TCRAP_Public/130128.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

           Monday, January 28, 2013, Vol. 16, No. 19


                            Headlines


A U S T R A L I A

BASACAR PRODUCE: Has Days to Pay Creditors or Face Liquidation
FESTIVAL COMPANY: Peats Ridge Festival Collapses
MANN'S MITRE: Goes Into Liquidation; 50 Workers Lose Jobs
SMART ABS 2013-1US: Moody's Assigns 'Ba2' Rating to Cl. E Notes
WETTENHALLS GROUP: Appoints BDO as Voluntary Administrators


C H I N A

CHINA AOYUAN: Fitch Assigns Final 'B+' Rating to USD100MM Notes
GREENTOWN CHINA: S&P Assigns 'B-' Rating to Proposed USD Notes
LDK SOLAR: Has US$31-Mil. Securities Purchase Pact with Fulai
MINGFA GROUP: S&P Assigns 'B' Corporate Credit Rating
SINO-FOREST CORP: Plan Implementation Date Expected for Jan. 29


H O N G  K O N G

AGFA MATERIALS: Members' Final Meeting Set for Feb. 19
ASIA LIGHTING: Members' Final Meeting Set for Feb. 22
CEPTRON HK: Members' Final Meeting Set for Feb. 18
CVIC CONTAINER: Lau Cheuk Man Timothy Steps Down as Liquidator
ECO-DISCOVERER LIMITED: Members' Final Meeting Set for Feb. 28

EDEN'S NATURAL: Members' and Creditors Meetings Set for Feb. 6
ENTERPRISE DAY: Members' Final Meeting Set for Feb. 19
FIRST SHANGHAI: Lau Cheuk Man Timothy Down as Liquidator
FIT KEY: Lam and Boswell Step Down as Liquidators
FOUNDRY TRADERS: Members' Final General Meeting Set for Feb. 22

GBL III: Members' Final General Meeting Set for Feb. 22
HABAS BINA: Members' Final General Meeting Set for Feb. 22
HAINAN WENCHANG: Members' Final General Meeting Set for Feb. 15
HARBOUR SHIPPING: Commences Wind-Up Proceedings
HARVEST WORLD: Members' Final Meeting Set for Feb. 19


I N D I A

ANNAPURNA STUDIOS: Delays in Loan Payment Cues ICRA Junk Ratings
ASHVIRA FASHIONS: ICRA Assigns 'BB' Ratings to INR26cr Loans
DML EXIM: ICRA Assigns 'BB' Rating to INR10cr Cash Credit
IMPRINT VINIMAY: ICRA Rates INR22.5cr Proposed Term Loan at 'BB-'
MANGLAM COTTON: ICRA Assigns 'B' Ratings to INR7.90cr Loans

MODERN LAMINATORS: ICRA Assigns 'BB+' Ratings to INR12cr Loans
NIRMAL SEEDS: ICRA Reaffirms 'BB' Ratings on INR69.45cr Loans
TAJ FROZEN: ICRA Reaffirms 'BB+' Rating on INR4.93cr Loans
TIGER STEEL: ICRA Upgrades Rating on INR16cr Loan to 'B+'


J A P A N

CORSAIR (JERSEY) 2: S&P Puts Series 58 CDO Rating on Watch Neg.


M O N G O L I A

MONGOLIAN MINING: Moody's Reviews 'B1' CFR for Downgrade


N E W  Z E A L A N D

MATARIKI WINES: Delegat's Group Buys Winery Out of Receivership


X X X X X X X X

* Moody's Says Sluggish Economy to Hit South & SE Asia Export Cos


                            - - - - -


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


BASACAR PRODUCE: Has Days to Pay Creditors or Face Liquidation
--------------------------------------------------------------
Leah Kidd at NewsMail reports that Basacar Produce has just 10
days to come up with AUD15,000 or the company will face
liquidation.

NewsMail visited the Alloway property on Friday, Jan. 25, to
speak with the Basacar family, but found only bare sheds, empty
boxes, and a frustrated land owner.

The landlord's son, Daniel Gorza, the report cites, fears the
Basacars may fail to meet their obligations.  "They've gone to
Brisbane - they've left everyone up in the air again," NewsMail
quotes Mr. Gorza as saying.

NewsMail relates that Mr. Gorza said Basacar Produce had sold off
its assets to "make the bank happy", but left creditors with
nothing.

According to the report, Vincent's Chartered Accountants
administrator Peter Dinoris -- pdinoris@vincents.com.au -- said
the company was liable to pay contributions under the Deed of
Company Arrangement.

"If the one (contribution) coming up at the moment doesn't get
paid, they'll go into liquidation," the report quotes
Mr. Dinoris as saying.

NewsMail relates that Mr. Dinoris said a default would trigger
the process.

Under the arrangement, the report relays, Basacar Produce must
pay AUD25,555 per month from March 5 until May 30 this year.

During the voluntary administration period, Basacar Produce paid
AUD56,000.

The company has been subject to the deed of company arrangement
since June 6 last year.  The total to be paid under the deed is
AUD400,000, the report notes.

"If it's liquidated, it's unlikely creditors will get any
distribution," the administrator told NewsMail.  If liquidated,
Basacar Produce will not be able to trade as the same company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2012, Bundaberg News Mail said more than 40 workers
have lost their jobs after tomato-farming operation Basacar
Produce went into voluntary administration on April 18.  The
farm's directors -- husband and wife Ayhan and Zubeyde Basacar --
owe creditors more than AUD3.5 million from the debts incurred by
the operation, which is run from properties in Goodwood Rd and
Moore Park Rd.  Administrator Peter Dinoris of Vincents Chartered
Accountants said the couple cited effects of the global financial
crisis and late payments by clients as reasons for
administration.

Basacar Produce Pty Ltd was one of Australia's tomato growers.


FESTIVAL COMPANY: Peats Ridge Festival Collapses
------------------------------------------------
Andrew Taylor at smh.com.au reports that the organiser of the
Peats Ridge music festival aimed to create an event that would
show patrons how to live more sustainably. But he has failed to
make the festival economically viable, leaving hundreds of
performers and production crew unpaid, according to their union.

"They have to be paid what they are owed, and the alliance is
determined to work with everyone affected to chase unpaid
monies," the report quotes Mal Tulloch, of Media, Entertainment &
Arts Alliance, as saying.  "It is simply not acceptable for them
to be left in debt and struggling financially because a
particular promoter fails to budget for employment costs as a
priority," he added.

According to the report, the festival's creative director,
Matt Grant, said last week The Festival Company, the company that
operated the festival would be wound up.

He said the Peats Ridge Sustainable Arts and Music Festival, held
in the Glenworth Valley north of Sydney from December 29 to
January 1, had not covered costs, smh.com.au reports.

