TCRAP_Public/130117.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 17, 2013, Vol. 16, No. 12


                            Headlines


A U S T R A L I A

SMART ABS 2013-US: Moody's Assigns '(P)Ba2' Rating to Cl. E Notes
RTI (WA): Set to Win 7-Month Debt Reprieve


C H I N A

AMERICAN NANO: Incurs $2.1-Mil. Net Loss in Fiscal 2012
FANTASIA HOLDINGS: Moody's Rates Senior Unsecured Notes 'B2'
FANTASIA HOLDINGS: S&P Affirms 'BB-' Corporate Credit Rating
KWG PROPERTY: Perpetual Securities No Impact on Moody's 'Ba3' CFR
POWERLONG REAL: Moody's Reviews 'B3' CFR for Upgrade

POWERLONG REAL: S&P Revises Rating Outlook to Stable
TRINA SOLAR: Denies Insolvency Reports


H O N G  K O N G

BARRICK POWER: Creditors' Proofs of Debt Due Feb. 14
CITIWIDE CORPORATION: Creditors' Proofs of Debt Due Feb. 11
ELITE JOY: Creditors' Proofs of Debt Due Feb. 11
GAIN ADVANCE: Commences Wind-Up Proceedings
KARWIN GROUP: Creditors' Proofs of Debt Due Feb. 14

MACQUARIE ASIA: Liou and Ng Appointed as New Liquidators
MANCHU PROJECT: Commences Wind-Up Proceedings
MONTBLANC DISTRIBUTORS: Commences Wind-Up Proceedings
VETERANS OF THE HK: Tang Ka Yin Teresa Steps Down as Liquidator
WEALTH BLOOMING: Placed Under Voluntary Wind-Up Proceedings

ZHONGHONG (INTERNATIONAL): Creditors' Proofs of Debt Due Feb. 15


I N D I A

ARTIZ CERAMIC: Delay in Loan Payment Cues ICRA Junk Ratings
ASIA WOVEN: ICRA Cuts Rating on INR13.89cr Loan to 'B+'
DEMBLA VALVES: ICRA Upgrades Rating on INR35.75cr Loan to 'B-'
KRISHNA GEMS: ICRA Reaffirms 'BB-' Rating on INR7.20cr Loan
MOGAVEERA VYAVASTHAPAKA: ICRA Rates INR10cr Term Loan at 'B+'

NAVRATHAN JEWELLERS: ICRA Places 'BB' Rating on INR80cr Loans
PURBANCHAL LAMINATES: ICRA Assigns 'B+' Rating to INR9.10cr Loans
RADHESHYAM SPINNING: ICRA Assigns 'B' Rating to INR28.5cr Loans
RUDRESH EDUCATION: ICRA Assigns 'B+' Rating to INR7.5cr Loans
SEVEN ELEVEN: ICRA Rates INR7.5cr Term Loan at '[ICRA]D'

SHRI KRISHNA: ICRA Assigns 'B+' Rating to INR10.67cr Loans
SRB PROMOTERS: ICRA Reaffirms 'B+' Rating on INR25cr LT Loan
SRI SRINIVASA: ICRA Hikes Rating on INR104.25cr Loans to 'C'


I N D O N E S I A

TELEKOMUNIKASI SELULAR: Moody's Says Bankruptcy Appeal Win Pos.


J A P A N

J-CORE15 TRUST: Fitch Cuts, Withdraws Ratings on 4 Loan Classes
JLOC 39: Fitch Cuts Rating on JPY1.6BB Loan to 'Dsf'
* JAPAN: Debt Burden Worries IMF Exec, Bloomberg Reports
* JAPAN: Moody's Says Weak Real Estate Market to Hit CMBS Deals


N E W  Z E A L A N D

GRACE HOLDINGS: SFO Lays Criminal Charges Against Gold Trader
LM INVESTMENT: Kiwi Investors to Get First Payout by March


S I N G A P O R E

STAR TRAC: Creditors' Proofs of Debt Due Feb. 11
TELLUMO SHIPPING: Creditors' Proofs of Debt Due Feb. 10
TOUCH LIMOUSINE: Court Enters Wind-Up Order
ZENTEK INVESTMENT: Creditors' Proofs of Debt Due Jan. 25


X X X X X X X X

* Moody's Maintains Neg. Outlook on Consumer-Electronics Sector


                            - - - - -


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


SMART ABS 2013-US: Moody's Assigns '(P)Ba2' Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART ABS Series 2013-1US Trust.

Issuer: SMART ABS Series 2013-1US Trust

   USD100.00 million Class A-1 Notes, Assigned (P)P-1 (sf);

   USD130.00 million Class A-2 Notes, Assigned (P)Aaa (sf);

   USD139.00 million Class A-3 Notes, Assigned (P)Aaa (sf);

   USD131.00 million Class A-4 Notes, Assigned (P)Aaa (sf);

   AUD5.94 million Class B Notes, Assigned (P)Aa2 (sf);

   AUD19.72 million Class C Notes, Assigned (P)A2 (sf);

   AUD13.50 million Class D Notes, Assigned (P)Baa2 (sf);

   AUD12.16 million Class E Notes, Assigned (P)Ba2 (sf).

The AUD8.10 million Seller Notes are not rated by Moody's.

The Class A-1 Notes will be fixed rate notes. The Class A-2,
Class A-3 and Class A-4 Notes may be offered as either fixed or
floating rate notes. Where the Class A-2, Class A-3 and Class A-4
fixed and floating rate notes are offered, the notes will be
issued as Class A-2a, Class A-2b, Class A-3a, Class A-3b, Class
A-4a and Class A-4b respectively.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited.  This is Macquarie's
first ABS transaction issued in 2013.

Rating Rationale

SMART ABS Series 2013-1US Trust replicates structures seen in
previous SMART transactions sponsored by Macquarie, and closely
follows the structure seen in other SMART ABS Series offered in
the US. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the USD-denominated senior notes and the pro-rata
principal repayment profile.

The pool includes a high percentage of novated leases (61%),
which exhibit a lower level of risk than other contract types. At
the same time, the deal is exclusively backed by motor vehicles,
predominantly cars. Past non-US SMART transactions and other
Australian ABS transactions typically include 10-15% of other
equipment types. Motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views the SMART ABS Series 2013-1US Trust pool as having
more positive collateral characteristics than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal will include a minimum of four (and up to seven in the
event both fixed and floating rate notes are issued) senior, USD-
denominated tranches. The Class A-1 Notes are fast-pay money-
market notes, rated P-1. The Class A Notes will be repaid
sequentially within the Class A Note allocation. The ratings are
based on the credit enhancement provided by the subordinated
notes and the liquidity reserve, in total equal to 12% for the
Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply a expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.51%
(extrapolated) and 53.49% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. With
regards to legal and regulatory uncertainty, Moody's assigns a
medium due to the recent introduction of the Personal Property
Securities Act (PPSA) which may lead to operational issues in the
short term. Overall, the V score of Low/Medium allows Moody's to
have a material degree of comfort with regard to assumptions made
in rating the SMART ABS Series 2013-1US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of SMART ABS Series 2013-1US Trust, the model
indicated rating for the Class A Notes remain investment grade
when the default rate rises to 3.6% (double of Moody's assumption
of 1.80%) and recovery rates are reduced to 20% (half of Moody's
assumption of 40%); the model indicated rating for the Class A-3
Notes drops 1 notch to Aa1 and the model indicated rating for the
Class A-4 Notes drop 7 notches to Baa1). While the Class A Notes
rank pari passu for losses, the Class A sub-classes pay down
sequentially.  This results in the Class A-4 Notes being
outstanding when the structure is paying pro rata, hence exposing
the notes to a relatively higher risk of loss as the dollar value
of subordination decreases over time. The model indicated ratings
for the Class B notes drop 7 notches to Baa3 in the above
scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


RTI (WA): Set to Win 7-Month Debt Reprieve
------------------------------------------
Kate Emery at The West Australian reports that Ruth Tarvydas'
embattled fashion empire appears set to receive a stay of
execution, with the administrator in charge of her business
recommending the flamboyant WA designer be given seven months to
try to clear her debts.

The West Australian relates that the recommendation means
Ms. Tarvydas' company, RTI (WA) Pty Ltd, will avoid liquidation
in the short term if creditors, including her former King Street
landlord, agree with the administrator.

Instead, her future will hinge on her ability to secure third-
party investment for intellectual property she wants to sell, as
well as profit she hopes to generate from her new store at
Claremont's Times Square, according to the report.

The report notes that Ms. Tarvydas was forced to close her
flagship King Street store and appoint administrators to her
company RTI (WA) Pty Ltd in October after she lost the support of
her long-time financier, ANZ Bank.  At the time of the collapse,
RTI owed more than AUD1 million to creditors, the report relays.

