TCRAP_Public/130206.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, February 6, 2013, Vol. 16, No. 26


                            Headlines


A U S T R A L I A

ANDERSENS FLOORING: Goes Into Voluntary Administration
WICKHAM SECURITIES: Less Payout for Investors in Liquidation


C H I N A

LDK SOLAR: China Development Bank Approves $69.8 Million Loan
LDK SOLAR: Fulai Investments Owns 11.3% Ordinary Shares
WINSWAY COKING: S&P Affirms 'B' CCR; Outlook Negative


H O N G  K O N G

FBC LIMITED: Members' Final Meetings Set for Feb. 25
GENEVA INTERNATIONAL: Annual Meetings Set for Feb. 5
GOLD FINDING: Members' Final Meetings Set for Feb. 25
GROSVENOR INTERNATIONAL: Final General Meeting Set for Feb. 25
HANG FUNG: Annual Meetings Set for Feb. 5

HEXENBODEN LIMITED: Members' Final Meeting Set for March 3
INFO SOURCE: Chow Chun Man Appointed as Liquidator
JAROMET LIMITED: Poon Wai Hung Richard Steps Down as Liquidator
KAI HANG: Annual Meetings Set for Feb. 5
LEADER TOYS: Final General Meeting Set for Feb. 25

MAINSTAR ELECTRICAL: Final Meetings Set for Feb. 27
MARS CENTURY: Members' Final Meetings Set for Feb. 26
MEAG PACIFIC: Members' Final Meeting Set for Feb. 25
MING CHI: Final Meeting Set for Feb. 27
MUJI STRATEGIC: Creditors' Proofs of Debt Due Feb. 25


I N D I A

AIC CASTING: CRISIL Rates INR95MM Cash Credit at 'BB-'
BUDDHA INDIA: Delay in Loan Payment Cues CRISIL Junk Ratings
MAHAPRABHU RAM: Delays in Loan Payment Cues CRISIL Junk Ratings
RPG INDUSTRIAL: CRISIL Places 'B+' Ratings on INR450MM Loans
SANJAYKUMAR SHANKARLAL: CRISIL Cuts Rating on INR28M Loan to BB-

SCHALTECH AUTOMATION: Fitch Assigns 'B-' Rating to INR70MM Loans
SHAMBHAVI REALTY: CRISIL Rates INR1.85BB Loan at 'BB-'
SHREE SHYAM: CRISIL Upgrades Rating on INR250MM Loan to 'BB'
SREE RAMCIDES: CRISIL Cuts Ratings on INR539.5MM Loans to 'BB+'
SWELLCO CERAMIC: CRISIL Assigns 'B-' Rating to INR137.5MM Loans

* INDIA: Policy Reform Impact on Growth Still Key, Fitch Says


I N D O N E S I A

ALAM SUTERA: Moody's Reviews B2 CFR, Sr. Debt Ratings for Upgrade
BATAVIA AIR: Indonesia Court Declare Carrier Bankrupt


J A P A N

L-JAC 7: S&P Lowers Rating on 6 Note Classes to 'D'
SHARP CORP: Ratings Still Hinge on Creditors' Support, Fitch Says
TOKYO ELECTRIC: Sees Record JPY120 Billion Net Loss for 2012


N E W  Z E A L A N D

CENTRAL CITY: In Liquidation; Owes More Than NZ$100K to Tradesmen


S I N G A P O R E

BIGFIX HOLDINGS: Creditors' Proofs of Debt Due March 2
C3I GROUP: Creditors' Proofs of Debt Due Feb. 15
FORTUNE TECHNOLOGY: Creditors' Proofs of Debt Due March 1
ILOG (S): Creditors' Proofs of Debt Due March 2
INTERASIA INVESTMENTS: Creditors' Proofs of Debt Due March 4

MRO SOFTWARE: Creditors' Proofs of Debt Due March 2


V I E T N A M

ASIA COMMERCIAL: Fitch Affirms 'B' LT IDR; Outlook Negative


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ANDERSENS FLOORING: Goes Into Voluntary Administration
------------------------------------------------------
Brad Ryan at ABC News reports that a Cairns flooring business in
far north Queensland has gone into voluntary administration.

External administrators have been appointed to the city's
Andersens Flooring franchise, according to ABC News.  The report
relates that it is not known how many employees or customers have
been affected or how much the business owes.

Andersens Chief Executive Officer Brian Cooper said the store is
a private franchise and the company is working to clarify the
situation, the report discloses.

"It is just the Cairns store that this affects," he said.

"We have a store at Mareeba, at Atherton and at Innisfail and
certainly it's really important that we do everything we can so
that there's the least amount of effect possible on their
customers and those stores."

"Now that [Cairns] is a privately owned franchise store so we are
just wanting to get a clear understanding of exactly what the
position is with them so that we can make sure that Andersens
look after all of their existing companies and work out what the
next step is with everyone there."


WICKHAM SECURITIES: Less Payout for Investors in Liquidation
------------------------------------------------------------
Anthony Klan at The Australian reports that the administrator of
Wickham Securities has called for the company to be liquidated
and said investors may recover as little as 6 cents in the
dollar.

The Australian relates that Wickham administrator Grant Sparks of
PPB Advisory said the "recoverable assets" of the company
suggested its 300 investors would likely recoup between 6 cents
and 22 cents in the dollar, before costs.

Meanwhile, Liam Walsh at The Courier-Mail reports that Sherwin
Financial Planners, the collapse of a financial planning business
linked to property financier Wickham Securities, has sparked more
than 100 calls from superannuation fund holders, with some
concerned about their investments.

The Courier-Mail says some have expressed concern about
investments they had placed with Sherwin Financial and other
related entities with ties to racing and football circles.

According to the Courier-Mail, one business, DIY Superannuation
Services, handled back-office tasks for almost 390 self-managed
superannuation funds, while Sherwin Financial provided investment
advice.

Administrators from Taylor Woodings have found some
superannuation funds were put into now-collapsed related
investment entities such as Astor Funds and Reacroft, The
Courier-Mail reports.

The Courier-Mail relates that Taylor Woodings' Stefan Dopking
said examinations so far had found limited assets in companies
under their administration, but he stressed investigations were
ongoing.

Mr. Dopking said the task was proving complex due to the numbers
of super funds and transactions involved, the report relays.

Other superannuation money went into Wickham, which had raised
AUD27 million.

The Courier-Mail adds that Mr. Dopking said Taylor Woodings was
in discussions with ASIC, which last month had the assets of a
group of related entitites frozen.  ASIC, in Federal Court
documents, levelled allegations of misleading and deceptive
conduct against Sherwin Financial.

ASIC told a Federal Court it had evidence that superannuation
money had been transferred into accounts of related companies
without authorization, relates The Courier-Mail reports.

