TCRAP_Public/120710.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

            Tuesday, July 10, 2012, Vol. 15, No. 136

                            Headlines


A U S T R A L I A

AUSTRALIAN-CANADIAN OIL: Posts US$69,900 Net Loss in Q1 2012
QUEENSLAND RUGBY: Placed Into Liquidation Amid Financial Trouble
SANDRINGHAM HOTEL: Ferrier Hodgson Appointed as Receivers
SEAPORT PTY: Court Nixes Saraceni's Bid to Challenge ASIC Probe


C H I N A

CHINA CEETOP.COM: Posts $238,300 Net Loss in Q1 2012
CHINA TEL GROUP: Ironridge Global Discloses 9.9% Equity Stake
HORIZON LINES: Board Grants CEO 3-Mil. Restricted Stock Units
LDK SOLOAR: Exec. Director Y. Shao Resigns for Personal Reasons
SHENGDATECH INC: U.S. Plan Hearing Scheduled for Aug. 30


H O N G  K O N G

GOLDFULL CENTURY: Court to Hear Wind-Up Petition on July 25
JADE FIELD: Court to Hear Wind-Up Petition on July 25
LANDWIDE TEXTILES: Creditors Get 100% Recovery on Claims
LEHMAN BROTHERS: Creditors Get 9% Recovery on Claims
M & T INTERNATIONAL: Creditors Get 100% Recovery on Claims

NFY NURSERY: Briscoe and Cosimo Step Down as Liquidators
PACON DEVELOPMENT: Court to Hear Wind-Up Petition on July 25
TEH FENG: Court to Hear Wind-Up Petition on July 18
TEH FENG SHING: Court to Hear Wind-Up Petition on July 18
VIEW BRIGHT: Contributories and Creditors to Meet on July 31


I N D I A

BANSAL OVERSEAS: CRISIL Cuts Rating on INR80MM Loans to 'BB-'
BHASIN INFOTECH: CRISIL Rates INR1.2BB Loan at 'CRISIL D'
CAPITAL METERS: Fitch Affirms Nat'l Long-Term Rating at 'B'(ind)
CAPITAL POWER: Fitch Affirms Nat'l Long-Term Rating at 'B+'(ind)
DHARAMPAL PREMCHAND: CRISIL Cuts Rating on INR1.62BB Loan to 'D'

EMINENT INFRADEVELOPERS: CRISIL Rates INR160MM Loan at 'CRISIL D'
INDUS PROJECTS: Fitch Assigns 'BB(ind)' National LT Rating
JAGRUTHI EDUCATIONAL: CRISIL Cuts Rating on INR80MM Loans to 'D'
MITTATEX EXPORTS: Delay in Loan Payment Cues CRISIL Junk Ratings
K.B. ZAVERI: CRISIL Upgrades Rating on INR210MM Loan to 'B'

KINGFISHER AIRLINES: Lenders Want Brand Revaluation
NORTHERN POWER: CRISIL Cuts Rating on INR4.75BB Loan to 'D'
NV DISTILLERIES: Delay in Loan Payment Cues CRISIL Junk Ratings
PCH LIFESTYLE: CRISIL Cuts Rating on INR350MM Loans to 'D'
SAMALESWARI EDUCATION: CRISIL Rates INR178MM Term Loan at 'D'

SHAKUN GASES: CRISIL Puts 'CRISIL B' Rating on INR30MM Loan
SYNTHTRIX PHARMALABS: CRISIL Puts 'D' Rating on INR100MM Loans
UDAY KUMAR: CRISIL Assigns 'CRISIL B+' Rating to INR40MM Loans
VINAYAK EXTRUSIONS: CRISIL Rates INR65MM Loan at 'CRISIL B+'


J A P A N

CLAVIS CO: Files For Bankruptcy in Japan
SANKO STEAMSHIP: Chapter 15 Case Summary


K O R E A

GANGWON DOMIN: Seized Supercars Up for Sale


N E W  Z E A L A N D

HAWKINS CONSTRUCTION: Placed Aussie Unit Into Administration
NATIONAL FINANCE: Former Director Granted Jury Trial


P H I L I P P I N E S

RURAL BANK OF BADIANGAN: Placed Under PDIC Receivership


S I N G A P O R E

BCS TRADING: Court to Hear Wind-Up Petition July 20
BORDERS PTE: Creditors' Meeting Set for July 18
EXPRESSIONS INTL: Hearing on Judicial Management Bid Set July 18
MITRA HEALTHCARE: Court to Hear Wind-Up Petition July 13
PRESTIGE MARINE: Creditors' Meeting Set for July 13

RICHFIELD INNOVATIONS: Creditors Get 1.00% Recovery on Claims
SCA CREATIVE: Creditors' Proofs of Debt Due July 17


T H A I L A N D

EXPORT-IMPORT BANK: Moody's Repositions Stand-Alone BCA to 'ba3'


X X X X X X X X

* BOND PRICING: For the Week July 2 to July 6, 2012


                            - - - - -


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A U S T R A L I A
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AUSTRALIAN-CANADIAN OIL: Posts US$69,900 Net Loss in Q1 2012
------------------------------------------------------------
Australian-Canadian Oil Royalties Ltd. filed its quarterly report
on Form 10-Q, reporting a net loss of US$69,878 on US$19,781 of
oil and gas revenues for the three months ended March 31, 2012,
compared with a net loss of US$40,971 on US$33,100 of oil and gas
revenues for the same period last year.

The Company's balance sheet at March 31, 2012, showed
US$10.85 million in total assets, US$3.62 million in total
current liabilities, and stockholders' equity of US$7.23 million.

As reported in the TCR on April 16, 2012, KWCO, P.C., in Odessa,
Texas, expressed substantial doubt about Australian-Canadian Oil
Royalties' 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 has suffered
recurring losses from operations and has limited capital
resources.

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

                        http://is.gd/nEqS9d

Cisco, Texas-based Australian-Canadian Oil Royalties Ltd. was
incorporated in British Columbia, Canada, in April of 1997.  The
business of ACOR during 2011 was to work on its existing Working
Interest projects as well as study the oil and gas exploration
acreage available in Australia in basins that demonstrate a high
probability of success with the maximum rate of return for
dollars invested.


QUEENSLAND RUGBY: Placed Into Liquidation Amid Financial Trouble
----------------------------------------------------------------
Tony Keim at The Courier-Mail reports that the Queensland Rugby
Club has been placed into liquidation because it is in dire
financial trouble and unable to pay its debts.

The Courier-Mail relates that the Brisbane Supreme Court was told
the board of Queensland Rugby Union Club Incorporation -- who
will have resigned their positions by "the close of business"
Monday -- had requested the club be placed in the hands of
"liquidators."

Justice Margaret Wilson on Monday granted an order allowing for
the appointment of liquidators, the report relays.

According to the report, Barrister Nick Humzy-Hancock, for the
QRC, said the club "has no ability to trade", such is its dire
financial situation.

"We submit it (the QRC) is likely to become insolvent very soon,"
the report quotes Mr. Humzy-Hancock as saying.  "And that's why
this board has decided to cease trading."

The Courier-Mail relates that Mr. Humzy-Hancock said the
immediate appointment of liquidators would protect the interests
of those most likely to suffer a disadvantage that is its
creditors -- as a result of the club's winding up.

The Courier-Mail says reports of the club's imminent demise began
to circulate last week when its AUD13 million Rugby Quay venue,
in Brisbane's CBD riverside precinct, closed its doors without
explanation.


SANDRINGHAM HOTEL: Ferrier Hodgson Appointed as Receivers
---------------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com.au -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed as
receivers and managers to the assets and undertakings of the
Townsend Hotel Management Pty Limited and Tony Townsend Pty
Limited, trading as the Sandringham Hotel, on July 9, 2012, by
Bank of Western Australia Limited the holder of a fixed and
floating charge.

Mr. Kelly said the Sandringham Hotel business would continue to
trade on an as-usual basis, and for the foreseeable future would
maintain its vital role in Sydney's live music scene.

He said certain sectors of the hotel market are struggling in the
current environment.

"I will be conducting an urgent assessment of operations and
considering the best options for taking the business to market,"
Mr. Kelly said. "We'll have a better understanding of the
market's appetite for this asset in coming weeks."

The Sandringham Hotel is an iconic Sydney live music venue. The
126-year old hotel is located at the busy end of King Street, in
Newtown.


SEAPORT PTY: Court Nixes Saraceni's Bid to Challenge ASIC Probe
---------------------------------------------------------------
Martin Jones of Ferrier Hodgson, one of the Receivers & Managers
of a number of companies associated with Luke Saraceni, has
welcomed the decision of the Federal Court to throw out
Mr. Saraceni's challenge to ASIC's authorisation of the Receivers
to conduct a public examination of the Perth property developer.

On the application of the Receivers earlier last year, the
Supreme Court of WA made orders for the public examination of Mr.
Saraceni, as a director of Seaport Pty Ltd, Newport Securities
Pty Ltd and Mayport Nominees Pty Ltd. Mr. Saraceni made an
unsuccessful challenge to those orders on constitutional grounds
when the WA Court of Appeal dismissed his challenge earlier this
year. The Federal Court challenge is a separate challenge brought
by Mr. Saraceni to avoid being publicly examined.

Mr. Jones said: "We welcome the decision as it helps to clear the
way for public examinations to ultimately proceed against Luke
Saraceni and others, and will enable us to further investigate
matters concerning the conduct and management of the companies."

Mr. Jones said a highly technical argument was raised by Mr.
Saraceni in an attempt to avoid attending the public
examinations.

In January 2011, Ferrier Hodgson partners were appointed
Receivers & Managers or agents for the mortgagee in possession of
the following Luke Saraceni-related companies and assets:

   * Seaport Pty Ltd - the appointment is over the asset known
     as the Bayside City Plaza, a Warrnambool shopping centre;

   * Newport Securities Pty Ltd - the appointment is over a
     40-hectare property, the site of Saracen Estates and the
     Duckstein Brewery in the Margaret River region, south of
     Perth; and

   * Mayport Nominees Pty Ltd - the appointment is over
     property consisting of strata retail units in Spearwood,
     Perth.



