TCRAP_Public/120518.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

            Friday, May 18, 2012, Vol. 15, No. 99

                            Headlines


A U S T R A L I A

BELLA TRUST 2: Fitch Places Rating on Two Note Classes at Low-B
CITYPRINT PTY: Kwik Kopy Buys Firm's Assets; 14 Jobs Saved
PHOENIX CLEANING: Goes Into Liquidation; 300 Jobs at Risk
TRIO CAPITAL: Parliament Calls for Probe Into Fund Collapse

* AUSTRALIA: Corporate Failures to Stay High Despite Rate Cuts
* AUSTRALIA: ASIC Seeks to Ban Melbourne Liquidator


H O N G  K O N G

CHINA INFORMATION: Creditors' Proofs of Debt Due June 3
GLOBAL STAR: Creditors' Proofs of Debt Due June 15
GOLDEN BRIGHT: Creditors' Proofs of Debt Due June 8
INTERTRANS CONSULTING: Fok and Sutton Step Down as Liquidators
JC NO. 1: Creditors' Proofs of Debt Due June 12

LANCO INTERNATIONAL: Court to Hear Wind-Up Petition on May 23
MAXX (HONG KONG): Court to Hear Wind-Up Petition on June 27
MEGO INTERIOR: Court to Hear Wind-Up Petition on June 6
MERRY CHANCE: Court Enters Wind-Up Order
MOMENTUM ACADEMY: Members' Final Meeting Set for June 12

NEC INFRONTIA: Chong Shi Ming John Steps Down as Liquidator
NOVELINK DEVELOPMENT: Court Enters Wind-Up Order
P & C ENTERPRISES: Creditors' Proofs of Debt Due June 8
PARASAND LIMITED: Ying and Chan Step Down as Liquidators
SINOWORLD CNW: Kui and Yuen Step Down as Liquidators

SINOWORLD MEDIA: Lui and Yuen Step Down as Liquidators
STARBAY INTERNATIONAL: Briscoe and Chan Step Down as Liquidators
WALI ELECTRICAL: Court Enters Wind-Up Order
WANG HOI: Court to Hear Wind-Up Petition on June 27
WOON TIN: Court Enters Wind-Up Order


I N D I A

AIR INDIA: Aviation Ministry to Meet with Recognised AI Unions
AIR INDIA: To Raise INR5,000cr Thru Asset Sale
GOPINATH EDUCATIONAL: CARE Rates INR6.09cr Loan at 'CARE C'
HARSH COMMODITIES: CARE Rates INR6.25cr Loan at 'CARE B+'
LAND MARK: CARE Assigns 'CARE B+' Rating to INR12cr LT Loan

MATS MINERALS: ICRA Cuts Rating on INR53cr Loans to '[ICRA]D'
MEDISOL LIFESCIENCE: CARE Puts 'CARE B' Rating on INR8.64cr Loan
NAYAAGARH SUGAR: CARE Assigns 'CARE B+' Rating to INR17.84cr Loan
OPG INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Cash Credit Rating
SALAXMI DISTRIBUTORS: ICRA Puts '[ICRA]B+' Rating on INR3cr Loan

SHREE GAURI: ICRA Assigns '[ICRA]B-' Rating to INR12.48cr Loans
UTKAL REALTORS: ICRA Rates INR30cr Term Loan at '[ICRA]BB-'
WELMADE LOCKING: CARE Puts 'CARE BB+' Rating on INR19cr LT Loan


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Director Won't Appeal Two-Year Jail Sentence
SAMOAN METHODIST: Church Faces Wind Up Bid Over Unpaid Taxes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BELLA TRUST 2: Fitch Places Rating on Two Note Classes at Low-B
---------------------------------------------------------------
Fitch Ratings has published its ratings for Bella Trust No. 2
Series 2012-1 loan receivables-backed securitisation, due
January 2019.  The ratings are as follows:

  -- USD353.5 million Class A notes: 'AAAsf'; Outlook Stable
  -- AUD68.8 million Class B notes: 'Asf'; Outlook Stable
  -- AUD10.4 million Class C notes: 'BBBsf'; Outlook Stable
  -- AUD10 million Class D notes: 'BBsf'; Outlook Stable
  -- AUD4.5 million Class E notes: 'Bsf'; Outlook Stable
  -- AUD9.5 million seller notes: not rated

The notes were issued by BNY Trust Company of Australia Limited
in its capacity as trustee of Bella Trust No. 2 Series 2012-1.
The Bella Trust No.2 Series 2012-1 is a legally distinct trust
established pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
14,893 loan receivables totalling approximately AUD448.1 million,
with an average size of AUD34,344.  The pool comprises loan
receivables originated by Capital Finance Australia Limited
(CFAL) whose ultimate parent is Lloyds Banking Group plc
('A'/Stable/'F1').  All loans are amortising principal and
interest loans for both new cars and light commercial vehicles
(40.2%), used cars and light commercial vehicles (17.1%).  The
remaining 42.7% consists of heavy trucks and equipment. The pool
contains loans with varying balloon amounts payable at maturity,
for loans that are subject to a balloon payment the weighted
average stands at 28.6%.

The ratings on the class A notes are based on the quality of the
collateral; the 22.8% credit enhancement provided by the
subordinate class B, C, D, E and seller notes; a liquidity
reserve account of 1% of outstanding notes, funded by issue
proceeds; an interest rate swap provided by Lloyds TSB Bank plc,
Australia branch; and CFAL's underwriting and servicing
capabilities.

The ratings on the class B, C, D and E notes are based on all the
strengths supporting the class A notes except their credit
enhancement levels.


CITYPRINT PTY: Kwik Kopy Buys Firm's Assets; 14 Jobs Saved
----------------------------------------------------------
Nick Bendel at ProPrint reports that Kwik Kopy said it provided a
soft landing for a liquidated Cityprint Pty Ltd after buying the
business for a six-figure sum.

David Bell, managing director of Kwik Kopy Australia, told
ProPrint the demise of Cityprint had resulted in a positive
outcome as all 13-14 staff had been retained, the customers were
still being served and only minimal disruption had occurred.

ProPrint relates Mr. Bell said Cityprint will continue trading
under its own name, although its two Pitt Street outlets, located
within a few hundred metres of each other, are being consolidated
into one to save money.

Brian Silvia and Andrew Cummins of BRI Ferrier were appointed
voluntary administrators of Cityprint on March 5 and then
liquidators on April 5, ProPrint notes.

BRI executive director Philip Armstrong told ProPrint that
Cityprint had attracted interest from three companies. Kwik Kopy
had bought the business while it was in administration, before
its residual assets and liabilities had been placed into
liquidation, Mr. Armstrong told ProPrint.

Mr. Armstrong said Kwik Kopy had acquired Cityprint's name, its
intellectual property, one of its two leases and its equipment -
although not its printing equipment, which was leased, according
to ProPrint.

Cityprint had about AUD2.3 million in liabilities and AUD1
million in assets when it entered administration, Mr. Armstrong,
as cited by ProPrint, said.

According to the report, Mr. Armstrong said the business owed
money to its bank, employees, suppliers and leasing companies,
but unsecured creditors would probably get back less than 10
cents in the dollar.

Mr. Armstrong said Cityprint was pushed over the edge after going
from break-even to losing about AUD70,000 to AUD100,000 per month
during January and February, ProPrint adds.

Cityprint Pty Ltd is a Sydney-based printing company.


PHOENIX CLEANING: Goes Into Liquidation; 300 Jobs at Risk
---------------------------------------------------------
ABC News reports that a union official said it is unclear how
many jobs will be saved after Phoenix Cleaning & Maintenance
Services went into liquidation.

