TCRAP_Public/130204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, February 4, 2013, Vol. 16, No. 24


                            Headlines


A U S T R A L I A

SMHL 2008-1: Fitch Affirms 'BB' Rating on Class B Certificates
SUPAFEST: Music Festival Collapses; Sutherland Tapped as Admin


C H I N A

BAOXIN AUTO: Moody's Withdraws Rating After Issue Cancellation
SINO-FOREST CORP: Implements Plan of Compromise & Reorganization
* Fitch Sees Firmer Economic Outlook for China FAI-Related Firms


H O N G  K O N G

KWONG LUEN: Court Enters Wind-Up Order
LA CASCINA: Court Enters Wind-Up Order
LOYAL PROFIT: Court Enters Wind-Up Order
LUCKY CHIU: Court Enters Wind-Up Order
LYTEC ASIA: Court Enters Wind-Up Order

MASTER MIND: Court Enters Wind-Up Order
MUTUAL PROFIT: Court Enters Wind-Up Order
NEW CHAMPION: Court Enters Wind-Up Order
RACE HORSE: Court Enters Wind-Up Order
SINOPIA ASSET: Lam and Boswell Step Down as Liquidators

SUNNY POWER: Court Enters Wind-Up Order
SUNSHINE NEW: Court Enters Wind-Up Order
TAK CHEONG: Court Enters Wind-Up Order
TAT SHING: Court Enters Wind-Up Order
TE FA: Court Enters Wind-Up Order

THERMOPOWER INDUSTRIES: Court Enters Wind-Up Order
TOP EXECUTIVE: Court Enters Wind-Up Order
TOP SECRETARY: Court Enters Wind-Up Order
TOP WORLD: Court Enters Wind-Up Order
TRANSAMERICA LIFE: Court to Hear Wind-Up Petition on March 8

TYRONE TRADING: Court Enters Wind-Up Order
WEGA INTERNATIONAL: Court Enters Wind-Up Order
WELL TECHNIC: Court Enters Wind-Up Order
WIDESEAS INVESTMENT: Commences Wind-Up Proceedings
WIN CHAMP: Court Enters Wind-Up Order

WINLAND ENGINEERING: Court Enters Wind-Up Order
WORLD GALAXY: Court Enters Wind-Up Order
XINHUA SPORTS: Court Enters Wind-Up Order
YI MING: Court Enters Wind-Up Order


I N D I A

ANDHRA BARYTE: CRISIL Assigns 'C' Rating to INR103MM Loans
BABA BEARINGS: ICRA Assigns 'B+' Rating to INR4.82cr Loans
LANDMARK DAIRY: Delays in Loan Payment Cues CRISIL Junk Ratings
LOK ENTERPRISES: ICRA Rates INR1cr LT Fund Based Limits at 'B+'
OSHIYA INDUSTRIES: ICRA Assigns 'BB-' Rating to INR8cr Loans

OVERSEAS LEATHER: CRISIL Assigns 'B' Rating to INR24.3MM Loans
PARA PRODUCTS: ICRA Cuts Rating on INR19.2cr Loans to 'B+'
SHREE BHARAT: ICRA Reaffirms 'BB+' Fund Based Cash Credit Rating
THAKKAR POPATLAL: ICRA Reaffirms 'BB+' Cash Credit Rating
UNISEX AGENCIES: CRISIL Assigns 'B+' Rating to INR25MM Loan

UTTAM COTTON: CRISIL Downgrades Rating on INR160MM Loan to 'D'


I N D O N E S I A

* Moody's Notes Robust Indonesian Economy, Outlook is Stable


J A P A N

EACCESS LTD: S&P Keeps 'BB+' CCR on CreditWatch Developing
SHARP CORP: Net Loss Doubles to JPY424.3BB in 9Mos. Ended Dec.


K O R E A

LG ELECTRONICS: Still Faces Unfavorable Environment, Fitch Says


N E W  Z E A L A N D

BLUE CHIP: Liquidators Halt Legal Action Vs. Ex-Directors
EMERALD SHORES: Property Developer Faces Claims Over Phoenix Firm


P H I L I P P I N E S

RURAL BANK OF GAINZA: Under PDIC Receivership


S I N G A P O R E

FRASERS COMMERCIAL: S&P Raises CCR to 'BB+'; Outlook Stable


X X X X X X X X

* Fitch Says Credit Growth Stagnant in Developed World


                            - - - - -


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


SMHL 2008-1: Fitch Affirms 'BB' Rating on Class B Certificates
--------------------------------------------------------------
Fitch Ratings has affirmed 15 SMHL and two Maxi transactions,
comprising 37 classes and four classes, respectively.

The transactions are securitisations of Australian conforming
residential mortgages originated by Members Equity Bank Pty Ltd.

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes at their current
rating levels. ME Bank issued liquidity bonds in 2012 for SMHL
Global Fund No.8, SMHL Global Fund No.9, SMHL Global Fund 2007-1
and Maxis Loan Securitisation Fund 2008-1 to provide credit
enhancement for their respective class B notes.

Performance of the SMHL & Maxis transactions has been within
Fitch's expectations with minimal levels of defaults and losses.
All SMHL transactions have arrears below the latest Dinkum level
of 1.36%. The two Maxis transactions are performing slightly
worse than the SMHL transactions, reflecting the different
origination standards, but remain within Fitch's expectations.

Prepayments have been strong in all transactions, averaging
between 20% and 35% since closing. The strong prepayment rates
have resulted in a build-up of credit enhancement for the most
senior notes. There have been increased payment rates in the last
few months across many transactions which may partially be
attributed to borrowers taking advantage of the recent interest
rate cuts.

In both the SMHL Series Securitisation Fund 2010-3 and SMHL
Series Securitisation Fund 2011-2, top-ups were funded in error
by the respective trusts in June 2012. These payments were
subsequently reimbursed by ME Bank, which is responsible for
directly funding top-ups for these transactions. Fitch notes that
controls have been put in place to prevent a repeat of such
errors.

Due to the National Consumer Credit Protection legislation which
was introduced in 2009, there has been an increase in complaints
made to the Financial Ombudsman Service. This has resulted in
delays in processing since 2011, leading to a longer average time
taken for properties to be recorded as being in possession and
therefore inflating 90+ arrears figures.

Fitch will continue to monitor the recent flooding and bush fires
and any effect they may have on the transactions.

All transactions are covered by mortgage insurance, with policies
provided by Genworth Financial Mortgage Insurance Pty Ltd. To
date, all losses not covered by the mortgage insurers have been
covered by excess spread.

The rating actions are:

SMHL Series 2008-1 Fund (SMHL Series 2008-1):
AUD774.1m Class A (ISIN AU3FN0007605) affirmed at 'AAAsf';
Outlook Stable
AUD36.3m Class B (ISIN AU3FN0007613) affirmed at 'BBsf'; Outlook
Stable

SMHL Securitisation Fund 2008-1 (SMHL SF 2008-1):
AUD76.8m Class A1 (ISIN AU0000SHFHA2) affirmed at 'AAAsf';
Outlook Stable
AUD7m Class A2 (ISIN AU3FN0006383) affirmed at 'AAAsf'; Outlook
Stable

SMHL Securitisation Fund 2008-2 (SMHL SF 2008-2):
AUD200.3m Class A1 (ISIN AU3FN0007241) affirmed at 'AAAsf';
Outlook Stable.

SMHL Securitisation Fund 2009-1 (SMHL SF 2009-1):
AUD208.7m Class A2 (ISIN AU3FN0008215) affirmed at 'AAAsf';
Outlook Stable.

SMHL Securitisation Fund 2009-2 (SMHL SF 2009-2):
AUD468.2m Class A (ISIN AU3FN0009189) affirmed at 'AAAsf';
Outlook Stable; and
AUD27.6m Class AB (ISIN AU3FN0009197) affirmed at 'AAAsf';
Outlook Stable.