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CHINA CEETOP.COM: Posts $238,300 Net Loss in Q1 2012
----------------------------------------------------
China Ceetop.com, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $238,299 on $1.31 million of sales for
the three months ended March 31, 2012, compared with a net loss
of  $393,458 on $3.45 million of sales for the same period last
year.

The Company's balance sheet at March 31, 2012, showed
$1.23 million in total assets, $457,858 in total current
liabilities, and stockholders' equity of $776,737.

As reported in the TCR on April 23, 2012, Clement C. W. Chan &
Co., in Hong Kong, expressed substantial doubt about China
Ceetop.com'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 incurred a net
loss of $1.65 million for the year ended Dec. 31, 2011, and has
an accumulated deficit of $4.32 million at Dec. 31, 2011.

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

                       http://is.gd/ty2Z7g

Shenzhen, China-based China Ceetop.com, Inc., an Oregon-
registered corporation, is a leading Business-to-Consumer ("B2C")
e-commerce company.  The Company owns and operates the online
platform http://www.ceetop.com/

The Company mainly focuses on selling Computers/
Communications/Consumer products online and providing a trading
information platform for both buyers and sellers as software as a
service.  The Company carries a wide range of products in
assorted categories, including mainstream digital products, home
appliances, kitchen appliances, personal care, and lifestyle
products, etc. under well-known international and Chinese brands.


CHINA TEL GROUP: Ironridge Global Discloses 9.9% Equity Stake
-------------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, Ironridge Global IV, Ltd., and its
affiliates disclosed that, as of July 3, 2012, they beneficially
own 117,000,000 shares of common stock of Velatel Global
Communications, Inc., formerly known as China Tel Group, Inc.,
representing 9.99% of the shares outstanding.  A copy of the
filing is available at http://is.gd/uY9BsD

                          About China Tel

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

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

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

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


HORIZON LINES: Board Grants CEO 3-Mil. Restricted Stock Units
-------------------------------------------------------------
The Board of Directors of Horizon Lines, Inc., granted Samuel A.
Woodward, the Company's President and Chief Executive Officer,
3,000,000 restricted stock units.  The grant was made pursuant to
the employment agreement between Mr. Woodward and the Company.
One half (1,500,000) of the RSUs will vest on the following dates
if Mr. Woodward remains in continuous employment with the
Company:

   -- 250,000 RSUs on Dec. 31, 2012;

   -- 500,000 RSUs on Dec. 31, 2013;

   -- 500,000 RSUs on Dec. 31, 2014; and

   -- 250,000 RSUs on June 30, 2015.

The other half (1,500,000) of the RSUs will vest on the following
dates if Mr. Woodward remains in continuous employment with the
Company and certain performance goals established by the Board or
the Compensation Committee have been met:

   -- 250,000 RSUs on Dec. 31, 2012;

   -- 625,000 RSUs on Dec. 21, 2013; and

   -- 625,000 RSUs on Dec. 31, 2014.

If any of the performance based RSUs do not vest on their
assigned performance date solely because the performance goals
are not met, then those RSUs will remain outstanding and will be
eligible to vest on subsequent performance dates to the extent
performance goals are established and met for that subsequent
year.  All of the RSUs carry dividend equivalent rights.

If Mr. Woodward's employment is terminated as a result of his
death or disability, Mr. Woodward's time-based RSUs will
immediately vest and become payable, and Mr. Woodward's
performance based RSUs will pro-ratably vest for the year in
which his employment terminates, contingent upon performance goal
achievement for that year.

If Mr. Woodward's employment is terminated by the Company without
cause or if he terminates his employment for good reason, a pro-
rata portion of Mr. Woodward's unvested, time-based RSUs that
would have vested at the end of the year of the termination will
immediately vest and become payable, and Mr. Woodward's
performance based RSUs will pro-ratably vest for the year in
which his employment terminates, contingent upon performance goal
achievement for that year.  In the event of a change of control
of the Company, all of Mr. Woodward's unvested time-based RSUs
and his unvested performance based RSUs will vest immediately and
be paid at the time of the change of control.

                        About Horizon Lines

Charlotte, N.C.-based Horizon Lines, Inc. (NYSE: HRZ) is the
nation's leading domestic ocean shipping and integrated logistics
company.  The Company owns or leases a fleet of 20 U.S.-flag
containerships and operates five port terminals linking the
continental United States with Alaska, Hawaii, Guam, Micronesia
and Puerto Rico.  The Company provides express trans-Pacific
service between the U.S. West Coast and the ports of Ningbo and
Shanghai in China, manages a domestic and overseas service
partner network and provides integrated, reliable and cost
competitive logistics solutions.

Horizon Lines reported a net loss of $229.41 million in 2011, a
net loss of $57.97 million in 2010, and a net loss of
$31.27 million in 2009.

                          Refinancing

The Company was not in compliance with the maximum senior secured
leverage ratio and the minimum interest coverage ratio under its
Senior Credit Facility at the close of its third fiscal quarter
ended Sept. 25, 2011.  Non-compliance with these financial
covenants constituted an event of default, which could have
resulted in acceleration of the maturity.  None of the
indebtedness under the Senior Credit Facility or Notes was
accelerated prior to the completion of a comprehensive
refinancing on Oct. 5, 2011.

The Senior Credit Facility and 99.3% of the 4.25% Convertible
Senior Notes were repaid as part of the refinancing.  In
addition, as a result of the completion of the refinancing, the
short-term obligations under the Senior Credit Facility, the
Notes and the Bridge Loan have been classified as long-term debt.

As a result of the efforts to refinance the Company's debt and
the 2011 amendments to the Senior Credit Facility, the Company
paid $17.3 million in financing costs and recorded a loss on
modification of debt of $0.6 million during 2011.

The Company's balance sheet at March 25, 2012, showed
$640.74 million in total assets, $828.54 million in total
liabilities, and a $187.79 million total stockholders'
deficiency.

                         *     *     *

As reported by the TCR on Aug. 26, 2011, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
Horizon Lines Inc. to 'SD' from 'CCC'.

The rating action on Horizon Lines follow the company's decision
to defer the interest payment on its $330 million senior
convertible notes due August 2012, exercising the 30-day grace
period.  "Under our criteria, we view failure to make an interest
payment within five business days after the due date for
payment a default, regardless of the length of the grace period
contained in an indenture," said Standard & Poor's credit analyst
Funmi Afonja.


LDK SOLOAR: Exec. Director Y. Shao Resigns for Personal Reasons
---------------------------------------------------------------
LDK Solar Co., Ltd., announced that Mr. Yonggang Shao, an
Executive Director and Executive Vice President of Corporate
Strategy at LDK Solar, resigned for personal reasons, effective
June 30, 2012.  Effective immediately, Mr. Shao will serve as
Chairman Peng's consultant under a new agreement.

The resignation of Mr. Shao does not affect the composition of
the Audit, Compensation or Nominating and Corporate Governance
Committees of LDK Solar's Board.

Mr. Xiaofeng Peng, Chairman and CEO of LDK Solar, stated: "We are
grateful to Yonggang Shao for his valuable service during his
tenure with the company.  We wish him well in his future
endeavors.  I am confident that Mr. Shao will continue to
contribute his expertise to LDK Solar as he switches his role to
the Chairman's consultant going forward."

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report
there is substantial doubt on the ability of LDK Solar Co., Ltd.
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

The Company's balance sheet at March 31, 2012, showed US$6.63
billion in total assets, US$5.96 billion in total liabilities,
US$228.21 million in redeemable non-controlling interests and
US$447.32 million in total equity.


SHENGDATECH INC: U.S. Plan Hearing Scheduled for Aug. 30
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will convene
a hearing on Aug. 30, 2012, at 10 a.m., to consider the
confirmation of Shengdatech, Inc.'s First Amended Plan of
Reorganization dated June 20, 2012.  Objections, if any, are due
Aug. 16, at 4 p.m.

Ballots accepting or rejecting the Plan are due Aug. 16.

The Court also set Aug. 2, at 4 p.m., as the deadline for filing
of claims estimation motions.

On June 25, the Court approved the Disclosure Statement as
containing adequate information in accordance with Section 1125
of the Bankruptcy Code.

According to the Amended Disclosure Statement, the Plan terms
these claims treatment:

    Class 1 Other Priority Claims and Class 2 Secured Claims will
    receive full payment on account of their allowed claims.

    General Unsecured Claims will receive greater than 1%
    on account of their allowed claims.

    Class 4 Noteholders' Securities Claims and Class 5
    Shareholders' Securities Claims will receive 0% or greater on
    account of their allowed claims.

A full-text copy of the Amended Disclosure Statement is available
for free at:

      http://bankrupt.com/misc/SHENGDATECH_INC_ds_1amended.pdf

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.



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

The Commissioner of Inland Revenue filed the petition against the
company on May 10, 2012.

The Petitioner's solicitors are:

          Fanny Fung
          Government Counsel
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


JADE FIELD: Court to Hear Wind-Up Petition on July 25
-----------------------------------------------------
A petition to wind up the operations of Jade Field Holdings
Limited will be heard before the High Court of Hong Kong on
July 25, 2012, at 9:30 a.m.

Leung Lam Chung filed the petition against the company on May 22,
2012.

The Petitioner's solicitors are:

          Y.H. Yeung and Associates
          Unit 2008, 20th Floor
          Saxon Tower, 7 Cheung Shun Street
          Lai Chi Kok, Kowloon
          Hong Kong


LANDWIDE TEXTILES: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Landwide Textiles Limited, which is in creditors' voluntary
liquidation, declared the first and final dividend to its
creditors on or after July 6, 2012.