The report says Phoenix Cleaning employed about 300 staff and had
a contract with the South Australian Government, to clean courts
and police premises, and other organisations including ASC.

A liquidator has been appointed and a creditors meeting will be
held next week, ABC News relays.

According to ABC News, Union official Chris Field said it was
hoped many of the cleaners would find work with whoever took over
the contracts, but other concerns also had to be dealt with.

"Superannuation, they've fallen behind in that, so that's quite
hard to retrieve," the report quotes Mr. Field as saying.  "As
for their entitlements like annual leave, any wages outstanding,
cleaners can apply for the GEARS scheme, which is a Federal
Government scheme."

Based in Adelaide, Australia, Phoenix Cleaning & Maintenance
Services -- http://www.phoenixcleaning.com.au/--provides
cleaning, maintenance and ancilliary services. The Company
operates in South Australia and the Northern Territory.


TRIO CAPITAL: Parliament Calls for Probe Into Fund Collapse
-----------------------------------------------------------
ABC News reports that a parliamentary committee has recommended
authorities investigate the collapse of Trio Capital after the
biggest superannuation fraud in Australian history.

ABC News notes that liquidators have spent the last few years
untangling the fraud and have recouped AUD300 million in assets,
but there is still more than AUD200 million missing.

More than 6,000 investors lost money, some robbed of their entire
retirement savings, the report relays.

And while 5,000 of those investors have received some
compensation from a AUD55 million taxpayer-funded levy, more than
600 others will get no compensation because they were in so-
called self-managed superannuation funds not governed by the
Australian Prudential Regulation Authority (APRA), according to
ABC News.

The report says one of the company's former directors, Shaun
Richards, has been jailed but neither the Federal Police nor the
Australian Crime Commission are currently investigating the
collapse.

ABC News states that on May 16, after nearly a year of hearings,
the joint parliamentary inquiry into the collapse of Trio has
found that the regulators, APRA and the Australian Securities and
Investments Commission (ASIC), failed to prevent or uncover the
fraud in time.

The report relates that Committee chair Deborah O'Neill said it
is the worst superannuation fraud in Australia's history.

"There was fraud and theft of millions of dollars that changed
the lives of many Australians," ABC News quotes Ms. O'Neill  as
saying.

ABC News reports that the committee said APRA and ASIC must take
some of the blame for the slow response.

It has recommended the AFP and the regulators investigate the
fraud as a matter of high priority, the report adds.

                       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 $125 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.  The
Australian Securities & Investments Commission 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, and 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.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


* AUSTRALIA: Corporate Failures to Stay High Despite Rate Cuts
--------------------------------------------------------------
The Sydney Morning Herald reports that historically high levels
of corporate insolvency are tipped to continue in the economy's
struggling industries, despite this month's hefty cut in interest
rates.

As the number of corporate failures continues to rise, the chief
executive of the credit reporting agency Dun & Bradstreet, Gareth
Jones, said the number of companies going into administration in
weak industries was likely to remain high, according to SMH.

SMH relates that figures showed last week there was a 16.7%
annual rise in the number of companies tipped into administration
in the March quarter.

According to the report, Mr. Jones said lower interest rates
would do little to help businesses in financial strife,
especially those in struggling sectors such as retail and
manufacturing.

"There are clearly certain sectors of the economy that are
feeling the pressure more than others and this may continue to
result in relatively higher insolvency numbers among these
firms," the report quotes Mr. Jones as saying.

SMH notes that businesses applauded the Reserve Bank's 0.5
percentage point cut in official interest rates this month, and
Mr. Jones said this may help companies with outstanding debts.

However, Mr. Jones added: "For businesses experiencing severe
financial distress, a reduced interest payment may not be
sufficient to put their cash flow cycle back where it should be."

Mr. Jones, as cited by SMH, said many firms were also being
squeezed by delays in payments from trade creditors, with
businesses typically waiting 52.6 days to be paid.

The Australian Securities and Investments Commission's figures do
not say which industries have experienced the greatest rise in
insolvency, but turnaround specialists say retail and property
firms have been especially hard hit, SMH adds.


* AUSTRALIA: ASIC Seeks to Ban Melbourne Liquidator
---------------------------------------------------
The Australian Securities and Investment Commission has applied
to the Federal Court in Melbourne to inquire into the conduct of
Melbourne liquidator, Andrew Leonard Dunner, concerning the
performance of his duties as a registered and official liquidator
and as a receiver or manager of a total of eleven companies to
which he has been appointed.

ASIC said it is seeking orders that Mr. Dunner be prohibited from
holding the office of liquidator, provisional liquidator,
voluntary administrator or administrator of a deed of company
arrangement for such period as the Court sees fit, or
alternatively, to declare there are grounds for the cancellation
of Mr. Dunner's registration as an official liquidator.

Further, ASIC is seeking orders to pay into Court any
remuneration received by him in his role as the registered and
official liquidator of eight companies if the court finds that
the remuneration was paid:

   -- without proper approval of the creditors, a court
      or a committee of inspection; or

   -- for work performed outside the period of the
      relevant liquidation; or

   -- where the remuneration was not validly determined
      or fixed under the Act.

On May 14, Mr. Dunner notified ASIC of his resignation as
liquidator of the three companies connected with the application
where the liquidations are ongoing: Red Earth Facade Systems Pty
Ltd, Rayunit Pty Ltd and Emberford Pty Ltd.

At a hearing on May 15, Justice Middleton ordered that:

   -- James Downey be appointed as liquidator of Red Earth
      Facade Systems, Rayunit and Emberford; and

   -- Mr. Dunner file any response to ASIC's allegations
      by July 11 2012.

The matter be listed for further directions on July 13, 2012.


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


CHINA INFORMATION: Creditors' Proofs of Debt Due June 3
-------------------------------------------------------
Creditors of China Information Technology Industries Association
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by June 3, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2012.

The company's liquidator is:

         Siu Yiu Wo
         5/F, Hong Kong Trade Centre
         161-7 Des Voeux Road
         Central, Hong Kong


GLOBAL STAR: Creditors' Proofs of Debt Due June 15
--------------------------------------------------
Creditors of Global Star Industrial Investment Consultants
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by June 15, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2012.

The company's liquidator is:

         Leigh Man Sung Camballaw
         Unit 2205, 22/F
         China Merchants Building
         303-307 Des Voeux Road
         Central, Hong Kong


GOLDEN BRIGHT: Creditors' Proofs of Debt Due June 8
---------------------------------------------------
Creditors of Golden Bright Industries Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 8, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lau Wu Kwai King Lauren
         Yuen Tsz Chun Frank
         c/o Messrs. KLC Kennic Lui & Co.
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


INTERTRANS CONSULTING: Fok and Sutton Step Down as Liquidators
--------------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Intertrans Consulting Services Limited.


JC NO. 1: Creditors' Proofs of Debt Due June 12
-----------------------------------------------
Creditors of JC No. 1 (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 12, 2012, 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


LANCO INTERNATIONAL: Court to Hear Wind-Up Petition on May 23
-------------------------------------------------------------
A petition to wind up the operations of Lanco International
Holdings Limited will be heard before the High Court of Hong Kong
on May 23, 2012, at 9:30 a.m.

Magnificent Melody Limited filed the petition against the company
April 26, 2012.

The Petitioner's solicitors are:

          Pang, Kung & Co
          Rooms 180-9, 18th Floor
          Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


MAXX (HONG KONG): Court to Hear Wind-Up Petition on June 27
-----------------------------------------------------------
A petition to wind up the operations of Maxx (Hong Kong) Limited
will be heard before the High Court of Hong Kong on June 27,
2012, at 9:30 a.m.