                       About Wickham Securities

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

On Jan. 24, 2013, Stefan Dopking -- stefan.dopking@twcs.com.au,
Quentin Olde -- quentin.olde@twcs.com.au -- and Michael Ryan --
michael.ryan@twcs.com.au -- of Taylor Woodings were appointed
Voluntary Administrators to the following companies in the
Wickham Financial Group:

* Astor Funds Pty Ltd
* Blue Diamond Investments Pty Ltd
* DIY Superannuation Services Pty Ltd
* Reacroft Pty Ltd
* Sherwin Financial Planners Pty Ltd
* SP Property Pty Ltd
* Wickham Capital Pty Ltd



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


LDK SOLAR: China Development Bank Approves $69.8 Million Loan
--------------------------------------------------------------
LDK Solar Co., Ltd., said China Development Bank Corporation has
recently approved a RMB400,000,000 (approximately US$69.8
million) loan to finance the technology upgrade for the Mahong
Polysilicon Plant.

The financing will primarily be used to invest in
hydrochlorination technology, a critical technological
improvement necessary to significantly reduce the manufacturing
cost of silicon production at the plant.  LDK Solar plans to draw
down the loan as market conditions improve and the necessary
equipment is ready for its use.

To date, LDK Solar has invested over RMB 12,000,000,000
(approximately US$1.9 billion) in the Mahong Polysilicon Plant.
These investments have been the primary reason for LDK Solar's
high debt ratio.  LDK Solar remains focused on continued
investment in hydrochlorination technology and reducing the cost
of silicon production.

                          About LDK Solar

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

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

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

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


LDK SOLAR: Fulai Investments Owns 11.3% Ordinary Shares
-------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Fulai Investments Limited and Mr. Cheng Kin Ming
disclosed that as of Jan. 21, 2013, they beneficially own
17,000,000 ordinary shares of LDK Solar Co., Ltd., representing
11.3% of the shares outstanding.  A copy of the filing is
available at http://is.gd/vIktju

                          About LDK Solar

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

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

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

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


WINSWAY COKING: S&P Affirms 'B' CCR; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on China-based Winsway
Coking Coal Holdings Ltd.  The outlook is negative.  S&P also
affirmed its 'cnB+' long-term Greater China regional scale rating
on the coking coal supply and logistics provider.  At the same
time, S&P lowered its issue rating on Winsway's senior unsecured
debt to 'B-' from 'B', and S&P's Greater China regional scale
rating to 'cnB' from 'cnB+'.  All the ratings were removed from
CreditWatch, where they were placed with negative implications on
Jan. 21, 2013.

"We affirmed the corporate credit rating on Winsway because we
expect the company's operating performance to improve in the next
12 months after a loss in 2012," said Standard & Poor's credit
analyst Huma Shi.  "We also anticipate that Winsway can continue
to access bank facilities for its short-term financing needs."

Winsway's liquidity is "less than adequate," as defined by S&P's
criteria.  S&P expects the company's sources of liquidity to
cover its uses by about 1.1x in the next 12 months.  S&P believes
Winsway's liquidity will remain sensitive to coking coal prices,
sales volumes at the company's Canadian operations, and
fluctuations in working capital requirements.

In S&P's base-case scenario for Winsway's performance, it has
built in a modest rebound of slightly more than 5% in the demand
and prices of Mongolian and seaborne coking coal in 2013.  This
is because S&P forecasts China's 2013 GDP growth at about 8% and
expects the demand for steel in the country to stabilize and grow
about 3%.

Despite S&P's expectation of better profitability, Winsway's
business model of back-to-back contracts with customers will
continue to expose the company to volatility in coking coal
prices.  S&P anticipates that Winsway's debt will remain high and
its cash flows will stay weak for the rating.

S&P lowered the issue rating by a notch to reflect its opinion
that offshore noteholders would be materially disadvantaged,
compared with onshore creditors, in the event of default.  The
company's ratio of priority debt to total assets has exceeded
S&P's threshold of 15% for speculative-grade companies.  S&P
anticipates that this ratio will remain above its threshold for
the next 12 months.

"The negative outlook reflects our expectation that Winsway's
profitability and key credit metrics will remain weak for the
rating in the next 12 months," said Ms. Shi.  The negative
outlook also reflects the company's heavy reliance on banks'
willingness to renew its working capital loan facilities as they
come due.

S&P could lower the rating if Winsway's liquidity becomes "weak,"
as S&P's criteria define the term, indicating that the company's
ability to raise short-term financing and access bank facilities
has weakened.

S&P could revise the outlook to stable if Winsway's operating
performance improves in the next 12 months, such that the ratio
of funds from operations to debt is above 10% on a sustainable
basis.



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


FBC LIMITED: Members' Final Meetings Set for Feb. 25
----------------------------------------------------
Members of FBC Limited will hold their final meetings on Feb. 25,
2013, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, 15, Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GENEVA INTERNATIONAL: Annual Meetings Set for Feb. 5
----------------------------------------------------
Members and creditors of Geneva International Jewellery & Watch
Limited will hold their annual meetings on Feb. 5, 2013, at
10:15 a.m., and 3:15 p.m., respectively at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Ho Kwok Leung (Glen), the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


GOLD FINDING: Members' Final Meetings Set for Feb. 25
-----------------------------------------------------
Sole shareholder of Gold Finding Investment Limited will hold
their final general meeting on Feb. 25, 2013, at 10:00 a.m., at
Room 803, Tung Hip Commercial Building, 248 Des Voeux Road,
Central, in Hong Kong.

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


GROSVENOR INTERNATIONAL: Final General Meeting Set for Feb. 25
--------------------------------------------------------------
Members of Grosvenor International Development Limited will hold
their final general meeting on Feb. 25, 2013, at 10:00 a.m., at
Room 2, 1/F, Block A, Sea View Estate, 2-8 Watson Road, North
Point, in Hong Kong.

At the meeting, Samuel Sih-Yu Yang, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HANG FUNG: Annual Meetings Set for Feb. 5
-----------------------------------------
Members and creditors of Hang Fung Development International
Company Limited will hold their annual meetings on Feb. 5, 2013,
at 10:30 a.m., and 3:30 p.m., respectively at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Ho Kwok Leung (Glen), the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


HEXENBODEN LIMITED: Members' Final Meeting Set for March 3
----------------------------------------------------------
Members of Hexenboden Limited will hold their final meeting on
March 3, 2013, at 10:00 a.m., at Schlimbergstrasse 30, 8802
Kilchberg, in Switzerland.

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


INFO SOURCE: Chow Chun Man Appointed as Liquidator
--------------------------------------------------
Chow Chun Man on Jan. 15, 2013, was appointed as liquidator of
Info Source Multi Media Limited.

The liquidator may be reached at:

         Chow Chun Man
         Unit A, 4th Floor
         Ho King Commercial Centre
         2-16 Fa Yuen Street
         Mongkok, Kowloon
         Hong Kong


JAROMET LIMITED: Poon Wai Hung Richard Steps Down as Liquidator
---------------------------------------------------------------
Poon Wai Hung Richard stepped down as liquidator of Jaromet
Limited on Jan. 25, 2013.