"In the wake of what was an incredible 2012 Peats Ridge festival,
it is with great regret that I have to announce that the income
from ticket sales and other sources fell below that required to
meet the costs of the event," smh.com.au quotes Mr. Tullock as
saying.  "As a result, the festival's accountants have advised
that the entity that runs the festival be wound up. We are in
discussion with various parties . . . and will release
information as soon as it becomes available."

In a statement on the festival website, smh.com.au notes,
Mr. Grant claimed he had been open and transparent about the
festival's financial woes.

"The process for payment for artists is a legal one, and the
liquidators have been speaking to all creditors to the festival
who have contacted them, as we have instructed all festival
suppliers to do from the moment we were advised liquidation was
the only option facing the festival," Mr. Grant, as cited by
smh.com.au, said.

Mr. Grant is the director and secretary of the company that runs
the festival, the report notes.


MANN'S MITRE: Goes Into Liquidation; 50 Workers Lose Jobs
---------------------------------------------------------
ABC News reports that Port Adelaide hardware store Mann's Mitre
10 has gone into liquidation with about 50 workers losing their
jobs.

Staff at the Mann's Mitre 10 on Robe Street were told not to turn
up on Jan. 23 and the building was closed to customers, the
report relays.

The landlord, the Cohen Group, alleges the business is five
months behind on its rent and owes more than AUD300,000, ABC News
says.

According to the report, administrator Tim Clifton said he met
with directors Jan. 23 when the decision was made to liquidate
the company.

"I was advised the landlord had distrained for unpaid rent over
the business and that left the directors in the position where
the business was untenable," ABC News quotes Mr. Clifton as
saying.  "I presume at this stage trading was poor and the
company just didn't have the money to pay the rent."

ABC News relates that Mr. Clifton said workers have been informed
of the decision.

"Unfortunately, they had to terminate their employment this
morning and we've rung them all," Mr. Clifton, as cited by ABC
News, said.

"We'll do our best to get them their entitlements under the
government schemes, and we calculate what they're owed in the
next few days and hopefully get that underway for them."

The third-generation family-run business has been operating in
the area for about 90 years.


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

Issuer: SMART ABS Series 2013-1US Trust

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

   USD60.00 million Class A-2a Notes, Assigned Aaa (sf);

   USD70.00 million Class A-2b Notes, Assigned Aaa (sf);

   USD50.00 million Class A-3a Notes, Assigned Aaa (sf);

   USD89.00 million Class A-3b Notes, Assigned Aaa (sf);

   USD106.00 million Class A-4a Notes, Assigned Aaa (sf);

   USD25.00 million Class A-4b Notes, Assigned Aaa (sf);

   AUD5.858 million Class B Notes, Assigned Aa2 (sf);

   AUD19.437 million Class C Notes, Assigned A2 (sf);

   AUD13.312 million Class D Notes, Assigned Baa2 (sf);

   AUD11.982 million Class E Notes, Assigned Ba2 (sf).

The AUD7.988 million Seller Notes are not rated by Moody's. The
Class A-1, Class A-2a, Class A-3a and Class A-4a Notes are fixed
rate notes while the Class A-2b, Class A-3b and Class A-4b Notes
are floating rate notes.

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

Ratings Rationale

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

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

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

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

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

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply an expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.51% and
53.49% respectively. The ratings address the expected loss posed
to investors by the legal final maturity. The structure allows
for timely payment of interest and ultimate payment of principal
by the legal final maturity.

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

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

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

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

In the case of SMART ABS Series 2013-1US Trust, the model
indicated rating for the Class A Notes remain investment grade
when the default rate rises to 3.6% (double of Moody's assumption
of 1.80%) and recovery rate is reduced to 20% (half of Moody's
assumption of 40%); the model indicated rating for the Class A-3
Notes drops 1 notch to Aa1 and the model indicated rating for the
Class A-4 Notes drop 7 notches to Baa1). While the Class A Notes
rank pari passu for losses, the Class A sub-classes pay down
sequentially. This results in the Class A-4 Notes being
outstanding when the structure is paying pro rata, hence exposing
the notes to a relatively higher risk of loss as the dollar value
of subordination decreases over time. The model indicated ratings
for the Class B notes drop 8 notches to Ba1 in the above
scenario.

Rating Methodology

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

ABSROM v3.3 was used examining front loss timing, flat loss
timing and back loaded loss timing.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.


WETTENHALLS GROUP: Appoints BDO as Voluntary Administrators
-----------------------------------------------------------
Cara Waters at SmartCompany reports that Australian transport and
logistics company Wettenhalls Group has collapsed with BDO
Chartered Accountants appointed as administrators on Jan. 25,
2013.

SmartCompany relates that the collapse follows the withdrawal of
funding for the company.

According to the report, Luke Targett, Rachel Burdett-Baker --
rachel.burdett-baker@bdo.com.au -- and Dennis Turner --
dennis.turner@bdo.com.au -- of BDO have been appointed as
voluntary administrators while, independently, Wettenhall's major
financier has appointed Ferrier Hodgson as receivers and managers
to Wettenhalls.

The assets and the control of the business are now the
responsibility of the receivers and managers, SmartCompany
relays.

SmartCompany relates that the administrators said they understand
Ferrier Hodgson will carry out an assessment of the business and
advise all relevant parties in due course.

BDO will be communicating with all creditors and a first meeting
of creditors will be held during the week commencing Feb. 4,
2013, according to SmartCompany.

Wettenhalls Group is a privately owned transport and logistics
company. It employs over 500 people at 14 sites nationally and
has a turnover in excess of AUD130 million.



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


CHINA AOYUAN: Fitch Assigns Final 'B+' Rating to USD100MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(Aoyuan, 'B+'/Stable) USD100 million 13.875% notes due 2017 a
final rating of 'B+'.

The notes are issued as a tap to the USD125 million notes due
2017 issued in November 2012, with the same terms and conditions.
The assignment of the final rating follows the receipt of
documents conforming to information already received and the
final rating is in line with the expected rating assigned on 21
January 2013.

Aoyuan's ratings are supported by its sufficient liquidity and
robust sales performance in 2012. The ratings remain constrained
by Aoyuan's limited geographical diversification and small
business scale.

What Could Trigger A Rating Action?

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

- A significant decrease in 2013 contracted sales from 2012
   level of CNY5bn, or contracted sales/ total debt falling below
   1x on a sustainable basis (H112: 1.07x of LTM contracted
   sales/ total debt)

- EBITDA margin in 2013 declining to 15% (H112: 24%)

- Net debt/ adjusted net inventory rising towards 40% on a
   sustainable basis (H112: 10.3%)

- Deviation from the current fast churn-out and high cash flow
   turnover business model

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

- Successful execution of expansion strategy for the next two to
   three years, where business scale increases substantially,
   such that contracted sales increase to over CNY15bn per annum
   with improving profitability where EBITDA margin increases to
   over 25% on a sustained basis.