In his latest creditors' report, HLB Mann Judd (Insolvency WA)
principal Kim Wallman -- kwallman@hlbinsol.com.au -- recommended
creditors accept a deed of company arrangement proposed by Ms.
Tarvydas, The West Australian reports.

According to The West Australian, Mr. Wallman said though there
was no guarantee Tarvydas would succeed in raising the money, it
represented a chance for creditors to recoup something.

"In summary, given that ordinary unsecured creditors are likely
to receive no return in a liquidation scenario, there is little
downside in allowing the director seven months to come up with
funds under the proposed DOCA," The West Australian quotes Mr.
Wallman as saying

Creditors are scheduled to vote on Mr. Wallman's recommendation
this week, the report adds.



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


AMERICAN NANO: Incurs $2.1-Mil. Net Loss in Fiscal 2012
-------------------------------------------------------
American Nano Silicon Technologies, Inc., filed on Jan. 11, 2013,
its annual report on Form 10-K for the fiscal year ended
Sept. 30, 2012.

Friedman LLP, in New York, noted that the Company suspended its
operations in May 2011.  "In addition, the Company has suffered
negative cash flows for the year ended Sept. 30, 2012, and has a
net working capital deficiency as of Sept. 30, 2012, that raises
substantial doubt about its ability to continue as a going
concern."

The Company reported a net loss of $2.1 million on $89,378 of
revenues in fiscal 2012, compared with net income of $3.4 million
on $16.1 million of revenues in fiscal 2011.  "The significant
decrease in revenue is primarily due to the fact that we moved
our factory site during the second half of the fiscal year 2011
to facilitate product diversification capabilities.  Production
was suspended during the move.  Through the date of this report,
the equipment and production line in the new facility is still
undergoing adjustments."

The Company's balance sheet at Sept. 30, 2012, showed
$27.0 million in total assets, $12.7 million in total
liabilities, and stockholders' equity of $14.3 million.

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

Based in Sichuan, China, American Nano Silicon Technologies,
Inc., is a nano-technology chemical manufacturer.  It
manufactures and markets "Micro Nano Silicon," its own
proprietary product, in China.  Micro Nano Silicon is an ultra
fine crystal that can be utilized as a non-phosphorous additive
in detergents, as an accelerant additive in cement, as a flame
retardant additive in rubber and plastics and as a pigment for
paint.

In May 2011 the Company suspended operations in order to move its
manufacturing to a new facility.  Testing of the manufacturing
systems in the new facility was completed at the end of 2012, and
the Company will initiate manufacturing operations at the end of
January 2013.  With the expanded manufacturing capacity provided
by the new facility, the Company is also replacing its product
offering.  For the immediate future, its only product will be a
flame retardant additive incorporating Micro Nano Silicon, which
will be marketed for use in rubber and plastic products.

The first non-sample deliveries of the new flame retardant
product will be made in February 2013, as the Company already has
a substantial contract for the product.


FANTASIA HOLDINGS: Moody's Rates Senior Unsecured Notes 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by Fantasia Holdings Group
Company Limited.

At the same time, Moody's has affirmed the B1 corporate family
rating and B2 senior unsecured debt rating on Fantasia's
outstanding notes.

The ratings outlook is stable.

The proceeds from the USD notes issuance will be used to fund
land acquisitions and development needs, refinance some of the
existing indebtedness and for general corporate purposes.

Ratings Rationale

"The issuance of new USD notes will strengthen Fantasia's
liquidity, improve its debt maturity profile, and reduce its
higher-cost debt," says Jiming Zou, a Moody's Analyst.

The new USD notes will be used to refinance some of the higher-
cost debt, such as trust loans. This refinancing will save some
interest costs for the company. The longer-term USD notes --
relative to the terms of its domestic bank debt -- will also
improve its funding stability.

"The new USD notes will also help to fund Fantasia's sales growth
in 2013," says Zou.

The company's achievement of RMB8 billion in contract sales in
2012 exceeded its target by 11%. With stable market conditions
likely in 2013, Moody's expects Fantasia to continue enjoying
sales growth which will be partly funded by the new USD notes.

"The increase in debt from the new USD notes will not pressure
its ratings," adds Zou.

With the expected issuance, Moody's expects the company's
adjusted debt/capitalization ratio to stand at around 55% and
EBITDA/interest expense coverage at around 3.0x, both of which
are still acceptable for the B1 corporate family rating.

Fantasia's B1 corporate family rating continues to reflect its
established niche business model, which balances the development
of commercial and residential properties. This strategy partly
mitigates the short-term impact on its performance of regulatory
measures for the residential sector in China.

Its rating also factors in its stable operating and financial
profile and disciplined financial management. It has an
established track record in Shenzhen and Chengdu, and has started
expanding into other regions.

However, the rating is constrained by geographic concentration
risk and the execution risk associated with the company's
expansion into new locations. The scales of its operations, land
bank and financial leverage are consistent with its single-B
rated peers.

The stable outlook reflects Moody's expectations of continued
stability in Fantasia's financial profile, adequate liquidity,
and measured expansion strategy.

Upward pressure on its ratings could emerge if Fantasia can (1)
build up a track record in markets outside Chengdu and Shenzhen;
(2) consistently achieve its sales targets; (3) maintain strong
financial discipline, while implementing its growth strategy; and
4) maintain sound liquidity.

Moody's sees EBITDA/interest coverage consistently above 4-5x and
adjusted debt/capitalization below 45-50% as indications for a
potential rating upgrade.

The ratings could be downgraded if (1) Fantasia's sales fell
significantly short of Moody's expectations; (2) the company
pursued aggressive land acquisitions, or expansion activities
that pressure its liquidity; or (3) it failed to maintain a
disciplined approach to financial management.

Adjusted debt/capitalization to stay consistently above 55-60%
and EBITDA/interest coverage below 2.5x-3x would indicate a
potential rating downgrade.

The principal methodology used in this rating was the Global
Homebuilding Industry methodology published in March 2009.

Fantasia Holdings Group Co., Limited is a property developer
established in 1996 and listed on the Hong Kong Stock Exchange in
November 2009. As of June 2012, it had a land bank of 8.3 million
square meters of GFA (gross floor area) with land use rights,
mainly in Chengdu and the Pearl River Delta. It develops high-end
office buildings and residential properties, targeting small- and
medium-sized enterprises (SMEs) and affluent individuals.


FANTASIA HOLDINGS: S&P Affirms 'BB-' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Fantasia Holdings
Group Co. Ltd.  The outlook is negative.  S&P also affirmed the
'B+' issue rating on the company's existing senior unsecured
notes.  In addition, S&P affirmed the 'cnBB' long-term Greater
China regional scale rating on Fantasia and the 'cnBB-' issue
ratings on the notes.  At the same time, S&P assigned its 'B+'
and 'cnBB-' issue ratings to the company's proposed issue of
benchmark-sized senior unsecured notes due 2020.  The rating is
subject to S&P's review of the final issuance documentation.

"We affirmed the ratings on Fantasia because we expect the
company to generate satisfactory sales and profitability in 2013,
while borrowings are likely to be higher than we previously
expected," said Standard & Poor's credit analyst Bei Fu.  "We
also anticipate that the company can maintain adequate cash flow
protection, after taking into consideration its financing plan,
which includes the proposed notes."

Fantasia's sales and profitability will likely remain steady in
2013, given a stabilizing property market in China.  The company
has improved its sales execution, particularly in projects
outside Shenzhen and Chengdu, its home markets. Fantasia's
overall operating performance in 2012 met our expectation.

Fantasia has become more aggressive with debt-funded expansion
compared with the last few years.  The company raised
US$250 million in offshore debt as of September 2012, and used
just 30% of this amount for refinancing; it used the remainder
for land acquisitions and for general working purposes.

Fantasia's historically low land costs allow the company to price
competitively, generate good cash flows, and maintain stable
profit margins, compared with peers that S&P also rate 'BB-'.
S&P is uncertain if the company can sustain its low land costs as
it increases acquisitions for its land bank in tier-one cities,
such as Shenzhen and Beijing.  However, high-cost land comprises
only a small portion of Fantasia's total land bank as of the end
of 2012.

The issue rating on Fantasia's proposed notes is one notch lower
than the corporate credit rating to reflect its 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 negative rating outlook on Fantasia reflects our expectation
that the company's debt-funded expansion will be aggressive and
its leverage could deteriorate more than we previously expected,"
said Ms. Fu.  We anticipate that the company can maintain
disciplined financial management and "adequate" liquidity, as
defined in our criteria, while pursuing growth.

S&P may lower the rating if Fantasia's debt-funded growth is more
aggressive than S&P currently expects, or its sales or margins
are much lower than its projections, such that its EBITDA
interest coverage is less than 3x and its debt-to-EBITDA ratio is
more than 4.5x on a consistent basis.

"We may revise the outlook to stable if Fantasia's sales
execution improves and its property sales meet our expectation,
and the company maintains its consistent financial management.
EBITDA interest coverage of more than 3x and a gross margin that
is consistently above 40% would indicate such strength," S&P
noted.


