TCRAP_Public/130124.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 24, 2013, Vol. 16, No. 17


                            Headlines


A U S T R A L I A

BIOCANE: Goes Into Voluntary Administration
COFFS HARBOUR: Creditors to Decide on Club's Future
PPI CORPORATION: Appoints PPB Advisory as Voluntary Administrator
* AUSTRALIA: APS120 Change Could Boost SF Issuance, Fitch Says
* Fitch Says Likely Aussie Dollar Decoupling Bad News for Miners


C H I N A

LONGFOR PROPERTIES: Moody's Assigns 'Ba3' Senior Unsecured Rating


H O N G  K O N G

ACP INSURANCE: Ying and Chan Step Down as Liquidators
ASIA RICH: Creditors' Proofs of Debt Due Feb. 19
CANWAY CONSULTANTS: Creditors' Proofs of Debt Due Feb. 18
HHR SUMMIT: Members' Final Meeting Set for Feb. 19
HK (ASIA): Wan and Fung Step Down as Liquidators

HK MEDICAL: Creditors' Proofs of Debt Due Feb. 19
INFO-SOURCE MEDIA: Commences Wind-Up Proceedings
INSPECTORATE HK: Wong Poh and Wong Tak Step Down as Liquidators
INTERTEXTILE TRADING: Members' Final Meeting Set for Feb. 18
MEDICORP 2000: Wan and Fung Step Down as Liquidators


I N D I A

BHADRAKALI COTTON: CRISIL Assigns 'B' Rating to INR70MM Loans
CMJ BREWERIES: CRISIL Places 'B-' Rating on INR139.4MM Loans
EXPRESS INFOCOM: CRISIL Assigns 'B-' Rating to INR295MM Loans
HI-MAC CASTINGS: CRISIL Puts 'B' Rating on INR104.7MM Loans
KALIKA CEMENT: CRISIL Rates INR65MM Cash Credit at 'B+'

KINGFISHER AIRLINES: Needs $186MM to Revive, Minister Says
KINGFISHER AIRLINES: ILFC Says Six Airbus A320s 'Held Hostage'
MOCHIKO SHOES: CRISIL Assigns 'BB-' Rating to INR139MM Loans
PREMIUM SERUMS: Delay in Loan Payment Cues CRISIL Junk Ratings
SACHIN FINECOT: CRISIL Assigns 'B' Ratings to INR89MM Loans

SHAKTI AGRO: CRISIL Assigns 'B-' Rating to INR45MM Cash Credit
SSV ENGINEERS: CRISIL Cuts Ratings on INR500MM Loans to 'D'


J A P A N

ELPIDA MEMORY: Micron Takeover Seen Restoring PC RAM Profits


K O R E A

* KOREA: Moody's Says Downgrade Rating Pressure to Increase


N E W  Z E A L A N D

CRAFAR FARMS: Animal Abuse Trial Date Yet to be Set


S I N G A P O R E

CHIAN KEONG: Court to Hear Wind-Up Petition on Feb. 1
CHINA CITYONE: Court Enters Wind-Up Order
EQUINOX OFFSHORE: Court to Hear Judicial Management Bid on Mar. 1
EVERVAST CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 1
HENG SHENG: Creditors Get 9.945% Recovery on Claims

LINGUA TECH: Court to Hear Wind-Up Petition on Feb. 1
STANSFIELD GROUP: Court to Hear Wind-Up Petition on Jan. 25


S R I  L A N K A

VALLIBEL FINANCE: Fitch Affirms 'BB-' National LT Rating


X X X X X X X X

* Moody's Says Asian Firms Expect to Ease in Next 12 Months


                            - - - - -


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


BIOCANE: Goes Into Voluntary Administration
-------------------------------------------
ABC News reports that BioCane, a Sunshine Coast company, set up
to produce cattle feed from sugarcane has been placed in
voluntary administration.

The deputy chairman of Australian Sugar Cane Feeds Pty Ltd,
trading as BioCane, says a meeting of creditors will be held
shortly to decide the future of the Nambour-based company,
according to ABC News.

The report relates that John Rivett says it will be up to the
administrators, HLB Mann Judd, to decide on the future of
BioCane's workforce.

The company has more than 240 shareholders, including local cane
growers.



COFFS HARBOUR: Creditors to Decide on Club's Future
---------------------------------------------------
Coffs Coast Advocate reports that creditors will meet next week
to decide the future of the financially troubled Club Coffs on
West High.

The report relates that proxy votes will be cast on whether to
place Coffs Harbour Recreation and Sporting Club Pty Ltd into
liquidation or allow the club a new lease on trading.

According to the report, the club's administrator Clout and
Associates said the company was unable to provide returns of
100-cents on the dollar.  Therefore, creditors must decide to
either wind up the company or allow for a variation of the Deed
of Company Arrangement.

Unable to find an amalgamation partner or source banking finance,
the club has obtained prospective finance of $1.1 million from
private lender, McMillian Superannuation Custodian Pty Ltd,
according to Coffs Coast Advocate.

This injection would enable a further distribution of 50 cents in
the dollar to creditors making a total return of 84 cents on
their original claims, the report says.

In return for lending the money, the report relates, the lender
would take a first mortgage over the club's real estate and first
charge over its assets.

If creditors vote to wind up the company, Clout and Associates
said all creditors would receive 100 cents in the dollar returns,
the report relays.

After liquidation, the distribution to ordinary unsecured
creditors is dependent on the sale of the club property.

The creditors meeting will be held at Club Coffs on West High on
Jan. 30, 2013.

Club Coffs, formerly known as Catholic Club, went into voluntary
administration on Jan. 31, 2011.  Morgan Chubb and David Morgan,
from insolvency firm Clout and Associates, were appointed as
administrators.

The Advocate says Club Coffs president Paul Griffin and CEO Carl
Mower cited the withdrawal of lending facilities by the National
Australia Bank; an expensive legal battle; general community
hardship and a decrease in turnover throughout all areas of the
club as the reasons for the move, which allowed the club to
continue providing its usual services and facilities.


