TCRAP_Public/120628.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

           Thursday, June 28, 2012, Vol. 15, No. 128

                            Headlines


A U S T R A L I A

CLEARWATER CONSTRUCTIONS: Goes Into Voluntary Liquidation
GREAT SOUTH: Placed in Liquidation
PAPERLINX LIMITED: Sees AUD171-Mil. Net Loss in FY2012


C H I N A

HIDILI INDUSTRY: S&P Puts 'B+' Corp. Credit Rating on Watch Neg
LONKING HOLDINGS: Moody's Continues 'B1' CFR Review for Downgrade
SUNAC CHINA: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative


H O N G  K O N G

BE SIGN: Members' Final Meeting Set for July 23
BEST VALUE: Creditors' Proofs of Debt Due July 23
BLACK'S LINK: Creditors' Proofs of Debt Due July 23
CHINESE PROSPEROUS: Creditors' Proofs of Debt Due Aug. 15
CORE CENTRE: Tang Wai Hung Willian Steps Down as Liquidator

COSMIC DIGITAL: Members and Creditors' Meetings Set for July 20
ELITE GROUP: Members' Final Meeting Set for July 30
GOOD HARVEST: Annual General Meetings Set for July 20
JOS J.D.: Members' Final Meeting Set for July 23
JOS M.C.L.: Members' Final Meeting Set for July 23

ONE WORLD: Members' Final General Meeting Set for July 23
PENSON FINANCIAL: Commences Wind-Up Proceedings
SHELL BITUMEN: Ying and Chan Step Down as Liquidators
SHELL BITUMEN (XI'AN): Ying and Chan Step Down as Liquidators
TONIC TECHNOLOGY: Yeung and Haughey Step Down as Liquidators


I N D I A

ATRIA BRINDAVAN: CRISIL Upgrades Rating on INR808MM Loan to 'B+'
C. ESWARA: CRISIL Rates INR49.7MM Term Loan at 'CRISIL C'
DHARAMPAUL ASSOCIATES: CARE Rates INR30cr Long/Short Term Loan
EASTERN HEALTHCARE: CARE Puts 'BB+' Rating on INR5.95cr Loan
HIND AGRO: CARE Assigns 'BB-' Rating to INR17.58cr LT Loan

HIND INDUSTRIES: CARE Puts 'BB-' Rating on INR41.62cr Loans
ITFT CONSULTANCY: Delay in Loan Payment Cues CRISIL Junk Ratings
K SONI: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Term Loan
METCON INDIA: CARE Places 'BB' Rating on INR14.25cr LT Loan
RANJAN SUITINGS: CARE Rates INR2cr Long-Term Loan at 'CARE BB-'

SANDWOODS INFRATECH: CRISIL Rates INR80MM Cash Credit at 'B'
SARVESH SPINNERS: CRISIL Assigns 'BB-' Rating to INR55MM Loan
SREE SAI: CRISIL Cuts Rating on INR58.5MM Loan to 'CRISIL B-'
TECHNOCON CONSTRUCTIONS: CARE Rates INR2cr Loan at 'CARE BB'
TELMOS ELECTRONICS: CARE Puts 'BB-' Rating on INR6cr LT Loan


I N D O N E S I A

ARPENI PRATAMA: OK With Gramercy Funds Suit on Exchange Offer


N E W  Z E A L A N D

BRIDGECORP LTD: Case Cost Taxpayer NZ$1.5 Million
WEST COAST BREWERY: Had Three Mortgages, Liquidators Say


S I N G A P O R E

SOLVATORS HOLDING: Creditors' Meetings Set for June 26
SPEED HAULAGE: Court Enters Wind-Up Order
THONG SOON: Creditors Get 79.04262% Recovery on Claims
VENTURE INVESTMENT: Members' Final Meeting Set for July 27


                            - - - - -


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


CLEARWATER CONSTRUCTIONS: Goes Into Voluntary Liquidation
---------------------------------------------------------
Katrina Condie at Milton Ulladulla Times reports that Clearwater
Constructions has gone into voluntary liquidation leaving a trail
of debts totalling more than AUD10 million, with almost
AUD200,000 owed to local sub-contractors.

Trades people, hardware stores, motels, concreters, excavation
companies and landscapers are among those who have not been paid,
the report notes.

The Times relates that complex developer ADCO appointed
Clearwater Constructions to hire and oversee sub-contractors,
including Ulladulla's ALBOS Traffic Management which has been the
worst affected.

ALBOS director Steve Gunton told the Times his company is owed
AUD104,000 for traffic management services and the provision of
temporary fencing.

According to the report, liquidators Rodgers and Reidy have been
appointed to wind up the company and last week sent letters to
creditors such as Mr. Gunton explaining that "the company is
unable to pay its debts."

Mr. Gunton said there was a good chance local businesses would
not be paid, the report relays.

Clearwater Constructions is a Sydney-based civil works company.


GREAT SOUTH: Placed in Liquidation
----------------------------------
ABC News reports that Great South Land Minerals has been declared
insolvent and placed into liquidation.

The company has spent millions of dollars on seismic testing in
the Central Highlands, and has an oil rig in the area.

According to the report, financial analyst Matthew Torenius said
debt is a major issue.

"The action was brought on by Dyson Corporate Security which is
also in liquidation and the supporting creditor was Tasmania
Perpetual Trustees Limited so it would appear that Great South
Land was unable to pay those creditors and they've brought this
action on," ABC News quotes Mr. Torenius as saying.

Great South Land Minerals, Ltd. engages in the exploration and
production of petroleum products in Australia.


PAPERLINX LIMITED: Sees AUD171-Mil. Net Loss in FY2012
------------------------------------------------------
Australian Associated Press reports that PaperlinX Limited
expects to report a loss of AUD171 million for the 2012 financial
year.

"PaperlinX expects to report a loss in continuing operations,
before restructuring costs, of approximately AUD38 million and a
total reported loss after tax of AUD171 million, after taking
into account restructuring, impairments, a currency option
benefit and losses booked on the sale of (operations in) Italy
and the US," PaperlinX said in a statement cited by AAP.