SMHL Securitisation Fund 2009-3 (SMHL SF 2009-3):
AUD277.2m Class A1 (ISIN AU3FN0009544) affirmed at 'AAAsf';
Outlook Stable
AUD16.5m Class AB (ISIN AU3FN0009551) affirmed at 'AAAsf';
Outlook Stable

SMHL Securitisation Fund 2010-1 (SMHL SF 2010-1):
AUD265.8m Class A bonds (ISIN AU3FN0010286) affirmed at 'AAAsf';
Outlook Stable
AUDm17m Class AB bonds (ISIN AU3FN0010294) affirmed at 'AAAsf';
Outlook Stable

SMHL Securitisation Fund 2010-2E (SMHL SF 2010-2E):
USD66.9m Class A1 (ISIN XS0524512307) affirmed at 'AAAsf';
Outlook Stable
AUD44.1m Class A2 (ISIN AU3FN0010955) affirmed at 'AAAsf';
Outlook Stable
AUD383.3m Class A3 (ISIN AU3FN0010963) affirmed at 'AAAsf';
Outlook Stable
AUD33.6m Class AB (ISIN AU3FN0010971) affirmed at 'AAAsf';
Outlook Stable.

SMHL Series Securitisation Fund 2010-3 (SMHL SF 2010-3):
AUD209.4m Class A1 (ISIN AU3FN0011698) affirmed at 'AAAsf';
Outlook Stable
AUD290m Class A2 (ISIN AU3FN0011706) affirmed at 'AAAsf'; Outlook
Stable
AUD40m Class AB (ISIN AU3FN0011714) affirmed at 'AAAsf'; Outlook
Stable

SMHL Securitisation Fund 2011-1 (SMHL SF 2011-1):
AUD562.4m Class A (ISIN AU3FN0012720) affirmed at 'AAAsf';
Outlook Stable
AUD46m Class AB (ISIN AU3FN0012738) affirmed at 'AAAsf'; Outlook
Stable

SMHL Series Securitisation Fund 2011-2 (SMHL SF 2011-2):
AUD449m Class A (ISIN AU3FN0014296) affirmed at 'AAAsf'; Outlook
Stable
AUD25.3m Class AB (ISIN AU3FN0014304) affirmed at 'AAAsf';
Outlook Stable

SMHL Securitisation Fund 2012-2 (SMHL SF 2012-2):
AUD599.2m Class A1 (ISIN AU3FN0016598) affirmed at 'AAAsf';
Outlook Stable
AUD80m Class A2 (ISIN AU3CB0199420) affirmed at 'AAAsf'; Outlook
Stable
AUD41.6m Class AB (ISIN AU3FN0016606) affirmed at 'AAAsf';
Outlook Stable

SMHL Global Fund No.8 (SMHL GF No.8):
USD100.7m Class A1 (ISIN US78453YAA10) affirmed at 'AAAsf';
Outlook Stable
EUR81.6m Class A2 (ISIN XS0230196478) affirmed at 'AAAsf';
Outlook Stable
AUD45m Class B (ISIN AU300GLO8013) affirmed at 'A+sf'; Outlook
Stable

SMHL Global Fund No.9 (SMHL GF No.9):
USD202.5m Class A1 (ISIN US78453NAA54) affirmed at 'AAAsf';
Outlook Stable
EUR68m Class A2 (ISIN XS0270008948) affirmed at 'AAAsf'; Outlook
Stable
AUD61.4m Class A3 (ISIN AU3FN0000428) affirmed at 'AAAsf';
Outlook Stable
AUD57m Class B (ISIN AU3FN0000436) affirmed at 'A+sf'; Outlook
Stable

SMHL Global Fund 2007-1 (SMHL GF 2007-1):
USD198m Class A1 (ISIN US78454EAA47) affirmed at 'AAAsf'; Outlook
Stable
EUR82.5m Class A2 (ISIN XS0302806012) affirmed at 'AAAsf';
Outlook Stable
AUD150.3m Class A3 (ISIN XS0302806012) affirmed at 'AAAsf';
Outlook Stable
AUD64m Class B (ISIN AU3FN0002887) affirmed at 'A+sf'; Outlook
Stable

Maxis Loan Securitisation Fund 2008-1 (Maxis 2008-1):
AUD75m Class A1 (ISIN AU3FN0006151) affirmed at 'AAAsf'; Outlook
Stable
AUD10.8m Class A2 (ISIN AU3FN0006169) affirmed at 'AAA'sf;
Outlook Stable
AUD11.3m Class B (ISIN AU3FN 0006177) affirmed at 'A+sf'; Outlook
Stable

Maxis Securitisation Fund 2009-1 (Maxis 2009-1):
AUD70.9m Class A1 (ISIN AU3FN0009114) affirmed at 'AAAsf';
Outlook Stable.


SUPAFEST: Music Festival Collapses; Sutherland Tapped as Admin
--------------------------------------------------------------
Cara Waters at SmartCompany hip hop festival Supafest has
collapsed with administrators appointed to Supafest and
Paperchase Touring and Entertainment.

Sule Arnautovic -- sule@jirschsutherland.com.au , John Kukulovski
-- john@jirschsutherland.com.au , and Glenn Crisp --
glennc@jirschsutherland.com.au -- of Jirsch Sutherland were
appointed as administrators to the troubled festival and promoter
last month, SmartCompany says.

According to SmartCompany, fans and ticketholders to last year's
Supafest were outraged after P Diddy (aka Sean Combs) and Missy
Elliott were promoted as appearing and then pulled from the
festival's line-up.

At that time, Supafest promoter, Paperchase, released a statement
saying P Diddy and Missy Elliott's performances were cancelled
due to poor ticket sales, the report relates.

Now the shareholders of Supafest and Paperchase, along with
director Dwayne Cross and founder John Denison, are desperately
scrambling to hold Supafest again in April this year, says
SmartCompany.

Administrator Arnautovic told SmartCompany there was a
willingness on behalf of Mr. Cross and some creditors to
restructure Supafest and Paperchase through a deed of company
arrangement and to run the festival again this year.

"First we need to get rid of wind-up applications in various
courts to procure support that concerts will go ahead and there
is not a lot of time between now and April and we need to get
financial resources in place to be able to pay artists," the
report quotes Mr. Arnautovic as saying.

"Our priorities are just to defer the wind-up app[lication] to
try and save it and to try to give Mr Cross an opportunity to
secure support from who he needs to."

According to SmartCompany, Mr. Arnautovic said if Mr. Cross is
not able to get creditors' support for the deed of company
arrangement then both Supafest and Paperchase will have to be
liquidated.

"The creditors understand the high prospect they won't get a
return if the company doesn't have any concerts," Mr. Arnautovic
told SmartCompany.

SmartCompany relates that Mr. Arnautovic said the administrators
are still trying to come to grips with what the creditor's
position is and the extent of Supafest and Paperchase's debts but
at this stage it is clear they are in excess of AUD2 million.

"They have no significant assets apart from the intellectual
property assets such as trademarks," Mr. Arnautovic said.

The Supafest is a hip hop music festival. It was held in
Brisbane, Sydney, Melbourne and Perth.



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


BAOXIN AUTO: Moody's Withdraws Rating After Issue Cancellation
--------------------------------------------------------------
Moody's Investors Service has withdrawn its provisional (P)Ba3
senior unsecured bond rating on Baoxin Auto Group Limited.

At the same time, Moody's has affirmed Baoxin's Ba3 corporate
family rating. The outlook is stable.

Ratings Rationale:

Moody's has withdrawn the rating due to cancellation of the
proposed bond issuance.

The principal methodology used in this rating was Global
Automotive Retailer Industry Methodology published in December
2009.

