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        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

           Friday, January 25, 2013, Vol. 16, No. 18


                            Headlines


A U S T R A L I A

AUSTRALIAN SUGAR: HLB Mann Judd Appointed as Administrators
PENRICE SODA: To Shut Soda Ash Operations; 60 Jobs Affected
SMART ABS 2013-1US: Fitch Assigns 'BB' Rating to Class E Notes
WICKHAM SECURITIES: ASIC Seeks Injunction Vs. Sherwin Financial
WICKHAM SECURITIES: Founder Faces Court Action Over Collapse


C H I N A

BEIJING CAPITAL: Land Acquisitions No Impact on Moody's Ba2 CFR
GREENTOWN CHINA: Moody's Reviews 'B3' CFR; Assigns 'Caa1' Rating


H O N G  K O N G

MORAL PROFIT: Creditors' Proofs of Debt Due Feb. 19
NATIONAL SEMICONDUCTOR: Commences Wind-Up Proceedings
PROGRESSIVE ASTEL: Creditors' Proofs of Debt Due Feb. 22
QTEC LIMITED: Commences Wind-Up Proceedings
RUI HONG: Commences Wind-Up Proceedings

SINCE-TECH INDUSTRIAL: Au Wai Keung Steps Down as Liquidator
TETRAHEDRAL COMPANY: Creditors' Proofs of Debt Due Feb. 18
TP INVESTMENT: Creditors' Proofs of Debt Due Feb. 18
UNITED GAIN: Placed Under Voluntary Wind-Up Proceedings
WAI TAK: Court Enters Wind-Up Order

WARAKU HK: Court to Hear Wind-Up Petition on Feb. 20
WHITE MARK: Court to Hear Wind-Up Petition on Jan. 30
WINSILK ENTERPRISE: Court to Hear Wind-Up Petition on March 20
YIK FOK: Creditors' Proofs of Debt Due Feb. 15
YSL BEAUTE: Yiu and Wai Step Down as Liquidators


I N D I A

A S CHATTHA: CRISIL Assigns 'B+' Rating to INR60MM Loans
AUTO SHELL: CRISIL Assigns 'B+' Rating to INR117.5MM Loans
B B TRADELINK: CRISIL Rates INR250MM LT Loan at 'BB+'
CENTURY GLOBAL: CRISIL Assigns 'B-' Rating to INR204MM Loans
MIDAS YARN: CRISIL Assigns 'BB-' Rating to INR99.1MM Loans

POULOMI INFRA: CRISIL Rates INR30MM Cash Credit at 'BB-'
PRAGATI SPINNERS: CRISIL Places 'B' Rating on INR365MM Loans
RAMI CHANDIDAS: CRISIL Assigns 'B' Rating to INR69MM Loans
SHRI BALAJI: CRISIL Upgrades Rating on INR70MM Loan to 'BB-'
SUN PHARMA: Q3 Net Loss Widens to INR24.09cr

VITTHAL DISTILLERIES: CRISIL Puts 'D' Ratings on INR330MM Loans


J A P A N

EACCESS LTD: Moody's Raises Sr. Unsec. Debt Rating to 'Ba2'
PANASONIC: Moody's Says Units Close to 'Ba1' Credit Assessment


M A L A Y S I A

MALAYAN BANKING: Fitch Affirms 'BB+' Rating on Hybrid Notes


N E W  Z E A L A N D

SOUTH CANTERBURY: Trial Call-Over Adjourned to March 27


S I N G A P O R E

OFFSHORE JOINT: Creditors' Proofs of Debt Due on Feb. 18
ONSYS ENERGY: Court Enters Wind-Up Order
SYRUSS SHORE: Court Enters Wind-Up Order
SZU MING: Creditors' Proofs of Debt Due on Feb. 4
TRANSLATION EXPRESS: Court to Hear Wind-Up Petition on Feb. 1


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AUSTRALIAN SUGAR: HLB Mann Judd Appointed as Administrators
-----------------------------------------------------------
Cara Waters at SmartCompany reports that the 80 shareholders of
Australian Sugar Cane Feeds met Thursday after the farming feed
and mulch business collapsed, leaving them AUD13 million in the
red.

HLB Mann Judd were appointed as administrators and administrator
Barry Taylor -- btaylor@hlbnsw.com.au -- told SmartCompany he was
calling for expressions of interest for the business and assets
of ASCF after the business ran into trouble.

"They were not getting the traction they needed in terms of sale
volume so for at least the last two years, the shareholders have
been injecting more funds in to meeting operating costs and,
being principally based on sugarcane, the supply side has been
soft because of drought and floods," SmartCompany quotes
Mr. Taylor as saying.

According to the report, Mr. Taylor said ASCF owes shareholders
around AUD13 million it also has liabilities to its bank which
are secured by assets of AUD1.6 million, owes employee
entitlements of around AUD100,000 and has liabilities to
suppliers of between AUD40,000 and AUD50,000.

ASCF continues to trade but of the 12 staff employed when HLF
Mann was appointed, only four remain, the report notes.

"We have terminated eight of the staff as there was not a
business case for continuing the operation, there is an inventory
of the products and some opportunity to continue to produce the
Hydrocane mulch, so we have a small staff doing that and at this
stage we are concentrating on moving the existing product," Mr.
Taylor told SmartCompany.

Mr. Taylor said the administrators have already had some
expressions of interest for buying the business or assets of
ASCF, SmartCompany adds.

Based in Queensland, Australian Sugar Cane Feeds produces a feed
product made from sugarcane called Cow Candy and a mulch product
called Hydrocane.  The business had 12 employees and customers
across Asia and Australia.


PENRICE SODA: To Shut Soda Ash Operations; 60 Jobs Affected
-----------------------------------------------------------
The Advertiser reports that Penrice Soda Holdings Ltd will shut
down Australia's only soda ash manufacturing operation at Osborne
this year to make way for cheaper imports.

According to the report, the company said the decision was a
result of "extraordinary pressure" on the business from imported
soda, which is nearly 40% cheaper.

"The unprecedented strength of the Australian dollar, lower
international shipping costs, increasing energy and labour costs,
increasing taxes (notably the carbon tax) and increasing
regulatory compliance costs have added to the cost of
manufacturing relative to imports," the company said.

The report says these factors were also impacting on Penrice's
customer base of glass and detergent manufacturers.

"Penrice does not see any significant change to these factors
occurring in the foreseeable future," the company, as cited by
The Advertiser, said.

