TCRAP_Public/120629.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, June 29, 2012, Vol. 15, No. 129

                            Headlines


A U S T R A L I A

HASTIE GROUP: Middle East Staff Refuse to Recognize Administrator
KAGARA LTD: Investec Wins Mandate to Conduct Strategic Review
SOUTHERN LINEN: Goes Into Receivership, Cuts 20 Jobs
* AUSTRALIA: Moody's Says ABS Delinquencies Up in Q1 2012


H O N G  K O N G

CANON INVESTMENT: Court to Hear Wind-Up Petition on July 4
CHINA PRINTING: Lui and Yuen Appointed as Liquidators
EVERHERO LIMITED: Court to Hear Wind-Up Petition on Aug. 1
JTM CAPITAL: Creditors' Proofs of Debt Due July 25
LEGEND HILL: Court to Hear Wind-Up Petition on July 25

LEHMAN BROTHERS: Creditors Get 14% Recovery on Claims
LIFESIZE HK: Members' Final Meeting Set for Aug. 3
MANAGEMENT INVESTMENT: Annual General Meetings Set for July 19
MAPJACK INTERNATIONAL: Court Enters Wind-Up Order
MAX PROSPER: Court Enters Wind-Up Order

MERCURIES JEANTEX: Lam Hok Chung Rainier Steps Down as Liquidator
MR. ABALONE POWER: Court Enters Wind-Up Order
MUSE INTERIOR: Court Enters Wind-Up Order
OCEAN RIGHT: Court to Hear Wind-Up Petition on July 25
ORIENT FOUNDATION: Yu and Choi Appointed as Liquidators

SAI KUNG: Members' Final Meeting Set for July 25
SEAPORT INVESTMENT: Creditors' Proofs of Debt Due July 23
SEEBRIGHT LIMITED: Keung and Koo Appointed as Liquidators
SYNERGY (3C): Court to Hear Wind-Up Petition on July 18
TOYO DENKI: Court Enters Wind-Up Order

VALUE TRUCKERS: Members' Final Meeting Set for July 24


I N D I A

ALP NISHIKAWA: ICRA Raises Rating on INR22.06cr Loans to 'B'
AMIT METALIKS: Weak Financial Profile Cues ICRA Junk Ratings
CHETAN WOOD: Fitch Affirms National LT Rating at 'D(ind)'
CHIRANG MOTORS: ICRA Assigns '[ICRA]B' Rating to INR9cr Loans
CORE MINERALS: ICRA Cuts Rating on INR23cr Loan to '[ICRA]B+'

CORPORATE POWER: Fitch Holds Rating on INR1.45BB Loans at 'BB+'
GOA SPONGE: ICRA Assigns '[ICRA]B+' Rating to INR72.33cr Loans
ENVIRO INFRA: ICRA Assigns '[ICRA]BB' Rating to INR4cr Loan
HILL STONE: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loans
LUMAX AUTOMOTIVE: Delays in Debt Servicing Cues ICRA Junk Ratings

MONICA GARMENTS: Delays in Loan Payment Cues ICRA Junk Ratings
N.M. FOODS: ICRA Rates INR6cr Fund Based Limits at '[ICRA]B'
R.N. METALS: ICRA Assigns '[ICRA]B+' Rating to INR4.12cr Loan
RAMNIKLAL & SONS: ICRA Suspends '[ICRA]B' Long Term Rating
Z V STEELS: ICRA Rates INR12.5cr Cash Credit at '[ICRA]B+'


N E W  Z E A L A N D

BLUE STAR: In 'Serious Talks' With Banks, the AFR Reports
CRAFAR FARMS: Iwi Rep Rejects Crafar Farms Sale Offer
NATHANS FINANCE: NZ$800,000 Directors' Fines to go to Receivers
VEHICLE RECOVERY: Placed in Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


HASTIE GROUP: Middle East Staff Refuse to Recognize Administrator
-----------------------------------------------------------------
Leo Shanahan at The Australian reports that the disastrous Middle
East arm of the Hastie Group continues to operate in a state of
chaos while in administration, with Hastie management departing,
others refusing to comply with the orders of administrators and
staff continuing to turn up to work.

Hastie Group administrator Craig Crosbie said investigations into
the controversial Middle East operations have been severely
hampered by missing management and non-compliant staff, The
Australian relates.

The report says the Middle East operations have been partly
blamed for the company's collapse in May, owing an estimated $600
million and leaving thousands unemployed in Australia and across
the world.

The Australian notes that in an affidavit filed by Hastie
administrators last week in the Federal Court, Mr. Crosbie said
it was impossible to accurately assess the Middle East operation
because of mismanagement.

"The administrators' investigations into the affairs of Hastie
International have been limited by a lack of funds and the
companies' former management's departure from the Middle East,"
Mr. Crosbie said in the affidavit cited by The Australian.
"However, based on the limited information to hand, I believe
Hastie International may employ up to 2,000 employees in Saudi
Arabia, the United Arab Emirates and Qatar."

According to the report, Mr. Crosbie said that despite directions
from administrators, staff were still continuing to turn up to
work in the region.

"Currently, staff and contractors in the Middle East employed by
Hastie Pty Ltd do not appear to recognize the administrators'
appointment and have generally refused to take direction from the
administrators. I say this because despite direction by the
administrators that the employees be stood down, I am informed by
members of the former management group employed in the Middle
East and believe employees continue to turn up to work," the
affidavit stated, The Australian relays.

According to The Australian, Mr. Crosbie goes on to describe the
difficulties in estimating what Hastie International owes to
creditors, because of the nature of the Middle East business.

"Given the difficulties described above, the administrators have
made limited progress in relation to Hastie International. The
investigation and determination of the applicable local laws and
cross-border issues is proving to be time-consuming, given the
decentralised nature of the business in general and the diverse
geographical areas where it traded," the report quotes Mr.
Crosbie as saying.  "At this stage, it is not considered that a
successful restructuring of the MEP Division or the International
Division is likely."

                         About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were appointed Receivers and Managers over a limited
number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


KAGARA LTD: Investec Wins Mandate to Conduct Strategic Review
-------------------------------------------------------------
David Winning at Dow Jones Newswires reports that Investec has
secured the mandate to carry out a strategic review of Kagara
Limited.

Dow Jones relates that Investec beat off competition from
Rothschild and Argonaut to land the mandate from Kagara's
administrator Taylor Wooding.

According to the report, Kagara's market value stood as low as
$95 million when it was placed in administration, reflecting the
squeeze put on its cashflow and profitability by a combination of
soft commodity prices and the high Australian dollar.

However, an early assessment by Taylor Woodings found the book
value of Kagara's assets to be $411 million, including its 62%
stake in Brisbane-based precious metals explorer Mungana
Goldmines, Dow Jones relays.

Dow Jones notes that the strategic review is likely to take
several weeks, giving Kagara's administrators enough time to
decide whether to accept Investec's recommendations, which could
include a restructuring, fresh injection of capital or sale of
assets.

Late May, the report recalls, the Federal Court of Australia
ordered an extension of the "convening period" of the
administration up to November 25.  The revised date adds an extra
six months to the original timetable to assess Kagara's options
and get best value for creditors and other stakeholders.  Taylor
Woodings has said it expects final arrangements to be known well
before the November deadline, Dow Jones adds.

                         About Kagara Ltd

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin
James Olde and Stefan Dopking of Taylor Woodings were appointed
Joint and Several Administrators of Kagara Ltd and certain
subsidiaries on April 29, 2012.


SOUTHERN LINEN: Goes Into Receivership, Cuts 20 Jobs
----------------------------------------------------
ABC News reports that the Southern Linen Service has been placed
into receivership putting 40 people out of work.

