TCRAP_Public/130130.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

          Wednesday, January 30, 2013, Vol. 16, No. 21


                            Headlines


A U S T R A L I A

CASELLA WINES: Refutes Reports of Pending Financial Collapse
LEHMAN BROTHERS: Australian Liquidators Appeal Against Ruling
NINE ENTERTAINMENT: Revamp Deal Wins Federal Court's Final Nod
WETTENHALLS GROUP: To Shut Express Business, Warrnambool Office


C H I N A

HENGDELI HOLDINGS: Moody's Affirms 'Ba1' CFR; Rates Bonds 'Ba1'
KWG PROPERTY: S&P Assigns B+ Rating to Proposed USD Unsec. Notes
MCE FINANCE: S&P Puts 'BB-' Rating on Proposed USD Senior Notes
TIGER MEDIA: Regains Compliance with NYSE Requirement


H O N G  K O N G

AOYANG MARINE: Court to Hear Wind-Up Petition on Feb. 27
CHINA AOYANG: Court to Hear Wind-Up Petition on March 27
CHUNG WO: Creditors Get 0.480% Recovery on Claims
CONTEMPORARY INT'L: Court to Hear Wind-Up Petition on March 6
ELEGA COMPANY: Creditors Get 100% Recovery on Claims

EVERSHINE JEWELLERY: Court to Hear Wind-Up Petition on March 6
FEALTY INVESTMENTS: Pui and Cheung Appointed as Liquidators
HNA GROUP: Court to Hear Wind-Up Petition on Feb. 20
KEEN SHING: Court to Hear Wind-Up Petition on March 6
MGT NEMOTO: Contributories and Creditors to Meet on Feb. 7


I N D I A

ASHOK HANDLOOMS: ICRA Reaffirms 'B' Rating on INR5.60cr Loan
B.R. ARORA: ICRA Assigns 'B' Rating to INR14.65cr Loans
ELTEL ENGINEERS: ICRA Cuts Rating on INR15cr Loans to 'B+'
KAWARLAL AND COMPANY: ICRA Rates INR5cr Loan at '[ICRA]B'
NAMRATA FEEDS: ICRA Assigns 'B+' Rating to INR5.96cr Loans

RAVI RAJ: ICRA Rates INR15cr Cash Credit at '[ICRA]B'
SHREEJIKRUPA BUILDCON: ICRA Reaffirms 'D' Long-Term Rating
SMART LIGHTS: ICRA Rates INR3.89cr Term Loans at '[ICRA]B+'
VIBHOR VAIBHAV: ICRA Downgrades Rating on INR22cr Loans to 'B+'
VISHAL MANUFACTURER: ICRA Assigns 'B' Rating to INR25.85cr Loans


J A P A N

* JAPAN: Bank Offshore Growth Ups US MMF Exposure, Fitch Says
* JAPAN: Fitch Lowers Ratings on 14 CMBS Tranches to Junk in Q412


N E W  Z E A L A N D

CHALMERS CAMERON: SFO Lays Charges Against Forex Trader
ROSS ASSET: Claim to Test Ponzi Features in Firm, Expert Says


S I N G A P O R E

REDIFFUSION PTE: Creditors Get 100% Recovery on Claims
REFLECT GEOPHYSICAL: Court to Hear Wind-Up Petition on Feb. 1
SINO-ENVIRONMENT TECHNOLOGY: Court Enters Wind-Up Order
STUN SERVICES: Court to Hear Wind-Up Petition on Feb. 1
SUMISHO CAPITAL: Creditors' Proofs of Debt Due on Feb. 23

WEE TAT: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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CASELLA WINES: Refutes Reports of Pending Financial Collapse
------------------------------------------------------------
The Sydney Morning Herald's BusinessDay reports that John Casella
would like the world to know that reports of the pending death of
Casella Wines, his family owned winemaker behind international
juggernaut label Yellow Tail, are greatly exaggerated.

Talks with bankers over the restructuring of a long-held lending
agreement were progressing smoothly in the lead-up to Tuesday's
deadline, Mr. Casella told BusinessDay.

Speaking to BusinessDay from New York, where he is meeting with
key US importers and distributors who handle the bulk of the 12
million cases a year the Griffith-based winery produces, Mr.
Casella hit out at recent reports, including one in The Wall
Street Journal, that portrayed the business as mired in financial
woes due to its first reported loss in 20 years and a breach of
its debt covenants.

"The thing about these stories is they are blown out of
proportion. We are trading solidly, we are not late paying one
creditor, everything is fine renewing these facilities," the news
agency quotes Mr. Casella as saying.

"If you look at our company, we're solid, we have piles of
retained earnings, our debt level to asset ratio is comfortable
and these stories being pumped out undermine our customers'
confidence and our employees' confidence, and it's not really
fair the way things are turning out."

Casella Wines posted a AUD30 million loss in 2011-12, putting it
in breach of its debt covenants with the National Australia Bank,
SmartCompany reported on Jan. 14.

Casella Wines is a family-owned winery.  It is behind one of
Australia's most successful export wines, Yellow Tail.


LEHMAN BROTHERS: Australian Liquidators Appeal Against Ruling
-------------------------------------------------------------
Leo Shanahan at The Australian reports that the liquidators for
Lehman Brothers will appeal a landmark Federal Court decision,
which found the failed investment bank culpable for hundreds of
millions lost by Australian councils and non-government
organisations during the global financial crisis.

The Australian relates that liquidator PPB confirmed Jan. 25 that
it had filed an appeal against a September ruling by the Federal
Court that there was no contributory negligence on behalf of the
councils and NGOs, which lost up to $250 million when investments
in complex financial products went toxic.

The report says the ruling by judge Steven Rares found that as
both financial advisers and sellers of the complex financial
products, known as collateralised debt obligations, Lehman
Brothers should be held liable for the losses as a result of its
misleading and deceptive conduct.

PPB liquidator Marcus Ayres told The Weekend Australian that he
was hopeful the appeal would not need to proceed as millions more
had recently become available to creditors following a US
decision, and he hoped creditors would accept a renewed offer in
the coming months.

According to The Australian, the action was launched by legal
funder IMF and was led by two New South Wales councils and one in
Western Australia, but the class action is believed to include 70
other councils and NGOs.

The appeal will not be able to proceed until Justice Rares hands
down a final judgment on the matter in March, the report notes.

If the court accepts the appeal, there are concerns it could
delay disbursements to the councils -- the Wingecarribee Shire
Council, Parkes Shire Council and the City of Swan -- by two
years, adds The Australian.