KAI HANG: Annual Meetings Set for Feb. 5
----------------------------------------
Members and creditors of Kai Hang Jewelley Company Limited will
hold their annual meetings on Feb. 5, 2013, at 10:45 a.m., and
3:45 p.m., respectively at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Ho Kwok Leung (Glen), the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


LEADER TOYS: Final General Meeting Set for Feb. 25
--------------------------------------------------
Members of Leader Toys Industrial Factory Limited will hold their
final general meeting on Feb. 25, 2013, at 10:30 a.m., at Room 2,
1/F, Block A, Sea View Estate, 2-8 Watson Road, North Point, in
Hong Kong.

At the meeting, Samuel Sih-Yu Yang, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MAINSTAR ELECTRICAL: Final Meetings Set for Feb. 27
---------------------------------------------------
Creditors and members of Mainstar Electrical Company Limited will
hold their final meetings on Feb. 27, 2013, at 10:00 a.m., and
10:30 p.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MARS CENTURY: Members' Final Meetings Set for Feb. 26
-----------------------------------------------------
Members of Mars Century Limited will hold their final meetings on
Feb. 26, 2013, at 4:00 p.m., at 6/F, Kwan Chart Tower, 6 Tonnochy
Road, Wanchai, in Hong Kong.

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


MEAG PACIFIC: Members' Final Meeting Set for Feb. 25
----------------------------------------------------
Members of Meag Pacific Star Asia Limited will hold their final
meeting on Feb. 25, 2013, at 10:00 a.m., at 8th Florr, Prince's
Building, 10 Chater Road, Centra, in Hong Kong.

At the meeting, Patrick Cowley and Wong Wing Sze Tiffany, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


MING CHI: Final Meeting Set for Feb. 27
---------------------------------------
Members and Creditors of Ming Chi Enterprise Company Limited will
hold their final meeting on Feb. 27, 2013, at 2:00 p.m., and 2:30
p.m., respectively at Room 3, 8/F., Yue Xiu Building, 160
Lockhart Road, Wan Chai, in Hong Kong.

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


MUJI STRATEGIC: Creditors' Proofs of Debt Due Feb. 25
-----------------------------------------------------
Creditors of Muji Strategic Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 25, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 21, 2013.

The company's liquidator is:

         Lau Po Yan
         Unit 1004, 10/F
         East Town Building
         16 Fenwick Street
         Wanchai, Hong Kong



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


AIC CASTING: CRISIL Rates INR95MM Cash Credit at 'BB-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of AIC Casting Pvt Ltd (part of the AIC group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              95        CRISIL BB-/Stable

The rating reflects the AIC group's partly integrated operation
along with a diverse revenue profile, and its promoter's
extensive experience in the steel industry. These rating
strengths are partially offset by the group's working-capital-
intensive operations and low profitability, leading to weak debt
protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of ACPL, AIC Iron Industries Pvt Ltd, AIC
Steel Pvt Ltd, and Bhagwati Sponge Pvt Ltd, together referred to
as AIC Group. This is because there are operational and financial
linkages among these companies. ASPL supplies pig iron to the
other companies. BSPL manufactures sponge iron, which is the key
raw material for the steel ingots/billets manufactured by AIIPL,
and hence, results in backward integration. Furthermore, all the
companies are under a common management and they extend need-
based financial support to each other.

Outlook: Stable

CRISIL believes that the AIC group will maintain its business
risk profile over the medium term, backed by its diverse revenue
profile and its promoter's extensive experience in the steel
industry. However, its financial risk profile is expected to
remain constrained, with weak debt protection metrics, because of
low profitability. The outlook may be revised to 'Positive' in
case of more-than-expected increase in the group's cash accruals,
better working capital management, or infusion of substantial
capital by the promoter, leading to improvement in its overall
financial risk profile, especially its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the AIC group's working capital management, or significant delay
in its proposed capital expenditure, leading to substantial
time/cost overrun, and hence to further deterioration in the
group's financial risk profile, particularly its liquidity.

The AIC group is involved in trading in and manufacturing steel
intermediaries. ASPL trades in pig iron and scrap. BSPL
manufactures sponge iron, while AIIPL manufacturers steel ingots.
This results in partly integrated operations for the group, as
sponge iron is the key raw material for ingot manufacturing. ACPL
is engaged in grey iron casting. ACPL's product profile includes
gear boxes, electric motor bodies, and manhole covers, among
other products.


BUDDHA INDIA: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Buddha
India Hotels Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              5.5       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Term Loan               60.0       CRISIL D(Downgraded from
                                      'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by BIHPL in
servicing its term loan; the delays have been caused by the
company's weak liquidity. BIHPL's weak liquidity is mainly driven
by the monthly instalments on the large debt which the company
has undertaken to buy the already running franchise restaurant,
Bikanervala, in Lucknow (Uttar Pradesh). The company has also
undertaken a debt-funded capital expenditure programme to set-up
two mini-banquet halls within the same facility.

BIHPL continues to have a favorable market position, backed by
the company's association with the Bikanervala brand, and healthy
revenue visibility, marked by the operations of the Bikanervala
franchise at the same premises for around five years. These
rating strengths are partially offset by BIHPL's weak financial
risk profile, marked by a small net worth and high gearing,
limited revenue diversity, and high geographical concentration.

BIHPL, part of the Buddha group, is promoted by Mr. Anil
Tibrewal. Incorporated in 2011, the company operates a franchise
restaurant of Bikanervala, which is a chain of traditional sweet
shops and restaurants. BIHPL's main business comprises managing a
sweet shop and a restaurant, with facilities such as banquet hall
and catering, under the brand name Bikanervala. The company
commenced operations in June 2011 and has acquired a business
which was operational for five years under the same franchisee
format.

For 2011-12 (refers to financial year, April 1 to March 31),
BIHPL reported a net loss of INR0.69 million on net sales of
INR30.87 million. The company did not have any operations in
2010-11.


MAHAPRABHU RAM: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of MahaPrabhu Ram Mulkh Hi-Tech Education Society.  The
rating reflects delays by MahaPrabhu in servicing its debt; the
delays were caused by a mismatch in the society's cash flows and
debt obligations.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                110       CRISIL D

MahaPrabhu also has small scale of operations due to competition
and its limited track record, and is exposed to regulatory risks
in education sector. These rating weaknesses are partially offset
by the society's moderate financial risk profile, marked by low
gearing and above-average debt protection metrics, healthy
operating surplus margin, and benefits expected from the healthy
demand prospects for the education sector.

MahaPrabhu was established in 2006 in Naraingarh, District Ambala
(Punjab). The society is managed by Mr. Roshan Lal Jindal
(president). It runs the Shree Ram Mulkh Group of Professional
Institutions, which offer diversified diploma, graduation, and
post-graduation courses in education, technology, engineering,
computer applications, and business administration. MahaPrabhu
currently has around 2500 students.

