TCRAP_Public/120705.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, July 5, 2012, Vol. 15, No. 133

                            Headlines


A U S T R A L I A

BENDIGO BAKERY: Machinery and Equipment Auctioned Off
LATIMER TAXIS: Goes Into Liquidation
LIGHT TRUST: Fitch Affirms 'BBsf' Rating on AUD3.2MM Cl. B Notes
PROVIDENT CAPITAL: Federal Court of Australia Appoints Receivers
RED OCHRE: Placed in Administration; Owes More Than AUD1-Mil.

REED CONSTRUCTIONS: State Works Cause Losses, Administrators Say
SHINE GROUP: Collapse Due to Failed Retail Expansion


C H I N A

CHINA HYDROELECTRIC: Reports $785,000 Net Income in Q1 2012
CHINA TEL GROUP: To Issue 49.9 Million Shares to Contractors
RENHE COMMERCIAL: S&P Cuts LT Corporate Credit Rating to 'B-'


H O N G  K O N G

EXCELLENCE CONSULTANTS: Watt Hung Chow Steps Down as Liquidator
GI PLUS: Placed Under Voluntary Wind-Up Proceedings
GLOBAL IP: Members' Final Meeting Set for Aug. 2
GREAT CHINA MANIA: Posts $20,100 Net Loss in Q1 2012
JUSTICE DEVELOPMENT: Commences Wind-Up Proceedings

LIBERWAY LIMITED: Liu and Yen Step Down as Liquidators
LIGHT SOURCE: Tam Chung Ping Steps Down as Liquidator
MAY SUN: Members' Final General Meeting Set for July 31
MORODO (HK): Members' Final Meeting Set for July 30
RISESOFT LIMITED: Liu and Yen Step Down as Liquidators

SMI ENTERTAINMENT: Liu and Yen Step Down as Liquidators
STAR EAST: Liu and Yen Step Down as Liquidators
STERNTALER LIMITED: Placed Under Voluntary Wind-Up Proceedings
UNITED KAYU: Members' Final Meeting Set for July 30
VICTORY DAY: Commences Wind-Up Proceedings

YARN HOUSE: Cheng Kwok Yau Appointed as Liquidator


I N D I A

ASTRA DIAMOND: CRISIL Assigns 'CRISIL D' Rating to INR90MM Loans
DERBY PLANTATIONS: CRISIL Reaffirms 'D' Rating on INR52MM Loans
GAJANAND GINNING: CARE Rates INR6cr Bank Loan at 'CARE B'
GODWIN AGRO: Delay in Loan Payment Cues CRISIL Junk Ratings
GOALTORE COLD: Delays in Loan Payment Cues CRISIL Junk Ratings

ILC INDUSTRIES: CRISIL Cuts Rating on INR1.33BB Loan to 'D'
KAMAKHYA SHIVALIK: CARE Assigns 'CARE BB-' Rating to INR6cr Loan
LEO MERIDIAN: CARE Cuts Rating on INR517.18cr Loan to 'CARE B'
MDC PHARMACEUTICALS: CARE Rates INR8.94cr Loan at 'CARE BB+'
N. L. ENGINEERS: CARE Rates INR17CR Longterm Loan at 'CARE B+'

PRINT SHOP: Delay in Loan Payment Cues CARE Junk Ratings
REVATI TEXWINKA: CARE Rates INR3.97cr LT Loan at 'CARE BB-'
SHREE RAJASTHAN: CARE Cuts Rating on INR144.78cr Loan to 'BB'
SK WHEELS: Fitch Affirms 'BB-' National LTR; Outlook Stable
SPECTRA CONSTRUCTIONS: CARE Puts 'BB' Rating on INR14cr LT Loans

SRI KALISWARI: Fitch Affirms 'BB+' Bank Loans; Outlook Stable
SURANA INDUSTRIES: CARE Cuts Rating on INR523.98cr Loan to 'BB+'
TIRUPATI COTTON: CARE Rates INR4.36cr LT Loan at 'CARE B'
VS INDUSTRIESS: CARE Rates INR7cr LT Bank Loan at 'CARE BB'


I N D O N E S I A

INDOSAT TBK: S&P Raises LT Corporate Credit Rating to 'BB+'


J A P A N

CHONGRYON: High Court Approves Seizure of Headquarters
MIZUHO FINANCIAL: Moody's Withdraws '(P)Ba2' Pref. Stock Ratings
SANKO STEAMSHIP: Seeks Creditor Protection in Tokyo & New York


N E W  Z E A L A N D

BLUE STAR: Receives Conditional Takeover Offer
LAKES RESORT: Liquidation Ends With Zero Payout
* NEW ZEALAND: Well-Run Retailers Starting to Fall Over


P H I L I P P I N E S

BANCO BATANGAN: Placed Under PDIC Receivership
* PHILIPPINES: PDIC Seeks Removal of 90-Day Receivership Period


S I N G A P O R E

RILEY PATERSON: Creditors' Proofs of Debt Due July 25
RILEY PATERSON INVESTMENT: Creditors' Proofs of Debt Due July 25
SINGAPORE DERRICK: Creditors' Proofs of Debt Due July 13
SOUTH ASIA: Creditors' Meetings Set for July 11
YON-YUE INTERNATIONAL: Creditors' Proofs of Debt Due July 20


                            - - - - -


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


BENDIGO BAKERY: Machinery and Equipment Auctioned Off
-----------------------------------------------------
Brett Worthington at Bendigo Advertiser reports that people
packed into a former Bendigo East bakery on June 27 to buy
machinery and ingredients of a liquidated company.

According to the report, auctioneers from the Dominion Group
offered for sale pie, pastie, sausage roll and cake manufacturing
equipment, food transport and other vehicles, a forklift and
AUD50,000 worth of ingredients.

Bendigo Advertiser relates that the clearing sale came after a
court ordered Bendigo Bakery Pty Ltd, which traded as Gillies
Pies, into liquidation in March.  About 40 people worked at the
bakery when it closed, the report relays.

Auctioneer Ian Burr said most of the items sold at auction,
Bendigo Advertiser says.

Liquidator Greg Andrews of GS Andrews and Associates told the
Bendigo Advertiser earlier last week he had sold the Gillies Pies
trademark.

Mr. Andrews had hoped to sell the business but decided earlier
this month, after a health inspection, to close it, the report
adds.


LATIMER TAXIS: Goes Into Liquidation
------------------------------------
Angus Thompson at Herald Sun reports that up to 200 taxi drivers
are out of work after Latimer Taxis folded on June 27.

Herald Sun relates that Latimer Taxis went into liquidation on
June 27, pulling about 65 vehicles from the road.

Latimer Taxis is Melbourne-based cab company.


LIGHT TRUST: Fitch Affirms 'BBsf' Rating on AUD3.2MM Cl. B Notes
----------------------------------------------------------------
Fitch Ratings has affirmed six classes of notes from Light Trust
No. 2 and Light Trust No. 3. Both transactions are backed by
pools of Australian first ranking residential mortgages
originated by People's Choice Credit Union (a trading name of
Australian Central Credit Union Ltd).

Light Trust No. 2 Trust

  -- AUD90.2m Class A1 notes affirmed at 'AAAsf'; Outlook Stable;
  -- AUD10.0m Class A2 notes affirmed at 'AAAsf'; Outlook Stable;
  -- AUD3.2m Class B notes affirmed at 'BBsf'; Outlook Stable.

Light Trust No. 3 Trust

  -- AUD55.1m Class A2 notes affirmed at 'AAAsf'; Outlook Stable;
  -- AUD243.5m Class A3 notes affirmed at 'AAAsf'; Outlook
     Stable;
  -- AUD22.1m Class AB notes affirmed at 'AAAsf'; Outlook Stable.

The affirmation of the notes reflects Fitch's view that the
available credit enhancement is able to support the notes at
their current rating levels.  The credit quality and performance
of the loans in the collateral pools remain in line with the
agency's expectations.

"As at May 31, 2012, 30+ days arrears represented 1.03% for Light
Trust No.2 and 1.37% for Light Trust No. 3, both below Fitch's
Dinkum Index of 1.60%," said James Zanesi, Director in Fitch's
Structured Finance team.  "Light Trust No.2 is currently paying
down sequentially, with principal collections being allocated to
the Class A1 notes, while Light Trust No.3 is currently paying
down pro-rata," added Mr. Zanesi.

As at May 31, 2012, all loans within the two pools were covered
by LMI.  The mortgage insurance policies were provided by QBE
Lenders Mortgage Insurance Ltd (Insurer Financial Strength
Rating: 'AA-'/Stable).  There have been no claims for either
trust since closing.


PROVIDENT CAPITAL: Federal Court of Australia Appoints Receivers
----------------------------------------------------------------
The Federal Court of Australia on July 4, 2012, appointed
Phil Carter - pcarter@ppbadvisory.com -- Tony Sims --
tsims@ppbadvisory.com -- and Marcus Ayres --
mayres@ppbadvisory.com -- of PPB Advisory as receivers of
Provident Capital Limited.  This follows an application by the
trustee for noteholders Australian Executor Trustees Limited
(AET). The Australian Securities and Investments Commission also
made submissions as "friends of the Court".

PPB Advisory's appointment follows concerns raised with the Court
by AET that there is a deficiency in net tangible assets
available to meet the claims of debenture holders.