AAP relates that PaperlinX said that demand for paper was
expected to decline by about three to five per cent each year in
most of the markets that it supplies for the foreseeable future.

Reducing costs to match the declining market had been the
priority of a strategic review of the company's operations, AAP
adds.

According to the news agency, PaperlinX would seek to expand its
sales of non-paper products, especially packaging, and sign and
display materials, which presented growth opportunities and were
more profitable than paper.

AAP relates that PaperlinX on Tuesday announced more initiatives
marking the end of its strategic review.

The initiatives included the sales of Spicers Paper USA and Kelly
Paper in the US for US$76 million (AUD76.23 million), the report
says.

According to AAP, PaperlinX also said that regulators in the
European Union had cleared the previously announced sale of
PaperlinX's Italian operations for EUR45 million (AUD56.57
million).

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.



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


HIDILI INDUSTRY: S&P Puts 'B+' Corp. Credit Rating on Watch Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'cnBB' long-term Greater China credit
scale rating on China-based coking coal producer Hidili Industry
International Development Ltd. on CreditWatch with negative
implications. "At the same time, we placed our 'B+' issue rating
and 'cnBB' long-term Greater China credit scale rating on the
company's outstanding notes on CreditWatch with negative
implications," S&P said.

"The CreditWatch placement reflects the heightened refinancing
risk associated with Hidili's Chinese renminbi (RMB) 1.7 billion
convertible bonds due January 2013," said Standard & Poor's
credit analyst Jian Cheng. "We understand that the company is yet
to obtain committed financing for the bonds, although it is in
discussions about a few refinancing options."

The bonds are unlikely to be converted into equity because
Hidili's share price of Hong Kong dollar (HK$) 2.22 is
substantially lower than the bonds' conversion price of HK$12.58
per share. According to the bond document, bondholders can redeem
the bonds on Jan. 19, 2013, at a redemption price that is
106.2687% of the principal amount.

"In our base case, we don't expect Hidili to have enough internal
resources to redeem the bonds. The company is likely to generate
negative free operating cash flow over the next two years due to
its still-high capital expenditure. We project Hidili's capital
expenditure for 2012 at about RMB900 million, compared with
RMB2.1 billion in 2011. We expect the company to have a ratio of
funds from operation to debt of about 15% in 2012," S&P said.

"We assess Hidili's liquidity to be 'less than adequate', as
defined in our criteria. We believe the company's liquidity
sources, including cash and equivalents, will not cover its
liquidity uses for 2012," S&P said.

"We aim to resolve the CreditWatch in three months, depending on
the status of the convertible bond refinancing," said Mr. Cheng.
"We may lower the rating if Hidili fails to put refinancing plans
in place within three months. We may also lower the rating if
Hidili's financial performance deteriorates, such that company's
ratio of funds from operations to total debt is less than 15% on
a sustainable basis."

"This could happen if the decline in Hidili's coal production or
in coal prices is worse than our expectation. We may also lower
the rating if the company's liquidity deteriorates," S&P said.

"We may affirm the rating if Hidili refinances its convertible
bonds and its financial performance remains in line with our
expectations, with a ratio of funds from operation to debt of
more than 15%," S&P said.

"We could lower the issue rating by a notch and affirm the rating
on Hidili if the company uses priority debt to refinance the
convertible bonds, such that the ratio of priority debt to total
assets exceeds 15%. The ratio is 14.01% as of Dec. 31, 2011," S&P
said.


LONKING HOLDINGS: Moody's Continues 'B1' CFR Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service continues to review for possible
downgrade the B1 corporate family and senior unsecured bond
ratings of Lonking Holdings Limited. The company's ratings have
been under review since May 25, 2012.

Ratings Rationale

"Lonking still needs to make meaningful progress in repaying
USD168 million (RMB1.1 billion equivalent) convertible bonds,
which will be puttable on 24 August," says Jiming Zou, a Moody's
analyst.

Lonking's refinancing options -- which include raising funds from
offshore capital markets, additional domestic bank loans, or the
repatriation of cash to offshore accounts -- require time for
proper approvals and completion. The lack of meaningful progress
at this stage means that the uncertainty over the repayment of
the puttable convertible bonds is increasing.

Moody's also expects the current lackluster construction
machinery market in China to negatively impact the company's
operating performance. Therefore, its liquidity position will
weaken from end-2011 levels. The adverse market conditions will
likely persist in the period leading to the repayment date of the
convertible bonds.

"Moody's review continues to focus on the refinancing options for
the convertible bonds and the cash position of the company.
Lonking's failure to achieve any concrete refinancing in the near
term could lead to a multiple-notch downgrade," Zou adds.

If the puttable convertible bonds are not repaid, a cross default
of the USD350 million senior unsecured bonds will be triggered.
Such a situation would increase the risk of Lonking defaulting on
the bonds.

The principal methodology used in rating Lonking Holdings Limited
was the Global Heavy Manufacturing Rating Methodology published
in November 2009.

Lonking Holdings Limited is one of the leading heavy machinery
suppliers in China. It focuses on the production of wheel loaders
and excavators. Lonking also manufactures road rollers,
forklifts, and other types of construction machinery. The company
has a share of about 20% in China's wheel-loader market.

Lonking has four manufacturing plants in Shanghai, Zhengzhou,
Fujian and Jiangxi, and the majority of its products are sold in
the domestic market. The company listed on the Hong Kong Stock
Exchange in 2005. It is 55.08% controlled by founder and
chairman, Li Xin Yan, and his wife.


SUNAC CHINA: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Sunac China Holdings Ltd. on
CreditWatch with negative implications. "We also placed the
'cnBB+' long-term Greater China credit scale rating on the
Chinese property developer on CreditWatch with negative
implications," S&P said.

"We placed the ratings on CreditWatch because we believe Sunac's
proposed acquisition of stakes in nine real estate projects could
weaken the company's credit profile," said Standard & Poor's
credit analyst Frank Lu. "The acquisition is larger than we had
expected and entails significant debt funding and assumption of
project debt. These factors could increase Sunac's leverage and
materially weaken its cash flows. In addition, we are unclear
about the potential cash flow contributions from these projects
and the impact of the acquisition on the company's liquidity
profile."