As a result, the report notes, the company will now import and
market soda ash through a new joint venture with SASS Victoria
Australia Pty Ltd -- a subsidiary of a Dutch holding company.

The Advertiser relates that Penrice said soda ash production will
end at the Osborne site in June with the jobs going from May
onwards.

"Regrettably, this will reduce production and ancillary roles and
impact 60 jobs," the company said.

Sodium bicarbonate production continues as usual at the Osborne
site and there are no job losses at its Angaston limestone mine
although there will be reduced costs because of the reduced
supply requirement, the report adds.

Based in Osborne, Australia, Penrice Soda Holdings Limited --
http://www.penrice.com.au/-- engages in the manufacture,
distribution, and sale of soda ash, sodium bicarbonate, and
limestone in Australia. It employs approximately 243 workers.


SMART ABS 2013-1US: Fitch Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2013-1US Trust's
notes final ratings. The transaction is a securitisation backed
by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited.

USD100m Class A-1 notes: 'F1+sf'
USD60m Class A-2a notes: 'AAAsf'; Outlook Stable
USD70m Class A-2b notes: 'AAAsf'; Outlook Stable
USD50m Class A-3a notes: 'AAAsf'; Outlook Stable
USD89m Class A-3b notes: 'AAAsf'; Outlook Stable
USD106m Class A-4a notes: 'AAAsf'; Outlook Stable
USD25m Class A-4b notes: 'AAAsf'; Outlook Stable
AUD5.858m Class B notes: 'AAsf'; Outlook Stable
AUD19.437m Class C notes: 'Asf'; Outlook Stable
AUD13.312m Class D notes: 'BBBsf'; Outlook Stable
AUD11.982m Class E notes: 'BBsf'; Outlook Stable
AUD7.988m seller notes: not rated

The notes were issued by Perpetual Trustee Company Limited as
trustee for SMART ABS Series 2013-1US Trust. The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

The final ratings of the Class A notes are based on the quality
of the collateral; the 11% credit enhancement provided by the
subordinate Class B, C, D, and E notes; the unrated seller notes
and excess spread. They also reflect the liquidity reserve
account sized at 1% of the aggregate amount of the notes at
closing; the interest rate swap arrangement the trustee has
entered into with Macquarie Bank Limited ('A'/Stable/'F1'); the
currency swap arrangement the trustee has entered into with
Australia & New Zealand Banking Group ('AA-'/Stable/'F1+') and
Macquarie Leasing Pty Ltd's lease underwriting and servicing
capabilities.

The final ratings on the other classes of notes are based on all
the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

"This is the first SMART ABS transaction to be issued into the US
for 2013. The transaction benefits from a highly diverse
portfolio in terms of both obligor and regional concentration and
is very similar, in both portfolio characteristics and structure,
to other SMART ABS Series issued in 2011 and 2012 into the US
market," said Courtney Miller, Analyst in Fitch's Structured
Finance team.

At the cut-off date, Macquarie Leasing's collateral portfolio
consisted of 15,629 leases totalling AUD532.5m with an average
size of AUD34,072. The pool comprises passenger and light
commercial vehicle lease receivables from Australian residents
across the country, consisting of amortising principal and
interest leases with varying balloon amounts payable at maturity.

The main industry exposures include property and business
services (36.1%); government, administration & defence (15.9%);
health & community services (9.5%); other industries (8.3%);
transport & storage (8.1%); and construction (6.7%). The weighted
average balloon payment for the portfolio is 26% of the original
lease balance. The majority of leases consist of novated
contracts (61.3%), where the lease is novated to the employer in
salary packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.3% and 1.8%, and between
0.5% and 5%, respectively.

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding new issue report entitled "SMART ABS Series
2013-1US Trust", available at www.fitchratings.com or by clicking
on the above link. Included in a corresponding appendix is a
description of the representations, warranties, and enforcement
mechanisms.


WICKHAM SECURITIES: ASIC Seeks Injunction Vs. Sherwin Financial
---------------------------------------------------------------
Andrew Main at The Australian reports that the Australian
Securities & Investments Commission has taken action against a
company managed by Bradley Thomas Sherwin, the founder of Wickham
Securities that has just appointed PPB Advisory as
administrators.

The Australian relates that there are concerns about AUD27
million recently subscribed to Wickham, a lender to property
developers, by some 300 investors.  The investors were offered
between 9 and 10% a year by Wickham, which was charging
developers more than 20% a year for short-term financing.
Their investment is reportedly secured against AUD145 million
worth of property.

According to the report, ASIC is seeking an injunction to prevent
money being moved around by Sherwin Financial Planners and other
related defendants, such as Deborah Bernadette Sherwin and seven
other companies including Wickham Capital.

Wickham would be included in ASIC's investigation, led by
commissioner John Price, into the unlisted debenture sector, a
spokesman told The Australian.

"ASIC will work with the administrators to maximise the best
possible return for debenture holders," the report quotes the
spokesman as saying.

ASIC has been under pressure to tighten up on the debenture
sector, which is not supervised by the Australian Prudential
Regulation Authority and is only partly supervised by ASIC.

Wickham Securities Limited is a Brisbane-based financial services
company. Director Bradley Sherwin appointed Messrs. Grant Sparks
and David Leigh of PPB in Brisbane as administrators to the
company on Dec. 21, 2012.


WICKHAM SECURITIES: Founder Faces Court Action Over Collapse
------------------------------------------------------------
Andrew Main at The Australian reports that the Australian
Securities & Investments Commission has taken a Federal Court
action against Bradley Thomas Sherwin, the man at the centre of
the Wickham Securities collapse in Queensland.

The Australian says Mr. Sherwin, 58, founded the company -- which
reportedly owes some $27 million to depositors -- and is the sole
director and secretary of many small companies named by ASIC as
defendants in its action, which was launched on Monday.

Those companies are DIY Superannuation Services, Reacroft, Blue
Diamond Investments, SP Property, Astor Funds, Sherwin Financial
Services and Wickham Capital, the report discloses.

According to the report, the regulator is alleging that
Mr. Sherwin's company, Sherwin Financial Planners, broke the law
by providing misleading and deceptive statements about products
it was offering consumers, and that Mr. Sherwin and his string of
companies "aided and abetted" that action.

The Australian relates that Sherwin Financial Planners is also
alleged to have offered financial products without the correct
disclosure document, which, if correct, would be a breach of the
Corporations Act.

