TCRAP_Public/110705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, July 5, 2011, Vol. 14, No. 131

                            Headlines

A U S T R A L I A

AUSTRALIAN ENVELOPES: Goes Into Administration, 550 Jobs at Risk
BURRUP FERTILISER: Oswal Says Receivers Mismanaged Plant
MASSADA COLLEGE: To Close School on July 8, Owes AU$500,000
TASMANIAN LIFE: CRS Warner Kugel Appointed as Liquidator
VARLEY ENTERPRISES: Trade Firms Hope to Resume Work on Homes


C H I N A

CHINA NETWORKS: Delays Filing of 2010 Annual Report
SINO-FOREST CORP: Muddy Waters Still Bets Stock Decline Not Over
* Muddy Waters' Founder Is Looking at Suspicious Chinese Firms


H O N G  K O N G

ANGOSTURA ASIA: Members' Final Meeting Set for August 1
BEACON HILL: Creditors' Proofs of Debt Due August 10
C & Y BUSINESS: Creditors' Proofs of Debt Due July 15
CHAIRMEN LIMITED: Members' Final Meeting Set for August 1
CHINA ENTERPRISE: Members' Final Meeting Set for August 1

CI INVESTMENT: Members' Final Meeting Set for August 1
CLEAN SYSTEMS: Creditors' Proofs of Debt Due August 10
ENVIROPACE LIMITED: Members' Final General Meeting Set for Aug. 1
FINE PROFIT: Members' Final General Meeting Set for July 30
GRANDE HOLDINGS: Seeks Court Protection from U.S. Creditors

GRANDE HOLDINGS: Chapter 15 Case Summary
K-POWER EDUCATION: Chan Fu Tung Steps Down as Liquidator
LEGEND INVESTMENT: Creditors' Proofs of Debt Due August 10
LOGOS LEADERSHIP: Placed Under Voluntary Wind-Up Proceedings
SG ASSET: Creditors' Proofs of Debt Due July 14

SUNPOWER CORPORATION: Creditors' Proofs of Debt Due July 30


I N D I A

AIR INDIA: Urges Government to Pay VVIP, Evacuation Flights Dues
AS STEEL TRADERS: Fitch Assigns 'BB-(ind)' National LT Rating
CABLE CORP: ICRA Reaffirms '[ICRA]B+' Rating on INR179.5MM Loan
DIVYA JYOTI: ICRA Assigns '[ICRA]B' Rating to INR20.29cr Loan
EAST WEST: ICRA Assigns '[ICRA]BB+' Rating to INR19.8cr LT Loan

GEEKAY INFRASTRUCTURES: ICRA Rates INR12cr Term Loans at 'LB+'
HANS INDUSTRIES: ICRA Raises Rating on INR20cr Loan to 'BB+'
JET GRANITO: ICRA Places '[ICRA]BB' Rating on INR15cr Term Loan
KADER EXPORTS: ICRA Assigns '[ICRA]BB' Rating to INR11cr Bank Loan
KADER INVESTMENT: ICRA Puts '[ICRA]BB' Rating on INR10.2cr Loan

LIBERTY FROZEN: ICRA Assigns '[ICRA]BB' Rating to INR6.7cr Loan
KHODASHI POWER: ICRA Assigns 'LBB-' Rating to INR20cr Bank Loan
PREMIER MARINE: ICRA Assigns '[ICRA]BB' Rating to INR12.88cr Loan
PRIMORDIAL SYSTEMS: ICRA Rates INR13.25cr Loan at '[ICRA]B-'
STERLING SEZ: ICRA Cuts Rating on INR992cr Loans to '[ICRA]D'

TIMES FERRO: ICRA Assigns '[ICRA]B+' Rating to INR2.56cr Term Loan
UNIVERSAL COLD: ICRA Assigns '[ICRA]BB' Rating to INR13cr Loan


J A P A N

TAKEFUJI CORP: Foreign Investors Seek to Liquidate Firm
TAKEFUJI CORP: 780 Borrowers Sue Over Failure to Refund Charges
TOKYO ELECTRIC: Edano Not Aware of TEPCO Breakup, Dow Jones Says


N E W  Z E A L A N D

AORANGI SECURITIES: Investors to Get Less Than Expected Payout
PIKE RIVER: Buyers Assure Body Recovery Efforts as Part of Bid
PLUM DUFF: Godfrey Hirst Files High Court Appeal


P H I L I P P I N E S

WESTLINK GLOBAL: PSE Suspends Firm for "Manipulative Practices"


S I N G A P O R E

ACROPOLIS ELECTRONICS: Creditors' Proofs of Debt Due July 15
AFFINITY PRECISION: Creditors Get 0.37% Recovery on Claims
BELGRAVIA PROPERTIES: Creditors' Proofs of Debt Due August 1
ECS GRAPHIC: Creditors' Proofs of Debt Due July 31
E.K. DEVELOPMENTS: Creditors' Proofs of Debt Due July 15


X X X X X X X X

* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
* BOND PRICING: For the Week June 27 to July 1, 2011


                            - - - - -


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


AUSTRALIAN ENVELOPES: Goes Into Administration, 550 Jobs at Risk
----------------------------------------------------------------
ABC News reports that Australian Envelopes has gone into
administration putting 500 jobs at risk in the process.

About 150 workers are expected to rally outside the company's
Melbourne site, according to ABC News.  The report relates that
the Australian Manufacturing Workers Union said there was no
warning of the situation.

ABC News notes that Dave Oliver, the union's national secretary,
said that in recent months, employees were working overtime in
order to keep up with demand.  The union, according to the report,
said bad management, rather than a challenging manufacturing
environment, is to blame.

Australian Envelopes is an envelope manufacturer in Notting Hill.


BURRUP FERTILISER: Oswal Says Receivers Mismanaged Plant
--------------------------------------------------------
Kim Macdonald at The West Australian reports that Indian tycoon
Pankaj Oswal has accused receivers PPB Advisory of mismanaging the
Burrup Fertiliser plant after a recent fire, claiming it was
driving down the value of his share of the plant and causing him
"considerable heartache."

Mr. Oswal has called for an investigation into the recent fire
which he claims will force a three to four week shutdown, costing
tens of millions in lost revenue, according to The West
Australian.

"Ever since PPB Advisory assumed control of Burrup Fertilisers,
the effective running of the plant and the general management of
the operation has suffered," said Mr. Oswal in a statement
obtained by the news agency.  "The plant is too often in shutdown
mode and staff morale is low.  This latest incident at the plant
involving a fire, which has caused yet another shutdown of at
least three to four weeks, will involve a further loss of income
and has prompted me to comment on this mismanagement," he added.

Mr. Oswal claimed that since PPB Advisory took over the management
of the ammonia plant in December, it had lost about 70 days of
production, resulting in about US$100 million loss of revenue, The
West Australian notes.

While Mr. Oswal and his wife Radhika have not been in control of
the plant since the appointment of PPB Advisory, they continue to
be affected by operations through their 65% shareholding in the
company, the report relays.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


MASSADA COLLEGE: To Close School on July 8, Owes AU$500,000
-----------------------------------------------------------
The Australian Jewish News reports that Adelaide's only Jewish
school Massada College will close its doors on July 8.

Administrators concluded it was impossible to operate the primary
school, which moved into administration in January with some
AU$500,000 in debt, according to The Australian Jewish News.

The Australian Jewish News discloses that even with donations
pledged after an emergency meeting held by the Jewish Community
Council of South Australia (JCCSA) in February, it was not enough
to shore up operations for a full school year.

Administrator Peter Lanthois, of accounting firm KordaMentha, is
handling the administration.  "There was an amount we needed to
ensure the school could keep going for the balance of the year and
unfortunately, we weren't able to raise that money, so with no
money to pay the staff, we had no alternative but to close the
doors," Mr. Lanthois told The Australian Jewish News.  "In some
respects, it's an inevitable outcome, but in other respects it's
disappointing because we had come to an arrangement with the
creditors to give a bit more time to at least see this year
finished and allow the school to continue next year, albeit in a
revised form," he added.

Major donors had indicated a willingness to help but attached
conditions that could not be met, Mr. Lanthois said, the report
adds.

Massada College is Adelaide's only Jewish school.


TASMANIAN LIFE: CRS Warner Kugel Appointed as Liquidator
--------------------------------------------------------
Alice Claridge at themercury.com.au reports that Tasmanian Life
magazine has gone into liquidation leaving Tasmanian photographers
and writers unpaid.

The magazine's Web site notes that it is "a celebration of all
that is Tasmanian," but it is believed that between 10 and 15
contributors have been left without payments estimated to be
between AU$2,000 and AU$8,000 each, themercury.com.au relates.

According to themercury.com.au, a report from a liquidator
indicates some Tasmanian businesses have also been left unpaid,
some with bills of more than AU$40,000.

A meeting of the members of the Tasmanian Publishing Company was
held at the end of June, where it was decided the company should
be wound up, themercury.com.au discloses.  CRS Warner Kugel was
appointed as the liquidators.

The liquidators' report, according to themercury.com.au, indicates
that the company's total liabilities, including monies owed to the
Australian Taxation Office, pre-paid subscriptions, trade
creditors and other related party claims come to nearly
AU$600,000.

A meeting of creditors will be held at the end of this week,
themercury.com.au adds.

Tasmanian Life magazine is a bi-monthly lifestyle magazine that
had been in circulation since 2006.


VARLEY ENTERPRISES: Trade Firms Hope to Resume Work on Homes
------------------------------------------------------------
The Coffs Coast Advocate reports that trade companies carrying
debt of the failed Varley Enterprises Pty Ltd, trading as
G J Gardner Homes Coffs Harbour, remain optimistic they may get
work finishing 15 incomplete homes at various stages of
construction.

According to the report, affected G.J Gardner homeowners have met
with the administrators handling the liquidation of Varley
Enterprises.  Representatives of the government's Homeowners
Warranty Insurance Fund have assured them work to complete their
homes would commence in a matter of weeks, rather than months, the
Coffs Coast Advocate says.

