TCRAP_Public/130115.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

           Tuesday, January 15, 2013, Vol. 16, No. 10


                            Headlines


A U S T R A L I A

CASELLA WINES: In Emergency Talks With Lender Amid Loss
PALOGA TRANSPORT: Goes Into Liquidation; 110 Workers Lose Jobs
RETAIL ADVENTURES: Deloitte Confirms Talk With Litigation Funder


C H I N A

CHINA BAK: Incurs $65.8-Mil. Net Loss in Fiscal 2012
CHINA ORGANIC: Incurs $2.5-Mil. Net Loss in Fiscal 2011
DBA TELECOM: Fitch Assigns 'B+' IDR; Rates New Notes 'B+(EXP)'
FOSUN INT'L: Moody's Changes Outlook on 'Ba3' CFR to Stable
FOSUN INT'L: S&P Assigns 'BB+' Issuer Credit Rating

KWG PROPERTY: S&P Affirms 'BB-' Corporate Credit Rating


H O N G  K O N G

APOLLO INTERNET: Members' Final General Meeting Set for Feb. 5
ASIAWIN TRADING: Members' Final General Meeting Set for Feb. 7
BEST WOOD: Court to Hear Wind-Up Petition on Feb. 20
BIOENVIROLINK TECHNOLOGIES: Court Enters Wind-Up Order
CARDTEL EUROPE: Arboit and Batchelor Appointed as Liquidators

CGL EASTERN: Court to Hear Wind-Up Petition on Jan. 23
COMPACT CONSTRUCTION: Final Meetings Set For Feb. 22
ETERNITY LOGISTICS: Court Enters Wind-Up Order
FAR EAST: Stephen Liu Yiu Keung Steps Down as Liquidator
GUARDWAY SECURITY: Court to Hear Wind-Up Petition on Feb. 27


I N D I A

AKSHAR ISPAT: CARE Assigns 'B+' Rating to INR9.25cr Loan
BHAGYA ORNAMENTS: CARE Assigns 'BB-' Rating to INR6.5cr Loan
BRAINWAVE MEDICAL: CARE Rates INR7cr Long-Term Loan at 'B+'
GLOBAL HOSPITAL: CARE Assigns 'B+' Rating to INR23.4cr Loan
INDO POWER: CARE Assigns 'BB' Rating to INR156.04cr Loans

MANDIRA FASHIONS: CARE Rates INR6cr Long-Term Loan at 'CARE B+'
MOHAK CARPETS: CARE Assign 'CARE C' Rating to INR31.32cr Loan
RISHI CONSFAB: CARE Assigns 'B+' Rating to INR8.87cr LT Loan
SHREE BHIMESHWARI: CARE Assigns 'B+' Rating to INR41.97cr Loan
SHREE SHIV: CARE Rates INR5.5cr LT Loan at 'CARE BB-'

SUDHIR CONSTRUCTIONS: CARE Puts 'BB-' Rating on INR7cr Loan
SWASTIK LUMBERS: CARE Places 'B+' Rating on INR3.25cr Loan


J A P A N

* Weaker Yen Will Benefit Autos More Than Tech, Fitch Says


K O R E A

LEO MOTORS: Incurs $184,000 Net Loss in 2012 Third Quarter


N E W  Z E A L A N D

AORANGI SECURITIES: WHK Backs Accountant Over Ethics Breach Case
AORANGI SECURITIES: Hubbard Misled Investors, Report Reveals
CRAFAR FARMS: Animal Abuse Trial Delayed For a Week


S I N G A P O R E

AROMATE PRIVATE: Creditors' Proofs of Debt Due Jan. 25
CAMBURY PTE: Creditors to Get 25.03036% Recovery on Claims
CHASLAND DEVELOPMENT: Court Enters Wind-Up Order
CONCORD DEVELOPMENTS: Court to Hear Wind-Up Petition Jan. 18
DOUBLE WIN: Creditors' Proofs of Debt Due Jan. 25

FUJITRANS (SINGAPORE): Creditors Get 2.0680% Recovery on Claims
VEPRO (SEA): Creditors to Get 100% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week Jan. 7 to Jan. 11, 2013


                            - - - - -


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


CASELLA WINES: In Emergency Talks With Lender Amid Loss
-------------------------------------------------------
Caroline Henshaw at The Wall Street Journal reports that Casella
Wines, one of Australia's biggest wine exporters, has been forced
into emergency talks with its lender after recording its first
loss in more than 20 years, largely due to the strong Australian
dollar.

The Journal relates that Casella Wines, which makes one in every
five bottles of Australian wine sold overseas, said it was
looking to shave costs and is confident of being able to broker a
deal with lender National Australia Bank ahead of an extended
January 30 deadline.


PALOGA TRANSPORT: Goes Into Liquidation; 110 Workers Lose Jobs
--------------------------------------------------------------
SmartCompany reports that Paloga Transport has gone into
liquidation, leaving the Australian Open at risk of not being
able to roll out the red carpet in its corporate boxes.

Paloga went into liquidation just before Christmas with millions
of dollars' worth of carpet warehoused, the report relates.

According to SmartCompany, Timothy Holden and Mathew Golant of
Foremans Business Services were appointed as liquidators of
Paloga, which owed almost AUD5 million to AUD6 million to
creditors.

Mr. Holden told SmartCompany the major creditors of the company
were the Australian Taxation Office and its landlords.

Paloga employed 110 people who were all made redundant upon the
appointment of the liquidators, the report notes.

SmartCompany says that as the Australian Open tennis tournament
kicks off today and the eyes of the world turn to Melbourne,
Holden says the grand slam tournament may be another victim of
the collapse.

"It was a specialist warehouse logistics company for carpet and
flooring so we are talking 15,000 to 20,000 rolls of carpet and I
gather there might be a couple of rolls that are for the
Australian Open," SmartCompany quotes Mr. Holden as saying.

SmartCompany, citing Herald Sun, reports the Australian Open has
been affected and carpet layers are desperately searching for
replacement stock while they wait for the receivers of Paloga
Transport to release the stock.

But until the company is sold, carpet companies are short of
stock, which is locked in a warehouse, the report relays.

A creditors' meeting will be held today, January 15, at the
Sandringham Yacht Club, SmartCompany adds.

Paloga Transport was a national transport, warehousing and
logistics company for the floor-covering industry.


RETAIL ADVENTURES: Deloitte Confirms Talk With Litigation Funder
----------------------------------------------------------------
The Sydney Morning Herald reports that the administrators of
Retail Adventures have confirmed they have been in discussions
with litigation funder IMF about possible legal action if the
failed discount chain owned by Kathmandu founder Jan Cameron goes
into liquidation next month.

A team of administrators from Deloitte led by Vaughan Strawbridge
is investigating several transactions executed before its
appointment, as well as looking into whether the company traded
while insolvent, according to SMH.

"It is not unusual for an administrator to have discussions with
a litigation funder," the report quotes Deloitte spokesman Simon
Rushton as saying.  "For now, there are no ongoing discussions
and no identified actions being considered by any parties."

SMH notes that Retail Adventures has made losses totalling
AUD114 million since Ms Cameron acquired the business out of
receivership in March 2009.

The company's directors had relied on Ms Cameron's financial
support to prepare the company's accounts on a "going concern"
basis, the report relays.

By the time administrators were appointed, the company had net
liabilities of about AUD118 million.

According to the report, the sales process will help determine
whether it is worth pursuing a deed of company arrangement on
behalf of creditors, or if they are better off winding up the
company.