"On June 22, 2012, Sunac announced that it would acquire 50%
equity interest in a joint venture consisting of nine real estate
projects that will be injected by Greentown China Holdings Ltd.
(CCC+/Watch Pos/--; cnCCC+/Watch Pos/--) for Chinese Renminbi
(RMB) 3.37 billion. Sunac hasn't disclosed the total debt on
these projects and the maturity profiles of the debt. Sunac will
consolidate six of the nine projects and assume their debts.
Sunac will have control over the projects because the company
will have three members on the board compared to Greentown's two.
The transaction is subject to shareholders' approval."

"We aim to resolve the CreditWatch within the next three months,
after we can confirm the full amounts of Sunac's capital
commitment for the joint venture, the project debt, and potential
cash flow contributions from the acquired projects," said Mr. Lu.

"We may lower the rating by one notch if the acquisition
increases Sunac's borrowings significantly more than we expect
without a strong property sales performance to offset the higher
debt. Downgrade triggers could be a debt-to-EBITDA ratio of more
than 5x and EBITDA interest coverage of less than 3x," S&P said.



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


BE SIGN: Members' Final Meeting Set for July 23
-----------------------------------------------
Members of Be Sign Media Limited will hold their final meeting on
July 23, 2012, at 10:00 a.m., Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BEST VALUE: Creditors' Proofs of Debt Due July 23
-------------------------------------------------
Creditors of Best Value Promotionland Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 23, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 15, 2012.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


BLACK'S LINK: Creditors' Proofs of Debt Due July 23
---------------------------------------------------
Creditors of Black's Link Capital Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 23, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


CHINESE PROSPEROUS: Creditors' Proofs of Debt Due Aug. 15
---------------------------------------------------------
Creditors of Chinese Prosperous International Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 14, 2012.

The company's liquidator is:

         Lau Wing Ling
         Unit C, 16/F
         Chinaweal Centre
         414-424 Jaffe Road
         Wanchai, Hong Kong


CORE CENTRE: Tang Wai Hung Willian Steps Down as Liquidator
-----------------------------------------------------------
Tang Wai Hung Willian stepped down as liquidator of Core Centre
Limited on June 18, 2012.


COSMIC DIGITAL: Members and Creditors' Meetings Set for July 20
---------------------------------------------------------------
Members and creditors of Cosmic Digital Technology Company
Limited will hold their final meetings on July 20, 2012, at 3:00
p.m., and 3:30 p.m., respectively at the office of FTI
Consulting, Level 22, The Center, 99 Queen's Road Central,
Central, in Hong Kong.

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


ELITE GROUP: Members' Final Meeting Set for July 30
---------------------------------------------------
Members of Elite Group Asia Limited will hold their final general
meeting on July 30, 2012, at 10:00 a.m., at Apt. 1304, Grand
Ocean Plaza, Ocean Village, in Gilraltar.

At the meeting, Chan Chung Wah Clement, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GOOD HARVEST: Annual General Meetings Set for July 20
-----------------------------------------------------
Members and creditors of Good Harvest Textiles Limited will hold
their annual general meetings on July 20, 2012, at 2:30 p.m., and
3:00 p.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.

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


JOS J.D.: Members' Final Meeting Set for July 23
------------------------------------------------
Members of Jos J.D. Edward (HK) Limited will hold their final
meeting on July 23, 2012, at 10:00 a.m., Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JOS M.C.L.: Members' Final Meeting Set for July 23
--------------------------------------------------
Members of Jos M.C.L. Engineering Limited will hold their final
meeting on July 23, 2012, at 10:00 a.m., Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ONE WORLD: Members' Final General Meeting Set for July 23
---------------------------------------------------------
Members of One World Fragrance Limited will hold their final
general meeting on July 23, 2012, at 10:00 a.m., at Room 1903,
19/F, World-Wide House, at 19 Des Voeux Road Central, in Hong
Kong.

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


PENSON FINANCIAL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Penson Financial Services Asia Limited, on June 15,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


SHELL BITUMEN: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Shell Bitumen (Foshan) Holding Limited on June 14, 2012.


SHELL BITUMEN (XI'AN): Ying and Chan Step Down as Liquidators
-------------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Shell Bitumen (Xi'an) Holding Limited on June 14, 2012.


TONIC TECHNOLOGY: Yeung and Haughey Step Down as Liquidators
------------------------------------------------------------
Yeung Lui Ming (Edmund) and Darach E. Haughey stepped down as
liquidators of Tonic Technology Limited on June 15, 2012.



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ATRIA BRINDAVAN: CRISIL Upgrades Rating on INR808MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on Atria Brindavan Power Ltd's
long-term bank loan facility to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long-Term Loan          808       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in ABPL's liquidity,
supported by steady cash flows from power generation, over the
past 12 months. Its cash accruals increased to about INR130
million in 2011-12 (refers to financial year, April 1 to
March 31) from INR83 million in 2010-11 and are expected to
remain at 2011-12's level over the medium term. Because of the
increase in cash accruals, the company has been steadily repaying
its term loans, thereby lowering its gearing, and consequently,
improving its financial risk profile. The upgrade also factors in
CRISIL's belief that ABPL will service its debt in a timely
manner over the medium term, supported by steady cash accruals
from power generation.

The rating reflects ABPL's weak financial profile, marked by
small net worth, high gearing and weak debt protection metrics,
and exposure to risks related to scarcity of water and to a weak
counterparty. These rating weaknesses are offset by ABPL's stable
revenues from sale of power to Chamundeshwari Electricity Supply
Corporation.

Outlook: Stable

CRISIL believes that ABPL will generate stable cash flows over
the medium term from power generation. The outlook may be revised
to 'Positive' if ABPL increases its plant load factor (PLF),
leading to further increase in its cash flows, thereby further
improving its financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company faces delay in receivables from CESC or a decline in its
PLF because of non-availability of water, thereby adversely
impacting its debt-servicing ability.

