TCRAP_Public/110809.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, August 9, 2011, Vol. 14, No. 156

                            Headlines



A U S T R A L I A

INT'L CONSULTING: Ex-Director Pleads Guilty to Insolvent Trading
SAPPHIRE VI: Fitch Affirms 'B+sf' Rating on Class CA Notes
TRIO CAPITAL: Ex-Director's Trustee Set to Claw Back Money


H O N G  K O N G

ALEXANDER & ALEXANDER: Ying and Chan Step Down as Liquidators
ALEXANDER LIPPO: Ying and Chan Step Down as Liquidators
ALLIED KINGDOM: Members' Final Meeting Set for Sept. 5
ANCO INVESTMENT: Members' Final Meeting Set for Sept.9
BEST LEADER: Members' Final Meeting Set for Sept. 16

CAPITAL CONCORD: Sze Kai Sang Keeven Steps Down as Liquidator
CARTER HOLT: Members' Final Meeting Set for Sept. 5
CHUN KOW: Members' Final Meeting Set for Sept. 9
CONLAND LIMITED: Members' Final Meeting Set for Sept. 9
DR. WONG: Members' Final Meeting Set for Sept. 5

EASTLAND INT'L: Members' Final Meeting Set for Sept. 8
ENVIROPACE LIMITED: Lam and Boswell Step Down as Liquidators
FASTWELL KNITWEAR: Members' Final Meeting Set for Sept. 8
FORTUNE STAND: Members' Final Meeting Set for Sept. 16
GRAND PORT: Members' Final Meeting Set for Sept. 5

GREAT OBJECTIVE: Creditors' Proofs of Debt Due Sept. 5
GREENWICH GROUP: Members' Final Meeting Set for Sept. 7
JARDINE ENGINEERING: Ying and Chan Step Down as Liquidators
JPOWER (HK): Creditors' Meeting Set for Aug. 19
HENDERSON LAND: Members' Final Meeting Set for Sept. 9


I N D I A

AGARWAL DUPLEX: CARE Rates INR9.27cr Long-Term Loan at 'CARE BB+'
AGOG PHARMA: CARE Rates INR4.06cr Long-Term Bank Loan at CARE BB+
ANSAL PROPERTIES: Fitch Migrates 'B-' Rating to 'Fitch B-(ind)nm'
AUROFOOD PRIVATE: ICRA Assigns '[ICRA]B' Rating to INR10cr Loan
FIL INDUSTRIES: Fitch Affirms National LT Rating at 'BB+(ind)'

GANDHI CAPITAL: ICRA Assigns '[ICRA]BB-' Rating to INR16cr Loan
KANDLA AGRO: CARE Rates INR30cr Long-Term Loan at 'CARE BB-'
KHAZANCHI JEWELLERS: ICRA Rates INR10.2cr Loan at '[ICRA]BB-'
MAHAVIR ASHOK: ICRA Reaffirms [ICRA]BB+ Rating on INR7.5cr Loans
NAMCO INDSUTRIES: CARE Rates INR150cr Long-Term Loan at 'CARE BB-'

PARALAM GLOBAL: CARE Assigns 'CARE BB' Rating to INR1cr ST Loan
R.B. RICE: ICRA Assigns 'LB+' Rating to INR6cr Bank Lines
RANA STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR20.80cr Loan
SHIVAM INDIA: CARE Assigns 'CARE BB-' Rating to INR60cr LT Loan
SHIVAM METAL: ICRA Assigns '[ICRA]BB-' to INR3.3cr Term Loan

SHRENIK MARBLE: Fitch Assigns 'Fitch B+(ind)' National LT Rating
SPARK ELECTRODES: ICRA Reaffirms [ICRA]BB Rating on INR11.5cr Loan
SRICHAITANYA CHLORIDES: ICRA Rates INR11.1cr Loan at [ICRA]BB
SRI VENKATA: ICRA Upgrades Rating on INR16cr Loan to '[ICRA]BB'
STEMCORE ALLOYS: ICRA Assigns '[ICRA]BB+' Rating to INR10cr Loan

SUNLAND ALLOYS: ICRA Reaffirms [ICRA]BB+ Rating on INR35cr Loan


J A P A N

* JAPAN: 28 Firms File Bankruptcy in Jan.-Aug. Due Strong Yen


N E W  Z E A L A N D

MAGNETITE WELLINGTON: Owes NZ$400K to Creditors; Boss Faces Probe
YARROWS BAKERS: Owes NZ$150.3 Million in Debt to Creditors


S I N G A P O R E

BHARUCH PTE: Creditors' Proofs of Debt Due Sept. 16
CHINA VIDEO: Creditors' Proofs of Debt Due Sept. 5
COMFORM INDUSTRIES: Creditors' Proofs of Debt Due Aug. 19
FYNS KRAN: Creditors' Proofs of Debt Due Aug. 19
GRANDIS EMS: Creditors Get 70.39% Recovery on Claims

MEI HWA: Creditors Get 51.3279% Recovery on Claims


T H A I L A N D

G STEEL: Shareholders to Vote on ArcelorMittal Deal on Aug. 15
PICNIC CORP: Srivikorn Finds Five New Investors


X X X X X X X X

* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
* 15 Companies in S&P List of Defaulters in Second Quarter
* BOND PRICING: For the Week Aug. 1 to Aug. 5, 2011


                            - - - - -


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


INT'L CONSULTING: Ex-Director Pleads Guilty to Insolvent Trading
----------------------------------------------------------------
The former director of International Consulting Group Pty Ltd,
Dr. Anula Daui Kumari Kauye., on Monday pleaded guilty in
Melbourne's County Court to a number of charges brought by the
Australian Securities and Investments Commission arising out of
the collapse in 2004 of ICG.

Dr. Kauye, 58, of Toorak, pleaded guilty to:

   * two charges of insolvent trading in relation to unpaid debts
     of AUD12,814.48 and AUD99,328.24;

   * one charge of theft of AUD873,997 from BearingPoint Inc; and

   * one charge of providing false information in an affidavit to
     the Victorian Supreme Court.

Dr. Kauye has been conditionally bailed to appear at a sentencing
hearing on Oct. 13, 2011, in the Melbourne County Court.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

ICG was placed in to liquidation on Aug. 25, 2004, by order of the
Supreme Court of Victoria.  Simon Wallace-Smith of Deloitte was
appointed as liquidator and received funding from ASIC's Assetless
Administration Fund.

"The findings of Mr. Wallace-Smith assisted ASIC in achieving
today's [August 5] outcome," ASIC said.

ASIC commenced an investigation in 2006 with charges being laid by
the CDPP in March 2009.

"Aside from this prosecution, in April 2007, ASIC banned Dr. Kauye
and her husband Mr. George Kauye from acting as directors for two
years and 18 months, respectively."


SAPPHIRE VI: Fitch Affirms 'B+sf' Rating on Class CA Notes
----------------------------------------------------------
Fitch Ratings has affirmed 47 classes of notes issued by Sapphire
VI Series 2004-2 Trust, Sapphire VII Series 2005-1E Trust,
Sapphire VIII Series 2005-2 Trust, Sapphire IX Series 2006-1
Trust, Sapphire X Series 2007-1 Trust, and Sapphire XI Series
2007-2 Trust.  The transactions are backed by pools of Australian
non-conforming residential mortgages originated by Bluestone Group
Pty Limited.

The rating actions reflect Fitch's view that the available credit
enhancement levels are sufficient to support the notes' current
ratings, and that the credit quality and performance of the loans
in the current collateral pool remain in line with the agency's
expectations. Overall, mortgage performance has slightly worsened
since the previous rating action in November 2010, but credit
enhancement for all rated notes has increased since then. As of
May 2011 payment date, Sapphire XI Series 2007-2 Trust is the only
transaction which has recorded a charge off, although exclusively
on the unrated Class D notes.

"The level of arrears in the Sapphire transactions backed by
Australian mortgages remains relatively high, especially in the
more recently issued transactions. The Negative Outlook on 7
tranches reflects the concern that the current level of arrears
might lead to future defaults, in turn affecting the transactions'
performance", said James Zanesi, Associate Director in Fitch's
Structured Finance team. "However, available income has been
strong recently and this has offset the impact of realised
losses," added Mr. Zanesi.

Arrears in the mortgage pool of Sapphire VI Series 2004-2 Trust
have increased since the previous rating action in November 2010.
The main concern remains the strong concentration in the pool
which comprised only 104 loans at end May 2011. At that time, the
pool had paid down to AUD22.9 million from the original AUD298.6
million, with 30+ days and 90+ days arrears in line with other
non-conforming transactions and amounting to 19.5% and 8.9% of the
collateral pool respectively.  As of the April 2011 payment date,
the subordination percentage of the class M, BA, BZ and CA notes
had increased considerably from that at November 2010. Class CZ
and Class D notes have accrued interest for respectively AUD1.3
million and AUD1.2 million.  There are no charge-offs on Class D
notes.  The notes are amortizing on a sequential basis as there is
no pro-rata trigger in place.  The available income in the
transaction has been sufficient to cover losses to date. As the
mortgage portfolio reduces in size, the risk of principal losses
resulting from the concentrated default of large loans becomes the
primary driver for Fitch's analysis.

Sapphire VII Series 2005-1E Trust has also experienced an increase
in arrears since November 2010, although the level of
delinquencies is still relatively low in comparison to other
Sapphire transactions.  As of May 2011, the pool had paid down to
AUD72.1 million from the original AUD601.9 million, with 30+ days
and 90+ days arrears being relatively low at 11.4% and 5.1% of the
collateral pool respectively.  As of the last payment date, the
subordination percentage of the rated notes had also increased
considerably. The class CZ and Class D notes currently provide
subordination of AUD4.2 million and AUD3.85 million respectively.
Class D notes have accrued interest for AUD0.9 million. There are
no charge-offs on Class D notes. The notes are currently
amortizing on a sequential basis. The available income in the
transaction has been sufficient to cover losses to date. As the
mortgage portfolio reduces in size, the risk of principal losses
resulting from the concentrated default of large loans becomes the
primary driver for Fitch's analysis.

Sapphire VIII Series 2005-2 Trust has also experienced a modest
increase in arrears since November 2010.  As of May 2011, the pool
had paid down to AUD79.6 million from the original AUD503.7
million, with 30+ days arrears in line with the other Sapphire
transactions at 17.6% and 90+ days arrears relatively low at 6.1%
of the collateral pool.  As of the last payment date, the
subordination percentage of the class BA, BZ and CA notes had also
increased considerably. The class CZ and Class D notes currently
provide subordination of AUD4.7 million and AUD3.15 million
respectively. Class CZ and Class D accrued interest currently
amount to AUD3.3 million and AUD0.4 million.  There is no charge-
off on class D notes.  The notes are currently amortizing on a
pro-rata basis. The available income in the transaction has been
sufficient to cover losses to date.

As of May 2011, Sapphire IX Series 2006-1 Trust, Sapphire X Series
2007-1 Trust and Sapphire XI Series 2007-2 Trust are experiencing
90+ days arrears higher than the other Sapphire transactions which
amount to respectively 8.40%, 9.01%, and 8.83% of the collateral
pool. Moreover, cumulative defaults and losses since closing have
been higher than the other Sapphire transactions. However, the
subordination percentage of the rated notes had also increased
considerably as the mortgage pools have reduced in size. The
Negative Outlook on the most junior rated notes reflects the view
that mortgage performance might further deteriorate due to the
current level of serious delinquency and the impact that realised
losses might have on the pool. Sapphire XI Series 2007-2 Trust is
the only transaction with a charge-off on class D notes (AUD0.4
million).