KWG PROPERTY: Perpetual Securities No Impact on Moody's 'Ba3' CFR
-----------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding
Limited's proposed issuance of perpetual securities will improve
its capital structure, but will have no immediate impact on its
Ba3 corporate family rating and B1 senior unsecured rating.

The stable ratings outlook is also unaffected.

The proposed securities will be subordinate to all current and
future senior debt of the company. The issue will have a
cumulative coupon deferral feature at the company's option, but
will be subject to a dividend pusher with a look-back period.

Moody's considers the perpetual securities as hybrid instruments
with debt and equity components.

KWG indicated that the proceeds from the securities will be used
to refinance existing debt and to finance existing and new
projects.

"The securities will provide KWG with additional funding for the
development of its business," says Franco Leung, a Moody's
AVP/Analyst.

KWG reported RMB11.2 billion of contracted sales in the first
eleven months of 2012, which is on track with the company's full
year target.

With the new funding and prevailing stable market conditions,
Moody's expects KWG to generate sales in 2013 which will surpass
2012.

"The perpetual securities will also diversify KWG's funding
sources and will improve its funding stability through
lengthening its debt maturity," adds Mr. Leung, also Moody's lead
analyst for KWG.

The securities will have an equity element which will lessen
interest expenses. Moody's expects KWG's interest coverage will
reach around 2.5-3.0x in the next 12-18 months as it generates
higher sales.

"The proposed securities will increase KWG's debt/total
capitalization modestly to around 55% which is the upper limit
for its rating level," adds Mr. Leung.

These credit metrics will still position KWG within the Ba3
corporate family rating level.

KWG's Ba3 corporate family rating continues to reflect its strong
brand name as supported by its quality products and diversified
product range -- office, retail and residential -- which command
premium pricing. It also recognizes KWG's good operating track
record in Guangzhou, Chengdu and Suzhou.

On the other hand, the rating is constrained by KWG's relatively
low level of geographical diversification, given that over 40% of
its land bank is located in Guangzhou, and the high execution
risk associated with its fast-growth development plan and
expansion into new markets, such as Shanghai and Hainan province.

Moody's expects KWG's liquidity to remain adequate. Moody's
estimates that KWG's cash holding of RMB6-7 billion after the
perpetual securities issuance and projected operating cash flow
can fully support its committed land payments, repayments of
maturing debt, and dividend payments of a total of around RMB4-5
billion in the next 12 months.

The principal methodology used in rating KWG Property Holding Ltd
was the Global Homebuilding Industry Methodology published in
March 2009.

KWG is a Chinese property developer founded in 1995. Currently,
it has a total attributable land bank of around 9 million sqm in
gross floor area in Guangzhou, Chengdu, Suzhou, Beijing,
Shanghai, Tianjin and Hainan. KWG mainly develops mid-to-high end
residential properties, office buildings, shopping malls and
hotels.


POWERLONG REAL: Moody's Reviews 'B3' CFR for Upgrade
----------------------------------------------------
Moody's Investors Service is reviewing for upgrade Powerlong Real
Estate Holdings Limited's B3 corporate family rating and its Caa1
senior unsecured rating.

This review follows Powerlong's announcement that it will issue
senior unsecured notes to refinance its debt.

At the same time, Moody's has assigned a Caa1 rating, which is
also under review for upgrade, to Powerlong's proposed USD senior
unsecured notes.

The proceeds of the USD notes will be used for refinancing the
company's existing debt.

Ratings Rationale

"The rating review was prompted by Powerlong's announcement of
its issuance of USD notes to improve its liquidity profile and
debt maturity profile" says Jiming Zou, a Moody's Analyst.

"Moody's also expects an improvement in financial flexibility and
lower average interest costs for the company, should the proceeds
be applied appropriately," says Zou, also lead analyst for
Powerlong.

The proceeds from the USD notes will be largely used for
refinancing. Thus, Moody's expects no material deterioration in
the company's debt leverage.

"In addition, the rating review has been driven by an improvement
in Powerlong's credit profile, as indicated by its rising
contract sales and recurring rental income, and the absence of
material land payments," adds Zou.

Powerlong achieved RMB6.5 billion in contract sales in 2012,
almost 20% higher than in 2011.

Rental income and management fees, which are recurring, have
risen quickly and are expected to equal close to half of its
interest expenses.

Moody's expects that a stable market environment in 2013 will
help Powerlong address its financial constraints, as
characterized by low contract sales when compared to its high
corporate debt level and low interest coverage ratio.

Moody's will review (i) the improvements expected from the use of
the proceeds from the USD notes issuance to repay short-term debt
and (ii) how the company's contract sales performance will
enhance its liquidity position.

A stabilization in its debt-funding base, reduced corporate
interest costs and secured financing, and/or an improved
liquidity position could be positive to the ratings.

The principal methodology used in this rating was Global
Homebuilding Industry methodology published in March 2009.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
As of November 30, 2012, it had a development land bank of around
8.6 million sqm in gross floor area (GFA) in nine provinces, and
has 12 completed investment properties.

The company listed on the Hong Kong Stock Exchange in October
2009. At end-2012, the Hoi family, who are the founders, have an
aggregate stake of 67.7% in the company.


POWERLONG REAL: S&P Revises Rating Outlook to Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Powerlong Real
Estate Holdings Ltd. to stable from negative.  In line with the
outlook revision, S&P raised its long-term Greater China regional
scale rating on Powerlong to 'cnBB-' from 'cnB+' and that on
its outstanding senior unsecured notes to 'cnB+ from 'cnB'.  S&P
also affirmed its 'B' long-term corporate credit rating on
Powerlong and the 'B-' issue rating on the existing notes.

At the same time, S&P assigned its 'B-' issue rating and 'cnB+'
Greater China regional scale rating to Powerlong's proposed issue
of U.S.-dollar denominated senior unsecured notes.  The company
will use the proceeds from the notes for refinancing and working
capital.  The issue rating is subject to S&P's review of the
final issuance documentation.

"We revised the outlook on Powerlong to reflect our expectation
that the company's financial strength will improve because of a
stabilizing property market," said Standard & Poor's credit
analyst Christopher Lee.  "We anticipate that Powerlong will have
better sales execution and take a more cautious approach to land
acquisitions.  The company's large capital expenditure for
shopping malls should also be tapering."  We continue to view the
business risk profile as "weak" and the financial risk profile as
"highly leveraged."

"Powerlong's property sales for 2012 were better than we
expected, at Chinese renminbi (RMB) 6.5 billion, compared with
our forecast of RMB5.8 billion.  The company's increased scale
and higher number of projects should continue to support sales
because we expect a continued recovery in buyers' sentiment and
improved availability of credit lines," S&P noted.

Powerlong's low-cost land reserves should continue to underpin
profitability.  Its average land costs were about 10% of average
selling prices in 2012.  Further, average selling prices should
increase modestly as the company's product mix shifts toward
cities with higher property prices.  The company has limited land
premiums outstanding as of the end of 2012.

"In our base-case scenario, we expect Powerlong's financial
position to improve in 2013 with a moderate increase in property
sales to about RMB7.5 billion, a stable EBITDA margin of 30%, and
a modest increase in borrowings to about RMB13 billion," said
Mr. Lee.  "We expect Powerlong's debt-to-EBITDA ratio to decline
to about 5.5x and EBITDA interest coverage to hover around 2x
in the next 12 months."

The rating on Powerlong also reflects the company's small scale
and land reserves, its large investments in shopping malls that
have yet to produce meaningful rental returns, and limited
financial flexibility.  The company's somewhat diversified
property products and markets, its growing recurring rental
income, and its low-cost land bank moderate the rating
weaknesses.

"We could lower the rating if Powerlong does not improve its
leverage or maintain satisfactory cash flow over the next 12
months.  This could happen if property sales are materially
weaker than our base-case expectation of RMB7.5 billion, EBITDA
margins decline below 30%, or the company increases its capital
expenditure and land acquisitions more than we expect, such that
its EBITDA interest coverage is below 1.5x," S&P said.

S&P could raise the rating if Powerlong improves the execution of
its shopping mall operations, such that it materially increases
its rental income and demonstrates a consistent track record of
disciplined financial management.

The issue rating is one notch lower than the long-term corporate
credit rating on Powerlong to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  S&P anticipates that
the company's ratio of priority debt to total assets will
continue to be above our notching threshold of 15% for
speculative-grade debt.


TRINA SOLAR: Denies Insolvency Reports
--------------------------------------
MorningWhistle reports that Trina Solar Limited denies insolvency
rumors, indicating its financial position, operation conditions
and its risk management are at industry-leading standards,
according to an announcement from the solar company.

Investment site Seeking Alpha reported that the $400 million
company is already deeply insolvent with over $14 billion in off-
balance sheet liabilities, MorningWhistle relates.