The company paid 100% for preferential claims.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


LEHMAN BROTHERS: Creditors Get 9% Recovery on Claims
----------------------------------------------------
Lehman Brothers Asia Holdings Limited, which is in liquidation,
will declare the third and interim dividend to its creditors on
July 13, 2012.

The company will pay 9% for ordinary claims.

The company's liquidators are:

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


M & T INTERNATIONAL: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
M & T International Limited, which is in creditors' voluntary
liquidation, will declare the first and final dividend to its
creditors on July 18, 2012.

The company will pay 100% for the final preferential and 0.5% for
the first ordinary claims.

The company's liquidator is:

         Lau Siu Hung
         Room 1909-10, 19/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


NFY NURSERY: Briscoe and Cosimo Step Down as Liquidators
--------------------------------------------------------
Stephen Briscoe and Cosimo Borrelli stepped down as liquidators
of NFY Nursery Limited on Feb. 15, 2012.


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

The Commissioner of Inland Revenue filed the petition against the
company on May 21, 2012.

The Petitioner's solicitors are:

          Simone Leung
          Government Counsel
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


TEH FENG: Court to Hear Wind-Up Petition on July 18
---------------------------------------------------
A petition to wind up the operations of Teh Feng Shing (China)
Company Limited will be heard before the High Court of Hong Kong
on July 18, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Wong, Fung & Company
          10th Floor, Far East Consortium Building
          No. 121 Des Voeux Road
          Central, Hong Kong


TEH FENG SHING: Court to Hear Wind-Up Petition on July 18
---------------------------------------------------------
A petition to wind up the operations of Teh Feng Shing Company
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Wong, Fung & Company
          10th Floor, Far East Consortium Building
          No. 121 Des Voeux Road
          Central, Hong Kong


VIEW BRIGHT: Contributories and Creditors to Meet on July 31
------------------------------------------------------------
Contributories and creditors of View Bright Limited will hold
their first meetings on July 31, 2012, at 2:30 p.m., and
3:00 p.m., respectively at Room 1704, 17th Floor, 625 King's
Road, North Point, in Hong Kong.

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



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BANSAL OVERSEAS: CRISIL Cuts Rating on INR80MM Loans to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded the long-term rating on the bank facilities
of Bansal Overseas to 'CRISIL BB-/Stable' from 'CRISIL BB/Stable'
while the short term rating has been reaffirmed at 'CRISIL A4+'

                      Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL BB-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Standby Line of        40       CRISIL BB-/Stable (Downgraded
   Credit                          from 'CRISIL BB/Stable')

   Export Packing        160       CRISIL A4+ (Reaffirmed)
   Credit

The downgrade reflects the weakening in BOV's financial risk
profile, particularly its capital structure and liquidity on
account of withdrawal of capital by the partners and increased
working capital intensity. The partners withdrew capital to the
tune of INR24.6 million in 2010-11 to fund other unrelated
ventures. Though there has been capital infusion in 2012 gearing
continues to remain high, estimated at well over 3 times as on
March 31, 2012 amid continued stretch in working capital
requirements. Composition of revenues being majorly from export
orders which have higher receivables period, the firm has been
regularly overdrawing its bank limits.

The ratings continue to reflect BOV's promoter's experience, and
healthy growth prospects for the basmati rice industry. These
rating strengths are partially offset by BOV's exposure to risks
related to small scale of operations, large working capital
requirements leading to below average financial risk profile,
fluctuations in rainfall, and adverse regulatory changes.

Outlook: Stable

CRISIL believes that Bansal Overseas will continue to benefit
from its promoter's long standing presence in rice industry and
healthy overseas demand for Basmati rice. The outlook may be
revised to 'Positive' if the firm's net cash accruals increase
significantly along with considerable improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if BOV's capital structure deteriorates further due to
unanticipated withdrawal by partners or further stretch in
working capital requirements leads to further deterioration in
its liquidity profile.

                        About Bansal Overseas

BOV was set up as a partnership firm in 1995 by Mr. Satya Pal
Bansal and his family. The firm undertakes rice milling and rice
shelling activities at its plant in Karnal (Haryana). The firm
has an installed capacity to produce 150 tonnes of rice per day
and has the current utilization of around 85 per cent. The firm
mainly exports to the Middle East, while the remainder is sold to
domestic market in Haryana, Gujarat, and Maharashtra. The firm
markets rice in the domestic market under its own brand name,
Marshal and Rice Queen, and exports under the buyer's brand.

BOV reported a book profit of INR9.5 million on net sales of
INR813 million for 2010-11 (refers to financial year, April 1 to
March 31), against a book profit of INR11.5 million on net sales
of INR839 million for 2009-10. On a provisional basis, the firm
has reported book profit of INR8 million for 2011-12 on net sales
of INR1 billion.


BHASIN INFOTECH: CRISIL Rates INR1.2BB Loan at 'CRISIL D'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Bhasin Infotech and Infrastructure Pvt Ltd.  The
rating reflects instances of delay by BIIPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              1200        CRISIL D (Assigned)

BIIPL is also susceptible to implementation and demand risks
associated with the project. This rating weakness is partially
offset by BIIPL's experienced external contractors and
consultants.

Bhasin Infotech and Infrastructure Pvt Ltd was incorporated by
Mr. SS Bhasin in 2006 to construct a shopping mall in Greater
Noida (Uttar Pradesh) named, Grand Venezia, on a 1.50-million
square feet (sq ft) area. In 2009, the scope of the project was
extended to include a commercial complex with a total area of 2-
million sq ft. The total cost of the project is INR5300 million,
which is being funded in a debt-equity mix of 0.8:1 (excluding
customer advances). The promoters are also executing a hotel
project under a 100 per cent subsidiary of BIIPL, Grand Venezia
Developers Pvt Ltd, on a land adjoining the Grand Venezia
project; the promoters have tied up with Sheraton for their hotel
project. The hotel project is expected to cost INR1800 million,
proposed to be funded in a debt-equity mix of 2.6:1. The project
is expected to be completed by March 2013.

The promoters are primarily engaged in dealership of two-wheelers
and four-wheelers manufactured by Honda, Volkswagen, and Mahindra
& Mahindra in the Delhi-National Capital Region and incorporated
BIIPL to diversify the group's revenue stream.


CAPITAL METERS: Fitch Affirms Nat'l Long-Term Rating at 'B'(ind)
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Capital Meters Limited's
National Long-Term Rating at 'Fitch B(ind)'.  The Outlook is
Stable.

The ratings continue to reflect CML's small size of operations
due to the tender book-based nature of its business.  Provisional
results for FY12 (year end March) indicate revenue of INR157m
(FY11: INR111m; FY10: INR109.2m).  The ratings also reflect low
revenue visibility for the short-term as demonstrated by CML's
small order book position of INR89.6m as at May 2012 (0.54x of
FY12 revenue).  CML remains vulnerable to order cyclicality and
potential delays in installation and commissioning by its
customers.

The ratings continue to be constrained by CML's low interest
coverage (operating EBITDA/gross interest) of 1.68x in FY11
(FY10: 1.2x) and high adjusted net financial leverage (total
adjusted net debt/operating EBITDAR) of 33.2x (29.2x).  Credit
metrics for FY12 are likely to remain around FY11 levels.  The
weak credit metrics is a result of the company's high working
capital intensive nature of business and moderate EBITDA margins.
The latter declined to 7.6% (provisional) in FY12 (FY11: 9.6%;
FY10: 10.9%).

The ratings also factor in CML and its group company (Capital
Power Systems Limited, 'Fitch B+(ind)'/Stable) having cross-
guaranteed each other's working capital debt.  The two entities
are in the same line of business.

Fitch also notes high customer concentration risk as 60.7% of
CML's total revenue came from its top five customers in FY12 and
high counterparty risk due to moderate to weak financial position
of its customers, mostly state electricity boards (SEBs) and stat
power utilities (SPUs).  This risk is, however, partly mitigated
by CML products being supplied under government sponsored schemes
- Rajiv Gandhi Gramin Vidyutikaran Yojana/Re-structured
Accelerated Power Development and Reform Programme.

CPSL's ratings, however, benefit from its founder's 20 years of
experience in manufacturing electromechanical and electronic
meters under the "Capital" brand name for various SPUs and SEBs.

Positive rating action may result from a sustainable increase in
CML's size along with stable capacity utilisation levels and
operating EBITDA margins.  Conversely, an inability to reduce the
high working capital intensity or a decline in EBITDA margins
leading to a decline in interest coverage may result in negative
rating action.

Incorporated in 1985, CML is a Noida-based company with a
production capacity of 1.3 million meters and 0.5 million meter
boxes in a year.

Rating actions on CML's instruments:

  -- INR25m fund-based working capital bank limits (reduced from
     INR35m): affirmed at National Long-Term 'Fitch B(ind)' and
     National Short-Term 'Fitch A4(ind)'

  -- INR80m non-fund-based working capital bank limits: affirmed
     at National Long-Term 'Fitch B(ind)' and National Short-Term
     'Fitch A4(ind)'


CAPITAL POWER: Fitch Affirms Nat'l Long-Term Rating at 'B+'(ind)
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Capital Power Systems
Limited's National Long-Term Rating at 'Fitch B+(ind)'.  The
Outlook is Stable.

The ratings reflect the small size of CPSL's operations with
revenues of INR553m in the financial year ended March 2012
(provisional), its low EBITDA margins of 5% (FY11: 5.4%) and
volatile revenues due to the tender book-based nature of its
business.  CPSL remains vulnerable to order cyclicality and
potential delays in installation and commissioning by its
customers.

Revenue volatility is illustrated by a 22.8% growth in FY12
(provisional) following a 37.5% decline in FY11.  For FY13, the
order book size of INR714.4m as at May 30, 2012 (1.3x of FY12
turnover) provides moderate revenue visibility as it is likely to
be executed during the current financial year.