GREENTOWN CHINA: S&P Assigns 'B-' Rating to Proposed USD Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Greentown China Holdings Ltd. (B/Positive/--;
cnBB-/--).

The company intends to use the majority of the proceeds to
refinance short-term debt and for general corporate purposes.
The rating is subject to S&P's review of the final issuance
documentation.

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

The rating on Greentown reflects the company's limited record of
consistent financial management, its improving but still high
leverage, and weak profitability.  Business and financial support
that Greentown could get from its second-largest shareholder,
Wharf (Holdings) Ltd. (not rated), Greentown's strong presence in
Hangzhou and Zhejiang provinces, and its established brand name
temper the above weaknesses.  Greentown's business risk profile
is "weak" and its financial risk profile is "highly leveraged."

The positive outlook on the rating on Greentown reflects S&P's
view that the company's financial position is likely to improve
in the next 12 months, mainly due to better property sales
execution, and further improvement in leverage and funding cost
with support from Wharf.  S&P expects Greentown to remain
cautious toward land acquisitions, reduce its total debt level,
and maintain sufficient cash while implementing a business
strategy aimed at steady growth.


LDK SOLAR: Has US$31-Mil. Securities Purchase Pact with Fulai
-------------------------------------------------------------
LDK Solar Co., Ltd., has entered into a share purchase agreement
dated Jan. 21, 2013, with Fulai Investments Limited, which has
agreed to purchase 17,000,000 newly issued ordinary shares of LDK
Solar at a purchase price of US$1.83 per share with an aggregate
purchase price of US$31,110,000, subject to the terms and
conditions of the share purchase agreement, including a lock-up
for 180 days from the closing date of the contemplated
transactions.

Pursuant to the share purchase agreement, the parties will
endeavor to fulfill the closing conditions to consummate the
transactions prior to Feb. 28, 2013.  Fulai Investments also has
the right to designate two non-executive directors to the LDK
Solar board upon consummation of the transactions.  The net
proceeds will be used for general corporate purposes in LDK
Solar's operations.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.


MINGFA GROUP: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to China-based property
developer Mingfa Group (International) Co. Ltd.  The outlook is
stable.

At the same time, S&P assigned its 'B-' rating to Mingfa's
proposed issue of U.S.-dollar-denominated, fixed-rate senior
unsecured notes.  S&P also assigned its 'cnBB-' Greater China
regional scale rating to the company and the 'cnB+' Greater China
regional scale rating to the notes.  The rating on the notes is
subject to S&P's review of the final issuance documentation.
Mingfa will use the notes' proceeds to refinance its borrowings
and for general corporate purposes.

The rating on Mingfa reflects S&P's view that the company has a
limited scale of operations and faces execution risks in its
aggressive growth plan.  Mingfa's liquidity is "less than
adequate," as defined in S&P's criteria, due to its large short-
term refinancing needs.  Mingfa's low land cost, high profit
margin, diversified products, and track record in Xiamen and
Nanjing temper these weaknesses.  S&P We assess the company's
business risk profile as "weak" and its financial risk profile as
"highly leveraged."

"We view Mingfa as having an aggressive expansion appetite and
facing high execution risk in new markets," said Standard &
Poor's credit analyst Frank Lu.  "The company targets to expand
quickly from a small base and triple its revenue over the next
two years."

"Projects outside Mingfa's home market of Xiamen and Nanjing will
contribute the bulk of the property sales.  However, the
company's experience in these new markets is limited because the
majority of these projects are under development," Mr. Lu said.

Mingfa has mixed sales execution record, partly due to the
Chinese government's measures to rein in property prices in the
past 18 months.  Sales were stagnant in the first half of 2012,
although they rebounded in the second half of the year as the
property market stabilized.

"We believe Mingfa faces modest to high refinancing risk in 2013
due to the potential redemption of two convertible bonds totaling
Chinese renminbi 2.4 billion.  There is a good chance for
redemption because the bonds have been out of the money for most
of the past 12 months," Mr. Lu said.

Mingfa's low land cost allows it to price its properties
competitively while maintaining above-average profit margins.

The stable outlook reflects S&P's expectation that Mingfa's cash
flows from property sales will improve and the company will
maintain its profitability in the next 12 months.  This is based
on S&P's expectation that the property market in China will
remain stable.  S&P also expects the company to obtain financing
to meet its short-term debt maturities.

"We may lower the rating if Mingfa fails to generate satisfactory
cash flows in the next 12 months.  This could happen if the
company's contract sales in 2013 are weaker than Chinese
renminbi 6 billion.  We could also downgrade Mingfa if it has
difficulty in securing new financing to meet potential redemption
of convertible bonds, or if the company increases its capital
expenditure and land acquisitions more than we expected, such
that its EBITDA interest coverage is below 1.5x," S&P said.

S&P could raise the rating if Mingfa executes projects in new
markets well, increases its operating scale and diversity, and
demonstrates a record of operating on a larger scale with
disciplined liquidity management.  An EBITDA interest coverage
staying above 3.0x could indicate such improvement.


SINO-FOREST CORP: Plan Implementation Date Expected for Jan. 29
---------------------------------------------------------------
Sino-Forest Corporation on Jan. 24 announced that the Plan
Implementation Date, the date on which the Company's CCAA Plan of
Compromise and Reorganization dated December 3, 2012 is to become
effective, has been extended with the consent of the Initial
Consenting Noteholders and the Monitor.  While Sino-Forest has
been working diligently with the Monitor and counsel to the
Initial Consenting Noteholders to complete the implementation of
the Plan, certain additional work is still necessary before the
Plan can become effective.  The Plan Implementation Date is now
expected to occur on or about January 29, 2013 and in any event
before the end of January 2013.

                     About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption.  The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.



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


AGFA MATERIALS: Members' Final Meeting Set for Feb. 19
------------------------------------------------------
Members of Agfa Materials Hong Kong Limited will hold their final
general meeting on Feb. 19, 2013, at 11:00 a.m., at Room 3704,
Hong Kong Plaza, at 188 Connaught Road West, in Hong Kong.

At the meeting, Fong Ming Wai Howard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ASIA LIGHTING: Members' Final Meeting Set for Feb. 22
-----------------------------------------------------
Members of Asia Lighting Solutions Limited will hold their final
general meeting on Feb. 22, 2013, at 11:00 a.m., at Room 502 Hang
Bong Commercial Centre, at 28 Shanghai Street, in Kowloon.

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


CEPTRON HK: Members' Final Meeting Set for Feb. 18
--------------------------------------------------
Members of Ceptron HK Limited will hold their final meeting on
Feb. 18, 2013, at 10:30 a.m., at 602 The China Bank Building,
61-65 Des Voeux Road, Central, in Hong Kong.