PPI CORPORATION: Appoints PPB Advisory as Voluntary Administrator
-----------------------------------------------------------------
The directors of PPI Corporation Pty Ltd have appointed Stephen
Longley -- slongley@ppbadvisory.com , David McEvoy --
dmcevoy@ppbadvisory.com , and Michael Owen --
mowen@ppbadvisory.com -- of PPB Advisory as voluntary
administrators.

PPI is a leading manufacturer and supplier of products for
irrigation, drainage, water supply and domestic watering. It is
headquartered in Brisbane and employs 275 staff. PPI has a
national footprint with factories and sales offices located in
Brisbane, Perth and Adelaide, and sales offices in Melbourne,
Sydney and Hobart.

PPI develops, manufactures and distributes polyethylene pipes and
fittings, hoses and garden products, irrigation, drainage and
filtration systems for the plumbing, resources and agricultural
industries, and consumer/retail markets. Its principal brand
names include PPI and Neta.

Mr. Longley commented: "It has been necessary to cease
manufacturing and temporarily stand down the workforce without
pay. During the stand-down period the administrators will be
conducting an urgent assessment of the viability of the business
to determine whether operations can resume, with a view to
selling the business as a going concern.

"In the meantime, we will be holding urgent discussions with
employees, union representatives, customers and suppliers."

Patrick Stafford at SmartCompany relates that the collapse comes
after the latest results from the Australian Industry Group
showed the manufacturing index contracted during December.

PPB is now searching for buyers for the company, with assets
including a large customer base across the retail, plumbing and
agricultural industries, along with a headquarters in Brisbane
and factories and sales offices across the country, SmartCompany
relays.

A meeting of creditors will be held in Brisbane on Jan. 25, 2013.


* AUSTRALIA: APS120 Change Could Boost SF Issuance, Fitch Says
--------------------------------------------------------------
Regulatory changes could have a significant impact on Australian
structured finance issuance in 2013, Fitch Ratings says.
Specifically, the potential revision of Prudential Standard
APS120 would have a direct impact on issuance levels by
determining the capital treatment of securitisations and
potentially opening up new issuance structures.

"A draft paper on APS120 is expected early this year. The
possible changes mooted by the Australian Prudential Regulation
Authority include allowing date based call mechanisms and
allowing an issuer to own more than 20% of its own issuance if
securitisation is used for funding purposes. As a result, the
changes may allow the introduction of RMBS Master Trusts for
Australian issuers," Fitch says.

"If so, we would expect at least the major Australian banks,
already the dominant RMBS issuers in the country, to make use of
the new structures, which will give them greater flexibility and
speed in coming to market, and for issuance to increase
accordingly.

"If the APS120 revisions are forthcoming, we would expect an even
greater increase in Australian SF supply this year, on top of the
10%-20% growth we already forecast. This forecast reflects more
competitive pricing following a period of spread tightening, and
potentially higher demand for Australian RMBS by offshore
investors.

"These pricing and demand considerations also apply to non-bank
issuers. If spreads continue to tighten, we expect non-banks in
both the prime and non-conforming RMBS space to increase
originations of loans with more confidence of continuity of
funding. This in turn can be expected to result in greater
issuance towards the end of 2013 and into 2014.

"Australian SF issuance in 2012 totalled AUD18.5 billion. RMBS
issuance was again the dominant asset class in Australia with
total issuance of AUD13.4 billion.

"We expect ABS to have a strong issuance year and continue to
take a growing market share of issuance compared with RMBS. 2012
ABS issuance levels reached AUD5.1 billion via 11 issues from
eight issuers and we expect the continued expansion of the ABS
market into 2013 on the back of tighter pricing and good
historical performance of the asset class."

Australian SF collateral is performing within expectations and
Fitch continues to have a stable asset outlook on both RMBS and
ABS collateral. For further information refer to 2013 Outlook:
Australia and New Zealand Structured Finance and Covered Bonds
available at www.fitchratings.com.


* Fitch Says Likely Aussie Dollar Decoupling Bad News for Miners
----------------------------------------------------------------
The Australian dollar has an increasingly important role as a
reserve currency. This could remove the smoothing impact that the
currency's historically strong correlation with commodity prices
has had on the reported results of Australian mining companies,
Fitch Ratings says.

The strong correlation between the Australian dollar and price of
commodities such as iron ore and coal smoothed the results of
mining companies and was of particular benefit when the
performance of both was weak. Lower US dollar revenues from
depressed commodity prices were partially offset by the
translation of Australian dollar costs to the company's US
dollar-denominated profit statement at a lower rate.

However, Australia's strong economic performance in recent years
has increased the Australian dollar's popularity as a reserve
currency to such an extent that the International Monetary Fund
is considering whether to include it in the fund's regular report
on foreign exchange holdings. Relatively high interest rates
compared with other developed markets also continue to attract
investors.

"This demand for the Australian dollar helped the currency remain
strong in 2012 despite a drop in commodity prices. This is likely
to continue to support the currency in the near term and will add
to the pressure we expect mining companies to face from a
combination of cost inflation and stagnant commodity prices in
2013," Fitch states.

"It is unclear if this decoupling will become permanent as
economic conditions in other developed markets improve. But if it
does continue, it will increase volatility in mining companies'
reported results as factors other than commodity prices have a
bigger influence on the currency. The impact will be greatest on
companies whose operations and assets are concentrated in
Australia and use the US dollar as the functional currency, such
as Fortescue Metals Group Limited. For the global mining
companies like BHP Billiton and Rio Tinto, the impact will be
mitigated by conservative financial and leverage profiles and by
their commodity and geographic diversification," Fitch adds.



=========
C H I N A
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LONGFOR PROPERTIES: Moody's Assigns 'Ba3' Senior Unsecured Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to Longfor Properties Company Limited's proposed bond
issuance.

At the same time, Moody's will continue to review for upgrade the
company's Ba2 corporate family rating and Ba3 senior unsecured
bond rating.