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


NINE ENTERTAINMENT: Revamp Deal Wins Federal Court's Final Nod
--------------------------------------------------------------
The Sydney Morning Herald reports that Nine Entertainment has
been saved from collapse with a Federal Court judge giving the
final tick of approval to a $3.4 billion recapitalisation scheme.

If the lenders had not agreed to the restructure, Nine
Entertainment would have collapsed next week when billions of
dollars of debt falls due, the report says.

Under the scheme, SMH notes, senior lenders will instead get
95.5% of the equity in Nine Entertainment, and share $573 million
in cash payments.  The cash will come from $700 million in new
debt that will be raised by Nine after the restructure is
completed.

SMH relates that the Goldman Sachs-led mezzanine debt holders,
who are owed $1 billion, will end up with 3.75% of Nine and a
$22.5 million cash payment. The present owners, CVC Asia Pacific,
will end up with 0.75% of the media group and $4.5 million in
cash, having lost almost $2 billion on its original investment.

The rest of the cash from the debt raising will stay with Nine as
working capital, the report relays.

Under Nine's new constitution, the board will "use commercially
reasonable efforts to effect a listing within 18 months" of the
scheme being implemented but it is not obliged to pursue a
listing, according to SMH.

SMH says Nine will effectively be controlled by two American
hedge funds, Apollo Global Management and Oaktree Capital, which
will own 37.4% of Nine's equity under the deal.

The Moelis-advised hedge funds will each appoint two directors to
Nine's board, as well as jointly appointing a fifth director.

Nine's chief executive, David Gyngell, will take another board
seat. The other lenders will appoint another three board members,
which are rumoured to include the former treasurer Peter
Costello, the report discloses.

The focus will then turn to reviving Nine's financial performance
-- including its television business, which clawed back some
respectability last year with better ratings at the expense of
the Ten Network, SMH adds.

                     About Nine Entertainment

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/--is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.


WETTENHALLS GROUP: To Shut Express Business, Warrnambool Office
---------------------------------------------------------------
Australasian Transport News reports that Wettenhalls Group
receivers Ferrier Hodgson will close Wettenhalls Express to allow
the remaining parts of the group to find a buyer or buyers.

The group's Warrnambool office will also close, the report says.

ATN notes that there will be 126 redundancies with worker
entitlements to be picked up by the Fair Entitlements Guarantee.

"Unfortunately, as a result of our investigations over the
weekend, it has become clear that there is no option but to close
the Express business and the Warrnambool office," ATN quotes
Brendan Richards -- Brendan.Richards@fh.com.au -- one of two
receivers and managers, as saying.

"The Express business operated in a low-margin, highly
competitive environment where it provided a fairly generic
offering.  With depressed transport volumes being experienced
across the industry, it became impossible to maintain the
viability of the business."

According to the report, Transport Workers Union
Victoria/Tasmania Branch Secretary Wayne Mader said the move will
impact on, and the union will support, the 42 Victorian unionised
employees, including 34 drivers, involved.

He believes the receivers are more optimistic about selling the
rest of the group, the report relays.

Prospective buyers have just three days to get their expressions
of interest in.

In a circular to subcontractors on Jan. 27, the other Ferrier
Hodgson receiver and manager, George Georges --
george.georges@fh.com.au -- said his firm would look to a trade
sale as providing "the best prospect of future work for
Wettenhalls Group subcontractors and employees".

Backing up an earlier statement that it would be business as
usual while an "urgent assessment" was made of the group's
financial position and future, terms and conditions would
continue unchanged and accounts would be paid in accordance with
usual terms of credit or those agreed with the receivers, ATN
adds.

                      About Wettenhalls Group

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.

Brendan Richards and George Georges of Ferrier Hodgson were
appointed joint and several Receivers and Managers of Wettenhalls
Group on Jan. 25, 2013 pursuant to the provisions contained in a
registered debenture charge created by the Group.

The appointment followed the appointment of Rachel Burdett-Baker
and Luke Targett of BDO as joint and several Administrators of
the Group on Jan. 25, 2013.

The group's subsidiaries were named as Logistics Group
Investments, Wettenhalls Group Logistics Amezdroz & Son and
Wildan Transport.



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HENGDELI HOLDINGS: Moody's Affirms 'Ba1' CFR; Rates Bonds 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 rating to
the USD350 million, 6.25%, five-year senior unsecured bonds
issued by Hengdeli Holdings Limited.

Moody's has also affirmed the company's Ba1 corporate family
rating.

The ratings outlook is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation affirms the
provisional rating assigned on 16 January 2013. Moody's ratings
rationale was set out in a press release published on the same
day.

The affirmation follows Hengdeli's successful completion of its
USD bond issuance, the final terms and conditions of which are
consistent with Moody's expectations.

The company will use the proceeds from the issuance to refinance
its existing debt, as well as for general corporate purposes.

Founded in 1997 and headquartered in Shanghai and Hong Kong,
Hengdeli is China's largest retailer and distributor of fine and
luxury watches. It had over 428 outlets across Mainland China,
Hong Kong and Taiwan as of June 2012. Mr. Zhang Yuping and his
family are the single largest shareholders, with a 35.75%
interest in the company. It listed on the Hong Kong Stock
Exchange in 2005.

The principal methodology used in this rating was Global Retail
Industry Methodology published in June 2011.


KWG PROPERTY: S&P Assigns B+ Rating to Proposed USD Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to a proposed issue of U.S.-dollar-denominated senior unsecured
notes by KWG Property Holding Ltd. (BB-/Negative/--; cnBB/--).
At the same time, S&P assigned its 'cnBB-' Greater China regional
scale rating to the proposed notes.  The ratings are subject to
S&P's review of the final issuance documentation.  S&P expects
KWG to use the notes' proceeds to refinance existing debt and to
finance existing and new projects.

The issue rating is one notch lower than the corporate credit
rating on KWG due to structural subordination risk.  S&P
anticipates that the company's ratio of priority borrowings to
total assets will likely remain above S&P's notching threshold of
15% for speculative-grade companies in the next 12 months.

The corporate credit rating on KWG reflects the company's fairly
aggressive debt-funded expansion and exposure to the high-end
residential property segment.  KWG's established market position
in Guangzhou and its satisfactory performance and improving
recognition in new markets temper these weaknesses.  KWG's more
diverse geographic and product mix than that of peers with a
similar rating also support the rating.

