monthly
payments to a creditor.  The report relates that Mr. Tinkler has
told the receiver of his private company TGHA Aviation he hopes
to pay out the creditor to secure both the jet and chopper.

Mr. Tinkler estimated the jet to be worth $16.23 million and the
helicopter $5.3 million, the report relays.

But receiver Nathan Landrey of Taylor Wooding --
nathan.landrey@twcs.com.au -- told The Sunday Telegraph that
regardless of Mr. Tinkler's talks with lenders, he would press
ahead to list the aircraft for sale. "I can't stall the process
of receivership every time a director floats that they are going
to refinance," the report quotes Mr. Landrey as saying.

According to The Sunday Telegraph, Mr. Tinkler has revealed in
documents filed with the corporate regulator that TGHA Aviation
owes GE Commercial US$11.9 million. TGHA Aviation's directors are
Mr. Tinkler and his right-hand man Troy Palmer, the report
discloses.

The report relates that Mr. Tinkler estimated that less the debt
owing to GE, the company's surplus was $9.54 million.

Mr. Landrey said he had sought expressions of interest from
aviation sales agents to sell the aircraft but was yet to place
them with an agent, the report adds.

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: Moody's Assigns 'Ba3' Sr. Unsec. Debt Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
debt rating to the proposed USD bonds to be issued by Country
Garden Holdings Company Limited.

Moody's has also affirmed Country Garden's Ba3 corporate family
rating.

The ratings outlook is positive.

The proceeds from the bond issuance will be used to refinance
Country Garden's US$153 million convertible bond, as well as fund
existing and new projects and general working capital
requirements.

Ratings Rationale

"The proposed bonds will enhance Country Garden's liquidity and
will improve its funding stability through lengthening its debt
maturity profile" says Lina Choi, a Moody's Vice President and
Senior Analyst.

"The proceeds from the proposed bonds -- which will lead to an
incremental rise in liquidity -- will help to prefund some of its
future land payments," says Ms. Choi.

Country Garden sells an average of 6 million to 7 million square
meters per year, and spent about RMB8 billion in land payments in
2012.

"Moody's expects Country Garden's debt leverage will remain
within the Ba rating level after the proposed bond issue" says
Choi.

Moody's also expects EBITDA/interest to measure 3.5x and adjusted
debt/total capitalization of 54% over the next 12-18 months,
positioning the company in the Ba range.

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

The Ba3 rating is also supported by the features of its business
model. The latter aims at developing affordable housing with
value-added services in integrated townships. This strategy meets
the needs of China's growing middle class, which demonstrates
long-term demand for property.

The Ba3 rating has also considered Country Garden's large and
low-cost land bank, which offers pricing flexibility, and which
is a significant advantage in a down market. This flexibility is
seen in its consistent sales performance in good business years
(2007, 2009-10) and in more difficult times (2008 and 2011).

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

Nonetheless, the company's liquidity position is strong. Its cash
balance of RMB13.6 billion as of June 30, 2012 covers
sufficiently its short-term debt of RMB7.1 billion.

The positive rating outlook reflects Country Garden's strong pre-
sales performance in the past year. Moody's believes the company
can sustain its sales momentum, given expectations that China's
property market will stabilize in the next 12-18 months. This
would in turn strengthen its liquidity and operating cash flow
and result in a stronger credit profile when compared with its
Ba3 peers.

Upward rating pressure could emerge if Country Garden: (1)
continues to deliver strong sales; (2) it maintains a prudent
approach to acquiring land; (3) maintains profit margins of
between 25% and 30%; and (4) it increases EBITDA/interest to 4.0x
from 3.5x now.

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

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

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

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


LDK SOLAR: Chinese Agency Orders Payment of RMB294MM to Supplier
----------------------------------------------------------------
LDK Solar Co., Ltd., said the China International Economic and
Trade Arbitration Commission (CIETAC) stated that the wafer
equipment supply contract entered into in July 2008 between LDK
Solar and JYT Corporation of Beijing is valid and effective
through the duration and at terms and conditions related to
quantities and prices set forth therein.  Under this contract,
LDK Solar agreed to purchase furnaces used in the manufacturing
of multicrystalline and monocrystalline ingots for installation
in its manufacturing facilities in Xinyu City, China.

On Dec. 25, 2012, CIETAC stated that by virtue of the arbitration
proceedings, LDK will pay to JYT an amount of approximately
RMB294 million as well as approximately an additional amount of
RMB3.4 million to cover arbitral fees accrued as a result of this
proceeding.

"With regret, we were unable to take delivery of the ordered
furnaces as scheduled from JYT primarily due to slower than
expected industry growth and the widely available capacity of
other peers," stated Xingxue Tong, President and CEO of LDK
Solar. "LDK Solar is committed to innovation, quality and
customer service.  We have sufficient manufacturing capacity to
support our valued customers and we will continue working with
our vendors and customers, so that together we can overcome the
challenges facing our industry," concluded Mr. Tong.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.