PPB Advisory Partner Marcus Ayres said: "The Court has moved to
protect debenture holders by appointing independent Receivers to
run the company and safeguard their interests.  The decision
completely vindicates the approach taken by AET as trustee. Our
main priority now is to ensure that all debenture holders are
treated fairly and equally, and that their interests are
protected. Our objective is to maximise the return to debenture
holders and resume payments to them as soon as possible.

"PPB Advisory will be conducting an urgent assessment of the
business, and will update debenture holders as a matter of
priority.  A meeting will be convened within a month to update
debenture holders, with details of this meeting to be advised as
soon as possible."

Provident Capital Limited -- http://www.providentcapital.com.au/
-- is a funds management and investment group offering fixed
interest investments and mortgage lending products.  These
investments are secured against a portfolio of non-conforming
mortgages secured over Australian residential and commercial
property.  The business has some 3,500 debenture holders who have
invested in Provident Capital's debenture product.


RED OCHRE: Placed in Administration; Owes More Than AUD1-Mil.
-------------------------------------------------------------
SmartCompany reports that Red Ochre Homes has collapsed with more
than AUD1 million in debt.

According to the report, the company was placed in administration
on June 18, and placed in receivership the next day.  The
business primarily focuses on portable homes, but has a number of
fixed homes under construction as well.

SmartCompany has learned Red Ochre collapsed with bank debt of
AUD1.5 million, and AUD2.8 million owed to unsecured creditors.
There were three employees, working from the company's leased
premises, with most of the work given out to sub-contractors, the
report notes.

The company turned over AUD11 million in the 12 months to May
2012, SmartCompany discloses.

Rob Kirman and Sam Davies of McGrathNicol were appointed as
receivers last month.  Mr. Kirman told SmartCompany the firm is
attempting to determine if a plan can be made to keep the company
going forward.

Administrator Michael Basedow was not available for comment,
SmartCompany relays.

Red Ochre Homes is an Adelaide-based home construction company.


REED CONSTRUCTIONS: State Works Cause Losses, Administrators Say
----------------------------------------------------------------
Nicole Hasham at smh.com.au reports that administrators of the
stricken builder Reed Constructions have confirmed that losses
from state government projects drove the company's demise, as
subcontractors owed tens of million of dollars lose hope of
getting paid.

The report says creditors from across New South Wales gathered at
a sombre meeting in central Sydney on June 27 to pore over the
company's ledgers and lament the financial pain inflicted by the
collapse.

They heard Reed's debt bill was expected to top AUD182 million,
including almost AUD79 million owed to 1,400 tradesmen and
subcontractors, and AUD5 million in employee entitlements,
according to smh.com.au.

The report notes that the owner of Reed Group, Geoff Reed, has
signalled plans to sue the state government, claiming he is owed
AUD60 million for work on major school and road projects.

According to the report, administrator Ryan Eagle of Ferrier
Hodgson confirmed after the meeting that losses Reed suffered
through key government contracts "resulted in the company's
financial stress and current position."  He would not say whether
fault lay with the government or Reed's own performance, but
attributed the losses to cost blowouts and "under-calculations,"
the report relays.

smh.com.au recalls that the Education Minister, Adrian Piccoli,
has previously denied the department is obliged to make further
payments to Reed.  The Roads and Maritime Services also said it
is fully paid up.

Mr. Reed said at the meeting he would consider helping to fund a
proposed class action by subcontractors against RMS, the report
relates.

Mr. Reed later said a deed of company arrangement, rather than
liquidation, would allow Reed to recover money through legal
action. It is understood such a move would likely leave
subcontractors with a minimal return, adds smh.com.au.

                          About Reed Group

The Reed Group of companies is a privately-owned building, design
and construction group, providing construction, design and
engineering services across Australia. Reed Constructions
Australia Pty Limited has been the main building and construction
entity of the Reed Group. Other businesses within the Reed Group
will continue to operate as normal.

Reed Constructions Australia Pty Limited has been placed in
Voluntary Administration after it suffered losses through some of
its key contracts.

Ferrier Hodgson partners John Melluish and Ryan Eagle were
appointed Voluntary Administrators of Reed Constructions
Australia Pty Limited and RST Nominees Pty Limited on June 15,
2012.

Administrator John Melluish said he will be undertaking an urgent
assessment of the financial position of the company and that a
first meeting of creditors will be held on June 27, 2012.


SHINE GROUP: Collapse Due to Failed Retail Expansion
----------------------------------------------------
SmartCompany reports that KPMG was appointed as administrator of
Shine Group on Monday after the design and brand house collapsed
this week.

Administrator Damian Templeton of KPMG told SmartCompany he was
conducting an "urgent assessment" of the company's financial
situation.

SmarCompany relates that while Mr. Templeton said it is still
"early days" in the administration, he attributed Shine Group's
failure to its expansion into retail and the United States.

"They have had some trading losses in the last financial year
plus they have had an expansion into retail which was not as
successful as they would have liked and expansion into the US,"
SmartCompany quotes Mr. Templeton as saying.  "The cost of all of
that has put pressure on the underlying business."

For the time being KPMG will continue to trade Shine Group's
online and bricks and mortar stores but Mr. Templeton is
assessing this, SmartCompany relates.

A creditors meeting is scheduled for July 12, the report notes.

Shine Group is a Melbourne-based design & brand house. The
group's three brands included the SunnyLIFE home wares brand the
Jethro & Jackson fashion label and the BODY fashion label.

Joel Bartfeld, a former nominee for the Ernst & Young Young
Entrepreneur of the Year, is listed as the founder and creative
director of the group, which has a turnover of less than
AUD10 million and employs 25 staff, according to SmartCompany.



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


CHINA HYDROELECTRIC: Reports $785,000 Net Income in Q1 2012
-----------------------------------------------------------
China Hydroelectric Corporation announced on June 14, 2012, its
financial results for the three months ended March 31, 2012.

"Net income attributable to China Hydroelectric Corporation
shareholders and ordinary shareholders was $785,000 in the first
quarter of 2012, compared to net loss of $5.6 million in the same
period in 2011 principally due to gain from sale of Yuanping and
more favorable hydrological factors," the Company said in the
press release.

"Revenues, net of value added taxes, from continuing operations
for the three months ended March 31, 2012, were $22.5 million, an
increase of 105%, or $11.5 million, from $11.0 million for the
three months ended March 31, 2011.  This increase was due
principally to better than average hydrological conditions in
Zhejiang and Fujian provinces in the current quarter compared to
the prior year quarter and a higher effective tariff rate due to
the mix of revenue from the respective provinces."

Mr. John D. Kuhns, Chairman and Chief Executive Officer, said,
"The Company's consolidated net revenue, gross profit, operating
income and EBITDA for the first quarter of 2012, each of which
represent record amounts, were positively impacted by above
average precipitation experienced in the two eastern provinces of
Fujian and Zhejiang.  This is in stark contrast to our financial
results for the first quarter of 2011 when precipitation in all
four provinces where we have power projects fell well below
historical average levels.  Since year-to-year variations in
hydrological conditions are a fundamental part of the
hydroelectric power generation business, it is important to keep
historical averages in mind when assessing our results of
operations."

The Company's balance sheet at March 31, 2012, showed
$807.7 million in total assets, $412.5 million in total
liabilities, and stockholders' equity of $395.2 million.

A complete text of the press release is available for free at:

http://is.gd/kgUuGx

Ernst & Young Hua Ming, in Beijing, People's Republic of China,
expressed substantial doubt about China Hydroelectric's ability
to continue as a going concern, following the Company's results
for the fiscal year ended Dec. 31, 20112.  The independent
auditors noted that the Company has a net working capital
deficiency which raises substantial doubt about its ability to
continue as a going concern.

About China Hydroelectric

China Hydroelectric Corporation (NYSE: CHC, CHCWS) is an owner
and operator of small hydroelectric power projects in the
People's Republic of China.  Through its geographically diverse
portfolio of operating assets, the Company generates and sells
electric power to local power grids.

The Company currently owns 26 operating hydropower stations in
China with total installed capacity of 547.8 MW, of which it
acquired 22 operating stations and constructed four.  These
hydroelectric power projects are located in four provinces:
Zhejiang, Fujian, Yunnan and Sichuan.


CHINA TEL GROUP: To Issue 49.9 Million Shares to Contractors
------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China
Tel Group Inc., filed with the U.S. Securities and Exchange
Commission a Form S-8 registering 49,908,203 shares of
common stock issuable to independent contractors.  The proposed
maximum offering price is $573,944.  A copy of the filing is
available for free at http://is.gd/WiPqZb

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent
auditors noted that the Company has incurred a net loss for the
year ended Dec. 31, 2011, cumulative losses of $254 million since
inception, a negative working capital of $16.4 million and a
stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$13.57 million in total assets, $19.53 million in total
liabilities and a $5.95 million total stockholders' deficiency.


RENHE COMMERCIAL: S&P Cuts LT Corporate Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on China-based underground shopping mall
developer and operator Renhe Commercial Holdings Co. Ltd. to 'B-'
from 'B'. The outlook is negative.

"At the same time, we lowered the issue rating on the company's
senior unsecured notes to 'B-' from 'B'. We also lowered our
long-term Greater China credit scale ratings on Renhe and on its
senior unsecured notes to 'cnB-' from 'cnBB-'. We removed all the
ratings from CreditWatch, where they were placed with negative
implications on March 29, 2012," S&P said.

"We lowered the ratings to reflect our view that Renhe's
liquidity has deteriorated to "weak" from "less than adequate",
as defined in our criteria," said Standard & Poor's credit
analyst Frank Lu.