The homeowners now have the option of working with G.J. Gardner's
parent company or appointing new builders, the report notes.

The Coffs Coast Advocate relates that liquidator David Morgan of
Clout and Associates said it is hoped that out-of-pocket sub-
contractors and suppliers would be re-engaged on the worksites.

The homeowners' information session followed a creditors meeting,
where 129 unsecured creditors, owed AU$1.4 million, were told they
would not see the money they were owed unless an investigation
uncovered more company assets, The Coffs Coast Advocate cites.

Jayne Moran, who was left as sole director of Varley Enterprises,
told the administrator the company has AU$650,000 in assets,
including a property in Victoria St, office equipment, display
home furniture and company cars, The Coffs Coast Advocate reports.

The Coffs Coast Advocate says the creditors learnt the company
holds a bank overdraft of AU$670,000, meaning the recovered assets
to date would only yield returns for the bank and former employees
that are owed entitlements.

Varley Enterprises Pty Ltd, trading as G J Gardner Homes Coffs
Harbour, is a home builder.  It was estimated that G J Gardner
Homes built around 100 homes a year in Coffs Harbour and may have
up to 50 under construction, Coffs Coast Advocate noted.

The company went into liquidation on June 20, 2011.  David Morgan
of Clout and Associates was appointed as liquidator.


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C H I N A
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CHINA NETWORKS: Delays Filing of 2010 Annual Report
---------------------------------------------------
China Networks International Holdings, Ltd., notified the U.S.
Securities and Exchange Commission that it is unable to file its
Form 20-F -- the annual report due within six months of the end of
the fiscal year -- for the period ended Dec. 31, 2010, within the
prescribed time period without unreasonable effort or expense due
to the fact that the audit of the Company's financial statements
has not been completed.

The Company anticipates that it will file its Form 20-F within the
15-day grace period provided by Exchange Act Rule 12b-25.

                       About China Networks

Headquartered in Beijing, China Networks International Holdings,
Limited, through China Networks Media Ltd., a British Virgin
Islands company, provides broadcast television advertising
services in the PRC, operating joint-venture partnerships with PRC
TV Stations in regional areas of the country.  The Company manages
these regional businesses through a series of joint ventures and
contractual arrangements to sell broadcast television advertising
time slots and so-called "soft" advertising opportunities to local
advertisers directly and through advertising agencies and brokers.

As reported by the TCR on July 6, 2010, UHY Vocation CPA Limited,
in Hong Kong, expressed substantial doubt about the Company's
ability to continue as a going concern.  The independent auditors
noted that the Company has a significant working capital deficit
and is dependent on obtaining additional financing to execute its
business plan.

The Company reported net income of US$2.4 million on
US$19.0 million of revenue for 2009, compared with a net loss of
US$3.4 million on US$4.3 million of revenue for 2008.

The Company's balance sheet at Dec. 31, 2009, showed
US$52.0 million in assets, US$54.0 million of liabilities, and
US$236,400 of common stock subject to repurchase, for a
shareholders' deficit of US$2.3 million.


SINO-FOREST CORP: Muddy Waters Still Bets Stock Decline Not Over
----------------------------------------------------------------
Bloomberg News reports that Carson Block, the short seller whose
bearish research on Sino-Forest Corp. preceded an 85% plunge in
the stock, said he's betting the decline isn't over.

"I'm just as certain today that the company is a fraud and that
the stock is a zero as I was on the day that we published," Mr.
Block, who runs Muddy Waters LLC, said on June 29 in an interview
with Erik Schatzker on Bloomberg Television.

Sino-Forest, Bloomberg recalls, plunged 64% on June 3, 2011, the
largest drop since March 1994, after Muddy Waters said the company
overstated its timber holdings.

Chief Executive Officer Allen Chan has denied the accusations,
Bloomberg relates.

"We continue working on Sino-Forest, analyzing the accounting
closely," Mr. Block told Bloomberg.  He said he hasn't yet decided
whether to release these findings publicly, Bloomberg adds.

                          About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2011, Moody's Investors Service has put Sino-Forest
Corporation's Ba2 corporate family and senior unsecured ratings on
review for possible downgrade.  This review action follows
allegations surrounding the accuracy of Sino-Forest's audited
accounts and its business model.  As a result, prices for the
company's shares and bonds have declined substantially in value.


* Muddy Waters' Founder Is Looking at Suspicious Chinese Firms
--------------------------------------------------------------
Bloomberg News reports that Carson Block, founder of Muddy Waters
LLC, said he's looking at "a number of suspicious" Chinese
companies that may have accounting irregularities after research
by the short seller on Sino-Forest Corp. prompted the stock's
largest drop in 17 years.

"Even good companies, in order to compete for capital, I think a
lot of companies cut corners on their financials," Mr. Block said
in a Bloomberg Television interview from Hong Kong on Friday.
"We've got a number of companies that were suspicious and we're
looking at them."  Bloomberg relates that Mr. Block said he
doesn't have a timeframe for when he might issue a report on
another company.

Five companies traded in North America that have been targeted by
Mr. Block since June 2010, including Sino-Forest, have lost almost
$5 billion in market value after he questioned their accounting,
according to data compiled by Bloomberg.   A sixth, Spreadtrum
Communications Inc., has gained 22% since Muddy Waters published a
letter dated June 28 to management asking about inventory and
deferred costs on its balance sheet.

"If Spreadtrum has fantastic answers and everything is the way it
should be and we misinterpreted these points as red flags, then
the company's transparency has improved and the stock is going to
go up," Mr. Block said in a separate Bloomberg Television
interview on June 30.  He said on June 28 that he's shorting the
stock and stands to profit if the price declines.

Short-selling involves the sale of borrowed stock to profit from a
subsequent decline.  Mr. Block told Bloomberg in an interview
Friday that he still has short positions in three of the companies
for which he has published reports.

Bloomberg says Spreadtrum, the Shanghai-based chip designer
questioned last week by Muddy Waters about its accounting, said
June 29 that Mr. Block's letter to Chief Executive Officer Leo Li
highlighting accounting concerns is groundless.  Spreadtrum
plunged as much as 34% on June 28, the day Mr. Block released the
letter to management, before narrowing the loss to 3.5% at the end
of trading, according to Bloomberg.


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


ANGOSTURA ASIA: Members' Final Meeting Set for August 1
-------------------------------------------------------
Members of Angostura Asia Pacific Limited will hold their final
general meeting on Aug. 1, 2011, at 12:00 p.m., at Suite 1703,
17/F., No. 88 Chung-Hsiao E. Rd., Sec. 2, Taipei, Taiwan, R.O.C.

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


BEACON HILL: Creditors' Proofs of Debt Due August 10
----------------------------------------------------
Creditors of Beacon Hill Investment International Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 10, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         Lo Yau Leung
         Room 502, Finance Building
         No. 256 Des Voeux Road
         Central, Hong Kong


C & Y BUSINESS: Creditors' Proofs of Debt Due July 15
-----------------------------------------------------
Creditors of C & Y Business Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 15, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 20, 2011.

The company's liquidator is:

         Wong Tat Chi
         22K, Goldfield Industrial Building
         144-150 Tai Lin Pai Road
         Kwai Chung, New Territories
         Hong Kong


CHAIRMEN LIMITED: Members' Final Meeting Set for August 1
---------------------------------------------------------
Members of Chairmen Limited will hold their final meeting on
Aug. 1, 2011, at 11:30 a.m., at 3806 Central Plaza, 18 Harbour
Road, Wanchai, in Hong Kong.

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


CHINA ENTERPRISE: Members' Final Meeting Set for August 1
---------------------------------------------------------
Members of China Enterprise Communications (Hong Kong) Corporation
Limited will hold their final general meeting on Aug. 1, 2011, at
10:00 a.m., at 25/F, CITIC Telecom Tower, 93 Kwai Fuk Road, Kwai
Chung, in New Territories.

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


CI INVESTMENT: Members' Final Meeting Set for August 1
------------------------------------------------------
Members of CI Investment Limited will hold their final meeting on
Aug. 1, 2011, at 10:30 a.m., at 19th Floor, Cheung Kong Center, 2
Queen's Road Central, in Hong Kong.

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


CLEAN SYSTEMS: Creditors' Proofs of Debt Due August 10
------------------------------------------------------
Creditors of Clean Systems Korea Inc. Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         Lo Yau Leung
         Room 502, Finance Building
         No. 256 Des Voeux Road
         Central, Hong Kong


ENVIROPACE LIMITED: Members' Final General Meeting Set for Aug. 1
-----------------------------------------------------------------
Members of Enviropace Limited will hold their final general
meeting on Aug. 1, 2011, at 11:30 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

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


FINE PROFIT: Members' Final General Meeting Set for July 30
-----------------------------------------------------------
Members of Fine Profit Asia Limited will hold their final general
meeting on July 30, 2011, at 10:00 a.m., at Room 1001-1003, 10/F,
Manulife Provident Funds Place, 345 Nathan Road, in Kowloon.

At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GRANDE HOLDINGS: Seeks Court Protection from U.S. Creditors
-----------------------------------------------------------
Hong Kong-based The Grande Holdings Limited, owner of global
consumer electronic brands as Nakamichi, Akai and Sansui, is
seeking court protection from its U.S. creditors.

Fok Hei Yu and Roderick John Sutton, provisional liquidators of
Grande Holdings, filed with the U.S. Bankruptcy Court for the
Southern District of New York (Chapter 15 Case No. 11-13119) a
petition for entry of an order recognizing the liquidation of
Grande in the High Court of Hong Kong as a foreign main proceeding
pursuant to Section 1517(b)(1) of the U.S. Bankruptcy Code.

The liquidators also ask the U.S. bankruptcy court to stay or
prohibit in the U.S. the commencement or continuation of any
action or proceeding concerning the assets, rights, obligations or
liabilities of Grande.