Sapphire VII Series 2005-1E Currency Swap Obligation represents
the currency swap payment obligations to the currency swap
provider. The rating is based on the agency's assessment that the
currency swap payment obligations rank equally with the Class BA1
notes. Consequently, the credit profile of the currency swap
obligations is consistent with the rating of the notes.

A cash flow analysis was performed on the transactions, stressing
a combination of interest rates, defaults, default timings and
prepayment rates.

The rating actions are:

Sapphire VI Series 2004-2 Trust

   -- AUD3m Class M notes (AU300SAP7047) affirmed at 'AAsf';
      Outlook Stable

   -- AUD9m Class BA notes (AU300SAP7054) affirmed at 'A-sf';
      Outlook Stable

   -- AUD4.6m Class BZ notes (AU300SAP7062) affirmed at 'BBB-sf';
      Outlook Stable

   -- AUD2.8m Class CA notes (AU300SAP7070) affirmed at 'B+sf';
      Outlook Stable.

Sapphire VII Series 2005-1E Trust

   -- EUR7.5m Class A1 notes (XS0223701540) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD7.5m Class A2 notes (AU300SAP8011) affirmed at 'AAAsf';
      Outlook Stable

   -- EUR6.6m Class MA1 notes (XS0223702274) affirmed at 'AA+sf';
      Outlook Stable

   -- AUD3.2m Class MA2 notes (AU300SAP8029) affirmed at 'AA+sf';
      Outlook Stable

   -- EUR6.2m Class MZ1 notes (XS0223702357) affirmed at 'AA-sf';
      Outlook Stable

   -- AUD2.8m Class MZ2 notes (AU300SAP8037) affirmed at 'AA-sf';
      Outlook Stable

   -- EUR3.8m Class BA1 notes (XS0223702514) affirmed at 'BBBsf';
      Outlook Stable

   -- AUD6.3m Class BA2 notes (AU300SAP8045) affirmed at 'BBBsf';
      Outlook Stable

   -- AUD7.7m Class BZ notes (AU300SAP8052) affirmed at 'BBsf';
      Outlook Stable

   -- AUD0.5m Class CA notes (AU300SAP8060) affirmed at 'Bsf';
      Outlook Stable

   -- Sapphire VII Series 2005-1E Currency Swap Obligation
      affirmed at 'BBBsf'; Outlook Stable.

Sapphire VIII Series 2005-2 Trust

   -- AUD14.7m Class AA notes (AU300SAP9019) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD1.9m Class AM notes (AU300SAP9027) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD1.3m Class AZ notes (AU300SAP9035) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD15.4m Class MA notes (AU300SAP9043) affirmed at 'AA+sf';
      Outlook Stable

   -- AUD13m Class MZ notes (AU300SAP9050) affirmed at 'A+sf';
      Outlook Stable

   -- AUD11.9m Class BA notes (AU300SAP9068) affirmed at 'BBBsf';
      Outlook Stable

   -- AUD11m Class BZ notes (AU300SAP9076) affirmed at 'BB-sf';
      Outlook Stable

   -- AUD2.2m Class CA notes (AU300SAP9084) affirmed at 'B-sf'';
      Outlook Stable

Sapphire IX Series 2006-1 Trust

   -- AUD71.4m Class AA notes (AU300SAPA010) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD9.2m Class AM notes (AU300SAPA028) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD6.1m Class AZ notes (AU300SAPA036) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD7.9m Class MA notes (AU300SAPA044) affirmed at 'AAsf';
      Outlook Stable

   -- AUD6.7m Class MZ notes (AU300SAPA051) affirmed at 'A+sf';
      Outlook Stable

   -- AUD6.5m Class BA notes (AU300SAPA069) affirmed at 'BBB+sf';
      Outlook Stable

   -- AUD6.3m Class BZ notes (AU300SAPA077) affirmed at 'BBsf';
      Outlook Negative

   -- AUD1.9m Class CA notes (AU300SAPA085) affirmed at 'B-sf';
      Outlook Negative

Sapphire X Series 2007-1 Trust

   -- AUD115.8m Class AA notes (AU3FN0001939) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD18.5m Class AM notes (AU3FN0001947) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD9.7m Class AZ notes (AU3FN0001954) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD15.5m Class MA notes (AU3FN0001962) affirmed at 'AAsf';
      Outlook Stable

   -- AUD10.8m Class MZ notes (AU3FN0001970) affirmed at 'A+sf';
      Outlook Stable

   -- AUD10m Class BA notes (AU3FN0001988) affirmed at 'BBB+sf';
      Outlook Stable

   -- AUD10.9m Class BZ notes (AU3FN0001996) affirmed at 'BB-sf';
      Outlook Negative

   -- AUD5.3m Class CA notes (AU3FN0002002) affirmed at 'B-sf';
      Outlook Negative

Sapphire XI Series 2007-2 Trust

   -- AUD38m Class AA notes (AU3FN0004404) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD15.2m Class AM notes (AU3FN0004412) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD10.8m Class AZ notes (AU3FN0004420) affirmed at 'AAAsf';
      Outlook Stable

   -- AUD12.6m Class MA notes (AU3FN0004438) affirmed at 'AAsf';
      Outlook Stable

   -- AUD13.5m Class MZ notes (AU3FN0004446) affirmed at 'Asf';
      Outlook Stable

   -- AUD10.1m Class BA notes (AU3FN0004453) affirmed at 'BBBsf';
      Outlook Negative

   -- AUD5m Class BZ notes (AU3FN0004461) affirmed at 'BBsf';
      Outlook Negative

   -- AUD6.8m Class CA notes (AU3FN0004479) affirmed at 'Bsf';
      Outlook Negative


TRIO CAPITAL: Ex-Director's Trustee Set to Claw Back Money
----------------------------------------------------------
InvestorDaily reports that insolvency firm Jirsch Sutherland has
begun clawing back money from former Astarra Asset Management
director Shawn Richard paid out of his overseas bank account
before becoming bankrupt.

Astarra Asset Management managed the Astarra Strategic fund, one
of the two investment funds managed by Trio Capital.

A representative of Jirsch Sutherland, who also acts as Mr.
Richard's bankruptcy trustee, said Mr. Richard made numerous
transactions from his Liechtenstein-based LGT Bank account prior
to declaring bankruptcy, including a US$160,000 (AUD146,000)
transfer to his parents in Canada, InvestorDaily relates.

"The trustee demanded repayment of the US$160,000 from his
parents.  Negotiations were conducted after and a settlement has
been agreed on between the parties for a lesser amount," Jirsch
Sutherland senior manager Michael Chan told InvestorDaily.

InvestorDaily, citing Jirsch Sutherland's letter to the New South
Wales Supreme Court, discloses that Mr. Richard voluntarily
entered bankruptcy in late January over the Trio Capital/AAM fraud
and owed unsecured creditors about AUD3.22 million.

Jirsch Sutherland's letter stated that most of the money is owed
to National Australia Bank (NAB) and the debt was in relation to a
"personal guarantee pertaining to loan accounts held by AAM" and
Astarra Funds Management, according to InvestorDaily.

Mr. Chan told InvestorDaily that NAB had made a formal claim of
about AUD3.2 million against Mr. Richard.

The letter, as cited by InvestorDaily, related that in terms of
assets, Mr. Richard held nearly AUD40,000 in his Westpac bank
accounts and also an undisclosed amount in the LGT Bank account.

According to InvestorDaily, Mr. Chan said the LGT account had
nothing in it when Mr. Richard entered bankruptcy.  "The funds in
the LGT account was dispersed well before the bankruptcy occurred.
It was dispersed over a period of time before the bankruptcy," the
news source quoted Mr. Chan as saying.

Mr. Chan nevertheless said Mr. Richard had provided limited
assistance to Jirsch Sutherland in obtaining the LGT Bank
statements and providing details of transactions in the account,
the report notes.  "By him assisting us in getting the LGT Bank
statements, we are now able to determine where the money has been
paid to as per the details on the bank statements from the LGT
account."

Jirsch Sutherland would be looking to claw back other transactions
where possible, Mr. Chan added.

As reported in the Troubled Company Reporter-Asia Pacific on
July 29, 2011, InvestorDaily said a New South Wales Supreme Court
judged Mr. Richard of dishonest conduct while running a financial
services business and sent him to jail.

The ASIC lead an investigation into the matter on Oct. 2, 2009,
and looked at conduct between 2005 and 2009.  ASIC alleged, among
other things, that Mr. Richard was involved in causing the Astarra
Stategic Fund and Astarra Superannuation Plan to place investor
monies in overseas hedge funds, in circumstances where Mr. Richard
would personally receive a significant portion of the monies for
his own benefit and for the benefit of his company, AAM.  The
monies Mr. Richard placed in the overseas hedge funds had been
raised by the responsible entity of ASF, Trio Capital Limited.
ASIC alleged that Mr. Richard and AAM received in excess of AUD6.4
million in undisclosed payments.  ASIC also alleged that Mr.
Richard made materially misleading statements about the value of
the ASF's investments in the overseas hedge funds, knowing that
these statements were included in valuation statements provided to
Trio and were likely to have the effect of inducing Trio to seek
further investments in the hedge funds.

In October 2009, ASIC obtained Court orders restraining
Mr. Richard, who is a Canadian national, from leaving Australia.

Mr. Richard has also entered into an enforceable undertaking with
ASIC banning him for life from providing financial services.

The charges each carry a maximum penalty of five years'
imprisonment or a AUD220,000 fine, or both.

InvestorDaily disclosed that Mr. Richard's sentencing is scheduled
for August 12.

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds which in December 2009
had reported assets of AUD125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean. ASIC
commenced an investigation into Trio Capital in October 2009 over
concerns about the legitimacy of its investments.  Trio Capital
was placed into administration on Dec. 16, 2009.  On April 16,
2010, the NSW Supreme Court ordered that the Astarra Strategic
Fund be wound up.  Since this time, the liquidator of Trio Capital
has been unable to recover the vast majority of the investments
made by the Astarra Strategic Fund.

Soon after ASIC commenced its investigation into Trio Capital, the
Australian Prudential Regulation Authority commenced a concurrent
investigation.  Both agencies have been cooperating with each
other with respect to their investigations.  Investigations by
both agencies are continuing.


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


ALEXANDER & ALEXANDER: Ying and Chan Step Down as Liquidators
-------------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Alexander & Alexander (Hong Kong) Holdings Limited on July 20,
2011.


ALEXANDER LIPPO: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Alexander Lippo (Hong Kong) Limited on July 20, 2011.


ALLIED KINGDOM: Members' Final Meeting Set for Sept. 5
------------------------------------------------------
Members of Allied Kingdom Investment Limited will hold their final
meeting on Sept. 5, 2011, at 11:00 a.m., at 26/F, Times Media
Centre, at 133 Wanchai Road, in Wanchai, Hong Kong.

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


ANCO INVESTMENT: Members' Final Meeting Set for Sept.9
------------------------------------------------------
Members of Anco Investment Limited will hold their final meeting
on Sept. 9, 2011, at 10:45 a.m., at 402, Jardine House, at 1
Connaught Place Central, in Hong Kong.

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


BEST LEADER: Members' Final Meeting Set for Sept. 16
----------------------------------------------------
Members of Best Leader Investment Limited will hold their final
general meeting on Sept. 16, 2011, at 10:00 a.m., at 12th Floor, V
Heun Building, at 138 Queen's Road Central, in Hong Kong.

