TCRAP_Public/130110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, January 10, 2013, Vol. 16, No. 7


                            Headlines


A U S T R A L I A

BAKERY BOYS: Bankrupt Ex-Owner Convicted of Fraud
NINE ENTERTAINMENT: S&P Assigns Prelim 'BB-' Issuer Credit Rating


C H I N A

CHINA HONGQIAO: Fitch Withdraws 'BB(EXP)' Unsecured Notes Rating
CHINA TIANRUI: S&P Affirms 'B+' Corporate Credit Rating
HOPSON DEVELOPMENT: Moody's Rates Senior Unsecured Notes 'Caa1'
HOPSON DEVELOPMENT: S&P Rates Proposed US Dollar Sr. Notes 'CCC+'
LDK SOLAR: Agrees to Sell LDK Anhui for RMB25 Million


H O N G  K O N G

A-B JADE: Creditors' Proofs of Debt Due Jan. 18
ACE AHEAD: Members' Final Meeting Set for Jan. 29
ATTRIX COMPANY: Members' Final Meeting Set for Jan. 28
BIOQI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 21
BIOQI SIYUAN: Creditors' Proofs of Debt Due Jan. 21

BRIGHT ADVANCE: Creditors' Meeting Set for Jan. 11
CEDARICH COMPANY: Members' Final General Meeting Set for Feb. 6
CHINA INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 31
DAI WA: Members' Final General Meeting Set for Jan. 29
ERCO INVESTMENT: Creditors' Proofs of Debt Due Feb. 19

ESEMAY INVESTMENTS: Commences Wind-Up Proceedings
FAITH CORPORATION: Members' Final General Meeting Set for Jan. 29
FOURNET INVESTMENT: Commences Wind-Up Proceedings
GOODS TRANSPORT: Ying and Chan Step Down as Liquidators
GRAND WISH: Commences Wind-Up Proceedings

GY RESOURCES: Chan Chak Ming Steps Down as Liquidator
HIT TOYS: Creditors' Proofs of Debt Due Jan. 29
HK ICE: Andrew Hung Chi Yuen Appointed as Liquidator
HWA SHAT: Members' Final General Meeting Set for Jan. 30
INTERSOM HK: Seng and Lo Step Down as Liquidators

JENFUND PROPERTIES: Placed Under Voluntary Wind-Up Proceedings
MOMENTO (HK): Members' Final General Meeting Set for Jan. 28
NORSCAN-TECH LIMITED: Chung Ho Shing Steps Down as Liquidator
ONE AXCESS: Formon and Weyer Step Down as Liquidators
ONE AXCESS HK: Formon and Weyer Step Down as Liquidators

PERPETUAL SUNSHINE: Members' Final Meeting Set for Jan. 29
PET FAVOUR: Placed Under Voluntary Wind-Up Proceedings
PHHP INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 31
PINE BULKSHIP: Lai and Haughey Step Down as Liquidators
SAVI TECHNOLOGY: Ying and Chan Step Down as Liquidators

SPARK BULKSHIP: Lai and Haughey Step Down as Liquidators
SUPER FORTANA: Creditors' Proofs of Debt Due Jan. 31
SWIRE NAVIGATION: Creditors' Proofs of Debt Due Jan. 28
TANZANITE HK: Ying and Chan Step Down as Liquidators
TRINITY (CASUAL WEAR): Final General Meeting Set for Feb. 1


I N D I A

ANANTA PROCON: ICRA Assigns 'B+' Rating to INR3cr Cash Credit
BAPASHREE AGRO: ICRA Assigns '[ICRA]B' Ratings to INR7.44cr Loans
CATMOSS RETAIL: Under KMPG Audit Over Financial Irregularities
CHINTTPURNI ENG'G: ICRA Assigns 'BB-' Rating to INR33cr Loans
COUNTY DEVELOPERS: ICRA Assigns 'B' Rating to INR12.5cr Loans

INDUS EDUCATIONAL: Delays in Loan Payment Cues ICRA Junk Ratings
KIRAN AGENCIES: ICRA Cuts Rating on INR15cr Loan to '[ICRA]B-'
L.M. FOODS: ICRA Assigns '[ICRA]B+' Rating to INR25cr Loans
MANILA RESORTS: ICRA Rates INR6cr Term Loan at '[ICRA]B'
MJR EDUCATIONAL: ICRA Puts '[ICRA]D' Rating on INR7cr Term Loan

PRANI AUTO: ICRA Assigns '[ICRA]B+' Rating to INR7.75cr Loan
V.K SOOD: ICRA Assigns '[ICRA]C' Rating to INR7cr Loans


J A P A N

PANASONIC CORP: May Shut Some Businesses as 2nd Annual Loss Looms


N E W  Z E A L A N D

AORANGI SECURITIES: Receiver Guilty of Accountancy Ethics Breach
ROSS ASSET: David Ross AFA License Suspended for Six Months


T A I W A N

JIH SUN: Fitch Affirms Long-Term IDR at 'BB+'; Outlook Stable


X X X X X X X X

* Bingham McCutchen Adds Two Partners in Tokyo, Japan


                            - - - - -


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


BAKERY BOYS: Bankrupt Ex-Owner Convicted of Fraud
-------------------------------------------------
SmartCompany reports that the former owner of the Bakery Boys
Bakery has been convicted of fraud in the Magistrates Court after
transferring $21,998 from the sale of the business to his sister
in Greece after the date of his bankruptcy.

Konstantinos Grapsas was declared bankrupt on August 14, 2008 but
after that date, he transferred the cash from the sale of the
Baker Boys Bakery to his sister, SmartCompany relates.

His bankruptcy trustee was informed of the sale of the business
after the money had been transferred, the report notes.

According to SmartCompany, Magistrate Crowe of the Ringwood
Magistrates Court in Victoria convicted Mr. Grapsas of three
offences in relation to the disposal of property with intent to
defraud creditors, failure to disclose information to his trustee
and failure to maintain books and records during bankruptcy.

The report relates that Mr. Grapsas was discharged from his
bankruptcy on Sept. 20, 2011 and then convicted of the bankruptcy
offences on Dec. 19, 2012.

Magistrate Crowe described the offending as serious and fined
Grapsas AUD2,500 and ordered him to pay costs of AUD967,
SmartCompany adds.


NINE ENTERTAINMENT: S&P Assigns Prelim 'BB-' Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' preliminary long-term issuer credit rating on Australian TV
broadcasting and events group, Nine Entertainment Co. Holdings
Ltd. with a stable outlook.  We have also assigned a 'BB'
preliminary issue rating on NEC's proposed U.S.-dollar equivalent
AUD700 million senior secured term loan with a recovery rating of
'2'.

These ratings are preliminary and will be finalized upon
implementation of the company's proposed Scheme of Arrangement
(Scheme).  We expect the Scheme, which will include a conversion
of all existing senior bank debt and mezzanine debt to equity, to
be completed on or about Feb. 5, 2013.