Now that Trina is selling its products below cost in advance of
nearly $800 million in near-term debt maturities, the company is
unlikely to survive as a public company in its current form for
more than six months, Seeking Alpha, as cited by MorningWhistle,
reported.

According to MorningWhistle, the company said although the global
photovoltaic industry's average gross margin is negative, Trina's
was positive in 2012, and the figure will continuously improve in
the future. "Trina has made clear plans and targets the decrease
of the days-on-hand and receivables accounting period, which
ensures the company running healthier."

Trina Solar Limited (NYSE:TSL) is an integrated solar-power
products manufacturer based in China with a global distribution
network covering Europe, North America and Asia.



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


BARRICK POWER: Creditors' Proofs of Debt Due Feb. 14
----------------------------------------------------
Creditors of Barrick Power Gold Corporation of China Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 14, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


CITIWIDE CORPORATION: Creditors' Proofs of Debt Due Feb. 11
-----------------------------------------------------------
Creditors of Citiwide Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 11, 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:

         Ho Sun Fung Allan
         Room 2702-3, C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


ELITE JOY: Creditors' Proofs of Debt Due Feb. 11
------------------------------------------------
Creditors of Elite Joy Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 11, 2013, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Ho Sun Fung Allan
         Room 2702-3, C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


GAIN ADVANCE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Gain Advance Limited, on Dec. 30, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


KARWIN GROUP: Creditors' Proofs of Debt Due Feb. 14
---------------------------------------------------
Creditors of Karwin Group Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 14, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 30, 2012.

The company's liquidator is:

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


MACQUARIE ASIA: Liou and Ng Appointed as New Liquidators
--------------------------------------------------------
Liou Kun Chiu Eddie and Ng Kit Ying Zelinda on Dec. 21, 2012,
were appointed as liquidators of Macquarie Asia Limited.

Liou Kun Chiu Eddie and Ng Kit Ying Zelinda replace Sy Mei Ling
who stepped down as the company's liquidator.

The liquidators may be reached at:

         Liou Kun Chiu Eddie
         Ng Kit Ying Zelinda
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


MANCHU PROJECT: Commences Wind-Up Proceedings
---------------------------------------------
Members of Manchu Project Limited, on Dec. 31, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


MONTBLANC DISTRIBUTORS: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Montblanc Distributors Limited, on Dec. 28, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Betty Yuen Yeung
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


VETERANS OF THE HK: Tang Ka Yin Teresa Steps Down as Liquidator
---------------------------------------------------------------
Tang Ka Yin Teresa stepped down as liquidator of The Veterans of
the Hong Kong Police officers' Association Limited on Jan. 2,
2013.


WEALTH BLOOMING: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2012,
creditors of Wealth Blooming (Hong Kong) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chiu Koon Shou
         Room 901, 9/F
         Chau's Commercial Centre
         No. 282-284 Sha Tsui Wan
         New Territories, Hong Kong


ZHONGHONG (INTERNATIONAL): Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------------------------
Creditors of Zhonghong (International) Electronic Technology
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Feb. 15, 2013, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 4, 2013.

The company's liquidator is:

         Ip Wai Kit
         Room 1701, 17th Floor
         Greenfield Tower
         Concordia Plaza
         1 Science Museum Road
         Kowloon



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


ARTIZ CERAMIC: Delay in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
The rating of '[ICRA]D' has been assigned to INR3.68 crore term
loans and INR2.25 crore cash credit facility of Artiz Ceramic
Private Limited.  The rating of '[ICRA]D' has also been assigned
to INR0.50 crore short-term non-fund based facility of Artiz
Ceramic Private Limited.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Long term                  3.68     [ICRA]D assigned
   fund based-Term Loan

   Long term fund based-      2.25      [ICRA]D assigned
   Cash Credit

   Short term fund based-     0.50      [ICRA]D assigned
   Bank guarantee

The assigned ratings take into account ACPL's stressed liquidity
position as evident from ongoing delays in principal and interest
servicing and over utilization of working capital limits as well
as adverse financial profile as reflected by net losses, highly
stretched capital structure and weak coverage indicators. The
ratings are further constrained by ACPL's modest track record of
operations and limited distribution network which along with the
high competitive intensity is likely to exert pressure on
margins. ICRA also notes the dependence of operations and cash
flows of the company on the performance of the real estate
industry which is the main consumer sector and vulnerability of
profitability to increasing prices of gas and power. The ratings
however have favorably considered the experience of the key
promoters who are also associated with various other concerns
involved in the ceramic industry; location advantage enjoyed by
ACPL giving it easy access to raw material and stable demand
outlook for wall tiles driven by steady demand from the
residential and commercial real estate segment.

Artiz Ceramic Private Limited is a wall tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was established
in 2010, and commenced commercial operations from October 2011.
Artiz Ceramic Private Limited is promoted by Mr. Satish Chhatrola
along with other directors. The plant has an installed capacity
of 19,950 TPA. It currently manufactures wall tiles of size
10"x13" with the current set of machineries and production
facilities.


ASIA WOVEN: ICRA Cuts Rating on INR13.89cr Loan to 'B+'
-------------------------------------------------------
ICRA has revised the long term rating assigned to the INR13.89
crore (enhanced from INR5.4 Crore) long term facilities of Asia
Woven Sacks Private Limited to '[ICRA]B+' from '[ICRA]BB'. ICRA
has reaffirmed the '[ICRA]A4' rating to the INR15 Crore (enhanced
from 6.89 crore) short term facilities of AWSPL.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Long Term Limits            13.89   Revised to [ICRA]B+ from
                                       [ICRA]BB

   Short Term Limits           15      [ICRA] A4 Reaffirmed

The revision in ratings takes into account the weakening of the
financial risk profile of the company post the significant debt
funded capacity expansion undertaken by the company. The debt
protection metrics are expected to decline further, given the
increasing working capital requirements and this along with the
high repayments due in the near term, is likely to result in a
stretched liquidity position for the company. The ratings further
remain constrained by the small scale of operations in a highly
fragmented industry, vulnerability of profitability to volatility
in raw material prices and high client concentration risk
characterized by major dependence on an export trading client -
Gulf Star Trading Corp. The ratings, however, draw comfort from
the extensive experience of the promoters in the Polypropylene
(PP) woven sack industry.

The ratings also take into account orders received by AWS from
Food Corporation of India (FCI) for foodgrain packaging which
could provide higher realizations; however the same would be
subject to regulatory risk.

Asia Woven Sacks Pvt. Ltd was incorporated in 1984 as a Private
Limited Co. by Shri Somabhai with the objective of engaging in
the manufacturing of Poly Propylene (PP) Woven Sacks. In 2001,
the promoters migrated overseas, and the company was taken over
by Mr. Ajit J. Chaudhari along with his brother - Mr. Chhatrasinh
Chaudhari for a consideration of INR0.65 Cr. Mr. Ajit Chaudhari,
had 15 years of prior experience as an employee at various
plastic sacks manufacturing companies before this acquisition.
Presently, the company is into manufacturing of different
varieties of PP Sacks which find utility as industrial packaging
materials ideally suited for fertilisers, tarpaulins, cement,
sugar, plastic polymers, foodgrains, chemicals, salt etc. The
manufacturing is carried out at Nani Kadi, Dist. Mehsana, Gujarat
and the present capacity of the plant is 7000 MTPA.

Recent Results

For the year ended 31st March 2012 the company reported an
operating income of INR37.13 crore and profit after tax of Rs
0.93 crore as against INR33.95 crore of operating income and
INR0.48 crore of profit after tax for the FY 2011.


DEMBLA VALVES: ICRA Upgrades Rating on INR35.75cr Loan to 'B-'
--------------------------------------------------------------
ICRA has upgraded the rating assigned to INR35.75 Crore (enhanced
form INR17.91 Crore) from '[ICRA]D' to '[ICRA]B-' for long term
fund based limits of Dembla Valves Limited. ICRA has also
upgraded the rating assigned to INR24.50 Crore (enhanced from
INR10.50 Crore) short term fund based and non fund based limits
from '[ICRA]D' to '[ICRA]A4' of DVL.

                             Amount
  Facilities               (INR Cr)    Ratings
  ----------               ---------   -------
  Long Term Fund Based
  Limits                     35.75     [ICRA]B- ; Upgraded

  Short Term Fund Based       9.50     [ICRA]A4 ; Upgraded
  Limits

  Short Term Non Fund         15.00    [ICRA]A4; Upgraded
  Based Limits

The rating revision takes into account the regularization of debt
servicing by DVL. The ratings continued to factor DVL's proven
track record in the control valve manufacturing space and the
reputed client profile. The ratings however continue to be
constrained by stressed liquidity position of DVL on account of
rise in receivables and high inventory pile up, sharp
deterioration in capital structure due to debt funded capex and
modest coverage indicators at present.

The rating also factors in DVL's exposure to inherent cyclicality
in steel prices as well as high competitive pressures in the
industry.