"We expect the company's liquidity sources to cover about 0.8x of
its liquidity uses in 2012, compared with our assessment of 1.0x
coverage three months ago. We believe Renhe's property sales will
likely remain depressed and its receivables collection could be
materially lower than our expectation over the next six to 12
months" Mr. Lu said.

"Renhe's cash balance could deplete quickly if its sales and
receivables collection remain weak. This is because the company
has large construction payables, and sizable debt interest and
principal repayment and operating expenses. Renhe's property
sales have been weak and the collection of outstanding
receivables since early this year has been lower than we
expected," Mr. Lu said.

Despite a collection of RMB870 million receivables in the quarter
ended March  31, 2012, related to Renhe's Chengdu project sale,
the company still has about RMB1.5 billion outstanding
receivables overdue since late last year.

"We believe that Renhe's business model is vulnerable to the
company's limited access to bank financing," said Mr. Lu. "The
company doesn't hold land use rights on the underground
commercial properties it develops. These rights are typically
required for collateral by banks, which refrain from lending
against properties without collateral. Renhe's property
purchasers also face difficulties in borrowing from banks due to
tight credit conditions and a lack of property titles."

The negative outlook reflects our expectation that Renhe's
liquidity will likely deteriorate in the next 12 months. This is
due to the company's weak property sales and receivables
collection, which show limited signs of a turnaround despite some
easing in credit conditions.

"We may lower the rating if Renhe's liquidity deteriorates faster
than we expect. This could be due to weaker property sales and
receivables collection than we estimate or higher capital
expenditure than we anticipate over the next six to 12 months. A
drop in the cash balance to less than RMB1.0 billion could
indicate such deterioration. We may revise the outlook to stable
if Renhe's liquidity improves due to: (1) better property sales
and receivables collection than we expect; and (2) asset sales
and funding from external parties, including capital injections,"
Mr. Lu said.

Property sales of over RMB2.0 billion in 2012 and liquidity
sources covering liquidity uses by about 1.0x for the next 12
months could indicate such an improvement.



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


EXCELLENCE CONSULTANTS: Watt Hung Chow Steps Down as Liquidator
---------------------------------------------------------------
Watt Hung Chow stepped down as liquidator of Excellence
Consultants Limited on June 27, 2012.


GI PLUS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on June 19, 2012,
creditors of GI Plus Space Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D' Aguilar Street
         Central, Hong Kong


GLOBAL IP: Members' Final Meeting Set for Aug. 2
------------------------------------------------
Members of Global IP Solutions Asia Pacific Limited will hold
their final general meeting on Aug. 2, 2012, at 10:00 a.m., at
Level 28, Three Pacific Place, at 1 Queen's Road East, in
Hong Kong.

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


GREAT CHINA MANIA: Posts $20,100 Net Loss in Q1 2012
----------------------------------------------------
Great China Mania Holdings, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $20,094 on $1,454,156 of
revenues for the three months ended March 31, 2012, compared with
net income of $873,976 on $878,853 of revenues for the same
period of 2011.

The Company's balance sheet at March 31, 2012, showed $1,498,535
in total assets, $1,389,333 in total liabilities, and
stockholders' equity of $109,202.

Madsen & Associates CPA's, Inc., in Salt Lake City, Utah,
expressed substantial doubt about Great China Mania's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2011.  The independent auditors
noted that the Company does not have the necessary working
capital to service its debt and for its planned activity.

A copy of the Form 10-Q is available for free at:

                       http://is.gd/3eQeiq

The Company also amended its annual report for the fiscal year
ended Dec. 31, 2010, to file corrected financial data.  The
financial statements and notes in the Form 10-K for the year
ended Dec. 31, 2010 (filed April 15, 2011) inadvertently
contained erroneous financial information.

The Company has restated certain amounts of the consolidated
financial statements to reflect the loss on disposal of GEBD BVI.
Additional paid-in capital and accumulated deficit as of Dec. 31,
2010 increased by $5,223,073, respectively.  The net results from
discontinued operations for the year ended Dec. 31, 2010,
decreased by $5,223,073.  Also, the net income and comprehensive
income for the year ended Dec. 31, 2010 increased by $5,223,073,
respectively.  There is no change in net assets as of Dec. 31,
2010.

A copy of the Form 10-K/A is available for free at:

                       http://is.gd/nuTQGw

Hong Kong-based Great China Mania Holdings, Inc., operates three
100% owned subsidiaries: 1) Great China Media Limited GCM, which
specialized in provision of electronic content; 2) GME Holdings
Limited, which specialized in artist management services; and 3)
Great China Games Limited, which specialized in retail sales of
video games and accessories.


JUSTICE DEVELOPMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Justice Development Company Limited, on June 29, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


LIBERWAY LIMITED: Liu and Yen Step Down as Liquidators
------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Liberway Limited on June 20, 2012.


LIGHT SOURCE: Tam Chung Ping Steps Down as Liquidator
-----------------------------------------------------
Tam Chung Ping stepped down as liquidator of Light Source Limited
on June 22, 2012.


MAY SUN: Members' Final General Meeting Set for July 31
-------------------------------------------------------
Members of May Sun Chan Company Limited will hold their final
general meeting on July 31, 2012, at Room 2308, 23rd Floor,
Fortis Tower, at 77-79 Gloucester Road, Wanchai, in Hong Kong.

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


MORODO (HK): Members' Final Meeting Set for July 30
---------------------------------------------------
Members of Morodo (Hong Kong) Limited will hold their final
meeting on July 30, 2012, at 10:00 a.m., at 3/F, Dah Sing Life
Building, at 99-105 Des Voeux Road Central, in Hong Kong.

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


RISESOFT LIMITED: Liu and Yen Step Down as Liquidators
------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Risesoft Limited on June 20, 2012.


SMI ENTERTAINMENT: Liu and Yen Step Down as Liquidators
-------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of SMI Entertainment Limited on June 20, 2012.


STAR EAST: Liu and Yen Step Down as Liquidators
-----------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Star East IT Management Limited on June 20, 2012.


STERNTALER LIMITED: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on June 29, 2012,
creditors of Sterntaler Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Koch Thomas Hermann
         Lorenzstrasse I
         Diez, Germany


UNITED KAYU: Members' Final Meeting Set for July 30
---------------------------------------------------
Members of United Kayu Agencies Limited will hold their final
meeting on July 30, 2012, at 11:00 a.m., at 7th Floor, Alexandra
House, at 18 Chater Road, Central, in Hong Kong.

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


VICTORY DAY: Commences Wind-Up Proceedings
------------------------------------------
Members of Victory Day Investment Limited, on June 28, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


YARN HOUSE: Cheng Kwok Yau Appointed as Liquidator
--------------------------------------------------
Cheng Kwok Yau on June 15, 2012, was appointed as liquidator of
Yarn House Company Limited.

The liquidator may be reached at:

         Cheng Kwok Yau
         Unit No. 1015, 10/F
         Star House, No. 3 Salisbury Road
         Tsim Sha Tsui, Kowloon
         Hong Kong



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


ASTRA DIAMOND: CRISIL Assigns 'CRISIL D' Rating to INR90MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Astra Diamond Tools Co Pvt Ltd. The rating reflects
the instances of delay by ADTCPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term      3.9        CRISIL D (Assigned)
   Bank Loan Facility

   Cash Credit            70.0        CRISIL D (Assigned)

   Long-Term Loan         16.1        CRISIL D (Assigned)

ADTCPL also has a small scale of operations, and is exposed to
intense competition from Chinese manufacturers; it also has a
weak financial risk profile. The company, however, benefits from
its promoters' extensive experience in the cutting tools
manufacturing business.

ADTCPL was incorporated on July 16, 1981. The company specialises
in manufacturing consumables for the stone cutting tools
industry. It also trades in glass products. The company is
promoted by Mr. Kishore Kamat and Mrs. Chayya Kamat.


DERBY PLANTATIONS: CRISIL Reaffirms 'D' Rating on INR52MM Loans
---------------------------------------------------------------
CRISIL's ratings to the bank facilities of Derby Plantations
Private Limited (part of the Mantri group) continues to reflect
instances of delay by the Mantri group in servicing its debt; the
delays have been caused by the group's weak liquidity due to the
working capital intensity of operations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            30.00       CRISIL D (Reaffirmed)
   Term Loan              22.00       CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in
tea production and high operating leverage. Moreover, the group
has limited bargaining power and its operating margin is
susceptible to volatility in domestic and international tea
prices. These weaknesses are partially offset by the experience
of the Mantri group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTCPL, Ruttonpore Plantations Pvt Ltd,
Derby Plantations Pvt Ltd, and Manipur Tea Company Pvt Ltd,
together referred to as the Mantri group. This is because the
entities have common management, are in the same line of business
and have cross guarantees with each other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired another
three tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby
Tea Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in business
operations.

The Mantri group reported a net loss of INR13.34 million on net
sales of INR325.96 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a net loss of INR5.81 million on
net sales of INR352 million for 2010-11.


GAJANAND GINNING: CARE Rates INR6cr Bank Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Gajanand Ginning and Pressing Pvt. Ltd.

   Facilities             (INR crore)    Ratings
   -----------            -----------    -------
   Bank Facilities           6.00        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Gajanand Ginning
and Pressing Pvt. Ltd. (GGPL) is primarily constrained on account
of its weak financial risk profile marked by thin profitability,
highly leveraged capital structure due to working capital
intensive nature of operations and stressed debt coverage
indicators. The ratings are further constrained on account of low
value addition in the agro-processing activity, vulnerability to
government regulations and presence in a fragmented cotton
industry limiting profitability margins.