The receiver manager Paul Cook said the company can not be
rescued, according to ABC News.

The report notes that Mr. Cook said that some of the 40 staff
have not been paid for four weeks and is unsure if the company
has the assets to pay out employee entitlements such as holiday
pay and superannuation.

"It's too early to say, we have only been in the job for two
days, to determine the full extent of why the company collapsed,"
the report quoted Mr. Cook as saying.

Southern Linen Service is a commercial laundry in Hobart.  The
company provides laundry services for hospitals and hotels.


* AUSTRALIA: Moody's Says ABS Delinquencies Up in Q1 2012
---------------------------------------------------------
Moody's Investors Service says that the delinquencies and losses
for Australian ABS increased in Q1 2012, but losses for all
vintages are expected to stabilize for the remainder of 2012.

"During Q1 2012, the ABS market showed a slight rise in
delinquencies across most programs with the cumulative defaults
for the 2007, 2008 and 2009 vintages ranging over 1.3%-1.9%,
while 2007 defaults were stable at 1.7%," says Alena Chen, a
Moody's Analyst.

"However, since the increase was minor and the recovery rates
remain stable, there will be no major impact on either defaults
or losses," says Chen, who was speaking on the release of Moody's
"Australian ABS Performance Review: Q1 2012".

The overall stability of the ABS market is mainly due to macro-
economic conditions in Australia, and there have been no upgrades
or downgrades of Australian ABS notes since October 2011.

For the rest of the year, losses will be stable for all vintages,
while the growth rate of losses for the 2010 vintage will slow.

"The performance of Australian ABS transactions remains within
our expectations. The majority of the outstanding transactions
are backed by motor vehicle and commercial equipment leases -- a
well-performing and stable asset class," says Ms. Chen.

Collateral performance will remain steady because of Australia's
stable macroeconomic environment, the presence of novated leases
in transactions, and steady recovery rates.



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


CANON INVESTMENT: Court to Hear Wind-Up Petition on July 4
----------------------------------------------------------
A petition to wind up the operations of Canon Investment Holdings
Limited will be heard before the High Court of Hong Kong on
July 4, 2012, at 9:30 a.m.

Pacbridge Capital Partners (HK) Limited filed the petition
against the company on May 2, 2012.

The Petitioner's solicitors are:

          Robertsons
          57th Floor, The Center
          99 Queen's Road
          Central, Hong Kong


CHINA PRINTING: Lui and Yuen Appointed as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank on May 25, 2012, were
appointed as liquidators of China Printing Sources Limited.

The liquidators may be reached at:

          Kennic Lai Hang Lui
          Yuen Tsz Chun Frank
          5/F Ho Lee Commercial Bldg.
          38-44, D'Aguilar Street
          Central, Hong Kong


EVERHERO LIMITED: Court to Hear Wind-Up Petition on Aug. 1
----------------------------------------------------------
A petition to wind up the operations of Everhero Limited will be
heard before the High Court of Hong Kong on Aug. 1, 2012, at
9:30 a.m.

Fung Wai Ying filed the petition against the company on May 25,
2012.

The Petitioner's solicitors are:

          Yip, Tse & Tang
          Units C-E, 20th Floor
          China Overseas Building
          No. 139 Hennessy Road
          Wanchai, Hong Kong


JTM CAPITAL: Creditors' Proofs of Debt Due July 25
--------------------------------------------------
Creditors of JTM Capital Partners (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 25, 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:

         Chung Man Wing
         Flat B, 15/F
         Block 3, The Great Hill
         8 Tung Lo Wan Hill Road
         Shatin, New Territories
         Hong Kong


LEGEND HILL: Court to Hear Wind-Up Petition on July 25
------------------------------------------------------
A petition to wind up the operations of Legend Hill Limited will
be heard before the High Court of Hong Kong on July 25, 2012, at
9:30 a.m.

Baharica Limited filed the petition against the company on
May 21, 2012.

The Petitioner's solicitors are:

          S. Y. Wong & Co
          Room 1207, 12/F
          Harcourt House
          39 Gloucester Road
          Wanchai, Hong Kong


LEHMAN BROTHERS: Creditors Get 14% Recovery on Claims
-----------------------------------------------------
Lehman Brothers Commercial Corporation Asia Limited, which is in
liquidation, declared the first and interim ordinary dividend to
its creditors on June 22, 2012.

The company paid 14%% for ordinary claims.

The company's liquidators are:

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


LIFESIZE HK: Members' Final Meeting Set for Aug. 3
--------------------------------------------------
Members of LifeSize Hong Kong Limited will hold their final
general meeting on Aug. 3, 2012, at 11:30 a.m., 1601 S. Mopac,
Ste 100, Austin, TX 78746, in USA.

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.


MANAGEMENT INVESTMENT: Annual General Meetings Set for July 19
--------------------------------------------------------------
Creditors and members of Management Investment & Technology
Company Limited will hold their annual meetings on July 19, 2012,
at 10:00 a.m., and 10:30 a.m., respectively at Room 203 of Duke
of Windsor Social Service Building located at 15 Hennessy Road,
Wanchai, in Hong Kong.

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


MAPJACK INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Mapjack International Limited.

The company's liquidator is Pui Chiu Wing.


MAX PROSPER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 1, 2012, to
wind up the operations of Max Prosper International Limited.

The company's liquidator is Pui Chiu Wing.


MERCURIES JEANTEX: Lam Hok Chung Rainier Steps Down as Liquidator
-----------------------------------------------------------------
Lam Hok Chung Rainier stepped down as liquidator of Mercuries-
Jeantex Holdings Limited on June 11, 2012.


MR. ABALONE POWER: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on April 2, 2012, to
wind up the operations of Mr. Abalone Power Limited.

The company's liquidator is Pui Chiu Wing.


MUSE INTERIOR: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 13, 2012, to
wind up the operations of Muse Interior Design Gallery Limited.

The official receiver is Teresa S W Wong.


OCEAN RIGHT: Court to Hear Wind-Up Petition on July 25
------------------------------------------------------
A petition to wind up the operations of Ocean Right Limited will
be heard before the High Court of Hong Kong on July 25, 2012, at
9:30 a.m.

Seto Kwok Wah filed the petition against the company on May 21,
2012.


ORIENT FOUNDATION: Yu and Choi Appointed as Liquidators
-------------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy on March 12, 2012, were
appointed as liquidators of Orient Foundation Company Limited.

The liquidators may be reached at:

          Yu Tak Yee Beryl
          Choi Tze Kit Sammy
          15/F, Empire Land Commercial Centre
          81-85 Lockhart Road
          Wanchai, Hong Kong


SAI KUNG: Members' Final Meeting Set for July 25
------------------------------------------------
Members of Sai Kung Fishermen Association Limited will hold their
final meeting on July 25, 2012, at 10:00 a.m., 2nd Floor, No. 43A
Sai Kung Main Street, Sai Kung, New Territories, in Hong Kong.

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


SEAPORT INVESTMENT: Creditors' Proofs of Debt Due July 23
---------------------------------------------------------
Creditors of Seaport Investment 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 12, 2012.

The company's liquidator is:

         Leung Ka Wa
         Room 303, East Ocean Centre
         98 Granville Road
         Kowloon


SEEBRIGHT LIMITED: Keung and Koo Appointed as Liquidators
---------------------------------------------------------
Stephen Liu Yiu Keung and Koo Chi Sum on May 22, 2012, were
appointed as liquidators of Seebright Limited.

The liquidators may be reached at:

          Stephen Liu Yiu Keung
          Koo Chi Sum
          62/F, One Island
          East 18 Westlands Road
          Island East, Hong Kong


SYNERGY (3C): Court to Hear Wind-Up Petition on July 18
-------------------------------------------------------
A petition to wind up the operations of Synergy (3C) Products
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

Leung Shu Yuen filed the petition against the company on May 15,
2012.