The ratings are constrained by tight liquidity given CPSL's high
working capital intensive business.

Gross interest coverage (operating EBITDA/gross interest) was low
at 1.78x in FY11 (FY10: 2.27x) and is likely to have remained at
these levels for FY12.  Net adjusted financial leverage (total
adjusted net debt/operating EBITDAR) was high at 7.8x in FY11
(FY10: 4.8x) due to high debt levels.  The rating also factors in
the cross-guarantee between CPSL and Capital Meters Limited
('Fitch B(ind)'/Stable), which are group companies in the same
business, for each other's working capital debt.

Further, the company is exposed to high counterparty credit risk,
as many of its customers -- state electricity boards and state
power utilities -- have weak credit profiles.  This risk is,
however, partly mitigated by CPSL products being supplied under
government sponsored schemes -- Rajiv Gandhi Gramin Vidyutikaran
Yojana/Re-structured Accelerated Power Development and Reform
Programme.

CPSL's ratings benefit from its experience in manufacturing
electromechanical and electronic meters under the "Capital" brand
name for various state power utilities and state electricity
boards and from declining customer concentration risk.

Positive rating drivers include a sustained increase in CPSL's
size and operating margins leading to improved net financial
leverage below 4.5x and interest coverage above 2x, as well as a
sustained reduction in its working capital intensity.  Long-term
debt funding, an increase in working capital intensity or a
decline in EBITDA margins leading to net financial leverage above
11x and interest coverage below 1.2x could be negative for the
ratings.

Incorporated in 1988, CPSL has a production capacity of 1.5
million meters and meter boxes per annum.  The company's
manufacturing facilities are located in Noida in the state of
Uttar Pradesh.

Rating actions on CPSL's instruments:

  -- INR85m fund-based working capital bank limits: affirmed at
     National Long-Term 'Fitch B+(ind)' and National Short-Term
     'Fitch A4(ind)

  -- INR240m non-fund-based working capital bank limits: affirmed
     at National Long-Term 'Fitch B+ (ind)' and National Short-
     Term 'Fitch A4(ind)'


DHARAMPAL PREMCHAND: CRISIL Cuts Rating on INR1.62BB Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dharampal Premchand Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          20         CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit            900         CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Letter of Credit       150         CRISIL D (Downgraded from
                                      'CRISIL A4+')

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

   Rupee Term Loan        450         CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The rating downgrade reflects instances of DPL overdrawing for
more than 30 days its cash credit (CC) limit of INR300 million
(with IDBI Bank) in the past 12 twelve months. DPL avails of this
CC limit for its steel division. The company has been overdrawing
the CC limit because of substantial decline in scale of
operations in its steel division. The company's drawing power for
the CC limit has reduced because of the decline in the scale of
operations, but its utilization level remains high as it has
incurred losses in its steel division. The losses have resulted
from significant increase in cost of transporting raw material
(hot-rolled [HR] steel coils) to the factory in Agartala
(Tripura). DPL's steel division's operating loss and net loss are
estimated at around INR100 million and INR280 million
respectively for 2011-12. Because of the losses and small scale
of operations, DPL has been overutilising its working capital
bank lines.

DPL also has exposure to equity and derivative transactions,
which are speculative by nature. The company is susceptible to
intense competition and any adversely regulatory changes in the
tobacco business. However, DPL benefits from its established
position in the flavored chewing tobacco segment. Also, the
company has adequate net worth and low gearing, and gets
financial support from its group company, Dharampal Satyapal Ltd.

                      About Dharampal Premchand

Dharampal Premchand Ltd is part of the Dharampal Premchand group,
which was founded by the late Mr. Dharampal in 1929, who was a
Delhi-based trader in tobacco and related products. The company
is currently managed by Mr. Ravinder Kumar, grandson of Mr.
Dharampal. Over the years, DPL has expanded its operations by
setting up several manufacturing facilities and diversifying into
several tobacco products such as zarda, supari, qiwam, and some
non-tobacco products such as flavored cardamom and pan-chutney.
DPL has its manufacturing units for tobacco and related products
in Agartala, Damowala (Himachal Pradesh) and Noida (Uttar
Pradesh). In 2009, DPL set up a steel rolling mill in Agartala,
with capacity of 160,000 tonnes per annum (tpa) for conversion of
HR steel coils into cold-rolled coils/sheets and 50,000 tpa
capacity for galvanised plain/corrugated steel sheets. Around
INR1.85 billion of the total project cost of INR2.4 billion was
funded by excise-duty reimbursements, which were earlier
available to DPL's and DSL's tobacco operations in North East
India.

In 2011-12, DPL's profit after tax and net sales are estimated at
around INR92 million and around INR2.7 billion respectively; the
company reported a net loss of INR22.1 million on net sales of
INR2.28 billion for 2010-11.


EMINENT INFRADEVELOPERS: CRISIL Rates INR160MM Loan at 'CRISIL D'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Eminent Infradevelopers Pvt. Ltd. The rating reflects
instances of delay by EIPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               160        CRISIL D

EIPL is also exposed to risks related to completion, funding and
saleability of, its ongoing real estate projects. The risks are
accentuated by the expected launch of six additional blocks in
one of the on-going projects- Aarogyam. The company is also
susceptible to inherent risks and downturn in the real estate
industry in India. However, the company benefits from the
established track record of its management in the real estate
industry.

Eminent Infradevelopers Pvt. Ltd. was established by Mr. Manish
Agarwal in 2003. The company is in the business of residential
real estate development in Uttar Pradesh and Uttaranchal. Till
2006-07 (refers to financial year, April 1 to March 31), EIPL
executed small projects. In 2007-08, it started executing a
relatively large project, Emerald Square (0.15 million square
feet), which it completed in 2010-11. The company started two
more relatively large projects (aggregating 0.77 million square
feet): Emerald Residency in Agra (Uttar Pradesh) in 2008-09, and
Aarogyam in Haridwar (Uttaranchal) in 2009-10; these projects are
currently on-going.

EIPL reported, on provisional basis, a profit after tax (PAT) of
INR16.5 million on net sales of INR355.0 million for 2011-12; the
company reported a PAT of INR8.0 million on net sales of INR167.4
million for 2010-11.


INDUS PROJECTS: Fitch Assigns 'BB(ind)' National LT Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Indus Projects Private Limited
a National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.

The ratings reflect Indus' strong but volatile operating
profitability over the past three years. EBITDA margins declined
to 18.3% in FY11, after increasing to 21.7% in FY10 (FY09:
26.5%).  The ratings also reflect the company's volatile revenue
base, which increased substantially to INR624m in FY11, after
declining to INR176.9m in FY10 (FY09: INR266.5m).

The unstable margins and revenue are a result of a variable
contribution of Indus' high-margin excavation and low-margin
construction businesses to its revenue mix.  The ratings are also
constrained by high customer concentration with three orders
contributing about 60% to the total order book of INR946.3m at
end-June 2012.

The ratings, however, draw strength from Indus' comfortable
credit metrics, with net financial leverage of 0.4x (FY10: 0.5x)
and interest cover of 28.6x (18.2x) in FY11.

Positive rating action may result from a sustained improvement in
revenue and order book position.  Conversely, total adjusted net
debt/EBITDA above 2.0x on a sustained basis may lead to negative
rating action.

Incorporated in 2001, Indus executes civil infrastructure
development projects, i.e. construction of buildings, site
grading works, earthworks and break-water construction.
Provisional FY12 results indicate revenue of INR411.3m, EBITDA
margins of 18.7%, operating EBITDA of INR77m, adjusted net
leverage of 0.55x and interest coverage of 14.8x.

Fitch has also assigned ratings to Indus' bank instruments as
follows:

  -- INR15 million fund-based working capital limits: National
     Long-Term 'Fitch BB(ind)' and National Short-Term 'Fitch
     A4+(ind)'

  -- INR150 million non-fund based working capital limits:
     National Long- Term 'Fitch BB(ind)' and National Short-Term
     'Fitch A4+(ind)'


JAGRUTHI EDUCATIONAL: CRISIL Cuts Rating on INR80MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Jagruthi Educational & Welfare Society to 'CRISIL D' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term       5         CRISIL D (Downgraded from
   Bank Loan Facility                 CRISIL B+/Stable)

   Rupee Term Loan         75         CRISIL D (Downgraded from
                                      CRISIL B+/Stable)

The downgrade reflects instances of delay by JEWS in servicing
its debt; the delays have been caused by weakening in JEWS's
liquidity. Liquidity weakened as a result of delay in
reimbursement of tuition fees by the state government for
economically backward students.

JEWS has an average financial risk profile marked by moderate
gearing and modest debt protection metrics. It also faces intense
competition from other educational institutions in Hyderabad
(Andhra Pradesh). However, the society benefits from its
promoters' strong track record in the education sector.

JEWS was registered in 1997 under the Societies Registration Act,
1860, with the objective of imparting quality education in
technical and management areas to students from rural and
backward areas. The society started operations in 2008; it offers
graduate and postgraduate courses in engineering and management.
The society is affiliated to Jawaharlal Nehru Technological
University, and its courses are approved by the All India Council
for Technical Education. Dr. Srinivas Reddy is the president and
Dr. Venkateshwara Rao is the general secretary of the society.

JEWS reported a net surplus of INR3.2 million on gross receipts
of INR67.9 million for 2011-12 (refers to financial year, April 1
to March 31), against a net surplus of INR9.7 million on gross
receipts of INR65.8 million for 2010-11.


MITTATEX EXPORTS: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities and debt
instrument of Mittatex Exports Pvt Ltd (part of the MEP group) to
'CRISIL D' from 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Packing Credit        350.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Short-Term Loan       250.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects instances of crystallisation of Mittatex's
packing credit bills and instances of delay in servicing term
loan by MEP Cotton Ltd (MEP Cotton, a 75 per cent subsidiary of
Mittatex). The crystallisation of packing credit bills and delays
in service of term debt has been caused by weakening in the
group's liquidity. Liquidity weakened because of decline in the
group's export sales as a result of regulatory restrictions
imposed on export of cotton in 2011-12 (refers to financial year,
April 1 to March 31). The decline in export sales resulted in
insufficient cash accruals vis-a-vis maturing term debt
obligations.

