TCRAP_Public/130129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, January 29, 2013, Vol. 16, No. 20


                            Headlines


A U S T R A L I A

CREATIVE PACK: PakTech Aussie Sale Representative Collapses
HARVEY RMBS: Fitch Affirms 'BBsf' Ratings on Class B Securities
PPI CORPORATION: 29 Buyers Express Interest in Acquiring Firm


C H I N A

CHINA ORGANIC: Files Amended Annual Report for 2010


H O N G  K O N G

HCT METAL: Puen and Lo Step Down as Liquidators
HENRY ENGINEERING: Members' Final Meeting Set for Feb. 19
JOINT PACIFIC: Tong Piu Steps Down as Liquidator
JONES LANG: Creditors' Proofs of Debt Due Feb. 18
MEGA BOLO: Members' Final Meeting Set for Feb. 22

MORI INVESTMENTS: Members' Final General Meeting Set for Feb. 22
NANOX LIMITED: Lam and Boswell Step Down as Liquidators
NEW TERRITORIES: Creditors' Proofs of Debt Due Feb. 2
PEARL PARTNERS: Commences Wind-Up Proceedings
POWERFUL CLUB: Members' Final General Meeting Set for Feb. 20

REGENT EARNING: Members' Final Meetings Set for March 8
RUNTOP INT'L: Members' Final Meeting Set for Feb. 21
SUNRICH PRODUCTS: Creditors' Meeting Set for Feb. 2
YEE YOUNG: Members' Final General Meeting Set for Feb. 22
ZFIC LIMITED: Lam King Lin Steps Down as Liquidator

* HK Banks' Trade Finance to Grow Steadily, Fitch Says
* HK Banks Under Pressure From Foreign Competition, Fitch Says


I N D I A

BIRLA POWER: CARE Cuts Rating on INR50cr LT Loan to 'CARE C'
GODHANI GEMS: CARE Reaffirms 'BB' Rating on INR165cr LT Loan
KARNI PROCESSORS: CARE Rates INR7.88cr LT Loan at 'CARE BB-'
MADHU INDIA: CARE Reaffirms 'B+' Rating on INR5.82cr LT Loan
MEWAR HI TECH: CARE Rates INR7.03cr LT Loan at 'CARE B-'

OMKARA POLYPLAST: CARE Assigns 'B+' Rating to INR20.64cr LT Loan
PASHUPATI LAMINATORS: CARE Puts 'BB+' Rating on INR40.79cr Loan
SINDIA STEEL: CARE Reaffirms 'BB+' Rating on INR3.5cr Loan
VAIBHAV COTTON: CARE Reaffirms 'B' Rating on INR5.41cr Loan
WEST COAST: CARE Reaffirms 'B' Rating on INR5cr LT Loan


I N D O N E S I A

BAKRIE SUMATERA: Moody's Withdraws 'Caa2' Corp. Family Rating
INDO ENERGY: Moody's Assigns 'B1' Senior Secured Rating
XL AXIATA: Fitch Upgrades Issuer Default Rating From 'BB'


J A P A N

GODO KAISHA: Moody's Withdraws Junk Ratings on Various Notes
JLOC 36: Fitch Downgrades Rating on Class D Notes to 'Dsf'


M Y A N M A R

* MYANMAR: Clears $1-Bil. ADB, World Bank Overdue Debt


N E W  Z E A L A N D

ST LAURENCE: Receivership May Wrap Up in March, Investors Told


P H I L I P P I N E S

CAPITOL CITY BANK: MB Places Bank Under PDIC Receivership


S I N G A P O R E

AGRI INTERNATIONAL: Moody's Withdraws 'Caa2' Corp. Family Rating
GBLT SHIPMANAGEMENT: Court to Hear Wind-Up Petition on Feb. 5
JOINT PILING: Creditors Get 100% Recovery on Claims
NAVMAN WIRELESS: Creditors' Proofs of Debt Due on Feb. 21
PROBILT PTE: Court to Hear Wind-Up Petition on Feb. 1

PTG TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 1


X X X X X X X X

* BOND PRICING: For the Week Jan. 21 to Jan. 25, 2013


                            - - - - -


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


CREATIVE PACK: PakTech Aussie Sale Representative Collapses
-----------------------------------------------------------
Kate Tilley at PlasticNews reports that Oregon Precision
Industries Inc., trading as PakTech, said it is "exploring the
economics of serving the Australian market" after its only
Australian sales representative, Sydney-based promotional
packaging manufacturer Creative Pack Pty. Ltd., went into
voluntary administration in November.

According to the report, marketing manager Amie Thomas said
PakTech now has no Australian sales representative.

"We have had discussions with companies interested in representing
PakTech in Australia. We hope to find a good match because we
believe the market is ready for [our] products. However, we will
not force the process," the report quotes Ms. Thomas as saying.

PlasticNews relates that Ms. Thomas said PakTech had an informal,
non-exclusive partnership with Creative Pack. "We regret hearing
they are no longer in business."

The report says Creative Pack stopped trading Nov. 15 after
Sydney-based chartered accountancy firm Emgejay Pty. Ltd., trading
as Jones Partners Insolvency & Business Recovery, reviewed its
cash flow and determined it is no longer viable.

A Jones Partners spokesman said Creative Pack went into voluntary
administration because it had insufficient cash and assets to pay
trade creditors and service its debt, the report relays.

Creative Pack manufactures packaging for promotional samples and
retail packs. Its products include inserts for in-pack promotions
and trial packs.  The company had about 20 employees.


HARVEY RMBS: Fitch Affirms 'BBsf' Ratings on Class B Securities
---------------------------------------------------------------
Fitch Ratings has affirmed two Harvey RMBS transactions.  Both
transactions are backed by pools of Australian conforming
residential full-documentation mortgages originated by Credit
Union Australia Limited.

The rating actions are:

Series 2009-1 Harvey Trust (Harvey 2009-1):

- AUD212.4m Class A-1 (ISIN AU3FN0007738) affirmed at 'AAAsf';
   Outlook Stable

- AUD13.5m Class A-2 (ISIN AU3FN0007746) affirmed at 'AAAsf';
   Outlook Stable

- AUD13.5m Class B (ISIN AU3FN0007753) affirmed at 'BBsf';
   Outlook Stable

Series 2010-1 Harvey Trust (Harvey 2010-1):

- AUD333.3m Class A-1 (ISIN AU3FN0010179) affirmed at 'AAAsf';
   Outlook Stable

- AUD26m Class A-2 (ISIN AU3FN0010187) affirmed at 'AAAsf';
   Outlook Stable.