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


CAPITAL CONCORD: Sze Kai Sang Keeven Steps Down as Liquidator
-------------------------------------------------------------
Sze Kai Sang Keeven stepped down as liquidator of Capital Concord
Investment Limited on July 26, 2011.


CARTER HOLT: Members' Final Meeting Set for Sept. 5
---------------------------------------------------
Members of Carter Holt Harvey Asia Limited will hold their final
general meeting on Sept. 5, 2011, at 11:00 a.m., at 62/F, One
Island East, at 18 Westlands Road, Island East, in Hong Kong.

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


CHUN KOW: Members' Final Meeting Set for Sept. 9
------------------------------------------------
Members of Chun Kow Limited will hold their final meeting on
Sept. 9, 2011, at 10:00 a.m., at Unit 501, 5/F, Mirror Tower, at
61 Mody Road, Tsimshatsui East, in Kowloon, in Hong Kong.

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


CONLAND LIMITED: Members' Final Meeting Set for Sept. 9
-------------------------------------------------------
Members of Conland Limited will hold their final meeting on
Sept. 9, 2011, at 10:00 a.m., at Unit 1603-1606, 16/F, Alliance
Building, at No. 130-136 Connaught Road Central, Sheung Wan, in
Hong Kong.

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


DR. WONG: Members' Final Meeting Set for Sept. 5
------------------------------------------------
Members of Dr. Wong Wing Hee Sacred Music Foundation Company
Limited will hold their final general meeting on Sept. 5, 2011, at
10:00 a.m., at 14/F, Surson Commercial Building, 140 Austin Road,
Tsimshatsi, in Kowloon, Hong Kong.

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


EASTLAND INT'L: Members' Final Meeting Set for Sept. 8
------------------------------------------------------
Members of Eastland International Holdings Limited will hold their
final general meeting on Sept. 8, 2011, at 3:00 p.m., at 8th
Floor, Chinachem Tower, 34-37 Connaught Road Central, in Hong
Kong.

At the meeting, George Law Kwan Wah, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ENVIROPACE LIMITED: Lam and Boswell Step Down as Liquidators
------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Enviropace Limited on Aug. 1, 2011.


FASTWELL KNITWEAR: Members' Final Meeting Set for Sept. 8
---------------------------------------------------------
Members of Fastwell Knitwear Manufacturing Limited will hold their
final general meeting on Sept. 8, 2011, at 10:00 a.m., at 13A, Tak
Lee Commercial Building, 113-117 Wanchai Road, Wanchai, in Hong
Kong.

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


FORTUNE STAND: Members' Final Meeting Set for Sept. 16
------------------------------------------------------
Members of Fortune Stand International Limited will hold their
final general meeting on Sept. 16, 2011, at 10:30 a.m., at 12th
Floor, V Heun Building, 138 Queen's Road Central, in Hong Kong.

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


GRAND PORT: Members' Final Meeting Set for Sept. 5
--------------------------------------------------
Members of Grand Port Investment Limited will hold their final
meeting on Sept. 5, 2011, at 11:00 a.m., at Room 1312D, Witty
Commercial Building, at 1A-1L Tung Choi Street, in Kowloon.

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


GREAT OBJECTIVE: Creditors' Proofs of Debt Due Sept. 5
------------------------------------------------------
Creditors of Great Objective Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


GREENWICH GROUP: Members' Final Meeting Set for Sept. 7
-------------------------------------------------------
Members of The Greenwich Group International (Asia) Limited will
hold their final general meeting on Sept. 7, 2011, at 10:00 a.m.,
at Suites 216-218, 2/F., Shui On Centre, at 6-8 Harbour Road,
Wanchai, in Hong Kong.

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


JARDINE ENGINEERING: Ying and Chan Step Down as Liquidators
-----------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Jardine Engineering Management Services Limited on July 19, 2011.


JPOWER (HK): Creditors' Meeting Set for Aug. 19
-----------------------------------------------
Creditors of Jpower (Hong Kong) Co., Limited will hold their
meeting on Aug. 19, 2011, at 4:00 p.m., for the purposes provided
for in Sections 228A, 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Suites 1303-06, 13/F, Asian House, 1
Hennessy Road, in Wanchai, Hong Kong.


HENDERSON LAND: Members' Final Meeting Set for Sept. 9
------------------------------------------------------
Members of Henderson Land (Vietnam) Limited will hold their final
meeting on Sept. 9, 2011, at 11:00 a.m., at 72-76/F, Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


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


AGARWAL DUPLEX: CARE Rates INR9.27cr Long-Term Loan at 'CARE BB+'
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Agarwal Duplex Board Mills Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      9.27       CARE BB+ Assigned
   Short-term Bank Facilities     0.50       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the small scale of operations of
Agarwal Duplex Board Mills Ltd, the customer concentration risk,
stretched collection period leading to the working capital
intensive operations, somewhat stressed liquidity position, high
susceptibility to the raw material price fluctuations and the
fragmented nature of the industry resulting into the intense
competition from many organized as well as the unorganized
players.  The ratings however takes into account the promoter's
experience and the long track record of the group in the same line
of operations and low gearing levels as on March 31, 2010.

Going forward, ADBML's ability to diversify its customer profile,
scale up its operations and improve profitability would remain the
key rating sensitivities.

ADBML was incorporated in 1984 by Mr. Suresh Chand Agrawal. The
company is a part of the Bindal group of companies which also
includes Bindal Papers Ltd (Rated CARE BB/PR4), Tehri Pulp
& Paper Ltd (Rated CARE C/PR4) and Neeraj Paper Marketing Ltd
(Rated CARE BB). ADBML is engaged in the manufacturing of Coated
Duplex Board, Kraft Paper and Poster Paper. It has its
manufacturing facilities located at Muzaffarnagar, Uttar Pradesh.
With technology upgradations and expansions, the manufacturing
facility of the company has gradually increased from 7,500 TPA
(tonnes per annum) during 1984 to 24,500 TPA as on March 31, 2011.


AGOG PHARMA: CARE Rates INR4.06cr Long-Term Bank Loan at CARE BB+
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Agog Pharma Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      4.06       'CARE BB+' Assigned
   Short-term Bank Facilities     2.00       'CARE A4+' Assigned

Rating Rationale

The ratings are constrained on account of moderate size of
operations of Agog Pharma Ltd. marked by very low turnover as well
as a low capital base, relatively low profitability and below
average liquidity indicators. Competitive nature of the export
generic pharmaceuticals market and exposure to exchange rate risks
associated with exports and foreign currency borrowings further
constrain the ratings.

The ratings, however, do take into account the vast experience of
the promoters in the pharmaceuticals business, established track
record of operations of APL of about four dacades and its
increasing presence in the growing African pharmaceutical market.
Increase in scale of operations through product and/or market
diversification, continuation of benefits derived from the Focused
Market Scheme of Ministry of Commerce and Industry (Govt. of
India).

APL based in Thane(Maharashtra) was established in 1990 by Mr.
Aziz Damani and Mr. Anil Pandey.  APL was originally incorporated
as a private limited company in 1990 by Mr. Nazaralli R
Dholasania, Mr. Saukatali R. Maredia and Mr. Sabjali R. Dholasania
and was engaged in the sale of pharmaceutical products (branded
generics) in the domestic as well as less-regulated export markets
(mainly the African markets). The company was later converted into
a public limited company in April 1995.

During FY06, the company was taken over by Mr. Aziz Damani (based
in Uganda) who was earlier, one of the customers of APL. Mr. Aziz
Damani has an industrial experience of around four dacades in the
African pharma sector.


ANSAL PROPERTIES: Fitch Migrates 'B-' Rating to 'Fitch B-(ind)nm'
-----------------------------------------------------------------
Fitch Ratings has migrated India-based Ansal Properties and
Infrastructure Limited's (APIL) 'Fitch B-(ind)' National Long-Term
rating to the "Non-Monitored" category. The rating was earlier
placed on Rating Watch Positive (RWP). The rating will now appear
as 'Fitch B-(ind)nm' on the agency's website. Simultaneously, the
agency has classified these bank loan ratings as "Non-Monitored":

   -- INR1,000m long-term debt program: migrated to 'Fitch B-
      (ind)nm' from 'Fitch B-(ind)'/RWP

   -- INR710m long-term bank loans: migrated to 'Fitch B-(ind)nm'
      from 'Fitch B-(ind)'/RWP

   -- INR1,721.5m of fund-based working capital limits: migrated
      to 'Fitch B-(ind)nm' from 'Fitch B-(ind)'/RWP

   -- INR200m short-term bank loans: migrated to 'Fitch A4(ind)nm'
      from 'Fitch A4(ind)'/RWP

   -- INR1,500m non-fund based working capital limits: migrated to
      'Fitch A4(ind)nm' from ' Fitch A4(ind)'/RWP

   -- INR1,000m short-term debt (INR500m to be carved out of fund-
      based working capital limits): migrated to 'Fitch A4(ind)nm'
      from 'Fitch A4(ind)'/RWP

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of APIL. The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


AUROFOOD PRIVATE: ICRA Assigns '[ICRA]B' Rating to INR10cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR10.00 crore fund
based facilities of Aurofood Private Limited.

The rating considers APL's small scale of operations, which
restricts scale economics and financial flexibility, and the weak
financial profile, as characterized by declining revenues, high
gearing/working capital intensity and stretched coverage
indicators. The rating also considers the high competition from
larger players in the industry, which is expected to adversely
impact revenues, and the low capacity utilization of the plants
(which results in thin profitability). The rating also considers
the favorable demographics, which is expected to drive demand for
food products

Incorporated in 1966 by Late Shri M. A. Patel, APL is primarily
engaged in the manufacturing of wheat flour, biscuits and pasta
under the brand name True from its manufacturing facility in
Thiruchitrambalam (Tamil Nadu).  The Company has an installed
capacity of about 11700 metric tonnes (MT) / month for the flour
mill, about 800 MT/month for the biscuit division and about 1500
MT/month for the pasta division.

APL primarily sells its products in the states of Tamil Nadu,
Kerala, Karnataka, Andhra Pradesh and Goa. The Company also
undertakes job work manufacturing maida, biscuits and short
vermicelli. APL is currently managed by Mr. Bipin M. Patel (son of
Late Shri. M. A. Patel) and his son, Mr. Nilesh B. Patel. The
Company is wholly owned by family and friends of the founder and
currently has about 500 employees (including contract labourers).
The Company has two wholly owned subsidiaries, Wheat Energy Foods
Private Limited and Divma Engineering Company Private Limited.
While the former is engaged in wheat procurement and trading, the
latter is engaged in the manufacturing of cereal and flour milling
machinery.

Recent results

APL reported net profit of INR0.4 crore on operating income of
INR34.3 crore during 2010-11, against net loss of INR3.8 crore on
operating income of INR36.3 crore for the corresponding previous
fiscal.


FIL INDUSTRIES: Fitch Affirms National LT Rating at 'BB+(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based FIL Industries Limited's
National Long-Term rating at 'Fitch BB+(ind)'.  The Outlook is
Stable. The agency has also affirmed FIL's bank loans:

   -- INR419.4m long-term bank loans (reduced from INR593.4m):
      'Fitch BB+(ind)';

   -- INR381.3m fund-based working capital limits (increased from
      INR281.3m): 'Fitch BB+(ind)'/Fitch A4+(ind)'; and

   -- INR5m non-fund based working capital limits: 'Fitch
      A4+(ind)'.

