TCRAP_Public/120706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, July 6, 2012, Vol. 15, No. 134

                            Headlines


A U S T R A L I A

LIBERTY FUNDING: S&P Assigns 'BB(sf)' Rating to Class E Notes
MOWBRAY COLLEGE: Placed in Liquidation; Parents Fear Losing Fees
PROVIDENT CAPITAL: Receivers Expect Payout For 3,500 Investors
TOUGH CORP: Goes Into Voluntary Liquidation
WEST TRADE: ASIC Obtains Court Orders to Wind Up Financial Firms


C H I N A

CHINA NETWORKS: UHY Vocation Raises Going Concern Doubt
CHISEN ELECTRIC: Mazars CPA Raises Going Concern Doubt
CLEANTECH INNOVATIONS: Posts $2.58 Million Net Loss in Q1 2012
LONKING HOLDINGS: S&P Cuts Long-Term Corp. Credit Rating to 'BB-'
XIANBURG DATA: Receives TSX Delisting Notice


H O N G  K O N G

BIOPACK ENVIRONMENTAL: Has Exclusive License to Beaute de Maman
BROADBENT ESTATES: Creditors' Proofs of Debt Due July 31
DOUBLECLICK ASIA: Hsu Wai Chung Phoebe Steps Down as Liquidator
EASTERN PEARL: Commences Wind-Up Proceedings
GOLD-FACE ENTERPRISES: Tsang Steps Down as Liquidator

HK BEST: Hok and Boswell Step Down as Liquidators
LANDFINE ENTERPRISES: Commences Wind-Up Proceedings
NEWEDGE BROKER: Lai and Yuen Step Down as Liquidators
REDFORD HOUSE: Placed Under Voluntary Wind-Up Proceedings
SKYGATE ELECTRONICS: Placed Under Voluntary Wind-Up Proceedings

SPEED ENERGY: Commences Wind-Up Proceedings
TANCROWN LIMITED: Camballaw Steps Down as Liquidator
TEACH FOR HK: Creditors' Proofs of Debt Due July 31
UNITED FUJIAN: Placed Under Voluntary Wind-Up Proceedings
VICKSEN LIMITED: Creditors' Proofs of Debt Due July 30

ZHONG HUA: Poon Wai Hung Richard Steps Down as Liquidator


I N D I A

AIR INDIA: Strike Ends; 'Conciliatory' Talks to Start This Week
ASHA RICE: Delay in Loan Payment Cues CRISIL Junk Ratings
BAIT LOGITECH: CRISIL Rates INR55MM Cash Credit at 'CRISIL B'
DANDAPAT COLD: Delay in Loan Servicing Cues CRISIL Junk Ratings
PCH GLOBAL: Delay in Loan Payment Cues CRISIL Junk Ratings

PDK SHENAZ: Lack of Information Cues Fitch to Migrate Ratings
PRASAD FIBERS: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
RAMA KRISHNA: CRISIL Assigns 'CRISIL B' Rating to INR71.1MM Loans
RELIANCE CELLULOSE: CRISIL Puts 'D' Rating on INR400MM Loans
SALASAR ISPAT: Delay in Loan Payment Cues CRISIL Junk Ratings

SAS AUTOCOM: Delay in Loan Payment Cues CRISIL Junk Ratings
SIDDHI GANESH: CRISIL Rates INR120MM Cash Credit at 'CRISIL B+'
SONAR BANGLA: CRISIL Assigns 'CRISIL B' Rating to INR60.1MM Loans
VARUN FERTILIZERS: CRISIL Puts 'B+' Rating on INR117.5MM Loans


J A P A N

OLYMPUS CORP: Ordered to Pay US$63 Million in Back Taxes
OLYMPUS CORP: Loses Court Case Against Japanese Whistleblower
RENESAS ELECTRONICS: TSMC Denies Plan to Buy Renesas Wafer Plant


P H I L I P P I N E S

DBP: S&P Raises Foreign Currency Issuer Credit Rating to 'BB+'
* PHILIPPINES: S&P Raises FC Sovereign Credit Rating to 'BB+'


S R I  L A N K A

* SRI LANKA: Fitch Affirms 'BB-' IDR; Outlook Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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LIBERTY FUNDING: S&P Assigns 'BB(sf)' Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to eight
of the nine classes of nonconforming residential mortgage-backed
securities (RMBS) issued by Liberty Funding Pty. Ltd. in respect
of the Liberty Series 2012-1 Trust.

Liberty Series 2012-1 is a securitization of nonconforming
residential mortgages originated by Liberty Financial Pty.
Ltd.  The ratings reflect: Our view of the credit risk of the
underlying collateral portfolio, including the fact that this is
a closed portfolio, which means no further loans will be assigned
to the trust after the closing date.

"Our view that the credit support is sufficient to withstand the
stresses we apply," S&P said.

This credit support comprises note subordination for each class
of rated note.

"Our expectation that the various mechanisms to support liquidity
within  the transaction, including a reserve account, principal
draws, and a liquidity facility equal to 2.5% of the invested
amount of all rated  notes and the stated amount of the class F
notes, are sufficient under our stress assumptions to support
timely payment of interest," S&P said.

The benefit of a fixed-to-floating interest-rate swap provided by
National Australia Bank Ltd. (NAB; AA-/Stable/A-1+) to hedge the
mismatch between  receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

The provision of a reserve account established and maintained
through the trapping of excess spread on each payment date up to
a maximum limit of A$4,500,000.

The reserve account may be utilized to meet current loan losses,
and as a third source of liquidity for the payment of unpaid
interest.

Ratings Assigned

Class        Rating       Amount (mil. A$)
A1           AAA (sf)     87.3
A2           AAA (sf)     60.0
A3           AAA (sf)     60.0
A4           AAA (sf)     60.0
B            AA (sf)      9.6
C            A (sf)       8.1
D            BBB (sf)     5.7
E            BB (sf)      3.6
F            N.R.         5.7

N.R.-Not rated.


MOWBRAY COLLEGE: Placed in Liquidation; Parents Fear Losing Fees
----------------------------------------------------------------
Benjamin Preiss at The Melton Weekly reports that parents from
the collapsed Mowbray College fear they will never receive
refunds for fees paid in advance, with some families owed
thousands of dollars.

The Weekly says the school was placed into liquidation after a
second meeting with creditors on July 4.  Administrator Jim
Downey said liquidation was the only realistic option because the
western suburbs school was insolvent and no longer trading, the
Weekly relates.

"The extent of the college's insolvency, the poor environment
created by the progressive departure of students and staff and
the cessation of support services are just some reasons the
college cannot continue to operate," the report quotes Mr. Downey
as saying.

According to the report, Mowbray parents told The Age they
received a letter from the administration firm this week
demanding they pay outstanding school fees.

The Weekly relates that Debra Brown, whose six-year-old daughter
Madison attended Mowbray, said parents could lose a family
deposit of up to AUD1,800.

Ms. Brown said the deposit was to be refunded once the last child
in the family left the school, the report notes.  "I paid
AUD900 and I know I won't be getting that back," the report
quotes Ms. Brown as saying.  "I think a lot of parents are
frustrated by the letter asking for outstanding fees."

According to the report, Ms. Brown said other parents had also
paid school fees in advance but it was unclear whether they would
be refunded.

Teachers will be able to access their redundancy entitlements
through a federal government scheme, Mr. Downey, as cited by the
Weekly, said.

                      About Mowbray College

Mowbray College was a Melbourne-based private school.  It has
three campuses with about 1,000 students, and 200 staff.

The college entered voluntary administration late last month with
debts of AUD18 million and is owed about AUD2 million in unpaid
fees.


PROVIDENT CAPITAL: Receivers Expect Payout For 3,500 Investors
--------------------------------------------------------------
Carolyn Cummins at smh.com.au reports that receivers for
Provident Capital Limited, PPB Advisory, are hopeful of receiving
a "meaningful" return for the 3,500 investors in Provident
Capital's fixed term investment fund.

According to the report, PPB Advisory's Marcus Ayres said there
were about 45 loans covered by debentures in the fund.

smh.com.au relates that Mr. Ayres said it was only the fixed term
fund that was affected by the court appointment. Three others --
the high yield fund, the monthly income fund and one with the
Bendigo and Adelaide Bank -- were still running, the report
notes.

The report states that close to 90% of the investments in the
fixed term investment fund were funded through the issue of
debentures worth about AUD131 million. But last month, the
trustee of the debenture fund, Australian Executor Trustees, took
court action on behalf of investors after becoming concerned
about a potential deficiency in the company's net tangible
assets, according to the report.

Justice Steven Rares, in the Federal Court, said there is a
shortfall of about AUD28 million of the AUD131 million invested
in debentures in Sydney businessman Michael O'Sullivan's
Provident Capital, smh.com.au relays.

Last week, smh.com.au recalls, Justice Rares ordered Provident to
freeze the fund and not accept more investments, which it did.

The Federal Court of Australia on July 4, 2012, appointed
Phil Carter, Tony Sims, and Marcus Ayres 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.

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.


TOUGH CORP: Goes Into Voluntary Liquidation
-------------------------------------------
Allie Coyne at CRN reports that Tough Corp. has gone into
voluntary liquidation and shut down its Sydney headquarters and
multiple global offices.

CRN relates that Tough went into liquidation and receivership
last month after appointing chartered accountants at Lawler
Partners as joint liquidators and PKF Australia as receiver on
June 4, 2012.