The affirmations reflect an increase in credit enhancement due to
seasoning and amortisation since issuance. The credit quality has
remained largely in line with that of the initial portfolio and
Fitch expects arrears to remain low compared with Fitch's
conforming Dinkum index. The Stable Outlook reflects Fitch's view
that the available credit enhancement and performance of the
underlying assets will continue to support the ratings at their
current levels.

At end-November 2012, 30+ days arrears were 0.65% and 0.3% for
Harvey 2009-1 and Harvey 2010-1, respectively. Harvey 2009-1 has
experienced one default to date resulting in a loss covered mainly
by a Lenders Mortgage Insurance provider and the remainder covered
by excess spread. Harvey 2010-1 has not experienced any defaults
to date. All loans in the underlying portfolios are covered by
mortgage insurance, with policies provided by Genworth Financial
Mortgage Insurance Pty Ltd and QBE Lenders Mortgage Insurance Pty
Limited ('AA-'/Stable).


PPI CORPORATION: 29 Buyers Express Interest in Acquiring Firm
-------------------------------------------------------------
James McCullough at The Courier-Mail reports that about 29
separate groups are interested in acquiring PPI Corporation after
the company went into voluntary administration.

"We're encouraged by the strong level of inquiry we've received to
date from parties who have formally expressed interest in
acquiring PPI," the report quotes administrator Stephen Longley of
PPB as saying.

The Courier-Mail relates that Mr. Longley said anyone keen on
acquiring the pipe-manufacturing business as a going concern had
until the end of last week to register their interest.

They would then have until February 1 to submit a formal offer,
and PPB hoped to have the business sold by the end of that month,
the report notes.

According to the report, since the company was put into voluntary
administration just over a week ago, 29 parties have put their
hands up, including former executive director Keith O'Connor, who
has staged a rally outside the company's Geebung head office to
drum up support and inform staff of developments.

Peter Newman, who has worked for PPI for seven years, said the
company was travelling well when it was a family-run business, but
new management changed things, The Courier-Mail relays.

"We did not get paid out, just two weeks' pay, and now no one
knows what is happening," The Courier-Mail quotes Mr. Newman, who
is also the union representative, as saying.

PPI, Australia's only wholly Australian-owned poly pipe
manufacturer, was founded by Mr. O'Connor's father-in-law, the
late Bob Macklin, in 1979, the report discloses.

According to The Courier-Mail, PPI was effectively taken over by
Lazard Carnegie Wylie (LCW) in August 2007, and Mr. O'Connor and
many staff members laid the blame for the collapse on the merchant
bank.

He said he already had a consortium in place "ready to pounce" and
was awaiting further financial details from the administrator, the
report adds.

                            About PPI

PPI develops, manufactures and distributes polyethylene pipes and
fittings, hoses and garden products, irrigation, drainage and
filtration systems for the plumbing, resources and agricultural
industries, and consumer/retail markets. Its principal brand
names include PPI and Neta.  It is headquartered in Brisbane and
employs 275 staff.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 24, 2013, the directors of PPI Corporation Pty Ltd have
appointed Stephen Longley, David McEvoy and Michael Owen
of PPB Advisory as voluntary administrators.

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



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


CHINA ORGANIC: Files Amended Annual Report for 2010
---------------------------------------------------
China Organic Fertilizer, Inc., has further amended its annual
report on Form 10-K/A for the fiscal year ended March 31, 2010, in
order to restate the consolidated financial statements.  Nothing
else has been changed in the Report and no effort to update the
information has been made.

The restatement had no effects to the Company's net loss for the
period.

The Company's restated balance sheet at March 31, 2010, showed
$3.42 million in total assets, $1.71 million in total liabilities,
all current, and $1.71 million in total stockholders' equity.  The
Company previously reported $3.67 million in total assets, $3.61
million in total liabilities, all current, and $66,202 in total
stockholders' equity.

A copy of the Amended Annual Report is available at:

                       http://is.gd/HaRiEj

                       About China Organic

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

Paritz & Company, P.A., in Hackensack, New Jersey, expressed
substantial doubt about China Organic's ability to continue as a
going concern following the March 31, 2011, annual results.  The
independent auditors noted that the Company had a working capital
deficit of $1.5 million, an accumulated deficit of $4.8 million
and a stockholders' deficiency of $668,361.

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

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



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


HCT METAL: Puen and Lo Step Down as Liquidators
-----------------------------------------------
Puen Wing Fai and Lo Yeuk Ki Alice stepped down as liquidators of
HCT Metal Hong Kong Limited on Jan. 4, 2013.


HENRY ENGINEERING: Members' Final Meeting Set for Feb. 19
---------------------------------------------------------
Members of Henry Engineering System Company Limited will hold
their final meeting on Feb. 21, 2013, at 10:00 a.m., at Flat A,
5/F, Winbase Centre, 218 Queen's Road, Central, in Hong Kong.

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


JOINT PACIFIC: Tong Piu Steps Down as Liquidator
------------------------------------------------
Tong Piu stepped down as liquidator of Joint Pacific International
Limited on Jan. 10, 2013.


JONES LANG: Creditors' Proofs of Debt Due Feb. 18
-------------------------------------------------
Creditors of Jones Lang Lasalle Facility Management Services
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. 10, 2013.

The company's liquidators are:

         Wong Lung Tak Patrick
         Wong Chun Sek Edmund
         Room 1101, 11/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


MEGA BOLO: Members' Final Meeting Set for Feb. 22
-------------------------------------------------
Members of Mega Bolo 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.


MORI INVESTMENTS: Members' Final General Meeting Set for Feb. 22
----------------------------------------------------------------
Members of Mori Investments Company Limited will hold their final
general meeting on Feb. 22, 2013, at 10:55 a.m., at Level 28,
Three Pacific Place, 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.


NANOX LIMITED: Lam and Boswell Step Down as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Nanox Limited on Jan. 8, 2013.


NEW TERRITORIES: Creditors' Proofs of Debt Due Feb. 2
-----------------------------------------------------
Creditors of New Territories West District Residents Association
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Feb. 2, 2013, to be included in
the company's dividend distribution.