The negative outlook reflects S&P's expectation that the
company's sales execution is likely to be weaker than peers', its
recognized margins could decline due to price-cutting in 2011-
2012, and its interest expenses may rise.  Although KWG met its
2012 sales target, the prospect for a meaningful improvement in
2013 is uncertain, in S&P's view.  KWG's cash flow adequacy,
including its debt-to-EBITDA ratio and EBITDA interest coverage,
could therefore become weak for the rating.


MCE FINANCE: S&P Puts 'BB-' Rating on Proposed USD Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to a
proposed issue of U.S.-dollar-denominated senior notes by MCE
Finance Ltd.  S&P also assigned its 'cnBB+' long-term Greater
China regional scale rating to the proposed notes.  MCE Finance
is the indirect parent of Melco Crown Gaming (Macau) Ltd.
(BB/Stable/--; cnBBB-/--), which along with other operating
subsidiaries will guarantee the notes.  The ratings are subject
to S&P's review of the final issuance documentation.

S&P expects MCE Finance to use a substantial portion of the net
proceeds to refinance its existing US$600 million senior fixed-
rate notes due 2018.  This is following the company's tender
offer to buy back the notes and solicitation of bondholders'
consent to amend the indenture on the notes.

"We rate the proposed notes one notch lower than the corporate
credit rating on Melco Crown due to MCE Finance's subordinated
recovery position in an event of default.  The notes will rank
behind Melco Crown's US$1.2 billion senior secured bank
facilities in a recovery scenario.  We expect MCE Finance's ratio
of priority claims to total assets to exceed our 15% threshold
after the notes issue, and remain there over the next few years,"
S&P said.

The rating on Melco Crown reflects the significant construction
and execution risks associated with the parent group's proposed
development of the Studio City project, which is an integrated
gaming complex in Macau, and a new casino project in the
Philippines.  The rating also reflects Melco Crown's "aggressive"
financial risk profile and reliance on the Chinese market for the
bulk of its customers.  The following factors temper these
weaknesses: (1) Melco Crown's position as one of six casino
concession and sub-concession holders in Macau; (2) the
significant cash flow generation of the group's existing Macau
properties; (3) the favorable growth prospects of the Macau
gaming market; and (4) the company's strong parent sponsors.

The stable outlook on Melco Crown reflects S&P's expectation that
strong cash flow from the City of Dreams integrated gaming resort
will mitigate funding and execution challenges associated with
the Studio City project and the project in the Philippines.


TIGER MEDIA: Regains Compliance with NYSE Requirement
-----------------------------------------------------
Tiger Media, Inc., formerly known as SearchMedia Holdings
Limited, received a notice from NYSE MKT LLC, dated Jan. 22,
2013, that it had resolved the continued listing deficiencies
with respect to Sections 1003(a)(i-iv) of the NYSE MKT Company
Guide since it has reported preliminary shareholders' equity
above $6,000,000 as of Dec. 31, 2012, and that the Company had
demonstrated that it has remedied its financial impairment.  The
Exchange's determination of compliance was based on the
presumption that the Company's audited financial results to be
included in the Company's Form 20-F for the year ended Dec. 31,
2012, will be consistent with the Company's preliminary financial
results issued in its press release on Jan. 16, 2013.

                        About Tiger Media

Tiger Media -- http://www.tigermedia.com-- is a multi-platform
media company based in Shanghai, China.  Tiger Media operates a
network of high-impact LCD media screens located in the central
business district areas in Shanghai.  Tiger Media's core LCD
media
platforms are complemented by other digital media formats that it
is developing including transit advertising and traditional
billboards, which together enable it to provide multi-platform,
"cross-over" services for its local, national and international
advertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification on the company's consolidated financial
statements for the year ended Dec. 31, 2011.  The independent
auditors noted that the Company has suffered recurring losses and
has a working capital deficiency of roughly $31,000,000 at
Dec. 31, 2011, which raises substantial doubt about its ability
to continue as a going concern.

Searchmedia Holdings reported a net loss of $13.45 million
in 2011, a net loss of $46.63 million in 2010, and a net loss of
$22.64 million in 2009.

The Company's balance sheet at Sept. 30, 2012, showed
US$39.88 million in total assets, US$35.41 million in total
liabilities, $979,000 in minority interest, and US$3.49 million
in total shareholders' equity.



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


AOYANG MARINE: Court to Hear Wind-Up Petition on Feb. 27
--------------------------------------------------------
A petition to wind up the operations of Aoyang Marine Company
Limited will be heard before the High Court of Hong Kong on
Feb. 27, 2013, at 9:30 a.m.

Sea Trader International Limited filed the petition against the
company on Dec. 21, 2012.

The Petitioner's solicitors are:

          ONC Lawyers
          15th Floor, The Bank of East Asia Building
          10 Des Voeux Road
          Central, Hong Kong


CHINA AOYANG: Court to Hear Wind-Up Petition on March 27
--------------------------------------------------------
A petition to wind up the operations of China Aoyang Textile (HK)
Limited will be heard before the High Court of Hong Kong on
March 27, 2013, at 9:30 a.m.

Shenzhen Jia Yang Fashion Company Limited filed the petition
against the company on Jan. 18, 2012.

The Petitioner's solicitors are:

          Messrs. Tung, Ng, Tse & Heung
          26/F, CMA Building
          64 Connaught Road
          Central, Hong Kong


CHUNG WO: Creditors Get 0.480% Recovery on Claims
-------------------------------------------------
Chung Wo Construction Company Limited declared the supplementary
dividend to its creditors on or after Jan. 25, 2013.

The company paid 0.480% to the received claims.

The official receiver & liquidator is Teresa S W Wong.


CONTEMPORARY INT'L: Court to Hear Wind-Up Petition on March 6
-------------------------------------------------------------
A petition to wind up the operations of Contemporary
International Limited will be heard before the High Court of Hong
Kong on March 6, 2013, at 9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on Dec. 18, 2012.

The Petitioner's solicitors are:

          Edward C. T. Wong & Co
          4/F, Club Lusitano
          16 Ice House Street
          Central, Hong Kong


ELEGA COMPANY: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
Elega Company Limited declared the first and final preferential
dividend to its creditors on or after Jan. 29, 2013.

The company paid 100% to the received claims.

The company's liquidator is:

         Pui Chiu Wing
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, N.T.


EVERSHINE JEWELLERY: Court to Hear Wind-Up Petition on March 6
--------------------------------------------------------------
A petition to wind up the operations of Evershine Jewellery
Factory Limited will be heard before the High Court of Hong Kong
on March 6, 2013, at 9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on Dec. 18, 2012.