SMH relates that the administrators' investigations will be
critical in determining whether there is legal action worth
pursuing -- in liquidation -- on behalf of the 1,700 creditors
who are owed AUD270 million.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.



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


CHINA BAK: Incurs $65.8-Mil. Net Loss in Fiscal 2012
----------------------------------------------------
China BAK Battery, Inc., filed on Dec. 31, 2012, its annual
report on Form 10-K for the fiscal year ended Sept. 30, 2012.

PKF, in Hong Kong, China, expressed substantial doubt about China
BAK'a ability to continue as a going concern.  The independent
auditors noted that the Company has a working capital deficiency
and accumulated deficit from net losses incurred for the year
ended Sept. 30, 2012, and prior periods.

The Company reported a net loss of $65.8 million on $205.7
million of net revenues in fiscal 2012, compared with a net loss
of $24.5 million on $219.0 million of revenues in fiscal 2011.

The Company's balance sheet at Sept. 30, 2012, showed
$442.9 million in total assets, $371.1 million in total
liabilities, and stockholders' equity of $71.8 million.

A copy of the Form 10-K is available at http://is.gd/DPI3QA

Shenzhen, PRC-based China BAK Battery, Inc., is global
manufacturer of lithium-based battery cells.


CHINA ORGANIC: Incurs $2.5-Mil. Net Loss in Fiscal 2011
-------------------------------------------------------
China Organic Fertilizer, Inc., filed on Dec. 28, 2012, its
annual report on Form 10-K for the fiscal year ended March 31,
2011.

Paritz & Company, P.A., in Hackensack, New Jersey, expressed
substantial doubt about China Organic's ability to continue as a
going concern.  The independent auditors noted that the Company
had a working capital deficit of $1.5 million, an accumulated
deficit of $4.8 million and a stockholders' deficiency of
$668,361.

The Company reported a net loss of $2.5 million on $954,143 of
revenue in fiscal year 2011, compared with a net loss of $700,199
on $36,413 of revenue in fiscal year 2010.

Operating expenses in fiscal 2011 included a $1,593,098 charge
for impairment of assets.  "We incurred this charge because early
in the fiscal year, the government informed us that it intended
to dedicate the land on which our Daqing facility is located to a
public use.  This situation rendered the equipment that we had
installed at Daqing and various related assets located there
useless to us.  As of the end of the fiscal year, we remained in
negotiations with the government regarding the amount that the
government may pay to compensate us for the loss of our factory,
but we have no basis for estimating the compensation nor any
assurance that it will be paid.  If the government does agree to
compensate us for the loss, the gain will be recorded in the
fiscal period when we receive the commitment."

The Company's balance sheet at March 31, 2011, showed $1.1
million in total assets, $1.8 million in total current
liabilities, and a stockholders' deficit of $668,361.

A copy of the Form 10-K is available at http://is.gd/80Eyco

Headquartered in Beijing, PRC, China Organic Fertilizer, Inc., is
a holding company that carries on the business of manufacturing
and distributing organic fertilizer through wholly-owned
subsidiaries located in the People's Republic of China.
Indirectly, through a Delaware corporate subsidiary, it owns 100%
of the registered capital stock of Beijing Shennongxing
Technology Co., Ltd.


DBA TELECOM: Fitch Assigns 'B+' IDR; Rates New Notes 'B+(EXP)'
--------------------------------------------------------------
Fitch Ratings has published DBA Telecommunication (Asia) Holdings
Limited's Long-Term Issuer Default Rating of 'B+' with Stable
Outlook and its senior unsecured rating of 'B+'. The company is
an operator of intelligent self-service (ISS) terminals in China
and a manufacturer of telecommunication machines and equipment.

Fitch has also assigned DBA's proposed USD senior unsecured bonds
an expected rating of 'B+(EXP)'. The bonds' rating is in line
with DBA's senior unsecured rating. Proceeds from the proposed
issue will be used to finance business expansion and for general
corporate purposes. The final rating of the proposed notes is
contingent upon the receipt of documents conforming to
information already received.

DBA's ratings are constrained by its vulnerability to potential
competition from new entrants and increasingly popular online
services. The company's competitive advantages - low
manufacturing cost and flexible location - are limited,
particularly when compared with those of online channels. In
addition, Fitch does not exclude the possibility of new
competitors with a similar business model eroding DBA's market
share and profitability. The ratings are also held back by
limited offshore funding sources.

DBA's credit strengths are its short payback period, business
scalability and manageable capex. Fitch estimates it would take
only two years to pay back the initial costs of each terminal,
based on current brisk sales and insignificant manufacturing
cost. Annual EBITDA per terminal is strong, currently estimated
at over CNY30,000, and the company had a total of 9,900 terminals
at end-H112. Furthermore, DBA owns enough plant buildings and
land to only require limited incremental capex to raise
production capacity. The Stable Outlook reflects Fitch's
expectation that demand for pre-paid cards should remain firm
over the next two years.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- payback period for each ISS terminal increasing to three years
   or annual EBITDA per ISS terminal falling below CNY23,000

- EBITDA/gross interest falling below 3.5x on a sustained basis

- total debt/operating EBITDA rising above 3x on a sustained
   basis (end-2011: 1.1x)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- establishing a strong national brand name or other significant
   competitive advantages on a sustained basis


FOSUN INT'L: Moody's Changes Outlook on 'Ba3' CFR to Stable
-----------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook for Fosun International Limited's Ba3 corporate family
rating and B1 senior unsecured bond ratings.

Moody's has also affirmed the company's Ba3 corporate family
rating and the B1 rating on its existing senior unsecured bond
due May 2016.

At the same time, Moody's has assigned a provisional (P)B1 rating
to its proposed 5-year US dollar bonds.

Ratings Rationale

"The outlook change reflects Moody's expectation that Fosun's
financial profile will stabilize in the next 12 months, given 1)
that its core cyclical steel and iron ore business has bottomed,
and 2) the company's liquidity has improved," says Alan Gao, a
Moody's Vice President and Senior Analyst.

Moody's expects Fosun's consolidated adjusted EBITDA in 2012 to
be slightly weaker than that of 2011, but will stabilize in the
next 12 months, supported by a moderate improvement in its steel
and iron ore business.

At the same time, its pharmaceuticals business will remain
strong, while its property operation will benefit from the stable
property market and improved contract sales.

"Fosun's liquidity has also improved owing to the sale of a large
investment, the repayment of a shareholder loan by Forte Land,
and the RMB3.8 billion in cash raised through Shanghai Fosun
Pharmaceutical Holdings Co Ltd's H-Share placement," says
Mr. Gao.  "Moody's also expects Fosun to receive an additional
US$210 million in cash if an upcoming shareholders' meeting
approves the sale of Focus Media Holdings Limited.  Such a level
of cash would further strengthen its liquidity," adds Mr. Gao.

Fosun's liquidity is also supported by ample credit facilities
from major banks.  As of November 2012, the consolidated company
enjoyed total uncommitted banking facilities of RMB102 billion,
of which 60% were unutilized.

Moody's views Fosun's growing asset management business as credit
positive because it provides an increasingly large and stable
funding source for the company's private equity investment and
property businesses.  Both of these businesses offer high
potential returns but also exhibit high risk profiles.

As of December 2012, Fosun managed 19 funds with total assets
under management (AUM) of RMB16.6 billion, up 50% from RMB11.0
billion as of December 2011.  Around 79% of the AUM were
allocated into private equity investments, and the remaining 21%
were property investments.

On the other hand, Fosun's credit ratings are constrained by the
high volatility in its investment income and the potential
imbalance between internally generated cash and management's
strong appetite for investments.