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


CVIC CONTAINER: Lau Cheuk Man Timothy Steps Down as Liquidator
--------------------------------------------------------------
Lau Cheuk Man Timothy stepped down as liquidator of CVIC
Container Transportation (Dalian) Limited on Jan. 14, 2013.


ECO-DISCOVERER LIMITED: Members' Final Meeting Set for Feb. 28
--------------------------------------------------------------
Members of Eco-Discoverer Limited will hold their final general
meeting on Feb. 28, 2013, at 10:00 a.m., at Unit 707, 7/F, Wing
Fat Industrial Building, 12 Wang Tai Road, Kowloon Bay, Kowloon,
in Hong Kong.

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


EDEN'S NATURAL: Members' and Creditors Meetings Set for Feb. 6
--------------------------------------------------------------
Members and creditors of Eden's Natural Synergy (HK) Limited will
hold their annual meetings on Feb. 6, 2013, at 3:00 p.m., and
3:30 p.m., respectively at Room 08, 5/F, Chinachem Golden Plaza,
at 77 Mody Road, Tsimshatsui East, Kowloon, in Hong Kong.

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


ENTERPRISE DAY: Members' Final Meeting Set for Feb. 19
------------------------------------------------------
Members of Enterprise Day Limited will hold their final meeting
on Feb. 19, 2013, at 4:00 p.m., at 6/F, Kwan Chart Tower, 6
Tonnochy Road, Wanchai, in Hong Kong.

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


FIRST SHANGHAI: Lau Cheuk Man Timothy Down as Liquidator
--------------------------------------------------------
Lau Cheuk Man Timothy stepped down as liquidator of First
Shanghai CVIC (HK) Food Industrial Limited on Jan. 14, 2013.


FIT KEY: Lam and Boswell Step Down as Liquidators
-------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Fit Key Limited on Jan. 8, 2013.


FOUNDRY TRADERS: Members' Final General Meeting Set for Feb. 22
----------------------------------------------------------------
Members of Foundry Traders International Limited will hold their
final general meeting on Feb. 22, 2013, at 11:15 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GBL III: Members' Final General Meeting Set for Feb. 22
-------------------------------------------------------
Members of GBL III Limited will hold their final general meeting
on Feb. 22, 2013, at 2:35 p.m., at Level 28, Three Pacific Place,
1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HABAS BINA: Members' Final General Meeting Set for Feb. 22
----------------------------------------------------------
Members of Habas Bina (Hong Kong) Limited will hold their final
general meeting on Feb. 22, 2013, at 10:45 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


HAINAN WENCHANG: Members' Final General Meeting Set for Feb. 15
---------------------------------------------------------------
Members of Hainan Wenchang Shi Changsa Overseas Chinese School
Education Fund Limited will hold their final general meeting on
Feb. 15, 2013, at 10:30 a.m., at Room 1502, 15/F, 101 King's
Road, North Point, in Hong Kong.

At the meeting, Ma Kam Man Jasper, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HARBOUR SHIPPING: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Harbour Shipping Services Limited, on Jan. 11, 2013,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


HARVEST WORLD: Members' Final Meeting Set for Feb. 19
-----------------------------------------------------
Members of Harvest World (HK) Limited will hold their final
meeting on Feb. 19, 2013, at 5:00 p.m., at 6/F, Kwan Chart Tower,
6 Tonnochy Road, Wanchai, in Hong Kong.

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



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


ANNAPURNA STUDIOS: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has revised the long-term rating of '[ICRA]BB' outstanding
on the INR247.00 crore bank facilities of Annapurna Studios
Private Limited to '[ICRA]D'.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Long Term Fund           247.00    Downgraded to [ICRA]D from
   Based Limits                       ICRA]BB

The rating revision reflects the recent and ongoing delays in
debt servicing by ASPL following the significant shortfall in its
revenues from the earlier estimated levels. Due to insufficient
demand for pre-fabricated sets in the current market conditions,
ASPL has decided not to set up the back lot facilities which were
to contribute to more than 50% of the company's projected
revenues. Since cash accruals would be insufficient to service
its interest and principal repayment obligations in these revised
circumstances, the company has approached its consortium of
lenders to extend the moratorium from December 2012 earlier to
September 2013 with interest accrued from November 2012 till
September 2013 to be repaid in lump sum on September 30, 2013.
However, the lenders are yet to approve the debt restructuring
proposal and as on date, ASPL has not yet paid the November and
December interest payments and the principal repayments that have
commenced in December, 2012. ICRA will factor in the revised debt
servicing terms approved by the lenders once the formal approval
is in place. Even though the company plans to monetize a part of
its land to raise the required funds, based on the current demand
conditions, repaying accrued interest and principal repayments in
a single installment in September 2013 is expected to be
challenging.

Incorporated in January 2006, ASPL is a leading film/television
studio and production house located at Jubilee Hills in Hyderabad
where it operates a film studio by the name "Annapurna Studios."
"Annapurna Studios" was established in 1976 by the legendary
Telugu actor Akkineni Nageswara Rao (ANR) primarily to encourage
the migration of the Telugu film industry from Chennai to
Hyderabad. Currently, it has four permanent shooting floors (non-
A/C), nine ready-to-shoot sets like a police station and a
hospital and post-production facilities like editing rooms and a
dubbing theatre besides the support infrastructure for production
and post-production activities like a warehouse, preview theatre
and make up rooms. In FY2012, ASPL has completed construction of
five large studio floors with a combined area of about 64000
square feet as part of its Film Entertainment & Media Centre
(FEMC) project in its 22 acre prime property in Jubilee Hills.
The FEMC, consisting of integrated production and post production
facilities is the key revenue driver for the company apart from
movie and television serial production.

Recent Results (Provisional)

ASPL has reported an operating income of INR5.17 crore with an
operating profit of INR1.88 crore in the first half of FY2013
(6m,FY2013) as against an operating income of INR32.43 crore with
an operating profit of INR0.70 crore in FY2012.


ASHVIRA FASHIONS: ICRA Assigns 'BB' Ratings to INR26cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR15.00 crore
term loans and INR5.00 crore cash credit facilities of Ashvira
Fashions Limited. ICRA has also assigned an '[ICRA]A4' rating to
the INR14.50 crore short term non-fund based bank facilities of
AFL. Further ICRA has assigned [ICRA]BB-/[ICRA]A4 rating to the
INR6.00 crore unallocated limits of AFL. The long-term rating has
been assigned a 'Stable' outlook.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund based long         20.00     [ICRA]BB-(Stable) Assigned
   term facilities

   Non fund based short    14.50     [ICRA]A4 Assigned
   term facilities

   Unallocated Limits       6.00     [ICRA]BB-(Stable)/[ICRA]A4
                                     Assigned

The ratings favourably factor in the established presence of the
promoters in the textile industry and the company's diversified
customer base. The company has posted a healthy growth in
revenues with a compounded annual growth rate (CAGR) of -19% over
the last five years. However, the scale of operations of AFL
remains small, thereby restricting the economies of scale and
further limiting the profit margins. Nonetheless, the financial
profile of the company is characterised by a comfortable capital
structure with a gearing of 0.7 times for FY2012. The company is
proposing to undertake expansion of its capacities and the same
is planned to be funded primarily through debt, which is likely
to impact the company's capital structure in the medium term. The
intense competition in the industry which limits the company's
bargaining power coupled with exposure to raw material price
fluctuations, constrains the profit margins of AFL.