The abovementioned constraints are partially offset by strengths
derived from experience of the promoters in the cotton industry
and favorable location of GGPL providing easy access to raw
materials.

Ability of GGPL to manage volatility associated with cotton
prices and improvement in overall financial risk profile is the
key rating sensitivity.

GGPL was incorporated in 2006 at Talaja in Bhavnagar, Gujarat. Mr
Kishore Dhameliya, Mr Bhupat Dhameliya, Mr Premji Kukadiya, Mr
Naresh Kukadiya, Mr Laxman Kukadiya, and Mr Nagji Kheni
are directors of GGPL. All the directors are actively involved in
the management of GGPL as functional heads. GGPL is engaged in
business of cotton ginning & pressing and oil extraction from
cotton seeds. The product is mainly used in manufacturing of
cotton yarn in the textile industry.

Total installed capacity of GGPL is 15,300 metric tonnes per
annum (MTPA) of cotton bales. GGPL sells its product through
brokers, agents & distributors. GGPL also exports its products to
countries like China, Pakistan & Turkey although in very low
quantity. Raw cotton (Shankar-6) which is the major raw material
is procured directly from local farmers in Gujarat.

During FY11 (refers to the period April 1 to March 31), GGPL
reported PAT of INR0.11 crore on a total operating income of
INR64.69 crore.


GODWIN AGRO: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Godwin Agro Products Ltd to 'CRISIL D' from 'CRISIL B+/Stable.
The rating downgrade reflects instances of delay by GAPL in
servicing its term loan; the delays have been caused by the
company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             30.0       CRISIL D
                                      (Downgraded from
                                      'CRISIL B+/Stable')

   Term Loan              160.0       CRISIL D
                                      (Downgraded from
                                      'CRISIL B+/Stable')

GAPL also has a weak financial profile, marked by deterioration
in its net worth, high gearing, and weak debt protection metrics.
The rating also factors in the pressure on the company's
liquidity due to its short track record and start-up nature of
operations in the cold storage industry. These rating weaknesses
are partially offset by the benefits that GAPL derives from the
continuous support that it receives from government bodies
through various incentives and schemes.

Incorporated in 1994, GAPL is a public limited company promoted
by Mr. Ajit Jain, Mr. Akaash Jain, and Ms. Ritu Jain. The company
set up a cold chain for fruits and vegetables with an annual
capacity of 3000 tonnes in Mohali (Punjab). The company uses the
controlled atmosphere technology, and built 20 chambers for this
purpose. GAPL undertakes end-to-end services in the agricultural
procurement, storage, and supply chain business. GAPL also stores
fruits and vegetables in its cold storage on commission basis.


GOALTORE COLD: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Goaltore Cold Storage Private Limited. The ratings
reflect instances of delay by GCSPL in servicing its debt within
the due date; the delays have been caused by the company's weak
liquidity profile.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             50.4       CRISIL D (Assigned)

   Working Capital          9.7       CRISIL D (Assigned)
   Demand Loan

GCSPL also has weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics and
exposure to the highly regulated and fragmented cold storage
industry in West Bengal (WB). These weaknesses are partially
offset by the extensive experience of GSCPL's promoter's in the
cold storage and potato trading business.

                       About Goaltore Cold

Goaltore Cold Storage Private Limited was set up as a partnership
firm in 1993, and was later reconstituted as a private limited
company in 1997. GSCPL is promoted Mr. Tapan Kumar alongwith his
family members. The company operates a cold storage unit
(primarily for storing potatoes) in Paschim, Medinipur district
(West Bengal). The cold storage unit has a capacity of 20335.5
tonnes, with over 95 percent utilisation in 2011-12. The company
also provides funding to farmers against the potatoes stored,
which is in turn re-financed by the banks. GSCPL charges rent of
about INR120 per quintal per season from the farmers and the same
is collected as and when the farmers get the potatoes released
from the cold storage unit. GCSPL also, at times, undertakes
trading in potatoes to ensure optimum capacity utilisation of its
cold storage unit.

GCSPL reported profit after tax (PAT) of INR0.13 million on sales
of INR16.7 million for FY 2010-11, as against a marginal loss of
INR1.32 million on net sales of INR11.6 million for 2009-10.


ILC INDUSTRIES: CRISIL Cuts Rating on INR1.33BB Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of ILC Industries Ltd to 'CRISIL D' from 'CRISIL BB+/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             550       CRISIL D (Downgraded from
                                               CRISIL BB+/Stable)

   Proposed Long-Term      100       CRISIL D (Downgraded from
   Bank Loan Facility                          CRISIL BB+/Stable)

   Term Loan               680       CRISIL D (Downgraded from
                                               CRISIL BB+/Stable)

The downgrade reflects instances of delay by ILC in servicing its
debt; the delays have been caused by weakening in the company's
liquidity. Liquidity weakened because of delays in project
completion and decline in iron-ore trading activities, leading to
depressed cash accruals.

ILC's financial risk profile is under pressure also because of
its large working capital requirements. The company is faced with
stabilisation-related risks associated with its recently
completed integrated steel plant, and with the challenge of
maintaining its revenues and profitability against the backdrop
of increasing regulatory interventions. However, the company
benefits from the healthy demand outlook for the iron ore
industry, promoters' extensive experience in the iron ore trading
industry, and established customer relationships.

                       About ILC Industries

ILC Industries was established in 2000 by Mr. K Somasekhar, who
has been associated with logistics and mining activities since
early 1993. ILC manufactures sponge iron and is currently in the
process of setting up a captive power plant. The company
primarily used to trade in iron ore until the ban on iron ore
exports in Karnataka. The company is also into generating wind
power, rice milling, edible oil refining and trading in
agricultural commodities such as rice and maize - these other
businesses collectively generate less than 20 per cent of the
company's operating revenues.

ILC's net loss after tax and net sales are estimated at INR49
million and INR757 million respectively for 2011-12 (refers to
financial year, April 1 to March 31); it reported a PAT of INR102
million on net sales of INR4.98 billion for 2010-11.


KAMAKHYA SHIVALIK: CARE Assigns 'CARE BB-' Rating to INR6cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Kamakhya Shivalik Enterprises Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      6.00        CARE BB- Assigned
   Short-term Bank Facilities     2.00        CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of financial
risk profile of Kamakhya Shivalik Enterprises Pvt. Ltd. (KSEPL)
marked by thin profit margins, leveraged capital structure and
weak debt protection indicators. The ratings are further
constrained by working capital intensive nature of business
operations, limited bargaining power vis-a-vis the principal
tractor manufacturer and dependency of tractor demand on
agriculture output as well as availability of credit.

These constraints far outweigh the benefits derived from the
promoters' experience in the tractor industry, authorized
distributorship of Escorts, Eicher and Swaraj tractors and
favorable demand outlook for tractors in the medium term.
KSEPL's ability to increase its scale of operations, efficient
management of working capital and thereby improving its
profitability margin and capital structure are the key rating
sensitivities.

Incorporated in February 2004, KSEPL is a private limited company
promoted by Mr. Vikram Agarwal. KSEPL is the authorized
distributor for tractors of Eicher Motors Ltd., Escorts Ltd. and
Swaraj Enterprise; division of Mahindra and Mahindra Ltd..
KSEPL's distribution network includes 50 dealers spread across
Rajasthan. For Eicher and Swaraj, KSEPL is an exclusive
distributor of tractors in the Rajasthan region.

As against a net profit of INR0.11 crore on a total operating
income of INR37.60 crore in FY10 (FY refers to the period from
April 1 to March 31), KSEPL reported a net profit of INR0.14
crore on a total operating income of INR44.90 crore during FY11.

As per provisional results of FY12, KSEPL achieved a turnover of
INR62.94 crore and a PAT of INR0.21 crore.


LEO MERIDIAN: CARE Cuts Rating on INR517.18cr Loan to 'CARE B'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Leo Meridian Infrastructure Projects & Hotels Limited.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      517.18      CARE B Revised from
                                              CARE BBB

   Short-term Bank Facilities      23.85      CARE A4 Revised
                                              from CARE A3

Rating Rationale

The revision in the ratings is on account of cost escalation in
the hotel project, expansion of the water theme park project,
delay in financial closure leading to stretched liquidity
position of the company and sharp decline in profitability during
FY11 (refers to the period April 1 to March 31).

The ratings continue to be underpinned by the experience and
strength of the promoters, unique nature of the integrated
tourism project, satisfactory operational parameters and moderate
overall gearing. The ability of the company to achieve the
financial closure for the additional cost of projects, timely
completion of project without any further cost overrun and
improve the profitability and liquidity position of the company
are the key rating sensitivities

Leo Meridian Infrastructure Projects and Hotels Limited was
promoted in January 2001 by Mr. G S Chakravarthi Raju, Mr. K
Ranga Raju and Mr.55555 Ramachandra Raju. Leonia owns and
operates a five-star resort with spa at Shameerpet, Hyderabad.
The resort has facilities such as 6 theme-based luxury suites, 82
villas/suites, 368 rooms hotel, convention/conference halls,
board rooms, conference halls, restaurants, centre for integrated
medicine with a Spa, Multi-functional conventional centre,
entertainment zones etc. It is developing a 903-room hotel, water
park and a Mega Tourism Complex.