Moody's expects Fosun to realize RMB1.0-1.5 billion in investment
gains in 2012, largely in line with that of 2011.  For 2011,
realized investment gains were equivalent to 25%-35% of the
company's funds from operations for the past two years, thus
exerting a large impact on its cash flow.  However, its
investment gains have been volatile historically and are hard to
predict.

Fosun's recurrent cash flow at the holding company level, most of
which is dividend income, has been low at around RMB1.2 billion
annually in the past 2 years.  Such annual dividend income covers
about 1.2x-1.5x of its interest expenses at the parental level,
but is insufficient to support the company's active new
investment activities.  As a result, it strongly relies on
capital recycling to support growth.  Despite its successful
investment track record, its large investment portfolio exhibits
single-position concentration risk, and is susceptible to adverse
market conditions.

Moody's expects Fosun's key credit metrics of adjusted debt/cap,
adjusted Debt/EBITDA, and FFO/net debt to stay at around 50%-55%,
6.0x -6.5x, and 8%-10% respectively, in line with its current
rating level.

Upgrade pressure will emerge if the company: 1) increases
recurring cash flow or curtails its investment needs so that it
can achieve a balance between its internally generated cash flow
and investment needs; and/or (2) arranges more long-term capital
to match its investments.

The financial metrics Moody's would look for include: adjust
debt/capital under 50%, adjusted debt/EBITDA below 5.0x-6.0x,
and/or FFO/net debt above 8%-10% on a consistent basis.
Fosun's ratings could be downgraded if: (1) its underlying
business profile changes materially, e.g. it loses control of its
core businesses, such that its business risk rises; (2) its core
businesses encounter downturns more severe than Moody's
expectations; or (3) its liquidity position significantly
deteriorates due to an inability to roll over short-term debt and
a depletion of its cash balances.

The following credit metrics would indicate a potential
downgrade: adjusted debt/capital above 55%, adjusted debt/EBITDA
above 6.0x, and/or FFO/net debt below 8%-10%.

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

Fosun International Ltd is the holding company for businesses
including steel, property, pharmaceuticals and healthcare,
mining, retail, services, insurance, finance and other
investments, and asset management in China and overseas.
Headquartered in Shanghai, it listed on the Hong Kong Stock
Exchange in 2007. The group is 58%-owned by Mr. Guangchang Guo
indirectly, the Chairman. He and three other founders indirectly
own 79.08% of the company.


FOSUN INT'L: S&P Assigns 'BB+' Issuer Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating and its 'cnBBB' Greater China regional scale rating to a
proposed issue of benchmark-sized U.S. dollar senior notes by
Fosun International Ltd. (BB+/Negative/--; cnBBB/--).  The
ratings are subject to S&P's review of the final issuance
documentation.  The company will use the proceeds from the
proposed issuance to refinance its existing debt, and for general
corporate purposes.

"We rate the proposed notes at the same level as the long-term
corporate credit rating despite a degree of structural
subordination risks for noteholders.  We believe the following
factors mitigate the subordination risk: Fosun's diversified
investment portfolio, its willingness and track record of
divesting of assets to raise capital, and strong financial
flexibility and liquidity at the holding company level," S&P
said.

"The rating on Fosun reflects the China-based conglomerate's
evolving business structure, concentrated investments in cyclical
and volatile industries, and its weak consolidated financial
performance.  Fosun's high-growth strategy and aggressive
investment appetite also constrain the rating.  The company's
growing and increasingly diversified asset portfolio, its
experienced management, and good financial flexibility support
the ratings.  We assess Fosun's business risk profile as
"satisfactory" and its financial risk profile as "aggressive,"
S&P added.

Fosun's balance sheet leverage should decline in 2013 after
management's effort to reduce debts and the initial public
offering of its pharmaceutical business.  The negative outlook
reflects S&P's expectation that the company's steel business may
not turn around, given a still-difficult operating environment,
and that consolidated credit ratios for the next 12 months will
be weak for the current rating.


KWG PROPERTY: S&P Affirms 'BB-' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based developer KWG Property Holding Ltd.
to negative from stable.  At the same time, S&P affirmed the 'BB-
' long-term corporate credit rating on KWG and the 'B+' issue
rating on the company's outstanding senior unsecured notes.  As a
result of the outlook revision, S&P lowered its long-term Greater
China regional scale rating on KWG to 'cnBB' from 'cnBB+' and on
the notes to 'cnBB-' from 'cnBB'.

"We revised the outlook to negative because KWG's cash flow
adequacy, including its debt-to-EBITDA ratio and EBITDA interest
coverage, could become weak for the rating.  Our view is based on
our expectation of KWG's weaker sales execution compared with
peers', likely lower margins due to price-cutting, and increasing
interest expenses.  The prospect for recovery in 2013 is
uncertain," said Standard & Poor's credit analyst Bei Fu.
"Nevertheless, we expect KWG to manage its expansion and balance
sheet."

S&P views KWG's business risk profile as "weak" and its financial
risk profile as "aggressive," as our criteria define these terms.

"We expect KWG's 2012 property sales growth to be somewhat lower
than similarly rated peers', despite the company being likely to
meet its target of Chinese renminbi (RMB) 12 billion.  This
partly reflects the company's high-end product mix, which has
been affected significantly by the government's policy to control
property investment and speculative demand.  We expect KWG's
contract sales to grow modestly in 2013 due to a stabilizing
market and a greater number of projects available for sale," S&P
said.

KWG's price-cutting strategy in 2011 and early 2012 to boost
sales could have eroded its profit margins.  The company's
project costs, including land, have risen.  This will likely
compress margins further. S&P is unclear if margins could recover
significantly in 2013 despite improving market sentiment.

"We affirmed the ratings to reflect KWG's fairly aggressive debt-
funded expansion and high exposure to the high-end residential
property segment," said Ms. Fu.  "The company's established
market position in Guangzhou and its satisfactory performance and
improving recognition in new markets temper these weaknesses.
KWG's more diverse geographic and product mix than that of peers
with a similar rating also support the rating."

"We may lower the rating if KWG's property sales improve more
slowly than we expect in 2013 (about RMB13.5 billion) and its
profit margin decreases significantly from its 2011 level without
any signs of recovery.  We could also lower the rating if KWG's
liquidity weakens such that its cash sources are less than 1.2x
its cash uses or its ratio of debt-to-EBITDA rises above 5x in
the next 12 months," S&P added.

S&P may revise the outlook to stable if KWG's property sales
improve significantly in 2013, the company restores its profit
margins to more than 40%, and it prudently manages its debt and
land acquisitions.



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


APOLLO INTERNET: Members' Final General Meeting Set for Feb. 5
--------------------------------------------------------------
Members of Apollo Internet Limited will hold their final general
meeting on Feb. 5, 2013, at 10:00 a.m., at 144a Clerkenwell Road,
London, EC1R 5DF, in United Kingdom.

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


ASIAWIN TRADING: Members' Final General Meeting Set for Feb. 7
--------------------------------------------------------------
Members of Asiawin Trading Limited will hold their final general
meeting on Feb. 7, 2013, at 11:00 a.m., at Room 912, 9/F, Block
A, Focal Industrial Centre, at 21 Man Lok Street, Hunghom, in
Kowloon.

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


BEST WOOD: Court to Hear Wind-Up Petition on Feb. 20
----------------------------------------------------
A petition to wind up the operations of Best Wood Industrial
Limited will be heard before the High Court of Hong Kong on
Feb. 20, 2013, at 9:30 a.m.