Grande is an investment holding company, holding shares and equity
interests in various groups of companies.  The principal
activities of Grande's subsidiaries consist of distribution of
household appliances and consumer electronic products and
licensing of trademarks.

Grande and its subsidiary companies own three global brands --
Nakamichi, Akai and Sansui -- which are distributed through a
global network spanning Asia, Africa, Europe, Oceania, the Middle
East and the Americas.  Grande also indirectly owns 56% of the
equity shares of Emerson Radio Corp., a national brand of consumer
electronics and electrical appliances in the U.S.

According to a court filing, on May 27, 2011, Sino Bright
Enterprises Co. Ltd. sent a demand letter to Grande with regard to
an outstanding loan balance.  The demand letter put Grande on
notice that it was required to pay the entire balance of the loan
within 21 days, which amounted to US$238,978,462 (converted from
HK$1,859,754,567 on May 31, 2011).  On the same day, Grande
responded in affirmation of the demand, stating that it agreed
that the entire balance was due; but that because of their current
liquidity, they would be unable to pay the obligation.  Sino
Bright then presented a petition to the Hong Kong Court requesting
the immediate wind-up of Grande and the appointment of provisional
liquidators.  On May 31, 2011, the Hong Kong Court appointed Fok
Hei Yu and Roderick John Sutton as provisional liquidators of
Grande.

Grande was also named as a defendant in an alter-ego lawsuit
brought by shareholders of MTC Electronics to enforce the judgment
obtained in a previously decided shareholder suit against MTC,
which at the time was owned by Grande.  The case, which was
brought in the Superior Court for the state of California, the
County of Los Angeles, Case No. BC-363764, resulted in a statement
of decision holding that Grande was liable under an alter ego
theory in the amount of $37,562,122.

O'Melveny & Myers LLP serves as counsel to the Chapter 15
petitioners.


GRANDE HOLDINGS: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Petitioner: Fok Hei Yu

Chapter 15 Debtor: The Grande Holdings Limited
                   12th Floor, The Grande Building
                   398-402 Kwun Tong Road
                   Kowloon
                   Hong Kong

Chapter 15 Case No.: 11-13119

Type of Business: The Debtor is a Hong Kong-based company that
                  manufactures electronic products.

Chapter 15 Petition Date: June 28, 2011

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Debtor's Counsel: Gerald C. Bender, Esq.
                  O'MELVENY & MYERS LLP
                  Times Square Tower
                  7 Times Square
                  New York, NY 10036
                  Tel: (212) 326-2000
                  Fax: (212) 326-2061
                  E-mail: gbender@omm.com

Estimated Assets: $100,000,001 to $500,000,000

Estimated Debts: $100,000,001 to $500,000,000

The Company did not file a list of creditors together with its
petition.


K-POWER EDUCATION: Chan Fu Tung Steps Down as Liquidator
--------------------------------------------------------
Chan Fu Tung stepped down as liquidator of K-Power Education and
Training Consulting Limited on June 14, 2011.


LEGEND INVESTMENT: Creditors' Proofs of Debt Due August 10
----------------------------------------------------------
Creditors of Legend Investment International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         Lo Yau Leung
         Room 502, Finance Building
         No. 256 Des Voeux Road
         Central, Hong Kong


LOGOS LEADERSHIP: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on June 24, 2011,
creditors of Logos Leadership Development International Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Luk Lai Yee
         Room 1307-8 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


SG ASSET: Creditors' Proofs of Debt Due July 14
-----------------------------------------------
Creditors of SG Asset Management (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Patrick Cowley
         Paul Edward Mitchell
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


SUNPOWER CORPORATION: Creditors' Proofs of Debt Due July 30
-----------------------------------------------------------
Creditors of Sunpower Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lam Chin Chiu
         Room 1501, 15th Floor
         Shanghai Industrial Investment Building
         48-62 Hennessy Road
         Wanchai, Hong Kong


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AIR INDIA: Urges Government to Pay VVIP, Evacuation Flights Dues
----------------------------------------------------------------
The Hindu reports that Air India Ltd has urged the Indian
government to soon clear some of its dues on account of VVIP and
evacuation flights to enable it to disburse salaries to its staff
this month.

While the Indian government has already paid INR250 crore to the
ailing national carrier for carrying out VVIP duties and flights
to evacuate Indians from Libya and Yemen, officials said another
INR173 crore was expected soon, according to The Hindu.

Officials said some banks have also been approached to help Air
India to face the "real cash crunch" and pay the staff salaries,
the report relays.

The Hindu notes that the Indian government has made it clear that
it attached "utmost importance to the credible revival of Air
India," with Prime Minister Manmohan Singh saying he would ask
Finance Minister Pranab Mukherjee to take "expeditious decisions"
to revamp the ailing carrier.

It is expected that the Indian government would take a decision to
infuse the third tranche of equity of INR1,200 crore soon, The
Hindu says.  So far it has injected INR1,200 crore and INR800
crore in two tranches in 2009 to 2010, raising the airline's
equity base to INR2,145 crore.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AS STEEL TRADERS: Fitch Assigns 'BB-(ind)' National LT Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's A.S. Steel Traders (VSP)
Private Limited a National Long-Term rating of 'BB-(ind)'.  The
Outlook is Stable. The agency has also assigned A.S. Steel's
INR300m fund-based working capital limit a 'BB-(ind)' rating.

The rating reflects A.S. Steel's moderate net financial leverage
(adjusted net debt /EBITDA) of 4.0x with no capex plans for the
next two to three years. The company's business position is weak
as reflected in its low EBITDA margins of below 2% over the last
five years. The ratings are constrained by A.S. Steel's lack of
definitive agreement and/ or MOU with any of its suppliers for
procurement of commodities.

The rating may be revised upwards if the company's adjusted net
debt/EBITDA is sustained at below 3.5x. While a sustained increase
in adjusted net debt/EBITDA to above 4.5x and/or a sustained
deterioration in its interest cover to below 1.5x could result in
a negative rating action.

As per the unaudited provisional FY11 figures, A.S. Steel's
revenues were INR3,013 million (FY10: INR2,593 million), EBITDA
was INR59.8m (FY10: INR39.5 million), gross debt/ EBITDA was 6.4x
(FY10: 5.0x), adjusted net debt/EBITDA was 4.0x (FY10: 4.8x), and
its interest cover was 2.4x (FY10: 1.9x).

Established in 2003, A. S. Steel is a Visakhapatnam-based steel
trading company.  It trades mainly in billets, rounds and TMT
rebars sourced from Rashtriya Ispat Nigam Limited
('AA(ind)'/Stable), Bhushan Steel ('Anm(ind)') and Steel Exchange
India Limited.  A.S. Steel's customers are manufacturers of long
and flat steel products, primarily based in Andhra Pradesh.


CABLE CORP: ICRA Reaffirms '[ICRA]B+' Rating on INR179.5MM Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' and short-
term rating of '[ICRA]A4' assigned to the term loans, fund based
and non-fund based facilities of Cable Corporation of India
Limited aggregating to INR179.50 crore (reduced from INR183.85
crore).

The reaffirmation of ratings takes into account the high working
capital intensity in the business and stretched liquidity position
of the company that has resulted in irregularities in the
utilization of its cash credit facilities and devolvement of LCs.
The ratings also remain constrained by the intense competition
present in the LT & HT cable segments that has impacted the
profitability of the company in the past periods, exposure of
profitability to movement in raw material prices and low capacity
utilization levels. The ratings however favorably factor in the
successful commissioning of EHV (Extra High Voltage) cable unit in
December 2009 and the higher contribution of EHV cables in the
overall sales mix of the company for FY 2011 leading to
improvement in company's revenues and profitability for the
fiscal. The company has also commenced sale of residential plots
from its land at Borivali (Maharashtra) that would provide an
additional revenue stream and support the net profitability,
though the contribution of residential business would remain
exposed to the movement in real estate prices. ICRA also favorably
notes the conversion of Optionally Convertible Redeemable
Preference Shares amounting to INR 14.59 crore into equity in
January 2011 that has strengthened the networth of the company.

                      About Cable Corporation

Cable Corporation of India Limited was incorporated on Nov. 1,
1957. It began commercial production of electrical cables and
wires in February 1960 at its factory in Borivali, Mumbai. The
company had been initially promoted by two industrial houses,
Khataus and Thackerseys, and two foreign companies, Siemens AG
(Germany) and Guilleaumne AG (Germany). The company acquired the
technological collaboration from Siemens AG and was amongst the
first players to manufacture PVC insulated cables in India. The
company currently manufactures LT cables (up to 3.3 KV), HT cables
(11 KV to 33 KV) and EHV cables (66 KV to 230 KV) through
manufacturing facilities located at Nashik. The company has also
entered into a Joint Development Agreement (JDA) with CCI Projects
Pvt Ltd (CPPL), in which CCIL has about 15% equity stake, to
develop a residential complex on its existing land at Borivali
(Maharashtra). The project comprises of about 25 lakh sq ft
residential area and 10 lakh sq ft commercial area of which CCIL
will have stake in the revenues pertaining to 15 lakh sq ft
residential area.

During FY 2011, the company reported Profit after Tax (PAT) of
INR15.73 crore on an operating income of INR194.04 crore.


DIVYA JYOTI: ICRA Assigns '[ICRA]B' Rating to INR20.29cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR20.29 crore term
loan, INR18.60 crore fund based and INR2.11 crore non fund based
bank facilities of Divya Jyoti Sponge Iron Private Limited.  The
non fund based facilities are interchangeable between long term
and short term, for which ICRA has assigned an '[ICRA]A4' rating.