The Petitioner's solicitors are:

          Edward C. T. Wong & Co
          4/F, Club Lusitano
          16 Ice House Street
          Central, Hong Kong


FEALTY INVESTMENTS: Pui and Cheung Appointed as Liquidators
-----------------------------------------------------------
Pui Chiu Wing and Cheung Lai on Oct. 17, 2012, were appointed as
liquidators of Fealty Investments Company Limited.

The liquidators may be reached at:

         Pui Chiu Wing
         Cheung Lai Kuen
         Room 10, 16/F, Parklane Centre
         25 Kin Wing, Street Tuen Mun
         N.T.


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

China Joy Shipping Inc. filed the petition against the company on
Oct. 9, 2012.

The Petitioner's solicitors are:

          DLA Piper Hong Kong
          17th Floor, Edinburgh Tower
          The Landmark, 15 Queen's Road
          Central, Hong Kong


KEEN SHING: Court to Hear Wind-Up Petition on March 6
-----------------------------------------------------
A petition to wind up the operations of Keen Shing Plastic
Factory Limited will be heard before the High Court of Hong Kong
on March 6, 2013, at 9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on Dec. 18, 2012.

The Petitioner's solicitors are:

          Edward C. T. Wong & Co
          4/F, Club Lusitano
          16 Ice House Street
          Central, Hong Kong


MGT NEMOTO: Contributories and Creditors to Meet on Feb. 7
-----------------------------------------------------------
Creditors and contributories of MGT Nemoto International Limited
will hold their third meetings on Feb. 7, 2013, at 3:30 p.m., and
4:00 p.m., respectively at Room 901, 9/F., Chau's Commercial
Centre, No. 282-284 Sha Tsui Road, Tsuen Wan, New Territories, in
Hong Kong.

At the meeting, Chiu Konn Shou, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.



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ASHOK HANDLOOMS: ICRA Reaffirms 'B' Rating on INR5.60cr Loan
------------------------------------------------------------
ICRA has re-affirmed rating for INR5.6 Crore long term bank
facilities of Ashok Handlooms Factory Private Limited at
'[ICRA]B'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                  5.60     Re-affirmed at [ICRA]B

The rating reaffirmation takes into account almost three decades
of experience of the promoters in the same line of business, the
established relationships with customers and the healthy demand
outlook over the medium term for the company`s low value home
linen items and fabrics. However, the ratings are constrained by
the modest scale of operations, weak pricing flexibility, low
operating margins which are susceptible to volatility in raw
material price and weak financial profile of the company. AHFPL
financial profile remains weak as evident from low profitability;
high gearing levels (7.2x as on March 31, 2012) although most of
the debt pertains to working capital requirements and unsecured
loans from promoters. The company's ability to increase its scale
of operations with effective working capital management and
improve operating profitability would be key rating
sensitivities.

Ashok Handlooms Factory Private Limited  was established in year
1946 as proprietorship and was later converted into a Private
Limited company in the year 1989. The company engages in the
manufacturing of home linen items such as bed sheets, bed linen
pillow cases, cushion cover sets, curtains, and drapes etc.,
which are marketed mainly under the brand name Sonalika. In
addition AHFPL also manufactures power loom printed cloth and
fabrics which are directly marketed to whole sellers, trading
firms etc.

The operations of the company are currently managed by Mr. Ambuj
Kumar, who is the managing director of the company in
collaboration with other directors/family members. The company
derives majority of its revenues from the selling of power loom
printed and grey cloth. The company sells these printed textiles
to whole sellers and trading firms in various parts of the
country.

Delhi Handloom Creations, which was formerly Rastogi Handloom
Private Limited, is a group owned Shell Company. Furthermore
AHFPL's other group owned company Delhi Handloom Emporium is
managed by Mr. Ambuj Kumar's mother and is also one of the
largest customers on the books of AHFPL in FY12 and PY. This
company also primarily facilitates as a trading firm which passes
on AHFPL's goods to customers in metropolitan cities.

Recent Results

As per 2011-12 audited financials, AFHPL recorded an Operating
Income (OI) of INR23.4 Cr, OPBITDA of INR1.9 Cr and Profit after
Tax (PAT) of INR0.1 Cr in FY12.


B.R. ARORA: ICRA Assigns 'B' Rating to INR14.65cr Loans
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR14.65
crore long term bank facilities of B.R. Arora & Associates
Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Long Term: Fund             8.00      [ICRA]B/Assigned
   Based Limits

   Long Term: Non Fund         6.50      [ICRA]B/Assigned
   based Limits

   Long Term: Unallocated      0.15      [ICRA]B/Assigned

The rating assigned by ICRA has favorably factored the long track
record of the company and the experience of the promoters in the
civil construction business. While the company and the promoters
have presence in this business which has also facilitated long
association with Military Engineering Services and Airport
Authority of India (AAI); however, the company has not been
participating in new orders, which has resulted in a decline in
its revenues and profitability. As stated by the management, the
non-participation by the company has been driven by the
management's intent to consolidate its businesses in various
group companies. To facilitate this, the management has also been
contemplating a merger of all the companies in the group, which
will also eliminate various cross-holdings in group companies and
simplify the shareholding structure. Notwithstanding the above,
limited order inflows have resulted in a steady decline in
company's revenues and profits, which has resulted in weakening
of its debt coverage indicators. While the capitalization levels
of the company remains comfortable, however a sizeable proportion
of the net worth is blocked in Joint Venture investments, inter-
corporate deposits and other investments, timely realization of
which is crucial for its cash flows and reduction in debt levels.
This is expected to be supported by the arbitration claims
settled in favor of the company; however timeliness of the
receipt against these claims is imponderable.

Going forward, given reduced order book position, the revenues
are expected to decline and in the backdrop of the planned
discontinuity of business in near term, its ability to reduce
debt levels, by liquidation of its investments or receipt of
arbitration claims will be the key rating sensitivities.

B.R. Arora & Associates Private Limited has been engaged in civil
construction and has undertaken construction projects mainly for
Military Engineering Services, Airport Authority of India and
National Highway Authority of India. Its scope of work includes
but is not limited to construction/ resurfacing of runways,
apron, taxiways construction of highways and roads. The company
has carried out construction work for airports at Udaipur, Goa,
Trivandrum, Bagdogra, Tirupati etc. Currently the company has two
work orders from MES Allahabad and MES Ahmednagar.

The entire operations of the company are managed by Mr. B.R.
Arora and Mr. M.P. Madhu Nair. Mr. Arora is looking after order
procurement and overall management of the company while Mr. Nair
is responsible for project execution.