ASIC documents sighted by CRN reveal the company owes 77
creditors over AUD561,000 with creditors submitted claims for
around AUD270,000.

Proceedings are expected to wrap in the next three months, the
report says.

According to CRN, Tough Corp director Francis Bryant blamed the
company's decline on falling sales, high staffing overheads and
court costs associated with legal cases brought against the
company.  A failed attempt to sell the business was also cited as
contributing to the company's demise.

CRN said in a separate report that Tough Corp will be forced to
pay back AUD5 million to Westpac after the bank appointed a
receiver to reclaim the debt.

PKF Australia has been appointed receiver on behalf of Westpac,
and on Wednesday confirmed to CRN it was working to reclaim the
AUD5 million secured loan granted to the reseller earlier this
year.

Tough Corp is a mobility solutions provider.  The company had
offices in the US, UK, Europe and Asia, including its Sydney
headquarters.


WEST TRADE: ASIC Obtains Court Orders to Wind Up Financial Firms
----------------------------------------------------------------
The Australian Securities and Investment Commission obtained
court orders on July 4, 2012, against West Trade Group, the
operators of a Gold Coast-based unlicensed financial services
business, preventing it from carrying on its activities.

ASIC's investigation has so far found the investment scam has
resulted in 37 investors losing approximately AUD680,000.

Chief Justice De Jersey of the Supreme Court of Queensland made
declarations against West Trade Group Pty Ltd (West Trade Group),
West Trade Cars Pty Ltd (West Trade Cars), West Two Pty Ltd (West
Two) and its directors Tiffany Lea O'Donnell, Russell John Lewis
and John Steven Pitcher, finding the companies had carried on a
financial services business without holding an Australian
financial services (AFS) licence in contravention of the
Corporations Act and that each of the directors were involved in
those contraventions. The companies and the directors were
restrained from carrying on any financial services business in
Australia without being licensed to do so and were ordered to pay
ASIC's costs of the proceedings.

The court also ordered West Trade Group, West Trade Cars and West
Two be wound up.

ASIC alleged that West Trade Group, West Trade Cars and West Two
used cold calling and a website to induce investors to deposit
funds into a number of bank accounts held in the names of West
Trade Group, West Trade Cars and West Two with the promise that
the funds would used to buy shares on behalf of the investors and
generate returns well above markets.

ASIC further alleged that O'Donnell, Lewis and Pitcher withdrew
the money from company bank accounts in cash. ASIC's inquiries to
date have not been able to substantiate that shares were
purchased by West Trade Group, West Trade Cars and West Two on
behalf of investors.

ASIC said it is aware at this stage of its investigation that,
between mid-September to late-December 2011, approximately
AUD790,000 was deposited by investors into these accounts. During
the same period of time, approximately AUD680,000 was withdrawn
in cash, meaning it is likely the funds may not be recovered.

The court also ordered the remaining AUD110,000 be frozen.

William Fletcher and Katherine Barnet of Bentleys Corporate
Recovery Pty Ltd have been appointed liquidators of the
companies.

ASIC achieved this result with the assistance and cooperation of
the Queensland Police Service and the Australian Crime
Commission.



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C H I N A
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CHINA NETWORKS: UHY Vocation Raises Going Concern Doubt
-------------------------------------------------------
China Networks International Holdings, Ltd., filed its annual
report on Form 20-F for the fiscal year ended Dec. 31, 2011.

UHY Vocation HK CPA Limited, in Hong Kong, expressed substantial
doubt about China Networks' ability to continue as a going
concern.  The independent auditors noted that the Company has
limited operations and did not generate any revenue for the year
2011.

The Company reported a net loss of $11.90 million on $0 revenue
in 2011, compared with a net loss of $1.24 million on $3.75
million of revenue in 2010.

Due to the Company's strategic plan on the restructuring and
integration of Kunming assets, on Sept. 1, 2010, CNIH entered
into two agreements with its joint venture partner, Kunming TV
Station, on the sale of the Company's assets in Kunming JV and
Kunming Ad Co., which are located in Yunnan Province in the PRC,
with a total consideration of $22.6 million (RMB150 million) and
$0.1 million (RMB 0.7 million), respectively.  On Dec. 14, 2010,
Kunming JV and Kunming Ad Co. were sold back to the Kunming TV
Station.  The disposition was completed on Dec. 15, 2010.

Subsequent to the disposal of Kunming entities and termination of
contracts with YR TV Station, the Company did not generate any
revenue during the year 2011 and had net cash used in operating
activities.

The Company's balance sheet at Dec. 31, 2011, showed $8.18
million in total assets, $2.06 million in total liabilities, and
stockholders' equity of $6.12 million.

A copy of the Form 20-F/A is available for free at:

                       http://is.gd/VkgiR3

China Networks International Holdings, Ltd., headquartered in
Beijing, PRC, was incorporated in Delaware on Aug. 16, 2006, as
Alyst Acquisition Corp. ("Alyst") in order to serve as a vehicle
for the acquisition of an operating business in any industry,
with a focus on the telecommunications industry, through a
merger, capital stock exchange, asset acquisition or other
similar business combination.

The Company was formed to provide broadcast television
advertising services in the PRC operating via joint venture
partnerships with PRC state-owned television broadcasters (PRC TV
Stations).  The Company commenced operations on Oct. 1, 2008.
Activity through Sept. 30, 2008, related to the Company's
formation, private placement offering, establishment of joint
ventures and contractual relationships in the PRC, and business
combination with Alyst.


CHISEN ELECTRIC: Mazars CPA Raises Going Concern Doubt
------------------------------------------------------
Chisen Electric Corporation filed on July 2, 2012, its annual
report on Form 10-K for the fiscal year ended March 31, 2012.

Mazars CPA Limited, in Hong Kong, expressed substantial doubt
about Chisen Electric's ability to continue as a going concern.
The independent auditors noted that the Company had a negative
working capital as of March 31, 2012, and incurred loss for the
year then ended.

The Company reported a net loss of $15.79 million on
$119.56 million of sales for the fiscal year ended March 31,
2012, compared with net income of $11.07 million on $243.81
million of sales for the fiscal year ended March 31, 2011.

The Company's balance sheet at March 31, 2012, showed $256.84
million in total assets, $229.93 million in total liabilities,
and stockholders' equity of $26.91 million.

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

                       http://is.gd/tP5GfG

Headquartered in Changxing, Zhejiang Province, The People's
Republic of China, Chisen Electric Corporation produces and sells
sealed lead-acid motive batteries, also known as valve regulated
lead-acid motive batteries (VRLA batteries) in China's personal
transportation device market.  The Company's motive battery
products, sold under the Company's own brand name "Chisen", are
predominantly used in electric bicycles and are distributed and
sold in China.


CLEANTECH INNOVATIONS: Posts $2.58 Million Net Loss in Q1 2012
--------------------------------------------------------------
CleanTech Innovations, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $2.58 million on $585,856 of sales
for the three months ended March 31, 2012, compared with net
income of $498,127 on $3.93 million of sales for the same period
in 2011.

The Company's balance sheet at March 31, 2012, showed
$46.50 million in total assets, $17.17 million in total
liabilities, and stockholders' equity of $29.33 million.

Goldman Kurland and Mohidin, LLP, in Encino, California,
expressed substantial doubt about CleanTech'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 had a loss from operations and used $8.5 million
in operating activities in 2011.  "In addition it has loans of
$3.4 million and promissory note of $50,000 past due.  The
Company also has a $10 million loan due in March 2013.  The
Company does not have access to the public capital market due to
delisting from NASDAQ."

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

                       http://is.gd/kSQoUe

Based in Tieling, Liaoning Province, China, CleanTech
Innovations, Inc., formerly known as Everton Capital Corporation,
was incorporated on May 9, 2006, in the State of Nevada.  Through
its wholly owned operating subsidiaries in China, the Company
designs, manufactures, tests and sells structural towers for on-
land and off-shore wind turbines.  The Company also manufactures
specialty metal products that require advanced manufacturing and
engineering capabilities, including bellows expansion joints and
connecting bend pipes used for waste heat recycling in steel
production, in ultra-high-voltage electricity transmission grids
and in industrial pressure vessels.


LONKING HOLDINGS: S&P Cuts Long-Term Corp. Credit Rating to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on Lonking Holdings Ltd. to 'BB-' from
'BB'.

"We also lowered the rating on the China-based construction
machinery manufacturer's US$350 million senior unsecured notes to
'BB-' from 'BB'. At the same time, we lowered our long-term
Greater China credit scale ratings on Lonking and on the notes to
'cnBB+' from 'cnBBB-'. We have kept all the ratings on
CreditWatch, where they were placed with negative implications on
June 5, 2012," S&P said.

"We lowered the ratings because we expect Lonking's already
significantly weakened operating performance to likely remain
weak in the next 12 months due to intense competition, and a
slowdown in the construction machinery industry in China. We
believe the company's cash flows and liquidity could deteriorate
more than we previously expected in 2012. In addition, Lonking
faces heightened refinancing risk on its about US$168 million
(Chinese renminbi (RMB) 1.0 billion) convertible bonds that are
likely to be put by bondholders in August 2012. The company is
still in the process of executing refinancing. In our view, as
time passes by, the uncertainty regarding Lonking's ability to
repay the bonds on time continues to increase," S&P said.