The company's liquidators are:

         Lui King Wai
         Room 701, 7/F
         Fourseas Building
         Nos. 208-212 Nathan Road
         Jordan, Kowloon


PEARL PARTNERS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Pearl Partners 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


POWERFUL CLUB: Members' Final General Meeting Set for Feb. 20
-------------------------------------------------------------
Members of Powerful Club Limited will hold their final general
meeting on Feb. 20, 2013, at 10:00 a.m., at Room 1205, 12/F,
Manulife Provident Funds Place, No. 345 Nathan Road, in Kowloon.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


REGENT EARNING: Members' Final Meetings Set for March 8
-------------------------------------------------------
Members and creditors of Regent Earning Limited will hold their
final general meeting on March 8, 2013, at 2:30 p.m., and 2:45
p.m., respectively at Rooms 1909-10, Nan Fung Tower, 173 Des Voeux
Road, Central, in Hong Kong.

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


RUNTOP INT'L: Members' Final Meeting Set for Feb. 21
----------------------------------------------------
Members of Runtop Int'l (H.K.) Limited will hold their final
meeting on Feb. 21, 2013, at 2:30 p.m., at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SUNRICH PRODUCTS: Creditors' Meeting Set for Feb. 2
---------------------------------------------------
Creditors of Sunrich Products Limited will hold their meeting on
Feb. 2, 2013, at 10:00 a.m., for the purposes provided for in
Sections 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Unit 3007, 30/F, Tower 2, Metroplaza,
223 Hing Fong Road, Kwai Chung, New Territories, in Hong Kong.


YEE YOUNG: Members' Final General Meeting Set for Feb. 22
---------------------------------------------------------
Members of Yee Young Company Limited will hold their final general
meeting on Feb. 22, 2013, at 10:50 a.m., at Level 28, Three
Pacific Place, 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.


ZFIC LIMITED: Lam King Lin Steps Down as Liquidator
---------------------------------------------------
Lam King Lin stepped down as liquidator of ZFIC Limited on
Jan. 14, 2013.


* HK Banks' Trade Finance to Grow Steadily, Fitch Says
------------------------------------------------------
Fitch Ratings says in a new report that Hong Kong banks' trade
finance will continue to grow steadily and become more China-
biased. In addition, banks will continue to expand their non-trade
related China businesses as the two economies further integrate
and domestic lending remains muted. This could increase banks'
risk profiles and pressure ratings, unless managed prudently.

Fitch expects Hong Kong banks' trade-related exposures to grow at
a healthy pace at about 20% per annum in 2012-2013. Expansion into
China appeals to Hong Kong banks due to increasing domestic
competition. Given their franchise in China and/or international
connectivity, subsidiaries of Chinese banks and large global banks
are best positioned to capture growth in this market.

The 2010-2011 trade finance boom, triggered by interest and
foreign-exchange rate arbitrage transactions, is unlikely to
continue. Rather, growth is likely to be underpinned by genuine
trade volumes as expectations for the renminbi to appreciate wanes
and lending restrictions for Chinese banks ease.

Hong Kong banks' loss rates for trade-finance products have
generally remained low. A Fitch survey of the rated banks shows
that credit losses are well covered by trade-finance revenues (1%-
3% of total exposure in H112 if annualised) and no banks reported
operational losses. Guarantees and standbys provided to cover
transactions likely involving Chinese companies had the highest
loss rate among trade-finance products in 2010-11.

Fitch believes the introduction of Basel III will not have a
significant negative impact on Hong Kong banks' trade finance
growth, despite industry concern. Hong Kong banks' capital charges
are likely to remain between 2%-8% for on-balance-sheet items and
below 2% for off-balance-sheet products.

The report, 'Hong Kong Banks: Healthy Growth for Trade Finance -
China Remains Key to Both Growth and Risk', is available at
www.fitchratings.com, or by clicking on the link above.


* HK Banks Under Pressure From Foreign Competition, Fitch Says
--------------------------------------------------------------
Fitch Ratings says in a new report that Hong Kong banks are facing
intensifying competition from foreign banks, in particular from
aggressively expanding Chinese banks. As a result, small Hong Kong
banks risk being marginalised while their larger counterparts
would see their rating upside capped by rising margin pressure.

Foreign and Chinese banks account for about 95% of the Hong Kong
banking system, as they continue investing in the territory to tap
one of the highest-growth markets, greater China. In particular,
Chinese banks significantly increased their presence in Hong Kong
to about 15% of system-wide assets at end-H112 from 9% at end-
2009.

The foreign bank-dominated market with significant cross-border
exposures also renders the system-wide liquidity vulnerable to
stress in other banking systems and economies. The system's cross-
border claims and liabilities accounted for 51.4% and 37.7%,
respectively, of total assets/liabilities at end-9M12. Claims on
China increased substantially to 13.8% at end-9M12 from 4.3% at
end-2008 while claims on Europe declined.

Foreign banks may view the small Hong Kong banks as takeover
targets as they look to boost market presence via these banks'
established branch network. Chinese banks will continue to expand
their Hong Kong operations and use them as an offshore banking
platform to source US and Hong Kong dollar funding.

The ratings of the three small banks, Wing Hang Bank Limited ('A-
'/Stable), Dah Sing Bank ('BBB+'/Stable) and Chong Hing Bank
Limited ('BBB+'/Stable), are most sensitive to competitive
pressure, in light of their weaker market position, customer base
and regional connectivity. Their market share fell to 2.4% at end-
H112 from 2.7% at end-2009.

The three largest banking groups' (HSBC Holdings ('AA-'/Stable),
Bank of China ('A'/Stable) and Standard Chartered ('AA-
'/Negative)) domestic operating banks still dominate the Hong Kong
market, accounting for 46% of the system assets at end-H112. They
are well placed to defend their leading positions, supported by
broad retail deposit bases, strong brand recognition and wide
branch coverage. However, rating upside is limited as competition
continues to put pressure on profitability, in turn causing the
banks to expand into higher-risk markets, including China via
credit lending and minority stakes in Chinese financial
institutions.

Growing integration with its weaker mainland owner will continue
to be a negative rating driver for the Viability Ratings of Bank
of China (Hong Kong) Limited ('A'/Stable) and other subsidiaries
of Chinese banks like China CITIC Bank International
('BBB'/Stable).

The report, 'Changing Landscape for Hong Kong Banks: Aggressive
Competition from Chinese Banks Limits Rating Prospects', is
available at www.fitchratings.com.



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


BIRLA POWER: CARE Cuts Rating on INR50cr LT Loan to 'CARE C'
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Birla Power Solutions Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       50        CARE C Revised from
   (Cash Credit)                             CARE B

   Short-term Bank Facilities      10        CARE A4 Reaffirmed

Rating Rationale

The rating revision takes into consideration the deterioration in
the credit profile of the company leading to delays in debt
servicing in respect of fixed deposits, ICDs and bill of exchange.
The ratings continue to be constrained by elongated operating
cycle leading to stretched liquidity position, high exposure to
group entities and stretched coverage indicators. The ratings,
however, continue to draw comfort from the established track
record of operations and comfortable capital structure.