ELTEL ENGINEERS: ICRA Cuts Rating on INR15cr Loans to 'B+'
----------------------------------------------------------
ICRA has revoked the suspension and downgraded the long-term
rating assigned to the INR15.00 crore fund-based/Non-fund based
facilities of Eltel Engineers to '[ICRA]B+' from '[ICRA]BB-'.
ICRA has reaffirmed the short-term rating at [ICRA]A4 (pronounced
ICRA A four) assigned to the INR1.50 crore short-term non-fund
based facilities of the entity.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Long-Term Fund               1.50     [ICRA]B+ Downgraded
   Based Facilities

   Long-Term Non-Fund          13.50     [ICRA]B+ Downgraded
   Based Facilities

   Short-Term Non-Fund          1.50     [ICRA]A4 Reaffirmed
   Based Facilities

The rating revision takes in to account the decline in the scale
of operations of Eltel Engineers as the firm was not awarded any
fresh Government orders since FY-2011; as a result of which the
Operating Income (OI) declined to INR19.83 crore in FY-2012 from
INR21.61 crore in the previous financial year. The decline in the
OI is expected to continue, going forward as the Eltel Group is
bidding for fresh Government orders in Madhya Pradesh (MP)
through its group company - Eltel Power Private Limited (EPPL,
rated at [ICRA]B / A4). As on Sep-12, EE has limited order book
of INR13.8 crore, which is mainly for Madhya Pradesh Poorv
Kshetriya Vidyut Vitaran Company Limited, apart from small
ticket-size private contracts.

Although the scale of operations of EE has reduced; however the
working capital requirements increased in FY-2012 on account of
reduction in customer advances as the incremental billing for the
contract is getting adjusted against the advances and also owing
to limited accretion to net worth with regular drawings by
partners. The increased funding requirements in FY-2012 were met
through higher bank borrowings and unsecured loans from related
parties. As a result of higher debt levels the gearing of the
firm increased from 1.46 times as on Mar-11 to 1.79 times as on
Mar-12 and the other debt coverage indicators weakened. The
liquidity position remained stretched as witnessed in
consistently high utilization of fund based working capital
limits. The rating continues to take comfort from the long track
record and expertise of the Eltel Group in executing projects
relating to electrical contracts in various districts of Madhya
Pradesh (MP). Going forward, the ability of EE to successfully
secure fresh orders and executing them in a timely manner will be
key determinant for future growth in revenues and profitability.

Engineers Eltel Engineers, a partnership firm established in 1990
is managed by Mr. Vinod Agarwal and other Agarwal family members.
The firm is engaged in the work of electrical infrastructure
supply, erection and installation on turnkey basis in Satna
district and nearby areas located in Madhya Pradesh (MP).

During FY-2012, the firm reported Profit After Tax (PAT) of
INR0.91 crore with an Operating Income (OI) of INR19.83 core as
compared to PAT of INR1.08 crore and OI of INR21.61 crore for the
previous financial year.


KAWARLAL AND COMPANY: ICRA Rates INR5cr Loan at '[ICRA]B'
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR5.00
crore fund based facilities of Kawarlal and Company. ICRA has
also assigned short-term rating of '[ICRA]A4' to the INR10.00
crore non-fund based facilities of the Firm.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund based facilities       5.00      [ICRA]B assigned
   Non-fund based facilities  10.00      [ICRA]A4 assigned

The assigned ratings factor in the long standing experience of
the management in the pharmaceutical trading business. The
ratings also favorably take into account the Kawarlal's position
as the sole authorized dealer in India for some Pharmaceutical
majors and the Firm's diversified product and client profile. The
ratings are however constrained by the financial profile
characterized by stretched working capital cycle with high
receivables. The marketing/trading nature of the Firm's
operations with limited value add, coupled with the high interest
expenses limit the Firm's profit margins. The margins are also
exposed to volatility in foreign exchange fluctuations on its
imports.

Incorporated in 1959, Kawarlal and Company is a sole
proprietorship engaged in trading of excipients and active
pharmaceutical ingredients (API), with APIs constituting a very
small portion of their revenues. The Firm imports its products,
and trades them domestically. The Firm has a large customer and
supplier base. The suppliers of the Firm include DMV-Fonterra
Excipients, Germany and the Nutra Sweet Company, USA. The
proprietor of the Firm has interests in other firms engaged in
the distribution of Pharmaceutical ingredients.

Recent Result

The Firm had reported a net profit of INR5.3 crore on an
operating income of INR161.4 crore during 2011-12 as against a
net profit of INR3.9 crore on an operating income of INR163.9
crore during 2010-11.


NAMRATA FEEDS: ICRA Assigns 'B+' Rating to INR5.96cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR5.50
crore* of fund based limits, INR0.40 crore of non fund based
limits and INR0.06 crore of unallocated limits of Namrata Feeds
Private Limited.  ICRA has also assigned a short term rating of
'[ICRA]A4' to INR0.40 crore of fund based limits of NFPL.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                  5.50     Assigned [ICRA]B+
   Standby Line of Credit       0.50     Assigned [ICRA]A4
   Bank Guarantee               0.40     Assigned [ICRA]B+
   Unallocated Limits           0.06     Assigned [ICRA]B+

The assigned rating is constrained by NFPL's small scale of
operations which coupled with the highly fragmented nature of the
poultry feed trading industry leads to pressure on profitability,
NFPL's weak financial profile as reflected by weak coverage
indicators - NCA/total debt at 3% and interest coverage at 1.12
times in FY12. The rating also factors in the risks inherent in
the poultry industry such as disease out breaks, volatile
realizations and seasonal nature of the business and the
vulnerability to the price fluctuations of the poultry feed to
the extent of the inventory maintained by the company. However,
ICRA draws comfort from the favorable prospects for poultry
industry, promoters' experience of more than 2 decades in the
poultry industry and the established relationship with reputed
suppliers, Srinivasa Foods & Feeds Private Limited and Srinivasa
Hatcheries Limited, resulting in a positive impact on sales.

Namrata Feeds Private Limited was incorporated in 2003, by Mr.
R.V. Satyanarayana and Mr. R. Vijay Srinivas for trading in
poultry feed. The company is the exclusive dealer of poultry feed
for Srinivasa Foods & Feeds Private Limited (group company of
Srinivasa Hatcheries Limited) in the regions of Visakhapatnam,
Vizianagaram and Srikakulam and one of their dealers in Orissa.
The company is also engaged in buying back birds from farmers and
Viswanadh Poultries (group company) by supplying poultry feed and
day old chicks to them. Recently, the company has entered into
contract farming with the farmers where feed and day old chicks
are supplied and growing charges are paid based on the weight of
the bird. The company has around 17 retail outlets under the name
'Srinivasa Chickens' in Visakhapatnam through which chicken is
sold.