The rating is constrained by the recent delays by DSPL in payment
of interest and principal for the company's term loans, the low
capacity utilization of the sponge iron manufacturing units,
although DSPL has been engaged in the business for over six years,
the consistent increase in gearing in the last three years and the
delay in commencement of commercial production of steel through
induction furnace in the Steel Melting Shop that DSPL has been
commissioning.  ICRA notes that the delay is caused by the failure
of the company to secure power supply, which is one of the key
requirements for running an SMS unit. The rating also reflects the
strong growth in DSPL's operating income in 2010-11 which has been
achieved through commissioning and successful operation of the
second sponge iron manufacturing unit. The forward integration of
DSPL's operations into steel manufacturing through the SMS unit is
expected to improve the overall operating profile of the company
following the commissioning of the steel project.

                         About Divya Jyoti

Divya Jyoti Sponge Iron Private Limited, incorporated in the year
2004, is engaged in manufacturing sponge iron through the Direct
Reduced Iron (DRI) route. The company manufactures sponge iron
through two DRI kilns of total annual capacity of 60,000 M.T. The
production facility is located at Mejhia in the Bankura district
of West Bengal. DSPL has also set up a Steel Melting Shop (SMS) of
74,000 M.T annual capacity for the manufacture of steel billets.

Recent Results

As per the provisional results, DSPL registered a profit after tax
of INR1.70 crore on the back of net sales of INR94.48 crore in
2010-11. In 2009 -10, the company registered a profit after tax of
INR0.33 crore on the back of net sales of INR44.02 crore.


EAST WEST: ICRA Assigns '[ICRA]BB+' Rating to INR19.8cr LT Loan
---------------------------------------------------------------
An '[ICRA]BB+' rating has been assigned to the INR19.80 crore,
long-term, fund-based bank facilities of East West Freight
Carriers Limited.  A short term rating of '[ICRA]A4+' rating has
been assigned to the INR010 crore short term non-fund based bank
facilities of EWFCL.  The outlook on long term rating is stable.

The rating takes into consideration the long standing experience
of the promoters in the freight forwarding industry which supports
the company in establishing strong relations with the leading
airline companies. While these relations aid the company in
procuring favorable freight rates for its existing customers, the
company also benefits from access to a larger customer base
through providing competitive rates to other smaller freight
forwarding agents, thereby diversifying its customer base. The
IATA (International Air Transport Association) registration
further enhances the company's client list, by enabling access to
the customers of its subsidiary, and other sub agents requiring
IATA license. However, a large portion of EWFCL's customer base is
marked with freight forwarding agents, compelling the company to
provide a reduction in the freight commission margins owing to the
unorganized nature of the industry. The company also undertakes
multi modal transport service, in turning permitting an end to end
service for its client, which is likely to support the revenue
growth in the future. The financial profile of the company as on
FY2011 is comfortably marked with a moderate capital structure and
a debt profile comprising of primarily of working capital loans.
Although there have been regular equity infusions in the past, the
working capital requirement of the company is likely to increase
corresponding to the increase in the revenues. The ratings are
however constrained by, the high receivable days arising due to
the necessity to provide a high credit period to the company's
clients in order to retain them. The stretched receivables
position leads the company to obtain higher working capital to
meet its operational obligations.  Also, the write down of
receivables could impact profitability in the future. The ratings
are also constrained by the exposure of the company's operations
to the movements in the international trade, although the
improvements in the global export scenario will boost EWFCL's
overall revenues.

                        About East West

East West Freight Carriers Limited was incepted in 1976 by its
promoter, Mr. Mohammed Shafi and was later incorporated as a
private limited company in 1979. EWFCL is a non-asset based
logistics company that provides air and ocean freight forwarding,
contract logistics, customs clearances and other supply chain
management services from its branches located across the country.
The company functions primarily as a third party logistics
provider for air and ocean freight and also carries a MTO
(Multimodal Transport Operator) license for functioning as a
NVOCC (Non Vessel Operating Common Carrier) agent. The company
provides mainly door to door, airport-door, door-airport and
airport-airport service. EWFCL is affiliated with the relevant
industrial bodies such as IATA, CHA etc to aid in its operations.

Recent Results

For the twelve months period ending March 31, 2011, EWFCL reported
a provisional profit after tax (PAT) of INR 1.7 crore on revenues
of INR 152.9 crore as against a PAT of INR 0.9 crore on revenues
of INR 98.8 crore for the twelve months ending March 31, 2010.


GEEKAY INFRASTRUCTURES: ICRA Rates INR12cr Term Loans at 'LB+'
--------------------------------------------------------------
ICRA has assigned a 'LB+' rating to the INR12.0 crore term loans
of Geekay Infrastructures.

The rating reflects the nascent stage of operations of the school,
the significant competition in the premium primary/secondary
education segment from well established residential schools across
India, and the uncertainty in demand prospects for the school from
the local population given the premium fee structure.  The rating
also takes into consideration the stretched break even period and
weak debt protection indicators for the project resulting from
limited accruals expected in the initial years of operations. The
rating, however, takes comfort from the presence of requisite
approvals for the school operations, the strong advisory board for
the school consisting of experienced members from top residential
schools in India, and healthy student enrolments in the first two
batches.  ICRA also notes that the diverse infrastructure
facilities planned are likely to boost the reputation of the
school in the long run and aid in attracting students in the
future.

For arriving at the ratings, ICRA has considered the consolidated
operational and financial profile of Geekay Infrastructures and
Geekay Education Trust.

                   About Geekay Infrastructures

Geekay Infrastructures was established in 2010 for providing civil
engineering construction services and infrastructure to the Geekay
group.  The Geekay group is promoted by Mr. R Gandhi and his
family and has interests in leather processing, blue metal mining,
hospitality and telecommunications (local systems operator). The
firm is currently involved in development of a 16 Acre owned plot
in Amoor, Ranipet towards establishment of a residential school.
The same has been leased to a group entity - M/s Geekay Education
Trust, which shall manage and operate the school. The school,
called Edify School Ranipet, is a franchisee of the Edify brand
owned by the DRS group (which operates another international
school in Hyderabad named DRS International School).  The Edify
School Ranipet proposes to have a peak capacity of 1640 day
scholars and 504 residential students from Kindergarten to K-12
grades. The school commenced its operations from 2010-11 onwards
with the enrolment of 128 students in the first academic year.


HANS INDUSTRIES: ICRA Raises Rating on INR20cr Loan to 'BB+'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR20.00
crore fund-based (cash credit) bank limits of Hans Industries
Private Limited to '[ICRA]BB+' from 'LBB'.  The outlook on the
long-term rating is 'stable'.  ICRA has also revised the short-
term rating assigned to the INR5.00 crore non-fund-based bank
limits (Letters of Credit) to '[ICRA]A4+' from 'A4'.  The non-fund
based limit of INR5.00 crore is a sub-limit of the INR20 crore
fund-based limit.

The revision in the ratings take into account the significant
improvement in the capital structure of HIPL in 2010-11;
vertically integrated nature of operations of HIPL involving
production of mild steel (MS) ingot, which is internally used for
steel rolling; and the group's presence in the ship breaking
business, which ensures ready availability of scrap. The ratings
are, however, constrained by HIPL's relatively small scale of
operations; highly working capital intensive nature of the
business, which has an adverse impact on its liquidity position;
exposure of HIPL to the cyclicality inherent in the steel
business, which results in volatility of margins and cash flows.
ICRA notes that HIPL is commissioning an induction furnace and a
concast unit, which is proposed to be funded entirely by equity
and internal accruals. ICRA therefore expects HIPL's gearing to
remain at conservative levels. HIPL manufactures MS ingots, beams,
channels and angels at its plant located at Ghanghali, Gujarat.
Over 90% of the MS ingots required by the steel rolling mill of
the company is produced in its own induction furnace, which
indicates that the company benefits from its integrated
operations. ICRA notes that the induction furnace and rolling mill
became fully operational in 2008-09; and that their average
capacity utilization levels increased significantly to 87% and 81%
respectively, in 2009-10 from 27% and 59% respectively, in
2008-09. Additionally, HIPL is commissioning an induction furnace
and a concast unit for augmenting its capacities. The operating
income of HIPL increased significantly to INR 84.15 crore in 2009-
10 from INR 53.90 crore in 2008-09 on account of increased
production levels of induction furnace and rolling mill.

Additionally, HIPL reported a net profit of INR 3.79 crore in
2009-10 as compared to a net loss of INR 2.51 crore in 2008-09 on
account of a sharp decline in the prices of steel scrap purchased
for the induction furnace and 81% utilization of the rolling mill.
The gearing of the company stood at 1.01 times as on 31 March 2010
as compared to 0.94 times as on March 31, 2009. The marginal
increase in the gearing levels was on account of higher
utilization of working capital limits in 2009-10.  Additionally,
the improvement in the profitability of the company's business
kept coverage indicators at comfortable levels in 2009-10.


JET GRANITO: ICRA Places '[ICRA]BB' Rating on INR15cr Term Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR15 crore term
loans and INR25.21 crore fund-based limits of Jet Granito Private
Limited.  ICRA has also assigned '[ICRA]A4' rating to the INR4.65
crore non fund based limits of JGPL.  The outlook on the long-term
rating is 'stable'.

The ratings are constrained by JGPL's relatively modest size of
operations compared to organized pan India players, highly
competitive nature of the ceramic tile industry and relatively
lower visibility of its brand compared to other large organized
players. The ratings also take into account the vulnerability of
JGPL's profitability to increasing gas and power costs as well as
the cyclicality associated with the real estate industry. However,
the ratings favorably consider the growing plant utilization
levels of JGPL; extensive experience of the promoters in ceramic
industry, product portfolio consisting of large sized vitrified
tiles enabling higher realizations, stable demand for vitrified
tiles in the domestic market and long term supply contracts with
larger ceramic industry players covering majority of its sales
volumes.

                        About Jet Granito

Jet Granito Pvt. Limited is a vitrified tile manufacturer with its
plant situated at Morbi, Gujarat. The manufacturing setup was
established during 2006-08, while the company commenced its
operations in 2008. JGPL is promoted by Mr. Jerambhai G.
Vansaliya, Mr. Ramnikbhai Muljibhai Savsani and Mr. Vipulbhai B.
Ghodasara. The plant has an installed capacity of 82500 MTPA which
translates into -2,40,000 boxes per month. JGPL currently
manufactures single sized vitrified tiles of size 600 mm X 600 mm
(24"x 24") with the current set of machineries at its production
facilities.