The Petitioner's solicitors are:

          Joseph C.T. Lee & Co
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


TOYO DENKI: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 13, 2012, to
wind up the operations of Toyo Denki (H.K.) Company Limited.

The official receiver is Teresa S W Wong.


VALUE TRUCKERS: Members' Final Meeting Set for July 24
------------------------------------------------------
Members of Value Truckers Limited will hold their final general
meeting on July 24, 2012, at 10:00 a.m., 1601 S. Mopac, Ste 100,
Austin, TX 78746, in USA.

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



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


ALP NISHIKAWA: ICRA Raises Rating on INR22.06cr Loans to 'B'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR9.06
crore1 term loans and the INR13.00 crore fund based facilities of
ALP Nishikawa Company Limited from '[ICRA]D' to '[ICRA]B'. ICRA
has also revised the short term rating assigned to the INR6.00
crore non fund based bank limits of ANCO from '[ICRA]D' to
[ICRA]A4.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            ---------  -------
   Term Loans               9.06    Revised to [ICRA]B from
                                    [ICRA]D

   Fund Based Limits       13.00    Revised to [ICRA]B from
                                    [ICRA]D

   Non Fund Based Limits    6.00    Revised to [ICRA]A4 from
                                    [ICRA]D

The ratings upgrade factors in the regularization of delays in
servicing of debt obligations. The revised ratings are
constrained by the high competitive intensity in the industry;
project execution risk; limited bargaining power with customers
and large proportion of sales to a few customers. Additionally
the company is exposed to supplier concentration risk owing to
dependence on two vendors for sourcing bulk of the raw material
requirements though this risk is mitigated by the availability of
raw materials from several suppliers. Nevertheless ICRA has
positively factored in the strong position of the company in the
domestic automotives rubber profile segment and moderate
financial risk profile characterized by moderate gearing. ICRA
notes that Nishikawa Rubber Company (NRC), Japan has increased
its stake in the company from 20% to 50% which is expected to
provide better access to the technology of the former and greater
leverage in marketing to Japanese OEMs.

ALP Nishikawa Company Limited was incorporated in 1983 as Anand
Lescuyer Polymers Private Limited. The company was promoted by
Mr. Iqbal Singh Anand, who was in the business of export and
import of auto spare parts. In 1984, the company ventured into
manufacture of rubber sealing products in technical collaboration
with Lescuyer SA of France. In the year 1996 the company entered
into joint venture with Nishikawa Rubber Company Limited, Japan
and accordingly its name was changed to Anand Nishikawa Company
Limited. In November 2011 NRC increased its stake to 50% in the
company and its name was changed to ALP Nishikawa Company
Limited. ANCO is engaged in the manufacture of rubber profiles
such as glass run channels, windshield rubbers and bonnet seals.
ANCO has operations based at Lalru in the state of Punjab and at
Gurgaon in the state of Haryana. Mr. Iqbal Singh Anand and his
associates hold 50% of the shareholding of ANCO.


AMIT METALIKS: Weak Financial Profile Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR26.51 crore term
loan and INR43.30 crore fund based bank facilities of Amit
Metaliks Limited. ICRA has also assigned an '[ICRA]D' rating to
the INR5.00 crore non-fund based bank facilities of AML.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------              ---------      -------
   Fund Based Limits-         26.51       [ICRA]D assigned
   Term Loan

   Fund Based Limits-         40.00       [ICRA]D assigned
   Cash Credit

   Fund Based Limits-          3.30       [ICRA]D assigned
   Stand-by Line of Credit

   Non-Fund Based Limits-      5.00       [ICRA]D assigned
   Letter of Credit

The ratings take into consideration AML's unsatisfactory track
record of servicing bank loans due to low cash accruals from
operations because of significant increase in raw material costs
vis-a-vis realisations and low capacity utilisation at its
existing facilities. The ratings also reflect the weak financial
profile of the company characterized by low profit margins,
aggressive capital structure, weak coverage indicators, and a
high working capital intensity of operations that adversely
affects the company's liquidity position. AML is also exposed to
the cyclicality inherent in the steel industry, which is likely
to keep its profitability and cash flows volatile. The ratings,
however, factor in the company's operational integration with its
group company Shiv Shakti Sponge Iron Ltd (SSSIL), which meets a
major portion of AML's sponge iron requirement, the financial
support that the company enjoys by way of interest free loans
from another group company Amit Mines Private Limited (AMPL) and
the vertical integration between the steel melting shop and the
re-rolling facilities of AML, though full integration cannot be
achieved due to the low capacity utilization of the steel melting
shop. Going forward, timely servicing of debt and the ability of
the company to grow its business profitably would be key rating
sensitivities.

The company was incorporated in 2004 as Dutta Iron & Steel
Private Limited. In 2007, DISPL was taken over by the current
promoters and the company's name was changed to Amit Metaliks
Limited (AML). AML has a billet manufacturing facility at
Durgapur in West Bengal, with an installed capacity of 57,600
tons per annum (TPA). It commenced commercial production in June
2008. In October 2010, the company commissioned a re-rolling
facility with an installed capacity of 88,510 TPA to manufacture
TMT bars and MS rounds.

Recent Results:

During 2011-12, the company reported a profit before tax of
INR0.49 crore (provisional) on an operating income of INR168.59
crore (provisional), as compared to a net profit of INR2.10 crore
on an operating income of INR101.02 crore during 2010-11.


CHETAN WOOD: Fitch Affirms National LT Rating at 'D(ind)'
--------------------------------------------------------
Fitch Ratings has affirmed India-based Chetan Wood Processing
Private Limited's National Long-Term rating at 'Fitch D(ind)'.
The agency has also affirmed CWPL's INR148m long-term loans
(reduced from INR208m) at 'Fitch D(ind)'.

The ratings reflect CWPL's continuing delays in term loan
repayments during the last 12 months.

Positive rating guidelines include regularity in the repayment of
CWPL's bank facilities for two continuous quarters.

Incorporated in 1990, CWPL is a Bangalore-based furniture
manufacturer.  For FY11, revenue was INR66.2m (FY10: INR23.9m)
and EBITDA loss was INR5.7m (FY10: INR4.5m).  Fitch has not been
provided with the company's FY12 (year end March) financials.


CHIRANG MOTORS: ICRA Assigns '[ICRA]B' Rating to INR9cr Loans
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR1.00 crore term
loan and INR8.00 crore1 fund based bank facilities of Chirang
Motors Private Limited.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Fund Based Limits-      8.00        [ICRA]B assigned
   Cash Credit

   Fund Based Limits-      1.00        [ICRA]B assigned
   Term Loan

The rating reflects CMPL's limited operational track record of
managing automobile dealership business, and the unfavorable
financial profile of the company as characterized by net losses
suffered during the past two years, a highly aggressive capital
structure and depressed level of coverage indicators. The rating
also factors in the inherently low operating margins of the
company on account of industry dynamics and commission structure
decided by TML. The rating, however, derives comfort from CMPL's
presence across distinct geographical segments within Assam,
which is likely to improve the competitive position of the
company and the likelihood of an increase in the scale of current
operations, given the significant demand of commercial vehicles
from the coal mining and cement manufacturing business in the
North Eastern region of India.

CMPL, incorporated in 2010, is an authorised dealer of Tata
Motors Limited (TML) for the sale of commercial vehicles (CV) and
passenger vehicles (PV), as well as for services and sale of
spare parts in several parts of Assam. Sale of CV is also made to
the neighboring states of Meghalaya and Tripura. CMPL currently
operates via one owned 3S (sales-service-spares) facility and
three other showrooms. The day to day operations of the company
are managed by its promoter-director Mr. Nabakumar Basumatary.