REDCHIP COMPANIES: Opts to Wind Down China Operations
-----------------------------------------------------
RedChip Companies, Inc., an international small-cap research,
investor relations, and media company, on Jan. 3 disclosed that
it has exited the China small-cap sector and terminated its
contracts with its three Chinese clients.

"We made a decision to close our Beijing office months ago and
wind down our China operations," stated Dave Gentry, President
and CEO of RedChip.  "Wall Street has, for the most part, lost
confidence in the financial reporting of U.S.-listed Chinese
companies.  We are concerned that Big Four accounting firms were
unable to detect financial fraud in companies like Sino-Forest
and Longtop Financial."

Mr. Gentry continued, "When multi-billion dollar funds like
Paulson & Co. and The Carlyle Group, with their unlimited
resources, are unable to detect fraud in their Chinese-based
portfolio companies; when top-tier investment banks like Goldman
Sachs are unable to detect fraud in their Chinese-client
companies; then I think reasonable investors must take a step
back and seriously consider whether the potential rewards
outweigh the downside risks of investing in U.S.-listed Chinese
companies.  We simply are not willing to take the risk."

"If we cannot trust the audit work of firms registered with the
Public Company Accounting Oversight Board ("PCAOB"), which is the
final line of defense against accounting fraud in Chinese
companies listed in the U.S., as has been proven in dozens of
cases over the past two years, and the Chinese regulatory
authorities are not willing to work with the U.S. Securities and
Exchange Commission ("SEC") and the PCAOB in helping uncover
fraud and punish wrong-doers, and apparently they are not, then
it is time for investors to jettison the China sector," stated
Mr. Gentry.

Over 50 Chinese companies have either been delisted or defaulted
off the NASDAQ or NYSE over the last 24 months.

Mr. Gentry also added, "Muddy Waters, GeoInvesting and Alfred
Little have done a great service to investors in uncovering fraud
that the biggest and 'best' accounting firms in several cases did
not uncover.  We should applaud their work."

                  About RedChip Companies, Inc.

RedChip Companies, an Inc. 5000 company, is an international
small-cap research, investor relations, and media company
headquartered in Orlando, Florida; with affiliate offices in San
Francisco, Seoul, Hong Kong and Singapore.


SINO-FOREST CORP: Settles Class Action Over Ernst & Young Audits
----------------------------------------------------------------
Sino-Forest Corporation on Dec. 28 issued a Notice of Proposed
Settlement with Ernst & Young LLP.

TO: Everyone, including non-Canadians, who acquired Sino-Forest
Corporation securities (including shares and/or notes) in the
primary or secondary market in any jurisdiction between March 31,
2006 and August 26, 2011 and to everyone, including non-
Canadians, who has, had, could have had or may have a claim of
any kind against Ernst & Young LLP, Ernst & Young Global Limited
or any of its member firms and any person or entity affiliated or
connected thereto, in relation to Sino-Forest, Ernst & Young's
audits of Sino-Forest's financial statements and any other work
performed by Ernst & Young related to Sino-Forest.

Background of Sino-Forest Class Action and CCAA Proceeding

In June and July of 2011, class actions were commenced in the
Ontario Superior Court of Justice and the Quebec Superior Court
by certain plaintiffs against Sino-Forest, its senior officers
and directors, its underwriters, a consulting company, and its
auditors, including Ernst & Young.  In January 2012, a proposed
class action was commenced against Sino-Forest and other
defendants in the Southern District of New York.  The actions
alleged that the public filings of Sino-Forest contained false
and misleading statements about Sino-Forest's assets, business,
and transactions.

Since that time, the litigation has been vigorously contested.
On March 30, 2012, Sino-Forest obtained creditor protection under
the Companies' Creditors Arrangement Act, within which proceeding
the Ontario Superior Court ordered a stay of proceedings against
the company and other parties, including Ernst & Young.  Orders
and other materials relevant to the CCAA Proceeding can be found
at the CCAA Monitor's website at
http://cfcanada.fticonsulting.com/sfc/(the "Monitor's Website").

On December 10, 2012, a Plan of Arrangement was approved by the
court in the CCAA Proceeding.  As part of this Plan of
Arrangement, the court approved a framework by which the
Plaintiffs may enter into settlement agreements with any of the
third-party defendants to the Proceedings. The Plan expressly
contemplates the Ernst & Young Settlement (as defined in the
Plan), approval of which is now sought.

Who Acts For the E&Y Settlement Class

Koskie Minsky LLP, Siskinds LLP, and Siskinds Desmeules, sencrl
represent the E&Y Settlement Class in the Proceedings.  If you
want to be represented by another lawyer, you may hire one to
appear in court for you at your own expense.

You will not have to directly pay any fees and expenses to Class
Counsel.  However, if this action succeeds or there is a monetary
settlement, Class Counsel will seek to have their fees and
expenses paid from any money obtained for the class or paid
separately by the defendants.

                      About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption.  The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.