Recent Results

In FY12, NFPL reported operating income of INR24.14 crore and net
profit of INR0.10 crore.


RAVI RAJ: ICRA Rates INR15cr Cash Credit at '[ICRA]B'
-----------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR15.00 crore
fund based cash credit facility of Ravi Raj Ginning Pressing &
Oil Industries.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
    Cash Credit                15.00     [ICRA]B assigned

The rating is constrained by RGPOI's modest scale of operations
and weak financial risk profile characterised by thin
profitability, adverse capital structure and weak debt coverage
indicators. The rating further factors in the intense competition
in the cotton ginning industry and vulnerability of profitability
to adverse movement in raw material prices which in turn are
dependent on agro climatic risk and government regulations
regarding MSP of raw cotton as well as export of cotton bales.
ICRA also notes that RGPOI is a partnership concern and any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The rating, however, favorably takes into account the long
standing experience of partners in the cotton ginning industry
and proximity of the firm's plant to cotton producing belt of
India which provides regular and easy access to raw materials as
well as its presence in crushing operations which provides
additional revenue and diversification.

Ravi Raj Ginning Pressing & Oil Industries is a partnership firm
established in the year 2001 by Mr. Kalyanji Zalariya along with
his family members. The firm is engaged in the cotton ginning,
pressing and oil extraction and has an installed capacity of
15179 MTPA for ginning operations and 15845 MTPA for oil
extraction.

Recent Results

For the year ended 31st March, 2012, the firm reported an
operating income of INR62.71 crore and profit after tax of
INR0.25 crore as against an operating income of INR44.45 crore
and profit after tax of INR0.17 crore for FY 2011.


SHREEJIKRUPA BUILDCON: ICRA Reaffirms 'D' Long-Term Rating
----------------------------------------------------------
ICRA has revoked the suspension and reaffirmed the long-term
rating for INR6.50 crore fund based facilities (reduced from
INR7.00 crore) of Shreejikrupa Buildcon Limited at '[ICRA]D'.
ICRA has also reaffirmed the short-term rating for INR2.00 crore
non-fund based facilities (reduced from INR6.00 crore) of SBL at
'[ICRA]D'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                 3.0       [ICRA]D reaffirmed
   Working Capital             3.50      [ICRA]D reaffirmed
   Term Loan
   Bank Guarantee              2.00      [ICRA]D reaffirmed

The reaffirmation of the ratings primarily reflects the continued
delays in debt servicing by the company. Besides this the ratings
are also constrained by SBL's relatively small scale of
operations; high geographical concentration risk as it is focused
only on projects in Gujarat and the high competitive intensity in
the construction sector which results in pressure on
profitability margins. The ratings are further constrained by the
weak coverage indicators and stretched liquidity position of the
company with negative cash flows and high working capital limit
utilization. The ratings also take into account the vulnerability
of profitability to raw material price variation although the
same is mitigated to some extent by the presence of price
escalation clauses in the contracts.

While assigning the ratings, ICRA has taken note of SBL's
experienced management; long track record of the promoters in the
construction industry; reputed client base of the company
comprising semi-government bodies which have low counter party
credit risk and the stable demand outlook for the construction
sector given the government focus on infrastructure development
and increased public spending.

Shreejikrupa Buildcon Limited earlier known as Shreejikrupa
Builders Rajkot was established in the year 1998 and is engaged
in civil & construction engineering and contracting services. SBL
has successfully executed a wide variety of projects in the field
of civil construction, heavy foundations, bridges & EWS Housing
Schemes. It also provides consultancy and contract management
services. SBL has registration for approved contractor in 'AA'
class and 'Special Category I Building' class from the Gujarat
state government.

In FY 2012, SBL reported an operating income of INR15.18 crore
and profit after tax of INR0.14 crore as against an operating
income of INR14.49 crore and profit after tax of INR0.29 crore
during FY 2011.


SMART LIGHTS: ICRA Rates INR3.89cr Term Loans at '[ICRA]B+'
-----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating for INR12.0 crore, fund-based
and non-fund based bank facilities of Smart Lights.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term loans                   3.89     [ICRA]B+; assigned
   Cash Credit/Letter           8.11     [ICRA]B+/[ICRA]A4;
   of credit                             assigned

The assigned ratings consider experience of SL's management in
the CFL contract manufacturing business through other group
companies - Delta Electronics (Delta) and Compact Lamps Private
Limited and their established relations with key customers such
as Bajaj, Everyday etc. SL's profitability metrices are healthy,
and growth in domestic CFL industry provides opportunity for
growth to SL. The firm's scale-up over the short to medium term
could however be restricted capacity constraints at the current
plant. Further, the ratings are constrained by the firm's
stretched liquidity position with high working capital intensity
and high limit utilization levels. Relatively high working
capital borrowings, to fund long cash conversion cycle, also put
pressure on SL's financial risk profile

SL is a proprietorship firm promoted by Mr. Vijag Gupta. The firm
was started in Jan 2009 and has its manufacturing unit located at
Uttarakhand. Other companies in the group- Delta and Compact are
run by Mr. Vijay's brother- Mr. Kapil Gupta. The manufacturing
units of the latter two entities are adjacent to SL. All three
entities are involved in manufacturing and sale of CFLs; product
segregation amongst them is such that all higher wattage lamps
(greater than 26 W) are manufactured by SL, while orders for
lesser wattage are distributed between Compact and Delta.


VIBHOR VAIBHAV: ICRA Downgrades Rating on INR22cr Loans to 'B+'
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR15.00
crore fund based limits and INR7.00 crore non-fund based limits
of Vibhor Vaibhav Infra Pvt. Ltd to '[ICRA]B+' from '[ICRA]BB-'.
ICRA has reaffirmed the short term rating assigned to the INR5.00
crore non-fund based sublimit of VVIPL at '[ICRA]A4'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund based limits          15.00      [ICRA]B+ downgraded
   Non-fund based limits       7.00      [ICRA]B+ downgraded
   Non-fund based limits-     (5.00)     [ICRA]A4 reaffirmed
   Sublimit

The rating revision factors in the slow moving order book of
VVIPL due to delay in obtaining requisite approvals as well as
reduced order inflow which has also resulted in a decline in
revenues and profits. While the pending clearances have been
obtained in FY13, issues related to receivables still continue,
which has led to increased working capital requirements for
VVIPL. Further with complete utilization of working capital
limits, company's reliance on mobilization advances has increased
substantially in H1' FY13 and has led to a sharp rise in Total
outside liabilities vis-a-vis tangible Networth (TOL/TNW) to 5.4
times as on September 30, 2012 from 3.4 times as on March 31,
2012, thereby indicating stretched liquidity position. The order
execution continues to remain slow in H1' FY13, which coupled
with rise in working capital intensity has led to deterioration
of the coverage indicators.