Mr. Sherwin is also alleged by ASIC to have used his position as
a director improperly to gain an advantage for himself or someone
else, and his wife, Deborah Bernadette Sherwin, is alleged to
have aided and abetted that action, the report relays.  She has
not been named as a director of any of the companies in ASIC's
sights, says The Australian.

No charges have been laid against the Sherwins but ASIC wants an
interim order limiting their living expenses to AUD750 a week and
limiting to AUD20,000 the monthly expenses of two companies of
which Mr. Sherwin is a director. It has asked the court to wind
up the 10 companies, The Australian adds.

Wickham Securities Limited is a Brisbane-based financial services
company. Director Bradley Sherwin appointed Messrs. Grant Sparks
and David Leigh of PPB in Brisbane as administrators to the
company on Dec. 21, 2012.

Wickham Securities Limited is a Brisbane-based financial services
company. Director Bradley Sherwin appointed Messrs. Grant Sparks
and David Leigh of PPB in Brisbane as administrators to the
company on Dec. 21, 2012.



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


BEIJING CAPITAL: Land Acquisitions No Impact on Moody's Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Beijing
Capital Land Limited's Ba2 corporate family rating, and
International Financial Center Property Limited's Ba3 corporate
family rating from the group's recent land acquisitions in
Beijing.

At the same time, the Ba3 senior unsecured rating for the bonds
issued by Central Plaza Development Limited (CPD) and guaranteed
by IFC are also unaffected.

The outlooks for all ratings remain stable.

The bonds are supported by a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed between BJCL, CPD, IFC and the
bond trustee.

Both IFC and CPD are offshore subsidiaries wholly-owned by BJCL.

Between January 18 and 21, 2013 BJCL announced that it and IFC,
collectively as the group, had jointly acquired three land
parcels in Beijing for a total investment of RMB5.1 billion.

"While the investment amount is material, relative to BJCL's
business scale, the company has adequate cash on hand --
estimated at RMB8.5-9 billion at end-2012 -- to settle the
purchase," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

The land purchase which will be settled by installments within
the next 3-9 months, will not pressure the group's near-term
liquidity.

The new land parcels are located in the core area of the Lize
Financial Business District, a new financial district close to
Finance Street. The group will develop the sites into grade-A
office buildings and serviced apartments. Completion is planned
over the next 3-5 years.

"The new projects represent an acceptable level of risk to BJCL,"
adds Tsang, also lead analyst for BJCL.

BJCL has a track record of developing commercial complexes in
Beijing. The new projects, which are located in Beijing, will
reinforce BJCL's position in its home market.

The limited supply of grade-A offices in the core business
districts of Beijing provide favorable market conditions for
BJCL's new projects and will partly mitigate the sales and
occupancy risks.

Moreover, Moody's notes that the group is in discussion with
potential partners to co-develop the projects. Such an
arrangement could reduce the company's capital needs and
financial risk.

"Moody's expects the credit metrics of both BJCL and IFC to
remain within their rating ranges after factoring in the land
purchases and the related developments," says Tsang.

Both companies' projected EBITDA interest coverage will stay at
around 2.5x in the next 1-2 years. This level is consistent with
Moody's original expectation for their ratings.

BJCL's Ba2 corporate family rating continues to reflect its
medium-sized operation and track record of operating through
various business cycles since it was established in 2002. The
rating also considers that BJCL has a track record of developing
residential properties, and is supported by a seasoned management
team and a solid liquidity profile.

The rating further reflects BJCL's good access to funding and its
ability to secure good growth opportunities because of its close
relationship with its parent and the Beijing Municipal
Government.

For IFC, its Ba3 corporate family rating reflects its B2
standalone credit profile and incorporates a two-notch rating
uplift, based on the expectation of high financial and
operational support from BJCL.

The B2 standalone credit profile reflects its small scale
operation and its thin capital base, which translate into
debt/capitalization of around 65-75%, and modest EBITDA/interest
of 2x-2.5x.

The two-notch uplift remains unchanged and is based upon (i)
BJCL's 100% ownership of IFC; (ii) a track record of financial
support to IFC from BJCL; (iii) IFC's business direction being
set by BJCL; and (iv) the fact that all IFC's projects are
operated by BJCL, thereby offering cost efficiency and a strong
brand name.

The principal methodology used in these ratings was Global
Homebuilding Industry Methodology published in March 2009.

Incorporated in the British Virgin Islands in 2000, IFC is the
primary overseas holding company for BJCL. It is fully owned by
BJCL. It is also the guarantor to the bonds issued by CPD.

As of September 2012, IFC had a total land bank of approximately
5.2 million sqm in saleable gross floor area (GFA), representing
approximately 48% of the total land bank under the BJCL group.
Total assets of IFC as of September 2012 were RMB20.4 billion.

Incorporated in China, BJCL is a mid-sized developer in China's
residential property sector. As of June 30, 2012, BJCL had a
total land bank of 11 million square meters (sqm) (attributable
land bank: 6.94 million sqm) in GFA covering 14 cities in China.
This land bank would support the company's development for the
next 4-5 years.


GREENTOWN CHINA: Moody's Reviews 'B3' CFR; Assigns 'Caa1' Rating
----------------------------------------------------------------
Moody's Investors Service is reviewing for upgrade Greentown
China Holdings Limited's B3 corporate family rating and its Caa1
senior unsecured rating.

The review follows Greentown'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 Greentown's proposed USD senior
unsecured notes.

The proceeds of the notes will be used for refinancing certain
existing short term debt and the remainder for general corporate
purposes.

RATINGS RATIONALE

"If Greentown is successful in issuing the proposed notes, it
will improve its liquidity profile and extend its debt maturity,
which could eventually in turn lead to a more stable financial
profile and could be positive for its ratings," says Jiming Zou,
a Moody's Analyst.

Greentown's debt structure is still dominated by short-term
borrowings despite the recent capital injection by Wharf
(unrated) and cash proceeds from asset disposals. The company's
short-term debt exceeds its cash balance, and hence the need for
refinancing. The proposed USD notes, once issued, would address
such needs.

"In addition, the review has been triggered by positive
developments in Greentown's contract sales, which reached RMB51
billion in 2012, up from its management target of RMB40 billion,"
adds Zou, also the lead analyst for Greentown.

Greentown's accelerated sales progress and an expected stable
market in 2013 will help it sustain its good sales momentum. Such
improved presales could translate to more property deliveries,
which would in turn strengthen revenues recognition in 2013.
Therefore, Greentown's credit metrics -- including EBITDA
interest coverage which was 1.7x in FY2011 -- could improve.