Recent Results

During 2011-12 the company registered a net loss of INR0.0014
crore (provisional) on an operating income of INR67.53 crore
(provisional) as compared to a net loss of INR0.0115 crore on an
operating income of INR19.45 crore during 2010-11.


CORE MINERALS: ICRA Cuts Rating on INR23cr Loan to '[ICRA]B+'
-------------------------------------------------------------
ICRA has revised the long-term rating to the INR13.0 crore term
loan and INR10.0 crore fund-based bank facilities of M/s. Core
Minerals to '[ICRA]B+' from '[ICRA]BB+' and has placed the rating
on watch with negative implications. ICRA has also revised the
short-term rating to the INR91.0 crore fund-based and the INR12.5
crore non-fund based bank facilities of CM to '[ICRA]A4' from
'[ICRA]A4+' and has placed the rating on watch with negative
implications.

                       Amount
   Facilities         (INR Cr)   Ratings
   ----------         ---------  -------
   Term loan            13.0     Revised to [ICRA]B+ from
                                 [ICRA]BB+ (Stable); placed on
                                 watch with negative implications

   Cash Credit limits   10.0     Revised to [ICRA]B+ from
                                 [ICRA]BB+ (Stable); placed on
                                 watch with negative implications

   Fund-based limits     91.0     Revised to [ICRA]A4 from
                                  [ICRA]A4+; placed on watch with
                                  negative implications

   Non-fund based        12.5     Revised to [ICRA]A4 from
   limits                         [ICRA]A4+; placed on watch with
                                  negative implications

The revisions in ratings and placing them on watch with negative
implications take into account the stoppage of CM's iron ore
mining activity since January 2012 due to non-renewal of mining
lease of the mine where it undertakes contract mining operations.
The mining lease held in the name of Mr. Padam Kumar Jain in the
Thakurani region of Jharkhand expired in December 2011 and the
same is yet to be renewed. ICRA also takes note of the fact that
the Orissa based iron ore mine, for which the firm had entered
into a mineral raising contract with a new mine owner in 2010-11,
is still non-operational; and the debt repayments of the firm in
2012-13 and 2013-14 remain sizeable, which are expected to strain
the liquidity profile of the firm, especially if the company's
operations do not resume by an early date. The firm has also
contracted unsecured loans to part fund the group's investment
requirements and has also extended significant advances to group
companies, which exert further pressure on the overall financial
risk profile of CM. The ratings are also constrained by the
cyclicality inherent in the commodity iron ore business that
lends vulnerability to the profitability and cash flows of the
players including CM, risks inherent in a partnership firm
including the risk of capital withdrawals by partners and an
increase in export duty on iron ore to 30% from 20% in January
2012, which is likely to have an adverse impact on CM's financial
performance going forward.

The ratings, nevertheless, favorably factor in the significant
improvement in the profitability of the firm in 2011-12, backed
by favorable iron ore realizations and an improvement in its
gearing levels as a result of higher accruals from its business.
Nevertheless, CM's capital structure continues to be aggressive.
The ratings also take into account the long standing experience
of CM as an iron ore trader and a mining contractor.

Established in 1996, CM is a partnership firm engaged in iron ore
mining (as a contractor) and trading. CM, as a mining contractor
undertakes iron ore mining at a mine located at Thakurani,
Jharkhand and owned by Mr. Padam Kumar Jain. Due to non-renewal
of the mining lease, the mining activities of CM have stopped
since January 2012.


CORPORATE POWER: Fitch Holds Rating on INR1.45BB Loans at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed India-based Corporate Power Limited's
INR20,300m senior project loans for phase 1 at National Long-Term
'Fitch BBB-(ind)'.  CPL's INR1,450m subordinate project bank
loans for phase 1 have also been affirmed at 'Fitch BB+(ind)'.
The Outlooks are Stable.

Fitch has also assigned CPL's INR23,870m senior project loans for
phase 2 a final rating of 'Fitch BBB-(ind)' with Stable Outlook.
The final rating follows the receipt of transaction documents
conforming to the information already received, including
executed financing agreements.  The final rating is the same as
the expected rating assigned in June 2011 (see "Fitch Rates
Corporate Power's New Bank Loans 'BBB-(ind)(exp)'", dated 30 June
2011 and available on www.fitchratings.com).

CPL is an SPV, incorporated to build, maintain and operate a sub-
critical technology based 1,080 MW (four units in two phases of
540MW each) coal-fired thermal power plant in the Indian state of
Jharkhand. CPL is sponsored by the Abhijeet group and its group
company -- Corporate Ispat Alloys Limited (CIAL).  The latter has
been allocated a captive coal mine by the Ministry of Coal (MoC),
and is developing a 0.25 MTPA sponge iron plant and a coal
washery at the project site.  The coal middling generated during
beneficiation would be used as feedstock for phase 1 of the power
plant.

The affirmation reflects the significant construction progress
achieved by phase 1 and 2, in line with Fitch's expectation
during the last review in June 2011.  As per the Lenders
Independent engineers (LIE) report (dated March 2012),
construction progress for phase 1 and 2 is 76.69% and 48.73%,
respectively, broadly in symmetry with construction milestones
and capital costs initially envisaged.  The LIE report also shows
that 86% of construction has been achieved for the 108km
transmission line.  Fitch also notes the satisfactory progress
achieved in the residual land acquisition for both the power
project and group captive coal mine.  There have also been timely
equity infusions by the sponsors.  However, the rating is still
constrained by the residual completion risk for the project,
particularly phase 2.

The ratings are constrained by the lack of firm off-take
agreements for the plant's output and fuel supply uncertainty for
phase 2.  The ratings are also constrained by the project's
exposure to spot market electricity prices.  However, this will
not have a major negative impact on CPL in the short- to medium-
term, given India's protracted power deficit.  Fitch also notes
that the project has a competitive cost of generation due to its
proximity to a likely coal source and CIAL's ownership of a
captive coal mine with probable reserves of 175 million tonnes.

Fitch notes that MoC has approved CIAL's application to increase
the mining capacity to 3.45 MTPA from 2 MTPA, which would be
sufficient for phase 1.  The company has also received a letter
of assurance from Central Coal Fields for 1.99MTPA of coal, to
cover phase 2 requirements.  However, given the systemic coal
shortages in India, CIAL, as a back up measure, has applied to
MoC for the extension of the mining lease to 6.75 MTPA.  This, if
approved, should address fuel supply uncertainties.  However, the
extension of mining lease will depend in part on the results of
an environmental impact study and cannot be assured.  However,
comfort is drawn from the reasonable experience of CIAL and its
parent company in the mining sector and from the 1.9-year period
prior to phase 2 completion to resolve the fuel supply issue.

Given that the lenders to each phase share a common security with
a parri passu charge, Fitch has consolidated cash flows of both
phases in its analysis.  The financing documents stipulate a debt
service reserve account (DSRA) equivalent to six months of debt
service amount, although to be funded out of project cash flows.
The documents also stipulate a cash sweep mechanism, where 50% of
the residual surplus in the cash flow 'waterfall' is applied
towards the prepayment of loans.  However, exposure to variable
interest rates, currently at 14.25%, on the bank debt may exert
pressure on future cash flows.

Positive rating action may result if the revised mining plan of
6.75 MTPA is approved along with the satisfactory ramp up of coal
production and the commissioning of the power plant as envisaged.