TIGER MEDIA: Raises $2.1-Mil. From Exercise of Warrants
-------------------------------------------------------
Tiger Media, Inc., formerly known as SearchMedia Holdings
Limited, unveiled the results of the offer to exercise warrants
at a reduced exercise price, which the Company provided to its
holders of Public Warrants, Insider Warrants, and Underwriter
Warrants.  The opportunity to exercise up to one-third of a
holder's outstanding Warrants at a reduced exercise price expired
at 5:00 p.m. Eastern Time on Dec. 26, 2012.

The Company raised a total of $2.1 million from proceeds received
as a result of the exercise of Warrants to purchase 1,709,749 of
the Company's ordinary shares.

In addition, pursuant to the terms of the offer, at the
expiration date of the Warrants, which is Feb. 19, 2013,
3,219,596 Warrants held by participating holders, representing
two times the number of Warrants exercised by those holders, will
have their expiration date extended until Dec. 26, 2013, and the
exercise price of such Warrants will be reduced to $2.50, with
respect to the Public and Insider Warrants.  Furthermore, an
additional 186,000 warrants were submitted via Notice of
Guaranteed Delivery.  There were no Underwriter Warrants
exercised.  Warrants not exercised or extended will expire on
Feb. 19, 2013.

                         About SearchMedia

Tiger Media, Inc., formerly known as SearchMedia Holdings
Limited, is a nationwide multi-platform media company and one of
the largest operators of integrated outdoor billboard and in-
elevator advertising networks in China.  SearchMedia operates a
network of high-impact billboards and one of China's largest
networks of in-elevator advertisement panels in 50 cities
throughout China.  Additionally, SearchMedia operates a network
of large-format light boxes in concourses of eleven major subway
lines in Shanghai.  SearchMedia's core outdoor billboard and in-
elevator platforms are complemented by its subway advertising
platform, which together enable it to provide a multi-platform,
"one-stop shop" services for its local, national and
international advertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification on the company's consolidated financials
statements for the year ended Dec. 31, 2011.  The independent
auditors noted that the Company has suffered recurring losses and
has a working capital deficiency of roughly $31,000,000 at Dec.
31, 2011, which raises substantial doubt about its ability to
continue as a going concern.

Searchmedia Holdings reported a net loss of $13.45 million
in 2011, a net loss of $46.63 million in 2010, and a net loss of
$22.64 million in 2009.

The Company's balance sheet at June 30, 2012, showed US$39.18
million in total assets, US$41.22 million in total liabilities
and
a US$2.04 million total shareholders' deficit.



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


MAGIC LAND: Members' Final Meeting Set for Jan. 25
--------------------------------------------------
Members of Magic Land Holdings Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 25,
2013, 10:00 a.m., at 8/F, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.

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


MARINE ATSOURCE: Members' Final Meeting Set for Jan. 25
-------------------------------------------------------
Members of Marine Atsource (HK) Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 25,
2013, at 10:00 a.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.


MARINE OPERATING: Members' Final Meeting Set for Jan. 25
--------------------------------------------------------
Members of Marine Operating Systems (HK) Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 25, 2013, at 11:00 a.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.


MASSIVE MARINE: Members' Final Meeting Set for Jan. 25
------------------------------------------------------
Members of Massive Marine (HK) Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 25,
2013, at 12:00 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.


M & H INSURANCE: Members' Final Meeting Set for Jan. 21
-------------------------------------------------------
Members of M & H Insurance Agency Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 21,
2013, 10:00 a.m., Units 3401-02, 34th Floor, AIA Tower, at 183
Electric Road, North Point, in Hong Kong.

At the meeting, Mok Mun Lan Linda, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


NATION FUNDS: Creditors' Proofs of Debt Due Jan. 21
---------------------------------------------------
Creditors of Nation Funds International 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. 14, 2012.

The company's liquidator is:

         Lau Wai Yung Alice
         Room 2402, 24/F
         101 King's Road, Fortress Hill
         Hong Kong


NIELSEN BUSINESS: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Nielsen Business Media Asia Limited on
Dec. 17, 2012.


NORITZ HK: Members' Final Meeting Set for Jan. 21
-------------------------------------------------
Members of Noritz Hong Kong Holdings Company Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 21, 2013, at 10:00 a.m., at 19/F, Berverly House, Nos. 93-
107 Lockhart Road, Wanchai, in Hong Kong.

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


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

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


OSMONICS ASIA-PACIFIC: Members' Final Meeting Set for Jan. 23
-------------------------------------------------------------
Members of Osmonics Asia-Pacific Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
Jan. 23, 2013, at 10:00 a.m., at Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong.

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


PACIFIC GOLD: Commences Wind-Up Proceedings
-------------------------------------------
Members of Pacific Gold Properties Limited, on Dec. 19, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Unit B, 1/F
         Neich Tower, 128 Gloucester Road
         Wanchai, Hong Kong


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

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


PENSON FINANCIAL: Members' Final Meeting Set for Jan. 21
--------------------------------------------------------
Members of Penson Financial Services Asia Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 21, 2013, at 11:00 a.m., at 7th Floor, Alexandra House, at
18 Chater Road, Central, in Hong Kong.