"Another trigger for the review is Greentown's new debt
management strategy," says Zou. "Greentown has a strategy to
deleverage, and targets to keep debt leverage -- net debt to net
assets -- below 1x."

Its debt leverage has continued to improve from 1H to 2H2012
thanks to the completion of the Wharf capital injection and the
disposal of its interests in a number of projects to its JV
partners, including Sunac (unrated).

In addition, Greentown has increasingly allocated its projects to
jointly controlled companies in the last 12 months, or since it
started deleveraging. Many of these projects are now
deconsolidated from the company's balance sheet, with funding and
debt service needs shared by both the company and its partners.

In its rating review, Moody's will focus on (a) the expected
improvement in its liquidity and debt maturity profile from the
proposed issuance; (b) the already evident improvement in revenue
and EBITDA interest coverage as Greentown increases presales; (c)
the improvement in debt leverage, which factors in its prorated
share of debt in its joint ventures and its maintenance of
financial prudence; and (d) its discipline in land acquisitions.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. On 30 June 2012, the company had 99 projects, including
those under construction and available for construction, with a
total GFA 40.08 million sqm. Of this total, 23.07 million sqm
were attributable to the company.



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


MORAL PROFIT: Creditors' Proofs of Debt Due Feb. 19
---------------------------------------------------
Creditors of Moral Profit Creation 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. 8, 2013.

The company's liquidator is:

         Ng Lai Ching
         2803 Universal Trade Centre
         3-5 Arbuthnot Road
         Hong Kong


NATIONAL SEMICONDUCTOR: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of National Semiconductor (Far East) Limited, on Jan. 11,
2013, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Sandy Kanakis
         142, Sec. 1, Hsin Nan Rd
         Chung Ho, Taipei Hsien
         Taiwan, Republic of China


PROGRESSIVE ASTEL: Creditors' Proofs of Debt Due Feb. 22
--------------------------------------------------------
Creditors of Progressive Astel Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 11, 2013.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit F, 12/F Seabright Plaza
         9-23 Shell Street
         North Point, Hong Kong


QTEC LIMITED: Commences Wind-Up Proceedings
-------------------------------------------
Members of Qtec Limited, on Jan. 7, 2013, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yu Kwok On
         Unit 1601, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


RUI HONG: Commences Wind-Up Proceedings
---------------------------------------
Members of Rui Hong International Industries Limited, on Jan. 8,
2013, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


SINCE-TECH INDUSTRIAL: Au Wai Keung Steps Down as Liquidator
------------------------------------------------------------
Au Wai Keung stepped down as liquidator of Since-Tech Industrial
Limited on Jan. 9, 2013.


TETRAHEDRAL COMPANY: Creditors' Proofs of Debt Due Feb. 18
----------------------------------------------------------
Creditors of Tetrahedral Company 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. 8, 2013.

The company's liquidator is:

         Lau Wai Hung
         Room 1107, 11/F
         Celebrity Commercial Centre
         64 Castle Peak Road
         Shamshuipo, Kowloon


TP INVESTMENT: Creditors' Proofs of Debt Due Feb. 18
----------------------------------------------------
Creditors of TP Investment Hong Kong 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. 7, 2013.

The company's liquidator is:

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


UNITED GAIN: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Jan. 4, 2013,
creditors of United Gain Investment Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Kwaan Wing Lok
         Room 402, Tung Chai Building
         88-90, Wellington Street
         Hong Kong


WAI TAK: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of Wai Tak Printing Company Limited.

The official receiver is Teresa S W Wong.


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

Yu Chi Long filed the petition against the company on Dec. 12,
2012.


WHITE MARK: Court to Hear Wind-Up Petition on Jan. 30
-----------------------------------------------------
A petition to wind up the operations of White Mark Limited will
be heard before the High Court of Hong Kong on Jan. 30, 2013, at
9:30 a.m.

Global Merchant Funding Limited filed the petition against the
company on Nov. 7, 2012.

The Petitioner's solicitors are:

          S.T. Cheng & Co., Solicitors
          Room 1209, 12th Floor
          COSCO Tower
          183 Queen's Road
          Central, Hong Kong


WINSILK ENTERPRISE: Court to Hear Wind-Up Petition on March 20
--------------------------------------------------------------
A petition to wind up the operations of Winsilk Enterprise
Limited will be heard before the High Court of Hong Kong on
March 20, 2013, at 9:30 a.m.

Lee Ka Kit Spencer trading as Spencer Lee & Co. filed the
petition against the company on Jan. 11, 2013.

The Petitioner's solicitors are:

          Spencer Lee & Co.
          Room 605B, Tower 2
          Lippo Centre, 89 Queensway
          Hong Kong


YIK FOK: Creditors' Proofs of Debt Due Feb. 15
----------------------------------------------
Creditors of Yik Fok Investment Holding Company 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. 2, 2013.

The company's liquidators are:

         Leong Ting Kwok David
         Mok Mun Lan Linda
         Units 3401-2, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong


YSL BEAUTE: Yiu and Wai Step Down as Liquidators
------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of YSL Beaute Hong Kong Limited on Jan. 8, 2013.



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I N D I A
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A S CHATTHA: CRISIL Assigns 'B+' Rating to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of A S Chattha Exim Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             30      CRISIL B+/Stable
   Letter of Credit        30      CRISIL B+/Stable

The rating reflects ASCEPL's below-average financial risk
profile, marked by a highly leveraged capital structure and weak
interest coverage ratio, and its large working capital
requirements. These weaknesses are partially offset by the
extensive experience of the company's promoters in the leather
chemicals trading business, and their established relationships
with customer and suppliers.

Outlook: Stable

CRISIL believes that ASCEPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and their established customer and supplier
relationships. The outlook maybe revised to 'Positive' if the
company reports more-than-expected revenues, or improves its
working capital management and capital structure, leading to an
improvement in its overall financial risk profile. Conversely,
the outlook maybe revised to 'Negative' if ASCEPL undertakes any
large, debt-funded capital expenditure programme, there is
further lengthening of its working capital cycle, or its cash
accruals are lower than expected leading to further weakening of
the financial risk profile.

ASCEPL was originally set up in 1958 as a proprietorship concern
by the late Mr. Ajit Singh Chattha in Kolkata; it was converted
into a private limited company with the current name in 1997.
Currently, ASCEPL is being managed by his sons, Mr. Tejvinder
Singh Chattha and Mr. Ravinder Singh Chattha, and other family
members. The company imports leather chemicals--basic, fat
liquors, dyes, and finishing chemicals - which it sells in the
domestic market. It has a warehouse in Banathalla (West Bengal).