As per the provisional results for FY 2010-11, JGPL reported a
profit after tax (PAT) of INR 2.21 crore on an operating income of
INR 70.71 crore.


KADER EXPORTS: ICRA Assigns '[ICRA]BB' Rating to INR11cr Bank Loan
------------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR11.00 crore fund-
based facilities of Kader Exports Private Limited.  ICRA has also
assigned '[ICRA]A4' rating to the INR16.00 crore fund based
facilities and INR 1.75 crore non-fund based facilities of KEPL.
The outlook on the [ICRA]BB rating is stable.

The ratings reflect the established presence of the group in
seafood business, operating since 1982, and the medium scale of
the group's operations in the highly fragmented seafood industry
which entails benefits of scale economics to an extent. The
ratings also reflect the group's thin profitability, on the back
of relatively low capacity utilization and limited pricing
flexibility arising from high competition, highly geared capital
structure and stretched coverage indicators. While the group's
long standing relationship with key clients (spanning 15-20 years)
is expected to drive business, the slow pace of economic recovery
in the group's major markets of the United States (US), Europe and
Japan is likely to restrict revenue / margin growth over the
medium term. The seafood industry remains vulnerable to the risk
of variations in raw material availability owing to change in
climatic conditions, which may adversely impact the revenue
growth. Margins in the business also remain vulnerable to any
sharp fluctuations in foreign exchange rates. Further, high
inventory period arising from the seasonal crop production and
advances to suppliers results in high working capital intensity,
thereby necessitating higher working capital borrowings. ICRA has
considered the consolidated business / financial performance of
the six entities (mentioned below) engaged in export of seafood in
the Liberty Oil Mills Group for the purpose of ratings, in view of
the common management and close operational linkages between these
entities. The aforementioned entities are Devi Marine Food Exports
Private Limited, Universal Cold Storage Private Limited, Liberty
Frozen Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products.

                        About Kader Exports

Kader Exports Private Limited is primarily engaged in the
processing and export of seafood (largely shrimps). The Company's
seafood processing plant is located in Bhimawaram (Andhra
Pradesh).  The Company forms part of the Kader Group, which is
mainly engaged in the manufacturing and marketing cooking oils and
vanaspati through its flagship company, Liberty Oil Mills Limited.
The group entered into the seafood business in 1982 and presently
has five seafood processing plants at Bhimavaran / Vishakapatnam
(in Andhra Pradesh) and at Mandapam / Turicorin (in Tamil Nadu).
The group exports seafood largely to the US, Europe and Japan
(with exports to the US and Europe contributing about 40% each to
revenues and Japan contributing the rest). The group deals with a
variety of marine products ranging from specially aqua-cultured,
freshwater and sea caught shrimps (Black Tiger, Brown tiger, White
and Flower Shrimps) and various other seafood under brand names
Unistar, Anchor, Petals, Pyramid, Libco, Meizen, Vital & Premier.


KADER INVESTMENT: ICRA Puts '[ICRA]BB' Rating on INR10.2cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR10.20 crore fund
based facilities of Kader Investment & Trading Company Private
Limited.  The outlook on the [ICRA]BB rating is stable.  ICRA has
also assigned '[ICRA]A4' rating to the INR3.00 crore fund based
facilities of KITCPL.

The ratings reflect the established presence of the group in
seafood business, operating since 1982, and the medium scale of
the group's operations in the highly fragmented seafood industry
which entails benefits of scale economics to an extent. The
ratings also reflect the group's thin profitability, on the back
of relatively low capacity utilization and limited pricing
flexibility arising from high competition, highly geared capital
structure and stretched coverage indicators. While the group's long
standing relationship with key clients (spanning 15-20 years) is
expected to drive business, the slow pace of economic recovery in
the group's major markets of the United States (US), Europe and
Japan is likely to restrict revenue / margin growth over the
medium term.  The seafood industry remains vulnerable to the risk
of variations in raw material availability owing to change in
climatic conditions, which may adversely impact the revenue
growth. Margins in the business also remain vulnerable to any
sharp fluctuations in foreign exchange rates. Further, high
inventory period arising from the seasonal crop production and
advances to suppliers results in high working capital intensity,
thereby necessitating higher working capital borrowings. ICRA has
considered the consolidated business / financial performance of
the six entities (mentioned below) engaged in export of seafood in
the Liberty Oil Mills Group for the purpose of ratings, in view of
the common management and close operational linkages between these
entities. The aforementioned entities are Devi Marine Food Exports
Private Limited, Universal Cold Storage Private Limited, Liberty
Frozen Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products.

                      About Kader Investment

Kader Investment is primarily engaged in the processing and export
of seafood (largely shrimps). The Company's seafood processing
plant is located in Tuticorin (Tamil Nadu).  The Company forms
part of the Kader Group, which is mainly engaged in the
manufacturing and marketing cooking oils and vanaspati through its
flagship company, Liberty Oil Mills Limited.  The group entered
into the seafood business in 1982 and presently has five seafood
processing plants at Bhimavaran/Vishakapatnam (in Andhra Pradesh)
and at Mandapam / Turicorin (in Tamil Nadu).  The group exports
seafood largely to the US, Europe and Japan (with exports to the
US and Europe contributing about 40% each to revenues and Japan
contributing the rest). The group deals with a variety of marine
products ranging from specially aqua-cultured, freshwater and sea
caught shrimps (Black Tiger, Brown tiger, White and Flower
Shrimps) and various other seafood under brand names Unistar,
Anchor, Petals, Pyramid, Libco, Meizen, Vital & Premier.

Recent results

The Company reported net profit of INR0.05 crores on operating
income of INR 9.05 crores in 2009-10.


LIBERTY FROZEN: ICRA Assigns '[ICRA]BB' Rating to INR6.7cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR6.70 crore fund
based facilities of Liberty Frozen Foods Private Limited.  ICRA
has also assigned '[ICRA]A4' rating to the INR6.00 crore fund
based facilities and INR 0.50 crore non-fund based facilities of
LFFPL.  The outlook on the [ICRA]BB rating is stable.

The ratings reflect the established presence of the group in
seafood business, operating since 1982, and the medium scale of
the group's operations in the highly fragmented seafood industry
which entails benefits of scale economics to an extent. The
ratings also reflect the group's thin profitability, on the back
of relatively low capacity utilization and limited pricing
flexibility arising from high competition, highly geared capital
structure and stretched coverage indicators.  While the group's
long standing relationship with key clients (spanning 15-20 years)
is expected to drive business, the slow pace of economic recovery
in the group's major markets of the United States (US), Europe and
Japan is likely to restrict revenue / margin growth over the
medium term. The seafood industry remains vulnerable to the risk
of variations in raw material availability owing to change in
climatic conditions, which may adversely impact the revenue
growth. Margins in the business also remain vulnerable to any
sharp fluctuations in foreign exchange rates. Further, high
inventory period arising from the seasonal crop production and
advances to suppliers results in high working capital intensity,
thereby necessitating higher working capital borrowings. ICRA has
considered the consolidated business / financial performance of
the six entities (mentioned below) engaged in export of seafood in
the Liberty Oil Mills Group for the purpose of ratings, in view of
the common management and close operational linkages between these
entities. The aforementioned entities are Devi Marine Food Exports
Private Limited, Universal Cold Storage Private Limited, Liberty
Frozen Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products.

                         About Liberty Frozen

Liberty Frozen Foods Private Limited is primarily engaged in the
processing and export of seafood (largely shrimps).  The Company's
seafood processing plant is located in Vizag (Andhra Pradesh). The
Company forms part of the Kader Group, which is mainly engaged in
the manufacturing and marketing cooking oils and vanaspati through
its flagship company, Liberty Oil Mills Limited.  The group
entered into the seafood business in 1982 and presently has five
seafood processing plants at Bhimavaran / Vishakapatnam (in Andhra
Pradesh) and at Mandapam/Turicorin (in Tamil Nadu). The group
exports seafood largely to the US, Europe and Japan (with exports
to the US and Europe contributing about 40% each to revenues and
Japan contributing the rest). The group deals with a variety of
marine products ranging from specially aqua-cultured, freshwater
and sea caught shrimps (Black Tiger, Brown tiger, White and Flower
Shrimps) and various other seafood under brand names Unistar,
Anchor, Petals, Pyramid, Libco, Meizen, Vital & Premier.

Recent results

The Company reported net profit of INR0.07 crores on operating
income of INR 16.36 crores in 2009-10.


KHODASHI POWER: ICRA Assigns 'LBB-' Rating to INR20cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-' to the INR20 crore
fund based bank facilities of Khodashi Power Private Limited.  The
outlook for long-term rating is Stable.

The rating assigned by ICRA reflects the execution risks that are
typical of green-field projects and implementation risks arising
out of factors like risks of geological surprises, which are
inherent in Hydro power projects. Probable interruptions due to
monsoon and initial stages of implementation further intensify
these concerns. Since the company is not protected against the
hydrological risks, due to absence of deemed generation clause
(typical for mini-hydel plants); low water availability can
adversely impact the generation, revenues and profits. Further,
the water availability for the project in turn is dependent upon
the level of releases from an upstream dam as well as the
prevalent monsoon conditions at that time.

The rating however derives comfort from the achievement of the
financial closure of the project and almost 90% equity infusion
from the promoter group. The rating also derives comfort from the
experienced project execution team constituted by the company to
increase the pace of project execution. The rating favorably
factors the firm off take arrangement with Maharashtra State
Electricity Distribution Co Ltd for tenure of 35 years at a
competitive fixed price of 4.26/KWH which coupled with supply-
demand gap in the state of Maharashtra is expected to ensure off
take in medium to long term.