MahaPrabhu reported a net surplus of INR9.5 million on net
revenues of INR125.2 million for 2011-12 (refers to financial
year, April 1 to March 31), as against a net surplus of
INR0.6 million on net revenues of INR117.5 million for 2010-11.


RPG INDUSTRIAL: CRISIL Places 'B+' Ratings on INR450MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RPG Industrial Product Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             300       CRISIL B+/Stable

   Proposed Short-Term    10       CRISIL A4
   Bank Loan Facility

   Proposed Long-Term     70       CRISIL B+/Stable
   Bank Loan Facility
  
   Letter of Credit       10       CRISIL A4

   Bank Guarantee          5       CRISIL A4

   Cash Credit            80       CRISIL B+/Stable

The ratings reflect RPGIPL's exposure to project implementation
and stabilisation risks, and its below-average financial risk
profile, marked by a modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
funding support the company receives from its promoters.

Outlook: Stable

CRISIL believes that RPGIPL will continue to benefit over the
medium term from the funding support that it receives from its
promoters. The outlook may be revised to 'Positive' in case of
significant ramp up in revenues and profitability or higher-than-
anticipated funding support from promoters leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if RPGIPL reports lower-than-expected sales
or profitability, or lower than expected or delayed funding
support from promoters adversely impacting its financial risk
profile, particularly its liquidity.

RPGIPL is setting up a recycled polyester staple fibre (RPSF)
plant in Meerut (Uttar Pradesh). The company was originally
incorporated in 2000 under the name RPG Foods Pvt Ltd; the name
was changed to the current one in April 2011. The company is
expected to start commercial production of RPSF in February 2013.


SANJAYKUMAR SHANKARLAL: CRISIL Cuts Rating on INR28M Loan to BB-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sanjaykumar Shankarlal Export Pvt Ltd to 'CRISIL BB-/Stable'
from 'CRISIL BB/Negative', while reaffirming its rating on the
company's short-term facilities at 'CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          28.0      CRISIL BB-/Stable (Downgraded
                                  from 'CRISIL BB/Negative)

   Letter of Credit     52.5      CRISIL A4+ (Reaffirmed)

The downgrade reflects continued support by way of loans and
advances by SSEPL to group companies, resulting in higher total
indebtedness, and weakening of the company's capital structure
and debt protection metrics. Loans and advances by SSEPL to group
companies are expected to increase to INR37 million (around 70
per cent of SSEPL's net worth) as on March 31, 2013; SSEPL did
not have any exposure to group companies as on March 31, 2010.
The increase in loans and advances is expected to result in an
increase in SSEPL's total indebtedness to around INR140 million
as on March 31, 2013 from INR45 million as on March 31, 2011.
This is likely to result in an increase in the company's total
outside liabilities to tangible net worth (TOL/TNW) ratio to
around 3.0 times as on March 31, 2013, as against 1.0 time as on
March 31, 2011. Given the increase in total indebtedness, and the
company's constrained operating profitability margin (expected at
around 3.0 per cent for 2012-13 refers to financial year, April 1
to March 31), the company's interest coverage ratio would decline
to around 1.5 times for 2012-13 from 3.8 times in 2010-11.
Substantial changes in loans and advances to group concerns will
constitute a key rating sensitivity factor for SSEPL.

The ratings continue to reflect SSEPL's above-average financial
risk profile, marked by moderate TOL/TNW ratio and debt
protection metrics. The ratings also factor in the benefits that
SSEPL derives from the extensive industry experience of its
promoters. These rating strengths are partially offset by SSEPL's
exposure to risks relating to small scale of operations,
commoditised nature of its product offerings, and change in
government regulations.

Outlook: Stable

CRISIL believes that SSEPL will continue to benefit over the
medium term from its established relationships with customers,
and promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the company's revenues and profitability margins,
or there is an improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' if there is
further deterioration in SSEPL's capital structure on account of
large working capital requirements, or if its exposure to group
companies increases significantly.

Set up in 1978 by Mr. Ranchoddas Vasanji Madiyar in Maharashtra,
SSEPL is an importer and distributor of pulses, such as tur,
moong, urad, and masoor.

SSEPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR234 million for 2011-12, against a PAT of INR2.0
million on net sales of INR224 million for 2010-11.


SCHALTECH AUTOMATION: Fitch Assigns 'B-' Rating to INR70MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Schaltech Automation Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Secured Overdraft        5.00      CRISIL B-/Stable
   Facility

   Proposed Long-Term      15.00      CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit             50.00      CRISIL B-/Stable

   Bank Guarantee          65.00      CRISIL A4

   Bank Guarantee         245.00      CRISIL A4

The ratings reflect SAPL's modest scale of operations; constrain
financial flexibility owing to large working capital requirements
and small net worth. These rating weaknesses are partially offset
by the benefits that SAPL derives from its promoters' industry
experience, and revenue visibility on the back of its healthy
order book.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the
medium term from its promoters' extensive industry experience,
and its revenue visibility on the back of its healthy order book.
The outlook may be revised to 'Positive' if the company
strengthens its business risk profile on the back of significant
increase in its scale of operations and profitability, and
improves its working capital cycle, while it maintains its
comfortable capital structure, thereby strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SAPL faces significant pressure on its revenues and
profitability or considerable delays in realisation of
receivables, or if it undertakes a larger-than-expected, debt-
funded capital expenditure programme, thereby weakening its
financial risk profile, particularly its liquidity.

SAPL was set up in 1995 by Mr. D Raghunathan and Mrs. K
Raghunathan in Hyderabad (Andhra Pradesh). The company undertakes
turnkey projects for sub-power stations and transmission lines.
Till 2005, the company was in the electrical components trading
business; after which, it began undertaking turnkey contracts.


SHAMBHAVI REALTY: CRISIL Rates INR1.85BB Loan at 'BB-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the non-
convertible debentures programme of Shambhavi Realty Pvt Ltd
(Shambhavi Realty; part of the Shambhavi group).

                      Amount
   Facilities         (INR Bln)    Ratings
   ----------         ---------    -------
   Non-Convertible       1.85      CRISIL BB-/Stable (Assigned)
   Debentures

The rating reflects the favorable location of the Shambhavi
group's projects in Mumbai, ensuring sound demand prospects. This
rating strength is partially offset by the group's exposure to
project implementation risk, given the early stage of its various
projects, high dependence on customer advances for funding the
projects, and its exposure to the cyclicality inherent in the
real estate sector.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Shambhavi Realty with its group
companies, Ispita Realty Pvt Ltd, Sneha Realty Pvt Ltd, Pashmina
Realty Pvt Ltd, and Madhuli Housing & Finance Co Ltd. This is
because these companies, together referred to as the Shambhavi
group, have operational and financial linkages with each other,
are in the same line of business, and are all implementing
projects in Mumbai.