Longfor plans to use a substantial portion of the proceeds for
refinancing and the remainder for general corporate purposes.

Ratings Rationale

"The proposed bond issuance will further strengthen Longfor's
liquidity position and debt maturity profile," says Kaven Tsang,
a Moody's Vice President and Senior Analyst.

"Furthermore, the new issuance will have a limited impact on
Longfor's key credit metrics -- including adjusted
debt/capitalization and EBITDA/interest -- as the proceeds will
be used mainly to repay existing bank loans," adds Tsang, also
Moody's Lead Analyst for the company.

Based on its 1H 2012 results, the company's EBITDA/interest was
5.5x (on a last-12-month basis) and its adjusted
debt/capitalization was 52%.

These metrics are strong for its current Ba2 corporate family
rating.

Moody's also expects market conditions in 2013 to remain stable.
This situation will allow Longfor to maintain its operating and
financial profiles.

In its assessment, Moody's will review Longfor's: 1) 2012
financial results, 2) future business and land acquisition
strategies, and 3) funding needs and debt leverage in the next
two years.

If Longfor sustains its favorable credit metrics, in addition to
cash/total assets of around 10%, then there would be pressure for
an upgrade.

The principal methodology used in rating Longfor Properties
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipality. As of December 31, 2012, the company
had 80 projects in 18 different cities under development or
planning with a total land bank of approximately 41.0 million sqm
in GFA.



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


ACP INSURANCE: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of ACP
Insurance Brokers Limited on Jan. 9, 2013.


ASIA RICH: Creditors' Proofs of Debt Due Feb. 19
------------------------------------------------
Creditors of Asia Rich Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 19, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 18, 2013.

The company's liquidator is:

         Ng Ching Na
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


CANWAY CONSULTANTS: Creditors' Proofs of Debt Due Feb. 18
---------------------------------------------------------
Creditors of Canway Consultants Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 18, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 9, 2013.

The company's liquidators are:

         Chan Cheuk Ying
         Lee Cho Yiu Julia
         Suite 1, 8/F
         New Henry House
         10 Ice House Street
         Central, Hong Kong


HHR SUMMIT: Members' Final Meeting Set for Feb. 19
--------------------------------------------------
Members of HHR Summit Fitness Center (HK) Limited will hold their
final general meeting on Feb. 19, 2013, at 10:00 a.m., at Level
28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


HK (ASIA): Wan and Fung Step Down as Liquidators
------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as
liquidators of Hong Kong (Asia) Exhibition Company Limited on
Jan. 7, 2013.


HK MEDICAL: Creditors' Proofs of Debt Due Feb. 19
-------------------------------------------------
Creditors of Hong Kong Medical & Healthcare Forum Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Feb. 19, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 10, 2013.

The company's liquidator is:

         Chan Mei Bo Mabel
         Suites 2208-11, 22nd Floor
         Tower One, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


INFO-SOURCE MEDIA: Commences Wind-Up Proceedings
------------------------------------------------
Members of Info-Source Media Limited, on Jan. 11, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, Harbour Centre
         No. 25 Harbour Road
         Wanchai, Hong Kong


INSPECTORATE HK: Wong Poh and Wong Tak Step Down as Liquidators
---------------------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as
liquidators of Inspectorate Hong Kong Limited on Jan. 11, 2013.


INTERTEXTILE TRADING: Members' Final Meeting Set for Feb. 18
------------------------------------------------------------
Members of Intertextile Trading Limited will hold their final
meeting on Feb. 18, 2013, at 10:00 a.m., at 20/F, Fung House, No.
19-20 Connaught Road Central, in Hong Kong.

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


MEDICORP 2000: Wan and Fung Step Down as Liquidators
----------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as
liquidators of Medicorp 2000 Limited on Jan. 7, 2013.



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I N D I A
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BHADRAKALI COTTON: CRISIL Assigns 'B' Rating to INR70MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Bhadrakali Cotton Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               23.5       CRISIL B/Stable
   SME Credit               2.5       CRISIL B/Stable
   Cash Credit             30.0       CRISIL B/Stable
   Proposed Long-Term      14.0       CRISIL B/Stable
   Bank Loan Facility

The rating reflects BCI's below average financial risk profile,
marked by small net worth, high gearing, and modest debt
protection metrics, and susceptibility to adverse regulatory
changes. These rating weaknesses are partially offset by the
extensive industry experience of BCI's partner in the cotton
business and the locational advantage of being in the cotton belt
of Andhra Pradesh.

Outlook: Stable

CRISIL believes that Bhadrakali Cotton Industries (BCI) will
continue to benefit from its promoters industry experience over
the medium term. The outlook may be revised to 'Positive' if BCI
increases its revenues significantly and along with it improves
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if BCI undertakes a larger-than-
expected debt-funded capital expenditure programme or its sales
volumes and profitability decline sharply.

Incorporated in July 2009, Bhadrakali Cotton Industries stared
its commercial operations from March 2010. The day to day
operations is handled by Mr. N. Suresh. The firm is based out of
Karimnagar district of Andhra Pradesh. The firm is engaged in
ginning and pressing of raw cotton (Kapas) with a capacity of 160
bales per day. The firm processes raw cotton (kappas) in to
cotton bales and cotton seeds and caters to domestic market as
well as international market through export agents.

BCI reported a profit after tax (PAT) of INR1.1 million on net
sales of INR231.7 million for FY12' as against a PAT of INR0.6
million on net sales of INR216.2 million for FY11'.


CMJ BREWERIES: CRISIL Places 'B-' Rating on INR139.4MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of CMJ Breweries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             39.4       CRISIL B-/Stable
   Term Loan              100         CRISIL B-/Stable

The rating reflects expected weakening of CBPL's finanacial risk
profile owing to its large ongoing capital expenditure (capex),
risk related to timely execution and scale-up of the capex, and
vulnerability of operating margins to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the promoters across various industries.