Incorporated in 1999, Baoxin is a luxury car dealer in China.
Headquartered in Shanghai, it has a presence in over 10 Chinese
provinces. Baoxin's ordinary shares were listed on the Hong Kong
Stock Exchange in December 2011. The company reported total
revenue of RMB12 billion and total assets of RMB7.8 billion for
FY2011.


SINO-FOREST CORP: Implements Plan of Compromise & Reorganization
----------------------------------------------------------------
Sino-Forest Corporation on Jan. 30 disclosed that it has
implemented its previously announced Plan of Compromise and
Reorganization dated December 3, 2012 pursuant to the Companies'
Creditors Arrangement Act (Canada) (the "CCAA") and the Canada
Business Corporations Act (as amended, the "Plan") with an
implementation date of January 30, 2013.  As previously
announced, the Plan was overwhelmingly approved by creditors at a
meeting of affected creditors held on December 3, 2012 and
received approval of the Ontario Superior Court of Justice on
December 10, 2012.

Pursuant to the Plan, the Company completed a restructuring
transaction under which, among other things, Sino-Forest
transferred substantially all of its assets, other than certain
excluded assets, to a newly formed entity ("Newco") (and/or a
wholly-owned subsidiary of Newco) owned by the affected creditors
of Sino-Forest in exchange for a release of the claims of
affected creditors against Sino-Forest and its subsidiaries.  The
assets transferred to Newco and/or its wholly-owned subsidiary
pursuant to the restructuring transaction included all of the
shares of the Company's directly owned subsidiaries which own,
directly or indirectly, all of the business operations of the
Company.  The assets transferred to Newco and/or its wholly-owned
subsidiary did not include, among other things, certain
litigation claims of the Company against third parties which were
transferred to a litigation trust (the "Litigation Trust")
established pursuant to the Plan to pursue such claims on behalf
of the affected creditors of the Company and certain other
stakeholders, and certain cash amounts used to fund the
Litigation Trust and certain other cash reserves established
under the Plan.  Pursuant to the Plan, affected creditors with
proven claims against the Company received pro rata distributions
of the equity of Newco, certain new notes issued by Newco and
interests in the Litigation Trust.  In connection with the
implementation of the Plan, the court-appointed Monitor of the
Company has issued a Sixteenth Report concerning the CCAA process
and the Plan, which provides additional details concerning the
Plan and Newco (and its wholly-owned subsidiary) and which is
available at the Monitor's website for the CCAA proceedings at
http://cfcanda.fticonsulting.com/sfc

In addition, Sino-Forest ceased to be a reporting issuer in each
of the applicable jurisdictions in Canada by order of the
applicable Canadian securities regulators immediately prior to
the completion of the restructuring transaction.  All of the
outstanding common shares of Sino-Forest will be cancelled for no
consideration on March 4, 2013.

                     About Sino-Forest Corp.

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

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

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

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


* Fitch Sees Firmer Economic Outlook for China FAI-Related Firms
----------------------------------------------------------------
Fitch Ratings says in a new report that it expects a firmer
economic outlook for China in 2013 to only marginally improve the
operating environment of fixed asset investment (FAI)-related
sectors. This is because a protracted period of industry
restructuring to address excess production capacity is essential
to enhance the longer-term outlook.

Specific product classes - concrete, rebar, light rail steel -
that benefit from urbanisation may continue to perform well while
slower industrial production capacity growth may constrain the
performance of companies in the heavy industry sector.

The report also highlights that global demand changes may
complicate the operating environment, putting cost and pricing
pressure on an already thin profit margin. Another risk is that a
rapid pace of industry consolidation driven by the state may hurt
corporate balance sheets as few companies have the financial
resources and operational breadth to undertake M&A large enough
to materially affect the industry competition structure.

Currently Fitch rates these companies:

Aluminum Corporation of China Limited ('BBB+'/Stable)
Baosteel Group Corporation ('A-'/Stable)
China Hanking Holdings Limited ('BB-'/Stable)
China Hongqiao Group Limited ('BB'/Positive)
China Liansu Group Holdings Limited ('BB'/Stable)
China Oriental Group Company Limited ('BB+'/Negative)
China Shanshui Cement Group Limited ('BB-'/Positive)
Delong Holdings Limited ('B'/Negative)
West China Cement Limited ('BB-'/Stable)
Winsway Coking Coal Holdings Limited ('BB-'/Negative)
Zoomlion Heavy Industry Science and Technology Co. Ltd ('BBB-
'/Stable)

The report, '2013: China Fixed-Asset Investment', is available on
www.fitchratings.com.



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


KWONG LUEN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 19, 2011, to
wind up the operations of Kwong Luen Food Licence Consult
Engineering Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


LA CASCINA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 25, 2011, to
wind up the operations of La Cascina Company Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


LOYAL PROFIT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 29, 2011, to
wind up the operations of Loyal Profit Enterprise Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


LUCKY CHIU: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Feb. 20, 2012, to
wind up the operations of Lucky Chiu Chow Restaurant Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


LYTEC ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Lytec Asia Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


MASTER MIND: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Oct. 21, 2011, to
wind up the operations of Master Mind Resources Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


MUTUAL PROFIT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 10, 2011, to
wind up the operations of Mutual Profit Enterprises Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


NEW CHAMPION: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of New Champion (Hong Kong) Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.

RACE HORSE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2011, to
wind up the operations of Race Horse (International) Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


SINOPIA ASSET: Lam and Boswell Step Down as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Sinopia Asset Management (Asia Pacific)
Limited on Jan. 15, 2013.


SUNNY POWER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Sunny Power Trading Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


SUNSHINE NEW: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 1, 2012, to
wind up the operations of Sunshine New Generation School of
Ballet & Arts Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


TAK CHEONG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Tak Cheong Engineering Development
Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


TAT SHING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on July 5, 2012, to
wind up the operations of Tat Shing (Hong Kong) Clothing Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


TE FA: Court Enters Wind-Up Order
---------------------------------
The High Court of Hong Kong entered an order on Jan. 5, 2012, to
wind up the operations of Te Fa Company Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


THERMOPOWER INDUSTRIES: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on May 8, 2012, to
wind up the operations of Thermopower Industries Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.

TOP EXECUTIVE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2011, to
wind up the operations of Top Executive Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


TOP SECRETARY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Aug. 3, 2011, to
wind up the operations of Top Secretary Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


TOP WORLD: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on July 19, 2011, to
wind up the operations of Top World Food Licence Consult Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


TRANSAMERICA LIFE: Court to Hear Wind-Up Petition on March 8
------------------------------------------------------------
A petition to wind up the operations of Transamerica Life
(Bermuda) Ltd will be heard before the High Court of Hong Kong on
March 8, 2013, at 9:30 a.m.

The Petitioner's solicitors are:

          Edwards Wildman Palmer
          Suite 2703, 27/F
          The Center, 99 Queen's Road
          Central, Hong Kong


TYRONE TRADING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 16, 2013, to
wind up the operations of Tyrone Trading Limited.

The official receiver is Teresa S W Wong.


WEGA INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 19, 2012,
to wind up the operations of Wega International Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


WELL TECHNIC: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 20, 2011, to
wind up the operations of Well Technic Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


WIDESEAS INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Wideseas Investment Limited, on Jan. 16, 2013, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Chan Wai Hing
         Kenneth Graeme Morrison
         Mazars Corporation Rocovery & Forensic Services Limited
         42/F, Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


WIN CHAMP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Win Champ Asia Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


WINLAND ENGINEERING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Winland Engineering Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


WORLD GALAXY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 18, 2011, to
wind up the operations of World Galaxy International Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


XINHUA SPORTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 3, 2012, to
wind up the operations of Xinhua Sports & Entertainment (HK)
Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.


YI MING: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Oct. 14, 2011, to
wind up the operations of Yi Ming International Holding Company
Limited.

The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.