The Shambhavi group is developing five residential projects in
Mumbai: two in Dadar, one in Worli, one in Chandivali, and one in
Vile Parle. These are all prime residential locations in Mumbai
and hence the projects have sound demand prospects. The prime
locations also result in better pricing power for the company.

However, the projects remain exposed to implementation risk given
the early stage of construction. The Shambhavi group has
commenced construction in only two (one in Dadar and another in
Vile Parle) out of five projects. The others, including the one
in Chandivali which is the largest project, are still awaiting
construction approval and are yet to be launched. Any delay in
the completion of these projects will not only have an impact on
their saleability, but may also lead to liquidity pressure as a
large portion of the project cost is being funded through
customer advances. The group also remains exposed to the risks
arising from the cyclical nature of the real estate sector,
resulting in significant fluctuations in cash inflows owing to
volatility in both realisations and saleability.

Outlook: Stable

CRISIL believes that the Shambhavi group will be able to achieve
moderate saleability and generate adequate accruals from its
projects over the medium term. The group's financial risk
profile, however, is expected to remain constrained due to the
initial stage of its projects. The outlook may be revised to
'Positive' if the Shambhavi Realty group achieves better-than-
expected progress in project construction, generates substantial
revenues from its ongoing projects, and improves its capital
structure on a sustained basis. Conversely, the outlook may be
revised to 'Negative' if revenues from the group's projects are
lower than expected, there is significant time or cost overrun in
the projects, or the group contracts higher-than-expected debt
for funding the projects.

                          About the Group

Incorporated in March 2007, Shambhavi Realty is a special purpose
vehicle set up by the Pashmina group (promoted by Mr. Asit
Koticha, founder of ASK Investment Holdings Pvt Ltd). Shambhavi
Realty has four group companies that are also into developing of
residential projects. The five companies are implementing one
residential project each in Mumbai.

Shambhavi Realty is developing a premium residential project in
Worli. The plot currently has a ground-plus-four-storied
commercial property, in which the company owns around 30 per
cent, and the rest is owned by the Asit Koticha group (40 per
cent) and Blue Star Ltd (30 per cent). The company is proposing
redevelopment of the property to set up a residential project
with saleable area of 47,517 square feet (sq ft), which
corresponds to 30 per cent of the total saleable area. The
project is expected to be launched in December 2013. The total
project cost is around INR950 million.

Pashmina Realty is developing a residential project in
Chandivali, near Powai. This is the largest project with total
saleable of around 0.62 million sq ft. The property is being
developed in two phases at a total cost of around INR4.1 billion.
Phase I is expected to be launched in March 2013; it will have
one tower with four wings and will largely consist of apartments,
each with four bedrooms, a hall, and a kitchen. The company is
planning to launch Phase II by December 2013.

Ispita Realty is undertaking a redevelopment project in Dadar
(East). The project will have a total constructed area of 22,000
sq ft, of which around 7000 sq ft will be towards rehabilitation
of existing tenants and the remaining 15,000 sq ft will be
available for free sales. The total project cost is around INR240
million. The project has been launched in December 2012 and is in
the early stage of implementation.

Sneha Realty is undertaking a redevelopment project in Dadar
(West). The project will have a total constructed area of 15,000
sq ft, of which around 4500 sq ft will be towards rehabilitation
of existing tenants and the remaining 10,500 sq ft will be
available for free sales. The total project cost is around INR110
million. The company is planning to launch the project by October
2013.

Madhuli Housing is undertaking a redevelopment project at Vile
Parle (West). The project will have a total constructed area of
68,497 sq ft, of which around 14,000 sq ft will be towards
rehabilitation of existing tenants and the remaining 54,497 sq ft
will be available for free sales. The total project cost is
around INR290 million. The project was launched in March 2013,
and the company has completed the construction of the building
for the existing tenants. It is expected to launch the saleable
building by March 2013.


SHREE SHYAM: CRISIL Upgrades Rating on INR250MM Loan to 'BB'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shree Shyam Bearings Private Limited to 'CRISIL BB/Stable'
from 'CRISIL BB-/Stable'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          250       CRISIL BB/Stable (Upgraded from
                                  'CRISIL BB-/Stable')

The rating upgrade reflects CRISIL's belief that SSBPL's business
risk profile is expected to strengthen with diverse and
increasing customer base, and improving operating margins.
Moreover, the company is expected to also maintain its healthy
financial risk profile marked by moderate total outside liability
upon total net worth (TOL/TNW) and liquidity support from
promoters

The ratings on the bank facilities of SSBPL continue to reflect
the extensive experience of SSBPL's promoters in the bearings
industry and healthy financial risk profile. This rating strength
is partially offset by SSBPL's large working capital
requirements, marginal market share in the bearings industry, and
exposure to supplier concentration risk

Outlook: Stable

CRISIL believes that SSBPL will continue to benefit from its
promoters' extensive industry experience and established
relationships with customers, over the medium term. The outlook
may be revised to 'Positive' if there is a substantial and
sustained improvement in SSBPL's revenues combined with
improvement in debt protection metrics on back of higher
operating margins. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in SSBPL's profitability
from the current levels or if its financial risk profile
deteriorates on account of larger-than-expected working capital
requirements.

Based in Kolkata (West Bengal), SSBPL was promoted in 2005 by Mr.
Pradeep Kumar Agarwal and his family members. SSBPL is an
authorised distributor for bearings and fire extinguishers.

SSBPL is estimated to report a profit after tax (PAT) of INR11
million on an operating income of INR867 million for 2011-12,
against a PAT of INR8 million on an operating income of INR714
million for 2010-11.


SREE RAMCIDES: CRISIL Cuts Ratings on INR539.5MM Loans to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded and removed from rating watch its ratings
on the bank facilities of Sree Ramcides Chemicals Pvt Ltd to
'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB-/CRISIL A3
(Rating Watch with Developing Implications)'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            0.5      CRISIL A4+ (Downgraded from
                                      'CRISIL A3'; Removed from
                                      'Rating Watch with
                                      Developing Implications')

   Cash Credit             395.0      CRISIL BB+/Stable
                                      (Downgraded from 'CRISIL
                                      BBB-'; Removed from 'Rating
                                      Watch with Developing
                                      Implications')

   Letter of Credit        170.0      CRISIL A4+ (Downgraded from
                                      'CRISIL A3'; Removed from
                                      'Rating Watch with
                                      Developing Implications')

   Letter of Credit         30.0      CRISIL BB+/Stable
                                      (Downgraded from 'CRISIL
                                      BBB-'; Removed from 'Rating
                                      Watch with Developing
                                      Implications')

   Proposed Long-Term      114.5      CRISIL BB+/Stable
   Bank Loan Facility                 (Downgraded from 'CRISIL
                                      BBB-'; Removed from 'Rating
                                      Watch with Developing
                                      Implications')

The downgrade reflects significant weakening of SRCPL's debt
protection metrics on account of increasing debt to fund the
company's large working capital requirements and the steep
decline in its profitability. Though its profitability is likely
to improve over the medium term, the debt protection metrics are
expected to remain below-average because of large incremental
working capital requirements. SRCPL's working capital
requirements remain large, as reflected in the company's gross
current asset days of 270 days as on March 31, 2012; as a result,
SRCPL has had high average bank limit utilisation of around 98
per cent over the 12 months through November 2012. The
improvement in SRCPL's profitability and working capital cycle
over the medium term will remain rating sensitivity factors.