GOA SPONGE: ICRA Assigns '[ICRA]B+' Rating to INR72.33cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR40.00 crore
fund-based bank facilities and the INR32.33 crore term loans of
Goa Sponge & Power Limited. ICRA has also assigned an '[ICRA]A4'
rating to the INR48.50 crore short-term fund based / non-fund-
based bank facilities of GSPL.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               ---------    -------
   Long-term fund-based       40.00      [ICRA]B+ assigned
   bank limits

   Term Loan                  32.33      [ICRA]B+ assigned

   Short-term fund based/     48.50      [ICRA]A4 assigned
   non-fund based limits

The ratings take into account the long track record of the
management of GSPL in the steel sector and the forward integrated
nature of its operations in the form of a billet manufacturing
plant and a captive power plant, which helps improve the overall
value addition in GSPL's business, while sale of excess power is
expected to provide some cushion to profits. ICRA also takes note
of the proximity of the manufacturing plant of GSPL to iron ore
mines, which helps reduce its freight costs; however, the low
quality of Goan iron ore has an adverse impact on coal
consumption and plant utilization levels, thereby resulting in
low profitability and weak return indicators. The ratings are
also constrained by the high working capital intensity of
operations due to high inventory levels, which make an adverse
impact on GSPL's liquidity profile; and the company's depressed
levels of coverage indicators, and the inherent cyclicality of
the steel industry, which is likely to keep profitability and
cash flows volatile in the future.

Incorporated in 2002, GSPL manufactures sponge iron and mild
steel billets from its manufacturing unit at Sanguem, Goa. The
company has an installed capacity 90,000 MTPA for sponge iron and
72,000 MTPA for MS billets. GSPL also has a captive power plant
(CPP) of 12 megawatt (MW).

Recent Results:

In 2010-11, GSPL reported a profit after tax (PAT) of Rs.1.55
crore on an operating income of INR157.70 crore as compared to a
PAT of INR1.11 crore on an operating income of INR163.78 crore in
2009-10. As per the provisional results for 9M, 2011-12, GSPL
recorded a profit before tax of INR1.16 crore on an operating
income of INR115.89 crore.


ENVIRO INFRA: ICRA Assigns '[ICRA]BB' Rating to INR4cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the INR4
crore, fund-based limits; and a short-term rating of '[ICRA]A4'
to the INR18 crore, non-fund based limits of Enviro Infra
Engineers Private Limited.  The outlook on the long-term rating
is stable.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               ---------  -------
   Fund-based facilities       4.00    [ICRA]BB (Stable) assigned

   Non Fund based facilities   18.00   [ICRA]A4 assigned

The ratings derive strength from experience of EIEPL's promoters
which together with favorable demand growth for water treatment
plants in the country has facilitated a healthy growth in the
company's order-book in the past few years. The current order-
book position of INR101 crore provides revenue-visibility for the
company for the next 12 -18 months and is fairly distributed
across regions and diversified base of reputed government clients
such as Urban Improvement Trust (UIT), Public Works Department
(PWD), Delhi Development Authority (DDA) and Delhi State
Industrial and Infrastructural Development Corporation Limited.
Though a gradual shift in company's focus towards relatively
larger projects over the past few years reflects favorably on its
project execution capabilities; however, the company's ability to
strengthen its capital base, to ensure timely enhancement of its
working capital limits and to manage its working capital cycle
effectively will be critical in ensuring timely execution of the
pending order-book position (~2 times of the company's FY12
estimated turnover). While assigning the rating ICRA has taken
comfort from the timely infusion of funds by promoters by way of
equity as well as unsecured loans, which has helped the company
in maintaining a comfortable leverage. The ratings are also
constrained by the intense competition in the sector; and
susceptibility of company's profitability to adverse fluctuations
in the prices of raw materials, to company's ability to negotiate
escalation of contract value in projects facing major delays, and
to provisions for liquidated damages in most government
contracts.

In ICRA's view, EIEPL's ability to manage its working capital
cycle effectively so as to reduce liquidity pressures; further
strengthen its capital base; and ensure timely enhancement of its
working capital limits to ensure timely execution of pending
orders, will be the key rating sensitivity.

Incorporated in 2009, Enviro Infra Engineers Private Limited is a
contractor engaged in designing, manufacturing and providing
water filtration & wastewater treatment solutions. The promoter -
Late Mr. R.K. Jain ventured into this business in 1992. Till
FY10, the business was being conducted under a partnership firm  -
M/s Enviro Engineers, owned by the promoter Mr. R.K. Jain and his
two sons - Mr. Manish Jain and Mr. Sanjay Jain. EIEPL was formed
in 2009 and operations of M/s Enviro Engineers were transferred
to EIEPL in April 2010.

While initially the operations were restricted to sub-contracted
works for larger players, the company started directly bidding
for and executing projects in 2006. Thereafter the company has
experienced a healthy growth in its turnover.

Recent Results:

In FY12, EIEPL reported a turnover of INR50.11 crore and a profit
after tax (PAT) of INR2.17 crore (as per provisional estimates),
as compared to a turnover of INR20.85 crore and PAT of INR0.90
crore in FY11.


HILL STONE: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loans
------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to INR2.00 crore fund
based cash credit facility, INR3.50 crore term loan facility and
INR1.00 crore fund based facilities (sub limit of cash credit
Limits) of Hill Stone Ceramic Private Limited. The rating of
'[ICRA]A4' has been assigned to the INR0.50 crore short term non
fund based facilities of HCPL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Cash Credit             2.00      [ICRA]B+ assigned

   Term Loan               3.50      [ICRA]B+ assigned

   Book Debts             (1.00)     [ICRA]B+ assigned

   Bank Guarantee          0.50      [ICRA]A4 assigned

The ratings assigned take into account HCPL's weak financial
profile as reflected by modest operating scale, low profitability
and adverse capital structure. The ratings are also constrained
by vulnerability of HCPL's profitability and cash flows to
cyclicality inherent in the real estate industry, which is the
main consuming sector. Further the ratings are constrained by
highly competitive business environment on account of presence of
large number of organized as well as unorganized players in the
region as well as import of ceramic tiles from China.

The assigned ratings, however, favorably factor in the long
experience of the promoters in the ceramic industry and the
location advantage enjoyed by HCPL giving it easy access to raw
material sources.

Hill Stone Ceramic Private Limited was incorporated in 2010 and
is engaged in manufacturing of ceramic wall tiles. The company
has an installed capacity of 24225 MTPA with its plant situated
at Morbi, Gujarat. HCPL is promoted by Mr.Mahendra Mundadiya,
Mr.Dinesh Agrawal, Mr. Mahedev Detroja and Mr. Kalpesh Zalariya..
HCPL commenced commercial operations in May 2011 and currently
manufactures ceramic wall tiles of sizes 8'x12', 10'x13', 7'x20'
with the current set of machineries and production facilities.

Recent Results

During FY 2012, the company reported profit after tax of INR0.03
crore on an operating income of INR12.60 crore.


LUMAX AUTOMOTIVE: Delays in Debt Servicing Cues ICRA Junk Ratings
-----------------------------------------------------------------
ICRA has re-affirmed the "[ICRA]D/[ICRA]D" ratings for the
INR33.55 Crore bank facilities of Lumax Automotive Systems
Limited.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------             ---------   -------
   Term Loans                5.44     [ICRA]D re-affirmed

   Fund Based Limits        17.00     [ICRA]D re-affirmed

   Non Fund Based Limits     6.85     [ICRA]D re-affirmed

   Unallocated               4.26     [ICRA]D/[ICRA]D re-affirmed

The ratings continue to reflect the delays in debt servicing on
account of its high working capital intensity and stretched
liquidity position. The company has a weak financial risk profile
reflected in high gearing and weak coverage indicators. The
client concentration also remains high with two-third of its
revenues being derived from sales to HMSI. ICRA, however, notes
LASL's established relationship with HMSI, its status as sole
supplier of automotive air filters and various several plastic
injection moulded components to HMSI for all its models and its
technical collaboration with M/s Toyo Roki Manufacturing Co. of
Japan for air filters. Going forward, LASL's ability to improve
its debt servicing and financial risk profile by way of expansion
of profit margins and effective management of working capital
cycle would be the key rating sensitivities.