AUTO SHELL: CRISIL Assigns 'B+' Rating to INR117.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Auto Shell Perfect Moulder Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               40.0     CRISIL B+/Stable
   Proposed Cash Credit     9.5     CRISIL B+/Stable
   Limit
   Cash Credit             68.0     CRISIL B+/Stable
   Letter of Credit         2.5     CRISIL A4

The ratings reflect ASPML's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics, and
its modest scale of operations in the highly fragmented castings
industry. These rating weaknesses are partially offset by the
extensive experience of ASPML's promoter in the shell-moulded
grey cast iron and ductile iron castings industry.

Outlook: Stable

CRISIL believes that ASPML will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established customer relationships. The outlook may be
revised to 'Positive' if ASPML significantly increases its scale
of operations and operating profitability, resulting in
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's relationship with its key customer deteriorates,
leading to a decline in sales or profitability, or if it
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

ASPML was originally established in 1979 as a partnership firm by
Mr. Krishnasamy Jeyabal; the firm was reconstituted as a closely
held public limited company under the current name in 1996. ASPML
manufactures shell-moulded grey cast iron and ductile iron
castings. The promoters also own another entity, Auto Shell Casts
Pvt Ltd, which manufactures steel, alloy steel, stainless steel,
and nickel-based castings. However, both the entities are managed
separately.

ASPML reported a profit after tax (PAT) of INR7.5 million on net
sales of INR429.4 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR11.7 million on net
sales of INR440.2 million for 2010-11.


B B TRADELINK: CRISIL Rates INR250MM LT Loan at 'BB+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of B B Tradelink Agro Pvt Ltd (BBTAPL, part
of the Kedarnath group).

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Long-Term      250     CRISIL BB+/Stable
   Bank Loan Facility

The rating reflects the extensive experience of the Kedarnath
group's promoters in the agro-commodity trading industry and its
moderate but growing scale of operations. These rating strengths
are partially offset by the Kedarnath group's susceptibility to
intense competition in the fragmented commodity industry and low
operating margins.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BBTAPL, Kedarnath Agritradelink Pvt
Ltd (KATPL), and Shree Mahavir Trading Corporation, as these
entities have common promoters, common products, strong
operational linkages, and fungible cash flows. The entities are
collectively referred to as the Kedarnath group.

Outlook: Stable

CRISIL believes that the Kedarnath group will continue to benefit
from the extensive experience of its promoters and its small
working capital requirements over the medium term. The outlook
may be revised to 'Positive' in case of a significant increase in
the Kedarnath group's scale of operations and profitability,
leading to an enhanced overall business risk profile. Conversely,
the outlook maybe revised to 'Negative' in case the Kedarnath
group's revenues or profitability is constrained by intense
market competition or if the group's working capital requirements
increase significantly or if it undertakes a major debt-funded
capital expenditure (capex) programme.

BBTAPL, located in Palanpur (Gujarat), is promoted by Mr. Manoj
Agarwal and his family. Incorporated in 2010, BBTAPL commenced
operations in 2011-12 (refers to financial year, April 1 to
March 31). The company primarily trades castor seeds (about 70
per cent of revenues), guar seeds and guar gum (15 per cent), and
other agri commodities such as cotton seed, wheat, rice, and dal.

Incorporated in 2012, KATPL is promoted by Mr. Manoj Agarwal and
his family.

BBTAPL reported a profit after tax (PAT) of INR6.01 million as
against net sales of INR1.85 billion for 2011-12.


CENTURY GLOBAL: CRISIL Assigns 'B-' Rating to INR204MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Century Global Logistics Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              52.3     CRISIL B-/Stable
   Proposed Long-Term      1.7     CRISIL B-/Stable
   Bank Loan Facility
   Bank Guarantee          1.0     CRISIL A4
   Cash Credit           150.0     CRISIL B-/Stable

The ratings reflect CGL's below-average financial risk profile,
marked by a small net worth, moderate gearing, and weak debt
protection metrics, and below average business risk profile
constrained by modest scale of operations in the highly
fragmented and competitive logistics solutions industry with low
profitability and high working capital intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of CGL's promoters and established
relationships with clients and vehicle lessors.

Outlook: Stable

CRISIL believes that CGL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationships with clients and vehicle lessors. The
outlook may be revised to 'Positive' in case of improvement in
the company's financial risk profile, most likely because of
better-than-expected cash accruals, driven by improvement in
profitability or scale of operations, along with efficient
working capital management. Conversely, the outlook may be
revised to 'Negative' in case of pressure on the company's
liquidity on account of lower-than-expected cash accruals or
larger-than-expected working capital requirements or debt-funded
capital expenditure.

CGL provides logistics solutions. The company transports goods
primarily via road and has a strong presence in North-East India.


MIDAS YARN: CRISIL Assigns 'BB-' Rating to INR99.1MM Loans
----------------------------------------------------------
CRISIL has assigned a 'CRISIL BB-/Stable' rating to the bank
facilities of Midas Yarn Processors Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            60.0      CRISIL BB-/Stable
   Term Loan              39.1      CRISIL BB-/Stable

The rating reflects the extensive experience of MYPL's promoters
in the textile industry, and funding support received from them
and moderate financial risk profile marked by comfortable gearing
and moderate debt protection metrics. These rating strengths are
partially offset by the company's modest scale of operations in a
highly fragmented industry, and working-capital-intensive
operations.

For arriving at the rating, CRISIL has treated unsecured loans of
INR25.9 million outstanding as on September 30, 2012, on MYPL's
books as neither debt nor equity, because the same will be
retained by the company during the currency of the bank debt.

Outlook: Stable

CRISIL believes that MYPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability, resulting in higher-than-expected cash accruals,
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
MYPL's financial risk profile, particularly its liquidity, driven
by lower-than-anticipated cash accruals or larger-than-expected
working capital requirements or debt-funded capital expenditure.

MYPL, based in Ahmedabad (Gujarat), was established by Mr. Anup
Kumar Mittal in 1996 by taking over the operations of a sick
company, Ashirwad Industries, in Surat. MYPL manufactures grey
and dyed polyester yarn.


POULOMI INFRA: CRISIL Rates INR30MM Cash Credit at 'BB-'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Poulomi Infra Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             30      CRISIL BB-/Stable
   Bank Guarantee          50      CRISIL A4+

The ratings reflect PIPL's modest scale of operations and intense
competition in the civil construction industry. These rating
weaknesses are partially offset by PIPL's promoters' extensive
experience in civil construction and moderate order book
position.