The affirmation continues to reflect FIL's diversified revenues
streams, geographical advantage in sourcing raw materials,
established track record and its strong presence in the state of
Jammu & Kashmir. The ratings also reflect the company's sound
profitability, moderate financial leverage (total adjusted net
debt /operating EBITDA) over FY08 (financial year ended March
2008)-FY11 and no significant capex plans over the short-to-medium
term.

The ratings are however constrained by FIL's small size of
operations in a regulated and competitive pesticides industry,
which has been contributing around 70 -75% to its total revenues
over the past three years, and its high working capital
requirements -- leading to liquidity pressures. The ratings are
also constrained by the seasonal nature of its business and its
high susceptibility to agro-climatic conditions. Fitch notes that
the company is taking measures to improve its profitability
margins by increasing its focus on better- margin products like
speciality molecules and organics in its crop protection division.

The company showed modest revenue growth of 2% yoy to
INR1,627 million in FYE11 (provisional). Its operating
profitability (operating EBITDA margin) has been consistent in the
range of 11%-13% over FY08-FY11 (FY11: 13.4%, FY10: 11.1%). This
along with low capital expenditure in FY11 led to its net
financial leverage improving to 3.7x in FY11 from 4.8x in FY10.
Further, the company's net cash conversion cycle has remained high
at around 200 days since FY08 (FY11: 200 days) due to high
receivable days and long inventory processing period.

Positive rating guidelines include a significant improvement in
FIL's revenue along with stable profitability and lowering down of
its net financial leverage. Negative rating guidelines include a
significant decline in the company's profitability or a large-
scale debt-funded capex and/or stretching of its working capital
cycle leading to deterioration of its net financial leverage.

Incorporated in 1989, FIL started its operations as an agro-
chemicals trader. The company over the years has diversified into
the manufacturing of pesticides, ready-to-drink fruit juices and
fruit juice concentrate, as well as into the engineering,
procurement and construction of controlled atmospheric stores. It
operates in five divisions: crop protection, food and beverage,
consumer, engineering and warehousing.


GANDHI CAPITAL: ICRA Assigns '[ICRA]BB-' Rating to INR16cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR16.00 crore cash
credit facility and INR17.50 crore term loan facility of Gandhi
Capital Private Limited.  The outlook assigned to the long term
rating is stable. ICRA has also assigned '[ICRA]A4' rating to the
INR1.00 crore bank guarantee facility of GCPL.

The assigned ratings are constrained by the modest scale and
limited track record of manufacturing operations; the thin
profitability due to the highly competitive and fragmented nature
of POY industry; and vulnerability of profitability to raw
material price fluctuations and to the level of duties on imported
yarn. The ratings are also constrained by the limited bargaining
power with the larger suppliers; the execution risk associated
with the expansion project where financial closure is yet to be
achieved, as well as the likely negative impact of the debt funded
capacity expansion on the capital structure of the company.

The ratings, however, favorably factor in the long experience of
the promoters in textile industry; the locational advantages
derived from proximity of the manufacturing unit to the raw
material sources and downstream processing units; and the
satisfactory capital structure at present. The ratings also factor
in the positive demand outlook for man-made fibers, particularly
for Mother Yarn where a large portion of domestic demand is
catered to by imports.

                    About Gandhi Capital

Incorporated in 1994, Gandhi Capital Pvt. Ltd. operated its own
texturing unit till 2004 subsequent to which it got involved in
investment activities which it continued till December 2010. Since
December 2010 the company has forayed into manufacturing of POY.
The promoters and the parent group - Gandhi Group of Industries
have been associated with the textile industry since 1988. GCPL
acquired the POY manufacturing unit of M/S Pamis Tex Pvt. Ltd. in
December 2010. The production capacity of the unit, since
acquisition, has been expanded from 11000 TPA to 26000 TPA. The
company proposes to further enhance POY manufacturing capacity to
41000 TPA and also enter into the production of Mother Yarns
(~5000 TPA capacity).

Recent Results

For the year FY11, the company reported an operating income of
INR65.95 crore and profit after tax of INR0.96 crore.


KANDLA AGRO: CARE Rates INR30cr Long-Term Loan at 'CARE BB-'
------------------------------------------------------------
CARE Assigns 'CARE BB-' And 'CARE A4' Ratings to the bank
facilities of Kandla Agro & Chemicals Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      30.00      'CARE BB-' Assigned
   Short-term Bank Facilities     70.00      'CARE A4' Assigned

Rating Rationale

The ratings of Kandla Agro & Chemicals Pvt Ltd (KACPL) are
constrained on account of the implementation and post
implementation risks associated with the setting-up of a
greenfield project for the manufacturing of castor oil and its
derivatives, risk related to the volatility in the commodity
prices and currency fluctuation due to the envisaged focus on the
export market. The ratings are further constrained on account of
the lack of experience of the promoters in the manufacturing of
castor oil business and its presence in the highly competitive
business of castor oil products.

The above constraints are, however, partially offset by the
established marketing set-up due to the presence of the group
companies in the trading of castor oil products and locational
advantage arising from the proximity to the ports.  The successful
implementation of the project within the envisaged cost and time
parameters alongwith the quick stabilization of the commercial
operations and achieving envisaged sales and profitability in the
competitive market are the key rating sensitivities.

Company Profile

KACPL was incorporated in November 2010 as a Private Limited
Company by the Friends Group of Gandhidham (Gujarat) for setting
up a greenfield project to manufacture and export castor oil. The
group is already involved in the trading of castor oil since 2005-
06. The Friends Group is a business conglomerate having presence
in the varied activities such as port services, cargo handling,
dry storage and warehousing, salt manufacturing, iron ore,
commodity exports, textiles etc. Mr. Praveen Singhvi, Mr. Mukesh
Singhvi, Mr. Ashok Singhvi, Mr. Mayank Singhvi, Mr. Vishal Singhvi
are the directors of KACPL. Mr. Praveen Singhvi has an experience
of seven years across the group companies and Mr. Ashok Singhvi
has an experience of more than two decades.


KHAZANCHI JEWELLERS: ICRA Rates INR10.2cr Loan at '[ICRA]BB-'
-------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB-' to the INR10.20
crore fund based bank facilities of Khazanchi Jewellers Private
Limited.

The outlook on the rating is Stable. The rating factors in the
long track record of the promoters in the jewellery business,
diversified customer base with revenues distributed between
wholesale and retail segments lending stability to volumes and
revenues and also the retail expansion undertaken by the company
which is likely to drive future growth. However, the rating is
constrained by the weak financial profile of the company,
characterized by thin profit margins/accruals (on account of low
value addition) and relatively high gearing. The business profile
of the company is also constrained by its small scale of
operations coupled with highly fragmented nature of the industry
with limited barriers to entry restricting pricing power and
exposure of earnings to gold price fluctuations with the bullion
purchased through fixed price mechanism.

KJPL is in the business of manufacturing and retailing of
jewellery and gold bullion since 1994. The company was promoted by
Mr. Tarachand Mehta and is currently managed by his family
members. Gold bullion trading contributes to the bulk of the
company's revenues (more than 80% in 2009-10), followed by gold
jewellery and silver. At present, the company has two showrooms in
Chennai and plans to add another in the near term.


MAHAVIR ASHOK: ICRA Reaffirms [ICRA]BB+ Rating on INR7.5cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR7.50 crore fund based bank limits of Mahavir Ashok Enterprises
Private Limited. The outlook on the long term rating is stable.

The rating reaffirmation takes into account the longstanding
experience of the promoters in retail jewellery business, the
established business relationship it shares with various local
jewellery suppliers and the company's moderate capital structure
and coverage indicators. The rating is however constrained by
MAEPL's geographically clustered customer base with operational
presence in a single city and limited scale of operations, its
presence in a fragmented industry characterized by competitive
pressures, excessive dependence on gold bullion suppliers for its
bullion trading activities resulting in supplier concentration
risk and working capital intensive nature of operations due to the
need to stock inventory which is typical in a retail set-up. ICRA
also takes note of the decline in the turnover in 2010-11 due to
decreased bullion trading activities on account of supplies
issues.

                       About Mahavir Ashok

M/s Mahavir Ashok Enterprises Pvt. Ltd. (formerly known as M.
Dhariwal Complex Pvt. Ltd.) is a family run private limited
company. The company is involved in trading of gold jewellery,
gold bullion, diamond studded gold jewellery and watches. The
company is also into lodging and boarding business since 2005. The
company carries out its jewellery, lodging and boarding business
from its three storied building complex in Raipur comprising
retail showroom of 6456 sq. ft. area. It has a registered office
at Raipur, Chattisgarh.

Recent results:

MAEPL recorded a profit after tax (PAT) of INR0.57 crore on an
operating income of INR30.55 crore as per the provisional figures
for the year ending March 31, 2011 and a profit after tax (PAT) of
INR0.39 crore on an operating income of INR39.62 crore for the
year ending March 31, 2010.


NAMCO INDSUTRIES: CARE Rates INR150cr Long-Term Loan at 'CARE BB-'
------------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Namco
Industries Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      150.00     'CARE BB-' Assigned

Rating Rationale

The rating of Namco Industries Private Limited (NIPL) is
constrained by the inherent risk associated with the
implementation of large-size greenfield project coupled with the
lack of promoters' track record in the manufacturing sector. The
cyclical nature of the steel industry and the ongoing delay in the
implementation of the project further constrain the rating. These
constraints are partly offset by the experience of the promoters
in the steel trading and location advantage to the proposed plant
due to its proximity to the port.  Ability to complete the project
without further delay and within cost estimates and generation of
envisaged cash accruals upon the timely stabilization of the
project are the key rating sensitivities.

Company Profile

Promoted by Shri Namit Soni and family, Namco Industries Private
Limited (NIPL) was incorporated in August, 2009. NIPL is a group
company of Namco Corp Limited (NCL), engaged in the trading
activities of steel and its products. NIPL is in the project phase
and is setting up a rolling mill for manufacturing wide plates and
strips. The cost of the project is envisaged at INR273.29 crore
(out of which INR214.23 crore being investment in fixed assets, is
proposed to be financed with debt/equity of 2.33 times). NIPL has
incurred a total expenditure of INR186.43 crore till April 30,
2011. Commercial production was expected to begin from April 2011,
however due to issues related to civil construction, the project
has been delayed by five months and commercial production is now
expected to begin from August 2011.


PARALAM GLOBAL: CARE Assigns 'CARE BB' Rating to INR1cr ST Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Paralam Global Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     14.61       'CARE BB' Assigned
   Short-term Bank Facilities     1.00       'CARE A4' Assigned

Rating Rationale

The ratings are constrained by the moderate size of operations of
Paralam Global Private Ltd., highly working capital intensive
nature of the company's business operations, stressed liquidity
position, highly leveraged capital structure, susceptibility of
the company's revenues to the cyclicality in the real estate
industry and presence of the company in a highly competitive and
fragmented particle boards industry.  The ratings however do take
into account the vast experience of the promoters and the
established track record of PGPL for more than two decades in the
particle board business through its established pan-India
distribution network, healthy growth in the company's turnover
over the last two years as well as the robust demand from the
domestic market for particle boards considering the growth of the
real-estate industry.

The ability of PGPL to meet the increasing competition in particle
boards sector and further improve its financial risk profile,
regular and cheap availability of its basic raw material (bagasse)
as well as the continuation of the excise duty exemption on
bagasse-made particle boards would be the key rating sensitivity
going forward.