                      About Atria Brindavan

Established in 2003, Atria Brindavan Power Ltd is a hydro-
electric power generating company, with capacity of 16 megawatts
(MW). Its plant are located on the banks of Cauvery river in
Karnataka. The company's 12-MW plant, which was scheduled to
begin operations in August 2006, was commissioned in February
2008, because of damage caused to the dam by heavy flooding. ABPL
has a take-or-pay power-purchase agreement with CESC, with an
annual escalation clause for 10 years. The company has a 4-MW
tailrace power plant, which commenced operations in November
2009.

For 2011-12, ABPL reported, on provisional basis, a net profit of
INR50 million on a turnover of INR230 million; the company
reported a net loss of INR7 million on a turnover of
INR154 million for the previous year.


C. ESWARA: CRISIL Rates INR49.7MM Term Loan at 'CRISIL C'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of C. Eswara Reddy & Company.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               49.7       CRISIL C (Assigned)
   Bank Guarantee          43.8       CRISIL A4 (Assigned)
   Overdraft Facility      10         CRISIL A4 (Assigned)

The ratings reflect CERC's weak liquidity position which is
likely to impair its ability to meet its debt servicing
obligations in time. There have been instances of past delays in
the servicing of its term debt obligations due to delays in
realizations from government departments. The ratings also factor
modest scale of operations in a highly competitive industry,
geographical concentration in revenue profile and Working
capital-intensive nature of operations. This rating weakness is
partially offset by Promoter's experience in the civil
construction industry and healthy revenue visibility.

                          About C. Eswara

C. Eswara Reddy & Company promoted by the Reddy family, is
engaged in civil construction work related to road projects in
Andhra Pradesh. Mr. C. Eswara Reddy, Mr. K Prabhakar Reddy, Mr. K
Rama Krishna Reddy, Ms. K. Uma Maheshwaramma and Mr. K. Mohan
Kumar Reddy are the current partners in the firm with equal
shareholding. CERC undertakes construction of roads and other
allied civil works involved in road projects. The firm is a
registered Class I contractor for the Road and Building
Department of the Government of Andhra Pradesh.The firm is a
registered contractor for Govt. Of Andhra Pradesh. The registered
office of the firm is located at Moosapet, Hyderabad.

CERC reported profit after tax (PAT) of INR17.4 million on net
sales of INR321.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR28.7 million on net
sales of INR62.2 million for 2009-10.


DHARAMPAUL ASSOCIATES: CARE Rates INR30cr Long/Short Term Loan
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Dharampaul Associates.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long/Short-term Bank             30       CARE BB-/CARE A4
   Facilities                                Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings 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 ratings of Dharampaul Associates (DPA) are constrained by the
modest scale of its operations with thin profitability which is
inherent in trading operations, high working capital intensity
and elongation in working capital cycle. The ratings are further
constrained by risk associated with volatile commodity prices and
its presence in a highly fragmented and competitive steel trading
industry.

The ratings, however, derive comfort from the long track record
of the promoters in steel trading business along with improvement
in capital structure.  The ability of DPA to increase its scale
of operations along with improvement in its profitability and
efficient working capital management are the key rating
sensitivities.

Setup in April 2003 by Mr. Varun Gupta and Mrs. Divya Gupta, DPA
is a partnership firm engaged in trading of mild steel plates,
iron beams, channels, etc. These products find application in
automobiles, fabrication, infrastructure and general engineering
space. The firm has three warehouses located in Ahmedabad, Mumbai
and Chennai which enables it to cater to demand on a pan-India
basis.

In October 2011, Mr. Vivek Gupta, brother of Mr. Varun Gupta has
been inducted into the partnership firm by converting his
unsecured loans to the partners' capital.

The firm is in the process of converting itself to a private
limited company, which is expected to be concluded by the end of
August 2012.

DPA registered a total income of INR240.20 crore and PAT of
INR1.95 crore in FY12 (refers to the period April 1 to March 31)
as against a total income of INR232.16 crore and PAT of
INR1.39 crore in FY11.


EASTERN HEALTHCARE: CARE Puts 'BB+' Rating on INR5.95cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank
facilities of Eastern Healthcare.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       5.95       CARE BB+ Assigned
   Short-term Bank Facilities      0.65       CARE A4+ Assigned

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

Rating Rationale

The ratings of Eastern Healthcare are primarily constrained by
small scale of operations, constitution as a partnership firm,
negative impact on PAT margin due to partial completion of tax
holiday period and increasing working capital cycle.  The
ratings, however, derive strength from the experienced promoters,
diversified customer base and healthy profitability margins.

Timely execution of expansion plan and maintaining profitability
while increasing the scale of operations will be key rating
sensitivities.

Established in the year 2005, Eastern Healthcare is a partnership
firm promoted by Mr. Ajay Surana and his father, Mr. Suraj Mal
Surana. The firm undertakes contract manufacturing of soft
gelatin capsules for allopathic oral formulations, external
preparations, ophthalmic ointments, dietary supplements,
ayurvedic products and hormonal preparations on principal-to-
principal (P2P) and loan-license basis from its manufacturing
facility in Haridwar. Eastern Healthcare also does manufacturing
and marketing of its own generic allopathic, herbal and dietary
products under soft gelatin category.

The firm reported total operating income of INR11.35 crore with
PAT of INR2.02 crore in FY11 (refers to period April 1 to
March 31). During FY12 (provisional), Eastern Healthcare has
achieved total operating income of INR16.58 crore.


HIND AGRO: CARE Assigns 'BB-' Rating to INR17.58cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Hind Agro Industries Limited.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      17.58       CARE BB- Assigned
   Short-term Bank Facilities    192.30       CARE A4 Assigned
   Long-term/Short-term            7.70       CARE BB-/CARE A4
   Bank Facilities                            Assigned

Rating Rationale

The ratings are constrained by the weak financial profile marked
by high gearing, low profitability margins and constrained
liquidity position. The ratings also take into account the
project stabilization risk, client and geographical concentration
risk, regulatory risks, susceptibility of margins to the
volatility in the foreign exchange rates and past delays in the
debt servicing. These weaknesses, however, are partially offset
by the long track record, established brand name in the meat
processing industry, experienced promoter and management team and
sizeable scale of operations.

The ability of the company to improve the profitability margins
and capital structure, and to manage working capital cycle
effectively are the key rating sensitivities.