Coca Investment Company Limited filed the petition against the
company April 20, 2012.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories
          Hong Kong


MEGO INTERIOR: Court to Hear Wind-Up Petition on June 6
-------------------------------------------------------
A petition to wind up the operations of Mego Interior Design
Limted (formerly named as Lego Interior Design Limited) will be
heard before the High Court of Hong Kong on June 6, 2012, at
9:30 a.m.

The Petitioner's solicitors are:

          Kevin L.H. Kwong & Co.
          Rooms 1702-04, 17th Floor
          China Insurance Group Building
          141 Des Voeux
          Central, Hong Kong


MERRY CHANCE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on April 3, 2012, to
wind up the operations of Merry Chance Industries Limited.

The company's liquidator is Lau Siu Hung.


MOMENTUM ACADEMY: Members' Final Meeting Set for June 12
--------------------------------------------------------
Members of The Momentum Academy Limited will hold their final
general meeting on June 12, 2012, at 10:00 a.m., at the
registered office.

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


NEC INFRONTIA: Chong Shi Ming John Steps Down as Liquidator
-----------------------------------------------------------
Chong Shi Ming John stepped down as liquidator of NEC Infrontia
(H.K.) Company Limited on May 8, 2012.


NOVELINK DEVELOPMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Novelink Development Limited.

The official receiver is Teresa S W Wong.


P & C ENTERPRISES: Creditors' Proofs of Debt Due June 8
-------------------------------------------------------
Creditors of P & C Enterprises (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 8, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lau Wu Kwai King Lauren
         Yuen Tsz Chun Frank
         c/o Messrs. KLC Kennic Lui & Co.
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


PARASAND LIMITED: Ying and Chan Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Parasand Limited on April 30, 2012.


SINOWORLD CNW: Kui and Yuen Step Down as Liquidators
----------------------------------------------------
Kennic Kai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Sinoworld CNW Publishing Limited on April 30,
2012.


SINOWORLD MEDIA: Lui and Yuen Step Down as Liquidators
------------------------------------------------------
Kennic Kai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Sinoworld Media Company Limited on April 30, 2012.


STARBAY INTERNATIONAL: Briscoe and Chan Step Down as Liquidators
----------------------------------------------------------------
Stephen Briscoe and Chan Pui Sze stepped down as liquidators of
Starbay International Limited on April 30, 2012.


WALI ELECTRICAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Wali Electrical & Metal Factory
Limited.

The official receiver is Teresa S W Wong.


WANG HOI: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------
A petition to wind up the operations of Wang Hoi Transportation
Limited will be heard before the High Court of Hong Kong on
June 27, 2012, at 9:30 a.m.

Razaq-Akhtar filed the petition against the company April 12,
2012.

The Petitioner's solicitors are:

          Massie & Clement
          8th Floor, On Hing Building
          No. 1 On Hing Terrace
          Central, Hong Kong


WOON TIN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Woon Tin Ko Wai Estate Management
Limited.

The official receiver is Teresa S W Wong.


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


AIR INDIA: Aviation Ministry to Meet with Recognised AI Unions
--------------------------------------------------------------
The Economic Times reports that with no end in sight to the
pilots' strike that entered on its 10th day Thursday, the Civil
Aviation Ministry will convened a meeting of all recognised trade
unions of Air India next week to discuss issues relating to
career progression and pay-scales.

"I am calling a meeting of all the recognised trade unions of Air
India next week to discuss the career progression issues,
including promotions also," the report quotes Civil Aviation
Minister Ajit Singh as saying.

According to the report, the move is aimed at checking further
labor trouble and garnering support for the process of
implementing the post-merger integration of Air India employees,
as resentment is expected over salaries and career progression
issues.

ET notes that the Dharmadhikari Committee, which has recommended
several measures on HR integration issues in post-merger Air
India, is likely to be taken up for discussion at the meeting.

However, the Indian Pilots Guild (IPG), which has been de-
recognised by the airline for leading the pilots' stir over
similar issues, is not likely to be part of the discussion as
only "recognised" unions are being invited, according to the
report.

ET adds that with the Civil Aviation Minister offering to hold
talks unconditionally and promising that the airline would not be
vindictive, the IPG has also stated they were open to talks to
resolve the deadlock, but wanted the sacking of 71 of their
colleagues and its derecognition to be revoked.

                         About Air India

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


AIR INDIA: To Raise INR5,000cr Thru Asset Sale
----------------------------------------------
The Times of India reports that Air India Ltd has decided to
raise about INR5,000 crore over 10 years by monetizing its
assets.  The airline is also going to issue government-backed
non-convertible debentures for INR7,400 crore for part repayment
of working capital loans, the report says.

According to TOI, the airline, that is battling a pilot strike at
present, approved these decisions at a board meeting on Monday.
"AI is looking for top real estate consultants. The plan is to
have the consultant by June 30," an AI statement said.

"The board also endorsed the stand in respect of terminations of
the striking pilots and supported the view that indiscipline
should not be tolerated in any form or manner," it added.

                         About Air India

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


GOPINATH EDUCATIONAL: CARE Rates INR6.09cr Loan at 'CARE C'
-----------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Gopinath
Educational & Welfare Society.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      6.09         CARE C Assigned

Rating Rationale

The rating of Gopinath Educational & Welfare Society (GEWS) is
mainly constrained by its stressed liquidity position and highly
leveraged capital structure. GEWS' presence in the competitive
and regulated education sector further constrains the rating.
These constraints far offset the benefits derived from the
experience of the promoters in education sector and strong brand
recognition. Improvement in the liquidity position and capital
structure along with increase in scale of operations are the key
rating sensitivities.

Jaipur based GEWS was incorporated as a not for profit education
society in December 2000 by Mr. Jagdish Manglani and his family
members. Currently the society manages six schools out of which
one is primary school and four are pre-primary schools in the
name 'Dolphins International School (DIS)' and one high school
'Dolphins High School (DHS)'. Out of these six, three schools (of
which two are located in Jaipur and one in Jodhpur) have started
operations from April 2, 2012. GEWS started its first school
(pre-primary to Standard V) in Jaipur in 2004 and expanded the
operations by starting a high school in Jaipur in 2010.

During FY12 (refers to the period April 1 to March 31), the
total student intake for three schools was 859 covering pre-
nursery to Class VIII.

During FY11, GEWS incurred deficit of INR0.59 crore on a total
operating income of INR1.30 crore as against a net surplus of
INR0.10 crore on a total operating income of INR0.73 crore in
FY10. As per the provisional results for FY12, GEWS earned 'nil'
surplus on a total operating income of INR1.94 crore.


HARSH COMMODITIES: CARE Rates INR6.25cr Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Harsh Commodities Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term/short-term           6.25        CARE B+/CARE A4
   Bank Facilities                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Harsh Commodities
Private Limited are primarily constrained due to its fluctuating
income, thin profitability, leveraged capital structure and weak
liquidity indicators in its trading nature of business. The
ratings are further constrained by exposure to volatility in
prices of traded goods and foreign exchange fluctuation risk.
The ratings, however, favorably take into account the experience
of the promoters in the industry and diversified product
portfolio. Improvement in profit margins and capital structure
with better working-capital management are the key rating
sensitivities.

Gandhidham (Gujarat) based Harsh Commodities Private Limited was
incorporated in 2005 by Mr. Ashwin Agrawal, Mr. Rajendra Agrawal,
Mr. Rajesh Agrawal, Mr. Babulal Goyal and Ms. Pushpa Goyal. HCPL
is engaged in the trading of metal scrap, tyres and low-density
polyethylene (LDPE) in the domestic market. The company has its
warehouse facility located in Gandhidham.

During FY11 (refers to the period April 1 to March 31), total
operating income was INR20.19 crore (FY10: INR23.82 crore) with a
net loss of INR0.03 crore (FY10: profit of INR0.09 crore). As per
provisional figures for FY12, the company has reported a total
income of INR22.67 crore with a PAT of INR0.06 crore.