Dembla Valves Limited was incorporated in 1985 and is involved in
manufacturing and selling of control valves. The company was
started by the first generation promoter Mr. K.N Dembla and his
younger brother Mr. J.N. Dembla who are currently the Chairman as
well as the MD of the company. DVL specializes in manufacturing
of Globe Control Valves, High Performance Butterfly Valves
(Motorized /Gear Operated), Manual Butterfly Valves, TRIPLE
offset Butterfly Valves and Ball Valves. The company is ISO
9001:2008 certified and it also has product certification from
requisite institutes like API (American Petroleum Institute),
BUREAU VERITAS S.A. DVL reported an operating income of INR86.81
Crore and a profit after tax of INR4.58 Crore for FY 2012.

Recent Results:

DVL reported an operating income of INR37.46 Crore and a profit
after tax of INR2.19 Crore as on 30th September 2012 (Unaudited).


KRISHNA GEMS: ICRA Reaffirms 'BB-' Rating on INR7.20cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR7.20 Crore
long term fund based facilities of Krishna Gems.  The outlook on
the long term rating is stable.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   LT Scale - Fund            7.20     [ICRA]BB- Reaffirmed
   Based Limits

The rating reaffirmation continues to factors in KG's small scale
of operations, moderate profitability levels, stretched liquidity
position as a result of high inventory days and low cash
accruals. The firm's sales have declined in FY 2012, given the
persistent increase in rough diamonds prices coupled with focus
on credit worthy clients. ICRA also notes that the cut and
polished diamond industry is dominated by large number of
unorganized players resulting in stiff competition, thereby
suppressing the margins. Further KG's operating margins are also
exposed to exchange rate fluctuations. The rating however
favorably considers over three decades of experience of the
promoters in the cut and polished diamond industry and its
comfortable capital structure at present.

Established in 1980, Krishna Gems is a partnership firm engaged
in the imports of rough diamonds and export of cut & polished
diamonds. The firm has its marketing and sales office at Opera
House, Mumbai and a manufacturing facility at Surat.

Recent results:

KG recorded a net profit of INR0.52 Crore on an operating income
of INR20.64 Crore for the period ending 31st March 2012.



MOGAVEERA VYAVASTHAPAKA: ICRA Rates INR10cr Term Loan at 'B+'
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR10.0
Crore fund based facilities of Mogaveera Vyavasthapaka Mandali.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Term Loan                  10.00    [ICRA]B+ assigned

The rating factors in the established name of the Trust with a
track record of over 100 years and the current comfortable
capital structure with moderate gearing levels which leaves
further scope of leveraging. The rating also takes into account
the thin operating margins, significant dependence on income from
donations, reducing trend in the donation income as most of the
existing facilities have already been branded and the gestation
period of the new courses before they reach full occupancy
levels. ICRA also notes that few of the new courses the trust
plans to commence from next academic year have not received
recognition from any particular Educational Board and remains a
key risk.

The Mogaveera Vyavasthapaka Mandali is a charitable trust
established in the year 1902 by the Mogaveera community, a
fisherman based community from coastal Karnataka. The trust runs
an English medium school, Junior College of Commerce and a Degree
College from its campus at Andheri West in Mumbai. It also
started a pre-primary section at Dombivili in 2010. The Mandali
has welfare schemes under various categories like education,
medical and social development for the Mogaveera Community. It is
also an umbrella organization that networks all organizations of
the Mogaveera community which include the Mogaveera Cooperative
Bank, Matrimonial Services, Yuvaka Sanghas (Youth Club) etc.
Currently, the trust has close to 7000 members and is headed by
an elected managing committee.

Recent results:

For the 12 months ending March 2012, MVM reported profit after
tax (PAT) of INR0.98 Crore on an operating income of INR4.75
Crore as compared to a PAT of INR0.92 Crore on an operating
income of INR4.02 Crore for the 12 months ending March 2012.


NAVRATHAN JEWELLERS: ICRA Places 'BB' Rating on INR80cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR75.0 crore long-
term fund based facilities and INR5.0 crore proposed long-term
fund based facilities of Navrathan Jewellers Private Limited.
The outlook on the long-term rating is stable.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Long-Term Fund Based      75.0      [ICRA]BB (Stable) assigned
   Limits

   Long-Term Fund Based        5.0     [ICRA]BB (Stable) assigned
   Limits (proposed)

The assigned rating takes into account long standing experience
of the promoters in the gems and jewellery industry, the
company's established customer base in Bangalore market resulting
in repeat orders, lower sourcing cost with presence in bullion
trading business and moderate capital structure owing to steady
accretion to reserves over the years.

The ratings, however, are constrained due to the Company's high
concentration risk with single retail store in Bangalore, steep
increase in gold prices and introduction of Tax Collected at
Source (TCS) by the government on cash purchases impacting the
volumes in both retail and trading operations, high competitive
intensity and fragmented structure of the industry thereby
putting pressure on the operating margins, and high working
capital requirements of the company towards inventory holding at
its store. The company's financial profile remains stretched as
reflected in thin operating margins, inadequate coverage
indicators and weak cash flows. The company also remains exposed
to price and currency fluctuations in both retail and trading
operations with high volatility in the gold prices and exchange
rates. While in the retail operations the entire price/currency
risk is carried in the inventory, the company tries to protect
its downside in the bullion trading operations by squaring-off
the open position on the same day.

Promoted by Mr. M. Goutham Chand and his family, Navrathan
Jewellers Private Limited is engaged in retailing and trading of
gems and jewellery. The promoters have been engaged in the
business of gems and jewellery since 1954 although NJPL was
incorporated in 1992. NJPL presently operates a single store at
M.G. Road in Bangalore offering wide range of jewellery made out
of silver, gold, platinum, diamond and precious stones. The
Company also stocks reputed diamond jewellery series like
'Nakshatra' 'Arisia' and 'Asmi' The Gold section includes ruby,
emerald and other precious stones/gems studded jewellery and
carries certification of gold purity in the form of hallmarking
by BIS full forms. The other jewellery pieces are generally in
association with DTS, DeBeers, and PGI forms.etc. The Company
also deals in antiques and gold and silver wares/idols. Apart
from retailing operations, the Company is engaged in bullion
trading under which it sells gold/silver bars and coins in
varying weights.

Recent Results

For 2011-12 (provisional results), the firm reported a net profit
of INR7.3 crore on an operating income of INR1,977.4 crore as
against a net profit of INR7.7 crore on an operating income of
INR1,930.6 crore during 2010-11 (audited financials).


PURBANCHAL LAMINATES: ICRA Assigns 'B+' Rating to INR9.10cr Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR2.35 crore of
term loans and INR6.75 crore fund based cash credit facility of
Purbanchal Laminates Private Limited. ICRA has also assigned an
'[ICRA]A4' rating to the INR2.50 crore inland/import letter of
credit facility, INR2.50 crore forward sale contract and INR0.30
crore of bank guarantee facility of Purbanchal Laminates Private
Limited.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Term Loan                  2.35     [ICRA]B+ Assigned
   Cash Credit                6.75     [ICRA]B+ Assigned
   Inland/Import Letter       2.50     [ICRA]A4 Assigned
   of Credit
   Forward Sale Contract      2.50     [ICRA]A4 Assigned
   Bank Gaurantee             0.30     [ICRA]A4 Assigned

The assigned ratings are constrained by PLPL's modest scale of
operations and weak financial risk profile characterized by low
profitability, high gearing and high working capital intensity.
The rating also factors in the vulnerability of profitability to
the cyclicality inherent in the real estate industry and
fluctuation in raw material prices, especially imported design
paper. Further, the ratings take note of vulnerability to
currency fluctuations in the absence of formal hedging policy and
highly fragmented industry characterized by intense competition
from organized as well as unorganized players. The assigned
ratings, however, favorably consider long track record and
extensive experience of the promoters in the plywood, timber and
laminates business, marketing as well as technical support from
group concerns, locational advantage in terms of raw material
availability and access to key markets and good prospects for
demand of decorative laminates.

Purbanchal Laminates Private Limited was incorporated in the year
2001 by Mr. Rakesh Agarwal and other family members. The
promoters have long standing experience in manufacture of timber
products, plywood and veneers through their association with
other group companies. PLPL operates from its plant located at
Gandhidham, with an installed capacity of manufacturing 12 lakhs
laminate sheets annually. PLPL is also engaged in trading of
imported timber. The other entities operating under the "Amul
Group" includes, Landmark Veneers Pvt Ltd., Amul Boards Pvt Ltd.,
Purbanchal Veneers, Purbanchal Lumbers Pvt Ltd. and Salasar
Plywood Pvt Ltd.

Recent Results

In FY 2012, PLPL reported an operating income of INR31.89 crore
(as against INR25.03 crore during FY 2011) and profit after tax
of INR0.31 crore (as against INR0.27 crore for FY 2011).