CRISIL has removed the ratings of SRCPL from 'Rating Watch with
Developing Implications' on getting clarity on the proposed
acquisition of SRCPL by Japan-based SDS Biotech KK (SDS). CRISIL
believes that the benefits of the above transaction will accrue
gradually over the next 1 to 2 years and will not have any
immediate impact on the rating of SRCPL. CRISIL had put the
ratings of SRCPL on 'Rating Watch with Developing Implications'
following the announcement by SDS that it is in the process of
acquiring a majority stake in SRCPL. The transaction is expected
to be completed based on receipt of approvals of SRCPL's
shareholders and bankers and the regulatory authorities.
Following the acquisition, both SDS and SRCPL are likely to
benefit from synergies such as usage of common research and
development platform and distribution networks.

The ratings reflect SRCPL's moderate business risk profile,
supported by its strong distribution network. This rating
strength is partially offset by SRCPL's below-average financial
risk profile, marked by large working capital requirements,
geographical concentration in revenue profile, exposure to
intense competition in the plant protection segment, and to
challenges in establishing its plant health products in the
domestic market.

Outlook: Stable

CRISIL believes that SRCPL will benefit over the medium term from
its strong distribution network and its focus on new products in
the plant health products segment. The outlook may be revised to
'Positive' if the company's profitability and scale of operations
improves significantly, coupled with improvement in debtor levels
and operational synergy with SDS, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SRCPL's profitability and its financial risk
profile is adversely affected by significant deterioration in
capital structure, by further write-off in receivables, or a
large, debt-funded capital expenditure.

Set up in 1973 as a partnership firm by Mr. R Narasimhan, Mr. R
Padmanabhan, and Mr. R Gopal, SRCPL was reconstituted as a
private limited company in 1994. The company formulates and
manufactures crop protection chemicals, plant nutrients, and
plant health products. Post the above acquisition, SDS will hold
65 percent stake in SRCPL; the balance will be held by the
original promoter group.

For 2011-12 (refers to financial year, April 1 to March 31),
SRCPL reported net loss of INR33 million on net sales of INR1.19
billion, against a profit of INR8 million on net sales of INR1.37
billion for 2010-11.


SWELLCO CERAMIC: CRISIL Assigns 'B-' Rating to INR137.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Swellco Ceramic.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                87.5      CRISIL B-/Stable
   Cash Credit              50.0      CRISIL B-/Stable
   Bank Guarantee            8.0      CRISIL A4

The ratings reflect SC's large working capital requirements and
small scale of operations in the intensely competitive ceramic
tile industry. The ratings also factor in the susceptibility of
SC's operating margin to fluctuations in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of SC's promoter in the ceramic tile industry.

Outlook: Stable

CRISIL believes that SC will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the firm improves its
working capital management, leading to better liquidity profile
or improvement in its scale of operations, coupled with
sustenance of profitability or improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
if there is significant deterioration in the company's liquidity
or capital structure on account of pressure on its profitability
or decline in order flow or if it undertakes a larger-than-
expected, debt-funded capital expenditure programme.

SC was incorporated in 2010, by Morbi (Gujarat)-based Kundariya
family. The firm manufactures clay and ceramic wall tiles.

SC reported a net profit of INR8.05 million on net sales of
INR214 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net loss of INR9.97 million on net sales of
INR35 million for 2010-11.


* INDIA: Policy Reform Impact on Growth Still Key, Fitch Says
-------------------------------------------------------------
Public commitments and policy announcements by the Indian
government so far in 2013 are encouraging signals that the
authorities want to maintain the momentum towards fiscal
consolidation and structural reform generated since last summer,
Fitch Ratings says. "However, policy execution and the impact on
trend growth will remain key to our ratings assessment," the
ratings agency says.

The authorities appear committed to keeping the fiscal deficit in
check. Finance Minister P Chidambaram said last week that this
year's and next year's deficit targets (5.3% and 4.8% of GDP
respectively) are "red lines" that he will not breach.

In September and October last year, the government adjusted fuel
subsidies and outlined a five-year roadmap aimed at reducing the
central government fiscal deficit to 3% of GDP by 2016-2017. It
also announced that greater foreign investment participation will
be allowed in some industries, including power and retail.

Since then, the authorities have also indicated they may be
willing to structurally improve the fiscal position, such as
raising or broadening taxes or cutting expenditures (including
further subsidy reductions). Already this year, the government
has said it will let India's oil marketing companies make small
increases in diesel prices. It has also increased rail fares and
raised the limit on foreign investment in rupee bonds.
Furthermore, recent data shows that the authorities have made
some progress in capping the FY13 budget at 5.3% of GDP as a
small surplus was recorded in December.

"Nevertheless, as we have previously said, India's patchy
performance on policy implementation, and the approach of
elections in 2014 could impede fiscal consolidation, suggesting
political and implementation risk remain significant. This is
reflected in the Negative Outlook on India's 'BBB-' rating,"
Fitch states.

"The FY14 Union budget, due at end-February, will be an important
gauge of the government's commitment to fiscal consolidation and
reform in general. However, it is not the sole rating driver. A
credible medium-term fiscal consolidation plan remains key.

"We also need to observe the impact of reform and more broadly
see how India's macroeconomic outlook develops over time. When we
revised the Outlook to Negative from Stable in June last year, we
cited the risks to growth potential without faster structural
reform," Fitch adds.



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


ALAM SUTERA: Moody's Reviews B2 CFR, Sr. Debt Ratings for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed PT Alam Sutera Realty Tbk's
B2 corporate family and senior unsecured rating under review for
upgrade following better than expected financial and operational
performance throughout 2012, as evidenced by strong quarterly
marketing sales and financial results, leading to lower leverage
and improved credit metrics.

Ratings Rationale:

"Alam Sutera has consistently outperformed our expectations
throughout 2012 and its credit metrics now reflect a profile that
could support a one notch higher rating," says Jacintha Poh, a
Moody's Analyst.

"Strong marketing sales from its township projects have firmly
underpinned the company's cash flow and completion of the retail
mall at Alam Sutera (near Jakarta) provides some recurring income
for the company," adds Poh, also Moody's lead analyst for Alam
Sutera.

For the nine months ended Sept. 30, 2012, reported EBIT interest
coverage was 10.0x and reported leverage was 34.9%. These ratios
are significantly better than our expectations of 4.5x and 40%
underpinning the current rating. Should Alam Sutera be able to
maintain these metrics going forward, together with further sales
growth and continued seamless execution of its ongoing projects,
an upgrade to B1 is likely.