Outlook: Stable

CRISIL expects CBPL financial risk profile will remain over the
medium term weak due to its large on-going capex. The outlook may
be revised to 'Positive' in case the company stabilises its on-
going capital expansion (capex) programme within the set
timelines and budgeted cost, and generates higher-than-expected
cash accruals to service its debt obligations over the medium
term. The outlook may be revised to 'Negative' if there is a
significant time or cost overrun in CBPL'S on-going project or if
the company undertakes any additional large, debt-funded capex
leading to more-than-expected deterioration in the company's
financial risk profile, especially its liquidity.

CBPL, incorporated in 2007, is promoted by Mr. Ronak Jain. The
company is engaged in the manufacturing of beer for Mohan Meakin
group. The company manufactures two brands 'Meakins 10000' and
'Asia 72'. The company has its manufacturing facility located at
Byrnihat, Meghalaya,).

The company is also setting up an integrated bottling plant in
Byrnihat (Meghalaya) to manufacture Extra Neutral Alcohol (ENA),
Indian Made Foreign Liquor (IMFL), along with captive power
generation.


EXPRESS INFOCOM: CRISIL Assigns 'B-' Rating to INR295MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Express Infocom Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Overdraft Facility        30       CRISIL B-/Stable
   Term Loan                265       CRISIL B-/Stable

The rating reflects EIPL's weak financial risk profile, marked by
weak debt protection metrics and high geographic concentration in
revenue profile. These weaknesses are partially offset by the
extensive experience of EIPL's promoters in the real estate
industry, the favourable location of its hotel, and benefits it
derives from its association with the Sarovar group.

Outlook: Stable

CRISIL's believes that EIPL's credit risk profile will remain
sensitive to the timely infusion of funds by its promoters to
service its debt, given its low cash accruals due to its initial
years of operations. The outlook may be revised to 'Positive' if
EIPL achieves higher-than-expected average room rent and
occupancy rates in its initial phase of operations, resulting in
comfortable accruals and thus improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any delay in funding support from the promoters to meet
its term debt obligations.

Incorporated in 2006 and based in Delhi, EIPL is engaged in
running a business hotel under the brand name Express Sarovar
Portico at Surajkund, Faridabad (Haryana).

For 2011-12 (refers to financial year, April 1 to March 31), EIPL
reported a loss of INR27.8 million on net revenues of INR61.3
million, against a loss of INR22.8 million on net revenues of
INR44 million in 2010-11.


HI-MAC CASTINGS: CRISIL Puts 'B' Rating on INR104.7MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Hi-Mac Castings Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                54.7      CRISIL B/Stable
   Letter of Credit         20        CRISIL A4
   Cash Credit              50        CRISIL B/Stable
   Bank Guarantee            5.1      CRISIL A4
   Bill Discounting          8.2      CRISIL A4

The ratings reflect HMCPL's weak financial profile, marked by
high gearing and weak debt protection metrics, and small scale of
operations in the intensely competitive castings industry. These
rating weaknesses are partially offset by the extensive industry
experience of HMCPL's promoters and established relationships
with customers.

Outlook: Stable

CRISIL believes that HMCPL will maintain a stable business risk
profile over the medium term, driven by extensive experience of
promoters. The outlook may be revised to 'Positive' in case of
larger-than-expected cash accruals, backed by increased order
flow and improvement in profitability ,and improvement in working
capital management, leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if HMCPL's
order flow or profitability declines or there is deterioration in
financial risk profile due to higher than expected capital
expenditure plan, or deterioration in its liquidity profile due
to stretch in working capital requirement.

Incorporated in 2006, HMCPL manufactures cast iron castings used
in automobile components. HMCPL is currently managed by Dr. K M
Kanani.

HMCPL reported a net loss of INR11 million on a net sales of
INR288.3 million for 2011-12 (refers to financial year, April 1
to March 31), as against a net profit of INR1.36 million on net
sales of INR139.55 million for 2010-11.


KALIKA CEMENT: CRISIL Rates INR65MM Cash Credit at 'B+'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Kalika Cement Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               65       CRISIL B+/Stable
   Letter of Credit          97.5     CRISIL A4

The ratings reflect KCL's stretched liquidity owing to working-
capital-intensive operations, and its below-average financial
risk profile, marked by low profitability and weak debt
protection measures. These rating weaknesses are partially offset
by the benefits that KCL derives from its diversified and
established customer base.

To arrive at the rating, CRISIL has treated unsecured loans of
INR50 million-provided to KCL by its promoters, and their friends
and relatives-as neither debt nor equity. This is because, the
promoters have provided an undertaking to CRISIL that these loans
will not be withdrawn from the business in the next three years.

Outlook: Stable

CRISIL believes that KCL will benefit over the medium term from
its diversified and established customer base. The outlook may be
revised to 'Positive' if KCL's financial risk profile,
particularly liquidity, improves, backed by higher-than-expected
cash accruals, prudent working capital management, or equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if liquidity or financial risk profile weakens on
account of stretch in working capital or significant debt-funded
capex.

KCL was set up in 1995 by Mr. Sumit Bagaria as Kalika Cement
Company Pvt Ltd. In 2008, the company was acquired by Kolkata-
based Goel family, and reconstituted as a public limited company,
KCL. KCL trades in clinker and cement. The company also operates
a cement grinding unit at Asansol, West Bengal. KCL manufactures
ordinary portland cement (OPC).


KINGFISHER AIRLINES: Needs $186MM to Revive, Minister Says
----------------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that India Civil
Aviation Minister Ajit Singh said Kingfisher Airlines Ltd. needs
at least INR10 billion ($186 million) to restart operations.

"They need to prove they've the ability to scale up funds to
sustain operations," Mr. Singh told reporters in New Delhi
Tuesday, Bloomberg relates.  Kingfisher Airlines also needs to
obtain statements from creditors, including banks, airport
operators and employees that they don't object to a resumption of
flights, Mr. Singh, as cited by Bloomberg, said.