                       About Ashvira Fashions

Ashvira Fashions Limited was incorporated in year 1992 as Ashok
Weaving and Textile Mills Limited. The name was later changed to
Ashvira Fashions Limited in May 2012. AFL is mainly engaged in
the business of manufacturing and trading of fabric for suiting
and shirting. The company is promoted by Mr.Ramesh Gupta who has
an experience of over two decades in textile business. The
company has its registered office at Kalbadevi, Mumbai. The
company has two manufacturing facilities both located at
Bhiwandi.

Recent Results

AFL has recorded a profit after tax (PAT) of INR0.56 crore on an
operating income (OI) of INR43.99 crore for the year ending
March 31, 2012 as against a PAT of INR0.48 crore on an operating
income of INR37.32 crore for the year ended March 31, 2011.


DML EXIM: ICRA Assigns 'BB' Rating to INR10cr Cash Credit
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR10.00 crore (sub limit of short term limit) enhanced amount of
cash credit fund based bank facility of DML Exim Private Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR30.00 crore enhanced amount of short term fund based facility
(including sub limit of Packing Credit of INR80.00 crore) of
DEPL. The outlook assigned on long term rating is stable. ICRA
has an outstanding rating of '[ICRA]BB' on INR10.00 crore fund
based facility (sub-limit of short term limit) and '[ICRA]A4' on
INR100.00 crore short term fund based facility (including packing
credit of INR50.00 crore).

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit             10.00     [ICRA]BB (stable) assigned

   Foreign Documentary     30.00     [ICRA]A4 assigned
   Bill Purchased/Foreign
   Usance Documentary Bill
   Purchased

   Packing Credit          80.00     [ICRA]A4 assigned

The ratings continue to be constrained by the low value additive
nature of the operations and intense competition resulting from
the fragmented industry structure which exerts pressure on
margins. The ratings also incorporate the modest financial risk
profile of the company characterized by weak profitability and
highly leveraged capital structure given the working capital
intensive nature of operations. The ratings also take note of the
regulatory risk faced by the company in terms of export
restrictions on cotton which can restrict opportunities for the
company going forward.

However, the ratings positively consider the long experience of
the promoters in the trading of cotton and agricultural products,
favorable location of the company which gives it easy access to
quality raw cotton and the operational support it derives from
its group companies. While the ratings favorably consider the
healthy growth in the operating income over the years, the
company's ability to secure additional working capital finances
remains important.

DEPL was renamed in the year 2008 from D M Lakhani Overseas Pvt
Ltd which was established in 1988. The company is located at
Rajkot, Gujarat. The present directors Mr. Harish Lakhani, Mr.
Darshan Lakhani and Mr. Chirag Lakhani are actively involved in
daily operations. The company is a part of DML group which has
been in the agri-trading business for more than two decades. The
other group concerns include DML World trade Private Limited and
DRB commodities Private Limited.

Recent Results

During FY 2012 the company reported a net profit of INR17.04
crore on an operating income of INR1006.28 crore, and net profit
of INR11.39 crore on an operating income of INR660.96 crore
during FY 2011.


IMPRINT VINIMAY: ICRA Rates INR22.5cr Proposed Term Loan at 'BB-'
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR22.50 crore
proposed term loan facility of Imprint Vinimay Private Limited.
The outlook on the long term rating is stable.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund Based Limits           22.50     [ICRA]BB- (stable)
   (Proposed Term Loan)                   assigned

The rating takes into account the experience and market
reputation of the promoters in the real estate business, and the
favorable location of the upcoming residential project at the
heart of Siliguri, West Bengal, with good road connectivity to
airport, railway station and other parts of the city, which
strengthens project attractiveness. ICRA notes that a significant
portion of the property has already been booked by the customers,
which reduces market risk of the project to an extent.  The
rating, however, factors in the significant funding risk as debt
required for the project is yet to be tied-up. Moreover, limited
time gap between expected cash inflows from the sale proceeds of
the property and proposed debt repayment obligations may lead to
cash flow mismatches if there is any delay in project completion.
Going forward, the company's ability to complete the project
within budgeted cost and time would be the key rating
sensitivities.

Incorporated in 2005 by the promoters of SBM Group, IVPL is
currently developing a residential complex at Siliguri, West
Bengal. The proposed residential tower 'SBM Heights' would house
eighty eight residential flats and one duplex flat in a ground +
11 storey building along with other amenities like, car parking
space, swimming pool, temple, club house, playing park,
landscaped garden, security systems etc. The project is scheduled
to be completed by October 2015.


MANGLAM COTTON: ICRA Assigns 'B' Ratings to INR7.90cr Loans
-----------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B' to INR6.30 crore cash
credit and INR1.60 crore term loan of Manglam Cotton Industries.

                           Amount
   Facilities            (INR Cr)     Ratings
   ----------             --------    -------
   Cash Credit              6.30      [ICRA]B assigned
   Term Loan                1.60      [ICRA]B assigned

The assigned rating is constrained by MCI's small scale of
operations; and its high financial risk profile characterized by
low return indicators, stretched capital structure and weak debt
coverage indicators; the rating is further constrained by the
highly competitive and fragmented cotton ginning industry with
low entry barriers; exposure of the firm's profitability to
adverse movements in cotton prices which coupled with low value
additive and seasonal nature of cotton ginning industry, results
into weak profitability metrics. ICRA also notes that MCI is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby its capital
structure.

The rating, however, favorably takes into account the proximity
of the firm's plant to the cotton producing belt of India which
provides regular and easy access to raw materials and the stable
demand outlook for cotton and cottonseeds in the domestic as well
as international market.

Incorporated in 2008, Manglam Cotton Industries is partnership
firm consisting of ten partners. The operations of the firm are
managed by Mr. Mayur Patel and Mr. Vijay Ganatara. At present,
MCI has 24 ginning machines and 1 pressing machine having a
capacity of producing 225 bales of cotton per day at its plant
located at Mehsana, Gujarat.

Recent Results

For the year ended 31st March, 2012, the firm reported an
operating income of INR29.88 crore and profit after tax of
INR0.18 crore as against an operating income of INR27.02 crore
and profit after tax of INR0.23 crore for FY 2011.