LAND MARK: CARE Assigns 'CARE B+' Rating to INR12cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Land Mark
Developers.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       12          CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating is primarily constrained on account of project
implementation risk associated with the ongoing project of Land
Mark Developers, modest booking status which is further
intensified by low booking advances and inherent risk associated
with the cyclical nature of the real estate industry.

The rating, however, favorably factors in the experience of the
partners in construction business, although not in real estate
business.

Successful completion of the ongoing project, timely sale of
units at envisaged prices and any future projects with its
funding pattern are the key rating sensitivities.

LMD is a Rajkot based partnership firm formed in October 2010 to
carry out the real estate business.  LMD was formed by
Mr. Dharmesh Khoont and Mr Bhavesh Khoont apart from other six
partners. At present LMD is executing its first project named
'High Street', a residential project consisting of 44 units of 4
BHK (two towers of 11 storeys) at Rajkot.

LMD has incurred expenditure of INR7.78 crore upto March 31,
2012, out of the total envisaged project cost of INR28 crore.
Apart from this, land worth INR10 crore is procured under a
development
agreement with the land owner where in payment is to be made in
proportion to the sale of units. The project is scheduled to be
completed by March 2013.


MATS MINERALS: ICRA Cuts Rating on INR53cr Loans to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised downwards the rating assigned to the INR7 crore
fund based bank limits of MATS Minerals & Logistics Private
Limited from [ICRA]B- to [ICRA]D. ICRA also revised downwards the
rating assigned to the INR24 crore fund based and the INR22 crore
non-fund based bank limits of MMLPL from [ICRA]A4.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund Based Limits-       7.00       [ICRA]D^ downgraded
   Cash Credit Fund

   Based Limits-Export     24.00       [ICRA]D^ downgraded
   Packing Credit

   Non-Fund Based          20.00       [ICRA]D^ downgraded
   Limits-Letter of
   Credit

   Non-Fund Based           2.00       [ICRA]D^ downgraded
   Limits-Derivative

   ^Rating Suspended

The rating revision takes into account the delays in debt
servicing by MMLPL in recent months. ICRA notes that the export
duty on iron ore fines has seen a sharp increase in the past one
year. In February 2011, export duty was increased sharply from 5%
to 20%. Subsequently, from January 2012 onwards, export duty has
been hiked again to 30%. This is expected to adversely impact the
operations for non-integrated players engaged in the iron ore
exporting business going forward, including MMLPL, due to their
limited ability to pass on the increased cost burden to overseas
customers. ICRA observes that in FY12, MMLPL has not made any
exports. This has been reflected through a sharp drop in the
company's topline and profits in H1 FY12, leading to a liquidity
crunch, which in turn led to a delay in debt service by the
company.

The suspension of the ratings for the bank facilities of MMLPL
follows ICRA's inability to carry out a rating surveillance, with
MMLPL not providing the relevant information as sought by ICRA.
According to its suspension policy, ICRA may suspend any rating
outstanding, if in its opinion, there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

MATS Minerals & Logistics Private Limited is a Bhubaneshwar based
private limited company engaged in trading of iron ore, exporting
primarily to China. The company started operations in September
2009. The company is promoted by Mr. Tushar Mishra, who has more
than 30 years of experience in infrastructure project execution,
real estate and steel alloy businesses. From January 2011, MMLPL
has also started coal mining operations in Nagaland.


MEDISOL LIFESCIENCE: CARE Puts 'CARE B' Rating on INR8.64cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Medisol Lifescience Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      8.64         CARE B Assigned
   Short-term Bank Facilities     1.70         CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of delay in
implementation of the Greenfield project of Medisol Lifescience
Pvt. Ltd., high saleability risk due to pending approvals and are
yet to establish customer base and concentrated product portfolio
in single therapeutic segment.

The ratings are further constrained on account of competitive
nature of pharma contract manufacturing industry coupled with
high bargaining power of the customers.

These constraints far outweigh the benefits derived from the
promoters' experience in the aerosol based industry, strong
support from the group companies and well-equipped manufacturing
facilities.  MLPL's ability to achieve envisaged scale of
operation and profitability with establishing customer base are
the key rating sensitivities.

MLPL, incorporated in January 2009, was promoted by Mr. Bhogilal
L Patel with the objective to undertake manufacturing of
pharmaceutical aerosol dosage form i.e. pressurized Metered Dose
Inhalers (MDI) for treatment of respiratory diseases such as
asthma and Chronic Obstructive Pulmonary Diseases (COPD). In July
2011, MLPL had completed its project having annual capacity
to manufacture 401.76 Lakh MDIs and incurred cost of
INR14.94 crore towards the same which was funded through equity
contribution of INR2.00 crore, term loan of INR7.00 crore and
balance through unsecured loan. MLPL plans to sell MDIs through
contract manufacturing model in India as well as non-regulated
markets of Africa and Asia.


NAYAAGARH SUGAR: CARE Assigns 'CARE B+' Rating to INR17.84cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Nayaagarh
Sugar Complex Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long term bank facilities      17.84        'CARE B+' Assigned

Rating Rationale

The rating is constrained by the small scale of operation with
limited geographic reach of Nayaagarh Sugar Complex Ltd, high
level of government control and volatile nature of industry with
exposure to vagaries of nature. The rating is further constrained
by the working capital intensive nature of business, large on-
going capex project and exposure by way of corporate guarantee to
farmers.

The above constraints offsets the benefits derived from the
experience of the promoters, satisfactory track record,
consistent growth in sugar demand and backward integration
initiatives taken by the company to ensure stable sugarcane
supply.

Going forward, NSCL's ability to improve the crushing volumes and
level of operation and profitability alongwith effective
management of working capital and completion of the expansion
project on time without any cost overrun and derive benefits from
it would remain the key rating sensitivities.

Nayaagarh Sugar Complex Ltd. was set up as a Cooperative Society
in 1983 for setting up a sugar factory, which was commissioned in
1988. In 2004, Shri Trailokya Mishra and his son Shri Sabyasachi
Mishra of Orissa, has bided for the sick sugar unit and took over
the same from the Government under a liability free concept.
After acquisition, the unit was reconditioned and was
rechristened to its present name. Subsequently in 2005, it was
converted into a public limited company.

The company is currently engaged in production and sale of sugar
and other by-products such molasses and bagasse. NSCL operates a
sugar mill with aggregate crushing capacity of 1250 tonnes
of canes per day (TCD) and a co-generation plant of 1.5 MW. The
manufacturing plant of the company is located at Nayaagarh
district of Orissa.

During FY11 (FY refers to the period from April 1 to March 31),
the company had reported a total operating income of INR22.2
crore (FY10: INR9.2 crore) and a PAT of INR0.8 crore (FY10:
INR0.6 crore).

Being an unlisted entity, NSCL, has not compiled the working
results for 11MFY12. However, the management has stated to have
achieved gross turnover of INR32.0 crore during this period.


OPG INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Cash Credit Rating
-------------------------------------------------------------
ICRA has reaffirmed the long term rating to the INR5.00 crore
fund based bank facilities of OPG Industries Limited at
"[ICRA]BB+". The outlook on the long term rating is stable. ICRA
has also reaffirmed the short term rating to the INR25.00 crore
(enhanced from INR10.00 crore) non-fund based facilities of OIL
at "[ICRA]A4+".