Recent Results

In 2011-12, LASL reported net sales of INR111.9 Crore, Profit
before Depreciation, Interest and Tax (PBDIT) of INR13.6 Crore
and Profit before Tax (PBT) of INR2.3 Crore as per provisional
financials. Company Profile Lumax Automotive Systems Limited
(LASL) manufactures automotive filter elements & assembly, and a
wide variety of plastic moulded parts to several automotive OEMs
in India. LASL manufactures plastic moulds using two processes -
injection moulding and blow moulding. It supplies air filter
elements as well as complete air filter system to various
customers. The company was formed in 2003, when the Lumax group
demerged into Lumax Industries Limited and LASL. Currently, LASL
has two manufacturing units, one in Manesar (Haryana) and one in
Pune (Maharashtra). The company had six manufacturing units till
2009-10; however, four of the units were closed down in 2010-11
due to unprofitable operations. The Manesar plant has
manufacturing facilities for plastic moulding and air filter
elements and assembly, while the Pune plants supply plastic
moulded parts to Mahindra & Mahindra Limited (M&M) and Tata
Motors Limited.

The filter division of LASL has a technical tie-up with M/S Toyo
Roki Manufacturing Co. of Japan for air cleaners and filters
since 2004. LASL sold-off its stake from its erstwhile Joint
Venture (located at Manesar) with Magna Donnelly of USA, to the
promoter group last year. The stake of Magna Donnelly was also
purchased by the promoter group, there-by limiting the former to
a technical collaborator for the company.


MONICA GARMENTS: Delays in Loan Payment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to the
INR3.43 Crore fund based limits of Monica Garments. ICRA has also
assigned a short term rating of '[ICRA]D' to the INR3.50 Crore
fund based limits of the firm.  The rating was earlier suspended
at [ICRA]BB/[ICRA]A4 in October 2011.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------             ---------   -------
   Long Term Fund based      3.43     [ICRA]D assigned
   Short Term fund based     3.50     [ICRA]D assigned

The assigned ratings factor into account the delays in debt
servicing by the firm. The firm has a moderate scale of
operations, weak financial profile as reflected by high gearing
and stretched coverage indicators and high revenue dependence on
few customers. ICRA, however, notes the long experience of the
promoters in the garments exports and acquisition of large orders
from Primark, UK which offset the firm's loss of business post
discontinuation of relationship with CDA. Nevertheless, the
firm's ability to improve its scale of operations and meet its
interest and repayment obligations on time would remain key
credit sensitivities.

Monica Garments is a partnership firm and was established in
1990. Mr. Anil Varma & Mr. Virendra Rawat are 50-50 partners in
the firm. The firm manufactures garments mainly for the women
segment and caters to mid price customer segment. The firm
remains a fully export oriented firm with majority of products
sold in European and US markets. The firm runs three
manufacturing facilities; two in Okhla (Delhi) and one in Noida
and the total manufacturing capacity is around 70,000 units per
month.


N.M. FOODS: ICRA Rates INR6cr Fund Based Limits at '[ICRA]B'
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR6.00
crore, fund-based limits of N.M. Foods.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Fund Based Limits        6.00       [ICRA]B assigned

The assigned rating takes into account the small scale of
operations of NM Foods and vulnerability to fluctuations in rice
prices amid changing demand-supply scenarios. The rating is also
constrained by the highly working capital intensive nature of
operations and focus on exports that exposes the firm to risk of
adverse changes in exchange rate in the absence of effective
hedging mechanism. ICRA also takes note of the risks that are
inherent in partnership firms.

The rating, nevertheless, draws comfort from the long track
record and extensive experience (of nearly two decades) of the
partners in rice trading; established relationship with various
clients and millers that helps in procurement and sales of rice
and favorable location with easy availability of rice in Karnal
region of Haryana due to presence of many millers. The rating
also factors in the revenue growth expected from trading of non-
basmati rice after removal of government ban on exports in
September 2011.

In ICRA's view, the key rating sensitivities are firm's ability
to improve its scale of operations and reduction in its working
capital intensity.

Incorporated in October 2010 as a partnership firm, NM Foods is
engaged in the business of trading in rice. Mr. Vinod Kumar with
his elder brother Mr. Ramesh Kumar are partners in this business.
The office and godowns of the firm are located at Taraori,
Karnal, Haryana. NM Foods deals mainly in par boiled basmati rice
but after the removal of export ban on non-basmati rice, firm has
also started export of non-basmati rice. Rice is procured from
local millers in Karnal and exported outside India mainly Gulf
countries like Iran, Iraq, Saudi Arabia and UAE. Procurement is
done directly from mills while sales are made via export agents.

Firm does not have any milling operations and in cases where rice
has to be processed before exports, it is outsourced to other
mills on job work basis.

Recent Results

N.M. Foods reported an operating income of INR7.3 crore and
profit after tax of INR0.10 crore in its first year of operations
during FY11.


R.N. METALS: ICRA Assigns '[ICRA]B+' Rating to INR4.12cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.00
crore1 fund based bank limits and INR2.12 crore term loans of
R.N. Metals. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR6.50 crore non fund based limits of the
firm.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based Limits        2.00      [ICRA]B+ (Assigned)
   Term Loans               2.12      [ICRA]B+ (Assigned)
   Non Fund Based Limits    6.50      [ICRA]A4 (Assigned)

The ratings take into account the long experience of RNM's
promoters in the industry, its reputed client base, and its
relatively comfortable debt protection indicators. However, the
ratings are constrained by RNM's stretched liquidity profile on
account of high receivable levels, which has led to high working
capital limits utilization. The ratings also take into account
RNM's moderate scale of operations, the competitive nature of the
industry, and vulnerability of RNM's profitability to raw
material price fluctuations.

R.N. Metals was established by Shri Roop Narayan Sharma in 1997
and it is engaged in the manufacturing of hi chrome, hyper steel
and forged steel grinding media balls, bull ring segments and jaw
plates. The manufacturing facilities are situated near Jaipur,
Rajasthan. The products find their applications in mining, cement
plants, power plants, fertilizer industry and refineries.

The firm reported a profit after tax (PAT) of INR0.64 crore on an
operating income of INR25.90 crore during FY2012 as against a PAT
of 0.67 crore on an operating income of INR32 crore for the 10
months FY2012 ending January 2012.


RAMNIKLAL & SONS: ICRA Suspends '[ICRA]B' Long Term Rating
----------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR05.75
crore long term fund based facilities & '[ICRA]A4' rating to the
INR04.75 crore short term fund based facilities of Ramniklal &
Sons. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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.

Incorporated in 1998, Ramniklal & Sons is a partnership firm
involved in manufacturing of gold, silver and diamond studded
jewellery and export of cut and polished diamond. R&S deals in
diamonds of sizes ranging from 14 carats to 18 carats. The
company has a registered office within the showroom based in
Mumbai from where the overall business operations and sales
activities are controlled.