Bloomberg notes that Mr. Singh's estimate on funds required by
Kingfisher exceeds a 6.5 billion-rupee recovery plan that
Chairman Vijay Mallya, a founder of the airline, outlined to
employees on Jan. 10.

According to Bloomberg, a Civil Aviation Ministry official, who
declined to be identified citing government rules, said India's
government is willing to support Kingfisher's efforts to restart
business provided the carrier pays employees back wages in full.
Kingfisher, the only Indian carrier with orders for Airbus SAS
A380 superjumbos, hasn't paid workers since May, the report says.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


KINGFISHER AIRLINES: ILFC Says Six Airbus A320s 'Held Hostage'
--------------------------------------------------------------
Andrea Rothman and Karthikeyan Sundaram at Bloomberg News report
that International Lease Finance Corp. is struggling to retrieve
six Airbus SAS aircraft in India formerly operated by Kingfisher
Airlines Ltd., saying it's being "held hostage" by local
government authorities.

According to Bloomberg, the world's second-biggest aircraft
leasing company had sought to repossess the planes, saying the
carrier was in default of contract conditions.  Bloomberg relates
that ILFC Chief Executive Officer Henri Courpron said while
India's civil aviation authority said it has deregistered four
aircraft and will soon proceed with the other two, ILFC still
can't get them back because other government bodies have yet to
cooperate.

"Deregistration is only one of the steps you need to get the
airplanes out of the country," the report quotes Mr. Courpron as
saying in an interview in Dublin at a conference sponsored by
Airline Economics. "There are other authorities in the country,
like airports and tax authorities, who have an ax to grind
against Kingfisher and we are being held hostage to this
process."

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


MOCHIKO SHOES: CRISIL Assigns 'BB-' Rating to INR139MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Mochiko Shoes Pvt Ltd (MSL; part of the
Mochiko group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              110       CRISIL BB-/Stable
   Term Loan                 29       CRISIL BB-/Stable

The rating reflects the benefits that the Mochiko group derives
from the extensive industry experience of its promoters and
established relationship with its customers. These rating
strengths are partially offset by the Mochiko group's high
customer concentration, working capital intensive operations and
moderate financial risk profile, marked by highly leveraged
capital structure and moderate debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MSL and Mochiko Shoes, together
referred to as the Mochiko group. This is primarily because both
entities are controlled by the same management and are in the
footwear manufacturing business. The entities also derive
considerable operational, financial, and business synergies from
each other. MSL holds 20% stake in MS.

Outlook: Stable

CRISIL believes that the Mochiko group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationship with customers. The
outlook may be revised to 'Positive' if the group scales up its
operations and diversifies its customer base, thereby improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the company's order book shrinks, or its
financial risk profile deteriorates, owing to stretched working
capital cycle or decline in its operating income or operating
profitability.

                          About the Group

Incorporated in 2007 by Mr. Virender Awal, MSL manufactures
sports shoes. Its manufacturing facilities are at Dehradun
(Uttarakhand) and Noida (Uttar Pradesh).

Established in 2010, Mochiko Shoes (MS, a partnership firm
manufactures sports shoes. Its manufacturing facility is at
Dehradun (Uttarakhand).

MSL reported a profit after tax (PAT) of Rs4.9million on net
sales of INR843.5 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR18.9 million on net
sales of INR766.9 million for 2010-11.


PREMIUM SERUMS: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Premium Serums and Vaccines Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Working Capital       20       CRISIL D
   Demand Loan

   Cash Credit                4       CRISIL D

   Term Loan                 96       CRISIL D

The rating reflects instances of delay by PSVPL in servicing its
debt; the delays have been caused by the company's weak
liquidity. PSVPL has weak liquidity because of its depressed cash
accruals, which are on account of the fact that the company has
recently commenced operations, and has large working capital
requirements.

PSVPL also has a weak financial risk profile, marked by a small
net worth and a high gearing, and small scale of operations.
However, the company benefits from its promoters' extensive
industry experience and the funding support that it receives from
them.

PSVPL was set up in 2008-09 (refers to financial year, April 1 to
March 31) by Dr. Shyam Dhawan and Dr. Girish Kolwankar. The
company manufactures anti-snake venom serum, anti-snake venom
plasma, and anti-rabies serum. The company's manufacturing
facilities are located at Narayangaon (Maharashtra).


SACHIN FINECOT: CRISIL Assigns 'B' Ratings to INR89MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sachin Finecot Fibers.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               65       CRISIL B/Stable
   Term Loan                 24       CRISIL B/Stable

The rating reflects SFF's startup nature of operations in a
highly competitive and fragmented cotton ginning industry,
susceptibility of its margins to volatility in cotton prices and
vulnerability to regulatory regime governing the cotton industry.
The rating also factors in the firm's below-average financial
risk profile marked by modest net worth, high gearing and subdued
debt protection metrics. These rating weaknesses are partially
offset by extensive experience of SFF's partners in the cotton
ginning business.

Outlook: Stable

CRISIL believes that SFF will benefit from its partners'
extensive experience in the cotton ginning business. The outlook
may be revised to 'Positive' if the firm records a significant
and sustained improvement in its scale of operations, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the firm reports lower than expected
revenues or margins or its working capital cycle lengthens
significantly resulting in weakening of its financial risk
profile.

SFF was set up as a partnership firm in May 2012 by Mr. Navin
Tayal and Mr. Hitesh Tayal and started cotton ginning and
pressing operations in December 2012. The partners have been
involved in the cotton ginning business for over two decades
through the group entity Sachin Agro Industries. SFF's
manufacturing unit is located at Aurangabad, Maharashtra.


SHAKTI AGRO: CRISIL Assigns 'B-' Rating to INR45MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of Shakti Agro Cold Storage.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               45       CRISIL B-/Stable (Assigned)

The rating reflects the weak financial risk profile along with
small scale of operations and fragmented nature of the cold
storage industry. These rating weaknesses are partially offset by
SACS's moderate business risk profile aided by proprietor's long
standing experience in the cold storage industry.