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

   Non fund based      Enhanced from    [ICRA]A4+ reaffirmed/
   Facilities          INR10.00 cr to   assigned
                       INR25.00 cr

The reaffirmation of the ratings takes into consideration the
experience of the promoters in the commodity (steel, coal, wheat)
trading business, OIL's status as a part of OPG group of
companies and a conservative capital structure of OIL,
notwithstanding a deterioration witnessed in 2010-11. The company
is engaged in the trading of commodities including steel, coal
and wheat, of which steel trading accounts for a significant
proportion. The nature of the business keeps the company's
margins at very low levels and also makes them susceptible to
commodity cycles. Thin profitability and minimal cash generation
from business have resulted in weak coverage indicators. ICRA
takes note of the substantial deterioration witnessed in the
operating income during 2010-11, as the company was unable to
secure favourable terms with its suppliers and customers during
the year. The operating income however improved to moderate
levels during 2011-12.

Incorporated in 1993, OIL commenced operations with focus largely
on wheat trading. OIL currently trades in steel, coal and wheat,
with steel accounting for a significant proportion of the total
sales. OIL is part of the OPG group of companies.

Recent Results

During 2010-11, OIL reported a net profit of INR0.01 crore on a
turnover of INR10.25 crore. In 2009-10, the company posted a net
profit of INR0.09 crore on a turnover of INR230.11 crore.


SALAXMI DISTRIBUTORS: ICRA Puts '[ICRA]B+' Rating on INR3cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR3.00 crore cash
credit facilities of Salaxmi Distributors. ICRA has also assigned
an '[ICRA]A4' rating to the INR3.00 crore short term non fund
based facilities of Salaxmi Distributors.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Cash Credit             3.00        [ICRA]B+ assigned

   Letter of Credit/       3.00        [ICRA]A4 assigned
   Bank Guarantee

The rating factors in promoter experience in the pharmaceuticals
industry, distributorship for leading pharmaceutical companies
operating in the Indian pharma industry and profitability
business. However the financial profile of the company is
stretched with moderately high working capital intensity and weak
coverage indicators. Going forward the company is expected to
maintain profitability though the financial profile is expected
to remain moderate.

Salaxmi Distributors is engaged in the business of
distributorship of medicines since 1993-94 and has established
strong retailer base of around 1000 retailers. The company has
dealership of more than 20 companies which includes a mix of MNCs
and Indian companies. The company supplies medicines as well as
Injectables to various retailers. It has a sales staff of 4
employees which collects the orders from various retailers and
also responsible for collecting payments. Among the biggest
distributors are Sanofi Aventis, Fresenius Kabi, Novartis Pharma,
Mankind Pharma, Abbott Pharma. The company gets credit period of
0-8 days depending upon the company and the product. However, the
company has to offer credit period of 2-3 months to various
retailers. The gross margins of the company are in the range of
8-10% for most of the product. The business is characterized by
control on the number of distributors for various companies as
the governing body of distributors at National level grants
permission for new distributors depending upon the growth rate
and business activity. As a result of same, the distributors
don't undercut resulting in pricing parity from all distributors.
Salaxmi supplies to over 1000 retailers and has diversified
distribution base by virtue of being into retail business. This
leads to low client concentration. Further drugs have non-elastic
demand leading to low volatility and correlation with other
macroeconomic indicators such as GDP growth. The company has been
in the business for last 20 years which has led to established
relationship with retailer base. The sales of the firm are in the
range of around INR20 crores which the company expects to
maintain. Salaxmi also supplies Medical Diagnostic equipments of
large value to various hospitals, though it is not on a regular
basis. Depending upon the needs of the client/tender floated by
government agencies the company supplies the equipment. This line
of business contributes 15% of the revenues in normal course of
operations though in case of large order the contribution may
increase.

The company revenues have seen chequered growth on account of
Medical diagnostic business which is in the nature of project
business. During FY11, the company got one large order to the
tune of INR18 crores which led to jump in revenues to INR36.3
crores compared to INR17.6 crore for FY10 and INR21.1 crore for
FY12. The profitability has improved in the last three years by
virtue of higher economies of scale and control over costs. The
PBT margins stood at 7.1% for FY12 P and 4.2% for FY11.


SHREE GAURI: ICRA Assigns '[ICRA]B-' Rating to INR12.48cr Loans
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B-' to the INR12.48 crore
long-term, fund based facilities of Shree Gauri Rice Mill Private
Limited.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Cash Credit              6.25       [ICRA]B- assigned
   Term Loan                6.23       [ICRA]B- assigned

The assigned rating is constrained by the small scale of
operations and weak financial profile of the company as reflected
by low profit margins due to inherently low value addition in the
business, highly leveraged capital structure, low return
indicators and high working capital intensity. The rating also
takes into account the highly fragmented nature of the industry
and vulnerability of profit margins to volatility in paddy prices
which are exposed to seasonality and variations in crop harvests
and regulatory risk.

The rating, however, favorably factors in the long experience of
the promoters in the rice milling and trading business, favorable
location of the company which gives it easy access to paddy and
favorable outlook for polished rice and rice bran in Gujarat.

Shree Gauri Rice Mill Private Limited was incorporated in 2010
and is engaged in the business of rice milling. The company
operates from its plant located at Nadiad, Kheda in the state of
Gujarat, with an installed capacity of 8 MTPH (Metric Tonne per
Hour). The company is promoted by Mr. Dilip Kela and Mr. Ashok
Kela. Recent Results The company reported profit after tax of
INR0.0004 crore in FY11 on an operating income of INR0.50 crore.


UTKAL REALTORS: ICRA Rates INR30cr Term Loan at '[ICRA]BB-'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' rating to the
INR30 crore term loan of Utkal Realtors Private Limited. The
outlook on the long term rating is 'Stable'.

                        Amount
   Facilities          (INR Cr)       Ratings
   ----------          ---------      -------
   Term Loan             30.00        [ICRA]BB- (Stable) assigned

The rating takes into account the established track record of the
Utkal Group, of which URPL is a part, in the real estate space in
Bhubaneswar and the strategic location of URPL's upcoming
projects, with good connectivity and substantial open space,
which strengthens the projects' attractiveness. The ratings also
take into account the achievement of financial closure for the
residential project and the receipt of most of the clearances,
due to which both funding risk and regulatory risk are mitigated
to an extent. It needs to be noted that more than half of the
residential project has been booked and hence the off-take risk
associated with the project is limited. The rating also
incorporates the low cost of land which strengthens the upcoming
projects competitive position to an extent. The rating also takes
into account the exposure of the company to project execution
risks with more than half of the residential project yet to be
completed and the commercial project at a nascent stage. ICRA
notes the absence of any track record of the group in executing
high-rises, however, such risk is mitigated to an extent by the
outsourcing of critical activities to reputed parties. The
ratings also reflect the susceptibility of the real estate sector
to economic cycles and the current ongoing weakness in the real-
estate industry which are likely to keep margins and cash flows
volatile. The cost competitiveness due to low land cost is also
offset due to higher construction cost of the project. Moreover,
with a large number of projects in the pipeline by the group, the
cash flows of the group are expected to remain under pressure.
The pressure on the cash flows is expected to be further
accentuated with the debt repayment scheduled around the time the
project nears completion, at least in the near to medium term.
The group is also exposed to geographical concentration risks
with almost all projects, past and planned, being in and around
Bhubaneswar.

Utkal Realtors Private Limited is a part of the the Utkal Group.
The group is an established player in real estate development in
Bhubaneswar, Odhisha and has constructed several residential and
commercial complexes in and around Bhubaneswar.


WELMADE LOCKING: CARE Puts 'CARE BB+' Rating on INR19cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank
facilities of Welmade Locking Systems Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      19.00        CARE BB+ Assigned
   Short-term Bank Facilities      0.35        CARE A4+ Assigned

Rating Rationale

The ratings take into account relatively small size of operation,
volatility in raw material prices, increasing working capital
cycle, WLSPL's presence in highly competitive locking industry
and threat of losing market share on account of advance
technology products offered by competitors.