"The preliminary issuer credit rating on NEC reflects our view of
the company's "aggressive" financial risk profile and "fair"
business risk profile," Standard & Poor's credit analyst Adrian
Chow said.  "The company is exposed to cyclical advertising
markets, the mature free-to-air (FTA) television broadcasting
industry, and increasing competition from online channels.
Moderating the weaknesses are its favorable market position in
FTA TV broadcasting and a supportive regulatory environment in
that segment.  NEC also has some business diversity in its events
and digital businesses."

The preliminary 'BB' rating on NEC's proposed U.S.-dollar
equivalent of AUD700 million senior secured term loan factors in
our recovery rating of '2'.  This indicates S&P's expectation for
a "substantial" (70%-90%) level of recovery in the event of a
payment default.  The preliminary issue rating assumes that the
proposed loan will have similar terms and conditions to those
presented to Standard & Poor's, including a comprehensive
security and financial covenant package.

"Our financial risk profile assessment also factors in the
company's financial sponsor ownership and their potential
influence on the group's financial policies and capital structure
over time.  On Scheme completion, NEC's major shareholders will
include hedge funds Apollo Global Management and Oaktree Capital,
who will own 23.2% and 24.5% respectively.  Importantly also,
Apollo and Oaktree will initially together control five of the
nine Board seats of NEC; with Board members to be re-elected
every 12 months post Scheme implementation in line with voting
rights.  We note that NEC's proposed constitution will require
the company to use commercially reasonable efforts to complete an
initial public offering (IPO) within 18 months of Scheme
completion.  We believe that an IPO, if successfully completed,
could assist in mitigating the company's financial sponsor
ownership if the ownership of NEC becomes more widely held," S&P
said.

Mr. Chow added: "The stable outlook reflects our expectation that
NEC's favorable market positions and strong cash flow generation
should underpin credit quality at the 'BB-' rating level.  Upon
Scheme implementation in February 2013, we expect the company's
pro-forma fully adjusted total debt-to-EBITDA will be around mid
3x and will improve slightly at the full-year ending June 30,
2013."

Negative pressure on the rating could arise if fully adjusted
debt-to-EBITDA weakened toward 5x or more, which could result
from debt-funded acquisitions or distributions, or prolonged
weakness in advertising markets.  Furthermore, S&P could lower
the rating if NEC's market position in the FTA TV industry were
to significantly weaken due to adverse regulatory changes, loss
of the commercial TV license, or ineffective programming or loss
of key overseas programming contracts.  A lower rating could also
occur if there was a significant structural erosion of the FTA's
industry share of total advertising spend that was not offset by
new and defensible revenue streams.

Upward rating movement is considered unlikely in the next 12
months given S&P's view of the company's aggressive financial
profile and ownership structure.  Upward momentum could, however,
occur if upon completion of an IPO, NEC's ownership becomes more
widely held.  At the same time, S&P would need to see that the
company will remain committed to a more conservative financial
profile, including fully adjusted debt-to-EBITDA sustained around
3x or less.



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


CHINA HONGQIAO: Fitch Withdraws 'BB(EXP)' Unsecured Notes Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn the expected 'BB(EXP)' rating on
China Hongqiao Group Limited's proposed USD senior unsecured
notes.  The rating has been withdrawn after the company cancelled
the issue of the proposed notes


CHINA TIANRUI: S&P Affirms 'B+' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating and 'cnBB' long-term
Greater China regional scale rating on cement producer China
Tianrui Group Cement Co. Ltd.. "We then withdrew the ratings at
the company's request.  The rating outlook at the time of the
withdrawal was stable.  At the same time, we withdrew the 'B' and
'cnBB-' issue ratings on Tianrui's proposed senior unsecured
notes," S&P says.

"The affirmed rating prior to the withdrawal reflected our
opinion that Tianrui is likely to maintain its operating margin
at more than 20% and improve its financial position in the next
12 months.  In our opinion, Tianrui's corporate governance has
yet to be tested due to the company's short track record.  At the
time of withdrawal, the stable outlook on Tianrui reflected S&P's
expectation that the company will maintain adequate liquidity and
strengthen its market positions in Henan and Liaoning provinces."


HOPSON DEVELOPMENT: Moody's Rates Senior Unsecured Notes 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 rating to Hopson
Development Holdings Limited's proposed issuance of USD-
denominated senior unsecured notes.

At the same time, Moody's has affirmed Hopson's B3 corporate
family rating and its Caa1 senior unsecured debt rating.

The ratings outlook is negative.

The net proceeds from this issuance will be used to refinance
existing debt, to finance the cost of construction or improvement
of projects and for general corporate purposes.

Ratings Rationale

"The issuance of USD notes will provide Hopson with proceeds to
fund property development and make domestic debt repayments,"
says Jiming Zou, a Moody's Analyst.

While Hopson's contract sales for 2012 grew only about 6% year-
on-year, the likely stable market conditions in 2013 will provide
it with opportunities to improve sales growth. The proceeds from
the proposed notes will also fund sales growth.

"A sustained improvement in sales growth will help relieve the
pressure on ratings caused by Hopson's high level of inventory.
Therefore, the successful issuance of notes could facilitate a
review of the rating outlook," adds Zou, also the Lead Analyst
for Hopson.

"However, Moody's expects Hopson's interest coverage and
liquidity position to remain weak and which position it in the B3
rating level," Zou says.

Moody's expects that Hopson's interest coverage will remain below
2x for 2013. Its liquidity position -- as measured by cash
coverage on short-term debt -- was weak and well below 1.0x as of
30 June. Unless Hopson significantly improves its inventory
management, its weak liquidity position will persist.

The B3 corporate family rating reflects the company's established
market position and track record of property development in
Guangzhou, Beijing and Shanghai, as well as its sizable land bank
available for development over the next few years.

The rating also takes into account Hopson's weak sales execution
and high inventory level, which have resulted in weak financial
and liquidity profiles.

The Caa1 assigned rating to Hopson's proposed USD notes is at the
same level as the company's existing USD300 million 2016 senior
unsecured notes. The USD notes are rated one notch below the
company's B3 corporate family rating, reflecting their structural
subordination risk to the debt raised at Hopson's onshore
subsidiaries. As of end-June 2012, onshore debt accounted for
about 25% of the company's total assets.

The ratings outlook could be changed to stable, if Hopson
improves its liquidity position through the successful issuance
of the newly proposed USD notes and/or enhances its inventory
management through improved sales execution.

The ratings could be downgraded, if Hopson: (1) shows
deterioration in its liquidity position; (2) experiences declines
in sales and profit margins; or (3) records EBITDA/interest
coverage of less than 1.0x.

The principal methodology used in rating Hopson Development
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Hopson Development Holdings Limited is one of the largest
property developers in China, with a land bank of 31.9 million
square meters in gross floor area as of 1H 2012. Its principal
business interests are residential developments in four major
cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.