Going forward, the ability of Birla Power Solutions Limited to
improve its profitability along with effective working capital
management would be the key rating sensitivities.

Birla Power Solutions Ltd was originally incorporated as Birla
Yamaha Limited on April 27, 1984. The company is engaged in the
trading as well as manufacturing of Gensets, multipurpose
engines and its application products such as pumpsets, sprayers,
vibrators, and lawn mowers. The trading income (appliances trading
and commodity trading) constituted 92% of total sales in FY12.
The manufacturing unit is located at Dehradun (Uttaranchal) with
annual manufacturing capacity of 127,000 generators, 75,000 multi-
purpose engines, and 60,000 inverters as on March 31, 2012.

Credit Risk Assessment

Deterioration in credit profile leading to delays in servicing of
debt obligations The liquidity position of the company continues
to be stretched on account of declining profitability, stretched
coverage indicators and long operating cycle. Also, the lenders,
including individual depositors and companies, have filed suits
against BPSL for payment defaults. This was majorly due to the
labor unrest which had crippled production at its factory in
Uttarakhand. The company delayed its obligations in respect of
fixed deposits, inter-corporate deposits and bills of exchange.
However, the company and its bankers have indicated that servicing
of the bank facilities has been on time.


GODHANI GEMS: CARE Reaffirms 'BB' Rating on INR165cr LT Loan
------------------------------------------------------------
CARE reaffirms the long-term rating and assign the short-term
rating to the bank facilities of Godhani Gems Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)   Ratings
   -----------                  -----------   -------
   Long-term Bank Facilities      165.00      CARE BB Reaffirmed
   Short-term Bank Facilities       4.92      CARE A4 Assigned

Rating Rationale

The ratings continue to factor in the significant deterioration in
the financial position due to part conversion of the partners'
networth into a redeemable preference share capital during
reconstitution to the company, geographical concentration risk and
subdued demand for the cut and polished diamonds. The rating is
also constrained by the company's long working capital cycle,
tight liquidity arising out of delayed realizations of export
bills, delay in its payment of statutory dues, low profit margins,
forex risk and the strong competition from the large number of
players in the organised and unorganised diamond processing and
trading sector.

The ratings, however, derive strength from the experience of the
promoters in the diamondprocessing industry.

The ability of the company to recover its receivables on timely
manner, diversify its global presence and improve its
profitability margins and financial risk profile in an uncertain
global environment are the key rating sensitivities.

GGPL, established in 1995 as a partnership firm, was converted
into a private limited company w.e.f. June 2, 2011. The company
has its diamond processing facilities in Surat and is engaged in
the import of rough diamonds, processing and export of cut and
polished diamonds. GGPL is managed by its promoters, members of
the same family, who look after the various business functions.


KARNI PROCESSORS: CARE Rates INR7.88cr LT Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facilities of
Karni Processors Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      7.88       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Karni Processors
Private Limited is constrained mainly on account of its presence
in a highly competitive and fragmented synthetic fabric industry
and its limited presence in the textile value chain resulting in
thin profitability. The rating is further constrained on account
of its leveraged capital structure and moderately stressed
liquidity position coupled with the susceptibility of profit
margins to volatile raw material prices.

The rating, however, favorably takes into account the rich
experience of the promoters in the synthetic fabrics industry and
its presence in the textile cluster of Bhilwara (Rajasthan).
Improvement in the overall financial risk profile with increase in
the scale of operations and profitability while managing
volatility in the raw material prices and intense industry
competition remains the key rating sensitivity.

KPPL was incorporated in 1994 by Mr Inder Chand Baid and Mr Vikas
Baid. Subsequently, after the resignation of the erstwhile
directors, Mr. Nand Lal Jalan and Mr Navin Jalan joined the
company and are presently managing the overall business operation.
KPPL is engaged into the manufacturing & trading of synthetic
fabric (i.e grey fabric and finished fabric) at its manufacturing
facility located at Bhilwara in Rajasthan. The company has an
installed capacity of 53.72 lakh Meter Per Annum (LMPA) as on
March 31, 2012. KPPL sells its products through the network of its
20 agents primarily spread in the western and northern India.

During FY12 (refers to the period April 1 to March 31), KPPL
reported a total operating income of INR40.54 crore and PAT of
INR0.26 crore as against a total operating income of INR28.48
crore and PAT of INR0.17 crore in FY11.


MADHU INDIA: CARE Reaffirms 'B+' Rating on INR5.82cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Madhu India Deco Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5.82       CARE B+ Reaffirmed
   Short-term Bank Facilities     6.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Madhu India Deco
Limited continue to remain constrained by its weak financial risk
profile marked by net losses, leveraged capital structure, weak
debt coverage indicators, stretched liquidity position and its
small scale of operations in floor and window coverings industry.
The ratings also remain constrained due to high exposure to export
markets and foreign exchange fluctuation risk.

The ratings, however, continue to take comfort from the vast
experience of the promoters in the existing line of business,
established manufacturing facilities and long-term relationship
with the clients.

The increase in the scale of operations with improvement in the
financial risk profile is the key rating sensitivity.

Lucknow-based (Uttar Pradesh) MIDL was incorporated in 1991 as
Madhu India Limited by Mr Anand Gupta and Mrs Madhu A. Gupta. MIDL
manufactures floor coverings (from artificial leather,
cotton rugs, and paper rugs) and window coverings which include
blinds. MIDL has a weaving capacity of 8 lakh square meters per
annum and bleaching and dyeing capacity of 1,000 metric
tonnes per annum as on March 31, 2012, at its units in Biswan and
Ataria near Lucknow.

MIDL has received ISO 9001:2000, ISO 14001: 2004 and AS/NZS
4801:2001 certification for its Ataria unit which is a 100% Export
Oriented Unit (EOU).

During FY12 (refers to the period April 1 to March 31), MIDL
reported a net loss of INR1.16 crore on a total operating income
(TOI) of INR15.21 crore against a net loss of INR2.76 crore on a
TOI of INR10.75 crore in FY11.


MEWAR HI TECH: CARE Rates INR7.03cr LT Loan at 'CARE B-'
--------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Mewar Hi Tech Engineering Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.03      CARE B- Assigned
   Short-term Bank Facilities      2.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mewar Hi Tech
Engineering Limited are primarily constrained on account of its
weak financial risk profile marked by small scale of
operations, stressed liquidity position leading to delays in debt
servicing in the past, fluctuating profitability margin, moderate
capital structure.