The ratings are however, underpinned by WLSPL's experienced
management, presence of own brand with innovative product
designs, integrated manufacturing set up enabling it to
manufacture variety of locks and satisfactory debt coverage
indicators. The ratings draw further strength from WLSPL's wide
distribution network.

Ability of the company to sustain volume growth by introducing
technologically advanced products without any deterioration in
its financial risk profile is the key rating sensitivity.

Welmade Locking Systems Private Limited (WLSPL) was started in
the year 1984 in Pune, Maharashtra by Dr. P. A. Joshi as a
proprietary concern and later converted into a private limited
company in December 1995. WLSPL is engaged in the business of
developing, manufacturing and marketing high security locks under
its own brand name 'Europa'. The product range includes furniture
locks, main door locks, cylindrical and pad locks.

The company reported sales of INR53.06crore in FY11 vis--vis
INR41.79crore in FY10 with PAT margin of 6.98% in FY11 vis--vis
10.81% in FY10. The company has reported gross sales of INR
70.00crore for FY12 (as per provisional results) by posting
19.76% of growth YoY basis.


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


BRIDGECORP LTD: Ex-Director Won't Appeal Two-Year Jail Sentence
---------------------------------------------------------------
APNZ reports that former Bridgecorp director Gary Urwin has
decided not to appeal his two-year jail sentence.

The news agency recalls Mr. Urwin was sentenced in the High Court
at Auckland last month on charges of misleading investors.

His lawyer David Reece had pushed for a sentence of home
detention but Justice Pamela Andrews said this would not be
appropriate, the report says.

Mr. Reece told APNZ Wednesday that following legal advice,
Mr. Urwin would not be proceeding with an appeal against his
sentence.

The two-year sentence means Mr. Urwin is within the threshold to
receive home detention, the report notes.

The 62-year-old accountant originally went to trial with fellow
Bridgecorp directors Rod Petricevic, Rob Roest and Peter Steigrad
but changed his plea to guilty.

These three other men were convicted in March of misleading
investors in Bridgecorp's offer documents, APNZ notes.

                     About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


SAMOAN METHODIST: Church Faces Wind Up Bid Over Unpaid Taxes
------------------------------------------------------------
The Dominion Post reports that the Taita parish of the Samoan
Methodist Churches of Samoa faces a battle with Inland Revenue,
over a claim it owes more than NZ$680,000 in unpaid taxes.

The Post relates that the Internal Revenue Department has applied
to have the Taita parish of the Samoan Methodist Churches of
Samoa put into liquidation.

A hearing is set down for the High Court later this month, the
report says.

According to the report, court documents show Inland Revenue has
claimed the church owes a total of NZ$683,452 to Inland Revenue.
This is made up of NZ$667,336 in PAYE Tax and NZ$16,116 in GST.

Citing court documents, the report says the church had neglected
to pay its debt and was presumed to be insolvent.

The church congregation numbered about 15 families.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------

AUSTRALIA

AAT CORP LTD               AAT         32.50           -13.46
ALTIUM LTD                 ALU         24.26            -3.62
APN EUROPEAN PRO           AEZ        321.75          -106.88
AUSTAR UNITED              AUN        686.84          -145.61
AUSTRALIAN ZI-PP           AZCCA       77.74            -2.57
AUSTRALIAN ZIRC            AZC         77.74            -2.57
BIRON APPAREL LT           BIC         19.71            -2.22
CLARITY OSS LTD            CYO         31.64            -5.75
CNPR GROUP                 CNP     15,483.44          -349.73
MACQUARIE ATLAS            MQA      1,671.52          -842.29
MISSION NEWENER            MBT         22.05           -27.72
NATIONAL LEISURE           NLG        154.59           -34.49
NATURAL FUEL LTD           NFL         19.38          -121.51
ORION GOLD NL              ORN         10.91            -0.31
RANGE RIVER GOLD           RNG         13.53           -22.79
RENISON CONSOLID           RSN         10.15           -22.74
RENISON CONSO-PP           RSNCL       10.15           -22.74
RIVERCITY MOTORW           RCY        386.88          -809.14
STERLING BIOFUEL           SBI         31.12            -7.52
SVC GROUP LTD              SVC         13.47            -1.66


CHINA

ACHENG RELAY-A             922         54.63            -0.83
BAOCHENG INVESTM           600892      54.75            -3.55
CHENGDE DALU -B            200160      33.15            -5.30
CHENGDU UNION-A            693         32.68           -15.13
CHINA KEJIAN-A             35         101.04          -194.27
CONTEL CORP LTD            CTEL        59.32           -45.72
DONGXIN ELECTR-A           600691      13.73           -28.65
FASTUBE LTD                FTUBE       89.78            -6.98
GUANGDONG ORIE-A           600988      15.24            -4.10
GUANGXIA YINCH-A           557         19.49           -44.84
GUANGZHOU IRON-A           600894     542.50           -70.92
HEBEI BAOSHUO -A           600155     141.30          -414.58
HEBEI JINNIU C-A           600722     250.44           -85.87
HUASU HOLDINGS-A           509         94.81           -12.27
HUNAN ANPLAS CO            156         45.47           -31.64
JILIN PHARMACE-A           545         34.73            -7.31
JINCHENG PAPER-A           820        198.46          -130.71
QINGDAO YELLOW             600579     218.06           -21.01
SHANDONG DACHE-A           600882     211.79            -3.83
SHANG BROAD-A              600608      43.41            -6.72
SHANXI LEAD IN-A           673         19.29            -1.82
SHENZ CHINA BI-A           17          20.97          -266.50
SHENZ CHINA BI-B           200017      20.97          -266.50
SHENZ INTL ENT-A           56         256.62           -28.92
SHENZ INTL ENT-B           200056     256.62           -28.92
SHENZHEN DAWNC-A           863         26.83          -165.43
SHENZHEN KONDA-A           48         122.96            -7.23
SHIJIAZHUANG D-A           958        217.74           -95.97
SICHUAN DIRECT-A           757         96.63          -170.70
SICHUAN GOLDEN             600678     147.66           -82.88
TAIYUAN TIANLO-A           600234      66.00            -9.45
TIANJIN MARINE             600751      86.23           -89.05
TIANJIN MARINE-B           900938      86.23           -89.05
TIBET SUMMIT I-A           600338      85.56            -3.87
TOPSUN SCIENCE-A           600771     137.37           -85.06
WUHAN BOILER-B             200770     317.76          -162.36
WUHAN GUOYAO-A             600421      11.22           -28.07
WUHAN LINUO SOLA           600885     100.71           -20.23
XIAMEN OVERSEA-A           600870     256.81          -136.78
XIAN HONGSHENG-A           600817      15.98          -296.67
YANBIAN SHIXIA-A           600462     204.56           -22.61
YANTAI YUANCHE-A           600766      63.90            -6.36
YIBIN PAPER IN-A           600793     144.18            -2.37
YOUCAN FOODS INT           YCAN       102.82            -9.02
YUEYANG HENGLI-A           622         37.67           -21.61