Outlook: Stable

CRISIL believes that PIPL will maintain a stable business risk
profile, backed by its established market position and promoters'
extensive experience in civil construction. The outlook may be
revised to 'Positive' if the company achieves sustained and
substantial growth in its scale of operations and profitability,
while maintaining its capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of a
sharp decline in PIPL's profitability or elongation of its
working capital cycle, or if it undertakes any larger-than-
expected, debt-funded capital expenditure programme, thereby
causing its financial risk profile to weaken.

PIPL was established in 2005 under the name Sudhama Projects
(India) Pvt Ltd. Its name was changed to PIPL in 2010. PIPL is a
civil contractor engaged in construction of buildings, primarily
in Hyderabad (Andhra Pradesh) and its operations are managed by
Mr. J Madan Mohan Rao and Mr. J Sujit Rao.


PRAGATI SPINNERS: CRISIL Places 'B' Rating on INR365MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Pragati Spinners Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              280      CRISIL B/Stable
   Cash Credit             85      CRISIL B/Stable
   Letter Of Guarantee      8      CRISIL A4

The ratings reflect PSPL's small scale of operations in the
highly fragmented textile industry and its below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of PSPL's promoters.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the
medium term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if the
company reports higher-than-expected revenues while improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accruals, or if the company undertakes a larger-than-expected,
debt-funded capital expenditure programme, resulting in further
deterioration in the company's financial risk profile.

Incorporated in 2010 and based in Hyderabad (Andhra Pradesh),
PSPL manufactures cotton yarn. The company is promoted by Mr.
Jithendra Prasad Babu and commenced operations in August 2012.


RAMI CHANDIDAS: CRISIL Assigns 'B' Rating to INR69MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Rami Chandidas Rice Mill Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           25.00     CRISIL B/Stable
   Term Loan             44.00     CRISIL B/Stable

The rating reflects RCRMPL's exposure to risks related to the
commercialization and stabilisation of its ongoing project in
Birbhum district of West Bengal, volatility in raw material
prices, and changes in government regulations. These weaknesses
of RCRMPL are mitigated by the benefits that the company derives
from the experience of its promoters, stable offtake by Food
Corporation of India, its advantageous location, leading to low
demand risk.

Outlook: Stable

CRISIL expects RCRMPL to commence commercial operations as
scheduled without any time overruns. The outlook may be revised
to 'Positive' if the company generates more than expected
revenues and profits after stabilization of operations.
Conversely, the outlook may be revised to 'Negative' if the
commissioning of the project faces delays on account of
unforeseen events, or if the company undertakes additional debt-
funded capital expenditure (capex), leading to deterioration in
financial risk profile.

RCMPL was incorporated in 2011, promoted by Mr. Asesh Kumar Pal
and Mr. Jagabandhu Pal. The company was incorporated to set up a
parboiled rice milling unit with an installed capacity of 120
tonnes per day (36,000 tonnes per annum). The rice mill is being
set up at Nanoor, Birbhum district, West Bengal. The commercial
operations are expected to start from February, 2013.


SHRI BALAJI: CRISIL Upgrades Rating on INR70MM Loan to 'BB-'
------------------------------------------------------------
CRISIL has upgraded the rating on bank facilities of Shri Balaji
Fibers to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable' on account
of significant increase in scale of operations, improvement in
financial risk profile on account of higher net cash accruals
resulting in improvement in debt protection metrics and
significant infusion of funds by promoters in the form of equity
and unsecured loans resulting in lower gearing levels.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           70      CRISIL BB-/Stable (Upgraded from
                                'CRISIL B+/Stable')

The rating upgrade reflects the significant increase in SBF's
scale of operations, with SBF's revenues increasing by around 108
per cent to INR 800 million in 2011-12 against INR 383 million in
2010-11. The revenue increase has been largely on account of
significantly higher volumes of cotton sold by the firm. Further,
company has generated revenues of around INR409 million in nine
months ended December 2012. The company is expected to sustain
its scale of operations in the present year. The increased scale
of operations has resulted in significant improvement in business
risk profile of the firm. Further, partners of the firm have
infused funds of around INR 30 million over the past two years
from 2009-10 to 2011-12, for funding firm's increasing working
capital requirements. As a result, firm's liquidity position is
adequate marked by healthy net cash accruals, no term debt
obligations, and moderate bank limit utilization even during peak
season.

The ratings reflect SBF's moderate financial risk profile marked
by modest net worth, moderate gearing and healthy debt protection
metrics. The ratings also reflect promoter's extensive industry
experience. These rating strengths are partially offset by
exposure to risks related to unfavourable changes in government
policy and vulnerability of operating margins to high volatility
in raw material prices.

Outlook: Stable

CRISIL believes that SBF's credit risk profile will continue to
benefit from its promoter's extensive experience in the cotton
industry over the medium term. The outlook may be revised to
'Positive' if the firm generates more than expected revenues and
profits along with demonstration of efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if the company reports significant decline in profitability
margins on account of fluctuations in raw material prices,
deterioration in overall working capital requirements or
undertakes more than expected debt funded capital expenditure
(capex), leading to deterioration in financial risk profile.

SBF is a Wani, Maharashtra based partnership firm established in
2008. SBF is owned and managed by Mr. Madhusudan V Goyanka and
his family members. Shri Balaji Fibers is engaged in ginning and
pressing of raw cotton-kapas to make cotton bales by separating
the cotton seeds.

SBF has reported a profit after tax (PAT) of INR13.6 million on
net sales of INR800 million for 2011-12, against a PAT of INR10.4
million on net sales of INR383 million for 2010-11.


SUN PHARMA: Q3 Net Loss Widens to INR24.09cr
--------------------------------------------
The Hindu Business Line reports that Sun Pharma Advanced Research
Company said its net loss widened to INR24.09 crore for the third
quarter ended December 31, 2012.

The company had posted a net loss of INR17.90 crore during the
same period of the previous fiscal, Sun Pharma Advanced Research
Company said in a Bombay Stock Exchange filing, according to
Business Lines.

Total income declined to INR4.22 crore during the quarter as
against INR4.51 crore during the same period of 2011-12, the
report discloses.

Sun Pharma Advanced Research Company Ltd. is an India-based
pharmaceuticals research and drug discovery company.