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


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

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

The company's liquidators are:

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


SOCIETY FOR WORLDWIDE: Lam and Boswell Step Down as Liquidators
---------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Society for Worldwide Interbank Financial
Telecommunications (Far East) Limited on Dec. 10, 2012.


SOL MELIA: Chan Mei Lan Appointed as New Liquidator
---------------------------------------------------
Chan Mei Lan on Dec. 14, 2012, was appointed as liquidator of Sol
Melia China Limited.

Chan Mei Lan replaces Jacky Chung Wing Muk who stepped down as
the company's liquidator.

The liquidators may be reached at:

         Chan Mei Lan
         Edward Simon Middleton
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


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

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

The company's liquidator is:

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


STARLIGHT INDUSTRIAL: Members' Final Meeting Set for Jan. 21
------------------------------------------------------------
Members of Starlight Industrial Limited, which is in members'
voluntary liquidation, will hold their final geral meeting on
Jan. 21, 2013, at 10:00 a.m., at Unit 2, 11/F, Yau Lee Centre, at
45 Hoi Yuen Road, Kwun Tong, in Kowloon.

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


TEGO GARMENTS: Members' Final Meeting Set for Jan. 22
-----------------------------------------------------
Members of Tego Garments Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 22, 2013, at
10:30 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.


TOPLUS INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Toplus 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


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

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


WEALTHY REALTY: Members' Final Meeting Set for Jan. 23
------------------------------------------------------
Members of Wealthy Realty Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 23, 2013, at
11:00 a.m., at 19/F, Berverly House, Nos. 93-107 Lockhart Road,
Wanchai, in Hong Kong.

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


WEALTHY REALTY AGENCY: Members' Final Meeting Set for Jan. 23
-------------------------------------------------------------
Members of Wealthy Realty Agency Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 23,
2013, at 11:45 a.m., at 19/F, Berverly House, Nos. 93-107
Lockhart Road, Wanchai, in Hong Kong.

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


YINLI TRADING: Kwan Wing Hong Steps Down as Liquidator
------------------------------------------------------
Kwan Wing Hong stepped down as liquidator of Yinli Trading
Limited on Dec. 16, 2012.



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


ANIL KUMAR: CRISIL Cuts Rating on INR40MM Loan to 'BB'
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Anil Kumar and Company to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable'. The rating on AKC's other facilities has been
reaffirmed at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility      40.0      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Bank Guarantee         160.0      CRISIL A4+ (Reaffirmed)

The rating downgrade reflects AKC's deteriorating business risk
profile, marked by sharp decline in operating income. The company
reported an operating income of INR588 million for 2011-12
(refers to financial year, April 1 to March 31), a year-on-year
decline of 60 per cent over the previous year. AKC's revenues
have been lower than expected primarily because of slowdown in
new infrastructure orders, and delays in disbursements of funds
from the Government of Uttar Pradesh. CRISIL believes that AKC's
business risk profile will remain constrained over the medium
term by slowdown in new infrastructure projects, which is
accentuated by the firm's exposure to geographical concentration
risks in its revenue profile -- the firm derives the bulk of its
revenue from one state, Uttar Pradesh. Furthermore, AKC's revenue
has been low at INR160 million in the eight months ended November
30, 2012. Any further deterioration in revenue in 2012-13 could
affect its cash accruals, and in turn, its financial risk
profile. Timeliness in order execution and in receipt of funds
from the state government will, therefore, remain key rating
sensitivity factors for AKC.

The ratings continue to reflect the benefits that AKC derives
from its partners' extensive experience in undertaking electrical
and civil contracts, and AKC's moderate financial risk profile
marked by moderate gearing and debt protection metrics. These
rating strengths are partially offset by AKC's exposure to risks
relating to modest scale of operations, geographical
concentration in revenue, and to volatility in raw material
prices and intense competition.

Outlook: Stable

CRISIL believes that AKC will continue to benefit from its
partner's experience in the civil construction industry. The
outlook may be revised to 'Positive' if AKC posts higher-than-
expected revenue growth, coupled with increase in profitability,
leading to improvement in its business risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm's liquidity
weakens significantly because of further increase in working
capital requirements.

AKC was set up as a partnership firm in 1986 by Mr. Anil Kumar
Gupta and Mr. Gyan Prakash Goel. The firm undertakes electrical
and civil contracts for government entities, including various
development authorities, primarily in Uttar Pradesh.


J D ISPAT: CRISIL Assigns 'C' Rating to INR310MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of J D Ispat Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                120       CRISIL C
   Cash Credit              190       CRISIL C
   Letter of Credit          20       CRISIL A4

The ratings reflect JDIPL's constrained liquidity due to initial
stage of its operations and yet-to-stabilize cash flows. The
rating also reflects weak financial risk profile marked by high
gearing and weak debt protection metrics, modest scale of
operations in fragmented nature of the secondary steel industry
and susceptibility of margins to volatility in steel prices.
These rating weaknesses are partially offset by extensive
experience of JDIPL's promoters in iron and steel industry.