HONG KONG

BEP INTL HLDGS L           2326        11.98            -1.14
BUILDMORE INTL             108         16.57           -57.57
CHINA E-LEARNING           8055        15.94            -1.89
CHINA HEALTHCARE           673         46.24            -3.08
CHINA NEW ENERGY           1041       110.74           -80.19
CHINA OCEAN SHIP           651        485.84            -2.95
CMMB VISION HOLD           471         30.68           -17.93
CNI 23 INT'L               611         68.05           -67.58
CROSBY CAPITAL             8088        25.70           -17.43
FIRST NTUL FOODS           1076        14.94           -56.59
FU JI FOOD & CAT           1175        73.43          -389.20
ICUBE TECHNOLOGY           139         25.54            -2.12
MELCOLOT LTD               8198        39.21           -76.03
MITSUMARU EAST K           2358        24.87           -16.51
PALADIN LTD                495        175.99           -12.97
PROVIEW INTL HLD           334        314.87          -294.85
SINO RESOURCES G           223         15.64           -34.61
SMART UNION GP             2700        41.81           -38.85
SUNCORP TECH LTD           1063        11.78            -8.30
SUNLINK INTL HLD           2336        17.79           -36.13
SURFACE MOUNT              SMT         86.34            -8.13
U-RIGHT INTL HLD           627         10.86          -204.99


INDONESIA

ARPENI PRATAMA             APOL       568.63          -226.21
ASIA PACIFIC               POLY       402.84          -803.02
ERATEX DJAJA               ERTX        18.80           -10.69
HANSON INTERNATI           MYRX        94.28            -3.62
HANSON INT-PREF            MYRXP       94.28            -3.62
JAKARTA KYOEI ST           JKSW        31.61           -44.38
MITRA INTERNATIO           MIRA     1,076.79          -446.64
MITRA RAJASA-RTS           MIRA-R   1,076.79          -446.64
PANASIA FILAMENT           PAFI        30.57           -20.41
PANCA WIRATAMA             PWSI        31.13           -38.63
PRIMARINDO ASIA            BIMA        10.01           -21.54
TOKO GUNUNG AGUN           TKGA        12.89            -0.66
UNITEX TBK                 UNTX        18.41           -18.45


INDIA

ALPS INDUS LTD             ALPI       288.11            -7.01
AMIT SPINNING              AMSP        20.43            -1.96
ARTSON ENGR                ART         23.87            -0.60
ASHAPURA MINECHE           ASMN       191.87           -68.03
ASHIMA LTD                 ASHM        63.23           -48.94
ATV PROJECTS               ATV         60.17           -54.25
BELLARY STEELS             BSAL       451.68          -108.50
BLUE BIRD INDIA            BIRD       122.02           -59.13
CAMBRIDGE SOLUTI           CAMB       149.58           -56.66
CELEBRITY FASHIO           CFLI        36.61            -6.76
CFL CAPITAL FIN            CEATF       12.36           -49.56
COMPUTERSKILL              CPS         14.90            -7.56
CORE HEALTHCARE            CPAR       185.36          -241.91
DCM FINANCIAL SE           DCMFS       18.46            -9.46
DFL INFRASTRUCTU           DLFI        42.74            -6.49
DIGJAM LTD                 DGJM        99.41           -22.59
DUNCANS INDUS              DAI        122.76          -227.05
FIBERWEB INDIA             FWB         12.15           -15.81
GANESH BENZOPLST           GBP         49.24           -21.14
GEM SPINNERS LTD           GEMS        14.58            -1.16
GSL INDIA LTD              GSL         29.86           -42.42
HARYANA STEEL              HYSA        10.83            -5.91
HENKEL INDIA LTD           HNKL        69.07           -31.72
HIMACHAL FUTURIS           HMFC       406.63          -210.98
HINDUSTAN PHOTO            HPHT        74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN        15.21            -3.78
HMT LTD                    HMT        133.66          -500.46
ICDS                       ICDS        13.30            -6.17
INDAGE RESTAURAN           IRL         15.11            -2.35
INTEGRAT FINANCE           IFC         49.83           -51.32
JAGSON AIRLINES            JGA         11.31            -0.41
JCT ELECTRONICS            JCTE       104.55           -68.49
JD ORGOCHEM LTD            JDO         10.46            -1.60
JENSON & NIC LTD           JN          18.05           -86.40
JIK INDUS LTD              KFS         20.63            -5.62
KALYANPUR CEMENT           KCEM        33.31           -30.53
KDL BIOTECH LTD            KOPD        14.66            -9.41
KERALA AYURVEDA            KRAP        13.97            -1.69
KIDUJA INDIA               KDJ         14.85            -1.71
KINGFISHER AIR             KAIR     1,935.94          -661.89
KINGFISHER A-SLB           KAIR/S   1,935.94          -661.89
KITPLY INDS LTD            KIT         37.68           -45.35
LLOYDS FINANCE             LYDF        21.65           -11.39
LLOYDS STEEL IND           LYDS       510.00           -48.98
LML LTD                    LML         65.26           -56.77
MADRAS FERTILIZE           MDF        143.14           -99.28
MAHA RASHTRA APE           MHAC        22.23           -15.85
MARKSANS PHARMA            MRKS       110.32           -14.04
MILTON PLASTICS            MILT        17.67           -51.22
MODERN DAIRIES             MRD         38.41            -0.45
MTZ POLYFILMS LT           TBE         31.94            -2.57
MYSORE PAPER               MSPM        97.02           -15.69
NATH PULP & PAP            NPPM        14.50            -0.63
NICCO CORP LTD             NICC        78.28            -4.14
NICCO UCO ALLIAN           NICU        32.23           -71.91
NK INDUS LTD               NKI        141.35            -7.71
NUCHEM LTD                 NUC         24.72            -1.60
PANCHMAHAL STEEL           PMS         51.02            -0.33
PARASRAMPUR SYN            PPS         99.06          -307.14
PAREKH PLATINUM            PKPL        61.08           -88.85
PIRAMAL LIFE SC            PLSL        51.20           -64.85
PREMIER SYNTHET            PRS         12.55            -8.26
QUADRANT TELEVEN           QDTV       188.57          -116.81
QUINTEGRA SOLUTI           QSL         24.66           -11.51
RAJ AGRO MILLS             RAM         10.21            -0.61
RATHI ISPAT LTD            RTIS        44.56            -3.93
REMI METALS GUJA           RMM        101.32           -17.12
RENOWNED AUTO PR           RAP         14.12            -1.25
ROLLATAINERS LTD           RLT         22.97           -22.24
ROYAL CUSHION              RCVP        18.88           -81.42
SADHANA NITRO              SNC         18.21            -0.73
SAURASHTRA CEMEN           SRC        106.01            -2.81
SCOOTERS INDIA             SCTR        19.43           -10.78
SEN PET INDIA LT           SPEN        11.58           -26.67
SHAH ALLOYS LTD            SA         213.69           -39.95
SHALIMAR WIRES             SWRI        25.78           -38.78
SHAMKEN COTSYN             SHC         23.13            -6.17
SHAMKEN MULTIFAB           SHM         60.55           -13.26
SHAMKEN SPINNERS           SSP         42.18           -16.76
SHREE GANESH FOR           SGFO        35.96            -1.80
SHREE KRISHNA              SHKP        19.89            -0.71
SHREE RAMA MULTI           SRMT        62.15           -42.08
SIDDHARTHA TUBES           SDT         75.90           -11.45
SOUTHERN PETROCH           SPET       407.16          -200.86
SQL STAR INTL              SQL         10.58            -3.28
STELCO STRIPS              STLS        14.90            -5.27
STERLING HOL RES           SLHR        66.77            -2.85
STI INDIA LTD              STIB        35.39            -0.54
STORE ONE RETAIL           SORI        15.48           -59.09
TATA TELESERVICE           TTLS     1,311.30          -138.25
TATA TELE-SLB              TTLS/S   1,311.30          -138.25
TODAYS WRITING             TWPL        44.08            -5.32
TRIUMPH INTL               OXIF        58.46           -14.18
TRIVENI GLASS              TRSG        24.23           -12.34
TUTICORIN ALKALI           TACF        19.13           -16.31
UNIFLEX CABLES             UFC         47.46            -7.49
UNIFLEX CABLES             UFCZ        47.46            -7.49
UNIMERS INDIA LT           HDU         18.05            -5.87
UNITED BREWERIES           UB       3,067.32          -137.09
UNIWORTH LTD               WW         169.51          -155.79
USHA INDIA LTD             USHA        12.06           -54.51
VANASTHALI TEXT            VTI         25.92            -0.15
VENTURA TEXTILES           VRTL        14.33            -1.91
VENUS SUGAR LTD            VS          11.06            -1.08