HOPSON DEVELOPMENT: S&P Rates Proposed US Dollar Sr. Notes 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' issue
rating and its 'cnCCC+' Greater China regional scale rating to a
proposed issue of U.S.-dollar-denominated senior unsecured
notes by Hopson Development Holdings Ltd. (B-/Negative/--;
cnB-/--).  The rating is subject to S&P's review of the final
issuance documentation.

The issue rating on Hopson'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 its notching threshold of 15% for speculative-grade
debt.

The rating on Hopson reflects the weak sales execution and very
high leverage of the China-based property developer due to
aggressive debt-funded expansion.  S&P expects the company's weak
corporate governance and continued related-party transactions to
remain rating constraints.  Hopson's established brand name in
tier-one cities, diverse revenue stream from a large number of
saleable property projects, and its large low-cost land bank
temper the above weaknesses.

The negative rating outlook on Hopson reflects S&P's expectation
that the company's cash flow will remain weak and its leverage
will stay high over the next 12 months.  S&P also anticipates
that the company's liquidity will be weak if its sales execution
does not pick up significantly.


LDK SOLAR: Agrees to Sell LDK Anhui for RMB25 Million
-----------------------------------------------------
LDK Solar Co., Ltd., has signed a purchase agreement with
Shanghai Qianjiang Group in which Qianjiang Group has agreed to
purchase all shares of LDK Anhui, located in Hefei City, for
approximately RMB25 million.  According to the terms of the
agreement, Qianjiang Group will release the guarantee LDK Solar
provided to LDK Anhui and its subsidiaries within 12 months, as
well as compensate LDK Solar for any loss associated with that
guarantee, prior to its release.

As of Sept. 30, 2012, LDK Anhui carried consolidated negative net
assets of approximately US$54 million and as of Sept. 30, 2012,
total bank borrowings of LDK Anhui and its subsidiaries totaled
approximately US$485 million, with a consolidated asset-to-
liability ratio of 107%.  LDK Solar anticipates that the
divestiture of LDK Anhui will increase LDK Solar's pro forma
consolidated net assets by US$58 million as well as decrease LDK
Solar's pro forma consolidated asset-to-liability ratio by
approximately 1.8%.

"We are pleased to reach this purchase agreement with Shanghai
Qianjiang Group for LDK Anhui," stated Xingxue Tong, president
and CEO of LDK Solar.  "This agreement marks continued progress
on our plan to improve LDK Solar's liquidity and working
capital."

                           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.



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


A-B JADE: Creditors' Proofs of Debt Due Jan. 18
-----------------------------------------------
Creditors of A-B Jade Hong Kong Holding Company 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. 15, 2012.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


ACE AHEAD: Members' Final Meeting Set for Jan. 29
-------------------------------------------------
Member of Ace Ahead Limited will hold their final meeting on
Jan. 29, 2013, at 10:00 a.m., at 25/F, Wing On Centre, at
111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ATTRIX COMPANY: Members' Final Meeting Set for Jan. 28
------------------------------------------------------
Member of Attrix Company Limited will hold their final meeting on
Jan. 28, 2013, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

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


BIOQI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 21
----------------------------------------------------------
Creditors of Bioqi International Holdings 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. 27, 2012.

The company's liquidator is:

         Law Shuk Fong
         Room 2611-12, CC Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


BIOQI SIYUAN: Creditors' Proofs of Debt Due Jan. 21
---------------------------------------------------
Creditors of Bioqi Siyuan Holdings 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. 24, 2012.

The company's liquidator is:

         Law Shuk Fong
         Room 2611-12, CC Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


BRIGHT ADVANCE: Creditors' Meeting Set for Jan. 11
--------------------------------------------------
Creditors of Bright Advance Printing Company Limited will hold
their meeting on Jan. 11, 2013, at 9:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 803, Yue Xiu Building, at 160
Lockhart Road, Wan Chai, in Hong Kong.


CEDARICH COMPANY: Members' Final General Meeting Set for Feb. 6
---------------------------------------------------------------
Members of Cedarich Company Limited will hold their final general
meeting on Feb. 6, 2013, at 3:00 p.m., at Room 901, 9/F, Finance
Building, at 254 Des Voeux Road Central, in Hong Kong.

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


CHINA INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 31
----------------------------------------------------------
Creditors of China International Arbitration Club 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 liquidator is:

         Chan Yau Choi
         Rm 1101A, 1-5 Sugar Street
         Hong Kong


DAI WA: Members' Final General Meeting Set for Jan. 29
------------------------------------------------------
Member of Dai Wa Logistics Limited will hold their final general
meeting on Jan. 29, 2013, at 11:00 a.m., at Room 1205, 12/F,
Manulife Provident Funds Place, at No. 345 Nathan Road, in
Kowloon.

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


ERCO INVESTMENT: Creditors' Proofs of Debt Due Feb. 19
------------------------------------------------------
Creditors of Erco Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 19, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 18, 2012.

The company's liquidator is:

         Leung Shiu Tong
         16th Floor, Jonsim Place
         228 Queen's Road
         East, Wanchai
         Hong Kong


ESEMAY INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Esemay Investments Limited, on Dec. 17, 2012, passed a
resolution to voluntarily wind up the company's operations.


FAITH CORPORATION: Members' Final General Meeting Set for Jan. 29
-----------------------------------------------------------------
Member of Faith Corporation Limited will hold their final general
meeting on Jan. 29, 2013, at 10:00 a.m., at Room 1205, 12/F,
Manulife Provident Funds Place, at No. 345 Nathan Road, in
Kowloon.

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


FOURNET INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Fournet Investment Limited, on Dec. 21, 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


GOODS TRANSPORT: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Goods Transport Company Limited on Dec. 19, 2012.


GRAND WISH: Commences Wind-Up Proceedings
-----------------------------------------
Members of Grand Wish Limited, on Dec. 28, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Lam Kit Yee
         Unit 1601, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


GY RESOURCES: Chan Chak Ming Steps Down as Liquidator
-----------------------------------------------------
Wong Sun Keung stepped down as liquidator of GY Resources Limited
on Dec. 19, 2012.


HIT TOYS: Creditors' Proofs of Debt Due Jan. 29
-----------------------------------------------
Creditors of Hit Toys Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 29, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 19, 2012.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


HK ICE: Andrew Hung Chi Yuen Appointed as Liquidator
----------------------------------------------------
Andrew Hung Chi Yuen on Dec. 17, 2012, was appointed as
liquidator of Hong Kong Ice Theatre Limited.

The liquidator may be reached at:

         Andrew Hung Chi Yuen
         Room 1508, Solo Building
         41-43 Carnarvon Road
         Tsimshatsui, Kowloon


HWA SHAT: Members' Final General Meeting Set for Jan. 30
--------------------------------------------------------
Members of HWA Shat Company Limited will hold their final general
meeting on Jan. 30, 2013, at 9:00 a.m., at 5/F, Milo's Industrial
Building, at 2-10 Tai Yuen Street, Kwai Chung, in N.T.