Outlook: Stable

CRISIL believes that SACS will continue to benefit over the
medium term from its proprietor's extensive experience in the
cold storage industry. The outlook may be revised to 'Positive'
if the company is able to scale up its operations, while it
improves its profitability or its capital structure, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SACS's liquidity is
constrained by delays in repayments by farmers, lower-than-
expected cash accruals or any debt-funded capex.

SACS was incorporated in the year 2005 by Mr Suresh Govind
Rodekar as a proprietorship firm. Based in Belgaum, Karnataka the
firm is engaged in providing cold storage services primarily
temperature controlled warehosuing(TCW).

For 2011-12 (refers to financial year, April 1 to March 31), SACS
reported a profit after tax (PAT) of INR3.23 million on net sales
of INR6.52 million, against a PAT of INR2.70 million on net sales
of INR5.07 million for 2010-11.


SSV ENGINEERS: CRISIL Cuts Ratings on INR500MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of SSV
Engineers Pvt Ltd (SSV) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             180      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Letter of credit &       50      CRISIL A4 (Downgraded from
   Bank Guarantee                   'CRISIL A4+')

   Proposed Bank Guarantee  50      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Cash Credit     100     CRISIL B+/Stable(Downgraded
   Limit                            from 'CRISIL BB/Stable')

   Proposed Long-Term Bank   20     CRISIL B+/Stable (Downgraded
   Loan Facility                    from 'CRISIL BB/Stable')

   Term Loan                200     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in SSV's liquidity on
account of unprecedented stretch in its working capital
requirements. The sharp increase in topline and continued high
gross current assets of over 220 days as on March 31, 2012 have
led to significant pressure on the company's liquidity.
Consequently, despite enhancement in working capital bank lines,
there is no cushion available to the company.

The ratings reflect SSV's below-average financial risk profile,
marked by average net worth, high gearing, and weak debt
protection metrics, large working capital requirements, customer
and end-user industry concentration in revenue profile, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that SSV derives
from its promoter's industry experience and its established
relationships with its customers.

Outlook: Stable

CRISIL believes that SSV's financial risk profile will be
constrained by highly leveraged capital structure and weak
liquidity. The outlook may be revised to 'Positive' if there is
significant improvement in SSV's gearing and liquidity, most
likely through equity infusion. Conversely, the outlook may be
revised to 'Negative' if SSV's liquidity comes under further
pressure owing to stretch in working capital cycle or sharp
deterioration in profitability.

SSV commenced operations by acquiring two proprietary concerns,
SSV Engineers and Steel Wind Energy, owned by Mr. V M Shinde,
with effect from April 2008. SSV is engaged in fabrication of
mild steel structurals (such as platform structures for boilers
and heavy foundations of windmills), and components (pressure
vessel covers), mainly for pressure vessels. The main processes
carried out by SSV are cutting, bending, welding, and finishing.
The company has three fabrication units: two based near Pune (one
each in Pimpri and Chakan) and one at Indapur (all in
Maharashtra).

SSV reported a profit after tax (PAT) of INR18.6 million on an
operating income of INR951.4 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR34.3
million on an operating income of INR644.5 million for 2010-11.



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


ELPIDA MEMORY: Micron Takeover Seen Restoring PC RAM Profits
------------------------------------------------------------
Tim Culpan at Bloomberg News reports that Micron Technology
Inc.'s takeover of Elpida Memory Inc. and the exits of Taiwanese
makers could help challengers to PC memory-chip leader Samsung
Electronics Co. return to profit after losing $21 billion in five
years.

Prices of benchmark dynamic random-access memory chips, the most
common component in personal computers, have climbed 49 percent
since Nov. 30, Bloomberg relates citing TrendForce Corp.'s
DRAMeXchange, which tracks the market. That rebound followed a 23
percent drop in the previous six months that pushed prices below
break-even levels, the report relays.

Micron, the largest U.S. maker of memory chips, agreed in July to
buy bankrupt Elpida for JPY200 billion ($2.2 billion) as it seeks
to compete with South Korea's Samsung and SK Hynix Inc. Closure
of that deal and moves by Taiwan-based manufacturers to leave the
business would put at least 90% of the market under the control
of three companies, Bloomberg notes.

"Hynix and Micron had been making a bit of a loss at these
prices, but going forward I think they are going to go into
profitability by the end of the year," Bloomberg quotes Mark C.
Newman, a Hong Kong-based analyst for Sanford C. Bernstein, as
saying.  Mr. Newman rates Micron and Samsung outperform and SK
Hynix market perform, the report notes.

                        About Elpida Memory

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

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

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



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


* KOREA: Moody's Says Downgrade Rating Pressure to Increase
-----------------------------------------------------------
Moody's Investors Service says that sovereign credit fundamentals
in North Asia -- specifically China (Aa3 positive), Japan (Aa3
stable) and Korea (Aa3 stable) -- will remain resilient to global
headwinds, as policy frameworks will support economic growth in
2013.

In addition, each country's corporate and banking sectors will
face a mix of similar and individually specific challenges.

"With the sovereign outlook, leadership changes in these big
three North Asian economies in late 2012 should prove positive
for pro-growth policies in the near term, although Japan in
particular faces long-term challenges," says Tom Byrne, a Senior
Vice President with Moody's Sovereign Risk Group.

"At the same time, rising geopolitical tensions over the past
year -- involving all three -- have emerged over maritime
territorial disputes, and may have significant economic
ramifications if not constructively managed," adds Byrne.

Moody's conclusions were contained in three newly released
outlooks -- authored by its analytical teams in the region -- for
Asia Pacific's sovereigns, corporates and banks over the course
of 2013.

For Asia Pacific as a whole, Moody's expects sovereign credit
profiles to withstand the risks related to both the headwinds to
global growth and the persistence of extraordinary monetary
easing by the US Federal Reserve. The region will also continue
to grow faster relative to other regions, and growth in China
will moderate, with no hard landing.