                       About Paralam Global

Paralam Global Pvt. Ltd. (formerly known as Arvi Wood Industries
Pvt. Ltd.), was set up in August 1988 by Mr. Sanjiv Agrawal and
his father Mr. Ambadas Agarwal. The unit was registered as a SSI
unit and commenced operations in the year 1990. The company was
originally engaged in manufacturing of particle boards using
cotton stalk as the base raw material but with the supply of
cotton being restricted on account of the monopoly purchase policy
of the Government of Maharashtra, the company has shifted to using
bagasse and timber as its major raw material that constitutes
about 55% of the company's total raw material cost.


R.B. RICE: ICRA Assigns 'LB+' Rating to INR6cr Bank Lines
---------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR6.0 crore
bank lines of R.B. Rice Industries.

The rating of RBRI takes into consideration its modest scale of
operations; its high gearing and moderate debt protection
indicators. The rating also factors in the low entry barriers and
intensely competitive nature of industry which makes margins and
cash flows vulnerable to fluctuations in prices. The rating is
also constrained by high working capital intensity of business,
susceptibility of the firm's profits to adverse movement in
foreign exchange rates and the risks inherent in a partnership
firm. However, the rating favorably takes into account the firm's
experienced management, its long track record of operations in the
rice industry and its presence in export markets. Further, ICRA
also takes into account the favorable demand prospects of the
industry with India being the second largest producer and consumer
of rice in the world.

R.B. Rice Industries is a partnership firm established in 2000
with Mr. Yogesh Kumar, Mr. Ashok Kumar, and Mr. Deepak Kumar as
partners. The firm is involved in the milling and processing of
basmati rice and is based out of Jalalabad, Punjab and is in close
proximity to local grain market. The firm was earlier involved in
custom milling for the Punjab Government and post FY2008, it
started milling rice on a job work basis for an export company.

During the financial year ending March 31, 2010, the firm reported
a net profit before tax of INR0.05 crore on an operating income of
INR5.87 crore.


RANA STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR20.80cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR20.80 crores fund based bank facilities of Rana Steels India
Limited.  ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR0.75 crores non-fund based facilities of
RSIL.  The long term rating carries a Stable Outlook.

The reaffirmation of rating continues to reflect the promoters'
long experience in the business of manufacturing mild steel (or
M.S.) based angles, channels, flats, bars and ingots, the
company's established position in these products in Northern India
and its wide-spread distribution network. ICRA has also taken note
of the favorable demand scenario for products given the large
planned expenditure on infrastructure and construction sectors in
the country. These factors have resulted in a consistent growth in
the operating income in the past, which is likely to be sustained
going forward. However, the rating is constrained by RSIL's
relatively modest scale of operations, which results in moderate
economies of scale and low bargaining power vis--vis suppliers
and customers, and the intensely competitive nature of the
industry in which it is operating. These factors have resulted in
relatively thin margins, which are also exposed to risks of
fluctuations in raw material prices. Going forward, the company's
ability to maintain adequate margins in an intensely competitive
industry and manage its working capital cycle effectively will
remain the key rating drivers.

Recent results:

As per the provisional results, RSIL reported a net profit of
INR0.80 crore on an operating income of INR80.34 crore for the
year ended March 31, 2011 and a net profit of INR0.56 crore on an
operating income of INR75.75 crore for the year ended March 31,
2010.

                        About Rana Steels

RSIL is a closely held company that was incorporated in 1992 by
Mr. Zakir Rana. It is part of Rana Group of companies and is
engaged in the manufacture of mild steel or M.S. angle, channel,
flats, bars and ingots. The company operates its unit in
Muzaffarnagar district in UP. The key raw materials are M.S. scrap
which is procured from local players and sponge iron procured from
several players located in Orissa, Bihar and Jharkhand. The
company sells its product in Delhi, Rajasthan, Haryana and UP
through its wide spread agents' network.


SHIVAM INDIA: CARE Assigns 'CARE BB-' Rating to INR60cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Shivam India Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      60.00       CARE BB- Assigned
   Short-term Bank Facilities     19.40       CARE A4 Assigned

Rating Rationale

The above ratings factor in closely held nature of Shivam India
Ltd., high level of corporate guarantee in favor of a group
company and low debt protection metrics. The ratings are further
constrained by low capacity utilization over the last few years,
low profitability, high average collection period, volatility in
the prices of raw material & finished goods and cyclicality of the
steel industry along with high degree of competition. The ratings,
however, also consider moderate track record of operations,
strategic location of the plant, availability of backward
integration (though partially) for sponge iron through a group
company and satisfactory leverage ratios. Ability of the
company to increase capacity utilization, improve its
profitability and maintain the prevailing capital structure are
the key rating sensitivities.

Shivam India Ltd., incorporated in December 1999, is engaged in
manufacturing of billets and TMT bars at its plant at Angadpur,
Durgapur, West Bengal with installed capacities of 1,08,000 MT per
annum (mtpa) & 1,00,000 mtpa respectively. Besides, the company is
also engaged in trading of iron & steel related products. The
company was promoted by Shri Piyush Pandey along with his brother
Shri Pankaj Pandey, both being first generation entrepreneurs.
On a total income of INR275.1 crore (FY09 - INR293.9 crore), SIL
earned a PAT of INR6.6 crore (FY09 - INR3.2 crore) in FY10. The
provisional FY11 results of the company were satisfactory.


SHIVAM METAL: ICRA Assigns '[ICRA]BB-' to INR3.3cr Term Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR5.00 crores cash
credit facility and INR3.30 crore term loan of Shivam Metal
Industries Private Limited. The outlook for the rating is stable.

The assigned ratings are constrained by the limited track record
of the company; modest scale of its operations; vulnerability of
company's margins to fluctuation in aluminium prices as well as to
fluctuation in foreign exchange rates and sensitivity to any
change in import duty on import of aluminium scrap.  The ratings
also take into account the customer concentration risk as the
company derives nearly two-third of its revenues from its top five
customers. The ratings are further constrained by the company's
weak financial profile reflected by low profitability and return
indicators as well as high gearing levels.

However, the ratings favorably take into account the extensive
experience of one of the promoters in aluminium extrusion
industry; strong and stable customer base of the company developed
over the years and the company's expertise in developing special
dies for manufacturing aluminium profiles of special designs which
are not readily available in the market.

                        About Shivam Metal

Shivam Metal Industries Private Limited, incorporated in 2008, is
involved in manufacturing of aluminium profiles with its plant
located in Vadodara, Gujarat with a capacity of 3000 MTPA. The
company is closely held by the promoters, Mr. Rajendra K.
Agarwala, Mr. Arun K. Agarwala and Mr. Sharad Mogale.

Recent Results For FY11, the company reported operating income of
INR27.82 crores and profit after tax of INR0.21 crores
(provisional numbers).


SHRENIK MARBLE: Fitch Assigns 'Fitch B+(ind)' National LT Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Shrenik Marble Private Limited
a National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable. The agency has also assigned ratings to Shrenik's
instruments:

   -- INR32m long-term loans: 'Fitch B+(ind)';

   -- INR40m fund-based working capital limits: 'Fitch
      B+(ind)'/'Fitch A4(ind)'; and

   -- INR28m non-fund-based limits: 'Fitch A4(ind)'.

The ratings reflect Shrenik's established track record of 20 years
in the mining and processing of marble and its comfortable market
position in the Makrana region of Rajasthan. The company benefits
from the locational advantage as its factory and mine are situated
in Rajasthan, which accounts for 95% of marble processing capacity
in India. The ratings are also supported by Shrenik's presence in
various colors and sizes of imported and indigenous marbles. Fitch
notes that the company has also entered into the export business
of marble slabs and tiles, resulting in 170% yoy revenue growth to
INR96.7m in end-March 2010 (FY10).

The ratings are however constrained by Shrenik's high working
capital intensity and its weak credit metrics. Its net financial
leverage (adjusted debt net of cash/operating EBITDA) increased to
5.3x in FY10 from 3.8x in FY09 and net interest coverage decreased
to 1.8x from 2.15x during the same period from increased debt and
gross interest expense. The ratings are also constrained by
Shrenik's small size and intense competition from local and
international peers. The company also faces foreign exchange risk
as it imports marble blocks, and 35.5% of its FY10 revenue was
from exports.

A positive rating action may result from an increase in Shrenik's
profitability resulting in an improvement in its net interest
coverage on a sustained basis. Conversely, a negative rating
action may result from any decline in its profitability and/or
increased working capital intensity deteriorating the company's
net interest coverage.

Incorporated in 1991, Shrenik is engaged in the mining and
processing of marble. Its marble slab processing unit is situated
at Kishangarh, Rajasthan. The company also has an established 0.35
Mega Watt wind turbine generator plant at village Pohra, District
Jaisalmer (Rajasthan).  As per the company's estimates for FY11,
its revenue was INR144.8 million, up 49.7% yoy, EBITDA was INR20.8
million (FY10: INR12.2 million), and EBITDA margins was 14.4%
(FY10: 12.6%).


SPARK ELECTRODES: ICRA Reaffirms [ICRA]BB Rating on INR11.5cr Loan
------------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the enhanced
INR11.50 crore (enhanced from INR9.35 crore) fund-based bank
facilities of Spark Electrodes Private Limited.  The long term
rating carries a Stable outlook.  ICRA has also reaffirmed
'[ICRA]A4' rating assigned to the INR1.00 crore (reduced from
INR1.50 crore) non-fund based bank facilities of SEPL.

The reaffirmation of the ratings continues to reflect SEPL's
modest scale of operations and the intensely competitive and
cyclical nature of the steel tubes industry which coupled with low
value-additive nature of work has resulted in moderate
profitability for the company. The ratings are also constrained by
SEPL's leveraged capital structure as reflected in a high gearing
of 2.28 times as on March 31, 2011 and susceptibility of its
earnings to adverse movement in raw material prices as well as
foreign exchange fluctuation risks. The ratings, however, derive
comfort from the long experience of the promoters in the business;
benefits arising from backward integration and the positive demand
outlook for steel tubes, driven by infrastructure growth in the
country. Going forward, SEPL's ability to scale up its operations
and manage its profitability through cost rationalization
initiatives in the scenario of increased competition will remain
key rating sensitivities.

                   About Spark Electrodes

Incorporated in 1986, Spark Electrodes Private Limited is a
private limited company engaged in the production and sale of
galvanized steel tubes and structures. The company was promoted by
Mr. Nathu Ram Goyal, who was initially engaged in the steel
rolling business. The company is currently being managed by him
and his son Mr. Sushil Kumar Goyal. The company operates from its
manufacturing facility located in Sahibabad (Uttar Pradesh) with
an installed annual capacity of 9000 M.T. The shareholding of SEPL
is entirely held by the promoters and their family members.

Recent Results:

As per the provisional results, SEPL reported a net profit of
INR0.38 crore on an operating income of INR34.55 crore for the
year ended March 31, 2011 and a net profit of INR0.18 crore on an
operating income of INR25.26 crore for the year ended March 31,
2010 (audited results).


SRICHAITANYA CHLORIDES: ICRA Rates INR11.1cr Loan at [ICRA]BB
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR11.10 crore fund
based limits of Srichaitanya Chlorides Private Limited.  ICRA has
also assigned '[ICRA]A4' rating to the INR1.90 crore non-fund
based limits of SCPL.  The outlook on the long term rating is
Stable.