"We revised Lonking's business risk profile to "weak" to reflect
our view of a further deterioration in its profitability and a
weakening of its competitive position," said Standard & Poor's
credit analyst Johnson Ng. "The company's profit margins have
declined significantly due to rising operating and  financing
costs and increasing competition. We also expect Lonking's cash
flow adequacy and liquidity to deteriorate over the next 12
months," S&P said.

The rating on Lonking reflects the company's smaller revenue base
than that of global peers, its limited geographic and product
diversity, and regulatory risks from possible changes in
government policies. Lonking's established market position in
wheel loaders, its extensive sales and distribution network
across China, and its operational track record partly offset
these risks.

"We have equalized the issue rating on Lonking's US$350 million
senior unsecured notes with the corporate credit rating on
Lonking. This is because we believe the company's ratio of
priority debt to total assets will likely remain below our
threshold of 15% for speculative-grade issuers. We assess
Lonking's liquidity to be "less than adequate", as defined in our
criteria. We expect the company's sources of liquidity to be less
than 1.2x its uses in the next 12 months.  We kept the ratings on
CreditWatch with negative implications due to heightened credit
risk on the company's refinancing scheme on potential investors'
put back of the 2009 convertible bonds with US$168 million
outstanding amounts due Aug. 24, 2012. We aim to resolve the
CreditWatch as soon as we have more information on the status and
progress of the convertible bonds refinancing plan," S&P said.

"We could lower the rating if we believe the uncertainty
regarding Lonking's ability to refinance the convertible bonds
increases further or if the company's liquidity position
deteriorates to "weak"," said Mr. Ng.  "We may also lower the
rating if Lonking's financial performance weakens, such that its
ratio of FFO to total debt is less than 12% or its ratio of total
debt to total capital exceeds 60%. This could happen if the
company's operating environment deteriorates more than we
expected or its market position and competitiveness weaken
further due to increasing competition or adverse government
policies," S&P said.


XIANBURG DATA: Receives TSX Delisting Notice
--------------------------------------------
Xianburg Data Systems Canada Corporation disclosed that the TSX
Venture Exchange has notified the Company of the TSXV's intention
to delist the Company from the NEX at the close of market on
Sept. 14, 2012.  The TSXV has notified the Company that it may
avoid the delisting of its shares if, prior to the Delisting
Date, the Company has (a) filed on SEDAR and with the securities
commissions all outstanding financial statements; and (b) the
Company has obtained a revocation of all outstanding Cease Trade
Orders issued against the Company.

The Company has filed with the securities commissions all
financial statements which have been required to be filed under
applicable securities laws including audited financial statements
for the financial years ended Dec. 31, 2010 and 2011, so there
are no outstanding financial statements to be filed.  The Company
is working closely with its advisors to address the requirements
and conditions of the British Columbia Securities Commission
("BCSC") to revoking the Cease Trade Order issued on May 10, 2011
(the "CTO").  The BCSC has advised the Company that as one of the
conditions to revoking the CTO, it will require a third year of
audited financial statements.  The BCSC does not regard the
fiscal 2009 audited financial statements as being accompanied by
a clean audit opinion since there was a restatement of those
financial statements when the audited financial statements for
fiscal 2010 were issued.  The Company had planned to have its
current auditor, Manning Elliott LLP, prepare an audit opinion in
respect of the financial year ended Dec. 31, 2009, to satisfy the
BCSC requirement. In order to do this, the Company's former
auditor, Lo Porter Hetu, would be required to withdraw its audit
opinion prepared in respect of the 2009 financial statements.
Unfortunately, the Company's former auditor has refused to
cooperate in this matter.  As such, the Company is currently
unable to confirm whether it will be in a position to
successfully address the BCSC's requirements and conditions to
obtain a revocation of the CTO before the TSXV delists the
Company from NEX.

Jingping Dong, the Chief Executive Officer of the Company,
states, "The delisting of the Company from the NEX under these
circumstances is regrettable and frustrating for all
shareholders. I want to assure shareholders that the Company is
committed to fulfilling its on-going reporting requirements and
is doing everything it can get the CTO lifted as fast as
possible."  The Company is continuing to address comments raised
by the BCSC in respect of its past continuous disclosure filings,
and it is also actively exploring and considering all of its
options with the aim of having the CTO revoked at the earliest
time and of having the Company's shares listing on a recognized
exchange.

                     About Xianburg Data Systems

The Company, through its wholly-owned subsidiary Xianburg Data
Systems (Canada) Inc., governs and administers the operating
entity XID, a Chinese based operating company, and will earn
substantially all of its income from XID.  XID is an IT products
and services firm with offices in Xi'an and Beijing and it is
recognized as a leader in China in providing mass data storage
and disaster recovery IT solutions.  XID's core business is data
entry with a specialty of converting paper documents to
electronic format (digitization) and it also manufactures high-
performance, high-capacity storage systems for the archiving and
publication of such documents.



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H O N G  K O N G
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BIOPACK ENVIRONMENTAL: Has Exclusive License to Beaute de Maman
---------------------------------------------------------------
Biopack Environmental Solutions, Inc., on June 25, 2012, entered
into a License and Asset Purchase Option Agreement with NorthStar
Consumer Products, LLC, under which TriStar Consumer Products,
Inc., Biopack's wholly owned subsidiary, acquired the exclusive
license to develop, market and sell, NCP's Beaute de Maman
product line, which is a line of skincare and other products
specifically targeted for pregnant women.  In addition, the
Company acquired the exclusive license rights to develop, market
and sell NCP's formula being developed for itch suppression,
which would be sold as an over-the-counter product, if
successful.

These licenses are for a period of up to one year, subject to
earlier termination upon specified events.  During the term of
the license, the assets and business being licensed will be run
by management of NCP pursuant to a consulting agreement.  As a
result of these license rights the Company is now responsible for
developing, marketing and selling the "Beaute de Maman" products,
as well as NCP's anti-itch formula, including all expenses,
contractual arrangements, etc., related to product development,
manufacturing, marketing, selling, bottling and packaging, and
shipping.  The Company will also receive all revenue derived from
sales of the products, other than the amounts owed to Dr.
Michelle Brown, from whom NCP purchased the "Beaute de Maman"
business and assets.  Under the arrangement with Dr. Brown she is
entitled to approximately 7% of net revenue for all products sold
under the Beaute de Maman brand name and derived from formulas
transferred under the agreement with NCP for a 20 year period
ending Dec. 31, 2031.  In exchange for these license rights the
Company agreed to issue NCP 225,000 shares of the Company's
Series D Convertible Preferred Stock.  This transaction closed on
June 26, 2012.

The Company, through its wholly-owned subsidiary, has the option
to purchase all the assets related to the "Beaute de Maman"
products, as well as NCP's anti-itch formula.

In connection with the Company's license rights and to ensure the
Company can fulfill any immediate orders timely, the Company
purchased all existing finished product of the Beaute de Maman
product line currently owned by NCP.  In exchange for the
inventory the Company agreed to issue NCP 25,000 shares of its
Series D Convertible Preferred Stock.

On June 29, 2012, the Company entered into a Stock Purchase
Agreement with Rockland Group, LLC, an entity owned and
controlled by Harry Pond, one of the Company's officers and
directors.  Under the Stock Purchase Agreement, Rockland Group
agreed to purchase 1,540,000 shares of the Company's Series D
Convertible Preferred Stock in exchange for $308,000.  To date,
Rockland Group has paid $141,000 of this amount and plans to pay
the remaining balance on or before July 20, 2012.

A copy of the Form 8-K is available for free at:

                        http://is.gd/N1vlTT

                    About Biopack Environmental

Kowloon, Hong Kong-based Biopack Environmental Solutions Inc.
develops, manufactures, distributes and markets bio-degradable
food containers and disposable industrial packaging for consumer
products.  The Company supplies its biodegradable food containers
and industrial packaging products to multinational corporations,
supermarket chains and restaurants located across North America,
Europe and Asia.

The Company has a factory in Jiangmen City in the People's
Republic of China.

The Company reported a net loss $472,596 on $3,594 of revenue for
the three months ended March 31, 2011, compared with net profit
of $28,966 on $68,639 of revenue for the same period during the
prior
year.

The Company's balance sheet at March 31, 2011, showed $959,834 in
total assets, $3.45 million in total liabilities and a
$2.49 million total stockholders' deficit.

                           Going Concern

As reported by the TCR on April 26, 2011, Wong Lam Leung & Kwok
C.P.A. Limited, in Hong Kong, expressed substantial doubt about
Biopack Environmental's ability to continue as a going concern.
The independent auditors noted that the Company incurred a net
loss of $2.4 million for the year ended Dec. 31, 2010, and had an
accumulated deficit of $7.3 million and a working capital deficit
of $2.2 million as of Dec. 31, 2010.

The Company said that its future is dependent upon its attaining
profitable operations and raising the capital it will require in
order to achieve profitable operations through the issuance of
equity securities, borrowings or a combination thereof.

The Company has not filed any financial report after the
March 31, 2011, Form 10-Q.


BROADBENT ESTATES: Creditors' Proofs of Debt Due July 31
--------------------------------------------------------
Creditors of Broadbent Estates Limited, which is in members'
voluntary winding up, are required to file their proofs of debt
by July 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 21, 2012.