"With the corporate outlook, for Asia (ex-Japan), Moody's expects
downward rating pressure to ease in the next 12 months, given
stabilizing economic growth in China and manageable refinancing
risks," says Chris Park, a Vice President and Senior Credit
Officer for Moody's Corporate Finance Group.

Specifically, the credit quality of Chinese corporate issuers
should stabilize, supported by a more benign environment for
market liquidity, modest growth in property sales, and public
investments in infrastructure projects.

In the case of Korea, downward rating pressure on private sector
corporate issuers could increase, driven by a sluggish housing
market, subdued private consumption, the won's appreciation, and
aggressive investment strategies.

"However, negative rating actions will still outpace positive
ones, although to a much less extent, because the weak growth in
the developed markets and the lower plateau for Chinese economic
growth will continue to pressure Asia's export-oriented
corporates and those in cyclical sectors," says Park.

The sectors in North Asia most vulnerable to any economic down-
turn are coal mining (negative); refining & marketing (stable);
shipping (negative); steel (stable); and consumer electronics
(negative) & semiconductors.

Moody's also expects the short-term liquidity risks of rated
Asian corporates to remain manageable in 2013, supported by a
benign liquidity environment, relatively low levels of offshore
bonds maturing over the next 12 months, and the variety of
funding channels currently available to high-yield corporates.

For the banks in the region, the broad credit outlook is stable
on the expectation that they will remain largely insulated from
the negative credit pressures affecting their peers in many
Western economies.

"We consider that this stable outlook is driven mainly by the
region's economic resilience; its relatively accommodative
monetary policy; and the banks' own strong liquidity when
compared to global norms, as well as their relatively robust
capital buffers," says Stephen Long, the Managing Director for
Moody's Financial Institutions Group in Asia Pacific.

"In terms of individual banking systems, with the Chinese banks,
the risks of a systemic crisis materializing in 2013 are low.
Meanwhile, with Japan, the credit conditions for its banks will
remain stable despite a generally weak economic outlook," says
Long.

For banks in several export-related economies, such as Hong Kong,
Taiwan and Korea, macroeconomic recovery will mean that any
cyclical rise in non-performing loans (NPLs) will be modest.

All the banking systems in North Asia -- China, Hong Kong, Japan,
Korea and Taiwan -- have stable outlooks.



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


CRAFAR FARMS: Animal Abuse Trial Date Yet to be Set
---------------------------------------------------
The Daily Post reports that a date is yet to be set for the trial
of five parties linked to the running of Crafar Farms, who
between them face hundreds of charges of animal abuse.

The parties' lawyers appeared in Rotorua District Court on
January 22 where the case was adjourned until a further callover
on February 21, the report says.

The five accused are Craig Coote (farm manager), Raymond Griffen
(farm worker), Southland dairy management company MilkPride and
company directors Murray Flett and Ross Cottier, the Daily Post
discloses.

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

                        About Crafar Farms

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 5, 2012, Radio New Zealand said the Crafar family farms
are now legally in the hands of their new Chinese owner. Radio NZ
said the Shanghai Pengxin group had to overcome legal challenges
from New Zealand farming and Maori interests but finally took
possession of the 16 North Island farms on Nov. 30, 2012.



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


CHIAN KEONG: Court to Hear Wind-Up Petition on Feb. 1
-----------------------------------------------------
A petition to wind up the operations of Chian Keong Trading Pte
Ltd will be heard before the High Court of Singapore on Feb. 1,
2013, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Jan. 4, 2013.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         No. 9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


CHINA CITYONE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 11, 2013, to
wind up operations of China Cityone Communications Limited.

The company's liquidators are:

         Chee Yoh Chuang
         Mr Abuthahir Abdul Gafoor
         care of Messrs Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


EQUINOX OFFSHORE: Court to Hear Judicial Management Bid on Mar. 1
-----------------------------------------------------------------
An application to place Equinox Offshore Accommodation Limited
under judicial management will be heard before the High Court of
Singapore on March 1, 2013, at 10:00 a.m.

Steven Yit Chee Wah has been nominated as judicial manager.

The Applicant's solicitors are:

          Pan Asia Wikborg Rein LLC
          6 Raffles Quay #10-05/06
          Singapore 048580


EVERVAST CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 1
---------------------------------------------------------------
A petition to wind up the operations of Evervast Construction Pte
Ltd will be heard before the High Court of Singapore on Feb. 1,
2013, at 10:00 a.m.

The Comptroller of Goods and Services Tax and The Comptroller of
Income Tax filed the petition against the company on Jan. 10,
2013.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         77 Robinson Road
         #16-00, Robinson 77
         Singapore 068896


HENG SHENG: Creditors Get 9.945% Recovery on Claims
---------------------------------------------------
Heng Sheng Corporation Pte Ltd declared the first and final
dividend on Jan. 21, 2013.

The company paid 9.945% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


LINGUA TECH: Court to Hear Wind-Up Petition on Feb. 1
-----------------------------------------------------
A petition to wind up the operations of Lingua Tech (S) Pte Ltd
will be heard before the High Court of Singapore on Feb. 1, 2013,
at 10:00 a.m.

Cheng Yuk Ching Nickson filed the petition against the company on
Jan. 15, 2013.

The Petitioner's solicitors are:

         Lawrence Quahe & Woo LLC
         180 Clemenceau Avenue
         #02-02 Haw Par Centre
         Singapore 239922


STANSFIELD GROUP: Court to Hear Wind-Up Petition on Jan. 25
-----------------------------------------------------------
A petition to wind up the operations of The Stansfield Group Pte
Ltd now known as TSG Investments Pte Ltd will be heard before the
High Court of Singapore on Jan. 25, 2013, at 10:00 a.m.

ACIES Law Corporation filed the petition against the company on
Jan. 8, 2013.