The assigned ratings positively factor in the long experience of
the promoters in the business of Active Pharmaceutical Ingredient
(API) manufacture and satisfactory demand outlook for several of
intermediates manufactured by the company. ICRA also derives
comfort from the position of SCPL as a leading manufacturer of
Tri-Chloro Acetyl Chloride and Chloro Acetyl Chloride nationally
and as the sole South India based manufacturer.

The ratings are however constrained by the company's modest scale
of operations with a relatively concentrated product and customer
profile. Further the commoditized nature of products and limited
bargaining power vis-a-vis suppliers and customers exposes SCPL's
profitability to raw material price fluctuations. ICRA has also
factored in the exposure of the company's operations to changing
environmental regulations and the costs of compliance for the
company arising from the fact that the major by-products (Chlorine
and Hydrochloric Acid) are hazardous in nature. Further, the
working capital position of the company is stretched on account of
high receivables currently.

As its small scale of operations limits the company's ability to
diversify across product range, SCPL intends to grow through
forward integration where it envisages debt funded capacity
expansion for entering into manufacturing of bulk drugs and
formulations. The same is however likely to increase the
capitalization levels of the company from the current comfortable
levels, and also expose it to funding and other project related
risks. While plans are yet to be crystallized in this regard, debt
funded expansion is likely to adversely impact the credit profile
of the company.

                   About Srichaitanya Chlorides

Srichaitanya Chlorides Private Limited was incorporated in 1999 by
first generation entrepreneurs. The company has its office at
Ramachandrapuram in Medak district while the manufacturing
facility is at Pashamylaram in Medak. SCPL is engaged in the
manufacture of intermediate chemicals which are used for Bulk
Drugs, Pesticides, dyes and dyes intermediates etc. SCPL caters
completely to the domestic market and almost 90% of SCPL's
customers are USFDA approved with majority of them being large
pharmaceutical companies in India.

Recent Results

For the year ended March 31, 2011, the company estimates an
operating income of INR34.52 crore against INR31.82 crore in
FY 2010.


SRI VENKATA: ICRA Upgrades Rating on INR16cr Loan to '[ICRA]BB'
---------------------------------------------------------------
ICRA has upgraded the long term rating for the fund based and non-
fund based limits of Sri Venkata Sai Educational Society from
'LB+' to '[ICRA]BB'.  The revised rating pertains to the INR16.00
crore fund based limits (reduced from INR22.86 crore) and the
INR8.50 crore non fund based limits (reduced from INR9.35 crore)
of SVS and carry a stable outlook

The rating upgrade takes into account timely servicing of debt
repayment obligations by SVS. The rating continues to derive
comfort from established presence of medical college and hospital,
healthy occupancy levels in its colleges and the inherent
predictability of revenues associated with educational
institutions. However, the rating continues to be constrained by
pressure on the liquidity position of the society because of the
on-going expansion project and delay in reimbursements from state
government. The rating is also constrained by the challenges
involved in attracting high quality students and faculty by
private educational institutions, the continuous need to incur
capital expenditure to maintain infrastructural facilities as well
as add new courses/seats and the regulatory challenges involved in
the educational sector in India. Going forward, ICRA expects the
fee income to increase on account of proposed seat additions in
MBBS, PG medicine, BDS and MDS courses.

Society Profile Sri Venkata Sai Educational Society was registered
under the Societies Act in 25th Nov 1997 and started operations in
1999 with the setting up of SVS Medical College in Mahaboobnagar
near Hyderabad. SVSES currently operates a Medical College, Dental
College, College of Nursing, and offers M.Sc. courses and PG
studies in medical sciences in the state of Andhra Pradesh.

Recent Results

For FY 2011 (Provisional, unaudited), the company reported a
surplus (PAT) of INR3.4 crore on the back of OI of INR30.1 crore
as against a surplus of INR2.7 crore on OI of INR27.6 crore in
FY 2010.


STEMCORE ALLOYS: ICRA Assigns '[ICRA]BB+' Rating to INR10cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR85.80 crore fund based
and INR10.0 crore non fund based facilities of Stemcore Alloys and
Ispat Limited.  ICRA has also assigned '[ICRA]A4+' to INR10.0
crore non-fund based facilities of SAIL.  The outlook on the long-
term rating is Stable.

The ratings assigned by ICRA reflect SAIL's experienced management
and their long track record in the steel industry and strong
growth in profitability observed in last financial year on account
of stabilizations in the operations of the unit. Further, addition
of the new rolling mill is expected to boost the operating
margins, plant efficiency and asset utilization going forward.
Also, the empanelled status of the company with PGCIL is likely to
increase its revenues and profitability. The ratings, however, are
constrained by cyclicality in the steel business and intensely
competitive nature of the industry which makes margins and cash
flows vulnerable to fluctuations in prices. The ratings are
further constrained by SAIL's weak financial profile as reflected
by its weak debt protection indicators, average return indicators
and increasing working capital requirements which have led to
constrained cash flows in the past. While assigning the ratings,
ICRA has also noted the significant debt funded capital
expenditure undertaken by SAIL which has increased the gearing and
is expected to keep it high in the short to medium term. Going
forward, the ability of the company to bring down its high gearing
and sustain its operating margin will be a key sensitivity for the
ratings.

                    About Stemcore Alloys

Stemcore Alloys and Ispat Limited was incorporated in 2007 by
Mr. Sharad Garg and associates. The company produces various types
of structural steels like angles, beams, channels, etc. The
company currently has an induction furnace of capacity 250 TPD and
a rolling mill of capacity 400 TPD at its plant in Mahabubnagar
District near Hyderabad. The promoters of the company have started
other companies also like Adhaya Steels Private Limited, Goa Ispat
Limited and Ravi Organics Limited. The promoters have also started
Knovus Steels and Infrastructure Limited which when completed,
would be the first fully integrated steel plant near Hyderabad.


SUNLAND ALLOYS: ICRA Reaffirms [ICRA]BB+ Rating on INR35cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of INR35.00 crore
(earlier INR25.00 crore) long-term fund-based bank facilities of
M/s Sunland Alloys at '[ICRA]BB+'.  The outlook on the long term
rating is 'stable'.

The assigned rating takes into account the partners' extensive
experience of over four decades in the non-ferrous metal trading
business and of over a decade in the manufacturing and marketing
of non-ferrous alloys. The rating also favorably factors in SA's
established relationships with reputed automobile companies,
primarily two wheeler manufacturers, and the component
manufacturers for these automobile companies on account of the
superior quality of products which strengthens its market
position; and strong relationships with foreign suppliers which
ensures steady supply of raw materials without the need of opening
letters of credit. The rating also takes into account the
favorable long term demand outlook for the automobile industry in
India, which is likely to increase the demand of SA's products.
The rating is, however, constrained by the risks associated with
the status as a partnership firm including the risk of withdrawals
of capital by the partners; and the firm's limited operating
profitability on account of the low value adding nature of the
firm's businesses. The rating is also constrained by the estimated
high gearing and weak coverage indicators of the firm in 2010-11,
indicating a weak financial profile; the firm's exposure to the
cyclicality inherent in the non-ferrous metal industry which is
likely to keep its cash flows volatile; and the high customer
concentration risks it faces, as the top five customers
contributed to over 80% of manufacturing sales in 2010-11. ICRA
also notes SA's significant exposure to foreign exchange
fluctuation risks in the absence of a formal hedging mechanism,
since most of the raw material requirement in met through imports.

Incorporated in 2003, Sunland Alloys is a partnership firm that is
managed by four partners -- Mr. Sanjeev Kumar Agrawal, Master.
Anish Agrawal, Mr. Praveen Kumar Ranka and Mr. Abhishek Kumar
Kachhara. SA is engaged in the manufacture of aluminium alloy
ingots and has a capacity of 21,600 MTPA. The firm operates from
Karajgam in Dadra & Nagar Haveli. The firm's customers mainly
include well-established companies who manufacture components for
the automobile industry, primarily the two wheeler manufacturers.


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


* JAPAN: 28 Firms File Bankruptcy in Jan.-Aug. Due Strong Yen
-------------------------------------------------------------
Bloomberg News reports that Teikoku Database said the
strengthening of the yen led to 28 corporate bankruptcies in Japan
this year as of August 7, two more than during the same period
last year.

Bloomberg, citing a report released Monday by Teikoku Database,
which tracks bankruptcies, says 13 companies failed because of
losses from derivatives.


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


MAGNETITE WELLINGTON: Owes NZ$400K to Creditors; Boss Faces Probe
-----------------------------------------------------------------
The Dominion Post reports that Magnetite Wellington, a failed
Upper Hutt glazing Magnetite franchise, owes more than NZ$400,000
and its former boss could face an investigation for running a
business while bankrupt.

John Griffin, whose company offered a product similar to double
glazing, went into hiding in April, leaving dozens of jobs
unfinished across the region, the Dominion Post says.

Mr. Griffin, according to the Dominion Post, claimed that the
Magnetite head office in Australia had ended the franchise
unfairly and refused to work with him to trade out of his debt.
The company has denied that and said it tried to help Mr. Griffin,
the report relates.

Since then, the Australian office has contacted almost all of the
80 customers abandoned by Mr. Griffin and organized for the work
to be completed, the Dominion Post notes.

The Dominion Post, citing the first receiver's report on the
company, says the company was formed by Mr. Griffin and initially
traded with some success, employing up to 30 staff.   But after
taking deposits of up to 50%, it got into trouble and Mr. Griffin
appeared to have "absconded", leaving significant debt, the
Dominion Post relays.

The receiver's report also noted that the liquidators had been
advised that Mr. Griffin was attempting to form a new company,
2Glaze, and inquiries were being made about what action could be
taken, according to the Dominion Post.

The Dominion Post discloses that Magnetite Wellington owes more
than NZ$300,000 to various creditors, not including the Australian
franchisor or money owed to staff.  Numerous companies across
New Zealand are owed NZ$220,000 and Inland Revenue debts total
NZ$90,000.  The Australian head office is also understood to be
owed over NZ$100,000.

The Dominion Post reports that liquidator Iain Shephard confirmed
he had been unable to find Mr. Griffin but, since the first report
was published, had been made aware that he was still in Upper
Hutt.

According to the report, Mr. Shephard had filed a complaint with
the Economic Development Ministry because he believed Mr. Griffin,
who was bankrupt when the new company was formed, had breached his
duties and obligations by continuing to promote and manage a
company.

But Mr. Griffin was adamant he had not been avoiding liquidators
and the whole thing had been a misunderstanding.  "It has been
hard, I admit, I haven't had a phone up until now and I have got
no money. I have had to dig holes in the middle of nowhere for a
living."

As for why he had been running a company while declared bankrupt,
Mr. Griffin said he had always been upfront with his insolvency
officer, the Dominion Post adds.

Magnetite manufactures and installs a retrofit double glazing
system that is designed to reduce noise, increase thermal comfort,
and create energy efficiency.


YARROWS BAKERS: Owes NZ$150.3 Million in Debt to Creditors
----------------------------------------------------------
The National Business Review reports that receivers for Yarrows
(The Bakers) Limited said the business has attracted considerable
interest from potential buyers as their first report highlights
significant debt across the wider group.

Yarrows (The Bakers) and two associated companies went into
receivership in May when the company's directors could not reach
agreement on a restructure proposal that involved selling its
Australian business.

NBR notes that receivers Andrew Bethell and Brian Mayo-Smith have
continued to trade the business as a going concern and have been
working with various parties on a potential sale.

According to the news agency, Mr. Bethell said in his first report
that the receivers had identified and held discussions with a
number of parties interested in a purchase of either the
New Zealand or Australian businesses or both.