Lo Chor Fat filed the petition against the company on Dec. 10,
2012.


BIOENVIROLINK TECHNOLOGIES: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order on Dec. 1, 2012, to
wind up the operations of Bioenvirolink Technologies Limited.

The company's liquidators are:

          James Wardell
          Lui Chau Yuet
          Suite 1704, 17th Floor
          625 King's Road
          North Point, Hong Kong


CARDTEL EUROPE: Arboit and Batchelor Appointed as Liquidators
-------------------------------------------------------------
Bruno Arboit and John Howard Batchelor on April 27, 2012, were
appointed as liquidators of Cardtel Europe Limited.

The liquidators may be reached at:

         Bruno Arboit
         John Howard Batchelor
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


CGL EASTERN: Court to Hear Wind-Up Petition on Jan. 23
------------------------------------------------------
A petition to wind up the operations of CGL Eastern Network
Limited will be heard before the High Court of Hong Kong on
Jan. 23, 2013, at 9:30 a.m.

Pacific Aviation Freight Forwarding Limited filed the petition
against the company on Nov. 19, 2012.

The Petitioner's solicitors are:

          Hobson & Ma
          13th Floor, Tower 2
          New World Tower
          18 Queen's Road
          Central, Hong Kong


COMPACT CONSTRUCTION: Final Meetings Set For Feb. 22
----------------------------------------------------
Creditors and contributories of Compact Construction Engineering
Company Limited will hold their final meetings on Feb. 22, 2013,
at 2:30 p.m., at Messrs. William K. W. Leung & Co. of Unit 1,
11th Floor, Beautiful Group Tower, at 77 Connaught Road, Central,
in Hong Kong.

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


ETERNITY LOGISTICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 29, 2012, to
wind up the operations of Eternity Logistics Limited.

The company's liquidators are:

          James Wardell
          Lui Chau Yuet
          Suite 1704, 17th Floor
          625 King's Road
          North Point, Hong Kong


FAR EAST: Stephen Liu Yiu Keung Steps Down as Liquidator
--------------------------------------------------------
Stephen Liu Yiu Keung stepped down as liquidator of Far East
Wagner Construction Limited on Dec. 3, 2012.


GUARDWAY SECURITY: Court to Hear Wind-Up Petition on Feb. 27
------------------------------------------------------------
A petition to wind up the operations of Guardway Security
Guarding Service Limited Trading as Guardway Property Management
will be heard before the High Court of Hong Kong on Feb. 27,
2013, at 9:30 a.m.

The Incorporated Owners of Yuen Long Wah On Villa filed the
petition against the company on Dec. 19, 2012.

The Petitioner's solicitors are:

          S. K. Lam, Alfred Chan & Co
          Room 607-608, 6th Floor, Wing On House
          71 Des Voeux Road
          Central, Hong Kong



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I N D I A
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AKSHAR ISPAT: CARE Assigns 'B+' Rating to INR9.25cr Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Akshar Ispat Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.25       CARE B+ Assigned
   Short-term Bank Facilities     0.60       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Akshar Ispat
Limited are primarily constrained on account of its nascent stage
of operations, debt-funded capital expenditure, project
stabilization and saleability risk. The ratings are further
constrained on account of its working capital intensive
nature of operations in the cyclical steel industry and high
competition from organized and unorganized players.  The above
constraints far offset the benefits derived from the vast
experience of the promoters in various businesses.

The ability of AIL to quickly stabilize its operations and
achieve the envisaged level of sales & profitability remains the
key rating sensitivity.

AIL, based in Himatnagar, Gujarat, was incorporated on May 25,
2011, by three promoters to manufacture Thermo Mechanically
Treated Bars (TMT Bars) at its plant located at Himatnagar,
Gujarat, with an installed capacity of 66,000 Metric Ton per
Annum (MTPA). The total cost of the project was INR16.30 crore,
which was funded through the mix of debt and equity in the
proportion of 1.71:1. The commercial production was scheduled to
commence from April 2012; however, on account of the delay in the
installation of the machinery, the said project was delayed by
three months. The project has been completed and the commercial
production commenced in July 2012.


BHAGYA ORNAMENTS: CARE Assigns 'BB-' Rating to INR6.5cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Bhagya
Ornaments.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6.50     CARE BB- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Bhagya Ornaments is
primarily constrained on account of low profitability, leveraged
capital structure and weak liquidity indicators. The rating is
further constrained by the presence of BHAGYA in a competitive
and fragmented jewellery trading industry coupled with the risk
associated with fluctuation in gold prices.  The rating, however,
favorably takes into account the experience of the proprietor in
jewellery business and stable outlook for gems and jewellery
industry.  Improvement in the overall financial risk profile and
increasing the scale of operations would be the key rating
sensitivities.

Bhagya Ornaments, based in Ahmedabad (Gujarat), was established
in 2001 by Mr. Anant Shah as a proprietorship firm. The firm is
engaged in the trading of gold and silver ornaments. The firm
gets its designer jewellery manufactured on the job work basis
from various established third party manufacturers. Mr. Anant
Shah also looks after two other group concerns, Bhagya Gold Cast
Private Limited and Bhagya Diamond Jewellery Private Limited,
engaged in similar line of activity.  Mr. Anant Shah is also a
promoter director in newly formed group concern, Bhagya
Infrastructure Private Limited, which is engaged in the
construction activity.

During FY12 (as per the audited results; refers to the period
April 1 to March 31), BHAGYA reported a total operating income of
INR61.14 crore (FY11: INR38.56crore) and Profit After Tax (PAT)
of INR0.16 crore (FY11: INR0.13 crore).


BRAINWAVE MEDICAL: CARE Rates INR7cr Long-Term Loan at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Brainwave Medical Technology Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7        CARE B+ Assigned
   Short-term Bank Facilities       2        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Brainwave Medical
Technology Private Limited are primarily constrained by its small
scale of operations coupled with low profit margins,
leveraged capital structure and highly working capital intensive
nature of its business.  The ratings, however, do take into
account the experience of the promoters of BPTPL and its
established relationship with the reputed clients.  Going
forward, the ability of the company to improve its financial risk
profile through better profitability margins and capital
structure while effectively managing its working capital
requirements would be the key rating sensitivities.

BMTPL was primarily incorporated as Brainwave Medical Technology,
a proprietorship concern by Mr. Somesh Verma (aged 42 years) in
February 2005. Later on, it was reconstituted as a private
limited company and the entity's name was changed to BMTPL in
March 2010; however, the commercial business activities of the
firm were taken over by the company in October 2010.  Currently,
BMTPL is being managed by Mr. Somesh Verma and Mr. H. R. Verma
(father of Mr. Somesh Verma).

The company is engaged in the trading of medical equipment which
includes neuromodulation devices, spinal fixation systems,
cranial perforators, hand instruments and high speed drill
systems used by neurosurgeons and orthopaedics.  The company
procures these items mainly from 'MEDTRONIC India' and sells its
products to its clients in the states of Uttar Pradesh,
Rajasthan, Uttarakhand, Haryana, Jharkhand, Madhya Pradesh and
Delhi.


GLOBAL HOSPITAL: CARE Assigns 'B+' Rating to INR23.4cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Global Hospital.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       23.40     CARE B+ Assigned
   Short-term Bank Facilities       0.10     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Global Hospital
are mainly constrained on account of a delay in project
implementation, long gestation period associated with hospital
project, high competition and fragmented nature of industry along
with risk of unavailability or inability to attract quality
doctors and medical professional. The above-mentioned constraints
far outweigh the strengths derived from experienced trustee,
location advantage and favorable industry outlook.