The ratings continue to remain constrained by company's low net
worth which limits its ability to bid for larger tenders, its
high geographic and customer concentration as well as the
vulnerability of its margins to raw material prices (due to fixed
price nature of contracts). The rating however, draws comfort
from long track record and experience of the promoter in the
construction business.
While VVIPL has an order backlog/OI ratio of 1.9 times (as in
December 2012), improvement in the pace of execution as well as
timely receipt of receivables will be key determinants for debt
coverage and liquidity and hence will be key rating sensitivities
going forward.

Founded in 2001 by Mr. Praveen Tyagi and Suman Tyagi, Vibhor
Vaibhav Infra Pvt. Ltd is an A class Civil and Electrical
contractor registered with Ghaziabad Development Authority. The
company's area of expertise lies in construction of sewer
treatment plants, sector development projects, water works and
development of electricity transmission and distribution
infrastructure. The company is currently executing projects in
Uttar Pradesh and NCR of Delhi. It also sub-contracts part of the
projects on back to back basis. Vibhor Vaibhav Infrahomes Pvt.
Ltd, a group company is engaged in development of residential
township with VVIP Addresses as its maiden project in Ghaziabad.

Recent Results

The Company reported an operating income of INR128.83 crore with
a net profit of INR4.81 crore in FY12 as against an operating
income of INR217.22 with a net profit of INR7.38 crore in FY11.
As per the unaudited results of six months FY13, VVIPL reported
an operating income of INR22.84 crore with a net profit of
INR0.84 crore.


VISHAL MANUFACTURER: ICRA Assigns 'B' Rating to INR25.85cr Loans
----------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR25.85 Crore
fund based long-term facility of Vishal Manufacturer Pvt. Ltd.
The rating of '[ICRA]A4' has also been assigned to the INR1.25
Crore short-term non fund based facilities of Vishal Manufacturer
Pvt. Ltd.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                 8.00      [ICRA]B assigned
   Term Loan                  17.85      [ICRA]B assigned
   Bank Guarantee              1.25      [ICRA]A4 assigned

The assigned ratings are constrained by the absence of track
record of operations as the company is still in a project phase;
and the sensitivity of project metrics and future cash flows to
the establishment of company's products and ramp up of scale of
production. Further the ratings are constrained by the
vulnerability of profitability to adverse fluctuations in raw
material prices and high competitive intensity in the foundry
business, especially in Rajkot with presence of large number of
foundries in the region. ICRA also notes the risk of delay in
commencement of operations with the project already being about
two months behind schedule and any further delays could adversely
impact the debt servicing capability of the company.

The assigned ratings, however, take comfort from the long
experience of the promoters in the foundry business through group
companies and long standing relationship of group companies with
reputed clientele like ABB Ltd., Kirloskar, and Crompton Greaves,
which is expected to mitigate commercial risks for the company.

Incorporated in February 2011, Vishal Manufacturer Private
Limited is promoted by the Andani family. The company has been
set up to manufacture casting products with an installed capacity
of 20,500 MTPA. The promoters are already involved in similar
line of business through their other entities. VMPL's
manufacturing facility is located in Rajkot, Gujarat. The company
expects to commence commercial production by the end of January
2013.



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


* JAPAN: Bank Offshore Growth Ups US MMF Exposure, Fitch Says
-------------------------------------------------------------
The large increase in US prime money market funds' (MMF) exposure
to Japanese banks is driven by an increasingly active offshore
expansion strategy by three major Japanese banking groups, Fitch
Ratings says. However, the rising exposure does not have a
material impact on the banks' funding profiles as an increase in
other sources of foreign currency funding constrains significant
reliance on short-term money market funding.

Allocations to Japanese banks by ten largest US prime MMFs have
increased by roughly 140% since end-May 2011, according to our
analysis. The Japanese banks represented 13.2% of these funds'
assets at end-2012, the largest single country exposure within
our sample.

Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho have expanded their
overseas earning assets to about 20% to compensate their stagnant
domestic operations. Their main focus is emerging Asia and the
US, resulting in their market shares of cross-border claims in
these regions growing subsequently, particularly in the US.

The major Japanese banks' limited deposit franchise outside of
Japan means that overseas business growth has been funded by the
capital markets instruments and converting excess yen liquidity.
The banks' reliance on short-term certificates of deposit,
commercial paper and repos (including funding from MMFs) are
higher in their offshore than domestic operations.

Liquidity pressure could therefore arise in their overseas
operations in a stress situation if US funds withdraw financing
rapidly from the Japanese banks and swap counterparties have less
appetite for yen. However, liquidity risk is ultimately mitigated
by very comfortable loan-to- deposit ratios of below 80%, meaning
there is abundant liquidity in Japanese yen that can be readily
converted to foreign currencies if necessary.


* JAPAN: Fitch Lowers Ratings on 14 CMBS Tranches to Junk in Q412
----------------------------------------------------------------
Fitch Ratings says all 28 Rating Watch Negatives (RWN) on
Japanese structured finance (SF) were resolved during Q412,
resulting in 22 affirmations and six downgrades. In the rest of
APAC, most SF ratings were stable over the quarter with 58
tranches affirmed and only one downgraded.

In Japan, Fitch resolved the RWNs on 24 'AAAsf' rated tranches
that had been in place due to ineligible counterparty issues.
Following Fitch's analysis of structural mitigants and
replacement of ineligible counterparties, the review resulted in
18 affirmations and six downgrades. Four remaining RWNs were
resolved with rating affirmations. A further 18 Japanese SF
ratings were downgraded, 14 of which related to tranches
previously rated 'CCCsf' or below. There were another 81
affirmations, including 10 tranches which were twice affirmed and
another four which were previously downgraded, within the same
quarter.

Australia and New Zealand saw 51 affirmations across RMBS. Only
one tranche was downgraded in the quarter, as a result of the
introduction of new RMBS criteria for New Zealand; it was not
linked to performance. All seven tranches issued from the Thai
transaction DAD SPV Company Limited were affirmed at
'AAAsf(tha)'. The ratings are credit linked to the Thai Treasury
Department of the Ministry of Finance and hence to the Thai
sovereign rating.