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


ANDHRA BARYTE: CRISIL Assigns 'C' Rating to INR103MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Andhra Baryte Corporation Pvt Ltd.  The rating
reflects ABCPL's weak liquidity owing to start up nature of
operations, with past instances of delay in servicing its term
debt.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Long-Term Loan        95      CRISIL C (Assigned)
   Proposed Term Loan     8      CRISIL C (Assigned)

ABCPL is also has a concentrated supplier profile, and is
vulnerable to downturns in its end-user industry. However, the
company benefits from the experience of its promoters in the
mining industry.

ABCPL, incorporated in 2008 is involved in the beneficiation of
barytes. The company is a joint venture between IBC Ltd and
Andhra Pradesh Mineral Development Corporation Ltd. The day to
day operations of the company is managed by Mr. Rajamohan Reddy.

ABCPL reported a loss of5.83 million on total revenue of INR12.85
million for 2011-12 (refers to financial year, April 1 to
March 31).


BABA BEARINGS: ICRA Assigns 'B+' Rating to INR4.82cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]B+/[ICRA]A4' rating for the INR5.95
crore bank facilities of Baba Bearings Private Limited.

                       Amount
   Facilities         (INR Cr)    Ratings
   ----------         --------    -------
   Term Loans           2.22      [ICRA]B+ assigned
   Cash Credit          2.60      [ICRA]B+ assigned
   Letter of Credit     0.90      [ICRA]A4 assigned
   Unallocated          0.23      [ICRA]A4 assigned

The assigned ratings take into consideration long standing
experience of the promoters in the auto ancillary industry and
BBPL's status as a tier-II supplier to several reputed OEMs
including Maruti Suzuki India Limited and Hero MotoCorp Limited.
However, the ratings are constrained due to moderate scale of
operations of the company which makes it vulnerable to any
slowdown in the industry and also limits its bargaining power
with its customers. The company is also exposed to significant
single client concentration risk as 60% of its revenues are
derived from its primary customer - NRB Bearings Limited. The
ratings are further constrained due to weak financial risk
profile of BBPL, with high gearing and moderate coverage
indicators. The ability of BBPL to increase its scale of
operations, as well as diversify its customer base would be key
rating sensitivities going forward.

BBPL is engaged in manufacturing of rollers for bearings, which
are further used for automotive applications. The company
manufactures all types of rollers, like cylindrical, spherical,
tapered and flat-end needles for bearings. The company belongs to
Sewaram Kansara Group, which is engaged in manufacturing of
Rollers, Rings and Bearings. The group has four manufacturing
units, with BBPL being one of the units. The promoter group has
long standing experience in manufacturing of rollers, with
presence in the domain since 1964. The four running plants of the
promoter group are certified to Quality Management System (QMS)
ISO 9001:2008 and TS 16949 by TUV (Germany).

Recent Results

BBPL reported Operating Income (OI) of INR14.0 Crore, Operating
Profit Before Depreciation, Interest and Tax (OPBDIT) of INR1.4
Crore and Profit After Tax (PAT) of INR0.2 Crore as per 2011-12
audited financials.


LANDMARK DAIRY: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Landmark Dairy Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          2.5      CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

   Term Loan           50.0      CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

The downgrade reflects delays by LDPL in servicing its term debt;
the delays have been caused by the company's weak liquidity. LDPL
is yet to fully stabilise its operations, thus its cash accruals
are expected to remain low as compared to its maturing debt
obligations in 2012-13 (refers to financial year, April 1 to
March 31). Further, the company's working capital requirements
increased due to delay in receipts from its customers and piling
up of livestock leading to short term cash flow mismatches.

LDPL also has a weak financial risk profile, marked by moderate
gearing and weak debt protection metrics and large working
capital requirements. The company also has a small scale of
operations in the intensely competitive milk manufacturing
industry. However, LDPL benefits from the financial support that
it receives from its promoters.

LDPL was incorporated by Mr. Amit Kumar and his family members in
August 2010 and started commercial production in March 2011. It
is engaged in dairy farming in Gurgaon.

For 2011-12, LDPL reported a profit after tax (PAT) of INR0.4
million on net sales of INR28.3 million.


LOK ENTERPRISES: ICRA Rates INR1cr LT Fund Based Limits at 'B+'
---------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR1.00 crore fund based bank limits (sub-limit of short-term
non-fund based bank facility) of Lok Enterprises.  ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR8.00 crore
non fund based bank limits of LE."

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           --------    -------
   Long Term Fund          1.00     [ICRA]B+ Assigned
   Based Limits

   Short Term Non          8.00      [ICRA]A4 Assigned
   Fund Based Limits

The assigned ratings incorporate the weak financial profile
characterized by small scale of operations and low profit
margins. The ratings are further constrained by the high
competitive intensity in the business, and susceptibility of the
margins to exchange rate risks as well as any adverse
fluctuations in commodity prices, which are in turn dependent on
agro climatic factors. ICRA also notes that Lok Enterprises is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby the gearing
levels. The rating however favorably factors in the promoter's
experience in the agro trading business, long standing
relationships with its major customers and various import
incentives in the form of zero duty on import of pulses.

Lok Enterprises is a partnership firm established in 2002 by Mr.
Sri Prakash Goenka and Mr. Lokesh Goenka as partners and has its
registered office in Mumbai, Maharashtra. The firm is a trading
house engaged in the business of trading of various forms of
pulses and beans in the domestic market.

Recent Results

During 2011-12, the firm has reported a net profit of INR0.09
crore on an operating income of INR19.46 crore. As per the 9
months unaudited results of 2012-13, the firm has reported a net
profit of INR0.18 crore on an operating income of INR19.90 crore
(Unaudited).


OSHIYA INDUSTRIES: ICRA Assigns 'BB-' Rating to INR8cr Loans
------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR6.00 crore fund based
(cash credit) and INR2.00 crore proposed bank facilities of
Oshiya Industries Private Limited.  The outlook assigned to the
long term rating is "Stable".  ICRA has also assigned a short
term rating of '[ICRA]A4' to INR9.00 crore non fund based and
INR6.00 crore proposed bank facilities of OIPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       6.00     [ICRA]BB- (Stable) assigned
   (Cash Credit)

   Non Fund Based Limits
   (Line of Credit)        9.00     [ICRA]A4 assigned

   Proposed-Non Fund       6.00     [ICRA]A4 assigned
   Based Limits

   Proposed-Fund Based     2.00     [ICRA]BB- (Stable) assigned
   Limit

The assigned ratings are constrained by the firm's modest
financial profile as indicated by thin profitability levels
arising out of low value add nature of business as well as
stretched liquidity position as evidenced by negative fund flow
from operations and high fund based limit utilization levels. The
ratings are further constrained by highly fragmented nature of
the industry characterized by intense competitive pressures as
well as susceptibility of profitability to volatility in steel
prices given the inherently cyclical nature of the steel
industry. The ratings, however, positively factor in the long
standing experience of the promoters in the iron and steel
industry and its conservative capital structure.

Incorporated in June 2007 under the name of Kuber Steel Traders
Private Limited, OIPL is primarily engaged in trading of various
iron and steel products such as Hot Rolled (HR) coils, Mild Steel
(MS) sheets, steel plates/rods, Cold Rolled (CR) coils, sheets,
bars, pipes, tubes and other fittings and metal scrap. The name
of the company was changed to Oshiya Industries Private Limited
in March 2012.

For the financial year ending March 2012, OIPL reported an
operating income of INR116.75 crore and net profit of INR1.07
crore.

Recent Result:

For the six month period ending Sept. 30, 2012, OIPL reported an
operating income of INR56.33 crore.


OVERSEAS LEATHER: CRISIL Assigns 'B' Rating to INR24.3MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Overseas Leather Goods Co Pvt Ltd.