The ratings, however, favorably take into account the vast
experience of the management in the manufacturing of stone crusher
industry and its strong marketing and distribution network.

Improvement in the overall financial risk profile with improvement
in the profitability by managing volatile raw material prices and
better working capital management are the key rating
sensitivities.

MHTEL, based in Udaipur (Rajasthan), was incorporated in June 2006
as a private limited company, and subsequently changed its
constitution as a public limited company in March 2009. MHTEL is
promoted by Mr Chatar Singh Rathore along with his wife Mrs Reena
Kunwar Rathore. The company is engaged in the business of
manufacturing various types of stone crusher machines and
supplies it to the market under the brand name of "Kingson". It
offers wide array of stone crusher machines, including mobile
crushing plants, jaw crusher, cone crusher, impactor, sand making
machine, feeders, vibrating screen and conveyors.

The promoter family also manages Kingson Hi Tech Industries, a
proprietorship concern incorporated in 1997 and is engaged in the
business of manufacturing various types of stone crusher machines
and Mewar Tecnocast Private Limited (MTPL; incorporated in 2006)
which is engaged in the manufacturing of spare parts used in the
production of stone crusher machines. MTPL has given corporate
guarantee to the bank facilities of MHTEL.


OMKARA POLYPLAST: CARE Assigns 'B+' Rating to INR20.64cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Omkara Polyplast Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      20.64      CARE B+ Assigned
   Long-term/Short-term            3.00      CARE B+/CARE A4
   Bank Facilities                           Assigned
   Short-term Bank Facilities      0.31      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Omkara Polyplast
Pvt. Ltd. are constrained by relatively small size with short
track record of operations, high leverage ratios, volatility in
the raw material prices and highly competitive and fragmented
nature of the industry. The aforesaid constraints are partially
offset by the experience of the promoters with lack of experience
in the packaging industry and favorable industry scenario. The
ability of the company to stabilize operations at its newly
commissioned unit and increase its scale of operation &
profitability margins are the key rating sensitivities.

Omkara Polyplast Pvt. Ltd, incorporated on August 10, 2007, as
Elegant Dealcomm Pvt Ltd was initially a share broking company
engaged in the trading of securities and commodities.
Subsequently, in December 2009, Mr Sumit Kumar Agarwal of Kolkata,
acquired the company and undertook a project to set up a
manufacturing unit for High Density Poly Ethylene/Polypropylene
(PP) Woven fabrics, bags & tarpaulins at Asansol (North), West
Bengal, having an installed capacity of 4,752 MTPA. The plant
became operational since December 28, 2011, and was
set up at an aggregate project cost of INR25 crore, being financed
at an overall debt: equity ratio of 1.11:1.

During 3MFY12 (refers to the period January 1, 2012 to March 31,
2012), the company reported a net loss of INR0.36 crore on a total
income of INR4.65 crore. During 9MFY13, the company has
achieved a turnover of about INR20 crore.


PASHUPATI LAMINATORS: CARE Puts 'BB+' Rating on INR40.79cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Pashupati Laminators Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      40.79      CARE BB+ Assigned
   Short-term Bank Facilities      0.90      CARE A4+ Assigned

Rating Rationale

The ratings are constrained on account of moderate debt protection
indicators of Pashupati Laminators Pvt Ltd and volatility of
profitability margins. The ratings are further constrained on
account of susceptibility of profitability margins to raw material
price fluctuations, coupled with limited bargaining power with
suppliers, working capital intensive nature of operations and
highly competitive industry with low entry barriers and limited
product differentiation. The ratings, however, favorably factor in
the experience of the promoters and improvement in the operational
performance in FY11 and FY12 (refers to the period April 1 to
March 31) and established customer base.

The ability of the company to enhance the scale of operations
while improving the profitability in a highly competitive industry
and manage the working capital requirements effectively while
maintaining optimum capital structure would be the key rating
sensitivities.

Pashupati Laminators Pvt Ltd, incorporated in 2007, is promoted by
Mr. V.P Goenka. The company is engaged in the manufacturing of
HDPE (High Density Polyethylene) and PP (Polypropylene) woven
fabric, bags, sacks and tarpaulin. HDPE /PP bags are used in
packaging and transport of products in the fertilizers, cement,
textiles, food grains, chemicals and salt industries
(approximately 80% of sales comprise woven fabric sales to
dealers; the same is used for manufacturing of bags and sacks).

The manufacturing facility is located in Kashipur, Uttrakhand with
an installed capacity of 18,754 Metric Tonnes per annum (MTPA) as
on March 31, 2012.


SINDIA STEEL: CARE Reaffirms 'BB+' Rating on INR3.5cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sindia Steel Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      3.50       CARE BB+ Reaffirmed
   Short-term Bank Facilities

Rating Rationale

The ratings continue to be constrained by the relatively small
size of operations of Sindia Steels Ltd. in the highly fragmented
steel industry, low profitability margin and higher gearing
levels.

The ratings are further constrained by the lack of backward
integration and exposure to adverse movements in the raw material
prices, foreign exchange fluctuation risk on exports and inherent
cyclicality in the steel industry.

The ratings, however, continue to derive strength from the
significant experience of the promoters in the steel industry.

Going forward, the ability of SSL to improve profit margins and
manage the working-capital requirement efficiently are the key
rating sensitivities.

SSL is promoted by Mr. V. K. Modi. It is engaged in the
manufacturing of stainless steel (SS) bright bars at its plant
situated at Sinnar, Nashik (Maharashtra). It has wire drawing
plant and cold drawn steel bars plant and manufactures SS wire,
mild steel (MS) bright bars, MS wire, and SS-threaded bars.

SSL reported a profit after tax of INR0.59 crore on the total
income of INR81.45 crore in FY12 (refers to the period April 1 to
March 31) as against the profit after tax of INR0.44 crore on the
total income of INR65.02 crore in FY11. Further during 9MFY13, SSL
reported a total income of INR69.31 crore.


VAIBHAV COTTON: CARE Reaffirms 'B' Rating on INR5.41cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vaibhav Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.41      CARE B Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of the
presence of Vaibhav Cotton Industries in the highly competitive
and fragmented cotton ginning business and limited value addition
resulting into thin profitability. The rating is further
constrained on account of the weak financial risk profile marked
by highly leveraged capital structure and stressed liquidity
position, susceptibility of its profitability to volatile raw
material prices, seasonality associated with availability of
cotton and impact of changes in the government policy on cotton.
The rating, however, favourably takes into account the experience
of the promoters in the cotton ginning industry and location
advantage of being situated within the cotton-producing belt of
Gujarat.