The Outlooks on most ratings remain Stable, with only six
Negative Outlooks on Australian and New Zealand non-conforming
RMBS.



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


CHALMERS CAMERON: SFO Lays Charges Against Forex Trader
-------------------------------------------------------
Criminal charges have been laid in the Auckland District Court
against Rene Alan Chalmers following a Serious Fraud Office (SFO)
investigation.

Mr. Chalmers is facing a total of 15 charges of theft by person
in special relationship, dishonestly taking or using document and
false statement by promoter. The charges relate to his activities
trading foreign exchange (forex) on behalf of clients, and to
three property purchases occurring in 2011 and 2012.

In January 2007, Mr. Chalmers and an associate registered
Chalmers Cameron Investments Limited with the New Zealand
Companies Office. Mr. Chalmers began receiving money from family
members and friends through CCIL for the purpose of forex
trading.

Mr. Chalmers resided in the UAE from 2007 - 2011, and from 2009,
started accepting investor monies from colleagues and
acquaintances. This business continued in New Zealand following
his return in 2011. In May 2012, CCIL was placed into voluntary
liquidation owing investors approximately USD$5,000,000.

The SFO investigation alleges that although investors believed
they were giving Mr. Chalmers their money for the express purpose
of forex trading, Mr. Chalmers was using investor funds contrary
to the agreement(s) under which they were accepted and reporting
false gains to investors via monthly or quarterly investor
statements.

The SFO alleges that Mr. Chalmers has misappropriated
approximately NZD$837,046 for personal use and has overstated
investors' positions by an estimated NZD$4,000,000.

Acting Chief Executive for the SFO, Simon McArley said, "This
case continues the current string of investment advisor and
broker cases coming to our attention. Those receiving money from
others for investment need to be continually conscious of the
need to use that money only for the purpose it was given to them
and to be truthful when reporting to clients on the position of
their investments."

Mr. Chalmers has been remanded on bail and will reappear on XX.

Chalmers Cameron Investments Limited was incorporated in
January 2007 and was placed in voluntary liquidation on May 28,
2012.  Chalmers Cameron Management Limited was incorporated in
April 2007 and struck off the Companies Office register on
Aug. 25, 2009.

After considering the complaints from investors, an investigation
under Part I of the Serious Fraud Act 1990 was commenced on
May 15, 2012. It was upgraded to a Part II investigation on
May 30, 2012.


ROSS ASSET: Claim to Test Ponzi Features in Firm, Expert Says
-------------------------------------------------------------
Jason Krupp at stuff.co.nz reports that a claim over shares held
by Ross Asset Management could determine how those who lost money
in the firm's collapse try to claw back their losses back, says
an expert.

Ross Asset Management was put into receivership late last year by
regulators after investors were unable to access their funds or
reach the firm's sole director, David Ross, the report relays.

stuff.co.nz relates that an investigation by receiver
PricewaterhouseCoopers into the fund, purportedly worth
NZ$450 million before it folded, found just under NZ$11 million
in assets -- much of it in shares.

The report notes that those shares are subject to a proprietary
claim, with a group of Ross Asset Management investors claiming
they own the assets, which David Ross was holding on their
behalf.

According to the report, Iain Thain, a partner at DLA Phillips,
said if they were successful it could be used as grounds for the
wider investor group to claim Ross merely managed their funds in
trust as opposed to investors buying into Ross Asset Management
funds.

That would suggest David Ross used money that did not belong to
him to pay out the capital, plus fictional profits, to investors
who left the scheme before its collapse - a hallmark of a classic
Ponzi scheme, stuff.co.nz states.

stuff.co.nz notes the receivers have yet to rule whether Ross
Asset Management was a Ponzi scheme or not.

"If the company took and held investors' money 'on trust' for
them, and if that can be proven, then there is a strong argument
for a proprietary remedy and perhaps clawback," the report quotes
Mr. Thain as saying.

Mr. Thain previously advised the receivers of Goldcorp, which
collapsed in the late 1980s owing investors more gold bullion
than it held in its vaults at the time.  The case had
"similarities" with Ross Asset Management, he said.

stuff.co.nz says Mr. Thain said should the proprietary claim
fail, it is likely investors would be regarded as unsecured
creditors of Ross Asset Management, which still allows for some
repatriation albeit with more complications, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


REDIFFUSION PTE: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Rediffusion Pte Ltd declared the first and final dividend on
Jan. 21, 2013.

The company paid 100% to the received claims.

The company's liquidators are:

         Neo Ban Chuan
         Cameron Duncan
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


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

Sea And Land Technologies Pte Ltd filed the petition against the
company on Jan. 16, 2013.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


SINO-ENVIRONMENT TECHNOLOGY: Court Enters Wind-Up Order
-------------------------------------------------------
The High Court of Singapore entered an order on Jan. 11, 2013, to
wind up operations of Sino-Environment Technology Group Limited.

Hamish Alexander Christie filed the petition against the company.

The company's liquidators are:

         Hamish Alexander Christie
         Cosimo Borrelli
         Jason Aleksander Kardachi
         c/o Borrelli Walsh Pte Limited
         One Raffles Place Tower 2
         #10-62, Singapore 048616


STUN SERVICES: Court to Hear Wind-Up Petition on Feb. 1
-------------------------------------------------------
A petition to wind up the operations of Stun Services Pte Ltd
formerly known as Unaico Holding Pte Ltd will be heard before the
High Court of Singapore on Feb. 1, 2013, at 10:00 a.m.

Vacation Better Limited filed the petition against the company on
Jan. 14, 2013.

The Petitioner's solicitors are:

         ATMD Bird & Bird LLP
         No. 2 Shenton Way
         #18-01 SGX Centre 1
         Singapore 068804


SUMISHO CAPITAL: Creditors' Proofs of Debt Due on Feb. 23
---------------------------------------------------------
Creditors of Sumisho Capital Management (Singapore) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 23, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way Tower Two #32-00
         Singapore 068809


WEE TAT: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Jan. 3, 2013, to
wind up operations of Wee Tat Marine Hardware Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

         Chan Yee Hong
         Yoon Sook Kim
         care of Nexia TS Risk Advisory Pte Ltd
         100 Beach Road
         #30-00 Shaw Tower
         Singapore 189702



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/


                             *********

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

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

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



                            *********


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

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

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

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

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



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