VITTHAL DISTILLERIES: CRISIL Puts 'D' Ratings on INR330MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vitthal Distilleries Limited.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             48      CRISIL D
   Term Loan              282      CRISIL D

The rating reflects the instances of delay by VDL in servicing
its term debt obligations. The delays have been caused by the
company's weak liquidity arising out of sub-optimal utilisation
of capacity due to intense competition from other distilleries in
Maharashtra and increase in the cost of inputs.

VDL also has a modest scale of operations, exposure to customer
concentration risk and weak financial risk profile marked by low
net worth, a high gearing, and weak debt protection metrics.
However, the company benefits from the excise rebate programme by
setting up a distillery unit in Maharashtra.

VDL was incorporated in 2008 by Mr. Vikram Shinde. The company is
engaged in manufacturing of Extra Neutral Alcohol (ENA) which is
the main raw material for production of Indian Made Foreign
Liquor (IMFL). The manufacturing facility of the company is
situated at Marathwada, Dist. Osmanabad, Maharashtra.

VDL reported on a provisional basis a net loss of INR103.8
million on net sales of INR76.2 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a net loss of
INR97 million on net sales of INR 3.5 million for 2010-11.



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


EACCESS LTD: Moody's Raises Sr. Unsec. Debt Rating to 'Ba2'
-----------------------------------------------------------
Moody's Japan K.K. has upgraded the senior unsecured debt of
eAccess Ltd to Ba2 from Ba3 as a result of the benefits and
support associated with becoming an integral company of the
SOFTBANK Corporation group (SOFTBANK) (Baa3, review for
downgrade).

Moody's has also assigned the rating a developing outlook.

This action concludes the rating review started on October 2,
2012, following the joint announcement of the business
integration of SOFTBANK, the 3rd largest wireless operator in
Japan, and eAccess, the 4th largest, through an exchange of
shares with the expectation that eAccess would become a wholly
owned subsidiary of SOFTBANK.

The final corporate structure includes SOFTBANK owning 33.29% of
eAccess' voting shares and 100% of the company's non-voting
shares.

Ratings Rationale

The rating upgrade considers the strategic benefits to eAccess
from SOFTBANK's greater size, marketing and branding
organization, and access to capital. There are also synergies
from access to a larger subscriber base for eAccess' 1.7GHz
spectrum which is not currently licensed to SOFTBANK. The two
companies are now Japan's 2nd largest wireless operator on a
combined basis.

Further supporting the rating is Moody's consideration that even
though SOFTBANK has not guaranteed nor is explicitly supporting
eAccess' debt, there is the expectation of support, if needed.
Moody's has incorporated such expected support with one notch of
uplift for the Ba2 rating.

Such expected financial support is particularly important, given
that eAccess delisted from the Tokyo Stock Exchange on 26
December 2012, and therefore has by itself limited access to the
capital markets.

Moody's notes that the rating applied to eAccess debt reflects
the effective subordination of bondholders to existing secured
bank debt. This subordination lowers the rating assigned to the
bonds by one notch.

The developing outlook reflects Moody's separate review of
SOFTBANK's rating for downgrade. The review, begun on 15 October,
2012, was prompted by SOFTBANK's announced debt-funded
acquisition of US Sprint Nextel for up to $20 billion. The review
is ongoing.

Rating actions associated with eAccess in the near term will
primarily be dependent on any rating change associated with its
parent, SOFTBANK. A confirmation or a downgrade is most likely to
follow and mirror a similar and preceding rating action on
SOFTBANK.

Upward rating pressure could emerge if eAccess' financial profile
on a standalone basis strengthens. For instance, if adjusted
debt/EBITDA improves to and remains at about 2.5x, and adjusted
debt/book capitalization improves to around 70%, and if adjusted
EBITDA margin remains above 35%, the rating may be upgraded.

Furthermore, if a significant portion of secured debt is paid
down or refinanced with unsecured obligations, then the rating
may also see upward pressure.

However, should eAccess' financial metrics deteriorate
meaningfully from current levels, a downgrade could be
considered. And any future actions hinting at diminished
financial or operational support from SOFTBANK would lead to a
review of the one notch of uplift.

The principal methodology used in this rating was Moody's "Global
Telecommunications Industry," published in December 2010.

eAccess Ltd, headquartered in Tokyo, is a multi-service operator
of fixed-line and mobile telecommunications business. As a result
of delisting from the Tokyo Stock Exchange on 26 December, 2012,
it is no longer a publicly traded company.

SOFTBANK Corp, headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution and networking.


PANASONIC: Moody's Says Units Close to 'Ba1' Credit Assessment
--------------------------------------------------------------
Moody's Investors Service has downgraded the short-term ratings
assigned to Panasonic Finance (America) Inc and Panasonic Finance
(Europe) Plc's commercial paper (CP) programs to Not Prime from
Prime-3.

The rating action concludes the review for downgrade initiated on
November 20, 2012.

RATINGS RATIONALE

Panasonic Finance (America) Inc and Panasonic Finance (Europe)
Plc are subsidiaries of Panasonic Corporation (Baa3, Negative).
Both subsidiaries are finance conduits which, among other
activities, issue CP in their respective regions. The rating
action reflects Moody's view that the support provided by
Panasonic in the form of a keepwell agreement is not sufficient
to support Prime-3 ratings.

Both CP programs are supported by keepwell or support agreements
from Panasonic. These agreements do not meet Moody's core
principles of guarantees for credit substitution (see "Moody's
Identifies Core Principles of Guarantees for Credit
Substitution", November 2010).

Moody's short-term ratings map closely to the relevant long-term
ratings assigned to the issuer. It is generally Moody's practice
to consider the long-term risk of entities, which act only as
financial conduits rather than core operating companies and which
are not fully guaranteed by the parent, to be one rating notch
lower than the parent's rating.

In this instance, these overseas financial subsidiaries map more
closely to a Ba1 underlying long-term credit assessment, one
notch below Panasonic's assigned Baa3 ratings, and Not Prime
short-term ratings.

Moody's also notes that these CP programs have relatively weak
alternate liquidity provisions, when compared with common CP
programs globally. Back-up lines cover only 15% of the programs'
size, although Panasonic limits the maximum amount of maturities
-- within any four days -- to an amount less than the unused
availability under these lines. Typically, back-up lines for CP
programs cover 100% of the size of programs.

At the same time, Moody's recognizes that the company issues CP
in limited amounts from either of these two subsidiaries and
maintains excellent overall global liquidity. As of September
2012, Panasonic held about JPY470 billion in cash and deposits as
well as JPY600 billion in unused commitment lines against its
short-term debt of about JPY650 billion. Most of its short-term
debt is financed through its domestic CP program (unrated).