At the meeting, Lin Sun Ching Andrew, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


INTERSOM HK: Seng and Lo Step Down as Liquidators
-------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Intersom Hong Kong Limited on Dec. 18, 2012.


JENFUND PROPERTIES: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Dec. 28, 2012,
creditors of Jenfund Properties Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Leung Kwok On
         Room 609, 6/F
         Austin Tower
         22-26A Austin Avenue
         TST, Kln


MOMENTO (HK): Members' Final General Meeting Set for Jan. 28
------------------------------------------------------------
Member of Momento (HK) Limited will hold their final general
meeting on Jan. 28, 2013, at 11:00 a.m., at 6/F, Greenwich
Centre, 260 King's Road, North Point, in Hong Kong.

At the meeting, Yuen Sik Ming Patrick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NORSCAN-TECH LIMITED: Chung Ho Shing Steps Down as Liquidator
-------------------------------------------------------------
Chung Ho Shing stepped down as liquidator of Norscan-Tech Limited
on Dec. 25, 2012.


ONE AXCESS: Formon and Weyer Step Down as Liquidators
-----------------------------------------------------
Robert Mark Formon and Daniel De Weyer stepped down as
liquidators of One Axcess Limited on Dec. 17, 2012.


ONE AXCESS HK: Formon and Weyer Step Down as Liquidators
--------------------------------------------------------
Robert Mark Formon and Daniel De Weyer stepped down as
liquidators of One Axcess (HK) Limited on Dec. 17, 2012.


PERPETUAL SUNSHINE: Members' Final Meeting Set for Jan. 29
----------------------------------------------------------
Member of Perpetual Sunshine Limited will hold their final
meeting on Jan. 29, 2013, at 10:30 a.m., at 25/F, Wing On Centre,
at 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PET FAVOUR: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 17, 2012,
creditors of Pet Favour Garden Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Yau Choi
         Rm 1101A, Causeway Bay
         Comm. Bldg, 1 Sugar Street
         Hong Kong


PHHP INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 31
---------------------------------------------------------
Creditors of PHHP International 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 liquidator is:

         Chan Yau Choi
         Rm 1101A, 1-5 Sugar Street
         Hong Kong


PINE BULKSHIP: Lai and Haughey Step Down as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Pine Bulkship Limited on Dec. 19, 2012.


SAVI TECHNOLOGY: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Savi Technology (Hong Kong) Limited on Dec. 19, 2012.


SPARK BULKSHIP: Lai and Haughey Step Down as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Spark Bulkship Limited on Dec. 19, 2012.


SUPER FORTANA: Creditors' Proofs of Debt Due Jan. 31
----------------------------------------------------
Creditors of Super Fortana 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. 17, 2012.

The company's liquidator is:

         Lai Tsz Mo Lawrence
         Ground Floor, Block B
         Summit Building
         30 Man Yue Street
         Hung Hom, Kowloon
         Hong Kong


SWIRE NAVIGATION: Creditors' Proofs of Debt Due Jan. 28
-------------------------------------------------------
Creditors of Swire Navigation Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 28, 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:

         Robert Amyon John Templeman Chaffey
         Martin Andrew Cresswell
         300 Beach Road
         #27-01, The Concourse
         Singapore 199555


TANZANITE HK: Ying and Chan Step Down as Liquidators
----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Tanzanite Hong Kong Investment Limited on Dec. 19, 2012.


TRINITY (CASUAL WEAR): Final General Meeting Set for Feb. 1
-----------------------------------------------------------
Members of Trinity (Casual Wear) Limited will hold their final
general meeting on Feb. 1, 2013, at 2:35 p.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



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


ANANTA PROCON: ICRA Assigns 'B+' Rating to INR3cr Cash Credit
-------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR3.00 crore
long-term fund-based cash credit facility of Ananta Procon
Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit Limit           3.00      [ICRA]B+ assigned
   Bank Guarantee              6.00      [ICRA]A4 assigned

The rating of '[ICRA]A4' has also been assigned to the INR6.00
crore short term non fund based bank guarantee facility of APPL.
The assigned ratings reflects APPL's small size of operations and
weak financial risk profile as reflected from adverse capital
structure, poor debt protection metrics and stretched liquidity
position on account of high working capital intensity; and high
dependence on group company for securing the orders. The ratings
are also constrained by the vulnerability of profitability to
variations in prices of steel, cement and asphalt though the
presence of price escalation clause mitigates the same to a large
extent; however higher actual usage of materials than those
specified in the contract is likely to impact the profitability
of the company.

The ratings, however, factor in the long experience of the
promoters in government tendered civil construction sector as
well as the company's registration as "AA" class contractor with
government of Gujarat.

Incorporated in 2011, APPL is engaged in civil construction work
for bridges, land fillings, etc. for state government departments
as well as private agencies located in Gujarat state.  The
company was incorporated by Mr. Kanji A Patel along with other
promoters who are already engaged in the civil construction
segment through another entity, Rakesh Construction Co. APPL has
"AA" class contractor registration from government of Gujarat.

Recent Results

For the year ended March 31, 2012, the company has reported an
operating income of INR2.52 crore with a profit after tax (PAT)
of INR0.06 crore.


BAPASHREE AGRO: ICRA Assigns '[ICRA]B' Ratings to INR7.44cr Loans
-----------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR1.44 crore
term loans and INR6.00 crore fund-based cash-credit facility of
Bapashree Agro Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                 4.00      [ICRA]B assigned
   Cash Credit (Proposed)      2.00      [ICRA]B assigned
   Term Loans                  1.44      [ICRA]B assigned

The assigned rating is constrained by the modest scale of
operations of the entity; the highly fragmented nature of rice
and wheat milling industry which results in intense competitive
pressures and thin margins; and exposure of the entity's
profitability to agro-climatic risks and government policies
which impact the availability and price of raw material and sales
prospects. The rating also takes into account the weak financial
profile of the entity as reflected in its thin profitability
margins, weak coverage indicators and aggressive capital
structure which is expected to come under further strain due to
the ongoing debt funded capex programme for expansion. While
assigning the ratings, ICRA has also considered the tight
liquidity position of the company as reflected by almost full
utilization of working capital facilities.

The rating however takes comfort from reasonable experience of
promoters in rice industry; the entity's advantage in raw
material procurement on account of its favorable location in
Sanand, Gujarat and favorable demand prospects in the domestic
and export markets.

Bapashree Agro Private Limited was incorporated in the year 2009
by the Vaghela family and is primarily engaged in the processing,
milling and trading of rice and wheat with a product mix
comprising polished and unpolished rice, rice bran, different
grades of processed wheat and by products generated during the
milling process. BAPL's production unit is located in Sanand,
Gujarat.

Recent Results

For the year ended March 31, 2012 Bapashree Agro Private Limited
reported an operating income of INR43.36 crore and profit after
tax of INR0.09 crore as against an operating income of INR23.26
crore and profit after tax of INR0.07 crore for FY11.