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Term Loan                 5.9      CRISIL B/Stable
   Foreign Bill Purchase    18.4      CRISIL B/Stable
   Packing Credit           89.6      CRISIL A4

The ratings reflect OLG's large working capital requirements and
low profitability, leading to a below-average financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics; the ratings also reflect the company's
modest scale of operations in the intensely competitive leather
industry, and geographic concentration. These rating weaknesses
are partially offset by the benefits that OLG derives from its
promoter's extensive experience in manufacturing leather fashion
accessories and its established relationships with its customers.

Outlook: Stable

CRISIL believes that OLG will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the company
significantly improves its scale of operations and profitability,
or registers decline in its debt-funded working capital
requirements, leading to better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case OLG
registers deterioration in its financial risk profile,
particularly in its liquidity, because of lower-than-expected
profitability or larger-than-expected, debt-funded working
capital requirements or capital expenditure.

OLG was set up by Mr. Anup Chattopadhyaya in 1986. It mainly
manufactures and exports leather fashion accessories. OLG has its
fabrication unit at Kolkata (West Bengal). The company also
manufactures industrial safety products.


PARA PRODUCTS: ICRA Cuts Rating on INR19.2cr Loans to 'B+'
----------------------------------------------------------
ICRA has revised the long term rating for INR19.20 Crore bank
facilities of Para Products Private Limited from '[ICRA]BB-' to
'[ICRA]B+' and short term rating for the bank facilities has been
re-affirmed at '[ICRA]A4'.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit             9.20      Revised to [ICRA]B+ from
                                     [ICRA]BB-(Stable)

   Cash Credit cum         10.00     Revised to [ICRA]B+ from
   Letter of Credit                  [ICRA]BB- (Stable) re-
                                     affirmed at [ICRA]A4

The revision in ratings takes into account PPPL's weak operating
performance in FY12 with continuous decline in scale of
operations, weak financial risk profile with incremental debt
taken for capacity expansion and high working capital intensity.
Further, the company's revenues remain driven by a single product
i.e. Paracetamol - a commoditized product characterized by low
operating margins and limited pricing flexibility. Additionally,
the business remains vulnerable to raw material price
fluctuations as well as forex exposure, stemming from high
dependence for the imports of major intermediary from China. The
ratings, however, draw comfort from PPPL's healthy clientele,
location advantage and the long standing experience of the
promoters in paracetamol manufacturing.

Para Products Private Limited is a part of Globus Pharmachem
Group, based out of Ghaziabad. The company is engaged in
manufacturing of bulk drugs. The company has manufacturing
capacities for 3600 TPA of paracetamol. Globus Pharmachem,
formerly known as Goyal Group of Industries is engaged in
manufacturing of dye intermediate, plasticizers, pharmaceuticals
and industrial chemicals (Paracetamol, Diclofenac, Chlorzoxazome,
Chlorinated Parathin Wax, Vinyl Sulphone, Acetanilide, Anhydride,
Aceclofenace and Nimesulide).

Recent Results

As per 2011-12 audited financials, PPPL recorded an Operating
Income (OI) of INR42.8 Cr, OPBITDA of INR2.8 Cr and Profit after
Tax (PAT) of INR0.4 Cr in 2011-12.


SHREE BHARAT: ICRA Reaffirms 'BB+' Fund Based Cash Credit Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR5.00 crore fund based bank facilities of Shree Bharat Motors
Limited.  The outlook on the long term rating is stable.

                        Amount
   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Fund Based Limits-     5.00    [ICRA]BB+ (Stable) reaffirmed
   Cash Credit

The rating reaffirmation takes into account the experience of the
promoters in the automobile dealership business, the company's
established position as an authorised dealer of Tata Motors
Limited and Bajaj Auto Limited in Orissa and the presence of a
number of showrooms and workshops across Orissa which improves
the company's competitive position. The rating also takes into
consideration the dealership of Daimler India Commercial Vehicles
Private Limited for 'Bharat Benz' trucks, sales of which have
started from the current year, which is likely to increase the
scale of current operations and also reduce segmental
concentration to an extent.

The rating, however, continues to be constrained by the highly
competitive nature of the automobile dealership business leading
to low profitability which in turn results in weak coverage
indicators and decline in revenues and profits during 2011-12 due
to planned exit of BAL dealership in one of the prime locations
in Orrisa. ICRA also takes note of the prevailing high interest
rates and fuel prices which are likely to have an adverse impact
on the business of the company in the near term.

Established in 1998, Shree Bharat Motors Limited is an authorised
dealer of Tata Motors Limited and Bajaj Auto Limited for
passenger cars and three wheelers respectively. In 2009-10, the
company received the dealership of Action Construction Equipment
Limited for marketing its mining and construction job related
vehicles. During 2010-11, the company also acquired the
dealership of Daimler India Commercial Vehicles Private Limited
for 'Bharat Benz' trucks within Orissa. SBML is present in
various districts in Orissa through its showrooms of different
OEMs. Besides SBML, the Bharat Group also has two other companies
in similar line of business including Bharat Motors Limited
(rated at [ICRA]BB+/Stable) and Bharat Carriers Limited (rated at
[ICRA]BB-/Stable and [ICRA]A4).

Recent Results

The company reported a net profit of INR0.29 crore on an
operating income of INR80.15 crore in 2011-12 as compared to a
net profit of INR0.33 crore on an operating income of INR90.01
crore during 2010-11.


THAKKAR POPATLAL: ICRA Reaffirms 'BB+' Cash Credit Rating
---------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB+' to the long term
INR12.00 crore fund-based limits of Thakkar Popatlal Velji Sales
Ltd. The outlook on the long term rating is "Stable".

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           --------    -------
   Cash Credit            12.00     [ICRA]BB+/Stable Assigned

The rating reflects the long standing experience of the promoters
in the cement sector, its well established clientele base and
sourcing arrangements supported by dealerships of major cement
manufacturers. The rating also takes into account the company's
favourable financial profile characterized by comfortable gearing
levels and modest return indicators.

However the rating is constrained by the company's presence in
the fragmented industry characterized by intense competition from
well-established domestic players and susceptibility of
operations to the risk of cyclality in the demand pattern from
the end user industries. The rating is further constrained by the
financial support in the form of corporate guarantees extended by
the company towards the group concerns.

Thakkar Popatlal Velji Sales Ltd is a limited company established
in 1990 and has its registered office in Mumbai, Maharashtra.
TPVSL undertakes supply of cements in the form of trading
activities to retailers, wholesaler, builders, contractors and
other real estate companies across Maharashtra. The company is
authorized dealer for various biggies such as Ambuja Cement
Limited, Cement and ACC Cement Ltd. The company also undertakes
various non trade activities such as clearing and forwarding,
finance scheme and commissioned based sale.

Recent Results

During 2011-12, the company has reported a net profit of INR2.98
crore on an operating income of INR127.06 crore.


UNISEX AGENCIES: CRISIL Assigns 'B+' Rating to INR25MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Unisex Agencies.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Proposed Cash        25       CRISIL B+/Stable (Assigned)
   Credit Limit

   Proposed Bank         5       CRISIL A4 (Assigned)
   Guarantee

   Bank Guarantee       30       CRISIL A4 (Assigned)

   Cash Credit          40       CRISIL B+/Stable (Assigned)

The ratings reflect Unisex's weak financial risk profile, marked
by a high leverage and weak debt protection metrics, working
capital intensive operations, and small scale of operations in
the branded garments distribution industry. These rating
weaknesses are partially offset by the benefits that Unisex
derives from its promoter's business experience and financial
support, and its established relationship with its principals.

Outlook: Stable

CRISIL believes that Unisex will continue to benefit over the
medium term from its established relationship with its key
principals and its promoter's extensive experience in the
distribution business. The outlook may be revised to 'Positive'
if the firm scales up its operations, while it improves its
profitability and financial risk profile. Conversely, the outlook
may be revised to 'Negative' if Unisex faces pressure on its
revenues and profitability, or if its working capital cycle
lengthens, or if it undertakes a large, debt-funded capital
expenditure programme over the medium term.