MODERN LAMINATORS: ICRA Assigns 'BB+' Ratings to INR12cr Loans
--------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR12 crore
long-term fund-based facilities and term loans (including
unallocated limits, which are interchangeable with short-term
limits) of Modern Laminators Limited; the outlook on the rating
is Stable. The rating of '[ICRA]A4+' has been assigned to the
INR6 crore short-term non-fund based facilities of MLL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loans               5.00     [ICRA]BB+ (Stable) assigned

   Fund-based, Long-        7.00     [ICRA]BB+ (Stable) assigned
   term facilities

   Non-fund Based,          6.00     [ICRA]A4+ assigned
   Short-term facilities

In arriving at the ratings, ICRA has taken a consolidated view of
MLL with the other Modern Group company, Modern Packaging Private
Limited (MPPL), as both companies have a similar business profile
with common promoters and common customers. Further, MLL has
provided a corporate guarantee for the bank limits of MPPL. The
ratings factor in the high competition in the poly-woven sacks
industry with low entry barriers and limited product
differentiation; customer and sector concentration risks; weak
bargaining power with customers and suppliers; and vulnerability
of profitability to fluctuations in polymer price, although
partly mitigated through in-built escalation clauses. Besides,
the financial risk profile is moderate, characterised by low
margins and return indicators and moderate gearing levels. The
ratings, however, favorably factor in the established track
record of the promoters in the poly-woven sacks industry;
favorable demand prospects from end-user industries (fertilisers
and cement); healthy capacity utilization levels; the established
customer base of the company; and operational synergies with MPPL
in terms of procurement of raw materials, with both companies
being in the same line of business; moderate working capital
intensity and comfortable liquidity position of the company as
reflected by the low average working capital utilization. The
ability of the company to sustain its revenues and improve its
profitability, thereby leading to an improvement in the debt
coverage metrics will be positive for the ratings going forward.
Conversely, any significant debt-funded capex leading to
deterioration in capital structure; decline in profitability or
deterioration in the liquidity position may put downward pressure
on the ratings.

Modern Laminators Limited, the flagship of the Modern Group, was
established in Gorakhpur (Uttar Pradesh) in 1975 by Mr. Kishanlal
Bathwal as an ancillary unit to the Gorakhpur plant of the Food
Corporation of India (FCI). It was established as a partnership
firm and reconstituted as a public limited company in 1992. The
firm initially manufactured jute bags used in packaging. In 1999,
MLL began manufacturing high density polyethylene (HDPE) and
polypropylene (PP) woven sacks and began establishing a customer
base in the fertiliser and cement industries. HDPE/PP bags are
used in the packing and transport of products in the fertilisers,
cement, textiles, soapstone, food grains, chemicals and salt
industries. The raw materials are primarily polymers such as
HDPE, PP and low density polyethylene (LDPE), which are sourced
domestically. The company has manufacturing facilities for the
manufacture of woven sacks/fabrics at Gorakhpur (Uttar Pradesh)
as well as Ahmedabad (Gujarat). It is also engaged in the
manufacturing of rigid PVC pipes and has promoted a three star
hotel in Gorakhpur (Uttar Pradesh). MLL has an installed capacity
of 7,900 MTPA at its Gorakhpur unit (increased in FY2012 by 1,000
MTPA from 6,900 MTPA earlier), 4,800 MTPA at the Ahmedabad unit
(a total capacity of 11,700 MTPA for woven sacks/bags) and 175
MTPA for PVC pipes in Gorakhpur.


NIRMAL SEEDS: ICRA Reaffirms 'BB' Ratings on INR69.45cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' assigned
to the INR14.45 crore long-term loans and INR55.00 crore, long-
term, fund based facilities (enhanced from INR50.00 crore) of
Nirmal Seeds Private Limited. The outlook on the long-term rating
is stable.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long-term loans         14.45     [ICRA]BB (stable) reaffirmed
   Long-term, fund         55.00     [ICRA]BB (stable) reaffirmed
   based facilities

The rating reaffirmation takes into account NSPL's domestic
presence with diverse product portfolio enabling the company to
tap the high growth hybrid seeds and bio-products demand. The
company has a well developed in-house R&D unit which operates in
collaboration with several domestic and international
organizations with strong product pipeline. ICRA also notes that
the newly developed hybrid variants have showcased strong
performance in the early phases of commercialisation providing
visibility for future revenue growth. Commencement of operation
from Guwahati plant enjoying benefits under NEIIPP is another key
positive for the company.

However, the ratings remain constrained on account of overall
lagging performance of hybrid seed division over FY 2012
following decline in output for Rabi seeds due to erratic
rainfall pattern, the rise in investment in inventories leading
to stretched liquidity profile and rise in leverage. The lagging
performance has also impacted coverage ratios; despite
improvement in operating margins, impacting profitability. The
company continues to have high dependence on mature and less
profitable hybrid seed variants while Western Region contribution
to sales remains high. The company's plans to expand to new
geographies through entry into Ethiopia continue to face
bureaucratic hurdles.

Established in 1988, Nirmal Seeds Private Limited is engaged in
research, production and marketing of seeds of about 40 varieties
of crops in fibre, cereals, oil seeds, pulses and vegetables.
NSPL is also engaged in R&D, production and marketing of bio-
products such as bio-fertilizers, bio pesticides, bio-organic
manures and bio plant growth vitalizers. The company is promoted
by Mr. Raghunath Patil, Mr. Dilip Deshmukh, Dr. Jaysingh Rajput
and Dr. Suresh Patil.

Recent Results

For the twelve months ending March 31, 2012, NSPL reported profit
after tax (PAT) of INR4.6 crore on an operating income of
INR163.5crore as compared to a PAT of INR6.3 crore on an
operating income of INR156.6 crore for the twelve months ending
March 31, 2011.


TAJ FROZEN: ICRA Reaffirms 'BB+' Rating on INR4.93cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB+' assigned
to INR3.68 crore (reduced from INR8.33 crore) term loan fund
based limits and to INR1.25 crore (enhanced from INR0.50 crore)
cash credit fund based limits and the short term rating at
'[ICRA]A4+' assigned to INR10.50 crore fund based limits
(enhanced from INR5.75 crore) of Taj Frozen Foods India Ltd. ICRA
has also assigned a short term rating of [ICRA]A4+ to INR0.35
crore non-fund based limits of TFFIL. The outlook on the long
term rating is stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan: Fund         3.68     [ICRA]BB+ (Stable) reaffirmed
   Based Limits

   Cash Credit: Fund       1.25     [ICRA]BB+ (Stable) reaffirmed
   Based Limits

   Short term Fund        10.50     [ICRA]A4+ reaffirmed
   Based Limits

   Non-Fund Based Limits   0.35     [ICRA]A4+ assigned

The reaffirmation of ratings continue to favorably factor in the
established track record of the promoters in food processing
business supported by in-house manufacturing operations,
diversified product profile and established business relationship
with suppliers and distributors. The ratings also take into
account the healthy penetration into the domestic markets along
with established international presence and improved market
recognition of in-house brands backed by tie-ups with domestic
and overseas supermarkets as well as associations with reputed
players in the processed food industry.