The MEP group's financial risk profile remains weak, marked by
high gearing, weak liquidity and weak debt protection metrics.
The group continues to have limited product and geographical
diversification, and remains susceptible to adverse regulatory
changes in the cotton industry. However, the MEP group continues
to benefit from its established market position in the cotton
trading business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Mittatex, MEP Cotton, KKM
International Pvt Ltd, and Euroflax Industries Ltd. The entities
are collectively referred to as the MEP group. This is because of
the operational synergies and fungible cash flows among these
entities and their common promoters. KKM International and
Euroflax are group entities. MEP Cotton is managed by the
promoters of Mittatex. Moreover, Mittatex has provided corporate
guarantee for MEP Cotton's bank facilities.

                          About the Group

Mittatex was incorporated in 1992 and promoted by Mr. K K Mittal.
The company trades in raw cotton and caters primarily to the
markets in China, Vietnam, Taiwan, and Malaysia. The company is
managed by Mr. K K Mittal and his elder son, Mr. Anuj Mittal. In
2007, MEP Cotton was set up as a joint venture of Mittatex and
Welspun India Ltd-Welspun India Ltd has 25 per cent equity stake
in MEP Cotton and primarily functions as a financial investor in
the company. MEP Cotton has three ginning units, a cottonseed
crushing unit, and a refining mill. Mr. Ashish Mittal, the
younger son of Mr. K K Mittal, supervises the day-to-day
operations of MEP Cotton. KKM International and Euroflax mainly
function as indenting agents for the group.

For 2010-11, the MEP group reported an estimated profit after tax
(PAT) of INR259 million on net sales of INR12.6 billion, against
profit after tax of INR0.5 million on net sales of INR6.9 billion
for 2009-10.


K.B. ZAVERI: CRISIL Upgrades Rating on INR210MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded the bank facilities of K.B. Zaveri to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             210        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects significant improvement in KB's financial
risk profile, with equity infusion of INR55 million by the
proprietor in 2011-12 (refers to financial year, April 1 to March
31). The funds have been infused to support the incremental
working capital requirements of the firm. Consequently, the total
outside liabilities to tangible net worth ratio for the firm has
improved, to 3.3 times in 2011-12 from 6.1 times in 2010-11. The
proprietor has not withdrawn any funds from the firm in the past
three years and is not expected to make any withdrawals over the
medium term. CRISIL believes that KB will sustain its financial
risk profile, backed by fund infusion by the proprietor when
needed and absence of any debt-funded capital expenditure plan.
The upgrade also factors in the improvement in KB's business risk
profile, with improvement in the operating margin. Though the
sales registered marginal growth, the operating margin improved
to 8.4 per cent in 2011-12 from 5.7 per cent in 2010-11, leading
to 80 per cent increase in accruals.

The rating reflects KB's large working capital requirements, its
susceptibility to volatility in gold prices, and high
fragmentation and intense competition in the jewellery industry.
These weaknesses are partially offset by the extensive experience
of KB's promoters in the jewellery industry.

Outlook: Stable

CRISIL believes that KB will benefit over the medium term from
the extensive experience of its promoters in the jewellery
industry. The outlook may be revised to 'Positive' in case of
strong growth in revenues and profitability, leading to
improvement in the debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the firm's net worth is
adversely impacted by inventory price risk or withdrawals in the
firm, or if there is stretch in firm's working capital management
due to any change in inventory policy.

                         About K.B. Zaveri

K.B. Zaveri was established in 1988 by Mr. Kanchanbhai Patel. The
proprietor has been in the jewelry business for the past 24
years. Initially, the firm manufactured wholesale jewellery and
also catered to the retail segment. However, in the past decade,
the firm discontinued wholesale manufacturing and the thrust has
been on the retail segment.

For 2011-12 (refers to financial year, April 1 to March 31), KB,
on a provisional basis, reported a book profit of INR25.6 million
on net sales of INR734.6 million, against a book profit of INR5.0
million on net sales of INR713.2 million for 2010-11.


KINGFISHER AIRLINES: Lenders Want Brand Revaluation
---------------------------------------------------
The Wall Street Journal reports that lenders to Kingfisher
Airlines Ltd. have asked it to reassess the value of its brand,
given as collateral against some loans in 2010, a senior
executive at the airline's biggest lender said on Saturday,
putting further pressure on the carrier.

"When the brand was given as collateral against loan, we had said
it should be revalued every two years," the executive at State
Bank of India, also India's biggest lender by assets, told the
Journal.  According to the report, the executive, who declined to
be identified, said that in 2010 the brand was valued at much
more than INR10 billion ($181.9 million), but he didn't specify
the total loans it was pledged against.

As of March 31, the airline had INR56.89 billion in long-term
borrowings and short-term loans worth INR23.35 billion, the
Journal discloses.

"The company has been going through problems and the [brand]
revaluation will obviously take that into account," the Journal
quotes the executive as saying.

The executive also said that the airline is in the process of
appointing an agency for the revaluation, the Journal adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8% more than a loss
of INR2.54 billion a year earlier, The Economic Times disclosed.
The company has lost INR11.8 billion (US$240 million) in the
first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


NORTHERN POWER: CRISIL Cuts Rating on INR4.75BB Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on Northern Power Distribution
Company of Andhra Pradesh Ltd's short-term bank loans to 'CRISIL
D' from 'CRISIL A2'. CRISIL has also downgraded its ratings on
Northern Discom's other bank loan facilities to 'CRISIL
BB+/Stable/CRISIL A4' from 'CRISIL BBB+/Negative/CRISIL A2'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long-Term Loans     9173.0      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB+/Negative')

   Cash Credit          350.0      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB+/Negative')

   Short-Term Loans    4750.0      CRISIL D (Downgraded from
                                   'CRISIL A2')

   Letter of Credit     510.0      CRISIL A4 (Downgraded from
                                   'CRISIL A2')

The rating downgrade on Northern Discom's short-term loans
reflects recent delays in servicing these loans. Nevertheless,
Northern Discom continues to service its other bank loan
facilities on time. The payment mechanisms, processes and
responsibilities for the short-term loans are different from
those for the other facilities-hence the difference in the rating
levels of the two sets of obligations. Although the short-term
loans are reflected on Northern Discom's balance sheet, the
responsibility for arranging and servicing these loans vests with
the Andhra Pradesh Power Co-ordination Committee. APPCC is a
common treasury constituted by AP's power utilities to manage the
working capital requirements of the state's electricity
distribution companies (discoms). However, the discoms service
all other bank loan facilities. The disparate sets of
responsibilities for servicing short-term loans and other bank
facilities add to the complexity involved in decision making and
processes for repayment of short-term loans. In recent months,
sizeable collective obligations on short-term loans, and the weak
refinancing environment, have resulted in cash flow mismatches
for the common pool managed by APPCC, and consequently, delays in
servicing these obligations.

As part of its surveillance process, CRISIL is in regular
dialogue with its rated entities to confirm that the rated debt
is being serviced on time. In addition, CRISIL obtains a written
confirmation of timely debt servicing from its rated entities.
While the dialogue with Northern Discom has been ongoing in view
of the tight refinancing environment for the discom, it is only
now that CRISIL has received a statement from Northern Discom
indicating delays, since April 2012, in servicing short-term
loans.

Northern Discom continues to service its other bank facilities on
time. Nevertheless, the rating downgrade on these facilities to
'CRISIL BB+/Stable/CRISIL A4' reflects increased stress on
Northern Discom's liquidity in recent months. This has been
caused by continued delays in realisation of subsidies from the
Government of AP (GoAP) for high cost power purchases, and in
recovery of fuel surcharge adjustments (FSAs) from consumers. The
substantial receivables (Rs.22 billion as on March 31, 2011) are
estimated to have increased further in 2011-12 (refers to
financial year, April 1 to March 31). In the absence of a timely
recovery mechanism, the receivables have been funded by short-
term debt, leading to weakening in Northern Discom's capital
structure and key debt protection metrics.

The recent hike in tariff by about 20 per cent, and expected
recovery of FSA for previous years, may strengthen the cash flow
positions of all discoms in AP over the medium to long term. Over
the near term, GoAP also proposes to support the state's discoms
through additional bond issues and by arranging for additional
loans from lenders. CRISIL, however, believes that the discoms'
liquidity will remain stretched until these proposals
materialise, given their large repayments on short-term loans in
2012-13, unless the tenures of these loans are extended.

The ratings continue to reflect Northern Discom's monopoly in the
power distribution business in its service area; its steady cash
flows, driven by a regulated tariff regime; and moderate
distribution losses.

Outlook: Stable

CRISIL believes that Northern Discom's financial risk profile
could gradually benefit over the medium to long term from the
recently implemented tariff hike and the GoAP's proposed
initiatives to lower the regulatory receivables and subsidy
arrears. The outlook may be revised to 'Negative' if there are
significant delays in realisation of regulatory receivables or
subsidy arrears, or adverse changes in GoAP's policy on
supporting the discoms. Conversely, the outlook may be revised to
'Positive' if Northern Discom's remaining arrears or receivables
are cleared sooner than expected, resulting in significant
improvement in its financial risk profile and liquidity.

                       About Northern Discom

Northern Discom distributes and supplies power in its operating
circles of Warangal, Karminagar, Khammam, Nizamabad, and Adilabad
districts in AP. The company supplies power to over 4.06 million
consumers across categories, through a network of 831 sub-
stations of 33 kilovolt levels, about 199,082-kilometre lines,
and over 149,557 distribution transformers of various voltages.