The ability of the trust to complete the project without a cost
over-run and within the estimated time schedule and stabilization
of the operations by achieving estimated occupancy levels are the
key rating sensitivities.

Global Hospital is a charitable trust established on November 30,
2011, with Dr Mahesh Kotbagi as the sole trustee. The trust with
its registered office at Pune is setting up a 200-bedded
hospital at Bhosari (Pune). The proposed hospital would be a
tertiary hospital with departments such as Cardiology,
Gynecology, Accident & Trauma centre and ICU. As per original
schedule, the operations were scheduled to start by November
2012. Due to change in the scope of the hospital, with increase
in bed capacity from 100 to 200 bed hospital, the project has
been delayed. Presently GH has started its OPD operations and is
expected to commence full fledge operations from February 2013.


INDO POWER: CARE Assigns 'BB' Rating to INR156.04cr Loans
---------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Indo Power Projects Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15.04      'CARE BB' Assigned
   Long/Short-term Bank          141.00      'CARE BB'/'CARE A4+'
   Facilities                                 Assigned

Rating Rationale

The ratings of the company are constrained by relatively small
size of the business, volatility in input prices, high average
collection period leading to working capital intensiveness of the
business, moderate financial position with low profitability
margin, high leverage ratios and economic slowdown affecting the
domestic construction sector. However, the ratings also factor in
long experience of the promoters in engineering construction
business, company's healthy order book position, satisfactory
project execution capability and major clientele comprising
government entities. Ability of the company to successfully
execute projects on time and receive contract proceeds, manage
working capital effectively and outlook of the domestic
construction sector will remain the key rating sensitivities.

Indo Power Projects Ltd., promoted by Shri Amalendu Sen and Shri
R. Chandramouli of Kolkata, is currently engaged in providing
engineering & construction services for rural electrification
projects under the Rajiv Gandhi Grameen Vidyutikaran Yojana
scheme of GoI. The company is specialised in execution of
electrical construction contracts on turnkey basis. The Board of
Directors comprises four promoter directors and one independent
director.

IPPL earned PBILDT of INR10.7 crore and PAT (after defd. tax) of
INR4.9 crore on net sales of INR119.9 crore in FY12.


MANDIRA FASHIONS: CARE Rates INR6cr Long-Term Loan at 'CARE B+'
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mandira
Fashions Private Limited.

                               Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mandira Fashions
Private Limited is primarily constrained on account of its modest
scale of operations, low profitability and weak debt coverage
indicators. The rating is further constrained on account of its
working capital intensive nature of operations in the highly
fragmented and competitive segment of the textile industry with
vulnerability to fluctuation in prices of raw materials.
The above constraints far offset the benefits derived from the
vast experience of the promoters in the textile industry, its
advantageous location and established marketing and distribution
network.

The ability of MFPL to improve its overall financial risk profile
with improvement in the profitability margins and solvency
position remains the key rating sensitivity.

MFPL, based in Surat, was originally incorporated as a
proprietorship firm in the name of "M/s. Bhavya International" in
1991. Later in 2011, the firm was converted to a private limited
company, and the name was changed to MFPL. MFPL is led by two
promoter directors, Mr. Rajkumar Mehta and his wife, Mrs Aruna
Mehta. MFPL is mainly engaged in the processing (job-work done by
third parties) and selling of designer sarees under the brand
"Mandira".

During FY12 (refers to the period April 1 to March 31), MFPL
reported a PAT of INR0.22 crore on a total operating income of
INR30.81 crore as against a PAT of INR0.03 crore on a total
operating income of INR0.04 crore during FY11. Furthermore,
during H1FY13 (provisional), MFPL reported a PBT of INR0.25 crore
on a total operating income of INR25.66 crore.


MOHAK CARPETS: CARE Assign 'CARE C' Rating to INR31.32cr Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Mohak Carpets Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      31.32      CARE C Assigned
   Short-term Bank Facilities      1.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mohak Carpets
Private Limited are primarily constrained by its small scale and
short track record of operations and weak financial risk profile
characterized by losses, very high leverage, stressed coverage
indicators and weak liquidity position resulting in instances of
delay in debt servicing in the past. The ratings are further
constrained by working capital intensive nature of operations and
highly competitive industry.

The ratings, however, do factor in the experience and
resourcefulness of the promoters and wide distribution network.
Going forward, the ability of MCPL to increase its scale of
operations while improving its overall financial profile would be
the key rating sensitivity.

MCPL was initially incorporated as Mohak Carpets & Flooring
Private Limited in June 2009 and the name was changed to MCPL in
June 2012. The company is incorporated by Mr. Surinder Bajaj
(aged 53 yrs) and his wife, Mrs. Minal Bajaj (aged 52 yrs). MCPL
is engaged in manufacturing of nonwoven, tufted and printed
carpets. The company sells 85% of the products through
distributors and 15% of the products directly to automotive
clients. In December 2011 the company diversified its product
portfolio by commencing the manufacturing of Geo Textile having
usage in road construction.

For FY12 (refers to the period April 1 to March 31), MCPL
achieved total operating income of INR19.14 crore with PBILDT and
PAT of INR-2.76 crore and INR-11.19 crore, respectively.


RISHI CONSFAB: CARE Assigns 'B+' Rating to INR8.87cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Rishi Consfab Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.87      CARE B+ Assigned
   Short-term Bank Facilities      1.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rishi Consfab
Private Limited are constrained on account of its relatively
small scale of operations, weak financial risk profile marked
with declining profitability, customer concentration risk, and
increased competition. The ratings, however, derive strength from
the long track record of the promoters and relationship with L&T
Komatsu.

The ability of RCPL to improve its scale of operations and
improvement in the profitability while maintaining its capital
structure is the key rating sensitivity.

Rishi Consfab Private Limited was incorporated in 2008 by Mr.
Harshad Patel and commenced its operations in September 2009.
RCPL is a subsidiary of Rishi Laser Ltd (RLL; rated 'CARE BB+',
'CARE A4+') where RLL holds 74% ownership and L & T Capital Co.
(LTC) holds 26%.  RCPL and L&T Komatsu have entered into a MOU,
where RCPL has agreed to execute the orders solely for L&T
Komatsu from its Bangalore unit. The MOU has not been renewed
after July 2011 in order to increase the customer base and
eventually the scale of operations. RCPL is engaged in the
manufacturing and supply of fabricated components and assemblies
for earth moving equipment industry. The manufacturing facility
of RCPL is located at Bangalore with an installed capacity of
3,900 Metric Tons Per Annum (MTPA).


SHREE BHIMESHWARI: CARE Assigns 'B+' Rating to INR41.97cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Bhimeshwari Ispat Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      41.97      CARE B+ Assigned
   Short-term Bank Facilities     26.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Bhimeshwari
Ispat Private Limited are constrained by thin profitability
margins, weak solvency ratios, and stressed liquidity position.
The ratings are further constrained by its presence in a
fragmented industry and exposure to the fluctuations in raw
material price due to the cyclicality inherent in the steel
industry. The ratings, nonetheless favorably factor the
experience of the promoters in the steel industry and partial
backward integration.

The ability to improve its financial risk profile along with
increase in scale of operations and profitability and combat the
pressure of volatility in raw material prices are the key rating
sensitivities.

Shree Bhimeshwari Ispat Private Limited, based in Pune,
Maharashtra, was incorporated in February 2005 by Mr. Ashok Kumar
Jindal and his family. It belongs to Jindal - SVI group,
consisting of three more affiliate companies engaged in value
chain of the steel industry. SBIPL is primarily engaged in
manufacturing of MS Angle, MS Channels, MS Round Bar, MS Flat
and MS Square Bar. Mild Steel products manufactured by SBIPL find
application in construction, power transmission, engineering,
oil, automobile and infrastructure industry.