RADHESHYAM SPINNING: ICRA Assigns 'B' Rating to INR28.5cr Loans
---------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR6.00 crore
fund-based working capital facility and INR22.50 crore term loan
facility of Radheshyam Spinning Mill Private Limited.  A rating
of '[ICRA]A4' has also been assigned to the INR1.65 crore short
term non fund based bank guarantee facility and INR0.40 crore
credit exposure facility of RSMPL.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Term Loan                   22.50    [ICRA]B assigned
   Working Capital              6.00    [ICRA]B assigned
   Bank Guarantee               1.65    [ICRA]A4 assigned
   Credit Exposure Limits       0.40    [ICRA]A4 assigned

The assigned ratings are constrained by the risks associated with
timely completion of the green field project given the current
delay of seven months and stabilization of the proposed plant as
per expected operating parameters. ICRA also factors in the
highly competitive business environment given the fragmented
nature of cotton industry thus, limiting the company's ability to
fully pass on the increase in raw material prices; and
vulnerability of profitability given the unexpected movement in
cotton bales prices which are subject to seasonality and crop
harvest.

ICRA also takes notes of the debt funded project undertaken by
the company and high working capital intensity of planned
operations which is expected to stretch the capital structure and
credit metrics. . The rating, however, favorably take into
account the long experience of promoters in the cotton industry;
close proximity to raw material sources as the company is located
in the major cotton growing belt of India; operational support
from group concern ensuring steady supply of raw material (cotton
bales) and fiscal benefits in terms of interest subsidy and
subsidized power tariffs and refund of VAT.

Radheshyam Spinning Mill Private Limited was incorporated in
March 2011 by Mr. Ramnik Bhalala, Mr. Dhansukh Nandaniya, Mr.
Rahul Patel and other 3 promoters. RSMPL is in the process of
installing a cotton yarn spinning mill plant with the planned
installed capacity to manufacture 5,000 TPA of 10/12/20s cotton
denim yarn. The proposed plant is located at Gondal, Gujarat.
Earlier RSMPL has planned to commence the commercial production
from September 2012, however due to delay in import of
machineries it expects to commence its commercial production from
April '13. The management has an experience in cotton industry
through other group concerns.


RUDRESH EDUCATION: ICRA Assigns 'B+' Rating to INR7.5cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR7.50 crore fund
based limits (including unallocated amount of INR0.50 crore) of
Rudresh Education Society.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Fund based limits           7.00    [ICRA]B+, assigned
   Unallocated                 0.50    [ICRA]B+, assigned

The assigned rating takes into account the positive demand
outlook for the education sector, and satisfactory occupancy
levels of the school in the first three years of operations. The
rating is, however, constrained by the limited operational track
record of the single school under RES, and its leveraged capital
structure (gearing of 2.75 times as on March 31, 2012), thus
limiting its financial flexibility. Moreover the repayments
falling due over the next two years are significant in relation
to the expected cash accruals thereby exposing the society to
refinancing risk. The rating is further constrained by highly
competitive and regulated education segment (K-12).

Going forward, ability to maintain high occupancy levels, attract
competent faculty and manage its debt obligations in a timely
manner will be the key rating sensitivity.

Rudresh Education Society was established in the year 2006 and
managed by Juneja Family and Dora family. The society is a non-
profit organization and operates one school, Himalaya
International School, in Ratlam, Madhya Pradesh. The curriculum
in the school is affiliated to Central Board of Secondary
Education (CBSE). The main school is located about 8 kms from
Ratlam city on Mhow-Neemuch Road. The total cost of the project
is approximately RS12.50 crore.


SEVEN ELEVEN: ICRA Rates INR7.5cr Term Loan at '[ICRA]D'
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR7.50
Cr fund Based bank facilities of Seven Eleven Construction
Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Term Loan                   7.50    [ICRA]D

The ratings take into account the long standing experience of
promoters in real estate sector and no permitting risk or land
acquisition risk for all launched projects. However, the ratings
are constrained by the recent delays in debt servicing, exposure
to funding risk as two of the on-going projects are to be funded
from own sources of the company, exposure to execution risk as
two of the three on-going projects of the company are at nascent
stage and exposure to repayment risk as the repayment of project
debt falls due in FY14.

Seven Eleven Construction Private Limited is a Thane based real
estate company incorporated in 2005. SECPL was promoted by Mr.
Narendra Mehta. SECPL develops residential and commercial real
estate projects in Thane, particularly in Mira Road and Bhayandar
area.


SHRI KRISHNA: ICRA Assigns 'B+' Rating to INR10.67cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR10.67 crores term
loans and INR10.00 crores of fund based limits of Shri Krishna
Steelage (P) Ltd.  ICRA has also assigned '[ICRA]A4' rating to
INR4.00 Crores non-fund based limits of SKSPL.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Fund Based Limits-          0.67    [ICRA]B+ assigned
   Term Loan

   Fund Based Limits-         10.00    [ICRA]B+ assigned
   Cash Credit

   Non-fund based Limits-      4.00    [ICRA]A4 assigned
   LC

The ratings take into account the highly competitive nature of
the industry, which coupled with the low value additive nature of
the business has led to low margins for the company in the past.
Moreover, the company remains exposed to cyclicality in the steel
industry given its inability to fully pass on the effect of the
price variations to its clients. The ratings also factor in
company's high reliance on external debt which has resulted in
high gearing (3.15 times as on 31st March 2012). This coupled
with modest profitability has resulted into weak debt protection
metrics of the company (NCA/TD of 3.2% and Interest coverage
ratio of 1.2 times in FY12). Nevertheless, ratings derive some
comfort from the favourable demand outlook for company's products
and established promoters of the company.

Shri Krishna Steelage (P) Ltd. was incorporated in the year 2004
and manufactures heavy gage S.S. cold Patti products from S.S.
flats. The company is promoted by Mr. Vinod Gautam who has an
experience of 26 years in this business. The company has a 600
MT/month manufacturing facility at Kala-Amb Industrial Area,
Sirmour, Himachal Pradesh. The company procures S.S. Flat (with
thickness of one inch) from local players at market determined
prices. These S.S. flats then undergo a hot rolling and
subsequent cold rolling which results in thickness reduction to
the desired level (ranging from 1mm to 5mm). The S.S. Patti finds
applications across various industries such as in door knobs,
bolts, cutlery (knife and spoon), and gas stoves and in metro
rail track.


In FY12 results, SKSPL reported net profit of INR0.28 crores on
an operating income of INR70.24 crores as compared to net profit
of INR0.46 crores on operating income of INR69.11 crores in FY11.


SRB PROMOTERS: ICRA Reaffirms 'B+' Rating on INR25cr LT Loan
------------------------------------------------------------
ICRA has re-affirmed '[ICRA]B+' rating on long term scale to
INR25.00 crore fund based facilities of SRB Promoters Pvt Ltd.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Long Term Fund Based       25.00    [ICRA]B+ Re-affirmed
   Limits

ICRA's rating re-affirmation takes into account improvement in
booking levels of the company from 18% of the total apartment
inventory booked by September 2011 to 80% of the total inventory
being booked by November 2012 translating into 227 booked flats
out of a total of 287 flats. The rating also favorably factors in
appreciation in property prices in Ghaziabad and simultaneous
liquidation of inventory by the company thereby leading to
improvement in estimated sales value of the project. This said,
ICRA is cognizant of the fact that despite escalation in property
prices, they still remain affordable within the NCR region
thereby supporting demand. The rating continues to derive
strength from low regulatory and land title risk and presence of
escrow mechanism which could potentially contain diversion of
funds from the company.

The rating however continues to remain constrained by project
execution challenges that still persist as only ~55-60% of the
total (budgeted) project cost has been incurred till date. The
rating also takes into account limited clarity on the proposed
development of land parcel expected to be bought by the company
in the short term and the extent of funding support which may be
extended by SPPL, especially in the backdrop of healthy customer
advances. The impact of planned development on the financial
metrics of the ongoing project is yet to be determined. Further,
ICRA notes that presence of lien covenants amounting to pre-
payment of term loan during the tenor of the project and tight
moratorium period resulting in commencement of repayment from
Q4FY2014 leaves no further room for delay on project execution.
While, the project has witnessed healthy booking levels,
opportunistic tendencies of a sizeable proportion of marginal
investors in its client bookings could potentially lead to
cancellations as evidenced in the recent past, thereby
necessitating fresh marketing efforts for the unsold inventory.

The rating continues to remain weakened by the fact that Raj
Nagar Extension is a competitive market segment owing to influx
of projects in the economy category and the company remains
exposed to risks inherent in the sector ie those relating to the
risk of slowdown in demand, correction in property prices and
inherent cyclicality in the sector.

Going forward, company's ability to successfully market its
unsold apartment inventory, sustain healthy bookings and
collections from customers while refraining from supporting other
projects in the group, and ensure timely execution of the project
will remain the key rating sensitivities.