Mr. Chakravarthi is the Chairman & Managing Director of the
company who is supported by the other directors and professionals
heading various departments of the company.

During FY11 (refers to the period April 1 to March 31), Leonia
has reported a PAT of INR6.30 cr (INR13.71 cr for FY10) on a
total income of INR218.29 cr (INR124.85 cr for FY10).


MDC PHARMACEUTICALS: CARE Rates INR8.94cr Loan at 'CARE BB+'
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of MDC Pharmaceuticals Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       8.94       CARE BB+ Assigned
   Short-term Bank Facilities      2.00       CARE A4+ Assigned

Rating Rationale

The ratings are constrained by relatively small scale of
operations, below-average financial risk profile marked by low
profitability margins, low coverage indicators and the working
capital intensive nature of business operations. The ratings also
take into account raw material price volatility and competitive
nature of the industry.

The ratings however derive strength from the experience of the
promoters with long track record of operations, moderate
financial leverage and locational advantage of its manufacturing
facilities and an established marketing setup.

Going forward, MDC's ability to achieve the envisaged revenue and
profitability amid competition, while managing the working-
capital cycle, shall remain the key rating sensitivity.

MDC Pharmaceuticals Private Limited was incorporated on July 14,
1994 as a private limited company by Mr Parvinder Singh Gulati,
Mr. Sham Lal Singla and Mr. Gurmeet Singh Narula. Initially the
company was involved in distribution of pharmaceutical
formulations under its own brands. In 2000 the company installed
its own plant in Solan (Himachal Pradesh) for manufacturing
pharma products. Thereafter, another plant was established in
Baddi (Himachal Pradesh) in 2004.

The company is presently engaged in manufacturing and export of
various pharmaceutical formulations in the form of tablets,
capsules and liquid orals.  The total installed capacity of the
company on single-shift basis is 5.7 lac pcs per day (tablets), 2
lac pcs per day (capsules) and around 0.64 lac pcs per day
(bottles/syrups).

During FY11 (refers to the period from April 1 to March 31), MDC
registered a PBILDT and PAT of INR3.42 cr and INR0.76 cr on a
total operating income of INR30.59 cr. Furthermore, as per the
provisional results for FY12, it has reported net sales of
INR27.62 cr with a PBILDT and a PAT of INR3.06 cr and INR0.18 cr
respectively.


N. L. ENGINEERS: CARE Rates INR17CR Longterm Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of N. L.
Engineers Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       17.0       'CARE B+' Assigned

Rating Rationale

The rating assigned to the bank facilities of N. L. Engineers
Pvt. Ltd. is primarily constrained by its small scale of
operations, raw material price volatility risk, weakening
financial risk profile, working capital intensive nature of
business and presence in a highly competitive and fragmented
market. The aforesaid constraints are partially offset by the
rich experience of the promoters and diversified geographical
presence along with reputed client base.

Going forward, NLEPL's ability to receive steady flow of orders
and execution of the same, expansion in its scale of operations
and improvement in its financial risk profile are the key rating
sensitivities.

NLEPL, incorporated in 1997, was promoted by Shri Vijay Kant
Aggarwal based at Chandigarh and is engaged in manufacturing of
transmission galvanised steel towers and different type of
structural steel fabrication used primarily in the
telecommunication and power distribution sector. The
manufacturing facility of the company is located at Mohali
(Punjab), having an installed capacity of 18,000 metric tonnes
per annum (MTPA) for fabrication and galvanisation works.

NLEPL's board comprises of four board members, all representing
the promoter's family. The day-to-day affairs of the company are
looked after by Shri Vijay Kant Agarwal, Director.

During FY11 (refers to the period from April 1 to March 31), the
company reported PBILDT of INR2.5 crore (FY10:INR2.7 crore) and
PAT of INR0.3 crore (FY10:INR0.5 crore) on total operating
income of INR30.6 crore (FY10:INR36.8 crore).


PRINT SHOP: Delay in Loan Payment Cues CARE Junk Ratings
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Print Shop
Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       21.93      CARE D Assigned
   Short-term Bank Facilities       2.04      CARE D Assigned

Rating Rationale

The ratings take into account the delay in debt servicing by PSPL
owing to its weak liquidity position.

Print Shop Private Limited, a private limited company was set up
in 1989 in Chennai. Mr. V.Parameswaran, Promoter-cum-Chairman has
over three decades of experience having worked for
JWT (James Walter Thompson), an advertising agency. Mr VBS Mony,
Managing Director has around two decades of experience in the
printing business.

The company undertakes printing activities across Pre-press,
Printing, and Post-press functions.  PSPL since inception,
focused mainly in commercial offset printing catering to a
reputed client base which includes large corporate customers.
Since 2008, PSPL has also diversified into printing of
educational books for leading publishing houses.

PSPL reported a profit after tax (PAT) of INR0.8 cr on net sales
of INR36.2 cr for 2010-11 (refers to financial year, April 1 to
March 31), against a provisional PAT of INR1.1 cr on net sales of
INR35.6 cr for 2011-12.


REVATI TEXWINKA: CARE Rates INR3.97cr LT Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Revati Texwinka Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      3.9746      CARE BB- Assigned

   Long-term/Short-term           3.0000      CARE BB-/CARE A4
   Facilities                                 Assigned

   Short-term Bank Facilities     0.4500      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Revati Texwinka
Private Limited are constrained mainly on account of its small
scale of operations in a highly competitive and fragmented
synthetic fabric industry and its limited presence in textile
value chain resulting in thin profitability margins. The ratings
are further constrained on account of its leveraged capital
structure and stressed liquidity position coupled with the
susceptibility of profit margins to volatile raw material prices.

The ratings, however, favorably take into account the wide
experience of the promoters in the synthetic fabrics industry,
RTPL's established distribution network and its presence in the
textile cluster of Bhilwara (Rajasthan).

Increase in scale of operations and improvement in the overall
financial risk profile with effective management of the working
capital in light of volatile raw material prices and intense
industry competition remains the key rating sensitivity.

Incorporated in 2003, RTPL is a private limited company promoted
by the Dad family based out of Bhilwara (Rajasthan). RTPL is
engaged in manufacturing of grey fabric and synthetic suiting
shirting fabric at its two manufacturing units located at
Bhilwara which have an aggregate capacity of 72 looms as on April
30, 2012. The company recently commissioned 8 new looms in April
2012.

As against a net profit of INR0.12 crore on a total income of
INR9.45 crore in FY10 (refers to the period April 1 to March 31),
ATPL earned a PAT of INR0.13 crore on a total operating income of
INR0.13 crore during FY11. As per the provisional results, the
company has achieved a total income of INR14.76 crore during
FY12.


SHREE RAJASTHAN: CARE Cuts Rating on INR144.78cr Loan to 'BB'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Shree Rajasthan Syntex Limited.

   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     144.78      CARE BB Revised from
                                             'CARE BBB-'

   Short-term Bank Facilities     27.53      CARE A4 Revised from
                                             'CARE A3'

Rating Rationale

The revision in the ratings of Shree Rajasthan Syntex Limited is
on account of deterioration in its debt coverage indicators due
to cash losses incurred by it during FY12 (refers to the period
from April 1 to March 31) along with deterioration in its
leverage.

The ratings continue to be constrained by volatile raw material
prices coupled with low bargaining power with suppliers, working
capital intensive operations and inherent cyclicality associated
with the textile industry.

The above weaknesses are, however, partially offset by the
promoter's long standing track record in the textile industry and
established operations of SRSL in the blended yarn segment.
Ability of SRSL to pass on the price fluctuations to the end
users and significant improvement in its capital structure and
debt protection indicators are the key rating sensitivities.

Incorporated in 1979, SRSL is engaged in the production of
synthetic (grey as well as dyed) blended, cotton and
Polypropylene Multifilament (PPMF) yarn. The company manufactures
yarn in the range of 18-30 counts. SRSL currently has 67,584
spindles for synthetic blended yarn, 14,520 spindles for cotton
yarn and 3,600 MTPA production capacity of PPMF yarn. Its
manufacturing facilities for synthetic-blended and cotton yarn
are located at Dungarpur (Rajasthan) while PPMF yarn facilities
are at BagruRavan, Jaipur (Rajasthan). Presently, SRSL is in the
process of shifting its PPMF plant to Dungarpur which is expected
to be completed by September 2012.

During FY12 (Audited), SRSL reported total operating income of
INR285.10 crore (P.Y.: INR 309.82 crore) and net loss of INR16.80
crore (P.Y.net profit of INR6.59 crore).


SK WHEELS: Fitch Affirms 'BB-' National LTR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed India-based SK Wheels Pvt Ltd's
National Long-Term Rating at 'Fitch BB-(ind)'.  The Outlook is
Stable.

The ratings reflect SKWL's consistently high financial leverage
and low interest coverage due to its continued high working
capital requirements.  Provisional results for FY12 (year end
March) indicate total financial leverage (total adjusted
debt/operating EBITDAR) of 6.5x (FY11: 6.7x), interest coverage
(operating EBITDAR/ gross interest expense) of 1.4x (1.2x), and
EBITDA margins of 7.7% (7.6%).  Fitch notes that the decline in
inventory days of 104 (132) was counteracted by an equivalent
decline in creditor days of 8 (30).