The ability of VCI to increase its scale of operations while
managing volatility associated with the cotton prices and
improvement in its overall financial risk profile are the key
rating sensitivities.

Vaibhav Cotton Industries was constituted in April 2009 by 11
partners with unequal profit and loss sharing agreement between
them and commenced commercial operations in November 2009. All the
key activities of the firm are mainly controlled by the managing
partner Mr Satish Gojaria. VCI is engaged in cotton ginning and
pressing and has an installed capacity of 4,250 Metric Tonnes Per
Annum (MTPA) for cotton bales, 7,500 MTPA for cotton seeds as on
March 31, 2012, at its sole manufacturing facility located at
Amreli (Gujarat).


WEST COAST: CARE Reaffirms 'B' Rating on INR5cr LT Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
West Coast Ingots Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE B Reaffirmed
   Short-term Bank Facilities       8        CARE A4 Reaffirmed

Rating Rationale

The ratings of West Coast Ingots Pvt Ltd continue to be
constrained by its weak financial risk profile characterized by
relatively small scale of operations, low profitability, high
leverage and weak liquidity position. The ratings are further
constrained by cyclical nature of the steel industry,
susceptibility of operating margins to volatility in raw material
prices and its linkage with a group company having a weak
financial risk profile.

The ratings continue to factor in the benefit derived from the
company's long-track record, experience of the promoters and their
financial support in the past.

The ability of WCIPL to improve its overall financial risk
profile, diversifying revenue base and improvement in liquidity
position of WCIPL and its group company are the key rating
sensitivities.

Incorporated in 1997 by Mr. Harsh Vardhan Mittal, WCIPL is engaged
in the business of manufacturing mild steel (MS) ingots. The
company procures it main raw material i.e. pig iron and
mild steel (MS) scrap, from the domestic market and supplies
primarily to its group company, Mohit Ispat Ltd.  MIL is mainly
engaged in the business of manufacturing of thermomechanically-
treated (TMT) bars.

During FY12 (refers to the period April 1 to March 31), AIL
reported a total operating income of INR59.48 crore (up by 9.94%
vis-a-vis FY11) and a PAT of INR3.02 crore (up by 24.79% vis-a-vis
FY11).

As per H1FY13 provisional results, the company has achieved a
total operating income of INR17.93 crore and a PBT of INR1.04
crore.  During FY12, WCIPL reported a total operating income of
INR70.70 crore (up by 39.49% vis-a-vis FY 11) and a PAT of INR0.54
(as compared to INR0.02 crore in FY11.



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


BAKRIE SUMATERA: Moody's Withdraws 'Caa2' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of PT Bakrie Sumatera Plantations Tbk due to business
reasons.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Bakrie Sumatera Plantations Tbk, is an Indonesian plantation
company operating mainly in Sumatra, Indonesia. It is 3.50%-owned
by the conglomerate PT Bakrie & Brothers Group (BNBR) (as of
September 30, 2012) and is accounted for as an available-for-sale
security in BNBR's financial statements. BSP was listed on both
the Jakarta and Surabaya Stock Exchanges in 1990.


INDO ENERGY: Moody's Assigns 'B1' Senior Secured Rating
-------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
secured rating to the US$500 million 6.375% senior secured notes
due in 2023, issued by Indo Energy Finance II B.V., a wholly owned
subsidiary of PT Indika Energy Tbk.

The notes are guaranteed by Indika and its other wholly owned
subsidiaries, PT Indika Inti Corpindo (unrated) and the Tripatra
Entities (unrated).

The rating outlook is stable.

Ratings Rationale

The definitive rating on this debt obligation confirms the
provisional (P)B1 bond rating that Moody's assigned on January 9,
2013, given that the amount raised from the bond issue and the
covenants stated in the Offering Memorandum Circular of
January 16, 2013 are consistent with Moody's expectations.

Moody's rating rationale was set out in a press release and
explored more fully in a Credit Opinion issued January 9, 2013.

Indika plans to use the proceeds from the notes to repay bank
credit facilities worth US$235 million and to redeem US$230
million of senior secured notes due in 2016, pursuant to the
bond's optional redemption feature. It will use the remainder to
repay other debt, and for working capital and other general
corporate purposes.

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

PT Indika Energy Tbk is a listed integrated energy group based in
Indonesia. Its principal investment is a 46% stake in PT Kideco
Jaya Agung, which is Indonesia's third-largest domestic coal
producer by tonnage. In addition, Indika is involved in the
engineering, procurement and construction and operating and
maintenance businesses through its wholly owned subsidiary,
Tripatra.

In May 2012, Indika acquired an 85% stake in PT Multi Tambang Jaya
Utama, a thermal and coking coal produer based in Central
Kalimantan. In March 2012, Indika acquired 60% of a greenfield
coal asset, PT Mitra Energi Agung, located in East Kalimantan.
Indika also acquired a 51% stake in PT Mitrabahtera Segara Sejati
Tbk, an Indonesian coal transport and logistics services company,
in April 2011.


XL AXIATA: Fitch Upgrades Issuer Default Rating From 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based P.T. XL Axiata Tbk's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
to 'BBB' from 'BB+'.  Simultaneously, Fitch has upgraded XL's
National Long-Term rating to 'AAA(idn)' from 'AA+(idn)'. The
Outlook is Stable.

The upgrade reflects Fitch's view that XL's ratings should be more
closely aligned to the credit profile of its 66.7% parent, Axiata
Group Berhad (Axiata), due to strengthening links between the two
companies. At end-September 2012, XL was Axiata's largest
subsidiary; as it contributed about 40% and 46% of Axiata's
consolidated revenue and EBITDA, respectively, up from 34% and 36%
in 2009. XL is also Axiata's fastest growing subsidiary with
double-digit revenue growth.

Fitch believes that Axiata has a strong ability to support XL with
cash injection should this be required, given its conservative
credit profile and established cash-generative Malaysian
operations.