Hind Agro Industries Limited was incorporated in 1994. HAIL is a
100% export-oriented company having integrated abattoir
(slaughter house) cum meat processing plant for buffalo and
sheep meat. The plant is located in Aligarh, U.P. having a
capacity of 1,20,000 MTPA. HAIL is a subsidiary of Hind
Industries Limited, which holds 81% stake in HAIL. The remaining
stake is held by Pradeshiya Industrial and Investment Corporation
of U.P. Limited (PICUP) and U.P.

The management team is same for both the companies. HIL together
with HAIL is one of the largest exporters of meat and meat
products from Northern India.

HAIL earned a PAT of INR6 crore on a total income of INR702 crore
in FY11 (refers to the period April 01 to March 31). Furthermore,
as per provisional results, the company has earned a PAT of
INR4 crore on total income of INR712 crore in FY12.


HIND INDUSTRIES: CARE Puts 'BB-' Rating on INR41.62cr Loans
-----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Hind Industries Limited.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       39.37      CARE BB- Assigned
   Short-term Bank Facilities      46.50      CARE A4 Assigned
   Long-term/Short-term             2.25      CARE BB-/CARE A4
   Bank Facilities                            Assigned

Rating Rationale

The ratings are constrained by the working capital intensive
nature of operations due to long operating cycle, low
profitability margins, high exposure to subsidiary and client and
geographical concentration risk. The ratings also take into
account regulatory risks, susceptibility of margins to the
volatility in the foreign exchange rates and past delays in the
debt servicing. These weaknesses, however, are partially offset
by the long track record, established brand name in the meat
processing industry and experienced promoter and management team.
The ability of the company to improve the profitability margins
and capital structure, and to manage working capital cycle
effectively are the key rating sensitivities.

Hind Industries Limited (HIL) was incorporated in 1973. HIL is a
100% export-oriented firm engaged in meat exports. HIL operates a
meat processing plant for buffalo and sheep meat in Sahibabad,
Ghaziabad (U.P.) with total installed capacity of 25,000 MTPA as
on March 31, 2011. HIL manufactures and export fresh, chilled and
frozen meat and meat products. HIL has a subsidiary, Hind Agro
Industries Limited (HAIL), which has integrated abattoir
(Slaughter house) cum meat processing unit in Aligarh (U.P.). HIL
holds 81% stake in HAIL. HIL together with HAIL is one of
the largest exporters of meat and meat products from Northern
India.

HIL earned a PAT of INR2.55 crore on a total income of INR138.53
crore in FY11 (refers to the period April 01 to March 31).
Furthermore, as per provisional results, the company has earned a
PAT of INR2.61 crore on total income of INR142.98 crore in FY12.


ITFT CONSULTANCY: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of ITFT Consultancy Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              79.8        CRISIL D (Assigned)

   Proposed Long- Term    35.0        CRISIL D (Assigned)
    Bank Loan Facility

   Funded Interest Term    1.9        CRISIL D (Assigned)
    Loan

   Overdraft Facility     20.0        CRISIL D (Assigned)

The ratings reflect instances of delay by ITFT in servicing its
debt; the delays have been caused by the company's weak
liquidity.

ITFT also has a stretched liquidity resulting in low cash
accruals vis-a-vis repayment obligations and vulnerability to
regulatory risks associated with the educational institutions.
These rating weaknesses are partially offset by the extensive
experience of ITFT's promoters and the healthy demand prospects
for the education sector.

ITFT Consultancy Pvt Ltd was set up in 1994 as a society and
reconstituted as a private limited company in 2006. ITFT offers
graduation and post-graduation courses, such as bachelor in
airlines tourism and hospitality management, bachelor in media
entertainment and film technology, bachelor in computer
application, masters in airlines tourism and hospitality
management, masters in service industry management, and masters
in mass communication and media management. These courses are
approved by the Punjab Technical University. ITFT is promoted by
Mr. Gulshan Sharma, who manages its overall operations along with
his son, Mr. Aman Sharma.

ITFT reported an estimated profit after tax (PAT) of INR1.31
million on estimated net sales of INR120 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.30 million on net sales of INR118.56 million for 2010-11.


K SONI: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan facility of K Soni Builders and Promoters Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               150        CRISIL B+/Stable (Assigned)

The ratings reflect KSB's susceptibility to risks associated with
implementation of its ongoing projects and to cyclicality in the
real estate industry in India. These rating weaknesses are
partially offset by the benefits that KSB derives from its
promoters' extensive experience in the real estate industry and
from the funding support it receives from them.

Outlook: Stable

CRISIL believes that KSB will continue to benefit from its
promoters' extensive industry experience and funding support. The
outlook may be revised to 'Positive' if KSB's liquidity improves,
most likely driven by timely completion of its ongoing projects
along with more-than-expected customer bookings. Conversely, the
outlook may be revised to 'Negative' if KSB faces time or cost
overrun in the projects, if its customer bookings are less than
expected, leading to less-than-expected cash inflows, or if large
debt-funding of its proposed project weakens its liquidity.

                       About K Soni Builders

Incorporated in 2006, K Soni Builders and Promoters Pvt Ltd is
currently executing two residential real estate projects in
Mohali, Punjab. The first residential project is being marketed
under the brand KSB Royal Homes 2, and comprises 278 residential
units, with a total construction area of about 264,900 square
feet. The total cost of the project is about INR300 million; the
project is expected to be completed by September 2012. The second
residential project is being marketed under the brand KSB Royal
Heights, and comprises 272 residential units, with a total
construction area of about 460,800 square feet. The total cost of
the project is about INR631 million; the project is expected to
be completed by August 2013.


METCON INDIA: CARE Places 'BB' Rating on INR14.25cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Metcon India Realty And Infrastructure Private
Limited.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      14.25       CARE BB Assigned
   Short-term Bank Facilities     50.00       CARE A4 Assigned

Rating Rationale

The assigned ratings factor in the small scale of operations,
competitive nature of the industry resulting in below-average
operating margins and moderate financial risk profile with high
leverage and moderate debt coverage indicators.