SBIPL has two manufacturing units situated in the industrial belt
of Satara town in Maharashtra with total installed capacity of
96,750 TPA and utilized capacity of 55, 763 TPA as on March 31,
2012. The products of SBIPL are sold in domestic market and
majorly cover the state of Maharashtra, Karnataka and Goa.

The other companies in Jindal - SVI group are , Jai Mata
International Pvt. Ltd. engaged in trading of steel sheets and
plates, Ambey Vaishnao Steels Pvt. Ltd. engaged in manufacturing
of MS billets and Shree Siddhivinayak Ispat Private Limited
(SSIPL - Rated CARE BB / CARE A4) engaged in manufacturing of
heavy structural steel items. In FY12, the total turnover of the
group was INR603.23 crore.


SHREE SHIV: CARE Rates INR5.5cr LT Loan at 'CARE BB-'
-----------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Shree Shiv Lingeries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.50      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Shiv
Lingeries Private Limited is constrained by the relatively small
scale of operations, moderate profitability, high leverage, and
weak debt coverage indicators. The rating is further constrained
by the susceptibility of margins to volatile raw material prices
along with supplier and customer concentration risk.

The rating takes note of the established presence of Ashapura
group in readymade garments and its experienced promoters and
financial support in the past.

The ability of SSLPL to grow its operations, improve
profitability and efficiently manage its working capital cycle
would be the key rating sensitivity.

Incorporated in December 2010 by Mr. Bhavesh Bhanushali, & Mrs
Premila Bhanushali, SSLPL is engaged in the business of
manufacturing and trading in fancy ladies lingeries. The entity
earns its revenues mainly from domestic market. SSPL's products
are sold under the brand name of 'Valentine Pink'. SSLPL sells
its products through organized retail chains and distributors.
SSLPL's products are marketed through a chain of around 45
distributors having presence in more than 5,000 retail counters
and exclusive lingerie shops across India. The manufacturing
facility at Bhiwandi with an annual installed capacity of
8,50,000 pieces as on March 31, 2012. Mr. Bhavesh Bhanushali is
also a director in Ashapura Apparels Pvt. Ltd. (rated CARE BB for
its bank facilities).

SSLPL started commercial operations in April 2011 and during FY12
reported total operating income of INR22.36 crore and PAT of
INR0.37 crore. Furthermore, during H1FY13 SSLPL has posted
total income of INR17.84 crore (80% of the projected operating
income for FY13) and PAT of INR0.20 crore (83% of the projected
PAT of FY13).


SUDHIR CONSTRUCTIONS: CARE Puts 'BB-' Rating on INR7cr Loan
-----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sudhir Constructions.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7        CARE BB- Assigned
   Short-term Bank Facilities       6        CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo any change in case of the withdrawal of
the capital or the unsecured loan brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Sudhir
Constructions are constrained by its stretched financial risk
profile, small scale of operations, high competition resulting
from fragmented nature of industry and exposure to the tender
driven process. The ratings are further constrained by
registration of firm as Class 1-B contractor with PWD,
Maharashtra, putting limit on the size of contracts to bid and
constitution of firm as a partnership concern.

The ratings, however, are underpinned by the long track record of
the firm with experienced promoters in the construction business,
healthy order book position providing revenue visibility in
the medium term, comfort that the firm gains through price
escalation clause in some of its contracts of long tenure and
diversified revenue stream with presence of firm in the
construction of buildings, industrial structure, roads and
bridges.

The ability of the firm to scale up its operations along with
improvement in its capital structure and liquidity position and
to execute projects on timely basis is the key rating
sensitivity.

M/s Sudhir Constructions (SC) was established in the year 1998 as
a partnership firm by the Khandar brothers. The firm is engaged
in civil construction and it undertakes the constructions of
bridges, earthwork, road, railways, etc. The firm is registered
as Class 1-B contractor with Public Work Department (PWD),
Maharashtra, by virtue of which it is eligible to undertake all
types of civil works up to INR25 crore, within the state of
Maharashtra. Moreover, it is also registered as Class
A-5 contractor with PWD, Madhya Pradesh, and can undertake all
types of civil work irrespective of its size within the state of
Madhya Pradesh. The firm receives construction work from
Government departments. Also, the firm has executed projects for
Tata Projects Limited (TPL) and Mahindra Ashtec Limited (MAL)
(now Tecpro Systems Limited). For TPL, SC has constructed an
industrial shed at Umred (Nagpur) and for MAL, SC was appointed
as a sub-contractor for ASH Handling Plant (TPS Paras).


SWASTIK LUMBERS: CARE Places 'B+' Rating on INR3.25cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Swastik Lumbers Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.25      CARE B+ Assigned
   Short-term Bank Facilities     14.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Swastik Lumbers
Pvt. Ltd. are constrained by relatively small size of operations,
leveraged capital structure and low profitability margins which
are vulnerable to the fluctuating exchange rates and log prices.
The ratings are further constrained due to its presence in a
highly competitive timber sector and exposure to government
regulations.  The ratings, however, are underpinned by long track
record of the promoters along with their considerable experience
in the timber sector, location advantage, moderately diversified
customer base and good demand from the user industries.

The ability of the company to increase its scale of operations
along with the improvement in profitability and manage its
foreign exchange and raw material price risk are the key rating
sensitivities.

Swastik Lumbers Pvt. Ltd., based in Karnal, Haryana, an importer
and wholesale supplier of timber, was incorporated in the year
2007. Before establishing SLPL, the promoters, Mr. Suresh
Kumar Jindal & Mr. Ravinder Kumar Jain, carried out the same
business jointly through M/s Swastik Impex, which was established
in the year 2002. This firm was later rechristened as Swastik
Lumbers Pvt. Ltd.

SLPL imports log from Malaysia, Nigeria, New Zealand and some
African countries and supplies processed timber to wholesalers in
the states of Maharashtra, Haryana, UP, Punjab and Karnataka.
The company has a saw mill in Gandhidham, Gujarat, for procuring
logs and processing the same.

Main varieties of wood imported include Malaysian Saal, Ivory
Coast Teak Wood, Nigerian Wood and New Zealand wood. Termed as
commercial wood, these varieties of woods find application in
making doors, windows, furniture and other wooden items.



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


* Weaker Yen Will Benefit Autos More Than Tech, Fitch Says
----------------------------------------------------------
Fitch Ratings says the Japanese government's plans to weaken the
yen will benefit auto manufacturers more than technology
companies. The auto manufacturers still produce coveted vehicles
and will see an increase in demand and profitability from a
falling yen, but technology companies have lost their leadership
and their reputations. Therefore the recovery will take far
longer.

"Japanese cars still sell in high volumes globally, which means
the auto manufacturers will benefit from currency weakening.
However, the auto companies have diversified their production
capacity to insulate themselves from a strong yen, which will
dilute the benefit. For example, Nissan and Honda are realigning
their production capacity and increasing their North American
production," Fitch says.

"We believe Toyota is likely to be the biggest winner among the
big three Japanese automakers from any weakening in the yen. We
estimate that Japan accounts for about 40% of Toyota's global
production and Toyota exports nearly 50% of its Japanese
production, which is higher than its Japanese competitors.