JDIPL is a private limited company engaged in manufacturing of
steel ingots. The company was incorporated in 2004 by Mr. Shiv
Goel & his wife Ms. Anjana Goel. The company's manufacturing unit
was at Nagpur. However the company has now shifted its
manufacturing facilities to Durg in Chhatisgarh and commenced
commercial production from January 2012.


JUPAX VANIJYA: CRISIL Ups Rating on INR70MM Loans to 'BB'
---------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Jupax
Vanijya Pvt Ltd (JVPL; part of the Maruti group) to 'CRISIL
BB/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              51.5      CRISIL BB/Stable (Upgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long-Term       18.5      CRISIL BB/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

The rating upgrade reflects the improvement in the Maruti group's
financial risk profile, marked by a lower ratio of total outside
liabilities to tangible net worth (TOLTNW) and improved liquidity
on the back of infusion of funds from promoters and associates.
The group's TOLTNW ratio has improved to well below 1 time as on
March 31, 2012 from close to 2.5 times in the past, with the
promoters infusing funds of INR108 million in 2010-11 (refers to
financial year, April 1 to March 31) and 2011-12. CRISIL believes
that the Maruti group will maintain its capital structure over
the medium term in the absence of any major debt-funded capital
expenditure (capex) and efficient working capital management.

The rating reflects the extensive experience of the Maruti
group's promoters in the polymer trading business, and the
group's improved financial risk profile, though constrained by an
inadequate interest coverage ratio. These rating strengths are
partially offset by the susceptibility of the group's operating
margin to fluctuations in raw material prices, and its highly
working-capital-intensive operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JVPL, Rateria Laminators Pvt Ltd, Hind
Polyfabs Pvt Ltd, and Maruti Packagers Pvt Ltd. This is because
all these companies, collectively referred to as the Maruti
group, are under a common management, operate in similar lines of
business, and have operational and financial linkages.

Outlook: Stable

CRISIL believes that the Maruti group will continue to benefit
over the medium term from its promoters' extensive experience in
the polymer trading industry. The outlook may be revised to
'Positive' if the Maruti group scales up its operations, and if
its operating margin improves significantly. Conversely, the
outlook may be revised to 'Negative' if the group's revenues
decline sharply, or if it undertakes a major, debt-funded, capex
programme, weakening its financial risk profile.

                         About the Group

The Maruti group commenced operations in 1996, with RLPL being
appointed as the consignee stockist of GAIL (India) Ltd for
eastern India. MPPL and JVPL trade in plastic granules. HPPL
manufactures high-density polyethylene and polyphenylene ether
bags with capacity of 100 tonnes per month.

JVPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR285.6 million for 2011-12 (refers to financial year,
April 1 to March 31) against a PAT of INR0.6 million on net sales
of INR238.1 million for 2010-11.


MANTORA AGRO: CRISIL Rates INR150MM Loan at 'CRISIL BB'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facility of Mantora Agro Industries Pvt Ltd (MAPL; part of the
Mantora group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              150       CRISIL BB/Stable

The rating reflects the Mantora group's established market
position in the edible oil industry in northern India, enhanced
by it strong distribution channel and reputed brand. The rating
also factors in the group's integrated manufacturing facilities
and above average financial risk profile, marked by moderate net
worth and low gearing. These rating strengths are partially
offset by the vulnerability of the Mantora group's operating
margin to volatility in raw material prices in an agriculture-
based industry, and its exposure to government regulations and to
intense competition in the highly fragmented edible oil industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MAPL and Mantora Oil Products Ltd
(rated CRISIL BB/Stable). This is because both the companies,
together referred to as the Mantora group, are in a similar line
of business and have significant business and financial linkages.
Moreover, they share the same distribution channel and have a
common management.

Outlook: Stable

CRISIL believes that the Mantora group will continue to benefit
over the medium term from its established position in the edible
oil industry. The outlook may be revised to 'Positive' if the
group enhances its operating efficiencies, resulting in
significantly improved profitability. Conversely, the outlook may
be revised to 'Negative' if the Mantora group undertakes a major,
debt-funded, capital expenditure programme, or if its working
capital cycle stretches, resulting in a strain on its capital
structure.

The Mantora group, promoted by Mr. Jagdish Prasad Gupta and
family, is engaged in the manufacture and sale of refined edible
oil, vanaspati, de-oiled cakes, and soya berry. The group has a
refinery capacity of 73,000 tonnes per annum (tpa; set up in
1987), vanaspati manufacturing capacity of 39,000 tpa (1995),
solvent extraction capacity of 180,000 tpa (2010), and soya berry
manufacturing capacity of 7500 tpa (2012), all located in Kanpur
(Uttar Pradesh). The group sells its range of edible oil and
vanaspati under the brands Bawarchi, Queen, Sarsona, and Sarso-
active. It markets its products through its four depots located
at Gorakhpur, Kanpur, Bareilly, and Agra (all in Utttar Pradesh),
supported by over 100 brokers.