ICRA also notes that the project is eligible for capital subsidy
from Ministry of Non-conventional Energy Sources (MNES), which if
received on timely basis will improve the project viability and
return indicators. The rating also factors in the low permitting
risk as all necessary approvals for project execution are in
place. While the company has awarded all the major contracts,
given the initial stages of physical progress of the project, and
proposed commissioning schedule in January 2012, ability of the
company to expedite the pace of execution is crucial for timely
completion of the project.

Going forward, ICRA expects the ability of the company to ramp up
the pace of execution and complete the project with minimal cost
and time overruns, achieve the designed performance parameters and
availability of adequate water will be the key rating drivers.

                         About Khodashi Power

Khodashi Power Pvt Ltd is setting up a 4.90(2X2.45) MW hydro
electric power plant which is Located in Karad District of Pune.
It is being promoted by a group of individual promoters with
Mr. Yadava Thimmaiah being the Managing Director. The project
envisages generation of power through run of river Hydro electric
scheme.

The diversion is created on the river Krishna near Karad just
before it joins the Kyona tributary. The company is targeting to
commission the project by the end of January 2012.


PREMIER MARINE: ICRA Assigns '[ICRA]BB' Rating to INR12.88cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR12.88 crore fund
based facilities of M/s Premier Marine Products.  ICRA has also
assigned '[ICRA]A4' to the INR12.00 crore fund based facilities
and INR 6.12 crore non-fund based facilities of PMP.  The outlook
on the [ICRA]BB rating is stable.

The ratings reflect the established presence of the group in
seafood business, operating since 1982, and the medium scale of
the group's operations in the highly fragmented seafood industry
which entails benefits of scale economics to an extent. The
ratings also reflect the group's thin profitability, on the back
of relatively low capacity utilization and limited pricing
flexibility arising from high competition, highly geared capital
structure and stretched coverage indicators. While the group's long
standing relationship with key clients (spanning 15-20 years) is
expected to drive business, the slow pace of economic recovery in
the group's major markets of the United States (US), Europe and
Japan is likely to restrict revenue / margin growth over the
medium term. The seafood industry remains vulnerable to the risk
of variations in raw material availability owing to change in
climatic conditions, which may adversely impact the revenue
growth. Margins in the business also remain vulnerable to any
sharp fluctuations in foreign exchange rates. Further, high
inventory period arising from the seasonal crop production and
advances to suppliers results in high working capital intensity,
thereby necessitating higher working capital borrowings. ICRA has
considered the consolidated business/financial performance of the
six entities (mentioned below) engaged in export of seafood in the
Liberty Oil Mills Group for the purpose of ratings, in view of the
common management and close operational linkages between these
entities. The aforementioned entities are Devi Marine Food Exports
Private Limited, Universal Cold Storage Private Limited, Liberty
Frozen Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products.

                        About Premier Marine

The Firm is primarily engaged in the processing and export of
seafood (largely shrimps). The Firm's seafood processing plant is
located in Mandappam (Tamil Nadu). The Firm forms part of the
Kader Group, which is mainly engaged in the manufacturing and
marketing cooking oils and vanaspati through its flagship company,
Liberty Oil Mills Limited. The group entered into the seafood
business in 1982 and presently has five seafood processing plants
at Bhimavaran / Vishakapatnam (in Andhra Pradesh) and at Mandapam/
Turicorin (in Tamil Nadu). The group exports seafood largely to
the US, Europe and Japan (with exports to the US and Europe
contributing about 40% each to revenues and Japan contributing the
rest). The group deals with a variety of marine products ranging
from specially aqua-cultured, freshwater and sea caught shrimps
(Black Tiger, Brown tiger, White and Flower Shrimps) and various
other seafood under brand names Unistar, Anchor, Petals, Pyramid,
Libco, Meizen, Vital & Premier.

Recent results

The Firm has recorded net profit of INR0.08 crores on operating
income of INR 65.04 crores in 2009-10.


PRIMORDIAL SYSTEMS: ICRA Rates INR13.25cr Loan at '[ICRA]B-'
------------------------------------------------------------
ICRA has assigned '[ICRA]B-/[ICRA]A4' ratings to the INR 13.25
crore bank facilities of Primordial Systems Private Limited.

The ratings factor in favorably the academic partnership of the
institute with India Tourism Development Corporation Limited,
which is likely to help the institute in providing placements and
internship opportunities to its students. In ICRA's view, PSPL's
ability to increase the occupancy levels as well as improve its
financial risk profile would remain key rating sensitivities going
forward. The ratings are however constrained by the start up
nature of operations of the institute which has led to low
occupancy levels till now, resulting in losses for the company.
The losses have also resulted in erosion of net worth of the
company, consequently resulting in a weak financial risk profile.

                       About Primordial Systems

Primordial Systems Private Limited was setup initially as a
company that did outsourcing work for IT companies from US. In
2009, the company changed its main object clause from IT/ITES to
Education and started an institute for learning and advanced
development named INLEAD. The institute has entered into an
academic partnership with India Tourism Development Corporation
Limited, a Government of India undertaking to offer programs in
hospitality and allied services domain. The institute has also
entered into an academic partnership with Shri Ram College of
Commerce (SRCC) to enhance mutual learning, under which faculty of
SRCC are involved in taking guest lectures and developing
administration programs at INLEAD.

Recent Results

In 2010-11 (provisional financials), PSPL recorded an operating
income of INR5.4 crore. The company's operating profit before
depreciation, interest and tax stood at INR0.3 crore.  The company
recorded a loss of INR0.3 crore at net profit level.


STERLING SEZ: ICRA Cuts Rating on INR992cr Loans to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR 992
crore1 term loans of Sterling SEZ & Infrastructure Limited from
'LBB+' to '[ICRA]D'.  The rating revision takes into account
ongoing delays in servicing of interest on the term loan.  The
rating also takes into account the slow off-take in lease tie-ups
and significant market risk of the multi product SEZ park coupled
with uncertainty in demand due to imposition of Minimum Alternate
Tax (MAT) on units operating out of such SEZ parks. The term loan
is to be repaid over 11 years door-to-door including 54 months of
moratorium period.  While the Interest During Construction (IDC)
was funded as part of the project cost, at present interest is
being serviced though lease proceeds and contribution from the
promoters. A delay in tie-up of lease for the SEZ has led to a
stretched liquidity position and increased dependence on funding
support from the promoter group. The repayment of principal is
scheduled to commence from Q1 of 2012-13 in 28 equal quarterly
installments of INR35.4 crore each.

                            About Sterling SEZ

SSIL is part of Sterling Group promoted by Mr. Nitin Sandesara and
Mr. Chetan Sandesara.   The flagship company of Sterling Group -
Sterling Biotech Ltd is the largest share holder with 19.5% stake
followed by Blue-mark Mercantile Pvt. Ltd at 12.5% and other
Sterling Group entities.  SSIL is developing a Multi Product SEZ
in Bharuch district of Gujarat over 3120 acres of contiguous land
parcel.  While 64% of the total area is represented by the
processing zone, the balance 36% is to be developed as non-
processing zone. The estimated project cost of INR1781 cr is to be
funded by debt and equity (including lease premium) in the ratio
of 1.25:1.


TIMES FERRO: ICRA Assigns '[ICRA]B+' Rating to INR2.56cr Term Loan
------------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR2.56 crore term
loan and INR8.00 crore fund based bank facilities of Times Ferro
Alloys Limited.  ICRA has also assigned an '[ICRA]A4' rating to
the INR1.80 crore non-fund based bank facilities of TFAL.

The ratings take into account TFAL's current small scale of
operations, moderate capacity utilization levels and the
cyclicality inherent in the steel business, which makes margins
and cash flows vulnerable to fluctuations in material prices. The
limited extent of vertical integration in the company's operations
adversely impacts the cost of production, leading to weak
profitability.

The ratings also take into consideration TFAL's weak financial
profile as reflected by its low return on capital employed and
weak coverage indicators. TFAL, like other ferro alloy companies,
is exposed to volatility in the raw material and finished goods
prices. Moreover, a highly working capital intensive nature of
operations impacts the liquidity position of the company
adversely. The ratings are also constrained by the significant
size of its project relative to its current scale of operations.
The ratings, however, draw comfort from the positive demand
outlook of steel which is the key consuming sector of ferro
alloys, the proximity of TFAL's plant to raw material sources
leading to low inward freight cost and the company's flexibility
to change its product-mix as per market conditions.

Incorporated in 2004, TFAL is engaged in the production of ferro
alloys at its plant at Bankura, West Bengal. TFAL started its
commercial production on 1st October 2008. The current annual
capacity of TFAL is 8,500 MT.

Recent Results

The company has reported a profit before tax of INR 0.45 crore
(provisional) on an operating income of INR 28.29 crore
(provisional) during 2010-11 as compared to a net profit of
INR0.10 crore on an operating income of INR 26.86 crore during
2009-10.


UNIVERSAL COLD: ICRA Assigns '[ICRA]BB' Rating to INR13cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR13.00 crore fund
based facilities of Universal Cold Storage Private Limited.  The
outlook on the '[ICRA]BB' rating is stable.  ICRA has also
assigned [ICRA]A4 rating to the INR 19.50 crore fund based
facilities of UCSPL.

The ratings reflect the established presence of the group in
seafood business, operating since 1982, and the medium scale of
the group's operations in the highly fragmented seafood industry
which entails benefits of scale economics to an extent. The
ratings also reflect the group's thin profitability, on the back
of relatively low capacity utilization and limited pricing
flexibility arising from high competition, highly geared capital
structure and stretched coverage indicators. While the group's
long standing relationship with key clients (spanning 15-20 years)
is expected to drive business, the slow pace of economic recovery
in the group's major markets of the United States (US), Europe and
Japan is likely to restrict revenue/margin growth over the medium
term.  The seafood industry remains vulnerable to the risk of
variations in raw material availability owing to change in
climatic conditions, which may adversely impact the revenue
growth. Margins in the business also remain vulnerable to any
sharp fluctuations in foreign exchange rates. Further, high
inventory period arising from the seasonal crop production and
advances to suppliers results in high working capital intensity,
thereby necessitating higher working capital borrowings. ICRA has
considered the consolidated business / financial performance of
the six entities (mentioned below) engaged in export of seafood in
the Liberty Oil Mills Group for the purpose of ratings, in view of
the common management and close operational linkages between these
entities. The aforementioned entities are Devi Marine Food Exports
Private Limited, Universal Cold Storage Private Limited, Liberty
Frozen Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products.