Fitch also believes that XL's standalone credit profile will
improve in 2013 as capex peaked in 2012 at IDR8.5trn, mainly to
expand 3G infrastructure. This should allow XL to return to
positive free cash flow (FCF) this year after recording negative
FCF in 2012. The company's strong credit profile is also
underpinned by its above-industry revenue growth and solid
operating EBITDAR margin of 47% which can sustain an annual capex
plan of IDR7trn-IDR8trn and a dividend payout ratio of 30% of net
income. Fitch believes that XL's decision to invest more in 2012
than the country's second-largest telco, PT Indosat Tbk (Indosat,
'BBB'/Stable), could benefit its profitability and reduce customer
churn. XL is Indonesia's third largest telco, with a narrowly
smaller market share than that of Indosat.

Fitch believes that Indonesia's top-three telcos will dominate the
fast-growing data market given their strong hold in the voice
market and their ability to invest in 3G infrastructure. The
weaker telcos will struggle to gain any meaningful market share as
they continue to make overall EBITDA losses and do not have the
balance sheet strength to support infrastructure investments
needed for data expansion. Also, code division multiple access
telcos are struggling to grow profitably as they continue to lose
subscribers and are therefore investing less than GSM telcos.

What Could Trigger A Rating Action?

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

  -- an upgrade in Fitch's credit view of Axiata will benefit
     XL's International ratings. However, an upgrade of the
     Foreign-Currency IDR would be contingent on the Country
     Ceiling being upgraded. XL's Foreign Currency IDR is
     currently at the same level as the Country Ceiling.

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

  -- a downgrade of Indonesia's Country Ceiling, which would lead
     to a downgrade in XL's Foreign-Currency IDR

  -- weakening of linkages with Axiata

  -- a downgrade of Fitch's credit view of Axiata



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


GODO KAISHA: Moody's Withdraws Junk Ratings on Various Notes
------------------------------------------------------------
Moody's Japan K.K. has withdrawn the ratings for the Class C
through F Notes issued by Godo Kaisha Orso Funding CMBS 6.

The withdrawal is for business reasons.

Complete rating actions are as follows:

Deal Name: Godo Kaisha Orso Funding CMBS 6

Class C, Withdrawn the Caa1 (sf); previously on February 29, 2012
Downgraded to Caa1 (sf)

Class D, Withdrawn the Ca (sf); previously on February 29, 2012
Downgraded to Ca (sf)

Class E, Withdrawn the C (sf); previously on February 29, 2012
Downgraded to C (sf)

Class F, Withdrawn the C (sf); previously on February 29, 2012
Downgraded to C (sf)

Class: Class C through F Notes

Issue Amount (initial): JPY10.4 billion

Dividend: Floating

Issue Date (initial): March 19, 2007

Final Maturity: November, 2013

Underlying Asset (initial): Two non-recourse loans and four TMK
bonds and cash

Originator: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue
date)

Arranger: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue
date)

Godo Kaisha Orso Funding CMBS 6, effected in March 2007,
represents the securitization of two non-recourse loans and four
TMK bonds.

The Originator transferred six loans and TMK bonds in total to the
Issuer and issued the Class A through F notes. The notes were sold
to investors. The notes are rated by Moody's.

Moody's has withdrawn the rating for its own business reasons.


JLOC 36: Fitch Downgrades Rating on Class D Notes to 'Dsf'
----------------------------------------------------------
Fitch Ratings has downgraded JLOC 36 LLC's class D notes due
February 2016 to 'Dsf' and affirmed the remaining class C1 and C2
notes.  The transaction is a Japanese multi-borrower type CMBS
securitization.  The rating actions are:

-- JPY2,293m* Class C1 affirmed at 'BBB-sf'; Outlook Stable

-- EUR15m* Class C2 affirmed at 'BBB-sf'; Outlook Stable

-- JPY2,830m* Class D downgraded to 'Dsf' from 'Csf'; Recovery
    Estimate revised to 50% from 45%

* as of Jan. 24, 2013

The downgrade of the class D notes reflects Fitch's view that the
written down principal on the notes will not be recovered. The
principal on the class D notes was partially written down on the
May and August 2011 payment dates, following the completion of the
workout on two defaulted loans. Fitch believes full recovery of
the principal is highly unlikely, given the expected loss amount
from the remaining two defaulted loans and the already written
down amount are unlikely to be recovered by applying the
transaction's reserved cash at the final redemption date.

The affirmations of the class C1 and C2 notes reflect Fitch's view
of possible full redemption due to substantial principal repayment
on a sequential basis to date. It also reflects the limited
prospect of principal repayment on a pro-rata basis resulting from
the prepayment of the underlying loans.

Workout on three defaulted loans has been completed and three
other underlying loans have been fully repaid on or prior to their
maturity dates since Fitch's previous rating action in March 2012.
As a result, the class A1 to B notes were redeemed in full during
2012.

The transaction was initially backed by 34 loans secured by 99
properties. The transaction is now backed by four non-recourse
loans secured by a total of four properties, proceeds from
property sales as well as by loan prepayment proceeds.



=============
M Y A N M A R
=============


* MYANMAR: Clears $1-Bil. ADB, World Bank Overdue Debt
------------------------------------------------------
Daniel Ten Kate and Kyaw Thu at Bloomberg News report that Myanmar
cleared about $1 billion in overdue debt with the Asian
Development Bank and World Bank using a bridge loan from Japan,
opening the door for increased lending as the country seeks to
overhaul its infrastructure.

Bloomberg relates that the ADB announced a $512 million loan, its
first to Myanmar in more than 30 years, while the World Bank
separately said it would lend $440 million to the Southeast Asian
nation.  According to Bloomberg, the funds will be used to pay
back the Japan Bank for International Cooperation, which this
month provided financing to Myanmar to clear arrears with the
government-backed lenders.

"We need capital investment to do development and business," Maung
Maung Thein, Myanmar's deputy finance minister, told Bloomberg by
phone.  "This will help for financing development work."

Bloomberg notes that Myanmar is aiming to resolve $11 billion in
overdue debt from decades of military rule that left the country
among Asia's poorest.  President Thein Sein's moves to modernize
the country's financial and physical infrastructure after years of
neglect have lured private equity funds and companies such as
General Electric Co. and Norway's Telenor ASA, the report says.

Bloomberg recalls that Japan, Myanmar's largest creditor, agreed
last year to settle $6.6 billion in arrears.  Myanmar's finance
ministry said that Norway canceled $534 million in debt after a
meeting with the 19-member Paris Club group of creditor nations,
which includes the U.S., Australia, Canada, Japan, Russia and 14
European nations, Bloomberg adds.

"More debt cancellation is coming on the way in the next six
months," the ministry, as cited by Bloomberg, said in a statement.
Myanmar had about $3.5 billion in arrears with Paris Club members
other than Japan, according to the International Monetary Fund.