The ratings also reflect the 44.6% yoy growth in revenue to
INR1,682.6m in FY12, driven the 33% yoy volume growth in the four
wheeler segment.  The ratings continue to be supported by SKWL's
established market position in the sale of Maruti cars in western
India and almost a decade-long experience of its founders in the
automobile dealership industry.  Fitch expects that benefits from
SKWL's new dealership showroom in Bhiwandi (Mumbai), completed at
a total cost of INR180.5m in FY12, to start accruing from FY13.

Positive rating guidelines include an improvement EBIDTA margins
and/or working capital cycle leading to financial leverage below
5.0x and interest coverage ratio above 1.5x on a sustained basis.
Conversely, a decline of EBITDA margins and a continued
stretching in working capital cycle resulting in financial
leverage above 7.5x and interest coverage below 1.1x on a
sustained basis could result in negative rating action.

SKWL is a dealer for Maruti Suzuki India Ltd in Mumbai, Thane and
Raigarh.  It also provides after-sales services, related
accessories and financial services for the selling and purchase
of cars.

Rating actions on SKWL's bank loans are as follows:

  -- INR500m sanctioned term loans (enhanced from INR234m)
     affirmed at National Long-Term 'Fitch BB-(ind)'

  -- INR400m fund-based limits (enhanced from INR200m) affirmed
     at National Long-Term 'Fitch BB-(ind)'

  -- INR100m non-fund based limits: National Short-term 'Fitch
     A4+ (ind)'; rating withdrawn as the instruments have been
     fully paid out.


SPECTRA CONSTRUCTIONS: CARE Puts 'BB' Rating on INR14cr LT Loans
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Spectra Constructions Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        14        CARE BB Assigned
   Short-term Bank Facilities        1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Spectra
Constructions Pvt. Ltd. are primarily constrained on account of
implementation risk associated with its ongoing and proposed
large-sized real estate projects which are geographically
concentrated, yet to be achieved financial closure for all the
projects, competition from other real estate players in the
region and cyclical nature of the real estate sector.

The above constraints are partially offset by experience of
promoters and long track record of the company, successful
execution of projects in the past and moderate booking status of
its ongoing projects. The ratings are further supported by
requisite approvals being in place for all the projects.

Timely completion of its ongoing projects without any time and
cost overrun and ability to sell the space in a highly
competitive scenario at envisaged prices are the key rating
sensitivities. Further, higher than expected debt levels for its
ongoing and proposed projects would also remain a key rating
sensitivity.

Spectra Constructions Private Limited was incorporated in the
year 1999 and is promoted by Mr. C. Chandrasekhar and Mrs.
Manjula C Raju. Since its inception, the company has been engaged
in construction and development of commercial and residential
real estate projects in Bangalore.

SCPL has completed eight commercial and residential projects till
date and is currently implementing three new projects which are
expected to be completed in 2012-2015. It has three more projects
in the pipeline which are expected to start and complete during
the period spanning 2014-2016.

During FY11 (refers to the period April 1 to March 31), SCPL
reported a total operating income of INR16.59 crore and a PAT of
INR0.80 crore and achieved PAT of INR2.10 crore on total
operating income of INR22.85 crore in FY12.


SRI KALISWARI: Fitch Affirms 'BB+' Bank Loans; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed India-based Sri Kaliswari Metal
Powders Private Limited's bank loans at 'Fitch
BB+(ind)(SO)'/'Fitch A4+(ind)(SO)'.  The Outlook is Stable.

The ratings are based solely on the unconditional, irrevocable
and absolute corporate guarantee provided by Sri Kaliswari
Fireworks Private Limited (SKFPL, a group company) towards
SKMPPL's bank loans.  Fitch expects the latter to continue
receiving financial support from group entities due to its
continued tight liquidity position.  This is illustrated by its
weak financial profile and working capital utilisation averaging
92% during FY12 (year end March).

The ratings also reflect SKFPL's strong position in the domestic
fireworks industry and its moderate financial profile.
Provisional and unaudited financial results for FY12 indicate
revenue EBIDTA margin of 16.2% (21.8%) and adjusted gross
debt/EBIDTA of 1.4x (2.4x).

Any change in SKFPL's credit profile will lead to a corresponding
change in SKMPPL's ratings.

SKMPPL is a part of the Sri Kaliswari Group established by Mr. C.
Shunmuganathan in 1989.  The company is engaged in the
manufacture and export of aluminium powder and aluminium paste.
SKMPPL's provisional and unaudited financial results for FY12
(year end March) indicate revenue of INR350m (FY11: INR255.2m),
EBITDA of INR14.5m (INR13.6m), EBITDA margin of 4.1% (5.4%) and
adjusted gross debt/EBITDA of 14.28x (18.79x). The company
incurred a net loss of INR4m in FY12.

Fitch has also affirmed SKMPPL's bank loan ratings as follows:

  -- INR16.7m long-term loans outstanding: affirmed at 'Fitch BB+
     (ind)(SO)'

  -- INR40m fund-based working capital limits: affirmed at 'Fitch
     BB+(ind)(SO)'/'Fitch A4+(ind)(SO)'

  -- INR135.6m non-fund-based working capital limits (enhanced
     from INR82.8m): affirmed at 'Fitch BB+(ind)(SO)'/'Fitch A4+
     (ind)(SO)'


SURANA INDUSTRIES: CARE Cuts Rating on INR523.98cr Loan to 'BB+'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Surana Industries Ltd.

   Facilities             (INR crore)        Ratings
   -----------            -----------        -------
   Long-term Bank           332.28           CARE BB+ Revised
   Facilities        (reduced from 442.91)   from CARE BBB-

   Short-term               103.17           CARE A4+ Revised
   Bank Facilities   (enhanced from 77.10)   From CARE A3

   Long/Short-term          191.70           CARE BB+/ CARE A4+
   Bank Facilities   (enhanced from 107.84)  Revised from
                                             CARE BBB-/CARE A3

Rating Rationale

The rating revision factors in the increased reliance on
refinance due to debt funded investments in subsidiaries which
are likely to take time to start generating returns, project risk
associated with backward integration project, poor power supply
situation and non-availability of raw material on continuous
basis affecting capacity utilization levels of SIL. The ratings
continue to be constrained by high level of leverage, commodity
nature of its products, raw material price risk and lack of long-
term sourcing arrangement for its major raw materials. The
ratings continue to factor in experience of the promoters in
steel trading, well-established operations of the Gummidipoondi
unit and integrated nature of operations at Raichur.

Ability of the company to achieve higher capacity utilisation at
its production facilities in view of poor power supply situation
and non-availability of raw material on continuous basis and
timely implementation of backward integration project without
cost overrun are key rating sensitivities.

SIL is into manufacture and sale of TMT bars and trading of MS
Structurals. SIL was promoted by Mr. G.R.Surana, Mr Dineshchand
Surana and two of their brothers in 1991.

SIL has two manufacturing units one each at Gumidipoonidi,
Chennai and Raichur, Karnataka. As on February 2012, Raichur unit
has sponge iron capacity of 1,28,000 tpa, steel melting shop with
capacity of 2,25,000 tpa and Rolling Mill/Wire drawing capacity
of 3,00,000 tpa. Gummidipoondi (GPD) unit has rolling mill
capacity of 1,08,000 tpa and induction furnace of 30,000 tpa for
production of ingots.


TIRUPATI COTTON: CARE Rates INR4.36cr LT Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Tirupati
Cotton Industries.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      4.36        'CARE B' Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Tirupati Cotton
Industries (TCI) is constrained mainly on account of its small
scale of operations and a weak financial risk profile
characterized by highly leveraged capital structure, thin
profitability margin and weak debt coverage indicators. The
rating is further constrained on account of its presence in the
highly competitive and fragmented cotton ginning business with
limited value addition, volatility associated with raw material
(cotton) prices, exposure to changes in the government policy for
cotton and constitution of the entity as a partnership firm.

The rating, however, favorably takes into account the wide
experience of the partners in the cotton ginning business and
proximity to cotton-producing region of Gujarat.

TCI's ability to move upward in the textile value chain along
with improvement in the financial risk profile remains the key
rating sensitivity.

Bhavnagar (Gujarat) based Tirupati Cotton Industries (TCI) was
initially started as a proprietorship firm which was converted
into a partnership firm in October 2009. TCI currently has five
partners of the Chavda family with unequal profit and loss
sharing agreement among them. The firm is engaged in cotton
ginning & pressing activities with an installed capacity of 6,000
Metric Tonnes Per Annum (MTPA) for cotton bales as on March 31,
2011 at its sole manufacturing facility located at Gadhada in
Bhavnagar district (Gujarat).

As against a net profit of INR0.01 crore on a total income of
INR6.36 crore in FY10 (refers to the period April 1 to March 31),
TCI earned a PAT of INR0.01 crore on a total operating income of
INR14.72 crore during FY11. As per the provisional results, the
firm has achieved a total income of INR29.50 crore during FY12.


VS INDUSTRIESS: CARE Rates INR7cr LT Bank Loan at 'CARE BB'
-----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of VS
Industriess.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        7         CARE BB Assigned

Rating Rationale

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

The ratings are primarily constrained by the small scale of
operations of VSI coupled with raw material price fluctuation
risk and the below-average financial risk profile of the firm
underpinned by working capital intensive nature of business
operations. The ratings are further constrained due to presence
of the firm in the highly competitive menthol industry.

The above constraints are partially offset by the business
experience of the partners, moderate overall gearing and the
favourable long-term industry prospects on the back of stable
demand for menthol and its allied products.