Unisex was set up as a proprietorship firm in 1994 by Mr. Rohit
Khanna. It distributes products of brands such as Adidas, Jockey
sportswear, Pepe Jeans, Just for Kids, and Provogue in Punjab,
Haryana, Himachal Pradesh, and Jammu & Kashmir. The firm is also
involved in the retailing of branded garments business, under
which, it has around 11 retail outlets in and around Punjab.

Unisex reported a book profit of INR2.45 million on net sales of
INR262.08 million for 2011-12 (refers to financial year, April 1
to March 31), against a book profit of INR2.25 million on net
sales of INR187.20 million for 2010-11.


UTTAM COTTON: CRISIL Downgrades Rating on INR160MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Uttam
Cotton Mills Private Limited to 'CRISIL D' from 'CRISIL BB-/
Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           160     CRISIL D (Downgraded from
                                 'CRISIL BB-/Stable')

The downgrade reflects deterioration of Uttam's liquidity
resulting in consistent over-utilisation of cash credit limits
for more than 30 days.

Uttam has moderate financial risk profile marked by low gearing
but weak debt protection metrics, and weak liquidity due to
working-capital-intensive nature of operations. However, the
company benefits from the extensive experience of its promoters
in the toy industry.

Uttam was established in 2007 by the Jhawar family of Kolkata.
The company manufactures innerwear and garments. Uttam's
production center is in Tirupur (Tamil Nadu) and Kolkata (West
Bengal). The company sells its products under the Oscar and Oscar
kids brands.

Uttam reported, provisionally, a profit after tax (PAT) of
INR10.8 million on net sales of INR829 million for 2011-12; the
company reported a PAT of INR4 million on net sales of INR866.84
million for 2010-11.



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


* Moody's Notes Robust Indonesian Economy, Outlook is Stable
------------------------------------------------------------
Moody's Investors Service reports that sovereign credit
fundamentals in Indonesia -- like much of the rest of Southeast
Asia -- should remain relatively resilient to offshore macro-
economic headwinds during 2013. At the same time, the country's
corporate and banking sectors will continue to receive support
from the robust performance of the economy.

Moody's conclusions were contained in four newly released
outlooks for Asia Pacific's sovereigns, corporates, and banks,
and with the fourth specifically on the Indonesian banking
system.

The resilience of the economy has been such that despite the
global financial crisis in 2008 and subsequent downturn in
advanced country economic performance, Indonesia, now rated Baa3
with a stable outlook, was one of three sovereigns in Asia
Pacific upgraded in 2012.

"In 2013, real GDP growth will remain robust at around 6%, or
about the same as 2012, while regulatory and policy uncertainty
may continue to affect sentiment in the lead-up to the
presidential elections in 2014," says Christian de Guzman, a Vice
President and Senior Analyst with Moody's Sovereign Risk Group.

"Looking back, during last year, cyclical pressures on
Indonesia's sovereign rating remained manageable, and although
the trade and current account balances deteriorated, the balance
of payments was supported by healthy capital inflows, especially
foreign direct investment. At the same time, inflation was kept
within its target band, while -- despite increasingly large
energy subsidies -- the fiscal deficit remained under 2% of GDP
and the trend in debt consolidation continued," says de Guzman.

"And for Asia Pacific as a whole, Moody's expects sovereign
credit profiles to withstand the risks related to the headwinds
to global growth, given solid macroeconomic fundamentals and an
increasing reliance on domestic sources of growth," says de
Guzman.

"For Indonesia's corporate sector, Moody's expects credit quality
to remain broadly stable in 2013, given Moody's forecast of
continued strong domestic economic growth," says Simon Wong, a
Moody's Vice President and Senior Analyst.

"However, while domestic-focused firms will continue to benefit
from the strong growth in domestic consumption, the strong
investment cycle and buoyant property sales, commodity and
export-oriented companies -- such as coal producers -- will be
pressured by unfavorable demand and supply fundamentals," adds
Wong.

"With the region's corporate sector, the credit quality of
Southeast Asian corporates overall will remain stable, but
export-oriented companies, firms in the commodities industry, and
those exposed to cyclical sectors will be vulnerable to the
sluggish economic growth apparent in the major developed markets,
and to China's lower plateau for GDP growth," says Wong.

With Indonesia's banking system, the outlook is stable for the
next 12-18 months, based on a conducive operating environment
that is expected to support asset quality and profits.

"These trends will protect Indonesian banks' strong capital
generation capacity," says Wee Siang Ng, a Moody's Vice President
and Senior Analyst. "However, with the Indonesian banking
system's non-performing loan ratio at 2%, further improvements
will be hard to achieve."

"Moreover, we remain mindful of various downside risks, more
particularly the risk of asset quality deterioration after
several consecutive years of rapid credit growth and because of a
certain level of political uncertainty, given the approach of the
presidential election in 2014," says Ng.

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



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


EACCESS LTD: S&P Keeps 'BB+' CCR on CreditWatch Developing
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' long-term
corporate credit and 'BB' long-term issue ratings on eAccess Ltd.
on CreditWatch with developing implications.

EAccess' ultimate parent, Softbank Corp. (BBB/Watch Neg/--),
plans to acquire U.S.-based wireless company Sprint Nextel Corp.
(B+/Watch Pos/--), although the acquisition remains subject to
various approvals, including regulatory review.  S&P believes it
can resolve the CreditWatch status on S&P's ratings on eAccess
when S&P has a clearer view of the ultimate ratings outcome on
Softbank.  S&P may equalize its corporate credit ratings on
eAccess and Softbank if it assess eAccess to be a core subsidiary
of the Softbank group.  S&P placed its ratings on eAccess on
CreditWatch developing on Oct. 17, 2012, after Softbank announced
its plan to acquire Sprint Nextel.

S&P continues to believe eAccess' 1.7 GHz spectrum is important
to Softbank's domestic business.  Also, eAccess' business
prospects on a stand-alone basis are likely to benefit from usage
fees from Softbank, which has a stronger customer base than
eAccess, in S&P's view.  EAccess' position within the Softbank
group and Softbank's willingness to support it if the Sprint
Nextel
acquisition proceeds will be among S&P's key analytical
considerations.  S&P also assess the impact of Softbank's sale of
voting right shares in eAccess on S&P's assessment of eAccess'
business risk profile and financial risk profile.  On Jan. 17,
2013, Softbank sold to third parties about two-thirds of its
voting stock in eAccess, which Softbank had made a wholly owned
subsidiary on Jan. 1, 2013.  Softbank, however, continues to hold
99.5% of all outstanding shares and economic interest in eAccess.

S&P will resolve the CreditWatch on eAccess when S&P has a
clearer view of the ultimate ratings outcome on Softbank.  If
Softbank's acquisition of Sprint Nextel proceeds, S&P expects to
lower its corporate credit ratings on Softbank to the 'BB'
category.  Accordingly, S&P would lower its corporate credit
ratings on eAccess.  On the other hand, if the Sprint Nextel
acquisition does not proceed, S&P would likely keep the ratings
on Softbank at the current 'BBB' level and may raise S&P's
ratings on eAccess.  However, any elevation of S&P's ratings on
eAccess will depend on S&P's assessment of the importance of
eAccess within the Softbank group.


SHARP CORP: Net Loss Doubles to JPY424.3BB in 9Mos. Ended Dec.
--------------------------------------------------------------
The Japan Times reports that Sharp Corp. said Friday that its
loss in the nine months to December doubled to JPY424.35 billion
as the embattled electronics giant struggles to repair its
tattered balance sheet.

But the company offered a glimmer of hope, as it eked out a small
operating profit in the third quarter and said it will keep its
full-year net loss estimate unchanged at JPY450 billion, the
report says.