Most Japanese technology companies are losing market share and
leadership to South Korean manufacturers. This is partly driven
by a strong yen but also by intense competition in the LCD
TV/panel and smartphone businesses and weak European export
markets. Any significant recovery in the Japanese technology
companies' fortunes will be slow as they have to win back their
reputation with consumers.

"The future of Japanese tech will depend on their ability to curb
loss-making segments and re-discover the kind of technological
leadership that historically enabled them to develop must-have
products. However, at the moment their weak financial performance
does not enable them to invest in new technologies to anywhere
near the extent of their competitors.

"While a significant devaluation of the yen would be positive for
these Japanese exporters, without a radical change to the
structure of their businesses it is difficult to see
profitability improving enough for the tech giants to regain
investment-grade ratings," Fitch adds.



=========
K O R E A
=========


LEO MOTORS: Incurs $184,000 Net Loss in 2012 Third Quarter
----------------------------------------------------------
Leo Motors, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $184,052 on $915 of revenues for the
three months ended Sept. 30, 2012, compared with a net loss of
$151,496 on $0 revenues for the same period last year.

For the nine months ended Sept. 30, 2012, the Company had net
income of $391,479 on $25,301 of revenues, compared with a net
loss of $440,563 on $252,555 of revenues for the same period of
2011.  The change in sales is attributable to limited sales of
prototype products.  Results for the nine months ended Sept. 30,
2012, included forgiveness of debt of $829,645 included in other
income.

The Company's balance sheet at Sept. 30, 2012, showed $5.9
million in total assets, $2.2 million in total liabilities and
stockholders' equity of $3.7 million.

According to the regulatory filing, the Company has accumulated
deficits of $9.1 million as of Sept. 30, 2012.  The Company also
has certain debts that have been in default during these periods
although the creditors have not pursued collection proceedings.
The Company's stockholders' equity at Sept. 30, 2012, was
$5.9 million and its current liabilities exceeded its current
assets by $1.3 million on Sept. 30, 2012.  "These negative trends
have been consistent right up through the most current fiscal
year, except for this quarter and the sale of their only major
investment, respectively."

"These factors create uncertainty about the Company's ability to
continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/X6ydjb

                         About Leo Motors

Located in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., is a Nevada Corporation incorporated on Sept. 8,
2004.  The Company established a wholly-owned operating
subsidiary in Korea named Leo Motors, Co. Ltd. ("Leozone") on
July 1, 2006.  Through Leozone the Company is engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.  Leozone operates through four unincorporated
divisions: new product research & development ("R&D"), post R&D
development such as product testing; production; and sales.

The Company's products include (i) Zinc Air Fuel Battery
("ZAFC"), (ii) electric vehicles ("EV") such as cars, trucks,
tractors and other commercial/military vehicles, (iii) E-Bike or
electric scooters, (iv) EV components that integrate electric
batteries with electric motors such as EV Controllers that use a
mini-computer to control torque drive, and (v) E-Box which is an
electric energy storage system for solar and wind power
generation devices.



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


AORANGI SECURITIES: WHK Backs Accountant Over Ethics Breach Case
----------------------------------------------------------------
stuff.co.nz reports that Australasian accountancy firm WHK is
standing behind one of its accountants found guilty of breaching
ethics.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2013, stuff.co.nz said a receiver appointed by
the Hubbard statutory managers, has been found guilty of
breaching accountancy ethics, following the dissolution of a
NZ$10 million dairy farm owned by a South Canterbury family.
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 NZ$19,376 to the institute in costs.

According to the report, WHK New Zealand chief executive Phil
Mulvey said Mr. Hennessy's job was not impacted on by the
decision and he had the firm's full support.

"NZICA and WHK separately commissioned independent reviews of the
conduct of the receivership. Both reviewers came to the same
conclusion, namely that there has been no inappropriate conduct
in and about the receivership and no loss caused or occasioned to
the partnership," the report quotes Mr. Mulvey as saying.

"Mr. Hennessy as a consequence of his extensive involvement in
the rural sector pleaded guilty to an amended charge of failing
to maintain the appearance of objectivity and the appearance of
being free from conflicts of interest. This is a very minor
breach and a breach of appearance only. NZICA in response have
applied the minimum censure and no fine."

                      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.


AORANGI SECURITIES: Hubbard Misled Investors, Report Reveals
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that former National Bank
chairman Sir John Anderson concluded Timaru businessman Allan
Hubbard had misled investors in his tangled affairs in a report
written shortly before Mr. Hubbard's death in a car accident in
September 2011.

The report by Anderson and Deloitte insolvency specialist Rod
Pardington has been released after a 16-month wait that included
an appeal to the Ombudsman's Office, which had intended to
suppress the comment about Mr. Hubbard making "misleading
representations to investors" but mistakenly released the
conclusion to BusinessDesk.

Mr. Hubbard died with fraud charges hanging over his head, and
had been battling a decision to place him, along with his wife
Jean, under statutory management along with much of the rest of
his tangled business affairs.

BusinessDesk notes that in their July 2011 report reviewing the
order freezing the Hubbards' assets, Sir John and Mr. Pardington
concluded the statutory management should remain in place.

They said the managers needed to figure out the value of couple's
assets and liabilities, and had to clarify the uncertainties
around the business affairs, and that once those issues were
cleared the order could be lifted, according to BusinessDesk.

The uncertainty as to who held what assets was seen a risk for
terminating Allan Hubbard's statutory management, as was the
claim that there were "misleading representations to investors",
the report, as cited by BusinessDesk, said.

"The administration of the statutory management of the other
entities without the inclusion of Mr and Mrs Hubbard would be
counterproductive to resolution given the high degree of
intermingling of Mr Hubbard's affairs with the affairs of the
other entities in statutory management," BusinessDesk quotes
Sir John and Mr. Pardington as saying.

The report said the statutory managers also considered there was
a possibility Mr Hubbard's liabilities would exceed his Sawfewer
risksassets once the dispute reached the court-room, BusinessDesk
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.


CRAFAR FARMS: Animal Abuse Trial Delayed For a Week
---------------------------------------------------
Christopher Adams at The Daily Post reports that a trial
involving five parties linked to the running of Crafar Farms who
face hundreds of charges between them of animal abuse has been
postponed.

According to the report, the trial was to start Jan. 14, 2013, in
the Rotorua District Court but has been put off for at least a
week.

The Daily Post relates that the five include farm manager Craig
Coote, farm worker Raymond Griffen, Southland dairy management
company MilkPride, and company directors Murray Flett and Ross
Cottier.

They have been charged with failing to prevent suffering, cruelty
and ill treatment of animals, the report adds.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.



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


AROMATE PRIVATE: Creditors' Proofs of Debt Due Jan. 25
------------------------------------------------------
Creditors of Aromate Private Limited are required to file their
proofs of debt by Jan. 25, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CAMBURY PTE: Creditors to Get 25.03036% Recovery on Claims
----------------------------------------------------------
Cambury Pte Ltd declared the first and final dividend on
Jan. 2, 2013.

The company paid 25.03036% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CHASLAND DEVELOPMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Dec. 7, 2012, to
wind up the operations of Chasland Development Pte Ltd.

The company's liquidator is:

         Kong Sik Chuen
         TKNP Insolvency Management Pte Ltd
         141 Cecil Street #10-01
         Singapore 069541


CONCORD DEVELOPMENTS: Court to Hear Wind-Up Petition Jan. 18
------------------------------------------------------------
A petition to wind up the operations of Concord Developments Pte
Ltd will be heard before the High Court of Singapore on Jan. 18,
2013, at 10:00 a.m.

Kinson Real Estate PLC filed the petition against the company on
Jan. 3, 2013.