The company's liquidator is:

         Chow Chi Ming Charlie
         1903-4, China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


DOUBLECLICK ASIA: Hsu Wai Chung Phoebe Steps Down as Liquidator
---------------------------------------------------------------
Hsu Wai Chung Phoebe stepped down as liquidator of Doubleclick
Asia Limited on June 19, 2012.


EASTERN PEARL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Eastern Pearl Insurance Advisers Limited, on June 20,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


GOLD-FACE ENTERPRISES: Tsang Steps Down as Liquidator
-----------------------------------------------------
Mabel Tsang May Bo stepped down as liquidator of Gold-Face
Enterprises Limited on June 15, 2012.


HK BEST: Hok and Boswell Step Down as Liquidators
-------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Hong Kong Best Denki Co., Limited on
June 19, 2012.


LANDFINE ENTERPRISES: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Landfine Enterprises Limited, on June 29, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Fung Kit Yee
         Unit 1603-1606, 16/F
         Alliance Building
         No. 130-136 Connaught Road
         Central, Sheung Wan
         Hong Kong


NEWEDGE BROKER: Lai and Yuen Step Down as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Newedge Broker Limited on June 19, 2012.


REDFORD HOUSE: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on June 16, 2012,
creditors of Redford House Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Jeremy M Barr
         31 South Wall Road
         5/F, Kowloon City
         Hong Kong


SKYGATE ELECTRONICS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on June 20, 2012,
creditors of Skygate Electronics (H.K.) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


SPEED ENERGY: Commences Wind-Up Proceedings
-------------------------------------------
Members of Speed Energy Limited, on June 29, 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


TANCROWN LIMITED: Camballaw Steps Down as Liquidator
----------------------------------------------------
Leigh Man Sung Camballaw stepped down as liquidator of Tancrown
Limited on June 22, 2012.

TEACH FOR HK: Creditors' Proofs of Debt Due July 31
---------------------------------------------------
Creditors of Teach For Hong Kong Foundation Limited, which is in
members' voluntary winding up, are required to file their proofs
of debt by July 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 21, 2012.

The company's liquidator is:

         Tse Tsat Kuen Jeff
         Room 608, 6/F
         One Pacific Place
         88 Queensway, Hong Kong


UNITED FUJIAN: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on June 29, 2012,
creditors of United Fujian Electric Investment Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Wong Ho Kar Daniel
         Block C, 4/F
         Unit 16, Fontana Garden
         1 Ka Ning Path, Hong Kong

         Yeung Pak Sing
         Flat B, 2/F
         Broadwood Park
         38 Broadwood Road
         Happy Valley, Hong Kong


VICKSEN LIMITED: Creditors' Proofs of Debt Due July 30
------------------------------------------------------
Creditors of Vicksen Limited, which is in members' voluntary
winding up, are required to file their proofs of debt by July 30,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 18, 2012.

The company's liquidators are:

         Lee Yuen Han Hope
         Ng Chit Sing
         20/F, Fung House
         No. 19-20 Connaught Road
         Central, Hong Kong


ZHONG HUA: Poon Wai Hung Richard Steps Down as Liquidator
---------------------------------------------------------
Poon Wai Hung Richard stepped down as liquidator of Zhong Hua
Real Estate and Construction Research and Development Foundation
Limited on June 16, 2012.



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


AIR INDIA: Strike Ends; 'Conciliatory' Talks to Start This Week
---------------------------------------------------------------
The Economic Times reports that the Indian Pilots Guild (IPG)
said on Wednesday that Air India Ltd. is to start "conciliatory"
talks with pilots this week after they ended a near two-month
strike.

The report says the pilots on Tuesday agreed to end the strike --
the longest for the airline in nearly four decades -- after Air
India told the Delhi High Court it would consider their
grievances "sympathetically".

According to the report, the IPG said the two parties will meet
today, July 6.

More than 400 pilots went on strike in May to protest against
former Indian Airlines pilots, who moved to Air India when the
carriers merged in 2007, being trained for new Boeing 787
Dreamliner planes. They said the plan threatened their career
advancement prospects.

Air India reacted to the strike by sacking 101 of the 440 pilots
and de-recognising the IPG, to which the pilots belong, for
leading the agitation.

"We are taking steps to resume normalcy. What happened was
unfortunate, but let us move on, in a fresh direction," the
report quotes IPG spokesman Tauseef Mukadam as saying.  "We are
optimistic of what can happen ahead."

According to the report, Mr. Mukadam said the pilots would return
to work only after both parties resolved their differences.

Air India sources said it could be weeks before all pilots
resumed duty, the report adds.

                          About Air India

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

                          *     *     *

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

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

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


ASHA RICE: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Asha Rice Mill Pvt Ltd. The rating reflects instances of delay
by ASPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              13.00       CRISIL D (Assigned)

   Proposed Long-Term     18.50       CRISIL D (Assigned)
   Bank Loan Facility

   Bank Guarantee          1.00       CRISIL D (Assigned)

   Cash Credit            27.50       CRISIL D (Assigned)

ASPL's scale of operations in the highly fragmented rice industry
is small and it is susceptible to adverse regulatory changes and
fluctuations in raw material prices, and dependent on the
monsoon. The company does, however, benefit from its promoters'
industry experience.

Incorporated in 2007, ASPL was promoted by Mr. Biswanath
Chowdhury and family. ASPL is in the rice milling industry. The
company has a paddy milling capacity of 100 tonnes per day. The
facility of the company is at Katwa (West Bengal).


BAIT LOGITECH: CRISIL Rates INR55MM Cash Credit at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Bait Logitech Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       66.00       CRISIL A4 (Assigned)
   Cash Credit          55.00       CRISIL B/Stable (Assigned)

The ratings reflect BLPL's small scale of operations and customer
concentration in its revenue profile, and exposure to significant
project implementation and stabilisation risk. These rating
weaknesses are partially offset by BLPL's moderate order book
position, providing revenue visibility, in near term.

Outlook: Stable

CRISIL believes that BLPL will maintain its business risk
profile, backed by its moderate order book position. The outlook
may be revised to 'Positive' if BLPL strengthens its business
risk profile through improvement in its scale of operations,
greater customer diversification, or in case of improvement in
its capital structure through better-than-expected accruals or
equity infusion by promoters. Conversely, less-than-expected
accruals, stretch in working capital, or delay in timely
completion of proposed capital expenditure programme, leading to
deterioration in its financial risk profile, particularly its
liquidity, will lead to a revision in the outlook to 'Negative'.

                        About Bait Logitech

Bait Logitech Pvt Ltd. undertakes heavy steel structure
fabrication work. The company undertakes the work as
subcontractor. The company was incorporated in May 2010, promoted
by Mr. Brahma Mishra to provide logistic and liaising service for
iron ore mining industry. However, within one year, the company
exited from the above business and entered into the heavy steel
structure fabrication business. The current manufacturing
infrastructure of BLPL, located at Kalinga Nagar, Odisha and
having fabrication capacity of 3000 tonnes per month, is at
rented premises. However, BLPL plans to set up its own
infrastructure, having fabrication capacity of 1500 tonnes per
month, in a nearby area with an estimated capital outlay of
INR100 million.


DANDAPAT COLD: Delay in Loan Servicing Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on, and assigned
its 'CRISIL D/CRISIL D' ratings to, the bank facilities of
Dandapat Cold Storage Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          1.2       CRISIL D (Assigned;
                                     Suspension Revoked)

   Cash Credit            83.9       CRISIL D (Assigned;
                                     Suspension Revoked)

The ratings were suspended by CRISIL on November 17, 2010, since
Dandapat had not provided necessary information required for
taking a rating view. Dandapat has now shared the requisite
information, thereby enabling CRISIL to assign ratings to the
bank facilities.

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

Dandapat also has small scale of operations and weak financial
risk profile. The company is susceptible to adverse regulatory
changes and intense competition in the cold-storage industry in
West Bengal (WB). However, Dandapat benefits from the extensive
industry experience and the established regional position of its
promoters.

                         About Dandapat Cold

Incorporated in 1997, Dandapat provides cold-storage facilities
to potato farmers and traders. Its cold-storage facility is
located in Paschim Medinipur district (WB). The company has a
total cold storage capacity of 380,000 quintals in two units --
Dandapat (Unit-1) and Rupasi Bangla (Unit-2). The average
utilisation of the company's storage capacity in 2011-12 (refers
to financial year, April 1 to March 31) was over 90 per cent.
Dandapat's daily operations are looked after by its director, Mr.
Ranjit Dandapat.


PCH GLOBAL: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of PCH
Global Systems Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit      100.0       CRISIL D (Downgraded from
                                     CRISIL A4+)

   Cash Credit           400.0       CRISIL D (Downgraded from
                                     CRISIL BB/Stable)

The downgrade reflects instances of delay by PCHGSPL in servicing
its debt and instances of devolvement of letter of credit; the
delays have been caused by PCHGSPL's weak liquidity resulting
from losses incurred by the group company, PCH Retail Ltd (PCH).
PCH has aggressively opened new stores in the past two years, and
losses from these recently launched stores have adversely
affected PCH's profitability. PCH has approached Corporate Debt
Restructuring cell for restructuring its debt.

PCHGSPL also has a constrained financial risk profile, marked by
weak debt protection metrics, large working capital requirements,
and susceptibility to intense competition in the branded
information technology (IT) products distribution business. These
rating weaknesses are partially offset by the extensive
experience of PCHGSPL's promoters in distribution and retailing
operations.