"We will review Alam Sutera's ability to balance ongoing
financial prudence and its longer term growth strategy, in order
to establish the extent to which its recent performance and lower
leverage is sustainable going forward. We will also review the
company's audited full-year 2012 results, once available, as well
as progress in its tourism project in Bali and plans for the
recently acquired office building in Jakarta, given that both
deviate somewhat from the company's core strength in township
development," says Poh.

The company acquired Garuda Wisnu Kencana Park, the tourism
project in Bali in June 2012 for IDR738 billion. It has also
acquired Wisma Argo Manunggal, an office building in the central
business district of Jakarta from an affiliated company in
December 2012 with the intention of redevelopment in 2015. This
project entails higher development risk compared to its township
projects, which comprise low rise residential and commercial
properties.

Moody's expects to conclude the review within the next 2-3
months.

The principal methodology used in these ratings was Moody's
Global Homebuilding Industry, published in March 2009.

Alam Sutera Realty is an integrated property developer in
Indonesia with a sizeable land bank of 2,054 hectares in gross
area as of September 30, 2012 The company focuses on the sale of
land lots in accordance to township planning needs, as well as
property development in residential, commercial and industrial
segments in Indonesia. Alam Sutera Realty was founded by the
family of The Ning King, and was formerly known as PT Adhihutama
Manunggal, The company was listed on the Indonesian Stock
Exchange on December 18, 2007.


BATAVIA AIR: Indonesia Court Declare Carrier Bankrupt
-----------------------------------------------------
The Associated Press reports that Indonesia's commercial court
has declared budget carrier Batavia Air bankrupt just months
after AirAsia, South-east Asia's top low-cost airline, aborted a
deal to invest in it.

AP relates that Jakarta Commercial Court Judge Agus Iskandar said
a bankruptcy petition filed by United States-based International
Lease Finance Corporation (ILFC) was approved on Jan. 30, 2013,
after Batavia Air failed to pay a US$4.7 million (S$5.8 million)
debt that was due on Dec 13, 2012.

Batavia's debt was from the purchase of two Airbus A-330s
financed by ILFC through a leasing scheme, the news agency says.

                Bankruptcy Affects Ticketing Business

The Jakarta Post reports that the closure of Batavia Air has
badly affected the ticketing business with refunds for tickets
and deposited funds remaining uncertain.

According to the Jakarta Post, Junaidi Januar, chairman of the
Indonesian Airline Ticketing Association (Astindo)'s Bali
chapter, said there had not been any information from the
management of Batavia Air regarding ticket transactions, while at
the same time, customers were claiming ticket refunds from their
agencies.

"When an airline company is closed, customers are the first to
get the impact. But actually we [ticketing companies] are the
hardest hit, because we have to deposit quite a significant
amount of money before we can make any ticket transactions," the
Jakarta Post quotes Januar as saying.

Related to Batavia Air's closure, the association requires its 32
members to collect data and information on the amount of funds in
deposits and ticket refunds that have to be claimed from the
ailing airline company, the Jakarta Post adds.

Indonesia-based Batavia Air -- http://www.batavia-air.co.id/--
operated domestic flights to around 30 destinations and
international services to China and Malaysia. Its main base is
Soekarno-Hatta International Airport, in Jakarta.



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


L-JAC 7: S&P Lowers Rating on 6 Note Classes to 'D'
---------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D
(sf)' from 'CCC- (sf)' its ratings on the class E-2, F-2, G-2, H-
2, I-2, and J-2 trust certificates issued in March 2008 under the
L-JAC 7 Trust Beneficial Interest and Trust Loan transaction.

One of the transaction's underlying specified bonds, which has
defaulted, has been sold for a lower amount than the outstanding
balance of the bond.  The specified bond originally represented
about 19% of the total initial issuance amount of the trust
certificates and trust loan.  S&P lowered to 'D (sf)' its ratings
on classes E-2, F-2, G-2, H-2, I-2, and J-2 because the principal
on these tranches was either fully or partially written off on
the trust payment date in January 2013.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Four specified bonds and four nonrecourse
loans originally issued by/extended to eight obligors initially
secured the trust certificates issued under this transaction, and
16 real estate properties and real estate beneficial interests
originally backed the specified bonds and nonrecourse loans.
Lehman Brothers Japan Inc. arranged the transaction, and Premier
Asset Management Co. acts as the servicer.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion trust certificates due October 2014

Class   To       From      Initial issue amount  Coupon type
E-2     D (sf)   CCC- (sf)  JPY0.56 bil.         Floating rate
F-2     D (sf)   CCC- (sf)  JPY0.49 bil.         Floating rate
G-2     D (sf)   CCC- (sf)  JPY0.48 bil.         Floating rate
H-2     D (sf)   CCC- (sf)  JPY0.64 bil.         Floating rate
I-2     D (sf)   CCC- (sf)  JPY0.62 bil.         Floating rate
J-2     D (sf)   CCC- (sf)  JPY0.53 bil.         Floating rate


SHARP CORP: Ratings Still Hinge on Creditors' Support, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says continued support from main creditor banks
will be essential for a sustained recovery of Sharp Corporation's
(Sharp, 'B-'/Rating Watch Negative) operating performance. The
Japanese electronics manufacturer's liquidity position remains
vulnerable despite a turnaround to post marginally positive EBIT
margins in the third quarter of financial year ending March 2013
(Q3FY13).

Sharp's cash balance of JPY164bn at end-December 2012 is
significantly below the company's JPY900bn debt maturing within
the next one year. However, Fitch believes that Sharp's ability
to post a positive EBIT margin in Q3FY13, which has been a
prerequisite for continued borrowing from the banks, is likely to
help restore its creditors' confidence in the company.

Fitch believes that Sharp may be able to secure additional
funding from its creditor banks to help alleviate its current
liquidity crunch. However, this would depend on the company being
able to furnish reasonable evidence that its operations are
firmly on the recovery path for Q4FY13 and beyond, based on
improving utilisation rates at its plants and increasing demand
for its key LCD panels.

In March, Sharp plans to announce a mid-term business plan which
will include an operational and financial restructuring strategy.
The Rating Watch will be resolved as soon as Fitch has reviewed
the feasibility of the plan and takes into consideration any
further clarity on the creditors' commitment toward Sharp. Fitch
believes that bank loans may be the only available source of
funding for the company at this juncture, as access to the
capital markets for bond or commercial paper issuance is likely
to remain constrained in light of the operational difficulties
the company is experiencing.

Sharp returned to profitability in Q3FY13 for the first time in
the last five quarters with an EBIT margin of 0.4%. (H1FY13: -
15%) Despite a tough operational environment, its LCD TV business
turned profitable while losses at its panel operations narrowed
significantly due to cost reduction efforts. However, weakening
demand for its small- and medium-size panels in Q4YF13, including
iPad panels from Apple, Inc., will be a key risk to its
operational recovery.