The assigned ratings however, favourably factor in the reputed
client base of Metcon India Realty and Infrastructure Private
Limited and relevant experience of the promoters.  Ability of the
company to enhance its financial risk profile by reducing the
leverage and the timely execution of the orders in hand will
remain the key rating sensitivities.

The company reported profit after tax (PAT) of INR1.83 crore on a
total operating income ofINR47.87 crore in FY11 (refers to period
April 1 to March 31) as against PAT ofINR2.94 crore on total
operating income of INR47.87 crore in FY10. As per the unaudited
financial results of Metcon for 9MFY12, the company earned PAT of
INR1.93 crore on total operating income of INR55.45 crore.


RANJAN SUITINGS: CARE Rates INR2cr Long-Term Loan at 'CARE BB-'
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Ranjan Suitings Private Limited.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       2.00       CARE BB- Assigned
   Short-term Bank Facilities      4.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ranjan Suitings
Pvt. Ltd. are primarily constrained on account of its thin
profitability, moderately leveraged capital structure, long
operating cycle and small scale of operations in a highly
competitive & fragmented synthetic fabric industry. The ratings
are further constrained on account of susceptibility of its
profitability to the raw material price fluctuation and RSPL's
limited presence in textile value chain.

The ratings, however, favorably take into account the experience
of the promoters, long track record of operation and its presence
in the Bhilwara textile cluster.

RSPL's ability to increase its scale of operations and move up in
the textile value chain with improvement in profitability are the
key rating sensitivities.

Bhilwara, Rajasthan-based RSPL, incorporated in 1987, is promoted
by Mr. Sanwar Mal Beswal who has over two decades of experience
in the industry. RSPL is engaged in the manufacturing of
synthetic fabric from polyester yarn. It has installed 82 Sulzer
looms at its plant located at Bhilwara having an installed
capacity of 51.12 lakh meters per annum as on March 31, 2011.
RSPL sells its products under the brand name of 'Ranjan' &
'Runicha'.

During FY11 (FY refers to the period from April 1 to March 31),
RSPL reported total operating income of INR21.05 crore (FY10:
INR17.65 crore) and PAT of INR0.06 crore (FY10: INR0.06 crore)
As per the provisional result for 9MFY12, RSPL reported a total
operating income of INR18.56 crore.


SANDWOODS INFRATECH: CRISIL Rates INR80MM Cash Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facility of Sandwoods Infratech Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B/Stable (Assigned)

The rating reflects extensive experience of SIPL's promoters in
real estate development, the company's established brand name in
and around Chandigarh (Punjab/Haryana) and Shimla (Himachal
Pradesh), and its conservative capital structure. These rating
strengths are partially offset by SIPL's exposure to risks
associated with its ongoing real estate project (Campton Estate),
geographic concentration of its operations, and its
susceptibility to cyclicality in the real estate industry.

Outlook: Stable

CRISIL believes that SIPL will maintain its business risk
profile, supported by its established market position and
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SIPL reports significant increase in its
cash flows because of earlier-than-expected completion of its
ongoing projects, or achieves substantial sales realisations from
its ongoing projects. Conversely, the outlook may be revised to
'Negative' if the company faces delays in project completion or
in receipt of payments from customers, or if the response to the
ongoing projects is significantly lower than expected.

                       About Sandwoods Infratech

SIPL, promoted by Mr. Shiv Kumar Baagolia, is a property
developer, with focus on luxury residences. It operates in Punjab
and Himachal Pradesh. SIPL was initially founded as Bagolia
Associates in 1985; its name was changed to UB Constructions when
it operated as a property developer in Punjab; in February 2012,
it was incorporated and its name was changed to the current one.

Sandwoods Infratech Pvt Ltd has also been allotted two mini hydro
power projects of 5 megawatts each in Kullu valley, Himachal
Pradesh. The construction work for this project is expected to
begin in October 2012. The company is also attempting to
diversify in green energy projects such as bio-fuels and bio-
plastic (degradable) products, and has invested in an associate
entity, Sandwoods Eco Energy Projects Pvt Ltd, which is primarily
a research-and-development-oriented entity and has not yet begun
commercial production.


SARVESH SPINNERS: CRISIL Assigns 'BB-' Rating to INR55MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Sarvesh Spinners Pvt. Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             55        CRISIL BB-/Stable (Assigned)
   Term Loan               67        CRISIL BB-/Stable

The rating reflects the extensive experience of SSPL's promoter
in the cotton yarn industry. This rating strength is partially
offset by SSPL's average financial risk profile, marked by a
small net worth and weak debt protection metrics, small scale of
operations in a highly fragmented cotton yarn industry, and
working-capital-intensive operations.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company records
considerable increase in its revenues and profitability,
resulting in improvement in cash accruals and hence, liquidity.
Conversely, the outlook may be revised to 'Negative' if there is
significant decline in revenues or profitability or in case of
larger-than-expected working capital requirements, resulting in
stretched liquidity and consequently, weakening in its financial
risk profile.

                      About Sarvesh Spinners

Sarvesh Spinners Pvt. Ltd. was promoted by Mr. Rakesh Bansal in
2005 and began commercial production in October 2007. The company
manufactures cotton yarn (between 6 and 22 counts) at its
manufacturing facility in Sangrur (Punjab), which has an
installed capacity of 624 rotors. SSPL also trades in acrylic
yarn, dyed yarn, polyester fibre, knitted cloth, and other
fabrics. This accounts for around 20 per cent of SSPL's total
revenues.

SSPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR21.02 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.4 million on net
sales of INR20.34 million for 2009-10.


SREE SAI: CRISIL Cuts Rating on INR58.5MM Loan to 'CRISIL B-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sree Sai Rajeswari Complex to 'CRISIL B-/Stable' from 'CRISIL
B+/Negative'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long-Term Loan          50.0      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Negative')

   Proposed Long-Term       8.5      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Negative')

The rating downgrade reflects the expected deterioration in
SSRC's liquidity, marked by the firm's inadequate cash accruals
to service debt over the near term. SSRC is expected to generate
cash accruals of INR2.5 million vis-a-vis its debt obligations of
INR8.5 million in 2012-13 (refers to financial year, April 1 to
March 31). However, the aforementioned shortfall is expected to
be met through infusion of unsecured loans by the firm's
promoters. The rating downgrade also factors in the delay by SSRC
in commercialization of its operations by three months, and
delays in entering lease agreements for shops, thereby resulting
in lower revenues for the firm in 2011-12.