MRK PIPES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of MRK Pipes Ltd. The rating reflects instances of delay by MPL
in servicing its debt; the delays have been caused by the
company's weak liquidity, driven by its large working capital
requirements.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 310      CRISIL D
   Letter of Credit           70      CRISIL D
   Bank Guarantee             50      CRISIL D
   Cash Credit               300      CRISIL D

MPL also has a below average financial risk profile constrained
by its weak debt protection metrics, and its scale of operations
in the highly fragmented industry is modest. The company,
however, benefits from its promoters' extensive industry
experience.

Incorporated in 2000, MPL is promoted by Mr. Manish Kalani, Mr.
Dinesh Parasrampuria, and Mr. Rakesh Akar. The company mainly
manufactures asbestos cement (AC) sheets that are used as a
roofing material for factory sheds and household roofing in rural
areas and AC pipes.


OMPRAKASH SHIVPRAKASH: CRISIL Rates INR90MM Loan at 'B+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Omprakash Shivprakash.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               90       CRISIL B+/Stable

The rating reflects OS's below-average financial risk profile,
marked by a weak capital structure and weak debt protection
metrics, modest scale of operations, exposure to intense market
competition; the rating also factors in the firm's low operating
margin and the susceptibility of the same to volatility in raw
material prices. These rating weaknesses are partially offset by
the benefits that OS derives from its promoters' extensive
experience in the cotton industry.

Outlook: Stable

CRISIL believes that OS will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
increases its scale of operations and operating margin, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
financial risk profile especially the debt protection metrics on
account of lower accruals or more than expected financial support
extended to group companies.

OS was set up in 1952 by Mr. Kaluramji Ruhatiya and his family.
The firm is part of the Ruhatiya group, which has been
operational for the past five decades; the group operates in
several other businesses such as operating dal mills, commodity
trading, and cotton ginning. OS is involved in cotton yarn
ginning and pressing; it also trades in cotton and processes and
trades in toor dal. The firm has a ginning and pressing unit in
Adilabad (Andhra Pradesh) and a dal processing unit in Akola
(Maharashtra). Additionally, OS operates through ginning and
pressing units (on yearly/monthly lease basis), in Akola to cater
to demand in Maharashtra

OS is part of the Ruhatiya group which also includes Narmada
Solvex Pvt Ltd (rated, CRISIL B/ Stable), Ruhatiya Cotton and
Metal Pvt Ltd (rated: CRISIL B/Stable), Ruhatiya Spinners Private
Limited (rated, CRISIL B+/ Stable), Ruhatiya Agro Private
Limited, Shri Vijay Industries Oil Mills and Ruhatiya Hospital.


SIGNET PRODUCTS: CRISIL Rates INR70MM Loan at 'CRISIL B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Signet Products Private Limited (SPPL;
part of the Signet group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Letter of Credit          20       CRISIL A4
   Bank Guarantee            50       CRISIL A4
   Cash Credit               70       CRISIL B/Stable

The ratings reflect the Signet group's below-average financial
risk profile, marked by an average capital structure and below-
average debt protection metrics, modest scale of operations, and
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the Signet
group's promoters in the electrical installation industry, and
the group's healthy order book.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPPL and Nipko Engineering Services
Private Limited. This because these entities, together referred
to as the Signet group, share the same management team, are in a
similar line of business, and have fungible cash flows.

Outlook: Stable

CRISIL believes that the Signet group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case the
company registers significant improvement in its liquidity, most
likely because of improvement in its cash accruals and working
capital cycle, and improvement in its business risk profile on
account of better-than-expected ramp up in its operations.
Conversely, the outlook may be revised to 'Negative' in case the
group generates lower-than-expected cash accruals or if its
working capital requirements are larger than expected, leading to
pressure on its liquidity.

SPPL was set up in 1998 by Mr. Narendra Korde and his wife in
Pune (Maharashtra). It provides end-to-end power solutions for
electrical substations, and supplies and installs metering
systems, current transformers, energy meters, and custom designed
enclosures for commercial establishments. In 2002, the promoters
established another company, namely NESPL, which is in a similar
line of business. The promoters have over two decades of
experience in the electrical installation industry.


STAR PAPER: CRISIL Cuts Rating on INR190MM Loan to 'B'
------------------------------------------------------
CRISIL has downgraded the rating on the bank facility of Star
Paper Mills Ltd to 'CRISIL B/Negative' from 'CRISIL BB-
/Negative'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           190.0     CRISIL B/Negative (Downgraded
                                   from CRISIL BB-/Negative)

The downgrade reflects the deterioration in SPML's business risk
profile as the company reported operating losses for two
consecutive years. For 2011-12 (refers to financial year, April 1
to March 31), SPML reported an operating loss of 14.1 per cent
and profit-after-tax (PAT) loss of 18.2 per cent due to the
increase in raw material prices and power costs, and limited
availability of raw materials near the manufacturing facility.
The rating also factors in CRISIL's expectation of further
deterioration in SPML's financial risk profile due to its large,
debt-funded capital expenditure (capex) programme and incremental
working capital requirements, coupled with deterioration in its
liquidity due to suppressed cash accruals.

The ratings reflect SPML's weak operating efficiencies due to its
susceptibility to intense industry competition, increasing costs,
and expected deterioration in its financial risk profile. These
rating weaknesses are partially offset by SPML's established
market position in the wood-based paper segment.