The ratings, however, are constrained by high working capital
intensity in the business arising from high inventory holding to
mitigate seasonality risk and moderately geared capital structure
due to debt funded capex and high reliance on working capital
borrowings. The ratings also continue to factor in the
vulnerability of operations to the agro-climactic risks which
affect the availability of agro based raw materials and high
competitive intensity of the processed foods industry.

                       About Taj Frozen Foods

TFFIL was incorporated in the year 2004 as a public limited
company. TFFIL is mainly engaged in the business of export of
Individual Quick Freezer (IQF) Frozen Fruits, Vegetables and
ready to eat foods. The company has a registered office at
Bhandup, Mumbai and two manufacturing units at Yewalewadi and
Jejuri in Pune. Recent results TFFIL recorded a net profit of
INR1.24 crore on an operating income of INR32.21 crore for the
year ending March 31, 2012 and Profit Before Tax of INR1.19 crore
on an operating income of INR18.59 crore for the half year ending
September 30, 2012 (provisional).


TIGER STEEL: ICRA Upgrades Rating on INR16cr Loan to 'B+'
---------------------------------------------------------
ICRA has revised upwards the long-term rating assigned to the
INR16.00 crore (reduced from INR40.17 crore) long term fund-based
bank limits of Tiger Steel Engineering (India) Pvt Ltd to
'[ICRA]B+' from '[ICRA]B'. ICRA has reaffirmed the short-term
rating of '[ICRA]A4' assigned to the INR50.08 crore (reduced from
INR56.00 crore) short-term non-fund based bank facilities of
TSEPL.

                         Amount
   Facilities           (INR Cr)   Ratings
   ----------           --------   -------
   Long-term Fund-       16.00     Revised upwards to [ICRA]B+
   based Limits                    from [ICRA]B

   Short-term Non-       50.08     [ICRA]A4 reaffirmed
   fund based Limits

The upwards revision in ratings take into account the improved
liquidity profile of the company as reflected by the improvement
in the working capital intensity due to reduction in debtor
levels; and improvement in the operating profit margins in the
first half of 2012-13. The ratings are however, constrained by
TSEPL's exposure to raw material price risks given the high
inventory holding period; and increased competition in the PEB
industry which is likely to put downward pressure on
profitability in the future. ICRA also notes the depressed but
improving interest cover of the company on account of high
interest payment obligations; and the company's exposure to
cyclicality associated with the capital goods industry.
Nevertheless, the ratings favorably factor in the significant
experience of the promoters in the PEB business; and the
improvement in gearing levels as on March 31, 2012 on account of
infusion of fresh equity by the parent company. The ratings also
take into account the improvement in profit and cash accruals
from the business in 2011-12 and the first half of 2012-13 as
compared to the previous years; and a healthy order book of over
INR83 crore as on Jan. 1, 2013, which provides revenue visibility
over the short term at least.

Incorporated in 1996, TSEPL is in the business of design,
fabrication and erection of Pre-Engineered Buildings. The company
is a wholly-owned subsidiary of the Tiger Group, based in the
United Arab Emirates, which has presence in steel fabrication and
trading, civil construction and manufacture of cladding and
insulation. TSEPL has manufacturing facilities in Murbad
(Maharashtra) and Hardwar (Uttarakhand), with a combined capacity
of 30,000 MTPA for hot-rolled products and 40,000 MTPA for cold-
rolled products.

Recent Results

As per the audited results for 2011-12, TSEPL reported a profit
after tax of INR2.48 crore on an operating income of INR161.99
crore as compared to a PAT of INR1.73 crore on an operating
income of INR151.22 crore in 2010-11. In the period between April
2012 to December 2012, TSEPL reported net sales of INR125.20
crore.



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


CORSAIR (JERSEY) 2: S&P Puts Series 58 CDO Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
swap risk rating on the reference portfolio of Corsair (Jersey)
No. 2 Ltd.'s series 46 credit default swap on CreditWatch with
positive implications.  At the same time, S&P placed its long-
term rating on Corsair (Jersey) No. 2's series 58 synthetic
collateralized debt obligation (CDO) on CreditWatch with negative
implications.

As part of S&P's surveillance of rated synthetic CDO
transactions, S&P generally review them every month to determine
whether upgrades or downgrades are warranted.  Typically, an
initial credit committee reviews synthetic CDO tranches at the
beginning of each month for potential CreditWatch placements and
removals.  Then, later in the month, a second credit committee
reviews the tranches that are on CreditWatch for possible
upgrades or downgrades.

The CreditWatch placements, which S&P base on the results of the
initial credit committee's reviews in January, reflect the
tranches' synthetic rated overcollateralization (SROC) levels.
S&P placed its swap risk rating on the series 46 reference
portfolio on CreditWatch positive because this tranche had an
SROC level that exceeded 100% as of Dec. 31, 2012, and meets
S&P's minimum required cushion at a higher rating than the
current rating.  Meanwhile, S&P placed its long-term rating on
the series 58 loan on CreditWatch negative because this tranche
had an SROC level that was less than 100% at the current rating
as of the same date.

The second credit committee will review the tranches by the end
of this month.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of
similar securities.  The Rule applies to in-scope securities
initially rated (including preliminary ratings) on or after
Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at
http://standardandpoorsdisclosure-17g7.com.

RATING PLACED ON CREDITWATCH POSITIVE

Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap

To                        From            Amount
BB-srp (sf)/Watch Pos     BB-srp (sf)     JPY3.0 bil.

RATING PLACED ON CREDITWATCH NEGATIVE

Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58

To                        From            Amount
B+ (sf)/Watch Neg         B+ (sf)         JPY3.0 bil.



===============
M O N G O L I A
===============


MONGOLIAN MINING: Moody's Reviews 'B1' CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed Mongolian Mining
Corporation's B1 corporate family and senior unsecured ratings
under review for downgrade after MMC's profit warning
announcement on Jan. 21, 2012, of an expected consolidated loss
for its FY 2012 financial results, owing to the decrease in the
selling price of coking coal, and increases in its finance costs,
as well as inventory loss provisions.

Ratings Rationale

"MMC was expected to announce a breakeven net profit for 2012.
Its warning of a loss, with weaker cash flows anticipated could
temper its liquidity and hinder its ability to ride out the
relatively lower prices for coking coal," says Simon Wong, a
Moody's Vice President and Senior Analyst.