CATMOSS RETAIL: Under KMPG Audit Over Financial Irregularities
--------------------------------------------------------------
The Times of India reports that accounting firm KPMG is
conducting a forensic audit of Catmoss Retail Private Limited at
the behest of private equity investor SAIF Partners, amid
suspicions of financial irregularities.

KPMG, Catmoss' auditor for the last few years, was tasked by
minority shareholder SAIF Partners to conduct a forensic audit
about six weeks ago following allegations of financial
mismanagement at the retailer, two persons with direct knowledge
of the situation told TOI.

The report relates that one of the persons with direct knowledge
of the situation said the Catmoss management had allegedly
mishandled the INR100 crore it received from SAIF Partners as
well as the INR100 crore it raised through bank loans.

Vinay Girdhar, vice-president for retail at Catmoss, said certain
"people are creating rumours" about the company, but declined to
elaborate further, saying he has resigned from the company, TOI
adds.

Based in Delhi, India, Catmoss Retail Private Limited
manufactures and exports readymade garments and fashion apparel
for kids.


CHINTTPURNI ENG'G: ICRA Assigns 'BB-' Rating to INR33cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating for INR33 crore term loans
and fund-based limits of Chinttpurni Engineering Work Private
Limited. ICRA has also assigned '[ICRA]A4' rating to the INR22
crore non-fund-based limits of CEWPL. The long-term rating
carries a stable outlook.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund-based-limits           28.00     [ICRA]BB- Assigned
   Term Loans                   5.00     [ICRA]BB- Assigned
   Non-fund-based-limits       22.00     [ICRA]A4 Assigned

The ratings factor in CEWPL's high gearing (~2.3 times as of
March 2012) and weak debt coverage indicators (Total Debt/OPBIDTA
of ~10 times and Net Cash Accruals/Total Debt of ~4% in FY2012).
The ratings are also constrained by high working capital
intensity of operations due to long receivable cycles (debtor
days of more than 80 in FY2012) and large material carrying
period (inventory days of more than 70 in FY2012), which coupled
with modest accruals and steady growth in revenues has led to
negative fund flow from operations. Furthermore, ICRA's rating
takes into account significant client concentration as more than
90% of the revenues are coming from a single customer, Indian
Railways. The company has commenced operations at its foundry
(unit-II) in Q1FY2013, the commissioning of which took longer
than expected due to delays in getting the power connection.
While the new unit will take time to stabilize, the repayments of
the term loan taken to establish the same have already started,
putting further pressure on company's cash flows.

ICRA's ratings, however, derive comfort from CEWPL's experienced
management, its long and established association with Indian
Railways and its recent tie-up with Tata Motors Limited, which
will enable the company in diversifying its revenue and client
base, to an extent.

Chinttpurni Engineering Work Private Limited is involved in
providing Railroad related products and services. The promoters
ventured into railway business in 1993, under their flagship unit
named Chinttpurni Engineering Works (CEW), a partnership concern.
This unit was started to manufacture and supply a wide variety of
products, including but not limited to track switches, insulated
glued joints, steel channel sleepers, special check rails, steel
setting device and switch expansion joints. Later the entity was
converted into a Private Limited Company. The manufacturing
facilities of the company are located in Barabanki near Lucknow.

Recent Results

Chinttpurni Engineering Work Private Limited reported operating
income of -INR49 crore and profit after tax of -INR1 crore in
FY2012.


COUNTY DEVELOPERS: ICRA Assigns 'B' Rating to INR12.5cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating for INR12.50 crore fund-based
and fund-based limits of County Developers Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund-based-limits           5.00      [ICRA]B Assigned
   Non-fund-based-limits       7.50      [ICRA]B Assigned

The rating is constrained by the limited value addition in the
nature of work done by CDPL, vulnerability of its profitability
to volatility in polymer prices and highly competitive poly-woven
sacks industry. The rating is also constrained by CDPL's exposure
to significant customer concentration risks as the company
supplies poly-woven sacks only to cement plants owned by Jaypee
group. Further, the rating also takes into account the fact that
CDPL has commenced its operations in September 2011 and is in
stabilization phase, which is also reflected in its poor
operating profitability (-0.52% in FY12). Nevertheless, the
rating positively factors in company's association with one of
the largest companies in the cement sector, favorable long-term
outlook for cement sector, and growing use of poly woven sacks in
other industries like solvent extraction and sugar.

County Developers Private Limited is engaged in manufacturing of
polypropylene coated bags for cement packaging. Its manufacturing
facility is located at Sikandarabad, District Bulandshahar (Uttar
Pradesh) with total capacity of 600 lakh sacks per annum. cement.
The company was promoted in June 2006 by Mr. Ram Pal Singh.

Recent Results

County Developers Private Limited (CDPL) reported operating
income of -INR15 crore and profit after tax of -INR5 crore in
FY2012.


INDUS EDUCATIONAL: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has assigned an '[ICRA]D' D) rating to the INR4.5 crore term
loans of Indus Educational & Charitable Trust.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loans                   4.5      [ICRA]D assigned

The rating primarily takes into account IECT's delays in timely
servicing of debt obligations. The rating also takes into account
IECT's small scale of operations, its unfavorable student to
faculty ratio, limited financial flexibility of the Trust with
the fee structure being regulated by the State Government, and
large capital expenditure (capex) plans, which is likely to
stretch the liquidity profile of the entity, at least over the
medium term. While assigning the rating, ICRA has also taken note
of the experience of Trustees in the field of education,
accreditation of the courses by AICTE that increases acceptance
among student community and potential recruiters, and IECT's
moderate financial profile characterized by moderate gearing
levels and coverage indicators. ICRA notes that delays in
collection of fees from the students had adversely impacted the
liquidity position of the entity and is likely to remain a key
challenge for the entity going forward. In ICRA's opinion, the
ability of the entity to service its debt obligations in a timely
manner would be a key rating sensitivity going forward.

Incorporated in 2006, IECT was set up by Dr. Ravi P Reddy to
impart education. IECT set up Indus College of Engineering (ICE)
in 2007 to offer B. Tech courses only. All the courses are
approved by AICTE and affiliated to BPUT, Rourkela. Subsequently,
in 2009, the Trust had set up Indus School of Engineering (ISE),
which offers diploma courses in engineering. ISE is approved by
AICTE and affiliated to the State Council for Technical Education
and Vocational Training, Odisha. ICE started offering MBA and MCA
degrees from 2008, however the same has been discontinued at
present. The Trust has total student strength of 1348 students
during academic year 2012-13.

Recent Results

During FY12, IECT reported a profit after tax (PAT) of INR0.22
crore on the back of an operating income of INR7.42 crore as
against a PAT and OI of INR0.28 crore and 8.12 crore respectively
during FY11.