Going forward VSI's ability to increase its scale of operations
while maintaining its profitability margins would be the key
rating sensitivity.

VSI is engaged in manufacturing of menthol and its allied
products such as menthol crystals, flakes, peppermint oil,
terpene, menthone etc. Menthol has application in varied products
like oral healthcare products (toothpastes, mouthwashes),
pharmaceutical products, confectionery goods, tobacco goods and
perfumed products.

VSI's manufacturing plant is located at Bari Brahmana, Jammu &
Kashmir (J&K) and has an aggregate installed capacity of 3,690
Metric Tonnes Per Annum (MTPA) of menthol flakes, crystals
and other allied products.

VSI reported a total operating income of INR18.91 cr with a
PBILDT and PAT of INR7.83 cr and INR6.55 cr respectively during
the year ended March 31, 2011. Furthermore, as per the
provisional results for FY12 (refers to the period April 1 to
March 31), VSI reported a total operating income of INR18.05cr
with a PAT of INR1.47cr.



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


INDOSAT TBK: S&P Raises LT Corporate Credit Rating to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services had raised its long-term
corporate credit rating on Indonesia-based telecom operator PT
Indosat Tbk. to 'BB+' from 'BB'. The outlook is stable.

"We also raised the issue rating on the company's guaranteed
senior unsecured notes to 'BB+' from 'BB'. At the same time, we
raised our long-term ASEAN regional scale rating on Indosat to
'axBBB+' from 'axBBB-'. We removed all the ratings from
CreditWatch, where they had been placed with positive
implications on Feb. 10, 2012," S&P said.

"We raised the rating because we expect Indosat to maintain its
improved financial performance over the next two to three years,"
said Standard & Poor's credit analyst Mehul Sukkawala.

"We also believe the company is likely to maintain "adequate"
liquidity, as our criteria define the term, over the next 24
months. We now assess Indosat's financial risk profile as
"significant". We expect the company to maintain its improved
financial metrics with the ratios of debt to EBITDA of about 2.5x
and funds from operations to total debt of about 30% for the next
two years. These ratios strengthened from 3x and 23%,
respectively, in 2009, supported by the improvement in the
company's operating performance.  We expect Indosat to generate
positive free operating cash flow (FOCF) of at least Indonesian
rupiah 1.2 trillion annually over the next two years. Indosat's
issuance of local currency bonds, the expected proceeds from a
soon-to-be completed sale of its towers, and positive FOCF have
bolstered the  company's liquidity. We continue to assess
Indosat's business risk profile as "fair," said Mr. Sukkawala.

This reflects the company's favorable market position, revenue
diversity, stable industry conditions, and moderate competition.
Indosat's focus on the data business will keep its operating
performance stable over the next two years, in our opinion.

"Our rating on Indosat continues to factor in support from parent
Qatar Telecom (Qtel) Q.S.C. (Qtel; A/Stable/A-1). We believe
Indosat has a strategic  relationship with Qtel due to a cross
default clause in Qtel's bank loans and  bond documents with
respect to Indosat, and because Indosat is the largest
contributor of Qtel's revenue and EBITDA. We believe Indosat has
"adequate" liquidity, as defined in our criteria. The company's
sources of liquidity are likely to cover its uses of liquidity by
more than 1.2x in the next 12 months. In addition, Indosat has an
adequate cushion in its covenants to absorb a more than 20%
decline in EBITDA," said Mr. Sukkawala.

"The stable outlook reflects our expectation that Indosat's
operating performance will remain stable and that the company
will not significantly increase its capital expenditure or
shareholders distribution," said Mr. Sukkawala.

"We could raise the rating if we expect Indosat to boost its cash
flow adequacy measures by improving operating performance and
using FOCF to reduce debt. An upgrade trigger could be the ratio
of adjusted debt to EBITDA of less than 2x. We could lower the
rating if Indosat's ratio of adjusted debt to EBITDA is more than
3x on a consistent basis because of: (1) a deterioration in
Indosat's operating performance weakening its financial metrics;
or (2) the  company's ratio of capital expenditure to revenue
increasing to about 40% from our estimate of 30%. Indosat's
operating performance could weaken if competition intensifies
further or the company faces operating issues," said Mr.
Sukkawala

"We may also downgrade Indosat if we expect the potential support
from Qtel to decline because of: (1) a significant reduction in
the parent's shareholding in Indosat;(2) the cross default
clauses in Qtel's loan documents being  removed or amended; or
(3) Indosat ceasing to be one of Qtel's largest operations," said
Mr. Sukkawala.



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


CHONGRYON: High Court Approves Seizure of Headquarters
------------------------------------------------------
The Japan Times Online reports that the Supreme Court has
authorized the seizure of North Korea's de facto embassy to pay
off debts.

The top court upheld previous rulings that the government debt-
collection body can auction off the headquarters of Chongryon,
the General Association of Korean Residents in Japan, which
represents Pyongyang's interests in the absence of bilateral
diplomatic ties, the report relates.

According to the report, Resolution and Collection Corp. was
demanding repayment of JPY62.7 billion from Chongryon and seeking
to impound its property as collateral, including the Tokyo
headquarters.

The Japan Times relates that the headquarters has been registered
under a third party's name, but the top court ruled the building
is in practice controlled by Chongryon and should be considered
its property.

"It is very regrettable," the report quotes a spokesman for the
North Korean organization as saying.  "We strongly hope that the
issue will be resolved through dialogue."

The Japan Times, citing Jiji Press, says that with the ruling,
the headquarters, in a central Tokyo business district, can be
seized for auction any time if RCC applies for the seizure and a
court approves its application.  But it may take several months
before a buyer is selected and any transaction is completed, Jiji
added.

The Japan Times notes that hundreds of thousands of ethnic
Koreans live in Japan, mostly a legacy of those who immigrated or
were forced to move here during Japan's 1910-1945 colonial rule
of the Korean Peninsula.

About 10 percent are believed to be affiliated with Chongryon,
which claims its community is persecuted by authorities and
harassed by rightwing activists, the report adds.


MIZUHO FINANCIAL: Moody's Withdraws '(P)Ba2' Pref. Stock Ratings
----------------------------------------------------------------
Moody's Japan K.K. has withdrawn the (P)Ba2(hyb) ratings of
special purpose corporations wholly owned by Mizuho Financial
Group, Inc., because the debt was ultimately not issued.

The following ratings have been withdrawn:

Mizuho Capital Investment (JPY) 6 Limited

Preferred stock non-cumulative (foreign currency): (P)Ba2 (hyb)

Mizuho Capital Investment (JPY) 7 Limited

Preferred stock non-cumulative (foreign currency): (P)Ba2 (hyb)

Ratings Rationale

This withdrawal does not reflect any change in the
creditworthiness of these entities.

The principal methodologies used in this rating were Moody's Bank
Financial Strength Ratings: Global Methodology published on
September 30, 2010, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: Global Methodology published on April 9,
2012, and Moody's Guidelines for Rating Bank Hybrid Securities
and Subordinated Debt published on September 30, 2010.

Mizuho Capital Investment (JPY) 6 Limited and Mizuho Capital
Investment (JPY) 7 Limited are special purpose corporations of
the Mizuho Financial Group, Inc., one of the largest financial
groups in Japan.


SANKO STEAMSHIP: Seeks Creditor Protection in Tokyo & New York
--------------------------------------------------------------
Sanko Steamship Co. Ltd., the owner or operator of 156 vessels,
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 12-12815)
in Manhattan on July 2 after commencing bankruptcy reorganization
proceedings in Tokyo.

Chiyoda-ku, Tokyo-based Sanko stated that assets on March 31 were
about $1 billion while debt totaled $947 million, mostly
unsecured.  The debt total doesn't include liabilities on
chartered vessels.

Sanko commenced proceedings under the Corporate Reorganization
Act of Japan before the Tokyo District Court, Civil Department
No. 8 amid declining demand and creditor actions.

Sanko is asking the Manhattan judge to recognize the Japanese
proceeding as a "foreign main proceeding" under Section 1517 of
the Bankruptcy Code.

Based out of Tokyo, the company is mainly engaged in the marine
transportation business concentrating on international routes and
other incidental businesses and is specialized in the tramp
shipping business among the international route marine
transportation business.

Prior to 2008, the Sanko Group actively sought to expand its
business in anticipation of an increase in demand in the
transportation market, especially in developing countries.

However, since the beginning of the ongoing global recession in
2008, and especially over the past 18 to 24 months, the demand
for these services has sharply declined.  Coupled with a
worldwide glut of shipping capacity and the high costs of
maintaining its fleet, this has negatively impacted Sanko's
business and resulted in a drastic deterioration in
profitability.  The company's latest financial statements
recorded a consolidated cumulative operating
loss of JPY26.9 billion in the financial year of 2011.

Over the course of the past few months, Sanko has been working
with its creditors to develop and finalize a rehabilitation plan
in an attempt to restructure its liabilities outside of a formal
court process.  This has proven to be no small task given the
worldwide nature of Sanko's operations and the sheer number of
jurisdictions in which its creditors can be found.  However, the
May 9, 2012 arrest of one of Sanko's vessels in Baltimore,
Maryland, as well as the June 14, 2012 commencement of lawsuits
against the company in Florida, demonstrated the precarious state
of Sanko's position and highlighted the risk that the Sank
Group could face irreparable harm to its operations at any given
time in the absence of an injunction or stay. Absent formal
insolvency and bankruptcy proceedings, Sanko risks piecemeal
dismemberment from the actions of creditors commencing litigation
against the company or arresting its assets.