                           About PCH Global

PCH Global Systems Pvt Ltd was incorporated in April 2009 as PCH
Distributors Pvt Ltd; its name was changed to the current one in
June 2011. The company is a wholesale dealer for various leading
manufacturers and suppliers of IT products. It is promoted by Mr.
Balvinder Singh and Mrs. Baljit Kaur. The company commenced
operations in mid-September 2009 and has since set up a sub-
dealer network of 75 individuals. The company's operations are
currently restricted to Andhra Pradesh and Karnataka. PCHGSPL
plans to expand its operations to Tamil Nadu and Maharashtra.

For 2010-11 (refers to financial year, April 1 to March 31),
PCHGSPL reported a profit after tax (PAT) of INR27.5 million on
net sales of INR4.5 billion, against a PAT of INR18.9 million on
net sales of INR1.5 billion in 2009-10.


PDK SHENAZ: Lack of Information Cues Fitch to Migrate Ratings
-------------------------------------------------------------
Fitch Ratings has migrated India-based PDK Shenaz Hotels Private
Limited's 'Fitch C (ind)' National Long-Term rating to the non-
monitored category.  This rating will now appear as 'Fitch
C(ind)nm' on the agency's website.

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

Fitch has also migrated PSHPL's bank loan ratings to the non-
monitored category as follows:

  -- INR92.75 million long-term loans: migrated to National Long-
     Term 'Fitch C(ind)nm' from 'Fitch C(ind)'

  -- INR12.5 million fund-based limits: migrated to National
     Long-Term 'Fitch C(ind)nm' from 'Fitch C(ind)'


PRASAD FIBERS: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Prasad Fibers Pvt Ltd (part of the Prasad
group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           70         CRISIL B+/Stable (Assigned)

The rating reflects the Prasad group's modest scale of
operations, limited pricing flexibility, and vulnerability to
volatility in raw material prices and to changes in the
regulatory environment. The rating is also constrained by Prasad
group's modest financial risk profile marked by small net worth,
high gearing, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the Prasad group's promoters in the cotton ginning industry and
its established clientele.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Prasad Cotton Industries and PFPL,
collectively referred to as the Prasad group. The consolidated
approach is because the two entities are in the same line of
business, under a common management, and have significant
operational synergies between them.

Outlook: Stable

CRISIL believes that the Prasad group will continue to benefit
over the medium term from the extensive industry experience of
its promoters and its established relationships with suppliers
and customers. The outlook may be revised to 'Positive' if there
is significant increase in the Prasad group's scale of
operations, while it improves its profitability margins and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the group's
revenues or profitability or if its capital structure weakens on
account of large working capital requirements.

                          About the Group

Established by members of the Soni family, the Prasad group has
been in the cotton ginning and pressing business for around a
decade. The group is jointly managed by Mr. Ramprasad Soni and
his brothers, Mr. Hariprasad Soni, Mr. Dwarkaprasad Soni, and
Mr. Shivprasad Soni. PCI was set up in 2003 and PFPL was set up
in 2008. The two entities process raw cotton (kapas) into cotton
bales and cotton seeds, and mainly cater to the domestic market.
PCI and PFPL have a ginning and pressing unit each having an
installed capacity of producing 900 quintals per day. PCI's unit
is based in Beed and PFPL's unit is based in Parbhani (both in
Maharashtra). The Prasad group is also involved in other
businesses such as cotton seed processing and manufacturing of
steel products.

For 2010-11 (refers to financial year, April 1 to March 31), the
Prasad group reported a profit after tax (PAT) of INR9.6 million
on net sales of INR491 million, against a PAT of INR3.5 million
on net sales of INR331 million for 2009-10.


RAMA KRISHNA: CRISIL Assigns 'CRISIL B' Rating to INR71.1MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Rama Krishna Rice Mills.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              1.1       CRISIL B/Stable (Assigned)
   Cash Credit           70.0       CRISIL B/Stable (Assigned)
   Foreign Letter of      8.5       CRISIL A4 (Assigned)
   Credit

The ratings reflect RKRM's weak financial risk profile, due to
large working capital requirements and its modest scale of
operations in the highly fragmented and competitive rice milling
industry. The rating also factors in the susceptibility of the
firm's operating margin to adverse government regulations and
erratic rainfall. These rating weaknesses are partially offset by
RKRM's promoters' experience in the rice industry, and the
benefits that the firm is expected to derive from the healthy
growth prospects for the basmati rice industry.

For arriving at its rating, CRISIL has treated the unsecured
loans of INR368 million extended to RKRM by its promoters and
their friends and family as neither debt nor equity, as these
loans are interest-free in nature and have been subordinated to
bank borrowings.

Outlook: Stable

CRISIL believes that RKRM will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if RKRM's financial risk profile improves,
driven most likely by substantial increase in cash accruals or by
significant reduction in receivables days leading to improvement
in liquidity. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity weakens further, caused most
likely by larger-than-expected receivables or less-than-expected
cash accruals.

                        About Rama Krishna

Rama Krishna Rice Mills was established in 2004 by Mr. Munish
Kumar, Mr. Suresh Kumar, Mr. Rajesh Kumar and Mr. Ashok Kumar.
The firm is engaged in milling and trading of basmati rice. Mr.
Ashok Kumar, one of the partners of the firm, had been operating
a rice mill on rent for 9 year prior to starting up RKRM. The
firm has a manufacturing unit in Panipat (Haryana) with a milling
capacity of 3.5 tph and a sorting capacity of 6 tph.

RKRM's book profits and net sales are estimated at INR1 million
and INR 228 million respectively for 2011-12 (refers to financial
year, April 1 to March 31); it reported a book profit of INR1
million on net sales of INR206 million for 2010-11.


RELIANCE CELLULOSE: CRISIL Puts 'D' Rating on INR400MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Reliance Cellulose Products Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit           180.00       CRISIL D (Assigned)
   Term Loan             185.00       CRISIL D (Assigned)
   Bank Guarantee          5.00       CRISIL D (Assigned)
   Letter of Credit       30.00       CRISIL D (Assigned)

The ratings reflect instances of delay by RCPL in servicing its
term debt, and its overdrawn working capital limits; the delays
have been caused by the company's weak liquidity. Its liquidity
has weakened because of elongation in its working capital cycle.
These rating weaknesses are partially offset by the benefits that
RCPL derives from the extensive experience of its promoters in
the cellulose industry and its established clientele.

                      About Reliance Cellulose

Reliance Cellulose Products Ltd., established in 1978 by Mr.
Shyam Sunder Jhunjhunwala, manufactures cellulose and its
derivatives. The company's manufacturing facilities located in
Hyderabad (Andhra Pradesh) have a combined installed capacity of
about 10,300 tonnes per annum. The company has eight branches
located across various metro cities to cater to different
markets. Members of the Jhunjhunwala family own around 78% of the
stake in the company, while the balance is held by friends and
family. Currently, RCPL is managed by Mr. S S Jhunjhunwala, who
is the chairman and managing director, and his son, Mr. A K
Jhunjhunwala, who is the executive director.

For 2011-12 (refer to financial year, April 1 to March 31), RCPL
reported, on a provisional basis, a profit after tax (PAT) of
INR46 million on net sales of INR653 million; the company
reported a PAT of INR35 million on net sales of INR619 million
for 2010-11.


SALASAR ISPAT: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Salasar Ispat Ltd. The ratings reflect the recent
instances of delay by SIL in servicing its term loan; the delays
have been caused by SIL's weak liquidity on account of the delay
in stabilisation of the company's operations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan             170.00       CRISIL D (Assigned)
   Standby Line of        10.00       CRISIL D (Assigned)
    Credit
   Cash Credit            90.00       CRISIL D (Assigned)
   Letter of Credit       50.00       CRISIL D (Assigned)

SIL also has a below-average financial risk profile, marked by
weak debt protection metrics, and a limited track record. The
company, however, benefits from its promoters' extensive
experience in the steel industry.

Salasar Ispat Ltd, promoted by Mr. Anand Agarwal and family, was
incorporated in 2004 to manufacture mild steel hot-rolled strips
and electric resistance welded and galvanised steel pipes, each
with capacity of 10,000 tonnes per month. The plant commenced
commercial production in April 2012 end. The company's products
are to be sold under the brand name, Sav. SIL's manufacturing
facilities are spread over a 10-acre land at Kankurgachi in
Kolkata (West Bengal).


SAS AUTOCOM: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of SAS Autocom Engineers India Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan         61.5        CRISIL D (Assigned)
   Letter of Credit      100.0        CRISIL D (Assigned)
   Cash Credit           118.5        CRISIL D (Assigned)
   Bank Guarantee         50.0        CRISIL D (Assigned)
   Bill Discounting       20.0        CRISIL D (Assigned)

The ratings reflect instances of delay by SASAPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity arising from its working-capital-intensive operations.

The rating also reflects SASAPL's weak financial risk profile,
marked by high gearing and below-average debt-protection metrics
and susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
its promoters' extensive experience in the auto-ancillary
industry and their established relationships with its key
customers.