Incorporated in August 2007, SRB Promoters Pvt Ltd (SPPL) is
engaged in development of residential and commercial properties.
SRB Promoters Pvt Ltd is developing a residential property in 2.6
acres land plot in Raj Nagar Extension, Ghaziabad, Uttar Pradesh.
The total saleable area of the project is -3.48 lac sq ft with an
apartment inventory of 287 units. The project is targeted at
price conscious segment of the buyers and offers affordable rates
with the launch price of INR1700/ Sq ft.


SRI SRINIVASA: ICRA Hikes Rating on INR104.25cr Loans to 'C'
------------------------------------------------------------
ICRA has upgraded the long term rating to '[ICRA]C' from
'[ICRA]D' for the INR102.18 crore fund based and the INR2.07
crore non-fund based limits of Sri Srinivasa Spintex (India)
Limited.

                            Amount
   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Fund based limits         102.18    Upgraded to [ICRA]C from
                                       [ICRA]D

   Non-fund based limits       2.07    Upgraded to [ICRA]C from
                                       [ICRA]D

The rating upgrade primarily factors in regularisation in the
debt repayment obligations of the company after instances of
delays to the extent of 80 days in the past on account of a
stretched liquidity condition caused by dip in profitability in
FY 12. SSSIL has shown a reasonable growth in operating income in
the current fiscal supported by recent capacity expansion to
55,440 spindles from 42,480 spindles earlier and an improvement
in profitability on account of a stabilized yarn market. The
rating however, remains constrained by the stretched liquidity
condition of the company on account of continuous debt funded
capex given an already weak financial risk profile characterised
by high gearing levels and weak coverage indicators and the
irregular power scenario in the state of Andhra Pradesh (AP) and
the likely adverse impact on operations and profitability in the
absence of 100% power backup facility.

The rating also negatively factors in the commoditized nature of
the product in the highly fragmented spinning industry limiting
the company's ability to pass on the hike in input costs.

SSSIL, incorporated in July 2006, is primarily engaged in
producing cotton yarn of medium counts viz. 32s, 40s, etc. Based
at Tadepalligudem in West Godavari district of Andhra Pradesh,
SSSIL started commercial production of yarn in August 2008 with
4,000 spindles which was increased gradually to 18,000 spindles
in January 2009 to 42,840 spindles in January 2011 and 55,440
spindles in June 2012.

Recent Results

SSSIL has, for the year ended March 31 2012, reported an
operating income of INR83.55 crore and a net profit of INR0.51
crore as against INR59.75 crore and INR2.74 crore respectively
for 2010-11.



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


TELEKOMUNIKASI SELULAR: Moody's Says Bankruptcy Appeal Win Pos.
---------------------------------------------------------------
Moody's Investors Service views as credit positive for
Telekomunikasi Selular the decision of Indonesia's Supreme Court
to overturn a lower court's ruling that declared it bankrupt in
September 2012.

Despite its positive implications, this development does not have
any impact on the Baa1 ratings and stable outlooks of both
Telkomsel and its parent, PT Telekomunikasi Indonesia.

On September 14, 2012, the Central Jakarta District Court
accepted a bankruptcy petition filed by Prima Jaya Informatika
against Telkomsel for non-payment of IDR5.3 billion (US$558,000).
Prima Jaya Informatika had a two year contract with Telkomsel for
distribution of prepaid cards and SIM cards, which resulted in
the above disputed claim.

"Although the disputed amount was small relative to Telkomsel's
cash on hand of IDR6.8 trillion and total assets of IDR58.9
trillion as of September 2012, the bankruptcy, if upheld, could
have resulted in the acceleration of repayment of some of
Telkomsel's bank loans, and which could have triggered a cross-
default at Telkom Indonesia," says Nidhi Dhruv, a Moody's Analyst
and also Lead Analyst for Telkomsel and Telkom Indonesia.

As mentioned in Moody's press release on September 25, 2012, had
the Supreme Court upheld the lower court decision, there was
imminent downward pressure on both ratings, reflecting both
company's exposure to an uncertain legal and regulatory
environment in Indonesia.

The Supreme Court's decision in favour of Telkomsel removes these
potential risks. As per Telkomsel, the Supreme Court announced
its decision on November 21, 2012, but the official verdict was
received by the company only on January 10, 2013.

"The Supreme Court's timely decision also comes ahead of 3G
license auctions in Indonesia, and the closure of the bankruptcy
litigation means that Telkomsel can now bid for additional 3G
spectrum, as local laws prohibit a bankrupt company from
participating in the auction," adds Dhruv.

Operators are required to submit bids for additional 3G spectrum
by January 31, 2013, and the outcome of the auction process will
be announced on February 27, 2013.

Telkomsel continues to maintain a strong operating and financial
profile with adjusted debt/EBITDA of 0.2x for the twelve months
ended September 2012. Moody's expects Telkomsel's strong
financial metrics and liquidity to provide it financial
flexibility to continue meeting its capex and debt obligations.

The principal methodology used in rating Telkomsel and Telkom
Indonesia was the Global Telecommunications Industry Methodology
published in December 2010.

Telkom Indonesia is the largest integrated telecommunications
company in Indonesia. The company generated gross revenues of
IDR75.3 trillion (US$8.0 billion) for the 12 months ended 30
September 2012. Telkom Indonesia is 53.80% owned by the
Government of Indonesia.

Telkomsel is the largest wireless telecommunications company in
Indonesia. The company reported net operating revenues of
approximately IDR52.6 trillion (US$5.6 billion) for the 12 months
ended September 30, 2012. Telkomsel is 65% owned by Telkom, and
the remaining 35% minority share is owned by Singapore
Telecommunications Limited (Aa3 stable).



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


J-CORE15 TRUST: Fitch Cuts, Withdraws Ratings on 4 Loan Classes
---------------------------------------------------------------
Fitch Ratings has downgraded four junior classes of J-CORE15
Trust's trust beneficiary interests (TBIs) or asset-backed loans
(ABLs) due July 2013 to 'Dsf' and simultaneously withdrawn them
due to tranche default. The transaction is a Japanese single-
borrower type CMBS securitisation. The rating actions are as
follows:

Class D ABL downgraded to 'Dsf' from 'Csf'; rating withdrawn
Class E TBIs downgraded to 'Dsf' from 'Csf'; rating withdrawn
Class F TBIs downgraded to 'Dsf' from 'Csf'; rating withdrawn
Class F ABL downgraded to 'Dsf' from 'Csf'; rating withdrawn

The downgrades follow the failure of these classes to be fully
redeemed even after the distribution of available funds at the
trust termination date on 15 January 2013.

The five senior rated classes (class A1 TBIs/ABL, class A2
TBIs/ABL and class B TBIs) were fully redeemed on the same day.

Fitch no longer calculates the Recovery Estimate for the four
classes listed above following the withdrawal of the ratings.


JLOC 39: Fitch Cuts Rating on JPY1.6BB Loan to 'Dsf'
----------------------------------------------------
Fitch Ratings has downgraded JLOC 39's class B to D trust
beneficiary interests (TBIs) due April 2014 and affirmed the
class A TBIs. The transaction is a Japanese multi-borrower type
CMBS securitisation. The rating actions are as follows:

- JPY3.3bn* Class A TBIs affirmed at 'Asf'; Outlook Stable
- JPY5.4bn* Class B TBIs downgraded to 'CCsf' from 'CCCsf';
   Recovery Estimate revised to 50% from 55%
- JPY3.9bn* Class C TBIs downgraded to 'Csf' from 'CCsf';
   Recovery Estimate 0%
- JPY1.6bn* Class D TBIs downgraded to 'Dsf' from 'Csf';
   Recovery Estimate 0%

* as of Jan. 11, 2013

The downgrade of class D TBIs reflects the write-down of their
principal on the January 2013 payment date, after the workout
activity of a defaulted loan resulted in only partial recovery.

The downgrade of the class B and C TBIs reflects Fitch's view of
the increased probability of principal loss on these TBIs. Only
one defaulted loan, backed by an office building in Tokyo, now
remains in the transaction. The increased risk of principal loss
reflects downward revision of Fitch's valuation of this property
and follows more clarity on recovery prospects as a result of a
workout strategy being put in place.

The affirmation of the class A TBIs reflects Fitch's expectation
that the TBIs will be fully redeemed well in advance of the legal
final maturity, given the progress of the workout on the
remaining defaulted loan. The class A TBIs have also been mostly
redeemed following the completion of workouts on three defaulted
loans since Fitch's previous rating action in March 2012.

This transaction is a securitisation of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans issued by and extended to
a total of 10 issuers or borrowers (collectively, loans),
respectively. At closing, these underlying loans were ultimately
secured by 34 properties. The transaction is now secured by one
defaulted loan backed by one property.


* JAPAN: Debt Burden Worries IMF Exec, Bloomberg Reports
--------------------------------------------------------
Bloomberg News reports that International Monetary Fund official
Zhu Min said Japan's debt burden is becoming "more serious" as
the government takes extra steps to stimulate growth in the
world's third-biggest economy.