In order to provide Sanko with the protection needed to
reorganize its financial affairs, a petition commencing a
corporate reorganization under the JCRA was filed on July 2,
2012. During the pendency of the Japanese Proceeding and under
the supervision of the Tokyo Court, Sanko intends to continue
discussions with creditors and ultimately hopes to seek the
approval and confirmation of a global debt restructuring plan.
The company hopes thereby to achieve a substantial de-leveraging
of its balance sheets and a return to profitability.

In aid of such efforts, Hisashi Asafuji, as foreign
representative, seeks, among other things, recognition of the
Japanese Proceeding as a "foreign main proceeding," to stay
execution against assets of Sanko within the territorial
jurisdiction of the United States, and, both on a provisional
basis and upon recognition, to apply section 362 of the
Bankruptcy Code in this chapter 15 case to protect Sanko and its
assets in the United States.



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


BLUE STAR: Receives Conditional Takeover Offer
----------------------------------------------
Blue Star Group, with the support of its major shareholder, said
it has been conducting a review of the group's operations,
focusing on a potential sale of all, or parts, of the business.
In connection with this review, the Group has entered into an
agreement with its senior lenders to maintain their support
during this process.

The group told the NZX that it has received an unsolicited
conditional proposal to acquire all of the business. "For
confidentiality reasons the terms of this offer cannot be
disclosed but it does reflect the well-publicized difficult
trading and economic conditions affecting the print industry,"
Blue Star said.

The company's board also said it has received unsolicited
approaches to acquire certain divisions or business units within
the Group.

Blue Star said, "There is no guarantee that any offer or approach
will complete or, if it does, what value would accrue to the
various stakeholders in the Group."

The Group said it expects to enter into a conditional agreement
to sell its Rapid Labels division in the coming days.

"As noted in the quarterly report on May 25, 2012, trading
conditions remain extremely difficult with continued covenant
compliance reliant upon market conditions and the successful
implementation of operational initiatives.

"In light of the process, the Board is unsure what value, if any,
will attach to the Group's NZDX listed bonds (code BLUFC).
However, the Board wishes to reassure staff, customers and
suppliers that the directors intend to continue the business as
normal, subject to the continued support of the senior lenders,"
Blue Star said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2012, NBR Online said troubled print group Blue Star
Group could be headed for administration, according to an
Australian media report.  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 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, NBR noted.

                         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.


LAKES RESORT: Liquidation Ends With Zero Payout
-----------------------------------------------
Businessdesk reports that liquidators of Pauanui Lakes
Properties, one of a group of related companies that had been
developing the Lakes Resort at Pauanui, have completed their
work, leaving some NZ$29.5 million owed to 36 creditors,
according to their final report.

BusinessDesk recalls that the company was placed in liquidation
in May 2009 after failing to make any sales in the previous two
years, leaving it unable to service mortgages of sections in the
resort that were falling in value.

At that time, Pauanui Lakes had sold 69 bare lots, leaving 54
with a June 2008 valuation of $19.7 million, 12 condominium sites
with a 2005 valuation of $5.2 million and 17 villa sites with a
2005 valuation of $1.95 million, BusinessDesk relates citing the
first report from liquidators Cliff Parsons and Katherine Kenealy
of Hamilton-based Indepth Forensic.

In their final report, BusinessDesk notes, the liquidators
reported zero realisations or distributions.

Located in Pauanui, New Zealand, Lakes Resort Pauanui properties
and companies are all owned by Investment Holdings (Pauanui),
which in turn is co-owned by Trevor Toohill, Richard Herbert and
Grant McDougall.


* NEW ZEALAND: Well-Run Retailers Starting to Fall Over
-------------------------------------------------------
Susan Edmunds at nzherald.co.nz reports that well-run New Zealand
businesses that survived the recession are starting to fall over
as the economic lift they were hanging on for fails to eventuate.

The report says almost twice as many businesses went into
liquidation last month compared to May the year before.

According to nzherald.co.nz, Auckland Chamber of Commerce chief
executive Michael Barnett said there were signs of more trouble
to come.

Liquidator Kieran Jones, of Waterstone, said retail in particular
was seriously suffering, the report relates.

Nzherald.co.nz notes that Mr. Jones had worked on the
liquidations of two fashion retailers this year and said both
businesses had been well run.

During the recession, the report notes, those that were poorly
managed or under-capitalised were the first to fall over.

"But retail spending hasn't lifted and now good retailers that
had been hanging on are starting to give up," nzherald.co.nz
quotes Mr. Jones as saying.

Ministry of Economic Development statistics showed the official
assignee administered 361 liquidations in May this year, compared
to 181 in May last year, nzherald.co.nz discloses.

Messrs. Jones and Barnett said things would not turn around for
struggling businesses until consumer confidence returned, the
report adds.



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


BANCO BATANGAN: Placed Under PDIC Receivership
----------------------------------------------
The Monetary Board placed the Banco Batangan, Inc. (A Rural Bank)
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 974.A dated
June 21, 2012. As Receiver, PDIC took over the bank on June 21,
2012.

Banco Batangan is a two-unit bank with Head Office located at
J.P. Rizal St., Poblacion, Taysan, Batangas. Its lone branch is
in Lipa City. Latest available records show that as of Dec. 31,
2011, the Bank had 2,411 accounts with total deposit liabilities
of PHP114.47 million. According to the latest General Information
Sheet filed by Banco Batangan with the Securities and Exchange
Commission, the bank is majority owned by Catalina Aida M.
Mendoza (20%), Ramelo M. Mendoza (16.43%), Gemeliano L. Pitogo
(16.43%), and Leonardo M. Rivera, Jr. (16.43%). Its Chairman and
President is Ramelo M. Mendoza.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

Depositors with valid account balances of PHP10,000 and below,
who have no outstanding obligations with Banco Batangan and who
have complete and updated addresses with the bank, need not file
deposit insurance claims. PDIC targets to start mailing payments
to these depositors to their addresses recorded in the bank by
early August 2012.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms (DUFs) to be furnished by PDIC
representatives. Duly accomplished DUFs should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with his signature. Depositors may update their
addresses until July 5, 2012.

Depositors whose accounts have balances of more than PHP10,000
and those who have outstanding obligations regardless of the
amount of their balances or who have failed to update their
addresses should file their deposit insurance claims. The
inclusive dates and schedule of the claims settlement operations
for these accounts will be announced mid-August 2012 through
notices to be posted in the bank premises and other public places
as well as through the PDIC website, http://www.pdic.gov.ph/


* PHILIPPINES: PDIC Seeks Removal of 90-Day Receivership Period
---------------------------------------------------------------
Lee c. Chipongian at Manila Standard reports that the Philippine
Deposit Insurance Corp. is insisting on the removal of the 90-day
receivership period in its proposed Closed Bank Liquidation Act
(CBLA) which would effectively cancel the placing of expired
banks under a technical receivership and proceed directly to
asset disposition.

The Standard says under existing charter and law of both the PDIC
and the Bangko Sentral ng Pilipinas (BSP), banks threatened by
bankruptcy are placed under receivership with the PDIC to
basically, avoid liquidation. However since 2010, the BSP and
PDIC had been working on the cancellation of the 90-day
receivership mandate.  The report relates that the debate
centered on the issue that the BSP's Prompt Corrective Action
(PCA) framework has already processed problematic banks and most
have already undergone rehabilitation which failed, hence the
closures.

"The banks' rehabilitation should have happened already (with
PCA)," the Standard quotes PDIC President Valentin A. Araneta as
saying. "So what's going to happen (with CBLA) is more clout for
the regulator to force action before closure and this serves
everybody the best. (It would mean) a smooth transition and it's
not destructive to depositors, especially if you have the bridge
bank facility . . .I  t will be as if nothing happened."

"It's better for depositors to remove the 90-day receivership,"
Mr. Araneta, as cited by the Standard, added.

According to the Standard, this policy change is one of the
important features of CBLA, which has yet to take off in the
Lower House and the Senate.  Aside from the removal of the 90-day
receivership period, the proposed bill is also pushing for the
bridge banking as another form of liquidation and increased
authority for PDIC in the takeover, liquidation and "winding up"
of closed banks, the report adds.



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


RILEY PATERSON: Creditors' Proofs of Debt Due July 25
-----------------------------------------------------
Creditors of Riley Paterson Holdings Pte Ltd, which is in
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's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


RILEY PATERSON INVESTMENT: Creditors' Proofs of Debt Due July 25
----------------------------------------------------------------
Creditors of Riley Paterson Investment Management Pte Ltd, which
is in 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's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SINGAPORE DERRICK: Creditors' Proofs of Debt Due July 13
--------------------------------------------------------
Creditors of Singapore Derrick Pte Ltd are required to file their
proofs of debt by July 13, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

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


SOUTH ASIA: Creditors' Meetings Set for July 11
-----------------------------------------------
South Asia Textile Industries Pte Ltd, which is in liquidation,
will hold a meeting for its creditors on July 11, 2012, at 10:00
a.m., at 8 Wilkie Road #03-08 Wilkie Edge, in Singapore 228095.

Agenda of the meeting includes:

   a. to update on the status of liquidation;

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

   c. discuss other business.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


YON-YUE INTERNATIONAL: Creditors' Proofs of Debt Due July 20
------------------------------------------------------------
Creditors of Yon-Yue International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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



                             *********

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.





                 *** End of Transmission ***