For 2010-11, Northern Discom reported a net profit of INR64.8
million on an operating income of INR44.8 billion, against a net
profit of INR64.4 million on an operating income of INR38.5
billion for the previous year.


NV DISTILLERIES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of NV
Distilleries Limited to 'CRISIL D' from 'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             250        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Foreign Currency        250        CRISIL D (Downgraded from
   Term Loan                          'CRISIL B-/Stable')

   Rupee Term Loan        900         CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects instances of delay by NVD in payment of
term debt obligations; the delays have been caused by the
company's weak liquidity. CRISIL believes that NVD's liquidity
will remain weak over the medium term because of the company's
large incremental working capital requirements.

NVD also has a weak financial risk profile, marked by high
gearing levels and average interest coverage ratio. The company,
however, benefits from its promoter's extensive industry
experience.

                       About NV Distilleries

NV Distilleries was incorporated by Mr. Ashok Jain in 1998. The
company set up a distillery with a capacity of 75 kilo litre per
day (klpd) at Ambala (Haryana), which became operational in
November 2008. The company uses food grains to manufacture extra
neutral alcohol (ENA), country liquor (CL), and Indian made
foreign liquor (IMFL).

NVD reported loss of INR63 million on net sales of INR1750
million for 2010-11 (refers to financial year, April 1 to
March 31), against loss of INR26 million on net sales of INR1670
million for 2009-10. The company is expected to report net sales
of around Rs 1870 million in 2011-12.


PCH LIFESTYLE: CRISIL Cuts Rating on INR350MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
PCH Lifestyle Pvt Ltd to 'CRISIL D' from 'CRISIL BB/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             250        CRISIL D (Assigned)
   Term Loan               100        CRISIL D (Assigned)

The downgrade reflects instances of delay by PCHLPL in servicing
its debt and of the company overdrawing its cash credit account,
caused by weakening in PCHLPL's liquidity. Liquidity has weakened
because of losses incurred by PCHLPL's 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.
PCHLPL has an average financial risk profile marked by high
gearing, low profitability and modest debt protection metrics,
and large working capital requirements. However, the company
benefits from the extensive experience of its promoters in
distribution and retailing operations.

Incorporated in September 2009, PCHLPL is in the branded garments
distribution business. It began operations in January 2009.
PCHLPL is a sister concern of PCH and is promoted by PCH's
promoters, Mr. Balwinder Singh and Mrs. Baljit Kaur. Since
inception, PCHLPL has been distributing fabrics procured from
manufacturers/dealers in Mumbai (Maharashtra). The company has a
sub-dealer network of 100. It plans to set up 10 to 15 showrooms
for retail sale of branded readymade garments in Andhra Pradesh
(AP). PCHLPL has also signed agreements with reputed garment
manufacturers such as Arvind Ltd, Turtle Ltd, and Levi Strauss &
Co, for exclusive distribution in the AP market.


SAMALESWARI EDUCATION: CRISIL Rates INR178MM Term Loan at 'D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Samaleswari Education Trust.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               178        CRISIL D (Assigned)

The rating reflects the instances of delay by SET in servicing
its debt; the delays have been caused by the trust's weak
liquidity due to large on-going capex plans and lack of cash flow
management.

SET also has a weak financial risk profile, marked by a high
gearing and a small net worth, and weak debt protection metrics;
small scale of operations due to initial years of operations, and
vulnerability to regulatory risks associated with educational
institutions. The trust, however, benefits from its promoters'
extensive industry experience and the healthy demand prospects
for the educational industry.

Samaleswari Education Trust, established in 2008, operates an
engineering institute named Silicon Institute of Technology in
Sambalpur (Odisha). The operations of the trust are currently
managed by Mr. Ramananda Mishra, Mr. Sanjeev Nayak, Ms. Jyotsna
Nayak, and Mr. Shiv Kumar Agarwal. Silicon offers engineering
courses such as electronics and communication engineering,
electrical and electronics engineering, mechanical engineering,
computer science engineering, and civil engineering. All the
courses offered by the society are either approved by All India
Council for Technical Education or by the state government.

SET reported, on a provisional basis, a loss of INR3.8 million on
net income of INR45.6 million for 2011-12 (refers to financial
year, April 1 to March 31), against a loss of INR1.8 million on
net income of INR30.6 million for 2010-11.


SHAKUN GASES: CRISIL Puts 'CRISIL B' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shakun Gases Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B/Stable (Assigned)
   Letter of Credit       150       CRISIL A4 (Assigned)

The ratings reflect SGPL's exposure to cyclicality and fragmented
nature of ship breaking industry, susceptibility of the
profitability margins to exchange rate fluctuations and
volatility in iron and steel prices. The rating is also
constrained by the below-average financial risk profile, marked
by modest net worth and high external indebtedness. These rating
weaknesses are partially offset by the extensive industry
experience of SGPL' promoters in the ship-breaking industry.

Outlook: Stable

CRISIL believes that SGPL will maintain its business risk profile
over the medium term on the back of extensive industry experience
of its promoters in the ship breaking industry. The outlook could
be revised to 'Positive' if there is a significant improvement in
the company's revenues and profitability leading to significant
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there's a significant
decline in revenues or further deterioration in profitability,
capital structure or debt protection metrics.

                         About Shakun Gases

Incorporated in 1985, Shakun Gases Private Limited is primarily
engaged in ship breaking activity and also carries on other
activities such as ship operations and management, ship agency
and barge operation. From 1985 to 1992, the company was engaged
in manufacturing of industrial oxygen gas used in ship breaking
activities. In the year 2003, SGPL entered into the business of
ship breaking and continued its operations for about 3 years.
Till 2012, the company's revenues were from commission income
from other related activities like ship operations and
management, ship agency. In the first quarter of 2012-13, the
company has acquired a 8048 MT vessel for ship breaking activity
for which the company has acquired a plot from Bombay Port Trust,
at Mumbai. Mr. Sanjeev Jain and his wife Mrs. Nita Jain manage
the day-to-day operations of the company.

SGPL reported a profit after tax (PAT) of INR1.89 million
(includes non-operating income of INR1.42 million) on operating
revenues of INR2.94 million (includes commission income only) for
2011-12 (refers to financial year, April 1 to March 31), as
against a PAT of INR1.86 million on operating revenues of INR1.61
million for 2010-11.


SYNTHTRIX PHARMALABS: CRISIL Puts 'D' Rating on INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Synthtrix Pharmalabs (India) Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term      30         CRISIL D (Assigned)
   Bank Loan Facility

   Cash Credit             10         CRISIL D (Assigned)

   Long-Term Loan          60         CRISIL D (Assigned)

The rating reflects the instances of delay by SPPL in servicing
its debt; the delays have been caused by the company's weak
liquidity. SPPL's liquidity is weak because of the startup nature
of the company's operations, and the initial delay in the
commencement of commercial operations at its facility.

SPPL also has a weak financial risk profile, marked by a high
gearing, because of majorly debt-funded capital expenditure;
moreover, the company also has a constrained financial
flexibility because of large working capital requirements, small
accruals, and high maturing debt obligations. SPPL, however,
benefits from its promoters' extensive industry experience.

                     About Synthtrix Pharmalabs

SPPL, incorporated in December 2010, is promoted by Mr. Suresh
Raju, Mr. Gandhi Reddy, Mr. Somaraju, Mr. Srinivas Reddy, and
others. It manufactures intermediates. The company has a facility
at Ramky Pharma City in Parwada at Visakhapatnam (Andhra
Pradesh). The unit was set up at a total cost of INR115 million;
the trial runs at the same started in October 2011 and the full-
fledged operations in December 2011. SPPL currently has capacity
of 40 tonnes per month; it started manufacturing six to seven
intermediates, including N-pyrrolidinyl-norrechedrine, ethyl 2-
oxo 4-thenul-butarate, setralyne hydrochloride, and dexpro
methapharm HBR, for various domestic and multinational
pharmaceutical companies.


UDAY KUMAR: CRISIL Assigns 'CRISIL B+' Rating to INR40MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
Uday Kumar Pramar's bank facilities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term      5          CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee         40          CRISIL A4

   Cash Credit            35          CRISIL B+/Stable

The ratings reflect UKP's small net worth, modest profitability,
and exposure to risks related to small scale of operations and
tender-based nature of revenues in the civil construction
industry. These rating strengths are partially offset by UKP's
established track record in the civil construction business, and
above-average financial risk profile, marked by moderate gearing
and satisfactory debt protection metrics.

Outlook: Stable

CRISIL believes that UKP will maintain its moderate business risk
profile and above-average financial risk profile over the medium
term, on the back of established track record. The outlook may be
revised to 'Positive' if the firm achieves greater-than-expected
revenue growth and sustains its profitability, while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' if the firm contracts larger-than-expected debt to
fund its capital expenditure, weakening its debt protection
metrics or its capital structure.

                          About Uday Kumar

Set up as a proprietorship firm in 1976 by Mr. Uday Kumar Pramar,
UKP undertakes infrastructure-related construction activities and
earthwork mainly for the government sector. The firm is
registered as a Class 1 contractor for the Public Works
Department (PWD), Maharashtra and primarily undertakes irrigation
and roadways projects for PWD and Maharashtra State Road
Development Corporation Ltd. The firm owns two stone-crushing
units as well as two hot mix plants, apart from necessary
construction equipments and vehicles.

UKP reported a profit after tax (PAT) of INR9.4 million on net
sales of INR225.0 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.0 million on net
sales of INR137.8 million for 2009-10.


VINAYAK EXTRUSIONS: CRISIL Rates INR65MM Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vinayak Extrusions Ltd. The ratings
reflect VEL's below-average financial risk profile and modest
scale of operations. These rating weaknesses are partially offset
by the benefits that the company derives from its promoters'
extensive business experience.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            65.00       CRISIL B+/Stable (Assigned)
   Letter of Credit       20.00       CRISIL A4 (Assigned)

Outlook: Stable

CRISIL believes that VEL will continue to benefit over the medium
term from its promoters' extensive business experience. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile, supported by better working capital
management and higher profitability. Conversely, the outlook may
be revised to 'Negative' if VEL reports weakening of its working
capital management, or if it undertakes any large, debt-funded
capital expenditure programme, leading to further weakening of
its financial risk profile.