KIRAN AGENCIES: ICRA Cuts Rating on INR15cr Loan to '[ICRA]B-'
--------------------------------------------------------------
ICRA has revoked the suspension and revised the rating assigned
to the INR15.00 crore (enhanced from INR5.00 crore) long-term
fund based bank facility of Kiran Agencies to '[ICRA]B-' from
'[ICRA]B'.  The rating for the short-term non-fund based bank
facilities has been reaffirmed at '[ICRA]A4'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Long-term fund              15.00     Revised to [ICRA]B- from
   based facility                        [ICRA]B

   Short-term non fund          5.00     [ICRA]A4 Reaffirmed
   based facilities

The revision in rating incorporates the stretched working capital
cycle on account of high receivables necessitating external
borrowings and leading to highly leveraged capital structure as
reflected by a gearing of 4.52 times as on March 31, 2012. The
ratings also take into account the depressed coverage indicators
of the firm and the existence of competitive pressure from a
large number of unorganized players. The ratings, however,
favorably factor in the partners established experience in the
pharmaceuticals trading business and the improvement in profit
margins of the firm due to lower raw material cost.

Incorporated in 1975, Kiran Agencies is a distributor of drugs
and pharmaceuticals to government hospitals primarily within
Maharashtra. In 1995, the firm shifted its core operations to
Mumbai. KA procures pharmaceutical drugs from reputed companies
and supplies to government hospitals by way of tendering process.

Recent Results:

As per its audited financials for 2011-12, KA recorded a net
profit of INR0.76 crore on an operating income of INR56.58 crore
as against a net profit of INR0.44 crore on the back of an
operating income of INR58.56 crore in 2010-11.


L.M. FOODS: ICRA Assigns '[ICRA]B+' Rating to INR25cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR25.0 crore
facilities of L.M. Foods.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loan                    1.14     [ICRA]B+(Assigned)
   Fund Based Facilities       23.00     [ICRA]B+(Assigned)
   Unallocated                  0.86     [ICRA]B+(Assigned)

The rating favorably factors in long experience of the promoters
in the field of rice business and stable capacity utilization
levels of the firm. ICRA also notes the favorable demand
prospects for the industry with India being the second largest
rice producer in the world. The rating is however constrained by
weak financial profile of the firm characterized by low
profitability, high gearing and weak debt protection indicators.
The rating is also constrained by the low entry barriers and
intensely competitive nature of the industry which makes margins
vulnerable to fluctuations in prices. Going forward improvement
in debt coverage indicators and profitability will be the key
sensitive factors.

Based in Karnal, L.M. Foods was formed in 1997 as a partnership
firm by Sh. Madan Lal and Sh. Kewal Krishnan. At present, Smt
Krishna Devi and Sh. Kewal Krishnan are the equal partners of the
firm. Based out of Haryana, Karnal, L.M. Foods is involved in
rice milling. It is primarily into milling and processing of
basmati rice with non basmati rice forming a negligible portion.
The firm is also engaged in further processing of byproducts like
bran and husk. The firm has good mix of export and domestic
turnver. In FY12 export constituted 25% of the total operating
income while the rest was from domestic sales.

Recent Results

For the year 2011-12, the firm reported operating income of
INR69.16 crore and net profit of INR0.15 crore.


MANILA RESORTS: ICRA Rates INR6cr Term Loan at '[ICRA]B'
--------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' for INR6.0 crore long-term
bank facilities of Manila Resorts Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term loan                    6.0      [ICRA]B assigned

The assigned ratings take into consideration the long standing
experience of the promoters in the real estate business. However,
ratings are constrained due to the project being in development
phase, which exposes it to risks related to time and cost
overruns. The project faces high competitive intensity from
existing resorts and hotels of similar scale in the nearby
region, which may limit its ability to achieve high occupancy
particularly in the early phase of operations; favorable location
of the resort may partially mitigates this risk, which may enable
healthier occupancy in the long term. Further, as the debt
repayments would start from October 2013, any delay in project
implementation or stabilization can result in cashflow mismatch
and necessitate refinancing. The ability of the resort to achieve
moderate occupancy in early phase of operations, amid the high
competition, in order to generate healthy cash flows would be key
rating sensitivities going forward.

Manila Resorts Private Limited, established in 1998, owns
approximately 5 acres of land at the Kanchanpur area adjoining
the Corbett National Park, within 3.5 km of Ramnagar. MRPL was
incorporated with the objective of carrying on the business of
running and managing hotels, resorts, banquet halls etc. and also
to carry on the business of building holiday resorts and
sell/rent them out. However, the company does not have any
operations at present. It has started developing a resort & club,
'Samsara Resort & Club' at Kanchanpur, Ramnagar (Uttarakhand)
near the Corbett National Park and promoters plan to operate the
resort themselves.


MJR EDUCATIONAL: ICRA Puts '[ICRA]D' Rating on INR7cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR7.00
crore1 fund based facilities of MJR Educational Society.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loan                   7.00      [ICRA]D Assigned

The assigned rating is constrained by the instances of delay in
repayment of term loans due to inability of the college to
increase the seat occupancy levels and the delays witnessed in
the fee reimbursements from Government of Andhra Pradesh. Excess
supply of seats in the engineering education in Andhra Pradesh
has lead to increased levels of competition among private
engineering colleges affecting occupancy levels. Going forward
the term loan repayments would be tightly matched with cash flows
which are expected to be stretched given the delays witnessed in
the disbursement of Andhra Pradesh government funded fee
reimbursement scheme. Any fresh infusion of funds into the
society could ease the cash flow stretch in the society.

MJR Educational Society was established in the year 2008 as a
society. The society has one constituent college named MJR
College of Engineering and Technology affiliated to Jawaharlal
Nehru Technological University, Anantapur( Andhra Pradesh). The
college has been approved by All India Council for Technical
Education, New Delhi. The college is located on a 14.89 acre land
in Piler Mandal in Chitoor district, which is ~50Kms away from
Tirupati city. Sri. M. Venkata Ramana Reddy, a real estate
businessman and an active politician has been instrumental in
setting up of the society.

In the financial year 2011-12(provisional), MJRES reported an
Operating income of INR2.25 Crore with a net loss of INR-0.36
Crore as against an Operating income of INR1.85 Crore with a net
profit of INR0.36 crore in the financial year 2010-11.


PRANI AUTO: ICRA Assigns '[ICRA]B+' Rating to INR7.75cr Loan
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR7.75 crore
fund based limits of Prani Auto Plaza Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash credit                 7.75      [ICRA]B+

The assigned rating factors in strong growth in revenues over the
last two years with the operating income increasing from
INR43.59cr in FY2010 to INR63.81cr in FY2012, the long-standing
experience of the promoters in the automobile industry and
established presence of the company in Anantapur and Kurnool
areas in Andhra Pradesh. The rating also favorably factors in the
healthy demand outlook in the long term for the passenger vehicle
industry owing to low-penetration levels, rising disposable
levels, buoyant economic growth and strong demand from smaller
towns and rural areas.