                         About SAS Autocom

Established in 1986, SAS Autocom Engineers India Pvt Ltd.
manufactures pipes and pipe-related products for the automobile,
farm and construction equipment industries. The company has
manufacturing units in Chennai, Kakkalur and Hosur (all in Tamil
Nadu) and in Alwar (Rajasthan). Some of SASAPL's major and
reputed customers are Ashok Leyland Ltd (rated 'CRISIL AA-
/Stable/CRISIL A1+'), Tractor and Farm Equipment Ltd (CRISIL
AA+/FAAA/Stable/CRISIL A1+), Same Deutz Fahr India Pvt Ltd and
Volvo India Pvt Ltd. The daily operations of the company are
managed by Mr. Sankaran Nambiar and his son, Mr. Shyam Raj.

SASAPL is estimated to report a net loss of INR0.1 million on net
sales of INR590.3 billion for 2011-12 (refers to financial year,
April 1 to March 31), against a net loss of INR0.07 million on
net sales of INR580.3 billion for 2010-11.


SIDDHI GANESH: CRISIL Rates INR120MM Cash Credit at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit bank facility of Siddhi Ganesh Metal Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL B+/Stable (Assigned)

The rating reflects SGMPL's below-average financial risk profile
marked by a modest net worth and low interest coverage ratio, and
exposure to intense industry competition leading to low margins.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
the steel industry and its authorized dealerships of Jindal
Stainless Ltd and BRG group.

Outlook: Stable

CRISIL believes that SGMPL will continue to benefit over the
medium term from its promoter's experience in the steel industry
and its established relationships with its suppliers. The outlook
may be revised to 'Positive' if the company reports a better-
than-expected operating margin, leading to improvement in its
interest coverage, or if its capital structure improves because
of more-than-expected infusion of capital. Conversely, the
outlook may be revised to 'Negative' if SGMPL reported a decline
in its operating margin or if its financial risk profile
deteriorates because of a stretch in its working capital cycle.

                        About Siddhi Ganesh

Siddhi Ganesh Metal Pvt Ltd trades in stainless steel products in
the form of sheets, plates, and coils, and was set up as a
partnership concern in 2003; it was reconstituted as a private
limited company in 2006-07 (refers to financial year, April 1 to
March 31). It is based at Secunderabad (Andhra Pradesh). SGMPL is
an authorized dealer for Jindal Stainless Ltd and BRG group.
SGMPL also procures steel from SAIL Ltd. About 70 per cent of the
procurement is done through Jindal Stainless Ltd, about 15 per
cent through BRG group, 5 per cent through SAIL Ltd, and the rest
through local dealers.

SGMPL is expected to report a profit after tax (PAT) of
INR4.7 million on operating income of INR614.3 million for 2010-
11, against a PAT of INR3.2 million on operating income of
INR489.5 million for 2010-11.


SONAR BANGLA: CRISIL Assigns 'CRISIL B' Rating to INR60.1MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sonar Bangla Cold Storage Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            59.1       CRISIL B/Stable (Assigned)
   Proposed Cash Credit    1.0       CRISIL B/Stable (Assigned)
   Limit

The rating reflects Sonar's small scale of operations,
susceptibility to adverse regulatory changes and to intense
competition in the cold storage segment in West Bengal, and weak
financial risk profile. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' regional presence and industry experience.

Outlook: Stable

CRISIL believes that Sonar will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' in
case the company reports efficient management of farmer credit
financing, and significantly scales up its operations and
improves its profitability. Conversely, the outlook may be
revised to 'Negative' in case Sonar reports pressure on its
liquidity because of delays in repayments by farmers, lower-than-
expected cash accruals, or any large, debt-funded capital
expenditure.

                        About Sonar Bangla

Sonar, incorporated in 2005, provides cold storage facilities to
potato farmers and traders. Its cold storage facility is in
Paschim Midnapur district (West Bengal). The average utilization
of its storage capacity in 2011-12 (refers to financial year,
April 1 to March 31) was over 90 per cent. Sonar's daily
operations are managed by its director, Mr. Ranjit Dandapat.


VARUN FERTILIZERS: CRISIL Puts 'B+' Rating on INR117.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable' rating to the long-
term bank facilities of Varun Fertilizers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          100.0      CRISIL B+/Stable (Assigned)
   Term Loan             17.5      CRISIL B+/Stable (Assigned)

The rating reflects VFPL's limited track record of operations
under the new management, large working capital requirements, and
susceptibility to government regulations and vagaries of the
monsoon, These rating weaknesses are partially offset by benefits
that VFPL derives from its new management's extensive industry
experience, and the expected improvement in its financial and
business risk profile because of its newly set up single super
phosphate (SSP) plant and support from the government in the form
of price determination and subsidies.

Outlook: Stable

CRISIL believes that VFPL will continue to benefit over the
medium term from its current management's extensive industry
experience and its newly set up SSP plant. The outlook may be
revised to 'Positive' if the company stabilizes operations at its
SSP plant earlier than expected, leading to scaling up of its
operations and, thus, increased cash accruals, while it manages
its working capital efficiently. Conversely, the outlook may be
revised to 'Negative' if VFPL reports deterioration in its
working capital management or faces adverse regulatory change, or
if the company undertakes a larger-than-expected, debt-funded
capital expenditure programme, thereby weakening its financial
risk profile.

                     About Varun Fertilizers

Varun Fertilizers Pvt Ltd, incorporated in 2005, manufactures
nitrogen, phosphorus, and potassium (NPK) and SSP fertilisers.
The company was set up by Mr. Shailesh Solanki and his friends,
and was being managed by Mr. Santosh Dubey. After the demise of
Mr. Dubey, Mr. Shailesh Solanki and his friends sold their share
in the company to Mr. Ashish Tiwari and Mr. Abhishek Tiwari. VFPL
has capacity to manufacture 150,000 tonnes per annum (tpa) of NPK
and has recently installed an SSP plant with capacity of 120,000
tpa.

VFPL reported, on a provisional basis, sales of INR35 million
(estimated) for 2011-12 (refers to financial year, April 1 to
March 31); the company reported a net loss of INR6 million on net
sales of INR9 million for 2010-11, against a net loss of INR2
million on net sales of INR17 million for 2009-10.



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


OLYMPUS CORP: Ordered to Pay US$63 Million in Back Taxes
--------------------------------------------------------
AFP reports the Tokyo Regional Taxation Bureau have ordered
Olympus Corp. to pay about US$63 million in back taxes and
penalties as the disgraced firm tries to recover from a loss
cover-up scandal.

According to AFP, the Nikkei business daily and Jiji Press
reported that the liability is tied to a JPY15 billion (US$188
million) advisory fee that Olympus claimed to have paid during
its 2008 acquisition of British medical equipment maker Gyrus
Group.

AFP relates that reports said the taxation bureau told the camera
and medical equipment maker that it must pay about five billion
yen over the undeclared fee, which was actually part of a bid to
conceal losses at the firm.

Japan's revenue collector said the Gyrus advisory fee did not
qualify as a legitimate expense, the reports, as cited by AFP,
said.

                       About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


OLYMPUS CORP: Loses Court Case Against Japanese Whistleblower
-------------------------------------------------------------
Juro Osawa at The Wall Street Journal reports that Olympus Corp.
lost a court battle against an employee who sued the Japanese
camera maker for retaliating against him after he complained
about actions by his boss, another blow as the company attempts
to recover from a US$1.5 billion accounting scandal.

The Journal relates that the victory by Masaharu Hamada, rare for
a whistleblower in Japan, shed light on flaws in corporate
governance at Olympus. It also raised broader questions about how
effective systems at Japanese companies have been in monitoring
and preventing misdeeds, the report notes.

The Journal says Japan's Supreme Court last week dismissed
Olympus's appeal of a ruling last year by the Tokyo High Court
that ordered the company to pay Mr. Hamada about US$27,500 in
damages.

"This has been a very long battle," Mr. Hamada told the Journal
in a telephone interview. "I hope this will be the first step
toward better governance at Olympus," Mr. Hamada said.

According to the Journal, Mr. Hamada, 51 years old, had alleged
that he was harassed by his boss and was transferred to a less
desirable post after he reported a problem to the company's hot
line in 2007.  The report relates that Mr. Hamada informed the
company via the hot line that his boss was hiring employees from
a client, an action Mr. Hamada deemed inappropriate.

But Olympus's compliance office told Mr. Hamada's boss about the
complaint, and the company reassigned him, Mr. Hamada told the
Journal.

"It is regrettable that our appeal was not accepted, but we take
this decision seriously," the Journal quotes an Olympus spokesman
as saying following the Supreme Court's ruling.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


RENESAS ELECTRONICS: TSMC Denies Plan to Buy Renesas Wafer Plant
----------------------------------------------------------------
The China Post reports that Taiwan Semiconductor Manufacturing
Co. (TSMC) Chairman Morris Chang said Wednesday his company has
no plans to acquire a wafer plant from Renesas Electronics Corp.
of Japan.

According to the Post, Mr. Chang said TSMC, the world's largest
contract chip-maker, has built close business ties with Reneasa
by supplying chips to the Japanese firm, which is the No. 1
microcontroller supplier in the world.

Mr. Chang said, however, that TSMC has no intention to buy a
12-inch wafer plant from the Japanese partner as reported in the
media recently, the Post relates.

Renesas, which has been unprofitable since it was established in
2010, announced a restructuring plan earlier this week which
included a reduction of about 5,000 workers, or 12% of its
workforce, in a bid to turn around its bottom line.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal said.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.