The rating continues to reflect SSRC's weak financial risk
profile, marked by a high gearing and weak debt protection
measures, and limited track record of operations. These rating
weaknesses are partially offset by the benefits that SSRC derives
from its promoters' experience in various real estate projects.

Outlook: Stable

CRISIL believes that SSRC will continue to benefit over the
medium term from its experienced promoters. The outlook may be
revised to 'Positive' if the firm improves its capital structure,
mostly by infusion of equity by its promoters, and if it
increases its revenues and profitability, leading to improvement
in its cash accruals. Conversely, the outlook may be revised to
'Negative' if SSRC reports further decline in its profitability,
leading to adverse impact on its debt servicing ability, or if it
undertakes a large, debt-funded capital expenditure programme.

                         About Sree Sai

Sree Sai Rajeswari Complex was set up in September 2008 by Mr. B
Rajeshwara Reddy and his wife, Mrs. B Venkata Subamma. The firm's
newly constructed mall at Prodattur in Cuddapah district (Andhra
Pradesh) commenced commercial operations in June 2011. The mall
comprises 51 shops and 3 cinema screens, with a total built-up
area of 87,890 square feet. The total cost of the project is
estimated at INR96 million, with a debt component of INR58.5
million. Mr. Reddy has a track record of successfully developing
more than 36 acres of residential layout at Prodattur. He also
has interests in stone-crushing and real estate development
businesses, and operates educational institutions.


TECHNOCON CONSTRUCTIONS: CARE Rates INR2cr Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Technocon Constructions & Infrastructure Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        2.00      CARE BB Assigned
   Short-term Bank Facilities       4.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Technocon
Constructions & Infrastructure Private Limited (TCIPL) are mainly
constrained by its limited track record of operations,
competition from other contractors and developers, project
implementation risk and declining profitability margins.

The ratings, however, do factor in the experience of the
promoters, significant growth in the total operating income,
healthy order book position, favorable capital structure and
established business relations with customers & suppliers.

Ability of the company to execute its ongoing projects in a
timely manner and improve the scale of operations remains the key
rating sensitivity.

TCIPL was incorporated in 2008 and is managed by Mr. Krupakara
Rao who is the Managing Director. The company is engaged in
providing contractual services for building construction to
residential developers and construction groups. TCIPL procures
building material like cement, steel, etc., from local suppliers
in Bangalore and the company owns construction equipment which
include one tower crane, mobile crane, automated batching plant,
concrete mixer set, bar cutting machines, weigh batcher, tractor,
loader, and several other building equipment and has around 450
skilled employees and 810 unskilled labour on roll. The ongoing
projects of TCIPL include construction of row houses, apartments
and villas.

During FY11 (refers to the period April 1 to March 31), TCIPL
reported a total operating income of INR16.80 crore and a PAT of
INR0.97 crore. As per Provisional FY 12 results, the company has
achieved total operating income of INR29.79 crore and PAT of
INR1.21 crore.


TELMOS ELECTRONICS: CARE Puts 'BB-' Rating on INR6cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Telmos Electronics.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term bank facility         6.00       'CARE BB-' Assigned
   Short-term bank facility        4.00       'CARE A4' Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of M/s Telmos
Electronics (Telmos) are primarily constrained by its small scale
of operations with limited geographical reach and its
constitution as a partnership firm. The ratings are further
constrained by concentrated customer & order book position,
susceptibility to volatile input prices, intense competition,
working capital intensive nature of the business and moderate
financial position of the firm.

The ratings, however, draw support from the long track record of
operations, wide experience of the partners in electrical
contracting business, good customer base coupled with long
standing relationships and its proven project execution
capabilities.

Telmos' ability to increase its scale of operations by securing
more orders in a competitive electrical contracting business as
well as improvement in profit margins and effective working
capital management would be the key rating sensitivities.

Telmos was set up as a proprietorship firm in 1989 by Shri Ravi
Gupta based at Haryana and was initially engaged in manufacturing
of control panels for steel and cement plants. Subsequently in
1993, it was converted into partnership firm and shifted to
electrical contracting business which includes the work of
erection, testing and commissioning (ETC) of power sub-stations.
Currently, the firm is engaged in ETC works of 400/220KV, 132KV
and 33KV grid sub-stations on turnkey basis. Apart from
electrical contracting, it is also involved in trading of
electrical goods.



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


ARPENI PRATAMA: OK With Gramercy Funds Suit on Exchange Offer
-------------------------------------------------------------
PT. Arpeni Pratama Ocean Line Tbk. asks the U.S. Bankruptcy Court
for the Southern District of New York to approve a stipulation
modifying the recognition order, solely and exclusively for the
purpose of permitting Gramercy Funds Management LLC to commence
suit in a court in order to resolve the dispute and litigate the
suit to final judgment.

As reported in the Troubled Company Reporter on Jan. 20, 2012,
the Debtor won the signature of a bankruptcy judge in New York on
an order recognizing a court in Indonesia as having the company's
principal insolvency proceeding.

The Debtor relates that it has been unable to resolve the dispute
with Gramercy on Exchange and Tender Offer for its 8.75%
Guaranteed Senior Secured Notes Due 2013, which were issued by
Arpeni Pratama Ocean Line Investment B.V.

The stipulation also provides that the Foreign Representative and
Foreign Debtor, by agreeing to modify the Recognition Order, are
not consenting to service with respect to, and are not waiving
any claims, rights or defenses in connection with, any suit
commenced by Gramercy to resolve the Dispute, all of which the
claims, rights and defenses are expressly reserved.

                    About PT Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
Indonesia's leading diversified shipping company, owning and
operating the largest fleet of Indonesian flagged dry bulk
vessels.  Arpeni operates a fleet of general-purpose specialist,
such as their tweendecker MV Alas, which is designed to transport
dry cargoes such as plywood and agricultural products.  As of
June 30, 2011, Arpeni operated 77 wholly-owned vessels and two
vessels under long term charters.