Moody's believes that Panasonic's stable access to the domestic
capital market, solid relationships with Japanese banks, as well
as its sophisticated global cash management system, will also
continue to help the company manage its short-term liquidity.

An upgrade of the short-term ratings could be achieved in
conjunction with an upgrade of Panasonic's long-term ratings, or
the provision of stronger parental support and enhanced alternate
liquidity.

The principal methodology used in these ratings was the Asian
Consumer Electronics Industry Methodology published in December
2010.

Panasonic Corporation, headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products.



===============
M A L A Y S I A
===============


MALAYAN BANKING: Fitch Affirms 'BB+' Rating on Hybrid Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Malayan Banking Berhad's ratings,
including its 'A-' Long-Term Issuer Default Ratings (IDRs) with
Stable Outlook and 'a-' Viability Rating (VR).

Maybank's IDRs are driven by its VR, reflecting the bank's strong
domestic foothold and sound standalone credit fundamentals
through economic cycles. The likelihood of an upgrade is low as
the bank's ratings are among the highest of Fitch-rated banks
both in Malaysia and in emerging economies.

A negative sovereign rating action would lead to a corresponding
action on the bank's ratings, as the risk profiles of Maybank and
the state are highly inter-connected, in light of its large
government bond and central bank exposure, and indirect state
shareholding (about 70%). Downward rating risks could also arise
if Fitch perceives a rise in balance-sheet risk due to aggressive
acquisition or expansion in less developed markets, especially
those with challenges surrounding the operating and regulatory
environment.

Maybank's status as the largest banking group in Malaysia
supports the diversity and stability of its income and funding.
Liquidity is satisfactory, with government securities, interbank
assets and short-term unencumbered funds covering all short-term
money market obligations, and 15%-20% of deposits. Core
capitalisation was bolstered by a private equity placement in
October 2012, and is likely to be supported by the bank's
satisfactory earnings generation and modest cash dividend record.
Asset quality has been satisfactory through recent cycles, due to
stable operating conditions and a prudent regulatory backdrop in
Malaysia and Singapore, which constitute around 85% of its loans.

Over the medium term, Maybank is likely to further its expansion
in other countries, especially those with better growth prospects
and higher returns; this is also in line with its ambition to be
a leading regional player in South East Asia. However, Fitch
believes this could also raise the bank's risk profile as most of
these markets carry higher operating risk than Malaysia and
Singapore. Such challenges are evident in Maybank's operations in
Indonesia, whose performance is weaker than the broad sector.
Nonetheless, the bank's proportion of loans from Indonesia, at
just 8% at end-September 2012, has barely increased over the last
four years, due to efforts to improve risk management and an
ongoing focus on deposits growth and risk-adjusted returns over
loans growth.

The Support Rating and Support Rating Floor underline Fitch's
view of a high probability of extraordinary state support for
Maybank, if needed. This view is based on the bank's domestic
systemic importance, its large indirect state ownership, and the
precedent of the government having supported distressed financial
institutions.

The 'A-' rating of the senior notes is at the same level as
Maybank's IDR, as the senior notes constitute the bank's direct,
unconditional and unsecured obligations and hence rank equally
with them. The deposits are rated one notch above the Long-Term
IDR to reflect Malaysia's depositor preference regime, where
depositors would rank above senior unsecured creditors in a
liquidation scenario. The 'BBB+' rating on the subordinated notes
is one notch below the VR to reflect its subordinated status from
senior unsecured creditors and the absence of any going-concern
loss-absorption mechanism. The 'BB+' hybrid rating is four
notches below the VR on account of the instrument's deeply
subordinated status and coupon deferral mechanism. Changes of the
IDR and VR would accordingly affect these issue ratings of
Maybank.

Maybank's full list of rating actions:
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook Stable
- Long-Term Local-Currency IDR affirmed at 'A-'; Outlook Stable
- Viability Rating affirmed at 'a-'
- Support Rating affirmed at '2'
- Support Rating Floor affirmed at 'BBB'
- Long-term deposits affirmed at 'A'
- Senior notes affirmed at 'A-'
- Subordinated notes affirmed at 'BBB+'
- Hybrid Tier 1 notes affirmed at 'BB+'



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


SOUTH CANTERBURY: Trial Call-Over Adjourned to March 27
-------------------------------------------------------
stuff.co.nz reports that court appearances have been further
delayed for the five men facing charges laid by the Serious Fraud
Office following its investigation into South Canterbury Finance.

The report relates that the five, Lachie McLeod, Edward Sullivan,
Robert White, Graeme Brown and Terrance Hutton, were due to
appear in the Timaru District Court today, Jan. 25, to face 21
charges laid by the SFO but have been adjourned to Wednesday
March 27, 2:15 p.m.

The Timaru District Court registrar confirmed the delay on
Jan. 23, stuff.co.nz says.

"Due to administrative and other procedural matters the first
call over of the matter of the Serious Fraud Office (SFO) versus
five defendants has been adjourned until Wednesday March 27, 2013
at 9:15 a.m. Appearances of the accused have therefore been
excused on Friday, Jan. 25, 2013."

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


OFFSHORE JOINT: Creditors' Proofs of Debt Due on Feb. 18
--------------------------------------------------------
Creditors of Offshore Joint Services (Bases) Company of Singapore
Pte Ltd, which is in compulsory liquidation, are required to file
their proofs of debt by Feb. 18, 2013, to be included in the
company's dividend distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


ONSYS ENERGY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2013, to
wind up operations of Onsys Energy Limited.

Th KMG Singapore Pte Ltd filed the petition against the company.

The company's liquidators are:

         Messrs Chay Fook Yuen
         Bob Yap Cheng Ghee
         Tay Puay Cheng
         c/o KPMG Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


SYRUSS SHORE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 7, 2013, to
wind up operations of Syruss Shore Engineering Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


SZU MING: Creditors' Proofs of Debt Due on Feb. 4
-------------------------------------------------
Creditors of Szu Ming Trading Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by Feb. 4,
2013, to be included in the company's dividend distribution.

The company's liquidator is:

         Timothy James Reid
         c/o Ferrier Hodgson
         8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


TRANSLATION EXPRESS: Court to Hear Wind-Up Petition on Feb. 1
-------------------------------------------------------------
A petition to wind up the operations of Translation Express (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



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


CHINA

ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


HONG KONG

ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


INDONESIA

APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


INDIA

ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


JAPAN

DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZEALAND

ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


SINGAPORE

ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

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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