JAPAN

CREST INVESTMENT           2318        65.01            -3.55
FUJITSU COMP LTD           6719       398.22            -2.90
HIMAWARI HD                8738       412.87           -13.56
ISHII HYOKI CO             6336       151.15           -28.05
KANMONKAI CO LTD           3372        59.00           -10.08
L CREATE CO LTD            3247        42.34            -9.15
MEIHO ENTERPRISE           8927        76.16           -18.35
MISONOZA THEATRI           9664        71.18            -4.66
NEXT JAPAN HOLDI           2409       174.51            -3.95
NIS GROUP CO LTD           NISZ       444.72          -158.85
NIS GROUP CO LTD           8571       444.72          -158.85
PROPERST CO LTD            3236       305.90          -330.20
TOYO KNIFE CO              5964        75.99            -3.68
WORLD LOGI CO              9378       119.36            -2.48


KOREA

CHIN HUNG INT-2P           2787       571.91            -9.34
CHIN HUNG INTL             2780       571.91            -9.34
CHIN HUNG INT-PF           2785       571.91            -9.34
DAISHIN INFO               20180      740.50          -158.45
DVS KOREA CO LTD           46400       17.40            -1.20
KOREA PACIFIC 05           93400       19.23            -3.67
KOREA PACIFIC 06           93410       11.56            -2.37
KOREA PACIFIC 07           99210       26.66            -7.95
NAMKWANG ENGINEE           1260       762.58           -56.69


MALAYSIA

HAISAN RESOURCES           HRB         46.16            -3.53
HO HUP CONSTR CO           HO          49.17           -12.11
LINEAR CORP BHD            LINE        14.01            -6.45
LUSTER INDUSTRIE           LSTI        18.37            -7.57
MITHRIL BHD                MITH        23.78            -5.65
NGIU KEE CO-BHD            NKC         14.26           -12.73
PUNCAK NIA HLD B           PNH      4,074.02            -5.07
VTI VINTAGE BHD            VTI         16.01            -3.34


PHILIPPINES

CYBER BAY CORP             CYBR        13.99           -95.62
FIL ESTATE CORP            FC          40.90           -15.77
FILSYN CORP A              FYN         23.11           -11.69
FILSYN CORP. B             FYNB        23.11           -11.69
GOTESCO LAND-A             GO          21.76           -19.21
GOTESCO LAND-B             GOB         21.76           -19.21
PICOP RESOURCES            PCP        105.66           -23.33
STENIEL MFG                STN         21.07           -11.96
SYNERGY GRID & D           SGP        236.14           -17.93
UNIWIDE HOLDINGS           UW          50.36           -57.19
VICTORIAS MILL             VMC        164.26           -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA         18.83            -9.25
HL GLOBAL ENTERP           HLGE        90.39           -11.73
LINDETEVES-JACOB           LJ          23.09           -11.61
NEW LAKESIDE               NLH         19.34            -5.25
SCIGEN LTD-CUFS            SIE         68.70           -42.35
SUNMOON FOOD COM           SMOON       21.29           -13.58
TT INTERNATIONAL           TTI        232.83           -79.27


THAILAND

ABICO HLDGS-F              ABICO/      15.28            -4.40
ABICO HOLDINGS             ABICO       15.28            -4.40
ABICO HOLD-NVDR            ABICO-      15.28            -4.40
ASCON CONSTR-NVD           ASCON-      59.78            -3.37
ASCON CONSTRUCT            ASCON       59.78            -3.37
ASCON CONSTRU-FO           ASCON/      59.78            -3.37
BANGKOK RUBBER             BRC         77.91          -114.37
BANGKOK RUBBER-F           BRC/F       77.91          -114.37
BANGKOK RUB-NVDR           BRC-R       77.91          -114.37
CALIFORNIA W-NVD           CAWOW-      28.07           -11.94
CALIFORNIA WO-FO           CAWOW/      28.07           -11.94
CALIFORNIA WOW X           CAWOW       28.07           -11.94
CIRCUIT ELEC PCL           CIRKIT      16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT      16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT      16.79           -96.30
DATAMAT PCL                DTM         12.69            -6.13
DATAMAT PCL-NVDR           DTM-R       12.69            -6.13
DATAMAT PLC-F              DTM/F       12.69            -6.13
ITV PCL                    ITV         36.02          -121.94
ITV PCL-FOREIGN            ITV/F       36.02          -121.94
ITV PCL-NVDR               ITV-R       36.02          -121.94
K-TECH CONSTRUCT           KTECH/      38.87           -46.47
K-TECH CONSTRUCT           KTECH       38.87           -46.47
K-TECH CONTRU-R            KTECH-      38.87           -46.47
KUANG PEI SAN              POMPUI      17.70           -12.74
KUANG PEI SAN-F            POMPUI      17.70           -12.74
KUANG PEI-NVDR             POMPUI      17.70           -12.74
PATKOL PCL                 PATKL       52.89           -30.64
PATKOL PCL-FORGN           PATKL/      52.89           -30.64
PATKOL PCL-NVDR            PATKL-      52.89           -30.64
PICNIC CORP-NVDR           PICNI-     101.18          -175.61
PICNIC CORPORATI           PICNI/     101.18          -175.61
PICNIC CORPORATI           PICNI      101.18          -175.61
PONGSAAP PCL               PSAAP/      11.83            -0.91
PONGSAAP PCL               PSAAP       11.83            -0.91
PONGSAAP PCL-NVD           PSAAP-      11.83            -0.91
SAHAMITR PRESS-F           SMPC/F      27.92            -1.48
SAHAMITR PRESSUR           SMPC        27.92            -1.48
SAHAMITR PR-NVDR           SMPC-R      27.92            -1.48
SUNWOOD INDS PCL           SUN         19.86           -13.03
SUNWOOD INDS-F             SUN/F       19.86           -13.03
SUNWOOD INDS-NVD           SUN-R       19.86           -13.03
THAI-DENMARK PCL           DMARK       15.72           -10.10
THAI-DENMARK-F             DMARK/      15.72           -10.10
THAI-DENMARK-NVD           DMARK-      15.72           -10.10
TONGKAH HARBOU-F           THL/F       62.30            -1.84
TONGKAH HARBOUR            THL         62.30            -1.84
TONGKAH HAR-NVDR           THL-R       62.30            -1.84
TRANG SEAFOOD              TRS         15.18            -6.61
TRANG SEAFOOD-F            TRS/F       15.18            -6.61
TRANG SFD-NVDR             TRS-R       15.18            -6.61
TT&T PCL                   TTNT       589.80          -223.22
TT&T PCL-NVDR              TTNT-R     589.80          -223.22
TT&T PUBLIC CO-F           TTNT/F     589.80          -223.22


TAIWAN

ARASOR INTERNATI           ARR         19.21           -26.51
CHIEN TAI CEMENT           1107       200.55           -55.72
HELIX TECH-EC              2479T       23.39           -24.12
HELIX TECH-EC IS           2479U       23.39           -24.12
HELIX TECHNOL-EC           2479S       23.39           -24.12
TAIWAN KOL-E CRT           1606U      507.21          -147.14
TAIWAN KOLIN-EN            1606V      507.21          -147.14
TAIWAN KOLIN-ENT           1606W      507.21          -147.14


                             *********

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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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
Peter Chapman at 240/629-3300.





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