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


DBP: S&P Raises Foreign Currency Issuer Credit Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
currency issuer credit rating on the Development Bank of the
Philippines to 'BB+', while affirming the long-term local
currency rating at 'BB+'. The outlooks on both long-term ratings
are stable. The rating action on DBP is the direct result of the
raising of the long-term foreign currency sovereign credit rating
on the Republic of the Philippines to 'BB+', in view of DBP's
status as a government-related entity with a critical role and
integral link to the sovereign.

DBP plays a critical public policy role in supporting the
economic and social development of the Philippines and has an
integral link to the government. In supporting the government's
development agenda, DBP undertakes a wide range of projects that
it could not have otherwise pursued on a commercial basis.

"Therefore, we believe that there is an "almost certain"
likelihood that the government will provide timely and sufficient
extraordinary support to DBP in the event of financial distress.
In accordance with our criteria for government-related entities,
our rating approach is based on our view of the following DBP
characteristics: "Critical" role as a legally mandated policy
bank supporting national and local governments' social and
economic development agenda in the Philippines; and "Integral"
link as a financial agency of the Philippine government," S&P
said.

"We assess the DBP's stand-alone credit profile as 'b+'. DBP's
stand-alone credit profile reflects the bank's stable
profitability and adequate capitalization, but is constrained by
a narrow sector focus, limited diversification, and exposure to
non-commercial projects. Our overall assessment reflects the
history of capital support and sovereign guarantees by the
national government for DBP's external borrowing. However, the
bank's business profile is constrained by its narrow focus on
corporate and small and midsize enterprise lending, by virtue of
its policy role. DBP's designated mandate is broadly defined as
development financing. Financing for development-oriented
projects accounted for about 90% of the bank's total lending;
commercial lending formed the rest," S&P said.

The stable outlook reflects the stable outlook on the Republic of
Philippines. "We expect the DBP to remain an important instrument
of the government's medium-term development strategy. We also
believe the public policy role of the DBP will not be changed
during this time. Nevertheless, a change in government policy
that reduces the critical role or importance of the DBP could
affect the ratings on DBP," S&P said.


* PHILIPPINES: S&P Raises FC Sovereign Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
currency sovereign credit rating on the Republic of the
Philippines to 'BB+' from 'BB', while affirming the long-term
local currency rating of 'BB+'. The outlooks on both long-term
ratings are stable.  Standard & Poor's also affirmed its 'B'
short-term sovereign credit ratings and 'axBBB+'/axA-2' ASEAN
scale ratings on the Philippines. The transfer and convertibility
assessment (T&C) was changed to 'BBB-' from 'BB+'. In parallel,
Standard & Poor's raised its long-term rating on Philippines'
foreign currency senior unsecured debt to 'BB+' from 'BB'.

"The foreign currency rating upgrade reflects our assessment of
gradually easing fiscal vulnerability, as the government's fiscal
consolidation improves its debt profile and lowers its interest
burden," said Standard & Poor's credit analyst Agost Benard. "The
rating action also reflects the country's strengthening external
position, with remittances and an expanding service export sector
continuing to drive current account surpluses." The ratings on
the Philippines encompass the country's low income level,
evolving political institutions, and challenges in expanding
revenues to meet development needs. These constraints are
balanced by a robust external profile featuring an emerging net-
external-creditor position and strong liquidity ratios, as well
as a track record of moderate economic growth with less
variability than seen in many other countries.

"A high, albeit declining, interest burden constitutes an
additional rating constraint. The interest burden of 13% of
general government revenues is high, largely because revenues
remain low relative to the size of the economy," Mr. Benard said.
"Notably, the government's foreign-currency debt stands at a
relatively high 42% of total, rendering debt service costs and
fiscal outturns susceptible to adverse exchange rate
movements." Low revenue generation owing to a narrow tax base and
high incidence of non-compliance is a related rating constraint
and the key reason for the shortage of basic infrastructure and
public services in the Philippines. A factor supporting the
ratings on the Philippines is the growing strength of the
country's external profile. A long record of current account and
overall balance of payments surpluses has produced a substantial
foreign exchange reserve buffer. Foreign exchange reserves cover
about 10 months of current account payments. "We project ongoing
current account surpluses of about 2% of GDP, based on remittance
inflows from a large and well-diversified expatriate labor force,
and a fast-expanding business process outsourcing industry," Mr.
Benard said.

The Philippines' record of fairly steady economic growth, albeit
low in light of the stage of development, supports our ratings.
We view medium-term growth prospects as more favorable, if
increased political stability stimulates private sector growth,
and the administration's fiscal consolidation program enables
higher levels of public investment.

"Our local currency rating on the Philippines is equalized with
our foreign currency rating partly because the sovereign has
indicated that its global local currency issues are of the same
ranking as the sovereign's other external (and mostly foreign-
currency-denominated) indebtedness. In addition, the domestic
debt market is not as well developed and monetary policy tools
are not quite as effective as in countries where we view the
government as having measurably greater capacity to service local
currency obligations. The stable outlook balances the country's
expected net external creditor status, relatively strong external
liquidity, and signs of improving growth prospects against low
income levels and continuing challenges in fiscal and  structural
reforms," S&P said.

"We expect further rating improvements will likely be driven by
either our appraisal of improving political and institutional
factors or by evidence of a sustainable structural revenue
improvement. Conversely, we may lower the ratings if the
government's commitment to fiscal consolidation weakens,
resulting in rising debt, or if the external liquidity position
deteriorates significantly," S&P said.



================
S R I  L A N K A
================


* SRI LANKA: Fitch Affirms 'BB-' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Sri Lanka's Foreign- and Local-
Currency IDRs at 'BB-'.  The Outlook for both ratings is Stable.
The Country Ceiling has also been affirmed at 'BB-', and the
Short-Term Foreign Currency IDR at 'B'.

"The ratings reflect Fitch's view that the authorities have taken
the appropriate action to correct recent pressure on the balance
of payments and place it on a more sustainable trajectory," said
Philip McNicholas, Director in Fitch's Asia-Pacific Sovereign
Ratings group.  "Given the weakened state of Sri Lanka's external
finances and a heavy external debt refinancing schedule through
to 2013, the authorities' ability to persist with policies that
address existing macroeconomic imbalances and improving external
liquidity is crucial."

Although Sri Lanka was able to record real GDP growth over 8% for
the second consecutive year in 2011, such economic performance,
coupled with policy missteps, resulted in the current account
deficit rapidly widening to 7.8% of GDP from 2.2% in 2010.  This,
in conjunction with deterioration in the external economic
environment and limited currency flexibility, led to balance of
payment pressures and in turn a sharp depletion of foreign
exchange (FX) reserves to USD5.8bn (3.4 months of imports) in
January 2012 from USD8.1bn (equivalent to 5.7 months of imports)
in July 2011.

The pace of deterioration in external buffers, rather than their
level, is Fitch's main focus.  The level of FX reserves meets
with international conventions and does not indicate an immediate
risk of substantial balance of payments stress.  However, Fitch
believes the rapid depletion of FX reserves in H211 has
heightened the vulnerability of the Sri Lankan sovereign credit
profile to a spike in global risk aversion.

Therefore, the resumption of IMF tranche disbursements following
the implementation of policy measures aimed at macroeconomic
rebalancing is a positive development.  More importantly,
measures implemented by the Central Bank of Sri Lanka and the
government since February 2012 have tightened monetary conditions
and could help Sri Lanka to return to a more sustainable GDP
growth trajectory over the long-term.

In the near-term, certain policy measures have resulted in
adverse risks to both growth and inflation that have the
potential to impact policy consistency.  Due to the authorities'
pro-growth bias and the fragile balance of payments, Fitch
believes developments in the coming months warrant close
monitoring.

Fitch notes that the government has been able to rationalise
expenditure and continue consolidation efforts despite lower-
than-expected fiscal revenues.  As a result, the fiscal deficit
(including grants) narrowed to 6.9% of GDP in 2011 from 8% in
2010 and public debt declined to 78.5% of GDP from 81.9%.
Further simplification of the tax system could bolster measures
announced in previous budgets and aid in the attraction of
greater foreign direct investment inflows.

Successful implementation and persistent application of policies
aimed at improving external liquidity, including further monetary
tightening if required, would support the ratings.  Concerted
efforts to persist with fiscal consolidation, by both enhancing
the tax revenue base and rationalising expenditure, in tandem
with lowering public debt would be supportive of Sri Lanka's
ratings.

Conversely, reversal of policy measures leading to further
balance of payment pressure would be negative for the ratings.
Further FX reserve depletion, resulting from domestic policy or
an external shock would likely have the same effect.
Deterioration in public debt and budget deficit ratios owing to
revenue shortfalls and/or failure to rationalise expenditure
would also be negative for the ratings.