The Petitioner's solicitors are:

         Messrs Surian & Partners
         No. 101 Upper Cross Street
         #07-02 People's Park Centre
         Singapore 058357


DOUBLE WIN: Creditors' Proofs of Debt Due Jan. 25
-------------------------------------------------
Creditors of Double Win Electrical Switchgears Pte Ltd are
required to file their proofs of debt by Jan. 25, 2013, to be
included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


FUJITRANS (SINGAPORE): Creditors Get 2.0680% Recovery on Claims
---------------------------------------------------------------
Fujitrans (Singapore) Pte Ltd declared the first and final
dividend on Jan. 14, 2013.

The company paid 2.0680% to the received claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         KPMG Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


VEPRO (SEA): Creditors to Get 100% Recovery on Claims
-----------------------------------------------------
Vepro (SEA) Pte Ltd will declare the first and final dividend on
Jan. 15, 2013.

The company will pay 100% for preferential and 55.7% for
unsecured claims.

The company's liquidator is:

         Yit Chee Wah
         FTI Consulting (Singapore) Pte Ltd.
         8 Shenton Way
         #17-02A AXA Tower
         Singapore 068811



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


* BOND PRICING: For the Week Jan. 7 to Jan. 11, 2013
----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----

  AUSTRALIA
  ---------

AUSTRALIAN I/L        4.00   8/20/2015    AUD     181.79
AUSTRALIAN I/L        4.00   8/20/2020    AUD     191.78
AUSTRALIAN I/L        3.00   9/20/2025    AUD     135.39
AUSTRALIAN I/L        2.50   9/20/2030    AUD     127.60
COM BK AUSTRALIA      1.50   4/19/2022    AUD      73.02
MIDWEST VANADIUM     11.50   2/15/2018    USD      65.50
MIDWEST VANADIUM     11.50   2/15/2018    USD      62.25
NEW S WALES TREA      0.50   9/14/2022    AUD      69.24
NEW S WALES TREA      0.50   10/7/2022    AUD      69.05
NEW S WALES TREA      0.50  10/28/2022    AUD      68.87
NEW S WALES TREA      0.50  11/18/2022    AUD      68.68
NEW S WALES TREA      0.50  12/16/2022    AUD      68.60
NEW S WALES TREA      0.50    2/2/2023    AUD      68.16
NEW S WALES TREA      0.50   3/30/2023    AUD      67.71
NSWTC-I/L             3.75  11/20/2020    AUD     129.11
NSWTC-I/L             2.75  11/20/2025    AUD     128.55
NSWTC-I/L             2.50  11/20/2035    AUD     116.42
QUEENSLAND TREAS      2.75   8/20/2030    AUD     123.29
TREAS CORP VICT       0.50   8/25/2022    AUD      70.54
TREAS CORP VICT       0.50    3/3/2023    AUD      68.90
TREAS CORP VICT       0.50  11/12/2030    AUD      48.02


CHINA
-----

CHINA GOVT BOND       1.64  12/15/2033    CNY      67.45


INDIA
-----

JCT LTD               2.50    4/8/2011    USD      20.50
MASCON GLOBAL LT      2.00  12/28/2012    USD       9.88
PRAKASH IND LTD       5.63  10/17/2014    USD      67.78
PRAKASH IND LTD       5.25   4/30/2015    USD      68.88
PYRAMID SAIMIRA       1.75    7/4/2012    USD       0.50
REI AGRO              5.50  11/13/2014    USD      67.22
REI AGRO              5.50  11/13/2014    USD      67.22
SHIV-VANI OIL         5.00   8/17/2015    USD      54.17
SUZLON ENERGY LT      5.00   4/13/2016    USD      43.83


JAPAN
-----

EBARA CORP            1.30   9/30/2013    JPY     100.16
ELPIDA MEMORY         2.03   3/22/2012    JPY       8.38
ELPIDA MEMORY         2.10  11/29/2012    JPY       8.38
ELPIDA MEMORY         2.29   12/7/2012    JPY       8.38
ELPIDA MEMORY         0.70    8/1/2016    JPY       8.50
JPN EXP HLD/DEBT      0.50   9/17/2038    JPY      61.99
JPN EXP HLD/DEBT      0.50   3/18/2039    JPY      62.41
KADOKAWA HLDGS        1.00  12/18/2014    JPY     108.65
SHARP CORP            1.14   9/16/2016    JPY      60.75
SHARP CORP            2.07   3/19/2019    JPY      58.50
SHARP CORP            1.60   9/13/2019    JPY      58.88
TOKYO ELEC POWER      2.35   9/29/2028    JPY      73.38
TOKYO ELEC POWER      2.40  11/28/2028    JPY      73.75
TOKYO ELEC POWER      2.21   2/27/2029    JPY      71.13
TOKYO ELEC POWER      2.11  12/10/2029    JPY      69.07
TOKYO ELEC POWER      1.96   7/29/2030    JPY      66.78
TOKYO ELEC POWER      2.37   5/28/2040    JPY      62.60


MALAYSIA
--------

DUTALAND BHD          7.00   4/11/2013    MYR       0.80


PHILIPPINES
-----------

BAYAN TELECOMMUN     13.50   7/15/2049    USD      22.63
BAYAN TELECOMMUN     13.50   7/15/2049    USD      22.63


SINGAPORE
---------

BAKRIE TELECOM       11.50    5/7/2015    USD      54.18
BAKRIE TELECOM       11.50    5/7/2015    USD      56.75
BLD INVESTMENT        8.63   3/23/2015    USD      70.31
BLUE OCEAN           11.00   6/28/2012    USD      32.88
BLUE OCEAN           11.00   6/28/2012    USD      32.88
CAPITAMALLS ASIA      2.15   1/21/2014    SGD      99.80
CAPITAMALLS ASIA      3.80   1/12/2022    SGD     100.87
DAVOMAS INTL FIN     11.00   12/8/2014    USD      28.50
DAVOMAS INTL FIN     11.00   12/8/2014    USD      28.50
F&N TREASURY PTE      2.48   3/28/2016    SGD     100.41


KOREA
-----

CHEJU REGION DEV      3.00  12/29/2034    KRW      67.04
CN 1ST ABS            8.00   2/27/2015    KRW      34.01
CN 1ST ABS            8.30  11/27/2015    KRW      35.41
EXP-IMP BK KOREA      0.50  10/27/2016    BRL      74.93
EXP-IMP BK KOREA      0.50  11/28/2016    BRL      74.81
EXP-IMP BK KOREA      0.50  12/22/2016    BRL      74.37
EXP-IMP BK KOREA      0.50  10/23/2017    TRY      74.01
EXP-IMP BK KOREA      0.50  11/21/2017    BRL      69.24
EXP-IMP BK KOREA      0.50  12/22/2017    BRL      68.78
EXP-IMP BK KOREA      0.50  12/22/2017    TRY      73.16
SINBO 10TH ABS       10.00  12/27/2014    KRW      30.30
SINBO 14TH ABS        8.00    2/2/2015    KRW      29.73


SRI LANKA
---------

SRI LANKA GOVT        7.00   10/1/2023    LKR      70.74
SRI LANKA GOVT        5.35    3/1/2026    LKR      56.14
SRI LANKA GOVT        8.00    1/1/2032    LKR      72.73


THAILAND
--------

BANGKOK LAND          4.50  10/13/2003    USD       5.38


VIETNAM
-------

VIETNAM GOVT          7.20    4/4/2014    VND      44.05
VIETNAM GOVT          7.30   4/18/2014    VND      42.98



                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S. Abangan, and
Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***