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


ST LAURENCE: Receivership May Wrap Up in March, Investors Told
--------------------------------------------------------------
Rob Stock at stuff.co.nz reports that the grinding wait for
investors in failed finance company St Laurence to find out
exactly how much they have lost is almost over.

The report says investors have been told the receivership could
end in March.  According to the report, the investors have been
sent "before and after" photos of the company's last remaining
asset - an asbestos-clad glass recycling building in New South
Wales - where hundreds of tonnes of crushed glass and scrap metal
had to be laboriously removed before the vast industrial property
could be marketed.

St Laurence receiver Barry Jordan, of Deloitte, hopes a deal to
sell the former recycling plant in Campbelltown, Sydney, will be
signed shortly, allowing the receivership to be wrapped up in
March, stuff.co.nz reports.

The report notes that the former property owner had been recycling
glass and scrap metal on the site but the glass mounted as
customer demand dried up due to the end of a government-sponsored
home-insulation subsidy. Efforts to sell the recycling company as
a going concern failed and the receivers ended up having to clear
hundreds and hundreds of tonnes of crushed glass and scrap, the
report relays.

Stuff.co.nz relates that Mr. Jordan expects the sale will deliver
another 2 cents in the dollar to investors but that could still
mean final losses will add up to about NZ$230 million. The
receiver has returned 14 cents in the dollar to debenture
investors so far and at the end of October they were still owed
NZ$225 million, the report states.

Stuff.co.nz says capital noteholders owed more than NZ$12 million
won't get anything back.  Most investors bought their debentures
direct or through financial planning firms such as Vestar.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995, it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

On April 29, 2010, St. Laurence Limited was placed into
receivership, owing 9,000 investors NZ$245 million.  The
company's trustee, Perpetual Trust appointed Barry Jordan and
David Vance of Deloitte as receivers of St. Laurence and some of
its subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property
Limited and its proportionate ownership schemes and syndicates.



=====================
P H I L I P P I N E S
=====================


CAPITOL CITY BANK: MB Places Bank Under PDIC Receivership
---------------------------------------------------------
The Monetary Board (MB) placed the Capitol City Bank, Inc. (A
Rural Bank) under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 119
dated January 24, 2013.  As Receiver, PDIC took over the bank on
Jan. 24, 2013.

Capitol City Bank is a four-unit rural bank with Head Office
located along Governor's Drive, Trece Martires City, Cavite.  Its
three branches are in Alabang in Muntinlupa City; and in General
Trias and Trece Martires City in Cavite. Latest available records
show that as of June 30, 2012, Capitol City Bank had 24,812
accounts with total deposit liabilities of PHP460.72 million.
Based on the latest Bank Information Sheet (BIS) submitted by
Capitol City Bank to the PDIC, the bank is majority owned by
Nellie M. Ilas (47.88%) and Lutgarda P. Morabe (19.2%).  Its
Chairman is Nellie M. Ilas while its President is Lutgarda P.
Morabe.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated.  The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct Depositors Forums from
January 31 to Feb. 2, 2013 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will also be distributed during the Depositors Forum.

Depositors may update their addresses with PDIC representatives at
the bank premises or during the Depositors Forum using the Mailing
Address Update Forms to be furnished by PDIC representatives.
Duly accomplished Mailing Address Update Form should be submitted
to the PDIC representatives accompanied by a photo-bearing ID of
the depositor with signature.  Depositors may update their
addresses until Feb. 5, 2013.

Depositors with valid deposit accounts with balances of PHP15,000
and below, who have no outstanding obligations with Capitol City
Bank and who have either complete and updated addresses with the
bank or have updated their addresses using the Mailing Address
Update Form, need not file deposit insurance claims.  PDIC targets
to start mailing payments to these depositors to their addresses
recorded in the bank by the second week of February 2013.

Depositors whose accounts have balances of more than PHP15,000 and
who have outstanding obligations with Capitol City Bank should
file their deposit insurance claims.  The PDIC targets to start
claims settlement operations for these accounts by the third week
of February 2013.



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


AGRI INTERNATIONAL: Moody's Withdraws 'Caa2' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of Agri International Resources Pte Ltd due to business
reasons.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Agri International Resources Pte Ltd was incorporated in Singapore
in May 2007. AIRPL became a subsidiary of PT Bakrie Sumatera
Plantations Tbk in March 2010 and was 99.02% owned by BSP as of
September 2012.


GBLT SHIPMANAGEMENT: Court to Hear Wind-Up Petition on Feb. 5
-------------------------------------------------------------
A petition to wind up the operations of GBLT Shipmanagement Pte
Ltd will be heard before the High Court of Singapore on Feb. 5,
2013, at 10:00 a.m.

Alphatron Marine Systems Pte Ltd filed the petition against the
company on Jan. 15, 2013.

The Petitioner's solicitors are:

         Messrs Dennis Chua & Co
         20 Maxwell Road
         Maxwell House, #12-07A
         Singapore 069113


JOINT PILING: Creditors Get 100% Recovery on Claims
---------------------------------------------------
Joint Piling and Construction Pte Ltd declared the first and final
dividend on Jan. 16, 2013.

The company paid 100% for preferential dividends under section
328(1)(b),(e),(f) and 74.48526% for preferential dividends under
section 328(1)(g) to the received claims.

The company's liquidator is:

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


NAVMAN WIRELESS: Creditors' Proofs of Debt Due on Feb. 21
---------------------------------------------------------
Creditors of Navman Wireless Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 21, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


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

Sanhe Construction Pte Ltd filed the petition against the company
on Jan. 14, 2013.

The Petitioner's solicitors are:

         Joseph Tan Jude Benny LLP
         6 Shenton Way, Tower 2 #23-08
         Singapore 068809


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

Neff GMBH filed the petition against the company on Jan. 15, 2013.

The Petitioner's solicitors are:

         Bernard & Rada Law Corporation
         143 Cecil Street #18-00 GB Building
         Singapore 069542



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


* BOND PRICING: For the Week Jan. 21 to Jan. 25, 2013
-----------------------------------------------------

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

  AUSTRALIA
  ---------

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


CHINA
-----

CHINA GOVT BOND       1.64  12/15/2033    CNY      67.45


INDIA
-----

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


JAPAN
-----

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


MALAYSIA
--------

DUTALAND BHD          7.00   4/11/2013    MYR       0.80


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

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


SINGAPORE
---------

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


KOREA
-----

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


SRI LANKA
---------

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


THAILAND
--------

BANGKOK LAND          4.50  10/13/2003    USD       5.38


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***