Outlook: Negative

CRISIL believes that SPML's liquidity will remain weak over the
medium term due to suppressed cash accruals, resulting from low
profitability and proposed debt-funded capex. The ratings may be
downgraded in case of a significant decline in SPML's
profitability, or if its liquidity is not adequately supported by
timely equity infusions, divestment in group company, and sale of
fixed assets. Conversely, the outlook may be revised to 'Stable'
if SPML reports a significant increase in profitability or
larger-than-expected equity infusions to support its liquidity.

Set up in 1936, SPML is an integrated pulp and paper
manufacturer. The company manufactures a wide range of paper
products, but mainly produces kraft paper. SPML is part of the
Duncan Goenka group, headed by Mr. G P Goenka. The company's mill
at Saharanpur (Uttar Pradesh) has four paper machines, with
aggregate capacity of 75,000 tonnes per annum (tpa).

SPML reported a net loss of INR424.0 million on net sales of
INR2.3 billion for 2011-12, as against a net loss of INR101.5
million on net sales of INR2.5 billion for 2010-11.


TIJIYA STEEL: CRISIL Rates INR120MM Loan at 'CRISIL B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Tijiya Steel Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              120       CRISIL B/Stable
   Letter of Credit          60       CRISIL A4

The ratings reflect TSPL's weak liquidity due to past devolvement
of its letter of credit facility. The ratings also factor in the
company's relatively small market share in the fragmented thermo-
mechanically-treated (TMT) steel bar industry, susceptibility of
its operating margin to volatility in raw materials prices, and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of TSPL's
promoters in the steel industry, and its moderate financial risk
profile, marked by a comfortable capital structure and moderate
debt protection metrics.

Outlook: Stable

CRISIL believes that TSPL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if there is
significant improvement in the company's liquidity, most likely
because of higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
TSPL financial risk profile, most likely due to lower-than-
expected profitability, larger-than-expected working capital
requirements, or large, debt-funded, capital expenditure.

Incorporated in 1994, TSPL is managed by Mr. Rajesh Poddar and
Mr. Rajiv Poddar. The company manufactures TMT steel bars at its
facility in Kolkata (West Bengal). It also trades in mild steel
ingots, TMT bars, and allied products.

TSPL reported a net profit of INR2.0 million on net sales of
INR570.6 million for 2011-12 (refers to financial year, April 1
to March 31), as against a net profit of INR3.0 million on net
sales of INR549.0 million for 2010-11.


VIKRAM HOSPITAL: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Vikram
Hospital Pvt Ltd (Vikram Hospital; part of the Vikram group) to
'CRISIL D' from 'CRISIL B+/Negative'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              36.6     CRISIL D (Downgraded from
                                     'CRISIL B+/Negative')

   Long-Term Loan          455.1     CRISIL D (Downgraded from
                                     'CRISIL B+/Negative')

   Proposed Long-Term       55.1     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Negative')

The downgrade reflects delays by the Vikram group in servicing
its term loan; the delays were due to the group's weak liquidity,
marked by cash losses.

The Vikram group is exposed to risks related to small scale of
operations, with geographical concentration in its revenue
profile. Moreover, the group has a below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
The group, however, benefits from its established position in the
tertiary health care segment in Karnataka.

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Vikram Hospital and its subsidiary
Vikram Hospitals (Bengaluru) Pvt Ltd. This is because Vikram
Hospital and VHBPL, together referred to as the Vikram group,
have common promoters, operational synergies, and fungible funds,
and are in the same line of business

Established in 2002 by Dr. S B Vikram in Mysore (Karnataka), the
Vikram group provides tertiary healthcare and other healthcare-
related services. The group runs a chain of hospitals in
Karnataka.

For 2011-12 (refers to financial year, April 1 to March 31), the
Vikram group reported a net loss of INR342 million on net sales
of INR1.16 billion, as against a net loss of INR158 million on
net sales of INR0.72 billion for 2010-11.



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


ELPIDA MEMORY: Taiwan FTC OKs Merger Deal With Micron, Rexchip
--------------------------------------------------------------
The Central News Agency reports that Taiwan's Fair Trade
Commission on Jan. 2 approved a merger of Micron, Elpida Memory
Inc.; and Rexchip Electronics Corp.

CNA relates that the commission said with the merger, the new
entity will control the second biggest share of the global DRAM
market, behind Samsung of South Korea which has a 40% share.

SK Hynix Semiconductor Inc., also of South Korea, will be a close
competitor, the commission, as cited by CNA, said.

Rexchip is a joint venture between Elpida and Taiwanese chip
maker Powerchip Technology Corp., which reached a deal with
Micron in July 2012 to sell its stake in Rexchip, the news agency
notes.

                        About Elpida Memory

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

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

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



===============
M O N G O L I A
===============


MONGOLIAN RESOURCES: Moody's Withdraws '(P)B3' Bond Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the provisional (P)B3
debt rating assigned to Mongolian Resources Corporation ("MRC").