Z V STEELS: ICRA Rates INR12.5cr Cash Credit at '[ICRA]B+'
----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR12.50 crore fund
based bank facility of Z V Steels Private Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR2.50 crore short term non
fund based facility (sublimit of fund based facility) of ZVSPL.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Fund Based Limits-       12.50       [ICRA]B+ Assigned
   Cash Credit

   Non Fund Based Limits-   (2.50)      [ICRA]A4 Assigned
   Letter of Credit

The assigned ratings take into account the highly fragmented
nature of the steel trading industry characterized by intense
completion and limited value-addition involved in the steel
trading business, both of which resulted in thin profitability
and nominal cash accruals. The company's capital structure is
also adverse, resulting in weak debt protection metrics. Further,
business volumes declined in 2011-12 due to demand slowdown and
competitive pressures. The ratings also take into account the
cyclicality inherent in the steel industry, which is likely to
make company's cash flows volatile. Nevertheless, the ratings
favorably factor in the extensive experience of the promoters in
the steel trading business and authorized distributorship of
reputed steel producers such as JSW Steel Ltd, which improves the
company's procurement efficiency.

                         About Z V Steels

Incorporated in August 1997, ZVSPL is engaged in the trading of
various flat steel products namely Cold rolled close annealed
(CRCA), Galvanized Plain (GP), Hot Rolled (HR) and Cold Rolled
(CR) sheets/ coils. The company has a registered office in Carnac
Bunder in Mumbai and a warehouse facility located at Taloja,
Mumbai.

Recent Results

ZVSPL recorded a profit after tax of INR0.47 crore on an
operating income of INR88.71 crore in FY 2012 (provisional). In
FY 2010-11, the company reported a profit after tax of INR0.36
crore on an operating income of INR107.95 crore.



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


BLUE STAR: In 'Serious Talks' With Banks, the AFR Reports
---------------------------------------------------------
NBR Online reports that troubled print group Blue Star Group
could be headed for administration, according to an Australian
media report.

NBR relates that The Australian Financial Review said
representatives from Blue Star and its owner, Champ Private
Equity, are in serious talks with the company's banks.

Appointing administrators was one option understood as being
considered, the paper, as cited by NBR, said.

According to NBR, Blue Star escaped receivership last August when
its mainly Kiwi retail bondholders voted in favor of a
controversial funding package and restructure.

The report says the deal saw mainly Kiwi bondholders take a
severe haircut on their NZ$105 million face value paper while
senior lenders including BNZ, CBA and Bank of Scotland extended
their NZ$195 million facility.

However, Blue Star has continued to struggle against tough
operating conditions, putting in doubt key milestones needed to
meet financial covenants, the report notes.

                         About Blue Star

Headquartered in Auckland, New Zealand, Blue Star Group
(NZE: GLU) -- http://www.bspg.co.nz/-- provides commercial
printing and complete outsourced print management solutions for
large corporates in Australia and New Zealand.  The company
employs approximately 1,200 staff within three divisions and a
labels business.


CRAFAR FARMS: Iwi Rep Rejects Crafar Farms Sale Offer
-----------------------------------------------------
NZNews reports that North Island iwi involved in the dispute over
the Crafar farms said they've been given a "ridiculously
overpriced" offer to buy three of the 16 farms ahead of a court
hearing next week.

According to NZN, Hardie Peni, chairman of two trusts negotiating
to buy farms at Benneydale in the King Country, said Shanghai
Pengxin offered to sell them two farms for NZ$37.5 million, farms
he said are worth about NZ$23 million.

An offer was also made to sell a Tauhara farm on the Napier-Taupo
highway for $29 million, a farm the Crafar Farms Purchase Group
offered $22 million for, the report relates.

"The price being offered to us, NZ$66.5 million for just three of
the 16 farms, was ridiculous," the report quotes Mr. Peni as
saying.

NZN recalls that Shanghai Pengxin subsidiary Milk New Zealand
Holding Ltd was given consent to buy the farms after Government
ministers Maurice Williamson and Jonathan Coleman approved a
recommendation by the Overseas Investment Office in April.

An earlier approval by the ministers was struck out in the High
Court following an appeal by the locally owned Crafar Farms
Purchase Group, which includes a number of iwi, the report says.

The group has taken further legal action against the latest
approval, which is due back before the courts on Monday, NZN
relays.

According to the report, Mr. Peni said there had been sporadic
contact from Shanghai Pengxin in recent months but nothing
serious until earlier this month.

Mr. Peni, as cited by NZN, said the offers were conditional on
iwi withdrawing from the court process but the offers were way
too high.

                  No Formal Offer Made Over Sale

Meanwhile, stuff.co.nz reports that Landcorp chief executive
Chris Kelly -- acting as agent for Chinese company Shanghai
Pengxin on the potential sale of three Crafar farms to Maori
trusts -- refutes claims that negotiations were just window-
dressing ahead of Monday's Court of Appeal hearing.

stuff.co.nz relates that Mr. Kelly said no formal offer has been
made -- rather he had given both Mr. Peni and Nigel Baker from
Tuwharetoa, which is negotiating to buy one of the farms, an
indicative price which they could consider.  He refused to say
how much that was but said it was well under the NZ$66.5 million
indicated by Mr. Peni, according to stuff.co.nz.

Mr. Kelly also denied there was any deadline, given that Shanghai
Pengxin can't sell what it doesn't yet own, and was in no way
connected to the iwi withdrawing from the appeal, adds
stuff.co.nz.

            Kiwi Farmers Being Shut Out By Foreign Buyers

Claims that Shanghai Pengxin tried to charge iwi groups up to
NZ$66.5 million for just three of the 16 Crafar farms show that
Kiwi farmers are being priced out of the market by foreign
corporate buyers, says New Zealand Labour Party Leader David
Shearer.

Mr. Shearer related in a statement: "Kiwi farmers who are the
best in the world at what they do simply can't afford to buy good
land in their own country because large valuable tracts are being
sold off to overseas buyers under this Government.

"The deal National did with the Chinese conglomerate is clearly
not in New Zealand's best interests. We are seeing further
evidence of that with the possible deal with iwi groups to buy at
least some of the land falling over because of the high price
demanded by Shanghai Pengxin and its farm manager, the Government
agency Landcorp.

"We are losing control of best income-producing assets under this
Government and the profits that could have benefited our own
farmers and the wider economy are simply flowing offshore.

"That's why Labour is promoting legislation to ensure that
foreign buyers cannot purchase land here unless the benefits are
greater than a New Zealand investor could produce and it brings
substantial job creation and increases in exports.

"It should be the right of anyone living and working in New
Zealand to be able to buy land in their own country. National's
decision to approve Shanghai Pengxin's purchase of the Crafar
Farms has essentially locked Kiwi farmers out of the running.

"That is not in the interests of our farming industry or the
country as a whole," Mr. Shearer said.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.


NATHANS FINANCE: NZ$800,000 Directors' Fines to go to Receivers
---------------------------------------------------------------
Catherine Harris at stuff.co.nz reports that the High Court in
Auckland has ruled that the receivers of Nathans Finance should
receive more than NZ$800,000 in reparation from three of its
directors.

The court said sums repaid by Kenneth Roger Moses, Mervyn Ian
Doolan and Donald Menzies Young should go to the receivers "for
the benefit of all investors," stuff.co.nz relates.

The report notes that Messrs. Moses, Doolan and Young, and one
other Nathan director, John Hotchin, were found guilty of
distributing offer documents that contained untrue statements
before Nathans collapsed in 2007, owing investors about $174
million.

Stuff.co.nz relates that two of the directors, Messrs. Moses and
Doolan, were sentenced to jail terms of more than two years last
September, while Messrs. Young and Hotchin received home
detention and community service.

Messrs. Moses, Doolan and Young were ordered to make reparation
of NZ$425,000, NZ$150,000 and NZ$310,000 respectively.  Mr.
Hotchin was also ordered to pay NZ$200,000 and the money has
already been directed towards the receivers, the report
discloses.

According to stuff.co.nz, PricewaterhouseCoopers is still
pursuing the directors and auditors for a civil claim of at least
NZ$66 million, and Justice Paul Heath suggested the directors'
repayments could be put towards a legal fund to "pursue other
means of recovery".