However, the assigned rating is constrained by low operating
margins on account of industry dynamics and the commission
structure being decided by the principal; high gearing due to
debt-funded capital expenditure and working capital borrowings
and high competitive intensity from dealers of other Original
Equipment Manufacturers (OEM), leading to severe pricing
pressure.

Prani Auto Plaza Private Limited was started in 2003 as a
partnership firm and subsequently converted into a private
limited company in 2009. The company is the authorized dealer of
Passenger vehicles of Tata motors limited (TML) in Anantapur and
Kurnool districts AP. The company opened its first showroom in
Ananthapur in 2003, followed by Kurnool in 2007 and Nandyala in
2009. These three showrooms are located in the company's own
buildings. Additionally, the company has opened showrooms in
Hindupur (2011) and Tadipatri (2012) on a lease basis.

Recent Results

In FY2012, the company reported an operating income of
INR63.81crore and an operating profit of INR2.20crore as against
an operating income of INR50.86crore and an operating profit of
INR1.82crore in FY2011.


V.K SOOD: ICRA Assigns '[ICRA]C' Rating to INR7cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]C' rating to the INR7 crore (including
unallocated) fund based facilities of V.K Sood Engineer &
Contractor DDS JV Unit III.  ICRA has also assigned short term
rating of '[ICRA]A4' to the non fund based facilities of VKS.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loan                    4.00     [ICRA]C(Assigned)
   Fund Based-Cash Credit       2.87     [ICRA]C(Assigned)
   Non Fund Based-Bank          6.00     [ICRA]A4(Assigned)
   Guarantee
   Unallocated                  0.13     [ICRA]C(Assigned)

The assigned rating reflects the tight liquidity position on the
firm as is indicated by declining fund flow from operations and
fully utilized working capital limits. The rating is also
constrained by limited revenue visibility as reflected by pending
order book to operating income ratio of 0.28 times and small
scale of operation of the firm. However the rating derives
comfort from the experience of the promoters in the field of
construction and firm's position as a registered contractor for
Indian railways. Going forward improvement in VKS's liquidity
position, ability of the firm to procure fresh orders and grow
its revenues will remain the key rating sensitive factors.

V.K. Sood Engineer & Contractor DDS JV Unit -111 is a partnership
firm based in Chandigarh. The firm was established in 2007 by Mr.
Vaneet Kumar Sood and Mr. Puneet Kumar Sood both of whom have 50%
share in profit/loss of the firm. The firm is registered as a
contractor for Indian railways which enables it to undertake work
for various railway agencies.

Recent Results

For the period 2011-12, the company reported operating income of
INR5.34 crore and net profit of INR0.23 crore.



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


PANASONIC CORP: May Shut Some Businesses as 2nd Annual Loss Looms
-----------------------------------------------------------------
Tim Culpan & Mariko Yasu at Bloomberg News report that Panasonic
Corp. said it's in talks about closing some businesses as the
company heads toward a second straight annual loss.

Shutting divisions is a "worst-case" scenario and the TV maker
will try to safeguard jobs whether units are sold, restructured
or closed, President Kazuhiro Tsuga told reporters Jan. 8 at the
Consumer Electronics Show in Las Vegas, according to Bloomberg.
He didn't elaborate on which operations could close, Bloomberg
notes.

Panasonic needs to overhaul unprofitable operations such as
plasma televisions and mobile phones to end losses, Junya Ayada,
a Daiwa Securities Co. analyst, told Bloomberg.  The report says
the Osaka-based company eliminated more than 38,800 jobs in the
year ended September, or about 11% of staff, as Japanese
electronics makers struggle to compete with Apple Inc. and
Samsung Electronics Co.

"The market is expecting Tsuga to come up with a drastic and
convincing plan," Mr. Ayada told Bloomberg by phone. "He needs to
show specifics on how to revive the company."

Bloomberg relates that Mr. Tsuga said discussions about shutting
units form part of work on a mid-term plan due to be unveiled by
March 31. The company has no immediate closure plans, he said.

"We really want to avoid it," Bloomberg quotes Mr. Tsuga as
saying.  The company may instead find partners or form ventures
for units, possibly including the semiconductor business, he
said.

Bloomberg adds that the TV-maker has already announced plans to
cut 8,000 jobs in the six months started Oct. 1. It also intends
to end smartphone operations in Europe by March 31 and to close
domestic mobile-phone plants in June, Bloomberg relays.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of
the company's products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.



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


AORANGI SECURITIES: Receiver Guilty of Accountancy Ethics Breach
----------------------------------------------------------------
Emma Bailey at stuff.co.nz reports that a receiver appointed by
the Hubbard statutory managers, has been found guilty of
breaching accountancy ethics, following the dissolution of a
$10 million dairy farm owned by a South Canterbury family.

According to the report, the New Zealand Institute of Chartered
Accountants (NZICA) has found Invercargill WHK rural partner and
accountant James Hennessy guilty of breaching the institute's
ethics in a receivership by failing to be seen at all time to be
independent and free from conflicts of interest.

He was censured and ordered to pay $19,376 to the institute in
costs, the report relays.

In the decision released by the institute, stuff.co.nz relates,
it said Mr. Hennessy "accepted an appointment as receiver of a
farming partnership when he acted for the incumbent sharemilker
on that farm", who was also a potential purchaser of the farm.

stuff.co.nz notes that the South Otago farm was put into
receivership by statutory managers Grant Thornton, as it owed
Aorangi Securities $10 million. Aorangi is in statutory
management.

The South Canterbury family laid the complaint with the
institute, the report relays.

"Although the member [Hennessy] advised the sharemilker he would
no longer act for him, numerous decisions made in the course of
the receivership impacted both his former sharemilker client and
the outcome of the receivership - for example leases entered into
with the sharemilker and sales of stock to a third party
financier immediately leased back to the sharemilker," the
decision stated.

"The sharemilker was also a potential purchaser of the farm, and
during the receivership, companies of which the member [Hennessy]
was a director, entered into grazing and stock-leasing
arrangements with the sharemilker."

According to stuff.co.nz, the institute did state all key
decisions were taken after Mr. Hennessy took independent
professional advice and Grant Thornton which appointed him was
kept informed and consulted about the decisions.

stuff.co.nz relates that at the hearing on Dec. 17, 2012, via
video teleconference, Mr. Hennessy rejected the initial conflict
of interest charge, but indicated he was willing to admit to a
lesser charge of a perception of having a conflict of interest.

His defense was that all actions were vetted by another partner
at the firm, as well as the Aorangi statutory manager, Grant
Thornton, the report adds.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.


ROSS ASSET: David Ross AFA License Suspended for Six Months
-----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that embattled
Wellington businessman David Ross' financial adviser license has
been suspended for six months.

The Herald says Mr. Ross was licensed as an authorised financial
adviser (AFA) by the Financial Markets Authority - a fact his now
out-of-pocket investors said they took comfort in.