                       About Universal Cold

Universal Cold Storage Private Limited is primarily engaged in the
processing and export of seafood (largely shrimps). The Company's
seafood processing plant is located in Bhimawaram (Andhra
Pradesh).  The Company forms part of the Kader Group, which is
mainly engaged in the manufacturing and marketing cooking oils and
vanaspati through its flagship company, Liberty Oil Mills Limited.
The group entered into the seafood business in 1982 and presently
has five seafood processing plants at Bhimavaran / Vishakapatnam
(in Andhra Pradesh) and at Mandapam / Turicorin (in Tamil Nadu),
The group exports seafood largely to the US, Europe and Japan
(with exports to the US and Europe contributing about 40% each to
revenues and Japan contributing the rest). The group deals with a
variety of marine products ranging from specially aqua-cultured,
freshwater and sea caught shrimps (Black Tiger, Brown tiger, White
and Flower Shrimps) and various other seafood under brand names
Unistar, Anchor, Petals, Pyramid, Libco, Meizen, Vital & Premier.

Recent results

The Company reported net profit of INR0.09 crores on operating
income of INR 34.79 crores in 2009-10.


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


TAKEFUJI CORP: Foreign Investors Seek to Liquidate Firm
--------------------------------------------------------
Michiyo Nakamoto at The Financial Times reports that foreign
investors in Takefuji Corp. were poised to file a proposal on
Friday to Japanese courts to liquidate the consumer moneylender in
a move that could derail plans by A&P Financial Co to rehabilitate
the failed company.

The FT says foreign bond investors, including Ireland-based
Burlington Loan Management and New York-based Marathon Special
Opportunities Fund, are unhappy with the way Takefuji's trustee
has handled the reorganization of the company.

The bondholders' group, which holds 70% of the $1 billion in
outstanding bonds, said the trustee has so far failed to fulfill
his duty to maximize the estate's assets to creditors and that the
reorganization has been lacking in transparency, according to the
FT.

The FT relates that the bondholders' group is calling for Takefuji
to be liquidated and for billions of dollars that the company
already paid out in taxes, dividends and other payments before its
bankruptcy, to be clawed back for distribution to the creditors.

The bondholders' group is also calling for Takefuji to pursue a
JPY30 billion claim against Merrill Lynch in a lawsuit filed over
a derivatives contract in 2008, the FT adds.

In April this year, Takefuji agreed to be acquired by South
Korea's A&P Financial Co.  The company had earlier decided to give
A&P preferential negotiating rights in becoming the sponsor for
its rehabilitation, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2011, citing the Mainichi Daily News.

Takefuji plans to compile and submit its debt-repayment plan by
July 15 to the Tokyo district court, according to Bloomberg News.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


TAKEFUJI CORP: 780 Borrowers Sue Over Failure to Refund Charges
---------------------------------------------------------------
The Mainichi Daily News reports that about 780 borrowers of
Takefuji Corp. sued its founding family Thursday for a combined
JPY1.76 billion in damages over the company's failure to refund
excessive interest charges illegally collected from them.

With additional nationwide suits planned ahead, Mainichi Daily
relates that a group of lawyers representing those borrowers said
they aim to eventually bolster the total number of plaintiffs to
10,000 and seek combined damages of JPY10 billion by encouraging
other borrowers to join the move.

According to Mainichi Daily, the initial suits were filed with the
eight district courts of Utsunomiya, Saitama, Tokyo, Niigata,
Nagoya, Hiroshima, Kochi and Kumamoto against the wife and sons of
the now-deceased founder Yasuo Takei.

Mainichi Daily, citing written complaint, discloses that the
damages being sought are equivalent to the total of the excessive
interest charges the lender collected.

Mainichi Daily reports that some 70 borrowers are expected to
follow by filing a JPY180 million lawsuit with the Shizuoka
District Court tomorrow, July 6.

In addition, Mainichi Daily notes, the group said 200 to 300 more
borrowers are now considering filing similar suits at nine
district courts and the Tachikawa branch of the Tokyo District
Court by September.

"We will press the founding family to take legal responsibility as
they have illegally collected high interest charges and raked in
enormous profits," the report quotes lawyer Satoshi Oikawa, chief
of the group, as saying.

Takefuji filed a bankruptcy petition with the Tokyo District Court
on Sept. 28, 2010, with debts of JPY433.6 billion.  Bloomberg has
said the company has become the biggest casualty of Japan's four-
year crackdown on coercive lending practices by consumer finance
companies.  The lender is seeking to restructure as borrower
claims of overpaid interest are estimated to exceed JPY1 trillion.

In April this year, Takefuji agreed to be acquired by South
Korea's A&P Financial Co.  The company had earlier decided to give
A&P preferential negotiating rights in becoming the sponsor for
its rehabilitation, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2011, citing the Mainichi Daily News.

Takefuji plans to compile and submit its debt-repayment plan by
July 15 to the Tokyo district court, according to Bloomberg News.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


TOKYO ELECTRIC: Edano Not Aware of TEPCO Breakup, Dow Jones Says
----------------------------------------------------------------
Toko Sekiguchi at Dow Jones Newswires reports that Japan's top
government spokesman said Monday that he is not aware of an
alleged series of secret meetings between government officials and
the chairman of Tokyo Electric Power Co. as reported in the local
media over the weekend.

"I'm not aware of any facts," Dow Jones quotes Chief Cabinet
Secretary Yukio Edano as saying, referring to a report in the
Mainichi Shimbun on Sunday that government officials and Tepco had
secretly discussed the breakup of the company and the
nationalization of its nuclear power business.

"In the current plan submitted to the Diet, the government will
indirectly obtain Tepco stocks, this means that the plan is a
partial and temporary nationalization," Mr. Edano said when asked
about the possible nationalization of Tepco, Dow Jones reports.

                           About TEPCO

Tokyo Electric Power Company (TEPCO) 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
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


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


AORANGI SECURITIES: Investors to Get Less Than Expected Payout
--------------------------------------------------------------
Radio New Zealand reports that the statutory manager controlling
the affairs of Allan Hubbard's Aorangi Securities said it expects
to repay investors some of their money, though it admits it will
be less than it anticipated.

Radio NZ relates that Grant Thornton, which issued its seventh
report to investors on July 1, expects to return eight cents in
the dollar to Aorangi investors who are owed NZ$96 million, though
that amount depends on repayment of a refinancing loan.

The statutory manager said the potential repayment is less than
expected because of difficulties in collecting loans and sorting
out the ownership of various farms, Radio NZ reports.

The statutory managers, Trevor Thornton and Richard Simpson, of
Grant Thornton, told Aorangi investors some time ago to expect a
further 10 cents in the dollar at the end of June, after receiving
3c last October, according to BusinessDay.

Grant Thornton expects to receive more than NZ$40 million from
farm sales by the end of September, Radio NZ adds.

                    About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated persons"
of those entities.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thornton, Richard Simpson
and Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.


PIKE RIVER: Buyers Assure Body Recovery Efforts as Part of Bid
--------------------------------------------------------------
The National Business Review reports that receivers of Pike River
Coal, where 29 miners were killed in a gas explosion in November,
said all potential buyers had given assurances in indicative bids
that body recovery would not be impeded by any sale.

According to the report, receiver Malcolm Hollis of
PriceWaterhouseCoopers said in a statement this undertaking would
be an important factor in evaluating bidders.

"The Receivers agree that nobody wants a sale of the mine to
impede the potential recovery of the miners' bodies," NBR quotes
Mr. Hollis as saying.  "Equally however, we are confident that the
paramount importance of mine stabilization and the safety of
potential recovery operations is recognized and that we must all
take this process one step at a time."

NBR relates that Mr. Hollis said he expected potential purchases
would want to reopen the mine and all reasonable steps, on a best
endeavours basis, were likely be taken to recovery bodies.

                          About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


PLUM DUFF: Godfrey Hirst Files High Court Appeal
------------------------------------------------
The Press reports that carpet manufacturer Godfrey Hirst NZ has
filed its High Court appeal against the Commerce Commission's
decision giving Cavalier Wool Holdings the go-ahead to acquire the
wool scouring assets of Wool Services International.

In its application, The Press notes, Cavalier Wool argued that
industry consolidation would make New Zealand more competitive
against Chinese rivals and keep Wool Services' assets Kiwi-owned.

As reported in the Troubled Company Reporter Asia-Pacific on
February 10, 2011, Radio New Zealand News said that Cavalier Wool
Holdings is trying to buy New Zealand Wool Services International.
Business Day said Wool Services International is on the market
after its main shareholder, Allan Hubbard's company Plum Duff, was
placed in receivership.  Maurice Noone and Malcolm Hollis of
PricewaterhouseCoopers were appointed joint receivers to Plum Duff
Limited and Woolpak Holdings Limited by the receivers of South
Canterbury Finance Limited.  The companies' principal assets
comprise of 63.8% interest shares in NZ Wool Services
International Limited.  Maurice Noone said, "WSI is not affected
by the appointment of receivers to the companies."

On June 10, the competition watchdog approved Cavalier Wool's
application, saying if the move went ahead it would lead to
"considerable cost savings" in the industry, The Press notes.

However, The Press says, Godfrey Hirst will argue the commission
was incorrect in ruling the acquisition would benefit the public,
and did not give enough weight to anti-competitive factors
including the "substantial degree of market power" the acquisition
would give Cavalier, already New Zealand's largest wool scour.