                     About Vinayak Extrusions

Vinayak Extrusions Ltd was set up in 1993 by Mr. Shyam Sunder
Mall and his son, Mr. Sunil Kumar Mall. The company trades in
polypropylene granules. The company also has a facility for
manufacturing PP bags in Chhattisgarh, with capacity of 4000
tonnes per annum, which was shut down because of operational
issues. VEL does not intend to undertake any manufacturing
activities in the factory over the medium term. The company has
also indulged in opportunistic trading in steel products and
suiting-shirting fabrics.

VEL's profit after tax (PAT) is estimated at INR1.7 million on an
estimated net sales of INR464.7 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on net sales of INR457.8 million for 2010-11.



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


CLAVIS CO: Files For Bankruptcy in Japan
----------------------------------------
Yusuke Miyazawa at Bloomberg News, citing Tokyo Shoko Research,
reports that Clavis Co. Ltd. becomes Japan's second-biggest
bankruptcy this year.

The company has liabilities of $4.08 billion, according to
Teikoku Databank America.

Clavis Co. Ltd. is a closely held Japanese consumer finance
company.


SANKO STEAMSHIP: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Petitioner: Hisashi Asafuji

Chapter 15 Debtor: The Sanko Steamship Co., Ltd.
                   2-3, Uchisaiwaicho 2-Chrome
                   Chiyoda-ku, Tokyo

Chapter 15 Case No.: 12-12815

Type of Business: Sanko Steamship owns and operates 156 vessels.
                  The Debtor is one of Japan's oldest shipping
                  Companies that provides marine transportation,
                  brokerage and agency, sales and purchase of
                  vessels and consultation on marine technology.

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

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

Chapter 15 Petition Date: July 2, 2012

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: James M. Peck

Debtor's Counsel: Daniel J. Guyder, Esq.
                  ALLEN & OVERY LLP
                  1221 Avenue of the Americas
                  New York, NY 10020
                  Tel: (212) 610-6300
                  Fax: (212) 610-6399
                  E-mail: daniel.guyder@allenovery.com

Estimated Assets: $500,000,001 to $1 billion

Estimated Debts: $500,000,001 to $1 billion



=========
K O R E A
=========


GANGWON DOMIN: Seized Supercars Up for Sale
-------------------------------------------
The Wall Street Journal reports that there was a rare display of
supercars in downtown Seoul Wednesday morning -- not in a fancy
showroom but in the parking lot of the Korea Deposit Insurance
Corporation.

Those cars, a Lamborghini Murcielago LP640, Porsche Carrera S,
Mercedes-Benz E350, Ferrari 612, and Dodge Magnum, were all
seized from now-defunct Gangwon Domin Savings Bank, which loaned
the money for the cars but had to take possession of them when
they couldn't be repaid, according to the news agency.

According to the Journal, the five were among 17 supercars found
covered with dust in a bank-owned garage in a Seoul suburb a few
months ago.  A French Bugatti Vevron and two luxurious cars from
Swedish supercar maker Koenigsegg were also among them, the
Journal says.

The Journal relates that the KDIC said the cars were not in good
shape and some of them weren't even properly registered. In the
case of the Bugatti Vevron, the most expensive among all, more
than one person claimed legal ownership.

The agency said the five displayed are all cleared for sale and
will be put up at auction within this month.  The auction
proceeds will be used to help depositors of the fallen bank, the
Journal notes.



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


HAWKINS CONSTRUCTION: Placed Aussie Unit Into Administration
------------------------------------------------------------
Rob O'Neill at stuff.co.nz reports that Hawkins Construction has
placed its Australian subsidiary, Hawkins Ararat Ltd, into
administration.

Hawkins Ararat Ltd is a joint venture partner in a public private
partnership to construct a new 358-bed prison in Victoria.

stuff.co.nz relates that the company's failure follows St
Hilliers Construction, the other joint venture partner, which was
similarly placed into administration in late May.

According to the report, Hawkins Construction said in a statement
that it was keen to remain involved with the Ararat Prison
extension project and was encouraged that discussions between the
state, receivers and the project's funders were continuing.

However, interim chief executive David McConnell added he was
"extremely disappointed" that the discussions had become
protracted.  Mr. McConnell said the situation was complex and
outside Hawkins' control, stuff.co.nz notes.

The report says the company had now been forced to avoid
incurring further costs and liabilities by placing its special
purpose vehicle for the project, Hawkins Ararat Ltd, into
voluntary administration.

"The directors have made a responsible, commercial decision.
Voluntary administration effectively allows us to remain in a
holding position on the project, without incurring further costs
and liabilities, until the state and AEGIS [the prison
consortium] receivers manage to resolve a funding solution which
will allow the project to continue," the report quotes Mr.
McConnell as saying.

"We believe there is a role for Hawkins on Ararat over the long
term but, particularly following the receivership of our client
AEGIS, the project's current commercial arrangements have become
unworkable."

Mr. McConnell said Hawkins remained in a strong position and he
did not believe this development would have any material effect
on the company's operations in New Zealand, or on its other
projects, stuff.co.nz adds.

Hawkins Construction is part of the McConnell Group one of
New Zealand's largest privately owned construction, property and
infrastructure groups.


NATIONAL FINANCE: Former Director Granted Jury Trial
----------------------------------------------------
Nick Krause at stuff.co.nz reports that former National Finance
director Carol Braithwaite is to stand trial before a jury -- the
first time a finance company prosecution has not been heard by a
judge alone.

Justice Pamela Andrews granted the application Monday after
hearing legal arguments from the Crown and Ms. Braithwaite's
lawyer, stuff.co.nz relates.

The report notes that Ms. Braithwaite's trial was set to begin in
the High Court at Auckland on Monday before a judge alone and run
for three weeks.  However, Ms. Braithwaite's lawyer Quentin Duff
called for a jury trial instead, arguing that her circumstances
had changed, the report relays.

A fellow former director of the company, Anthony Banbrook, was
supposed to stand trial with Ms. Braithwaite on the same charge
of making an untrue statement in a registered prospectus but
pleaded guilty last month.

According to the report, Justice Andrews said Monday court
scheduling allowed for Ms. Braithwaite's trial to be held next
week, but it meant counsel had just two weeks to put their cases.

Stuff.co.nz relates that Mr. Duff said his client was entitled to
a jury trial as she was no longer standing trial with Banbrook
who had previously opposed a trial by jury.  Mr. Banbrook will be
sentenced next month, the report says.

Ms. Braithwaite is the former wife of Trevor Ludlow, the founder
of National Finance who was found guilty last year on charges
brought by Serious Fraud Office. He was sentenced to five years
and seven months' jail. Mr. Ludlow also pleaded guilty to charges
brought by the Financial Markets Authority and was sentenced in
January to an additional nine months' imprisonment.

                       About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.



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


RURAL BANK OF BADIANGAN: Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board placed the Rural Bank of Badiangan (Iloilo),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1067 dated
July 5, 2012.  As Receiver, PDIC took over the bank on July 5,
2012.

RB Badiangan is a single-unit bank with Head Office located at
R.C. Tabiana St., Badiangan, Iloilo. Latest available records
show that as of March 31, 2012, the Bank had 1,992 accounts with
total deposit liabilities of PHP23.42 million. According to the
latest General Information Sheet filed by RB Badiangan with the
Securities and Exchange Commission, the bank is majority owned by
Samuel C. Hortelano (38.96%), and Rebecca A. Buscar (22.49%). Its
Chairman and President is Samuel C. Hortelano.

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

PDIC also announced that it will conduct a Depositors Forum on
Saturday, July 14, 2012 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will also be distributed during said Forum. The schedule and
venue of the Depositors Forum will be posted in the bank premises
and in the PDIC website, www.pdic.gov.ph.

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

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms (DUFs) to be furnished by PDIC
representatives. Duly accomplished DUFs should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with his signature. Depositors may update their
addresses until July 20, 2012.

Depositors whose accounts have balances of more than PHP10,000
and those who have outstanding obligations should file their
deposit insurance claims. The inclusive dates and schedule of the
claims settlement operations for these accounts will be announced
by the last week of August 2012 through notices to be posted in
the bank premises and other public places as well as through the
PDIC website, www.pdic.gov.ph.



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


BCS TRADING: Court to Hear Wind-Up Petition July 20
---------------------------------------------------
A petition to wind up the operations of BCS Trading Pte Ltd will
be heard before the High Court of Singapore on July 20, 2012, at
10:00 a.m.

Luther Corporate Services Pte Ltd filed the petition against the
company on June 27, 2010.

The Petitioner's solicitors are:

         Bernard & Rada Law Corporation
         143 Cecil Street
         #18-00 GB Building
         Singapore 069542


BORDERS PTE: Creditors' Meeting Set for July 18
-----------------------------------------------
Borders Pte Ltd, which is in compulsory liquidation, will hold a
meeting for its creditors on July 18, 2012, at 3:00 p.m., at 3
Lorong 6 Toa Payoh, #01-01 HSR Building, in Singapore 319378.

Agenda of the meeting includes:

   a. to provide an update on the progress of the liquidation;

   b. to approve the Liquidator's fees and disbursements;

   c. to approve the legal fees and disbursements; and

   d. to discuss other business.

The company's liquidator is:

         Timothy James Reid
         c/o Ferrier Hodgson
         8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


EXPRESSIONS INTL: Hearing on Judicial Management Bid Set July 18
----------------------------------------------------------------
An application to place Expressions International Holdings Pte
Ltd under judicial management will be heard before the High Court
of Singapore on July 18, 2012, at 10:00 a.m.