According to the report, FMA spokesperson Tony Reid said Mr. Ross
was made an AFA in 2011, but last month, the FMA formally
suspended his license for half a year.

The FMA raided Mr. Ross' offices in early November after
complaints from investors and companies under the financial
adviser's control were placed into the hands of receivers PwC
soon after, the Herald recalls.

PwC partner John Fisk told the Herald in November he may have
uncovered "characteristics of a Ponzi scheme" when looking into
Ross' companies.

Although Mr. Ross' 900 clients believed their investments were
worth almost NZ$450 million, PwC has so far only be able to
identify around NZ$11 million of assets, the report says.

Both the FMA and Serious Fraud Office are investigating Ross'
affairs, the Herald adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



===========
T A I W A N
===========


JIH SUN: Fitch Affirms Long-Term IDR at 'BB+'; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Jih Sun Financial Holding
Co., Ltd and its wholly-owned subsidiaries, Jih Sun Securities
Corp., Ltd and Jih Sun International Bank. The Outlooks are
Stable.

At the same time, Fitch has assigned JSIB's TWD2.5bn outstanding
unsecured subordinated bond a National Long-Term rating of
'BBB+(twn)' . A full rating breakdown can be found at the end of
this commentary.

JSH's IDRs reflect the group's consolidated credit profile, and,
on a standalone basis, its improved liquidity and lower double
leverage. The group's IDRs are primarily driven by the financial
strength of one of its main operating subsidiaries, JSS. The
ratings have incorporated the group's potential obligation to
support its weaker banking subsidiary JSIB, in case of need.

JSS's IDRs reflect its long history and established position in
Taiwan's stock brokerage market, strong capitalisation,
satisfactory liquidity, and modest risk exposure. The ratings are
constrained by the company's volatile trading performance. JSS
has remained profitable despite challenging market conditions,
due to its large brokerage franchise and cost restraint.

The Stable Outlook reflects Fitch's belief that JSS's franchise
would remain sound and profitable. Rating upgrade is unlikely in
the near term given its potential obligation to support JSIB.
Negative rating action may result from large unexpected trading
losses leading to deterioration in the company's capitalisation
or from large capital support for JSIB.

JSIB's IDRs are equalised with those of its holding parent to
reflect its status as a core component of JSH and obligatory
support from its holding parent. Its Viability Rating (VR)
reflects its continuing improvement in risk governance, adequate
capitalisation, and a clean-up of its legacy loan portfolio prior
to 2009. The VR has also considered JSIB's limited business scope
and weak recurring earnings.

JSIB's VR may be upgraded if continuing improvements in asset
quality are sustained while costs are being reduced to generate
sufficient pre-provision operating income as capital buffer for
loan impairments. Conversely, negative rating action may result
from deterioration in asset quality, most likely due to growth
from rebuilding its loan portfolio.

JSH posted modest profit in 2011 and Q312 after trading losses in
JSS were offset by JSS's own resilient brokerage income and
earnings from JSIB. The group is likely to remain profitable
although earnings will be affected by the inherent volatility of
trading income.

JSH and its subsidiaries have adequate capitalisation. JSH's sum-
of-parts capital ratio was 184.1% at end-Q312, TWD11.9bn above
the minimum regulatory requirement of 100%. JSIB's Tier 1 Capital
and Fitch Core Capital ratio remained adequate at 11.6% and
13.5%, respectively, little changed from 11.4% and 13.2% at end-
2011. JSS's capital adequacy ratio of 657% at end-Q312 was well
above the regulatory minimum of 150%.

The liquidity profiles of JSH, JSS, and JSIB remain adequate with
cash dividends inflow from subsidiaries providing reasonable
cover for interest and expenses at the holding company level, as
well as demonstrated access to the capital market.

The subordinated bond rating of JSIB is one notch below the
bank's National Long-Term rating, reflecting its subordinated
status and the absence of any going-concern loss-absorption
mechanism (such as coupon deferral under specified conditions).
Any rating action on JSH, JSS, or JSIB is likely to trigger a
similar move in its debt ratings.

The group's major shareholders are US-based private-equity firm,
Capital Target and Japan's Shinsei Bank, with equity interests of
24.1% and 35.5%, respectively. JSS is one of the larger and
longest established securities companies in Taiwan with a market
share of 3.87% as at end-Q312. JSIB is a small bank in Taiwan
with deposit market share of 0.58% at end-Q312.

The rating actions are as follows:

JSH
Long-Term IDR affirmed at 'BB+'; Outlook Stable
Short-Term IDR affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

JSS
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'

JSIB
Long-Term IDR affirmed at 'BB+'; Outlook Stable
Short-Term IDR affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'
Viability Rating affirmed at 'bb-'
Subordinated debt rating assigned at 'BBB+(twn)'



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


* Bingham McCutchen Adds Two Partners in Tokyo, Japan
------------------------------------------------------
Bingham McCutchen LLP has elected two lawyers to its partnership
in Tokyo, effective Jan. 1, 2013.

Yukari Murayama, an experienced financial restructuring lawyer
and former deputy director of the Japanese Financial Services
Agency's Supervisory Coordination Division, and Goh Aizawa, a
former member of the Japanese Prime Minister's National Policy
Unit experienced in derivative related deals, have been elected
as partners in Bingham's Tokyo office, one of the largest law
firms in Japan with more than 70 lawyers.

"Our Tokyo office continues to play a key role in Bingham's
global platform," said Bingham Chairman Jay Zimmerman. "Our
lawyers are involved in some of the most complex, high-level
corporate, financial services and litigation matters worldwide,
and we are committed to investing in our resources in Tokyo and
Asia to continue to provide the services our clients need."
Bingham's Tokyo office, together with Bingham lawyers globally,
have been involved in many high-profile matters, including
serving as lead counsel for Olympus in crisis management for
issues arising out of accounting irregularities and the company's
continued listing on the Tokyo Stock Exchange.

"Japan is undergoing unprecedented political and regulatory
change. Yukari and Goh's key policy and regulatory experience
will be crucial for corporations doing business in Japan and in
Asia," said Hideyuki Sakai, managing partner of Bingham's Tokyo
office. "These talented lawyers reflect the diverse cross-section
of our firm and the services we provide our clients around the
world."

Prior to serving at the Japanese Financial Services Agency,
Ms. Murayama advised Bingham Tokyo office clients on financial
restructuring and insolvency matters, as well as corporate and
public company securities matters. She received a bachelor of
laws from Waseda University and is admitted to practice in Japan
(bengoshi).

Mr. Aizawa coordinated national policy and interfaced with
numerous Japanese government ministries as a member of the Prime
Minister's National Policy Unit. He has extensive experience in
matters involving financial products, particularly in
derivatives-related disputes. He previously worked as a business
strategy consultant at a prominent consulting firm. He holds a
bachelor of laws from the University of Tokyo and is admitted to
practice in Japan (bengoshi).


                             *********

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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