Ratings Rationale

Moody's has withdrawn the provisional (P)B3 rating on MRC's
previously proposed USD bonds as the issuance has been postponed.

The last rating action on MRC occurred on October 8, 2012 when
the rating agency assigned a first-time B3 corporate family
rating and a provisional (P)B3 ratings to the proposed USD bonds
to be issued by the company.

The principal methodology used in rating Mongolian Resources
Corporation was Moody's Global Mining Industry, published in May
2009.

Mongolian Resources Corporation (MRC) is an integrated iron ore
producer principally engaged in operating its major mine Tayan
Nuur in the Govi-Altai province of Mongolia. MRC is 70.7% owned
by Euro 7 Investment, which is an investment holding company
wholly owned by Mr Bazar Radnaabazar, MRC's founder and Chairman.
The Trade and Development Bank of Mongolia is the second largest
shareholder with an 11.0% stake. The European Bank for
Reconstruction & Development has a 4.0% stake in MRC.



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


AORANGI SECURITIES: Investors to Fund Hubbard Case, Judge Says
--------------------------------------------------------------
stuff.co.nz reports that Aorangi Securities investors will pay up
to NZ$7,500 each court day for Jean Hubbard to defend herself
against their bid to claim ownership of NZ$60 million in assets.

The report says the High Court has ruled Ms. Hubbard's legal
costs over a five-day hearing set down from May 20 to determine
the ownership of the assets will be paid out of Aorangi
Securities funds.

According to the report, Justice Chisholm ruled that Ms.
Hubbard's counsel would be paid NZ$5,000 per day and "there will
be provision for one extra counsel at half that rate".

Additionally statutory managers Grant Thornton and their legal
advisers have been ordered to pay an additional NZ$9,117 on top
of NZ$37,500 for wasted costs after they misplaced 72 boxes of
crucial documents, the report relays.

stuff.co.nz notes that the original trial was set down for
October 29 last year but two weeks beforehand the statutory
managers asked the court for an adjournment after they
rediscovered the boxes.

According to stuff.co.nz, the late Allan Hubbard had originally
put the NZ$60 million into trusts for the benefit of Aorangi
Securities investors to make up for a shortfall and put out a
prospectus.

Statutory management was imposed before these were complete and
Grant Thornton subsequently unwound the transactions, with the
High Court now required to determine who owns them as Jean
Hubbard has claimed she now owns them, stuff.co.nz says.

Stuff.co.nz relates that in his judgment Justice Chisholm said
Ms. Hubbard had asked that her legal costs be met by access to
the assets in dispute through the proceeding as she was the legal
owner or by the statutory managers, who in turn argued
unsuccessfully she fund her litigation.


CAPEHORN FARMING: Pays Back Creditors Only NZ$291
-------------------------------------------------
stuff.co.nz reports that Manawatu-based Capehorn Farming has paid
back creditors only NZ$291 since it was placed into liquidation
18 months ago.

According to stuff.co.nz, the latest liquidation report for
Capehorn Farming, released Jan. 3, showed NZ$3,664 in tax refunds
had been acquired to help pay creditors left out of pocket.
However, only NZ$291 had been paid, stuff.co.nz relays.

stuff.co.nz recalls that Capehorn Farming was placed into
receivership in late 2010, owing almost NZ$12 million.  The
company is 20% owned by Peter Joseph Nitschke, with relatives
Mark and Helen Nitschke owning the rest.

According to stuff.co.nz, no unsecured creditors were paid any
money from the receivership, while secured creditors were paid
only about NZ$80,000.

The first liquidator's report, put together by Grant Reynolds,
said no assets were left from the receivership to pay any
creditors for the liquidation, stuff.co.nz notes.

The report says Peter Nitschke is serving a jail term of two
years and three  months after pleading guilty to seven charges
relating to about NZ$2.3 million that he obtained dishonestly
from the business.

Capehorn Farming was a family-run bull fattening company.



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


ACI COMMUNICATIONS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Dec. 21, 2012, to
wind up the operations of ACI Communications Worldwide Pte Ltd.

Radius Design and Construction Pte Ltd filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Singapore, of the Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


CLEARVIEW SOLUTIONS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Dec. 21, 2012, to
wind up the operations of Clearview Solutions Pte Ltd.

Nicky Backjoo Kim filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Singapore, of the Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


INFINITE LIFESTYLE: Court to Hear Wind-Up Petition Jan. 11
----------------------------------------------------------
A petition to wind up the operations of Infinite Lifestyle
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on Jan. 11, 2013, at 10:00 a.m.

Oriental Premium Sdn Bhd filed the petition against the company
on Dec. 4, 2012.

The Petitioner's solicitors are:

         Nlc Law Asia LLP
         8 Robinson Road
         #10-00 ASO Building
         Singapore 048544


QBOP PTE: Creditors' Proofs of Debt Due Feb. 4
----------------------------------------------
Creditors of Qbop Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 4,
2013, to be included in the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


SENSEI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 16
-----------------------------------------------------------
Creditors of Sensei International Singapore Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Jan. 16, 2013, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



                             *********

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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