The Petitioner's solicitors are:

         ACIES Law Corporation
         79 Robinson Road
         #25-08 CPF Building
         Singapore 068897



================
S R I  L A N K A
================


VALLIBEL FINANCE: Fitch Affirms 'BB-' National LT Rating
--------------------------------------------------------
Fitch Ratings Lanka has revised Vallibel Finance Plc's Outlook to
Negative from Stable. At the same time, the agency has affirmed
VFL's National Long-Term rating at 'BB-(lka)'.

The revision of the Outlook reflects VFL's declining
capitalisation, as measured by its equity/assets ratio, and the
deterioration in its asset quality indicators as a result of
rapid lending. The rating may be downgraded if VFL is unable to
stem the decline in these metrics, resulting in a significant
shift in its financial profile away from similarly rated peers.
The Outlook may be revised to Stable if VFL is able to curtail
the increase in its non-performing loans (NPLs) through improved
portfolio monitoring, supported by new IT systems, and if core
capitalisation strengthens alongside slower loan expansion.

VFL's rating reflects its small but expanding asset base, its
moderate profitability and a developing franchise.

VFL's portfolio expanded strongly (79% in the financial year to
March 2012), driven by lower import duties on vehicles and by
branch expansion. Consequently, its equity/assets ratio fell to
9.6% at end-H113 (FYE12:10.3%; FYE11:12%). Loan growth slowed to
16% in H113 due to a reduction in credit demand and an increase
in import duties on vehicles after 31 March 2012.

VFL's asset quality weakened, particularly for loans that are
three months overdue, with its gross NPL ratio rising to 14.1% at
end-H113 (FYE12: 8.2%) due to the seasoning of its loan
portfolio. Consequently, its net three-month NPLs/equity ratio
nearly doubled to 112.3% during the same period. VFL's gross NPL
ratio for loans that are six months overdue also weakened to 2.4%
from 1.7% during this period. Its net six-month NPLs/equity ratio
rose to 8.4% at end-H113 from 5.3% at FYE12.

VFL's pre-tax return on assets (ROA) fell to 6% (annualised) in
H113 (FY12: 7.5%) due to reduced net interest margins (NIM) and
higher provisioning costs. NIM contracted in H113, as VFL's cost
of funds increased due to rising market interest rates. Given
intense competition for deposits, controlling funding costs will
be a challenge for VFL.

Deposits increased 24.5% in H113, outpacing lending growth. This
caused VFL's net loans/deposits ratio to improve to 138.9% at
end-H113 (FY12: 149.2%). Customer deposits, the primary source of
funding for VFL, accounted for 60% of total assets at end-H113.
The company had issued LKR375m unsecured subordinated redeemable
debentures during FY12 and in H113 to strengthen its tier 2
capital base and to support lending. The issue was subscribed in
full by an entity related to its largest shareholder.

VFL is a LFC 72.87% held by Vallibel Investments (Pvt) Limited,
an investment company owned by high-net-worth businessman K.D.D
Perera. It operates through 11 outlets and accounted for 1.7% of
LFC sector assets at end-December 2011.



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


* Moody's Says Asian Firms Expect to Ease in Next 12 Months
-----------------------------------------------------------
Moody's Investors Service says that the downward rating pressure
on Asian corporates (ex-Japan) should ease in the next 12 months,
mainly driven by a stabilizing Chinese economy, an expectation of
continued accommodative monetary policies, and the manageable
level of refinancing risks.

"Moody's expects fewer negative rating actions for corporates in
Asia in 2013 versus 2012, based on Moody's central macroeconomic
scenario that the Asian region (ex-Japan) as a whole, will
significantly outperform the weak global economy," says Clara
Lau, a Moody's Group Credit Officer.

"Moody's expectation that economic conditions will be largely
unchanged in 2013 suggests a gradual shift towards more stable
rating trends overall, and modest improvements in the credit
trends for some industries," adds Lau.

Moody's conclusions were contained in a just-released report
titled, "Asian Corporates (ex-Japan): 2013 Outlook -- Downward
Rating Pressure to Ease but Challenges Remain for Cyclical and
Commodity Sectors".

"However, negative rating actions will still outpace positive
ones, although to a lesser extent, because the weak growth in the
developed markets and the lower plateau of Chinese economic
growth will continue to pressure Asia's export-oriented
corporates and those in cyclical commodity sectors," says Lau.

The report identifies the most vulnerable sectors to the lower
pace of economic growth as: coal mining (negative); shipping
(negative); and consumer electronics (negative) & semiconductors.
The industries that will be affected to a lesser extent are:
steel (stable); refining & marketing (stable); and Chinese
property developers (stable).

"Moody's also expects the refinancing risks for Asian corporates
(ex-Japan) to be manageable, given the relatively low levels of
offshore bonds maturing in the next 12 months, and the benign
liquidity environment, which made various funding channels
available for high-yield issuers," says Simon Wong, a Moody's
Vice President and Senior Analyst, and one of the co-authors of
the report.

In terms of specific markets, the report says that the credit
quality of Chinese corporate issuers should stabilize, supported
by continued ample market liquidity, modest growth in property
sales, and public investments in infrastructure projects.

For Korea, Moody's expects downward rating pressure on private
sector companies in general, mainly driven by a sluggish housing
market and subdued private consumption, the won's appreciation,
and the aggressive investment strategies of Korean firms, despite
the limited financial cushions for their rating levels.

Finally, the new report notes that the credit quality of firms in
Indonesia and India should be stable in 2013, underpinned by
economic growth, which will remain broadly similar to 2012, or,
in the case of India, slightly better than last year.

However, Indian corporates will continue to face the challenges
of weak infrastructure support and regulatory constraints, while
Indonesian firms in the commodity sector will be pressured by
unfavorable demand and supply fundamentals.

Geographically, the report's conclusions are based on Moody's
analysis of some 240 rated issuers across 14 economies in Asia,
namely Mainland China, Hong Kong, Korea, India, Singapore,
Indonesia, Malaysia, Taiwan, Macau, the Philippines, Vietnam,
Thailand, Mongolia and Pakistan.



                             *********

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

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

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


                            *********


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

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

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

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

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



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