Justice Heath said this could be of greater assistance than a
dividend, the report adds.

"The vast majority of the investors would not receive a material
distribution from the reparation monies, particularly after
administration costs are deducted," the report quotes Justice
Heath as saying.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers
on Aug. 20, 2007.  The company owed approximately NZ$174 million
to some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of
vending machine related businesses which operate in New Zealand,
Australia, North America and Europe.


VEHICLE RECOVERY: Placed in Liquidation
---------------------------------------
Blair Cunningham at NBR Online reports that Vehicle Recovery
Group 2006 has been placed in liquidation.  This follows the
company's application in February to liquidate after internal
ructions between shareholders, the report says.

Paul Sargison and Simon Dalton were appointed liquidators by
Associate Judge Roger Bell at the Auckland High Court on June 28,
2012, NBR discloses.

According to NBR, Bruce Pamatatau, a lawyer for majority
shareholder and director Sandra Mary Fraser and former director
Craig Burrows, said on June 28 that it was the first time he had
heard of who would be appointed liquidator.

"My clients would prefer a different liquidator . . . but I
accept this," the report quotes Mr. Pamatatau as saying. "I don't
have a leg to stand on to persuade you otherwise."

"Sargison and Dalton are recognised insolvency specialists,"
Associate Judge Bell reassured Mr. Pamatatau, NBR relates.

Associate Judge Bell strongly recommended an initial meeting
between the creditors and liquidators take place as soon as
possible.

Auckland-based Vehicle Recovery Group 2006 provides towing and
breakdown services.



===============
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
ARASOR INTERNATI           ARR            19.21       -26.51
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
ANHUI GUOTONG-A            600444         72.38        -2.15
BAOCHENG INVESTM           600892         38.24        -4.15
CHANG JIANG-A              520         1,396.09        -3.63
CHENGDE DALU -B            200160         35.27        -4.01
CHENGDU UNION-A            693            29.46       -22.21
CHINA KEJIAN-A             35            100.91      -192.82
CONTEL CORP LTD            CTEL           59.32       -45.72
DONGXIN ELECTR-A           600691         13.73       -28.65
GUANGDONG ORIE-A           600988         14.53        -3.97
GUANGXIA YINCH-A           557            64.02       -81.42
GUANGZHOU IRON-A           600894        542.50       -70.92
HEBEI BAOSHUO -A           600155        110.77       -78.03
HEBEI JINNIU C-A           600722        250.44       -85.87
HUASU HOLDINGS-A           509            91.19       -18.53
HUNAN ANPLAS CO            156            48.17       -43.11
HUNAN TIANYI-A             908            65.87        -1.55
JILIN PHARMACE-A           545            30.17        -6.95
JINCHENG PAPER-A           820           179.74      -114.18
QINGDAO YELLOW             600579        188.23       -59.95
SHANDONG DACHE-A           600882        206.33       -10.84
SHANDONG HELON-A           677           860.38      -154.31
SHANG BROAD-A              600608         43.41        -6.72
SHANXI GUANLU-A            831           299.13        -7.60
SHENZ CHINA BI-A           17             21.55      -267.13
SHENZ CHINA BI-B           200017         21.55      -267.13
SHENZ INTL ENT-A           56            281.74       -60.20
SHENZ INTL ENT-B           200056        281.74       -60.20
SHIJIAZHUANG D-A           958           213.66      -111.34
SICHUAN GOLDEN             600678        152.07       -87.92
TAIYUAN TIANLO-A           600234         64.35       -10.61
TIANJIN MARINE             600751         86.23       -89.05
TIANJIN MARINE-B           900938         86.23       -89.05
TIBET SUMMIT I-A           600338         71.21        -8.42
TOPSUN SCIENCE-A           600771        129.64      -106.79
WUHAN BOILER-B             200770        255.82      -182.03
WUHAN LINUO SOLA           600885         97.03       -23.36
XIAMEN OVERSEA-A           600870        214.41      -136.52
XIAN HONGSHENG-A           600817         15.81      -278.59
XINJIANG CHALK-A           972           693.71        -4.07
YANBIAN SHIXIA-A           600462         96.06      -134.10
YIBIN PAPER IN-A           600793        131.24        -4.84
YOUCAN FOODS INT           YCAN          102.82        -9.02
YUEYANG HENGLI-A           622            32.62       -25.60


HONG KONG

BEP INTL HLDGS L           2326           11.98        -1.14
BUILDMORE INTL             108            16.57       -57.57
CHINA HEALTHCARE           673            46.24        -3.08
CHINA OCEAN SHIP           651           408.06       -51.68
CHINA SEVEN STAR           245            90.25        -2.25
CNI 23 INT'L               611            68.05       -67.58
CROSBY CAPITAL             8088           25.70       -17.43
CYPRESS JADE               875            38.61       -10.78
FIRST NTUL FOODS           1076           17.14       -56.90
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           24.72       -18.95
PALADIN LTD                495           175.99       -12.97
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            15.64       -34.61
SUNCORP TECH LTD           1063           11.78        -8.30
SUNLINK INTL HLD           2336           15.63       -36.91
SURFACE MOUNT              SMT            86.34        -8.13
U-RIGHT INTL HLD           627            10.86      -204.99


INDONESIA

ARPENI PRATAMA             APOL          466.54      -308.89
ASIA PACIFIC               POLY          386.26      -814.44
ERATEX DJAJA               ERTX           17.57       -10.49
HANSON INTERNATI           MYRX           96.12        -0.89
HANSON INT-PREF            MYRXP          96.12        -0.89
JAKARTA KYOEI ST           JKSW           31.61       -44.38
MATAHARI DEPT              LPPF          196.31      -290.04
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.57       -20.41
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           10.65       -20.85
SUMALINDO LESTAR           SULI          180.19        -1.15
TOKO GUNUNG AGUN           TKGA           12.27        -0.93
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            16.52        -3.14
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
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CELEBRITY FASHIO           CFLI           36.61        -6.76
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
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
DISH TV INDIA              DITV          517.03       -18.42
DISH TV INDI-SLB           DITV/S        517.03       -18.42
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
JOG ENGINEERING            VMJ            50.08       -10.08
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
MURLI INDUSTRIES           MRLI          275.90       -20.19
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
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           425.22       -21.31
RELIANCE MED-SLB           RMW/S         425.22       -21.31
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            89.32        -6.92
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           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA ADV             SPADV          17.41       -13.07
SUPER FORGINGS             SFS            17.83        -6.37
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
TOTAL EXPORTS              TTL         1,069.83      -154.99
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
UNIWORTH TEXTILE           FBW            20.57       -37.60
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
WIRE AND WIRELES           WNW           110.69       -14.26


JAPAN

CREST INVESTMENT           2318           65.01        -3.55
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           80.76       -11.33
MISONOZA THEATRI           9664           71.18        -4.66
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             48.52       -13.65
LINEAR CORP BHD            LINE           14.01        -6.45
LUSTER INDUSTRIE           LSTI           18.37        -7.57
MITHRIL BHD                MITH           23.78        -5.65
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZELAND

NZF GROUP LTD              NZF NZ Eq     142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.31      -100.17
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
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           89.50       -11.36
LINDETEVES-JACOB           LJ             25.10        -8.96
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TT INTERNATIONAL           TTI           232.83       -79.27


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        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-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       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/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        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/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        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

BEHAVIOR TECH CO           2341S          30.60        -1.13
BEHAVIOR TECH CO           2341           30.60        -1.13
BEHAVIOR TECH-EC           2341O          30.60        -1.13
CHIEN TAI CEMENT           1107          203.00       -60.11
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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