"There has been considerable interest in the sale of the
businesses and we continue to liaise with the interested parties,"
NBR quotes Mr. Bethell as saying.

At the time of receivership, Yarrows (The Bakers) had total
liabilities of NZ$72.8 million, including NZ$55.2 million owed to
Westpac, according to NBR.

NBR relates that the receivers report also noted that related
companies Yarrows Traditional Foods and Southern Cross Investments
owed a further NZ$77.5 million through intercompany advances.
With a further NZ$13.8 million of accounts payable total debt
across the group stood at NZ$150.3 million, NBR notes.

NBR has reported that a charitable trust set up by the late Noel
Yarrow is owed a significant sum from the Yarrows group.

Meanwhile, NBR reports, Mr. Bethell wrote that an Inland Revenue
claim of NZ$115,000 is likely to increase.

It was too early to say whether there would be any funds available
from the receivership for unsecured creditors owed NZ$8.1 million,
NBR discloses.

Total assets across the three companies totaled NZ$172.3 million,
NBR notes.

According to NBR, Mr. Bethell declined to give an estimate of
likely recovery values because that could materially prejudice the
sale process.

The Troubled Company Reporter Asia-Pacific, citing the Taranaki
Daily News, reported on July 25, 2011, that Yarrows (The Bakers)
receiver Andrew Bethell, of BDO Spicers in Auckland, confirmed
that John Yarrow, the brother of Yarrows (The Bakers)'s owner Paul
Yarrow, is one of several parties interested in buying the
struggling bakery.

NBR says Japan's Sumitomo group is also one party interested in
acquiring the assets.

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.


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


BHARUCH PTE: Creditors' Proofs of Debt Due Sept. 16
---------------------------------------------------
Creditors of Bharuch Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 16, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Heng Lee Seng
         15 Hoe Chiang Road
         #12-02 Tower Fifteen
         Singapore 089316


CHINA VIDEO: Creditors' Proofs of Debt Due Sept. 5
---------------------------------------------------
Creditors of China Video Surveillance Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


COMFORM INDUSTRIES: Creditors' Proofs of Debt Due Aug. 19
---------------------------------------------------------
Creditors of Comform Industries Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FYNS KRAN: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------
Creditors of Fyns Kran (Asia) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         C/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street #05-01
         Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


GRANDIS EMS: Creditors Get 70.39% Recovery on Claims
----------------------------------------------------
Grandis EMS Pte Ltd declared the first and final dividend on
Aug. 5, 2011.

The company paid 70.39% to the received claims.

The company's liquidator is:

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


MEI HWA: Creditors Get 51.3279% Recovery on Claims
--------------------------------------------------
Mei Hwa Construction Works Pte Ltd declared the preferential
dividend on July 28, 2011.

The company paid 51.3279% to the received claims.

The company's liquidator is:

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


===============
T H A I L A N D
===============


G STEEL: Shareholders to Vote on ArcelorMittal Deal on Aug. 15
--------------------------------------------------------------
Bangkok Post reports that the time is running out for G Steel Plc
to clinch a deal with ArcelorMittal Netherlands BV (AM) to secure
a capital injection from the world's largest steel company for the
survival of the heavily indebted hot-rolled coil maker.

Despite concerns over the high cost of AM's offer and the expected
dilution effect on existing shareholders, observers agree that
AM's acquisition of a majority stake in G Steel is a must and will
be a done deal, given the financial constraints of the company
founded by steel tycoon Somsak Leeswadtrakul, Bangkok Post
relates.

Bangkok Post notes that the board of directors of G Steel and
subsidiary GJ Steel Public Company Limited earlier approved the
transaction in which AM would hold 40% of G Steel and indirectly
control 63.75% of GJS once the deal is completed.

The deal will be made through the sale of G Steel's newly issued
ordinary shares to AM and the conversion of G Steel's debt into
GJS ordinary shares and the purchase of GJS's newly issued
ordinary shares, according to Bangkok Post.

Bangkok Post says the Securities and Exchange Commission (SEC) on
Friday issued a statement recommending that G Steel's minority
shareholders cautiously consider the details before voting for the
plan, which is subject to endorsement by shareholders on Aug 15.

The regulator warned the shareholders not to base their decision
solely on the opinion of the company's independent financial
adviser, but also to seek further required information from G
Steel executives as well as documents provided at the
shareholders' meeting, according to the news agency.

Under the agreement with G Steel, the report notes, AM will
provide a five-year credit facility worth US$500 million with an
interest rate of 12% per year plus a commitment fee of 2% a year.
A breakage penalty fee is set at 3-5% if all amounts borrowed
under the facility are refinanced with a new deal at a lower
interest rate.

Bangkok Post relates that AM also agreed to a 10-year business
assistance deal with a service charge of 2% of total sales revenue
based on G Steel's consolidated financial statements but not
exceeding $40 million a year.

According to the report, Surachai Pramualcharoenkit, an analyst at
Kim Eng Securities, said G Steel urgently needed to make the deal.
The company's shareholders seem to understand that the transaction
is critical for survival and should eventually endorse the plan,
he said.

Mr. Surachai added that the margin for hot-rolled steel is
currently as poor as 7-8%, Bangkok Post adds.

                         About G Steel

Headquartered in Bangkok, Thailand, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in
different grades and gauges.


PICNIC CORP: Srivikorn Finds Five New Investors
-----------------------------------------------
Bangkok Post reports that the future of Picnic Corporation is
looking clearer now that property tycoon Pimol Srivikorn has
attracted five investors led by lawyer Wichai Thongtang to take an
85% stake in the debt-ridden cooking gas company.

According to Bangkok Post, Mr. Wichai, who helped Thaksin
Shinawatra win his asset-concealment case before the
Constitutional Court in 2001, confirmed Thursday that he had
agreed to join with Ploenchit Capital to invest in Picnic.

"I can say only that among a group of new investors for Picnic,
I'm going to hold the largest share," Bangkok Post quotes
Mr. Wichai as saying.  Dr. Pimol would disclose more details on
Wednesday, he added.

The new shareholders are expected to be in place in time for the
Sept. 2 deadline for completing the debt restructuring plan
approved earlier by the Central Bankruptcy Court, the news agency
notes.

Bangkok Post relates that Mr. Wichai, now chairman of Prasit
Patana Plc, the operator of the Phyathai Hospital Group, said that
based on his feasibility study, Picnic's business remains
promising.

"We invest for profitability and given my previous credentials in
business rehabilitation, we are confident we can turn around
Picnic," Mr. Wichai said.

According to the report, MR Sasiprin Chandratat, a financial
adviser to Ploenchit Capital, said a total of five investors would
join the alliance, each holding shares equally, but she declined
to provide further details.

"I can't say anything. We have to wait for the press conference
held by Dr. Pimol himself," the report quotes MR Sasiprin as
saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2011, Bangkok Post said Dr. Pimol and other investors
agreed to take an 85% stake in Picnic Corp. after creditors
approved the company's debt restructuring plan.  Creditors holding
THB7.396 billion in debt, including Krung Thai Bank and United
Overseas Bank (Thai), voted 79.56% to keep the cooking gas
distributor afloat.  Under the plan, creditors will accept a
haircut of more than 75% of their obligations, to THB1.8 billion.
Shareholders will also accept a capital writedown to help clear
losses of THB11 billion.  Creditors will hold 5% of the
restructured company, with former shareholders, who include 10,000
retail investors as well as the founding Lapvisuthisin family,
holding the remaining 10%, Bangkok Post added.

                           About Picnic

Picnic Corporation Public Company Limited is a Thailand-based
company engaged in the distribution of liquefied petroleum gas
(LPG) under the name Picnic Gas.  It also provides installation
services for electrical systems, water supplies and air
conditioners.

Picnic Corp entered into court-supervised restructuring in
December 2009.

Picnic's last reported result was a loss of THB946.3 million for
the first half of 2009.  Its LPG market share has fallen by half
to just 4 to 5% in recent years.

According to Bangkok Post, the company has been the subject of
numerous investigations since 2004.  The SEC accused Picnic and
members of the Lapvisuthisin family of accounting fraud in 2005,
but the case was dismissed in 2007 for lack of evidence.
Regulators filed a new complaint in 2009 against Suriya
Lapvisuthisin, a deputy commerce minister in the Thaksin
government, for colluding to defraud Picnic in the transfer of
holdings in World Gas to another company prior to entering
rehabilitation.


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


* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Friday lowered its long-term
sovereign credit rating on the United States of America to 'AA+'
from 'AAA'.  Standard & Poor's also said that the outlook on the
long-term rating is negative.  At the same time, Standard &
Poor's affirmed its 'A-1+' short-term rating on the U.S. In
addition, Standard & Poor's removed both ratings from CreditWatch,
where they were placed on July 14, 2011, with negative
implications.

The transfer and convertibility (T&C) assessment of the U.S. --
S&P's assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure
foreign exchange for debt service -- remains 'AAA'.

"We lowered our long-term rating on the U.S. because we believe
that the prolonged controversy over raising the statutory debt
ceiling and the related fiscal policy debate indicate that further
near-term progress containing the growth in public spending,
especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain
a contentious and fitful process.  We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to
this week falls short of the amount that we believe is necessary
to stabilize the general government debt burden by the middle of
the decade," S&P said in a statement.

"Our lowering of the rating was prompted by our view on the rising
public debt burden and our perception of greater policymaking
uncertainty, consistent with our criteria (see "Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government's other economic, external, and monetary
credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.

"We have taken the ratings off CreditWatch because the Aug. 2
passage of the Budget Control Act Amendment of 2011 has removed
any perceived immediate threat of payment default posed by delays
to raising the government's debt ceiling. In addition, we believe
that the act provides sufficient clarity to allow us to evaluate
the likely course of U.S. fiscal policy for the next few years.

"The political brinksmanship of recent months highlights what we
see as America's governance and policymaking becoming less stable,
less effective, and less predictable than what we previously
believed.  The statutory debt ceiling and the threat of default
have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal
consolidation program that some proponents had envisaged until
quite recently.  Republicans and Democrats have only been able to
agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive
measures.  It appears that for now, new revenues have dropped down
on the menu of policy options.  In addition, the plan envisions
only minor policy changes on Medicare and little change in other
entitlements, the containment of which we and most other
independent observers regard as key to long-term fiscal
sustainability.

"Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S.
public debt burden in a manner consistent with a 'AAA' rating and
with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011, especially Paragraphs
36-41).  In our view, the difficulty in framing a consensus on
fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve
more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid).  A new
political consensus might (or might not) emerge after the 2012
elections, but we believe that by then, the government debt burden
will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray
Will Likely Cost Even More Green, Now," June 21, 2011)."

"Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might
conclude is appropriate for putting the U.S.'s finances on a
sustainable footing.  The act calls for as much as $2.4 trillion
of reductions in expenditure growth over the 10 years through
2021.  These cuts will be implemented in two steps: the
$917 billion agreed to initially, followed by an additional
$1.5 trillion that the newly formed Congressional Joint Select
Committee on Deficit Reduction is supposed to recommend by
November 2011.  The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend
them.

"The act further provides that if Congress does not enact the
committee's recommendations, cuts of $1.2 trillion will be
implemented over the same time period.  The reductions would
mainly affect outlays for civilian discretionary spending,
defense, and Medicare.  We understand that this fall-back
mechanism is designed to encourage Congress to embrace a more
balanced mix of expenditure savings, as the committee might
recommend.