Arpeni filed for bankruptcy protection on Dec. 12, 2011, in the
U.S. to block a group of dissident note holders from torpedoing
its debt restructuring in Indonesia.  Fida Unidjaja, as PT
Arpeni's foreign representative, estimated $500 million to
$1 billion in assets and liabilities in the Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 11-15691) for the company.  Judge Allan
L. Gropper oversees the Chapter 15 case.  Fida Unidjaja is
represented by Pedro A. Jimenez, Esq., and Ross Barr, Esq., at
Jones Day.

Arpeni sought U.S. court recognition of its proceeding before
the Commercial Court at the Central Jakarta District Court
as a foreign main proceeding.  PT Bank Central Asia Tbk., an
unsecured lender, commenced the Jakarta proceeding on Aug. 5,
2011, which Arpeni voluntarily joined.  On Aug. 24, 2011, the
Jakarta Court issued a temporary suspension of debt payment
decision, effectively staying actions on claims against the
Foreign Debtor for an initial period of 45 days.

Throughout the proceeding, Arpeni remained in possession of and
continued its business while it restructured its debt.

On Dec. 9, 2009, Arpeni announced an informal payment moratorium
with certain of its creditors pursuant to which Arpeni ceased
making payments of interest or principal.

The trustee under the indenture with respect to the U.S. Notes on
Sept. 6, 2011, had accelerated the U.S. Notes and demanded
performance by the Debtor of its obligations as guarantor under
the U.S. Notes Indenture.

In the Jakarta proceeding, the Debtor sought and obtained
approval of a composition plan from the requisite percentage of
its creditors participating in the plan pursuant to Indonesian
bankruptcy law.  In particular, the Composition Plan was approved
by approximately 95% of the Debtor's secured creditors and 80% of
the Debtor's unsecured creditors, in each case present and voting
at a hearing before the Indonesian Court on Nov. 1, 2011 and
holding claims that had been verified for inclusion in the
Foreign Proceeding.  As provided in the Composition Plan as
embodied in the Settlement Agreement, on Nov. 18, 2011, Arpeni
launched an exchange offer and tender offer.



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


BRIDGECORP LTD: Case Cost Taxpayer NZ$1.5 Million
-------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that the investigation
and prosecution of five former Bridgecorp Ltd directors,
including jailed company boss Rod Petricevic, has so far cost the
taxpayer NZ$1.5 million.

This amount does not include the more than NZ$200,000 provided in
legal aid to Rob Roest and Gary Urwin, who are both in prison for
misleading investors, nzherald.co.nz says.

In a case brought by the Financial Markets Authority, five
Bridgecorp directors -- Petricevic, Roest, Urwin, Peter Steigrad
and Bruce Davidson -- were convicted of making untrue statements
in the failed finance company's offer documents.

Messrs. Petricevic and Roest were also convicted of Crimes Act
charges because of statements in Bridgecorp's offer documents
that the company had never missed a payment of interest or
principal to investors, nzherald.co.nz relates.

According to the report, the FMA revealed Monday that it had
spent approximately NZ$856,000 during the investigation and
prosecution of the directors.  The FMA said the Crown is unable
to recover costs in criminal proceedings.

The Securities Commission -- which became the FMA -- spent
NZ$28,686 during its investigation before the case was committed
to trial.  After charges were laid, the markets watchdog spent
NZ$637,000 on legal costs. The FMA's staff costs during the
investigation and proceedings were NZ$190,600.

The figures are approximate and do not include GST, the FMA said.

In addition to this the Crown Law Office has indicated its costs
in the case are about NZ$610,000, bringing the overall total to
NZ$1.5 million, nzherald.co.nz relates.

                        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).


WEST COAST BREWERY: Had Three Mortgages, Liquidators Say
--------------------------------------------------------
Michael Berry at stuff.co.nz reports that the liquidators of West
Coast Brewery said the company failed with three mortgages
hanging over its Westport premises.

stuff.co.nz relates that liquidators Iain Nellies and
Wayne Deuchrass said in their first report that they were running
the business to make sure it could sell at the best possible
price.

According to stuff.co.nz, the liquidators intend to sell the
company's assets by public tender.  The West Coast Brewery
director Paddy Sweeney has said he plans to buy the brewery back
from liquidation out of his own pocket, stuff.co.nz relays.

The liquidators, as cited by stuff.co.nz, said there are two
registered mortgages over the brewery property and they were
"aware of an unregistered mortgage" as well.

The liquidators would not say how much the mortgages were for
because it may affect the purchase price of the brewery, the
report adds.

The West Coast Brewery makes the West Coast brand of craft beer
and Good Bastards beer, selling to sister company the West Coast
Bar & Grill and other customers. It is a subsidiary of Westcoast
Brewing.

The Christchurch High Court ordered the craft brewery into
liquidation a month ago due to unpaid tax, according to
stuff.co.nz.  The bar and grill and parent company Westcoast
Brewing are unaffected by the liquidation and continue to trade.



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


SOLVATORS HOLDING: Creditors' Meetings Set for June 26
------------------------------------------------------
Solvators Holding Pte Ltd, which is in liquidation, was to hold a
meeting for its creditors on June 26, 2012, at 4:30 p.m., at 8
Robinson Road #13-00 ASO Building, in Singapore 048544.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit; and

   c. to discuss other business.

The company's liquidator is:

          Lai Seng Kwoon
          c/o SK Lai LLP
          8 Robinson Road
          #13-00 ASO Building
          Singapore 048544


SPEED HAULAGE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 15, 2012, to
wind up the operations of Speed Haulage & Warehousing Pte Ltd.

Amgas Asia Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


THONG SOON: Creditors Get 79.04262% Recovery on Claims
------------------------------------------------------
Thong Soon Lines Pte Ltd declared the preferential dividend on
June 10, 2012.

The company paid 79.04262% to the received claims.

The company's liquidator is:

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


VENTURE INVESTMENT: Members' Final Meeting Set for July 27
----------------------------------------------------------
Members of Venture Investment (Singapore) Ltd will hold their
final meeting on July 27, 2012, at 10:00 a.m., at 25
International Business Park, at #04-22/26 German Centre, in
Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.



                             *********

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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