TOKYO ELECTRIC: Sees Record JPY120 Billion Net Loss for 2012
------------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. said Monday
it expects to record a JPY120 billion group net loss for the year
ending in March instead of JPY45 billion as previously forecasted
on expanding fuel costs for thermal power generation caused by
the Fukushima nuclear disaster.

According to the report, the operator of the atomic plant,
crippled by a failure to protect against tsunami like those
spawned by the Great East Japan Earthquake in 2011 in
northeastern Japan, now expects a bigger operating loss of
JPY275 billion instead of JPY225 billion, on sales of JPY6.01
trillion, down from JPY6.03 trillion.

The Japan Times relates that the announcement was made after the
government decided to provide an additional JPY696.8 billion in
taxpayer money to Tepco, as the company is known, to help it
compensate those victimized by the world's worst nuclear crisis
since the 1986 Chernobyl disaster.

The new infusion brings the total amount of redress aid given to
Tepco to more than JPY3 trillion, the report notes.

The report says the decision was included in a revised version of
Tepco's 10-year restructuring plan, which was endorsed by the
government last May in hopes of keeping the nation's largest
utility out of bankruptcy while it pays off its massive
liabilities from the disaster.

                       About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


CENTRAL CITY: In Liquidation; Owes More Than NZ$100K to Tradesmen
-----------------------------------------------------------------
Tracey Chatterton at The Dominion Post reports that Central City
Inn, a Wellington company developing a multimillion-dollar hotel
in Napier, has been put into liquidation because it owes
tradesmen more than NZ$110,000.

The Post relates that Maureen Young's company Central City Inn
was refurbishing the rundown Tennyson Motor Inn into the luxury
Viceroy Hotel when it was placed into liquidation by the High
Court in December.

Electrician Steven Hill applied to put the company into
liquidation, the report says.  He said it owed him more than
NZ$30,000 for labor and materials.

Another of Mrs. Young's companies, Tennyson Properties 2009, owns
the building on the corner of Clive Sq and Tennyson St. It has a
capital value of $2.1 million.

The Viceroy Hotel, which opened three weeks ago, continues to be
in business. Hotel operator Brent Gibson said the hotel was
"completely separate" from Mrs Young's company.

Contractors were told Central City Inn had run out of money in
July last year - nine months after the refurbishment started, the
Post adds.

Liquidator John Fisk, of PricewaterhouseCoopers, said the company
owed creditors more than NZ$110,000 and had no assets that could
be sold, the Dominion Post reports.

The report says when Central City Inn was put into liquidation,
creditors were asked to invoice Tennyson Properties 2009.

Transactions between the two companies would be looked at, along
with any "reckless trading" claims, Mr. Fisk, as cited by the
Post, said.



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


BIGFIX HOLDINGS: Creditors' Proofs of Debt Due March 2
------------------------------------------------------
Creditors of Bigfix Holdings Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 2, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way Tower Two
          #32-00, Singapore 068809


C3I GROUP: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------
Creditors of C3I Group Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Feb. 15, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FORTUNE TECHNOLOGY: Creditors' Proofs of Debt Due March 1
---------------------------------------------------------
Creditors of Fortune Technology Fund I Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 1, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


ILOG (S): Creditors' Proofs of Debt Due March 2
-----------------------------------------------
Creditors of Ilog (S) Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by March 2, 2013, to be
included in the company's dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way Tower Two
          #32-00, Singapore 068809


INTERASIA INVESTMENTS: Creditors' Proofs of Debt Due March 4
------------------------------------------------------------
Creditors of Interasia Investments Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 4, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


MRO SOFTWARE: Creditors' Proofs of Debt Due March 2
---------------------------------------------------
Creditors of MRO Software (Singapore) Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by March 2, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way Tower Two
          #32-00, Singapore 068809



=============
V I E T N A M
=============


ASIA COMMERCIAL: Fitch Affirms 'B' LT IDR; Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Asia Commercial Bank's
Long-Term Issuer Default Rating (IDR) at 'B' and simultaneously
removed them from Rating Watch Negative, on which they were
placed on Aug. 24, 2012. The Outlook is Negative.

The Negative Outlook on ACB reflects potential risks which, in
addition to challenges surrounding domestic operating conditions,
could still weigh on its credit profile in the near- to medium-
term. The affirmation of the IDR, driven by the bank's Viability
Rating of 'b', reflects the bank's still sounder financial
condition than that of most Vietnamese banks but also potential
stress on the bank's thin capitalisation, lower profitability and
deteriorating asset quality. The bank has been able to preserve
its financial profile and has swiftly resumed operations, despite
pressures from a series of adverse events that followed the
arrest of high-profile personalities relating to the bank and
regulatory changes.

The outcome of a police investigation against Mr. Nguyen Duc
Kien, one of ACB's shareholders and founders, remains pending.
Impairment could arise from ACB's loan exposure to companies
related to Mr Kien, which reportedly stood at VND7trn (or 54% of
equity), although these loans are at present performing and
covered by collateral. There is also a dispute on deposit
placements of VND0.7trn at Vietinbank.

No provisions have been set aside against these exposures, as
these events remain ongoing. A downgrade could arise if
impairment risks, possibly from these events and volatile
operating conditions, were to become a real threat to the bank's
solvency. Conversely, a revision in Outlook to Stable may result
from an easing of the current pressures on ACB's financial
profile.

Fitch notes that ACB has a liquid balance sheet, with its overall
loans/deposits (including gold) ratio of around 72% - one of the
lowest in the industry - despite the bank having endured sizable
deposit withdrawals. Capitalisation is low, with a regulatory
core Tier 1 capital adequacy ratio (CAR) of around 9% at end-2012
(total CAR: 14%). A regulatory requirement for banks to wind down
gold positions led to a one-time loss of VND1.7trn in 2012 for
ACB, leading to lower profitability. Residual losses are
reportedly low as the mismatch in gold positions has mostly been
closed.

Positive rating pressures could arise from higher capital levels,
while maintaining asset quality, earnings and funding at current
levels although this is unlikely in the near term due to the
difficult domestic operating conditions.

ACB's Support Rating of '5' reflects Fitch's view of low
probability of extraordinary state support in case of need, given
the government's limited resources and the bank's low systemic
importance relative to major state-owned banks.

ACB is the fifth-largest bank in Vietnam with total assets of
VND214trn at end-September 2012. Standard Chartered Bank
currently holds a 15% stake in the bank.

ACB's full list of rating actions:

  - Long-Term IDR affirmed at 'B'; Outlook Negative
  - Short-Term IDR affirmed at 'B'
  - Viability Rating affirmed at 'b'
  - Support Rating Floor affirmed at 'No Floor'
  - Support Rating affirmed at '5'



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


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

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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.



                 *** End of Transmission ***