In the nine-month period, The Japan Times discloses, Sharp's
operating loss reached JPY166.23 billion on sales of JPY1.78
trillion, down 6.4 percent from the year before. The firm
reported a JPY2.6 billion operating profit, the income it makes
from its core business, in the three months through December.

The Japan Time says like domestic rivals Sony Corp. and Panasonic
Corp., Sharp, the maker of Aquos-brand electronics, has been
hammered by credit-rating downgrades and record losses that
forced the century-old company to issue a warning about its
survival last year.

In a bid to return to profitability, The Japan Times relates,
Sharp is undergoing a painful restructuring, including thousands
of job cuts and slashed wages for employees - from the factory
floor to the boardroom.  It also said it would put up real estate
as collateral for desperately needed bank loans, including its
Osaka headquarters, the report adds.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2012, Fitch Ratings is maintaining Sharp Corporation's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) of 'B-' on Rating Watch Negative (RWN).

The RWN reflects growing risks to Sharp's liquidity position in
the short-term, due to its upcoming debt maturity and limited
access to the capital market, as the technology company struggles
to turn its business around.

Sharp's cash balance was JPY221 billion as of end-September 2012,
significantly short of the JPY898 billion debt maturing within
the next one year.  In addition, Sharp is likely to see the
previously agreed capital injection of JPY67 billion from Hon-Hai
Group reduced following the fall in its share price to around 60%
below the JPY550/share agreed with Hon Hai Group.  The company is
undertaking asset sales to raise cash.



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


LG ELECTRONICS: Still Faces Unfavorable Environment, Fitch Says
---------------------------------------------------------------
Fitch Ratings says LG Electronics Inc. (LGE, 'BBB'/Negative)
still faces an unfavorable macro-economic environment and
intensifying competition in its core businesses, notwithstanding
the turnaround in the company's operating results and financial
profile during 2012.

LGE reported an EBIT margin of 2.2% (2011: 0.7%) and EBITDA grew
65%, lowering gross debt to KRW6.5trn at end-2012 from KRW7.4trn
at end-2011. LG Display, a key subsidiary, returned to
profitability with an EBIT margin of 3.1% in 2012 while almost
doubling its EBITDA to KRW5.4trn. As a result, Fitch estimates
LGE's financial leverage to have improved to about 2.5x at end-
2012 from 4.4x at end-2011. In its analysis, Fitch proportionally
consolidates LGE's two major operating subsidiaries, LG Display
and LG Innotek.

Fitch expects LGE's margins to remain stable in 2013, backed by
its solid market positions in the TV and appliance businesses, as
well as by gradual recovery in its smartphone competitiveness. LG
Display is also likely to continue its margin recovery, mainly on
account of an improved product mix with higher average selling
prices for its panels. However, this could be partly offset by a
lower level of orders from Apple Inc. during H113.

However, risks stemming from an unfavorable operating environment
have not fully abated. Fitch expects demand for consumer
electronic products to remain weak due to frail global economic
conditions. In addition, accommodative monetary policies overseas
have contributed to the recent appreciation of the Korean won
which could erode LGE's price competitiveness. Further, the
weakening Japanese yen could elevate competition in the TV
industry where LGE struggled to maintain healthy margins during
H212. However, Fitch does not expect LGE to lose its competitive
edge over Japanese peers.

Within LGE's smartphone business, Fitch forecasts that recovery
in margin and market share will be slow but steady, despite
improvement in quality and brand recognition. This is because
competition is increasingly becoming fierce among second-tier
manufacturers as they close in on their overall technological gap
with first-tier manufacturers. Fitch expects the industry will
remain dominated by Samsung Electronics Inc. ('A+'/Stable) and
Apple Inc. at least in the short- to medium-term, making it
difficult for LGE to improve its market share.

Fitch will consider revising the Outlook to Stable if LGE's EBIT
margin improves further and leverage remains below 2.5x on a
sustained basis. However, Fitch may downgrade the rating if the
company's EBIT margin deteriorates and leverage is sustained
above 3x with negative free cash flow.



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


BLUE CHIP: Liquidators Halt Legal Action Vs. Ex-Directors
---------------------------------------------------------
Duncan Bridgeman at NBR Online reports that Blue Chip's
liquidators have suspended legal proceedings against former
directors, including ex-cabinet ministers Wyatt Creech and John
Luxton, lawyer Jock Irvine and the scheme's founder, Mark Bryers.

According to NBR Online, Jeff Meltzer, Arron Heath and Lloyd
Hayward of Meltzer Mason Heath said they are suspending legal
proceedings commenced against various parties in connection with
the collapse of the Blue Chip Group in early 2008.

Mr. Meltzer said the decision was taken reluctantly but an
inability to obtain all the funding required to continue with the
proceedings "forced their hand," the report relays.

NBR Online relates that the liquidators said in a statement, "It
is lamentable that, in the case of assetless liquidations, such
as the Blue Chip Group, major litigation that could benefit
creditors either has to be funded by commercial litigation
funders or by the creditors themselves, or the Liquidators.

"In the case of Blue Chip, the scale and complexity of the
proceedings have proved too challenging for potential funders and
we as liquidators can no longer continue to meet the costs of
litigation.

"The liquidators are extremely disappointed with this outcome as
there have been years of work from a dedicated team of
professional accountants, lawyers and experts in preparing and
filing the proceedings.

"The liquidators have used their best endeavours to pursue the
defendants for the benefit of the creditors and to date have
personally funded significant sums towards the investigations and
legal proceedings."

NBR Online notes that the legal action related to 800 investors
who paid Blue Chip almost NZ$40 million in deposits between 2004
and 2006 for apartments that were never built.

Mr. Meltzer said that creditors would be advised as soon as
possible as to the next steps in the liquidations, NBR Online
adds.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


EMERALD SHORES: Property Developer Faces Claims Over Phoenix Firm
-----------------------------------------------------------------
stuff.co.nz reports that Peter Cameron, owner of failed Emerald
Shores property development, has been reported to authorities
over allegations he set up a phoenix company to dodge debts.
Mr. Cameron reportedly owes the late Allan Hubbard's Aorangi
Securities NZ$2.5 million, the report says.

According to the report, the referral by liquidators Kenneth
Brown -- kennethb@rhb.co.nz -- and Paul Maning -- paulm@rhb.co.nz
-- of RHB marks the latest twist in a bitter and drawn-out
dispute over an unfinished Papamoa residential development.
Aorangi financed the development.

stuff.co.nz relates that the latest liquidators' report for
Emerald Shores said concerns over possible Companies Act breaches
relating to phoenix companies had been referred to the National
Enforcement Unit, which policies the Act on behalf on the
Registrar of Companies.

Phoenix companies refer to companies established, often with
similar names, directors and shareholders to that of a failing
business, in order to strip assets, the report notes.

According to stuff.co.nz, a spokesman for the National
Enforcement Unit said it was waiting on further documents from
the liquidators.  "The Office of the Registrar will then
investigate the allegations and information supplied and act
appropriately," the spokesman said.

stuff.co.nz recalls that it was reported last year Mr. Cameron
had incorporated a new company, Emerald Shores (2011), and
transferred 13 sections of property into the new entity in the
months leading up to the July liquidation.

Messrs. Brown and Manning's report said caveats had been placed
over the 13 properties, stuff.co.nz relates.

stuff.co.nz says the receivership has been further complicated by
Mr. Cameron appointing receiver Kim Scott Thompson to Emerald
Shores to recover costs -- including those for a failed challenge
to the appointment of Brown and Manning -- advanced by another of
his companies, Cameron International (NZ).