"We note that in a letter to Congress on Aug. 1, 2011, the
Congressional Budget Office (CBO) estimated total budgetary
savings under the act to be at least $2.1 trillion over the next
10 years relative to its baseline assumptions.  In updating our
own fiscal projections, with certain modifications outlined below,
we have relied on the CBO's latest "Alternate Fiscal Scenario" of
June 2011, updated to include the CBO assumptions contained in its
Aug. 1 letter to Congress. In general, the CBO's "Alternate
Fiscal Scenario" assumes a continuation of recent Congressional
action overriding existing law.

"We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism
that leaves open the details of what is finally agreed to until
the end of 2011, and Congress and the Administration could modify
any agreement in the future.  Even assuming that at least $2.1
trillion of the spending reductions the act envisages are
implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined,
excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to
be consistent with a 'AA+' long-term rating and a negative
outlook--we now project that net general government debt
would rise from an estimated 74% of GDP by the end of 2011 to 79%
in 2015 and 85% by 2021.  Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer
credits and, as noted, would continue to rise under the act's
revised policy settings.

Compared with previous projections, our revised base case scenario
now assumes that the 2001 and 2003 tax cuts, due to expire by the
end of 2012, remain in place.  We have changed our assumption on
this because the majority of Republicans in Congress continue to
resist any measure that would raise revenues, a position we
believe Congress reinforced by passing the act.  Key
macroeconomic assumptions in the base case scenario include trend
real GDP growth of 3% and consumer price inflation near 2%
annually over the decade.

"Our revised upside scenario -- which, other things being equal,
we view as consistent with the outlook on the 'AA+' long-term
rating being revised to stable -- retains these same macroeconomic
assumptions.  In addition, it incorporates $950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for
high earners lapse from 2013 onwards, as the Administration
is advocating.  In this scenario, we project that the net general
government debt would rise from an estimated 74% of GDP by the end
of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario -- which, other things being equal,
we view as being consistent with a possible further downgrade to a
'AA' long-term rating -- features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls
for does not occur. This scenario also assumes somewhat higher
nominal interest rates for U.S. Treasuries.  We still believe
that the role of the U.S. dollar as the key reserve currency
confers a government funding advantage, one that could change only
slowly over time, and that Fed policy might lean toward continued
loose monetary policy at a time of fiscal tightening.
Nonetheless, it is possible that interest rates could rise if
investors re-price relative risks.  As a result, our alternate
scenario factors in a 50 basis point (bp)-75 bp rise in 10-year
bond yields relative to the base and upside cases from 2013
onwards. In this scenario, we project the net public debt burden
would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by
2021.

"Our revised scenarios also take into account the significant
negative revisions to historical GDP data that the Bureau of
Economic Analysis announced on July 29.  From our perspective, the
effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government.
First, the revisions show that the recent recession was deeper
than previously assumed, so the GDP this year is lower than
previously thought in both nominal and real terms. Consequently,
the debt burden is slightly higher.  Second, the revised data
highlight the sub-par path of the current economic recovery when
compared with rebounds following previous post-war recessions. We
believe the sluggish pace of the current economic recovery could
be consistent with the experiences of countries that have had
financial crises in which the slow process of debt deleveraging in
the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real
trend GDP growth of 2.5% and inflation of near 1.5% annually going
forward."

"When comparing the U.S. to sovereigns with 'AAA' long-term
ratings that we view as relevant peers -- Canada, France, Germany,
and the U.K. -- we also observe, based on our base case scenarios
for each, that the trajectory of the U.S.'s net public debt is
diverging from the others.  Including the U.S., we estimate that
these five sovereigns will have net general government debt to
GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.),
with the U.S. debt burden at 74%. By 2015, we project that their
net public debt to GDP ratios will range between 30% (lowest,
Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net
public debt burdens of these other sovereigns will begin to
decline, either before or by 2015.

"Standard & Poor's transfer T&C assessment of the U.S. remains
'AAA'.  Our T&C assessment reflects our view of the likelihood of
the sovereign restricting other public and private issuers' access
to foreign exchange needed to meet debt service.  Although in our
view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or
the Administration.  Consequently, we continue to view this
risk as being highly remote."

"The outlook on the long-term rating is negative.  As our downside
alternate fiscal scenario illustrates, a higher public debt
trajectory than we currently assume could lead us to lower the
long-term rating again.  On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint
Select Committee on Deficit Reduction -- independently or coupled
with other initiatives, such as the lapsing of the 2001 and 2003
tax cuts for high earners -- lead to fiscal consolidation measures
beyond the minimum mandated, and we believe they are likely to
slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'."

On Monday, S&P will issue separate releases concerning affected
ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance
sectors.


* 15 Companies in S&P List of Defaulters in Second Quarter
----------------------------------------------------------
Globally, 15 companies (13 public and two confidentially rated)
defaulted in the second quarter of 2011.  The volume of rated debt
affected by defaulters in the second quarter was $39.5 billion, up
from five defaults in the first quarter with $3.6 billion in debt,
said an article published Friday by Standard & Poor's Global Fixed
Income Research, titled "Quarterly Global Corporate Default Update
And Rating Transitions."

Of the 15 defaults in second-quarter 2011, eight were domiciled in
the U.S., two in Canada, two in New Zealand, and one each in
U.A.E, Russia, and France.

"On a trailing-12-month basis, the global speculative-grade
default rate as of June 2011 was 2%, down slightly from 2.08% at
the end of March and 5.12% at the same time in 2010," said Diane
Vazza, head of Standard & Poor's Global Fixed Income Research.
"The default rate is now at its lowest point since August 2008,
the last reading prior to the collapse of Lehman Brothers and the
ensuing recession in the U.S."

"Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, as the number of downgrades has decreased
slightly across all regions," said Ms. Vazza. "The downgrade-to-
upgrade ratio fell to 0.64% in second-quarter 2011 from 1.10% in
the previous quarter."

The decrease from the first quarter is the result of a slight
uptick in upgrades -- to 3.5% from 2.45% -- along with a decrease
in downgrades--to 2.25% from 2.7%.


* BOND PRICING: For the Week Aug. 1 to Aug. 5, 2011
---------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.88
DIVERSA LTD             11.00    09/30/2014   AUD       0.08
EXPORT FIN & INS         0.50    12/16/2019   NZD      67.02
EXPORT FIN & INS         0.50    06/15/2020   AUD      65.02
EXPORT FIN & INS         0.50    06/15/2020   NZD      64.92
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.64
NEW S WALES TREA         1.00    09/02/2019   AUD      70.94
NEW S WALES TREA         0.50    09/14/2022   AUD      58.40
NEW S WALES TREA         0.50    10/07/2022   AUD      57.93
NEW S WALES TREA         0.50    10/28/2022   AUD      57.69
NEW S WALES TREA         0.50    11/18/2022   AUD      57.54
NEW S WALES TREA         0.50    12/16/2022   AUD      57.00
NEW S WALES TREA         0.50    02/02/2023   AUD      56.66
NEW S WALES TREA         0.50    03/30/2023   AUD      56.10
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.84
RESOLUTE MINING         12.00    12/31/2012   AUD       1.21
SUNCORP METWAY           6.75    09/23/2024   AUD      72.21
SUNCORP METWAY           6.75    10/06/2026   AUD      74.61
TREAS CORP VICT          0.50    08/25/2022   AUD      58.39
TREAS CORP VICT          0.50    11/12/2030   AUD      56.56
TREAS CORP VICT          0.50    11/12/2030   AUD      39.50


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      64.49
YUNNNAN INVEST GR        5.25    08/24/2017   CNY      55.11


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      41.02


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      26.41
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.97
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.79
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.89
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.18
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.66
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.29
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.07
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.96
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.41


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      57.33


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      57.33
AIFUL CORP               1.74    05/28/2013   JPY      65.06
AIFUL CORP               1.99    10/19/2015   JPY      38.03
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.97
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.80
SHINSEI BANK             5.62    12/29/2049   JPY      68.50
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      69.50
TOKYO ELEC POWER         2.40    11/28/2028   JPY      67.09


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.48
CRESENDO CORP B          3.75    01/11/2016   MYR       1.34
DUTALAND BHD             6.00    04/11/2013   MYR       0.77
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.52
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.93
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.22
MALTON BHD               6.00    06/30/2018   MYR       0.78
MITHRIL BHD              3.00    04/05/2012   MYR       0.45
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.76
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.68
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.53
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.49
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.50


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

DORCHESTER PACIF         5.00    06/30/2013   NZD      65.96
GENESIS POWER            8.50    07/15/2041   NZD       8.22
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       7.65
INFRATIL LTD             4.97    12/29/2049   NZD      62.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.26
NEW ZEALAND POST         7.50    11/15/2039   NZD      60.29
NZF GROUP                6.00    03/15/2016   NZD      41.12
SKY NETWORK TV           4.01    10/16/2016   NZD       7.54
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.35
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.85
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      41.75
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.95
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.98
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.10
SENGKANG MALL            8.00    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.48
WBL CORPORATION          2.50    06/10/2014   SGD       1.40


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.28
CN 1ST ABS               8.30    11/27/2015   KRW      25.80
DAEWOO MTR SALES         7.00    04/24/2012   KRW      73.78
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      74.58
GALLERIA 2ND ABS         2.00    01/08/2015   KRW      70.51
GRACE 3RD ABS            5.65    07/13/2012   KRW      71.36
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.64
GRKABS 2ND ABS          10.00    09/29/2014   KRW      27.63
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      60.26
GYEONGGI SOLOMON         8.50    10/29/2014   KRW      69.73
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      70.63
H K MUTUAL SAVING        9.50    08/02/2014   KRW      69.53
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      24.11
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      31.93
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      38.08
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.83
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      34.59
HYUNDAI SWISS BK         8.30    01/13/2015   KRW      70.44
HYUNDAI SWISS II         7.90    07/23/2015   KRW      71.11
IBK 17TH ABS            25.00    12/29/2012   KRW      62.95
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      60.30
KAMCO MIRAE-II           9.12    03/08/2012   KRW      72.27
KB 13TH ABS             25.00    07/02/2012   KRW      57.24
KB 14TH ABS             23.00    01/04/2013   KRW      62.38
KDB 1ST SEC SPC         20.00    06/20/2013   KRW      25.12
KEB 17TH ABS            20.00    12/28/2011   KRW      63.35
KHC 4TH SEC SPC          7.00    12/08/2016   KRW      52.41
KOREA MUTUAL SAV         8.00    09/22/2012   KRW      71.31
KOREA MUTUAL SAV         8.50    09/28/2013   KRW      70.86
MERITZ ABS               4.16    07/29/2012   KRW      70.29
NACF 18TH ABS           25.00    07/03/2011   KRW      64.95
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      74.70
SCONAB 2ND ABS          10.00    09/29/2014   KRW      30.50
SEGYE TOUR CO            4.00    11/06/2012   KRW      70.28
SINBO 1ST ABS           15.00    07/22/2013   KRW      33.83
SINBO 2ND ABS           15.00    08/26/2013   KRW      35.36
SINBO 3RD ABS           15.00    09/30/2013   KRW      34.83
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.85
SINBO 5TH ABS           15.00    02/23/2014   KRW      31.46
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      29.47
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.46
SMART SAVINGS            8.00    01/17/2016   KRW      70.38
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      71.55
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      70.42
TOMATO MUTUAL            8.30    03/12/2012   KRW      72.18
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      70.13


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       67.95


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.86


                             *********

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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