"The announcement also comes on top of MMC's weaker-than-expected
results for the first half of the year, from poor sales volumes
and lower operating margins because of weakened Chinese demand
for coking coal," adds Wong.

Moody's changed the outlook on MMC's B1 ratings to negative from
stable on October 17, 2012 after taking into consideration the
expected weakening of the company's operating margins and cash
flows for FY 2012 and 2013, its rising leverage and need for
waivers under its financial covenants on its bank facilities.

Moody's now expects MMC's debt/EBITDA to significantly
deteriorate to over 8.0x in FY 2012 from 2.9x in 2011. The
company's EBITDA/interest ratio should fall to below 1.0x from
6.0x a year ago.

"Under Moody's assumption of a coking coal price of around $155-
$165 per ton for 2013, MMC is expected to face a prolonged period
of weakened cash flow generation that could lead to a
deterioration in liquidity," says Mr. Wong.

Moody's coking price assumption is on the basis of a moderate
recovery in Chinese demand for steel of 2%-4% year-on-year -- a
market which accounts for over 70% of production and consumption
in Asia -- but prices are unlikely to return to levels above $200
per ton as seen in FY 2011 because of the ample supply of both
domestic coking coal in China and in the seaborne market.

Moody's notes that while MMC's near-term liquidity position is
adequate, with cash on hand of $451.1 million as of 30 June 2012,
its cash position is expected to be eroded by scheduled debt
maturities, its interest servicing and ongoing capex plans, and
Baruun Naran mine's $105 million adjusted promissory note due in
November 2013.

Nonetheless, pressure on the company's liquidity in the medium-
term will ease, given its reduced capex requirements for railway
construction following Mongolia's announcement of a unified
railway project. Prior to the announcement, MMC expected to
commence constructing and operating the $750 million, 236-
kilometer railway line in 2014, from its mine site to the Chinese
border, after it obtained the license to do so under its railway
concession.

MMC also faces heightened regulatory risks from proposed changes
in Mongolia's mining laws that will give the government the right
to free stakes in mineral projects and the right to dictate
output targets which may not be aligned to market demand.

During the course of the rating review -- which is expected to be
completed by the end of February -- Moody's will assess MMC's
2013 production targets, customer contracts, capex plans,
possible breach of covenants and ongoing need for covenant
waivers, and liquidity position.

The principal methodology used in this rating was the Global
Mining Industry Methodology published in May 2009.

MMC is the largest privately owned coal mining company in
Mongolia. Established in 2005, it was listed on the Hong Kong
Stock Exchange in October 2010. It has two producing mines
located in the Gobi Desert. The Ukhaa Khudag mine, which produced
7.1 MT of coking coal in 2011 and the Baruun Naran mine, which
was acquired in 2011 and commenced production in February 2012.



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


MATARIKI WINES: Delegat's Group Buys Winery Out of Receivership
---------------------------------------------------------------
The Dominion Post reports that listed winemaker Delegat's Group,
which makes the Oyster Bay brand, has snapped up a struggling
Hawkes Bay vineyard for NZ$8.5 million.

According to the report, Delegat said it had bought out a 61-
hectare vineyard and winery owned by Matariki Wines and Stony Bay
Wines, both in receivership.

The Post, citing the first receivers' reports, says the
beleaguered companies owe creditors about NZ$11.2 million.

Unsecured creditors, owed about NZ$136,000, are unlikely to be
paid, the Post relays.

The report notes that the purchase brings Delegat's Hawke's Bay
vineyard holdings to a total of 500 hectares.

The new vineyard is predominantly planted with Merlot, Cabernet
Sauvignon and Syrah grapes, and the winery has a processing
capacity of 600 tonnes, the Post discloses.

Matariki was established in 1981, when its directors John -- a
former junior All Black --and Rosemary O'Connor returned to
New Zealand after studying wine in Europe.  The company is owned
by O'Connor Family Holdings, according to the Companies Office.

Hawke's Bay winery Matariki Wines was placed into receivership in
September 2012 with John Fisk, of PricewaterhouseCoopers,
appointed as receiver.



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


* Moody's Says Sluggish Economy to Hit South & SE Asia Export Cos
-----------------------------------------------------------------
Moody's Investors Service says that sovereign credit fundamentals
in Southeast and South Asia should remain relatively resilient to
headwinds during 2013, but each country will also have its own
specific problems.

Similarly, the region's corporate and banking sectors will face a
mix of common and individually specific challenges.

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 the headwinds to
global growth, given solid macroeconomic fundamentals and an
increasing reliance on domestic sources of growth," says
Christian de Guzman, a Vice President and Senior Analyst with
Moody's Sovereign Risk Group.

"The region will continue to grow faster relative to other
regions, and growth in China -- a key factor -- will moderate
with no hard landing," says Mr. de Guzman.

Durable domestic demand will likely sustain stronger growth in a
number of mid-size economies in the region. Household consumption
will continue to drive momentum in Indonesia and the Philippines,
while sizeable public investment programs in Malaysia and
Thailand could offset the vulnerabilities from their reliance on
international trade.

Meanwhile, the on-going pursuit of growth-enhancing opportunities
in a number of frontier markets in the region, including
Bangladesh and Myanmar, may require increasing global market
financing in 2013.

"With the corporate sector, the credit quality of Southeast and
South Asian corporates overall will remain stable, but export-
oriented companies, firms in the commodities industry, and those
exposed to cyclical sectors will be vulnerable to the sluggish
economic growth apparent in the major developed markets, and to
China's lower plateau for GDP growth," says Simon Wong, a Vice
President and Senior Analyst with Moody's Corporate Finance
Group.

The report identifies the most vulnerable sectors as coal mining
(negative); shipping (negative); consumer electronics (negative)
& semiconductors and, to a lesser extent, refining & marketing
(stable) and steel (stable).

"Nevertheless, refinancing risks for corporates as a whole will
be manageable, given the relatively low levels of offshore bonds
maturing in the next 12 months, ongoing quantitative easing by
the US and other major central banks, strong demand for capital
market debt issued by corporates with solid credit profiles, and
an increased variety of funding channels available to high-yield
firms for refinancing maturing debt," says Mr. Wong.

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, manageable refinancing
risks, and expectations of continued accommodative monetary
policies.

However, negative rating actions will continue to outpace
positive ones, although to a smaller 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 with structural
overcapacity.

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.

For banks in several export-related economies in the region, such
as Singapore, Malaysia, and Thailand, macroeconomic recovery will
mean that any cyclical rise in non-performing loans (NPLs) will
be modest.

However, tightening liquidity will remain a feature as these
banks' dollar loan books will keep outstripping deposit gathering
in their own currencies. The banking systems for Singapore,
Indonesia, Malaysia and Thailand have stable outlooks, while the
Philippines is positive, and India and Vietnam are negative.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***