"The debt overhang is becoming more serious, so they need to go
further in fiscal consolidation," Bloomberg quotes Mr. Zhu, a
deputy managing director at the IMF, as saying in an interview in
Hong Kong Tuesday, where he's attending the Asian Financial
Forum.

Bloomberg notes that a JPY10.3 trillion fiscal stimulus plan was
announced last week as Prime Minister Shinzo Abe followed through
on election pledges to weaken the yen, counter deflation and spur
economic growth.  The risk, according to Bloomberg, is that the
nation's debt burden, estimated by the IMF at 237 percent of
gross domestic product last year, will lead to a surge in
government bond yields.

According to Bloomberg, sources said the Bank of Japan met Monday
and Tuesday to decide whether to ease for the fourth month in
five and will adopt a 2% inflation target advocated by Abe.
Bloomberg adds BOJ Gov. Masaaki Shirakawa said Tuesday that the
economy remains weak, with exports and production decreasing, and
he plans to continue "powerful" monetary easing.

Bloomberg relates that Mr. Zhu said there is "still a little room
for monetary policy" in Japan against a backdrop of rising debt,
and the nation retains "room to maneuver" due to a "huge"
domestic savings pool.


* JAPAN: Moody's Says Weak Real Estate Market to Hit CMBS Deals
---------------------------------------------------------------
Moody's Japan K.K. says strict underwriting standards in Japan
will support the performance of RMBS and ABS receivables in 2013.

However, the weak real estate market in Japan will have a
negative effect on CMBS transactions.

The conclusions were contained in a new Moody's report issued on
Jan. 15, titled "Japanese RMBS, ABS and CMBS: 2013 Outlook".

According to the report, the overall performance of RMBS
collateral in new and existing deals will remain stable in 2013,
because of the good credit quality of borrowers and the unchanged
outlook for the Japanese economy. Japan has good credit quality
residential mortgages because such loans are originated under
strict underwriting standards.

Similarly, in the ABS sector, strict underwriting standards, the
unchanged outlook for the Japanese economy and continued
household deleveraging will lead to receivables pledged as
collateral for new and existing deals having good credit quality
in 2013.

Lenders of consumer-related loans have tightened their
underwriting standards, because of tighter regulations.

However, the collateral performance of existing CMBS deals will
remain weak for at least the next 12 months, because of the weak
Japanese property market and the ongoing defaults on loans with
high loan-to-value (LTV) ratios. Lenders in Japan have generally
been reluctant to extend loans with high LTVs, making it
difficult for such borrowings to be refinanced.



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


GRACE HOLDINGS: SFO Lays Criminal Charges Against Gold Trader
-------------------------------------------------------------
The Serious Fraud Office on Jan. 16 laid criminal charges against
Kairuaiti Tangata Oropai Robert Kairua, the director of Grace
Holdings NZ Limited.

Mr. Kairua faces 29 Crimes Act charges of theft by person in
special relationship and false statement by promoter.

Trading under the name BullionBuyer, the core business of Grace
NZ was the provision of gold and other precious metal leverage
trading to investors.

The SFO charges allege that:

  -- False statements were made regarding the company and
     Mr. Kairua to solicit investors;

  -- Investors' funds were applied for purposes other than
     the investments promoted. The SFO allege that Mr. Kairua
     misapplied a total of over NZ$400,000 equivalent; and
     funds were invested contrary to investor requirements.

  -- Investors were provided with false statements that
     failed to report the true position of their investments.

Information obtained by the SFO showed that at the time of its
collapse, Grace NZ claimed to hold investor funds of
approximately US$3.3 million.

Acting Chief Executive of the SFO, Simon McArley noted that this
was the latest in a string of cases involving investment advisors
and the application and reporting of the investment funds they
received.

"While poor investment decisions or performances are not a crime,
investment advisors and managers must be truthful with investors
as to the purpose to which funds will be applied and the
performance of those investments," he said.

Grace Holdings New Zealand Limited, traded as Bullion Buyer,
offered a precious metals trading service to New Zealand
investors.  The company was placed in liquidation in
February 2012 owing investors a total of at least NZ$3 million.


LM INVESTMENT: Kiwi Investors to Get First Payout by March
----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that more than
a thousand New Zealanders who had more than NZ$100 million
dollars tied up in an embattled Australian fund are expected to
get their first payouts by March.

Thirteen hundred New Zealand investors have put money into the
Currency Protected Australian Income Fund run by Queensland-
headquartered LM Investment Management, the Herald relates.

The report says this fund acted as a feeder into LM First
Mortgage Income Fund, which has a number of commercial Australian
property investments but was frozen in the wake of the global
financial crisis.

At the time of the freeze in March 2009, the Herald recalls,
New Zealand investors had AUD95 million ($119 million) in this
fund, although LM expects they will now only get around 59 cents
in the dollar back.

No payouts of capital have been made since the fund was put on
ice but in its latest update to investors, LM said it hopes to
make initial distributions to them by March, according to the NZ
Herald.

LM could not reveal how much investors should expect in the first
payment, although its update said that it intended to repay
capital on a periodic basis, the report relays.

The NZ Herald notes that the payment process is expected to take
around two to three years, with payments likely to be made each
quarter.

LM was founded in 1993 by expat New Zealander Peter Drake and
claims to have assets worth more than AUD3 billion under
management.

The company was forced to go on the PR offensive last year after
another Australian fund management firm, Trilogy Capital Group,
attempted to take over two of its funds, the report discloses.



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


STAR TRAC: Creditors' Proofs of Debt Due Feb. 11
------------------------------------------------
Creditors of Star Trac Fitness Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 11, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Sim Guan Seng
         Khor Boon Hong
         Victor Goh
         C/o Baker Tilly TFW LLP
         15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


TELLUMO SHIPPING: Creditors' Proofs of Debt Due Feb. 10
-------------------------------------------------------
Creditors of Tellumo Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 10, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way Tower Two #32-00
         Singapore 068809


TOUCH LIMOUSINE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Dec. 21, 2012, to
wind up the operations of Touch Limousine Leasing Pte Ltd.

Aina Kwee Limited filed the petition against the company.

The company's liquidator is:

         Leow Quek Shiong
         21 Merchant Road
         #05-01 Royal Merukh
         S.E.A. Building
         Singapore 058267


ZENTEK INVESTMENT: Creditors' Proofs of Debt Due Jan. 25
--------------------------------------------------------
Creditors of Zentek Investment Pte Ltd, which is in members'
voluntary liquidation, 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:

         Masao Yamashika
         Yiong Kok Kong
         c/o 317 Outram Road
         #02-47, Singapore 169075



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


* Moody's Maintains Neg. Outlook on Consumer-Electronics Sector
---------------------------------------------------------------
Moody's Investors Service has maintained the negative outlook it
had assigned in October 2011 for Asia's consumer-electronics
industry, owing to a mix of macro-economic and sector-specific
structural challenges.

The structural challenges include the commoditization and
maturation of the markets for digital, audio-visual (AV)
products, fierce competition, and the rising demand for
smartphones.

Due to challenging industry conditions, Moody's expects adjusted
operating margins for the majority of the rated issuers to stay
below 3%. The adjusted operating margins of Japanese issuers will
be even lower, likely averaging less than 1.5%, because they are
more concentrated in low-growth regions and have weaker market
positions in key products.

Moody's conclusions were outlined in a just-released report
titled, "Weak Demand and Structural Challenges Keep Outlook
Negative." The outlook expresses Moody's expectations for the
fundamental business conditions for Asia's consumer-electronics
sector over the next 12 to 18 months.

According to the report, sales of consumer electronics products
will remain negative or flat in Europe, the US, and Japan, which
together account for approximately 50% of total global sales.

For China, which accounts for about 15% of global sales, Moody's
expects annual sales growth to slow significantly to a low- to
mid-single-digit percentage level in the second half of 2013 from
the current pace of about 10%-15% due to the expiration of a new
subsidy program and lower GDP growth.

The demand for digital AV products is likely to remain weak.
Revenues from major products such as flat panel display (FPD) TVs
will not grow because of increased penetration levels and the
continued decline in prices.

In addition, the growing presence of Chinese manufacturers will
intensify competition in FPD TVs, further weakening the position
of Japanese companies, which are struggling with high-cost
structures and a lack of product differentiation.

Meanwhile, smartphones are bucking the overall trend, and demand
in this segment will continue to grow. Samsung Electronics Co.
Ltd (A1, stable) will maintain its leading market position and
earnings growth in smartphones on the back of continued product
innovation, while the positions of other Asian consumer
electronic markers will remain weak.

Moody's would consider changing the outlook for the sector to
stable if adjusted operating margins for the majority of its
rated issuers reach at least 3%. However, for margins to improve,
the supply-demand balance and pricing and competitive conditions
would also need to improve.



                             *********

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 ***