Godfrey Hirst said that the chances of an overall benefit to the
public arising from the acquisition were "at best, evenly
balanced," The Press says.  In reaching its decision, the
commission had not given enough weight to the absence of any
undertaking from Cavalier to dispose of any assets or shares in
going ahead with its rationalization plans, the report relates.

The Press notes that Cavalier Wool said it will move Wool
Services' scours from Belfast in Canterbury and Whakatu in Hawke's
Bay to its Timaru and Awatoto sites.  It would also sell Wool
Services' wool trading arm as a going concern.

Godfrey Hirst has also applied for a stay of the commission's
decision until the appeal is decided, The Press adds.


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


WESTLINK GLOBAL: PSE Suspends Firm for "Manipulative Practices"
---------------------------------------------------------------
BusinessWorld Online reports that the Philippine Stock Exchange
has suspended Westlink Global Equities, Inc., for "manipulative
practices" allegedly committed between 2008 and 2009.

The brokerage has been barred from trading operations from
June 29 to July 19, 2011, BusinessWorld says.

According to BusinessWorld, the PSE said it found Westlink Global
Equities to have violated rules prohibiting traders from creating
a "false or misleading appearance of active trading in any listed
security".  This was uncovered after the local bourse conducted a
routine audit on the brokerage firm for the period Jan. 1, 2008,
to Jan. 31, 2009.

The PSE's Market Integrity Board approved the suspension in its
special meeting on May 18, BusinessWorld notes.

In August 2009, BusinessWorld recalls, the PSE slapped Westlink
with a PHP140,000 penalty for engaging in businesses other than
that of a broker dealer and for violating rules on trading,
settlement, compliance and surveillance of stocks.

BusinessWorld, citing Westlink's most recent and accessible
financial statement, discloses that the brokerage firm posted a
net loss of PHP4.29 million in 2008, reversing a PHP30.61 million
profit in 2007 as operating expenses surged by 72% to PHP23.13
million and commission income declined by 45% to PHP5.42 million.

Westlink Global Equities Inc. is a brokerage firm based in the
Philippines.  The firm is owned by businessman William Gatchalian.


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


ACROPOLIS ELECTRONICS: Creditors' Proofs of Debt Due July 15
------------------------------------------------------------
Creditors of Acropolis Electronics Pte Ltd, which is in
liquidation, are required to file their proofs of debt by July 15,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Tay Puay Cheng
          c/o KPMG Services Pte Ltd
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


AFFINITY PRECISION: Creditors Get 0.37% Recovery on Claims
----------------------------------------------------------
Affinity Precision (S) Pte Ltd declared the first and final
dividend to creditors on July 4, 2011.

The company paid 0.377218% to the received claims.


BELGRAVIA PROPERTIES: Creditors' Proofs of Debt Due August 1
------------------------------------------------------------
Creditors of Belgravia Properties Pte Ltd, which is in
liquidation, are required to file their proofs of debt by Aug. 1,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidators are:

          Steven Tan Chee Chuan
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


ECS GRAPHIC: Creditors' Proofs of Debt Due July 31
--------------------------------------------------
Creditors of ECS Graphic Industries Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 31, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


E.K. DEVELOPMENTS: Creditors' Proofs of Debt Due July 15
--------------------------------------------------------
Creditors of E.K. Developments Pte Ltd, which is in liquidation,
are required to file their proofs of debt by July 15, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Chen Yeow Sin
          c/o 1 Raffles Place
          #20-02 One Raffles Place
          Singapore 048616


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


* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
---------------------------------------------------------------
U.S.-based bookseller NBC Acquisition Corp. filed a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code last week to
implement its restructuring plan.  This raises the 2011 global
corporate default tally to 18, said an article published Friday by
Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (June 24 - 29, 2011) (Premium)."

Of the total, 11 issuers were based in the U.S., two each were
based in Canada and New Zealand, and one each was based in the
Czech Republic, France, and Russia.  By comparison, 45 global
corporate issuers had defaulted by this time in 2010.  Of these
defaulters, 32 were U.S.-based issuers, two were European issuers,
four were from the emerging markets, and seven were in the
other developed region (Australia, Canada, Japan, and
New Zealand).

Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges --
both among the top reasons for default in 2010.  Of the remaining
five, three issuers defaulted after they filed for bankruptcy,
another had its banking license revoked by its country's central
bank, and the fourth was forced into liquidation as a result of
regulatory action.  Of the defaults in 2010, 28 defaults resulted
from missed interest or principal payments, 25 resulted from
Chapter 11 and foreign bankruptcy filings, 23 from distressed
exchanges, three from receiverships, one from regulatory
directives, and one from administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%.  A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast.  The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011.  "This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping our default expectations relatively upbeat in the next 12
months.  We are seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias," S&P said.

"In addition to our baseline projection, we forecast the default
rate in our optimistic and pessimistic scenarios.  In our
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected.  As a result, we
would expect the default rate to be 1.2% (18 defaults in the next
12 months)."

"On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is our pessimistic scenario
-- we expect the default rate to be 3.3% (50 defaults) by March
2012.  We base our forecasts on quantitative and qualitative
factors that we consider, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market.  We update our outlook for the U.S.
issuer-based corporate speculative-grade default rate each quarter
after analyzing the latest economic data and expectations."


* BOND PRICING: For the Week June 27 to July 1, 2011
----------------------------------------------------


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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.24
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
CENTAUR MINING          11.00    12/01/2007   USD       0.50
CHINA CENTURY           12.00    09/30/2012   AUD       0.90
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.78
EXPORT FIN & INS         0.50    06/15/2020   NZD      61.66
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.97
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      65.09
NEW S WALES TREA         0.50    09/14/2022   AUD      52.56
NEW S WALES TREA         0.50    10/07/2022   AUD      52.37
NEW S WALES TREA         0.50    10/28/2022   AUD      52.19
NEW S WALES TREA         0.50    11/18/2022   AUD      52.09
NEW S WALES TREA         0.50    12/16/2022   AUD      51.76
NEW S WALES TREA         0.50    02/02/2023   AUD      50.84
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      73.35
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      66.60
RESOLUTE MINING         12.00    12/31/2012   AUD       1.33
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.35
TREAS CORP VICT          0.50    08/25/2022   AUD      53.54
TREAS CORP VICT          0.50    11/12/2030   AUD      51.80
TREAS CORP VICT          0.50    11/12/2030   AUD      35.60


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.56
YANGPU CONS INV          4.95    07/28/2017   CNY      70.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      50.08


  INDIA
  -----

POWER FIN CORP           8.90    01/15/2024   INR       9.19
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.37
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.09
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.03
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.17
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.49
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.98
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.63
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.41
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.31
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.33


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      73.11
AIFUL CORP               1.22    04/20/2012   JPY      68.16
AIFUL CORP               1.63    11/22/2012   JPY      49.94
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.93
COVALENT MATERIA         2.87    02/18/2013   JPY      72.00
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      58.89
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.31
SHINSEI BANK             5.62    12/29/2049   GBP      73.32
TAKEFUJI CORP            9.20    04/15/2011   USD       8.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.13
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.53
CRESENDO CORP B          3.75    01/11/2016   MYR       1.43
DUTALAND BHD             6.00    04/11/2013   MYR       0.93
DUTALAND BHD             6.00    04/11/2013   MYR       0.63
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.15
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.15
ENCORP BHD               6.00    02/17/2016   MYR       0.92
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.08
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.54
PANTECH GROUP            7.00    12/21/2017   MYR       0.11
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.78
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.86
SCOMI GROUP              4.00    12/14/2012   MYR       0.08
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.73
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.28
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.35


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      41.94
DORCHESTER PACIF         5.00    06/30/2013   NZD      74.21
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.59
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       8.75
INFRATIL LTD             4.97    12/29/2049   NZD      60.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.28
NZF GROUP                6.00    03/15/2016   NZD      13.84
SKY NETWORK TV           4.01    10/16/2016   NZD       7.94
ST LAURENCE PROP         9.25    05/15/2011   NZD      60.52
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       6.95


SINGAPORE
---------
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      74.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.98
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.98
SENGKANG MALL            8.00    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.77
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      30.68
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      62.18
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      31.49
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      30.42
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.62
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.21
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.85
IBK 17TH ABS            25.00    12/29/2012   KRW      53.39
JOONG ANG DESIGN         6.00    12/18/2012   KRW      72.40
KB 11TH ABS             20.00    07/02/2011   KRW      65.70
KB 11TH ABS             23.00    07/02/2011   KRW      68.88
KB 12TH ABS             25.00    01/21/2012   KRW      20.01
KB 12TH ABS             22.00    01/21/2012   KRW      20.24
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      61.13
KDB 6TH ABS             20.00    12/02/2019   KRW      63.49
KDBC 4TH ABS            20.00    03/30/2012   KRW      35.11
KEB 17TH ABS            23.00    12/28/2011   KRW      60.34
KOREA LINE CO            7.40    06/30/2012   KRW      62.98
KOREA LINE CO            6.80    11/30/2011   KRW      50.26
KOREA LINE CO            7.90    06/30/2012   KRW      30.24
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      50.11
NACF 17TH ABS           20.00    06/03/2011   KRW      23.24
NACF 17TH ABS           25.00    07/03/2011   KRW      20.14
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      26.14
OSAM MYT 1ST ABS         5.64    04/16/2011   KRW      63.64
OSAM MYT 2ND ABS         5.64    04/16/2011   KRW      69.44
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.45
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.42
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.44
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.28
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.62
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.32
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.01
SINGOK ABS               7.50    06/18/2011   KRW      52.72
SINGOK NS ABS            7.50    06/27/2011   KRW      51.27
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      68.60


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       65.03


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.96


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND       69.97
VIETNAM SHIPBUIL         9.00    04/13/2017   VND       52.63
VIETNAM-PAR              4.00    03/12/2028   VND       73.00


                             *********

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., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  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$625 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
Christopher Beard at 240/629-3300.





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