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


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

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


AUSTRALIA


AAT CORP LTD               AAT            32.50       -13.46
ALTIUM LTD                 ALU            24.26        -3.62
APN EUROPEAN PRO           AEZ           321.75      -106.88
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BIRON APPAREL LT           BIC            19.71        -2.22
CLARITY OSS LTD            CYO            31.64        -5.75
CNPR GROUP                 CNP        15,483.44      -349.73
MACQUARIE ATLAS            MQA         1,671.52      -842.29
MISSION NEWENER            MBT            22.05       -27.72
NATIONAL LEISURE           NLG           154.59       -34.49
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORN            10.91        -0.31
RANGE RIVER GOLD           RNG            13.53       -22.79
RENISON CONSOLID           RSN            10.15       -22.74
RENISON CONSO-PP           RSNCL          10.15       -22.74
RIVERCITY MOTORW           RCY           386.88      -809.14
STERLING BIOFUEL           SBI            31.12        -7.52
SVC GROUP LTD              SVC            13.47        -1.66


CHINA

ACHENG RELAY-A             922            54.63        -0.83
ANHUI GUOTONG-A            600444         72.38        -2.15
BAOCHENG INVESTM           600892         38.24        -4.15
CHANG JIANG-A              520         1,396.09        -3.63
CHENGDE DALU -B            200160         35.27        -4.01
CHENGDU UNION-A            693            29.46       -22.21
CHINA KEJIAN-A             35            100.91      -192.82
CONTEL CORP LTD            CTEL           59.32       -45.72
DONGXIN ELECTR-A           600691         13.73       -28.65
GUANGDONG ORIE-A           600988         14.53        -3.97
GUANGXIA YINCH-A           557            64.02       -81.42
GUANGZHOU IRON-A           600894        542.50       -70.92
HEBEI BAOSHUO -A           600155        110.77       -78.03
HEBEI JINNIU C-A           600722        250.44       -85.87
HUASU HOLDINGS-A           509            91.19       -18.53
HUNAN ANPLAS CO            156            48.17       -43.11
HUNAN TIANYI-A             908            65.87        -1.55
JILIN PHARMACE-A           545            30.17        -6.95
JINCHENG PAPER-A           820           179.74      -114.18
QINGDAO YELLOW             600579        188.23       -59.95
SHANDONG DACHE-A           600882        206.33       -10.84
SHANDONG HELON-A           677           860.38      -154.31
SHANG BROAD-A              600608         43.41        -6.72
SHANXI GUANLU-A            831           299.13        -7.60
SHENZ CHINA BI-A           17             21.55      -267.13
SHENZ CHINA BI-B           200017         21.55      -267.13
SHENZ INTL ENT-A           56            281.74       -60.20
SHENZ INTL ENT-B           200056        281.74       -60.20
SHIJIAZHUANG D-A           958           213.66      -111.34
SICHUAN GOLDEN             600678        152.07       -87.92
TAIYUAN TIANLO-A           600234         64.35       -10.61
TIANJIN MARINE             600751         86.23       -89.05
TIANJIN MARINE-B           900938         86.23       -89.05
TIBET SUMMIT I-A           600338         71.21        -8.42
TOPSUN SCIENCE-A           600771        129.64      -106.79
WUHAN BOILER-B             200770        255.82      -182.03
WUHAN LINUO SOLA           600885         97.03       -23.36
XIAMEN OVERSEA-A           600870        214.41      -136.52
XIAN HONGSHENG-A           600817         15.81      -278.59
XINJIANG CHALK-A           972           693.71        -4.07
YANBIAN SHIXIA-A           600462         96.06      -134.10
YIBIN PAPER IN-A           600793        131.24        -4.84
YOUCAN FOODS INT           YCAN          102.82        -9.02
YUEYANG HENGLI-A           622            32.62       -25.60


HONG KONG

BEP INTL HLDGS L           2326           11.98        -1.14
BUILDMORE INTL             108            16.57       -57.57
CHINA HEALTHCARE           673            46.24        -3.08
CHINA OCEAN SHIP           651           408.06       -51.68
CHINA SEVEN STAR           245            90.25        -2.25
CNI 23 INT'L               611            68.05       -67.58
CROSBY CAPITAL             8088           25.70       -17.43
CYPRESS JADE               875            38.61       -10.78
FIRST NTUL FOODS           1076           17.14       -56.90
FU JI FOOD & CAT           1175           73.43      -389.20
ICUBE TECHNOLOGY           139            25.54        -2.12
MELCOLOT LTD               8198           39.21       -76.03
MITSUMARU EAST K           2358           24.72       -18.95
PALADIN LTD                495           175.99       -12.97
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            15.64       -34.61
SUNCORP TECH LTD           1063           11.78        -8.30
SUNLINK INTL HLD           2336           15.63       -36.91
SURFACE MOUNT              SMT            86.34        -8.13
U-RIGHT INTL HLD           627            10.86      -204.99


INDONESIA

ARPENI PRATAMA             APOL          466.54      -308.89
ASIA PACIFIC               POLY          386.26      -814.44
ERATEX DJAJA               ERTX           17.57       -10.49
HANSON INTERNATI           MYRX           96.12        -0.89
HANSON INT-PREF            MYRXP          96.12        -0.89
JAKARTA KYOEI ST           JKSW           31.61       -44.38
MATAHARI DEPT              LPPF          196.31      -290.04
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.57       -20.41
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           10.65       -20.85
SUMALINDO LESTAR           SULI          180.19        -1.15
TOKO GUNUNG AGUN           TKGA           12.27        -0.93
UNITEX TBK                 UNTX           18.41       -18.45


INDIA

ALPS INDUS LTD             ALPI          288.11        -7.01
AMIT SPINNING              AMSP           20.43        -1.96
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          191.87       -68.03
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CELEBRITY FASHIO           CFLI           36.61        -6.76
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.03       -18.42
DISH TV INDI-SLB           DITV/S        517.03       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            12.15       -15.81
GANESH BENZOPLST           GBP            49.24       -21.14
GEM SPINNERS LTD           GEMS           14.58        -1.16
GSL INDIA LTD              GSL            29.86       -42.42
HARYANA STEEL              HYSA           10.83        -5.91
HENKEL INDIA LTD           HNKL           69.07       -31.72
HIMACHAL FUTURIS           HMFC          406.63      -210.98
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           15.21        -3.78
HMT LTD                    HMT           133.66      -500.46
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JAGSON AIRLINES            JGA            11.31        -0.41
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             18.05       -86.40
JIK INDUS LTD              KFS            20.63        -5.62
JOG ENGINEERING            VMJ            50.08       -10.08
KALYANPUR CEMENT           KCEM           33.31       -30.53
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KRAP           13.97        -1.69
KIDUJA INDIA               KDJ            14.85        -1.71
KINGFISHER AIR             KAIR        1,935.94      -661.89
KINGFISHER A-SLB           KAIR/S      1,935.94      -661.89
KITPLY INDS LTD            KIT            37.68       -45.35
LLOYDS FINANCE             LYDF           21.65       -11.39
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            65.26       -56.77
MADRAS FERTILIZE           MDF           143.14       -99.28
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS          110.32       -14.04
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            38.41        -0.45
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           32.23       -71.91
NK INDUS LTD               NKI           141.35        -7.71
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIRAMAL LIFE SC            PLSL           51.20       -64.85
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           425.22       -21.31
RELIANCE MED-SLB           RMW/S         425.22       -21.31
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           18.88       -81.42
SADHANA NITRO              SNC            18.21        -0.73
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE KRISHNA              SHKP           19.89        -0.71
SHREE RAMA MULTI           SRMT           62.15       -42.08
SIDDHARTHA TUBES           SDT            75.90       -11.45
SOUTHERN PETROCH           SPET          407.16      -200.86
SQL STAR INTL              SQL            10.58        -3.28
STELCO STRIPS              STLS           14.90        -5.27
STERLING HOL RES           SLHR           66.77        -2.85
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA ADV             SPADV          17.41       -13.07
SUPER FORGINGS             SFS            17.83        -6.37
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TOTAL EXPORTS              TTL         1,069.83      -154.99
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           19.13       -16.31
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIMERS INDIA LT           HDU            18.05        -5.87
UNITED BREWERIES           UB          3,067.32      -137.09
UNIWORTH LTD               WW            169.51      -155.79
UNIWORTH TEXTILE           FBW            20.57       -37.60
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08
WIRE AND WIRELES           WNW           110.69       -14.26


JAPAN

CREST INVESTMENT           2318           65.01        -3.55
HIMAWARI HD                8738          412.87       -13.56
ISHII HYOKI CO             6336          151.15       -28.05
KANMONKAI CO LTD           3372           59.00       -10.08
L CREATE CO LTD            3247           42.34        -9.15
MEIHO ENTERPRISE           8927           80.76       -11.33
MISONOZA THEATRI           9664           71.18        -4.66
NIS GROUP CO LTD           8571          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
TOYO KNIFE CO              5964           75.99        -3.68
WORLD LOGI CO              9378          119.36        -2.48


KOREA

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


MALAYSIA

HAISAN RESOURCES           HRB            46.16        -3.53
HO HUP CONSTR CO           HO             48.52       -13.65
LINEAR CORP BHD            LINE           14.01        -6.45
LUSTER INDUSTRIE           LSTI           18.37        -7.57
MITHRIL BHD                MITH           23.78        -5.65
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZELAND

NZF GROUP LTD              NZF NZ Eq     142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.31      -100.17
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           164.26       -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA            18.83        -9.25
HL GLOBAL ENTERP           HLGE           89.50       -11.36
LINDETEVES-JACOB           LJ             25.10        -8.96
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TT INTERNATIONAL           TTI           232.83       -79.27


THAILAND

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


TAIWAN

BEHAVIOR TECH CO           2341S          30.60        -1.13
BEHAVIOR TECH CO           2341           30.60        -1.13
BEHAVIOR TECH-EC           2341O          30.60        -1.13
CHIEN TAI CEMENT           1107          203.00       -60.11
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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