Messrs. Brown and Manning said they challenged the validity of
the debt owed to Cameron International, and were seeking to have
the appointment of Mr. Thompson terminated at a hearing at the
High Court in Timaru on February 20, stuff.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 17, 2012, BusinessDesk said the High Court at Timaru
appointed liquidators to Emerald Shores over some NZ$2.5 million
owed to the frozen Aorangi Securities.  BusinessDesk, citing a
June 28 judgment published on the Justice Ministry's website,
said Associate Judge Rob Osborne appointed Kenneth Brown and Paul
Manning of RHB Chartered Accountants as liquidators of Emerald
Shores.

Emerald Shores was a Papamoa-based property development company.
The company was set up in 2001.



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


RURAL BANK OF GAINZA: Under PDIC Receivership
---------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Gainza
(Camarines Sur), Inc. under the receivership of the Philippine
Deposit Insurance Corporation (PDIC) by virtue of MB Resolution
No. 172 dated Jan. 31, 2013.  As Receiver, PDIC took over the
bank today.

RB Gainza is a single-unit rural bank located in Poblacion,
Gainza, Camarines Sur.  Latest available records show that as of
Sept. 30, 2012, RB Gainza had 559 accounts with total deposit
liabilities of P22.65 million.  Based on the latest Bank
Information Sheet (BIS) submitted by RB Gainza to the PDIC, the
bank is majority owned by its President Ronald Angelo S. San
Vicente (33.64%), Rosalyn Angela S. San Vicente (33.64%) and its
Chairman Rosalinda S. San Vicente (31.83%).

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 a Depositors Forum on
February 5, 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. 6, 2013.

Depositors with valid deposit accounts with balances of PHP15,000
and below, who have no outstanding obligations with RB Gainza 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 Feb. 11, 2013.

Depositors whose accounts have balances of more than PHP15,000
and who have outstanding obligations with RB Gainza should file
their deposit insurance claims.  The PDIC targets to start claims
settlement operations for these accounts by Feb. 14, 2013.  The
schedule of the claims settlement operations will be announced
through notices to be posted in the bank premises and other
public places as well as through the PDIC website,
www.pdic.gov.ph.



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


FRASERS COMMERCIAL: S&P Raises CCR to 'BB+'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Singapore-based REIT Frasers
Commercial Trust (FCOT) to 'BB+' from 'BB'.  The outlook is
stable.  S&P also raised its long-term ASEAN regional scale
rating on the company to 'axBBB+' from 'axBBB'.

"We raised the rating on FCOT because we expect the REIT to
maintain its improved financial risk profile over the next two to
three years due to its reduced debt burden," said Standard &
Poor's credit analyst Kah Ling Chan.

FCOT has sold its non-core assets and used the proceeds to reduce
debt and partly redeem its convertible perpetual preferred units.
Following the asset divestment, FCOT has a portfolio of quality
office buildings in Singapore and Australia. Portfolio
profitability has also improved after the asset disposal.

S&P expects the company to maintain "adequate" liquidity, as its
criteria define the term.  S&P assess FCOT's business risk
profile as "fair" and its financial risk profile as
"significant."

"In our base-case scenario, we expect FCOT to maintain its
improved financial metrics over the next two years.  We forecast
that the trust's ratio of debt to debt plus equity will improve
to about 42% in fiscal 2013 (year ending Sept. 30), from 52.4% as
of Sept. 30, 2012.  We also project that the EBITDA interest
coverage will improve to 2.5x-2.7x from 1.4x.  We expect FCOT's
improved ratios to provide it with the financial flexibility to
acquire yield-accretive assets and further strengthen its asset
portfolio with incremental purchases.  The trust's occupancy is
likely to remain above 95% for the next two years, with positive
rental reversions of 5%-8%," S&P said.

The rating on FCOT reflects the trust's concentrated portfolio of
five assets, valued at about S$1.76 billion as of Dec. 31, 2012.
The rating benefits from the satisfactory credit profile of
FCOT's sponsor Frasers Centrepoint Ltd.

"The stable outlook reflects our expectation that FCOT will
maintain stable rentals and profit margins, and sustain its
improved financial profile over the next two years," said Ms.
Chan.  We expect the trust's adjusted interest coverage to remain
above 2x.

"We may lower the rating if: (1) the commercial property market
in Singapore deteriorates; (2) the value of FCOT's property
portfolio substantially declines due to lower rental income or
occupancy; or (3) the trust embarks on a debt-funded acquisition
plan that is inconsistent with its operating strategy.  Downgrade
triggers include EBITDA interest coverage of less than 2x and the
ratio of debt to debt plus equity exceeding 50% for a prolonged
period," S&P added.

S&P may raise the rating if FCOT's ratio of debt to debt plus
equity falls below 40% and the trust's business risk profile
improves due to better profitability, operating stability, and
asset quality.  S&P could also upgrade FCOT if the trust adheres
to a stated financial policy that is consistent with a more
conservative capital structure.



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


* Fitch Says Credit Growth Stagnant in Developed World
------------------------------------------------------
Fitch Ratings says in its latest Macro-Prudential Risk Monitor
that global real lending growth was 3.6% in 2012, much the same
as in 2011 and down from 4% in 2010. This is well below a pace
that would cause renewed concerns about over-lending.

Real credit growth in the developed world was a meagre 0.5%. The
pace of credit contraction has declined in a number of countries
but there are few signs of any major pick up in credit growth. By
contrast in EMs, even though generally slowing, credit growth was
around 7.5% in both Latin America and Asia, 5.5% in Middle
East/Africa, but only 1% in Emerging Europe.

The ratio of credit to GDP was stable in 2012 at 160% on average
for developed markets and 53% in EMs. Despite substantial falls
in some crisis countries, there is no sign of a generally falling
trend in credit/GDP. However, in the developed world, credit/GDP
is falling increasingly below trend and indeed is now below trend
in the majority of countries.

The combination of stable credit/GDP and generally slowing real
credit growth explains the continued progression of countries
into lower risk categories as measured by Fitch's Macro-
Prudential Risk Indicator (MPI). Australia, Denmark, Malta and
the Netherlands and in EMs Brazil and Colombia all move into the
MPI 1 category in the latest report.

Rapid lending growth is confined to a handful of emerging
markets. 13 countries - all EMs - experienced real credit growth
of more than 15% in 2011/12 and therefore are in the MPI 2
category. Credit growth picked up significantly, to a double-
digit pace, in Azerbaijan, Belarus, Bolivia, China, Guatemala,
Saudi Arabia and Venezuela. But Africa has the most countries
showing a significant pick-up in real credit growth - Ghana,
Lesotho, Rwanda and Zambia. The increase is from a low base and
reflects increased bank lending penetration alongside rapid
economic development. There is little evidence of asset bubbles,
though in some cases (Angola, Cameroon, Gabon and Rwanda) data
limitations may obscure warning signals.

Increased MPI scores are confined to EMs: Ghana, Qatar, Russia,
Venezuela and Zambia all rise to MPI 2 in this report. There are
no new MPI 3s.

Sluggish or slowing credit growth brings lower MPI scores in
Cyprus and Uganda (MPI 2) as well as Australia, Brazil, Colombia,
Denmark, Malta and the Netherlands (MPI 1). The lower score for
Cyprus is because it's former MPI 3 score, which pre-dates the
current banking crisis, was based on 2009 data which drops out of
the assessment period (2010-2012) in this report.

Changes in bank Viability Ratings result in three BSI changes:
Azerbaijan and Ireland improve to 'b'; Cyprus weakens to 'c'.

This report updates the systemic risk indicators Fitch has
published since 2005. Formerly the Bank Systemic Risk Report, the
Macro-Prudential Risk Monitor identifies the build-up of
potential stress in banking systems due to a specific set of
circumstances: rapid credit growth associated with bubbles in
housing or equity markets, or appreciated real exchange rates,
the latter sometimes associated with asset market bubbles. The
focus of the report is therefore only one potential source of
bank systemic stress.

The latest "Macro-Prudential Risk Monitor" is available at
www.fitchratings.com.



                             *********

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 ***