Messrs. Sim Guan Seng and Goh Yeow Kiang Victor of Baker Tilly
TFW LLP, have been nominated as the judicial managers.

The applicant's solicitors are:

          Premier Law LLC
          22 Malacca Street
          #14-02, RB Capital Building
          Singapore 048980


MITRA HEALTHCARE: Court to Hear Wind-Up Petition July 13
--------------------------------------------------------
A petition to wind up the operations of Mitra Healthcare Pte Ltd
will be heard before the High Court of Singapore on July 13,
2012, at 10:00 a.m.

Tay Kok Seng filed the petition against the company on June 20,
2010.

The Petitioner's solicitors are:

         M/s Oon & Bazul LLP
         36 Robinson Road
         #08-01/06 City House
         Singapore 068877


PRESTIGE MARINE: Creditors' Meeting Set for July 13
---------------------------------------------------
Prestige Marine Services Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on July 13,
2012, at 3:00 p.m., at 8 Robinson Road, #11-00 ASO Building, in
Singapore (048544).

Agenda of the meeting includes:

   a. to update progress of liquidation;

   b. to appointment of Committee of Inspection; and

   c. to discuss other business.


RICHFIELD INNOVATIONS: Creditors Get 1.00% Recovery on Claims
-------------------------------------------------------------
Richfield Innovations Pte Ltd will declare the fourth and final
dividend to its creditors on July 16, 2012.

The company will pay 1.00% to the received claims.


SCA CREATIVE: Creditors' Proofs of Debt Due July 17
---------------------------------------------------
Creditors of Sca Creative Group Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by July 17, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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



===============
T H A I L A N D
===============


EXPORT-IMPORT BANK: Moody's Repositions Stand-Alone BCA to 'ba3'
----------------------------------------------------------------
Moody's Investors Service has affirmed the foreign currency
issuer rating of the Export-Import Bank of Thailand at Baa1.  The
outlook for the rating is stable.

Ratings Rationale

EXIMT's issuer rating benefits from (i) high support and very
high dependence factors due to its full government ownership;
(ii) its important policy role in providing financial services to
support local companies in their overseas ventures; (iii)
Thailand's notable track record of supporting financial
institutions; and (iv) prospects for further improvement to
EXIMT's stand-alone credit assessment.

Moody's expects the Thai government to support EXIMT in a timely
manner, if needed, given its strong linkage with the government.
This entity is not only an important policy arm of the
government, but also benefits from certain forms of explicit
government support. The government is obligated -- according to
EXIMT's mandate -- to inject more capital into EXIMT if losses
are realised due to policy loans and credit risk insurance.

Separately, the bank provides banking and credit insurance
services to local companies expanding overseas. EXIMT is
particularly focused on the industrial goods, mining and fuels,
and public utilities sectors and is most active in Asia.

Repositioning of Baseline Credit Assessment

Moody's has repositioned the stand-alone baseline credit
assessment (BCA) of EXIMT to 13 (ba3) from 8 (baa1) as it better
reflects its stand-alone credit profile. The BCA reflects the
intrinsic financial strengths of EXIMT.

To determine the BCA for EXIMT, Moody's applied the "Bank
Financial Strength Ratings" component of Moody's Consolidated
Global Bank Rating Methodology published in June 2012. That said,
as a wholesale funded entity without a deposit franchise, its
intrinsic liquidity is modest and this is a factor that
negatively affects its BCA.

Moody's repositioned EXIMT's BCA, as its previous BCA of 8 (baa1)
did not truly measure the stand-alone credit profile of EXIMT but
had been aligned with the rating of the Thai sovereign.
Therefore, the main drivers of its ba3 BCA are modest post-
provision profitability due to its policy role, improving asset
quality (though relatively weak when compared to other Thai
commercial banks), high credit concentration risk and a reliance
on wholesale funding. These are partly offset by its currently
strong capital and low cost efficiency. It also recognizes the
potential for improvement to EXIMT's credit fundamentals over the
next few years.

EXIMT recorded pre-provision profits to average risk-weighted
assets of 1.7% and net income to average risk-weighted assets of
0.6% for 2011, lower than the average Thai commercial bank. Its
Tier 1 ratio stood at 14% at the end of 2011. This is a
satisfactory level, given the bank's history of weak asset
quality and its policy role. The bank's NPLs remain high at 5% of
total loans -- though on an improving trend since 2008 -- while
its loan loss reserves covered 83% of gross non-performing loans.

Separately, the bank's loan portfolio has a high degree of
single-borrower concentration, relative to core capital and
earnings. This is higher than both its local and global peers.
Such concentration exposes earnings to volatility, and may affect
asset quality in a downturn. It's top 20 borrowers as a
percentage of Tier 1 capital was more than 250% while its top 20
borrowers as a percentage of total gross loans was over 60%.

EXIMT's ratings could be upgraded if the Thailand's sovereign
ratings are upgraded.

The ratings could be lowered if [1] the likelihood of government
support diminishes, as a result of either a diminution in the
importance of its policy role or privatization, [2] asset quality
worsens without a commensurate increase in loan loss reserves, or
[3] the bank's Tier 1 ratio falls below 10%.

The principal methodology used in this rating was Government-
Related Issuers: Methodology Update published in July 2010.

EXIMT is a specialised financial institution wholly owned by the
government and held by the Minister of Finance.

EXIMT reported total assets of THB74 billion at end-December
2011.



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


* BOND PRICING: For the Week July 2 to July 6, 2012
---------------------------------------------------

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.75
COM BK AUSTRALIA         1.50    04/19/2022   AUD      69.58
DIVERSA LTD             11.00    09/30/2014   AUD       0.12
EXPORT FIN & INS         0.50    12/16/2019   NZD      73.46
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.76
KIMBERLY METALS         10.00    08/05/2016   AUD       0.31
MIDWEST VANADIUM        11.50    02/15/2018   USD      62.25
MIDWEST VANADIUM        11.50    02/15/2018   USD      62.16
MIRABELA NICKEL          8.75    04/15/2018   USD      72.37
MIRABELA NICKEL          8.75    04/15/2018   USD      72.37
NEW S WALES TREA         0.50    09/14/2022   AUD      67.33
NEW S WALES TREA         0.50    10/07/2022   AUD      67.14
NEW S WALES TREA         0.50    10/28/2022   AUD      66.97
NEW S WALES TREA         0.50    11/18/2022   AUD      68.15
NEW S WALES TREA         0.50    12/16/2022   AUD      67.94
NEW S WALES TREA         0.50    02/02/2023   AUD      67.58
NEW S WALES TREA         0.50    03/30/2023   AUD      67.17
TREAS CORP VICT          0.50    08/25/2022   AUD      67.42
TREAS CORP VICT          0.50    03/03/2023   AUD      68.13
TREAS CORP VICT          0.50    11/12/2030   AUD      51.46


  CHINA
  -----

CHINA GOVT BOND          4.86    08/10/2014   CNY     105.06
CHINA GOVT BOND          1.64    12/15/2033   CNY  71.46
PUDONG CONSTR            6.90    10/24/2016   CNY      74.00

  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      91.75
RESPARCS FUNDING         8.00    12/29/2049   USD      27.28


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      69.03
EX-IM BK OF INDIA        9.45    06/15/2014   INR      10.00
JSL STAINLESS LT         0.50    12/24/2019   USD  70.62
MASCON GLOBAL LT         2.00    12/28/2012   USD  10.00
PRAKASH IND LTD          5.62    10/17/2014   USD  70.63
PRAKASH IND LTD          5.25    04/30/2015   USD  62.88
PYRAMID SAIMIRA          1.75    07/04/2012   USD   1.00
REI AGRO                 5.50    11/13/2014   USD  67.86
REI AGRO                 5.50    11/13/2014   USD  67.86
SHIV-VANI OIL            5.00    08/17/2015   USD  55.40
SUZLON ENERGY LT         5.00    04/13/2016   USD      57.98


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      25.62
ELPIDA MEMORY            2.10    11/29/2012   JPY  26.00
ELPIDA MEMORY            2.29    12/07/2012   JPY  25.62
ELPIDA MEMORY            0.70    08/01/2016   JPY      25.62
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.04
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.74
NIPPON SHEET GLA         1.22    07/28/2016   JPY      74.40
TOKYO ELEC POWER         1.95    09/08/2020   JPY      74.40
TOKYO ELEC POWER         1.63    07/16/2021   JPY      74.43
TOKYO ELEC POWER         2.35    09/29/2028   JPY      69.37
TOKYO ELEC POWER         2.40    11/28/2028   JPY      69.50
TOKYO ELEC POWER         2.21    02/27/2029   JPY      68.12
TOKYO ELEC POWER         2.11    12/10/2029   JPY      67.07
TOKYO ELEC POWER         1.96    07/29/2030   JPY      65.48
TOKYO ELEC POWER         2.37    05/28/2040   JPY      61.26


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/08/2021   MYR       0.09
BERJAYA CORP BHD         5.00    04/22/2022   MYR       0.77
CRESENDO CORP B          3.75    01/11/2016   MYR       1.66
DUTALAND BHD             7.00    04/11/2013   MYR       0.41
DUTALAND BHD             7.00    04/11/2013   MYR       0.93
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.20
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.50
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.17
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.99
REDTONE INTL             2.75    03/04/2020   MYR       0.09
RUBBEREX CORP            4.00    08/14/2012   MYR       0.70
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.48
SCOMI GROUP              4.00    12/14/2012   MYR       0.05
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.53
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.41
YTL CEMENT BHD           5.00    11/10/2015   MYR       0.48


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       2.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.20
INFRATIL LTD             8.50    09/15/2013   NZD       7.20
INFRATIL LTD             8.50    11/15/2015   NZD       6.80
INFRATIL LTD             4.97    12/29/2049   NZD      54.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.10
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.57
NZF GROUP                6.00    03/15/2016   NZD       1.87
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.20
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00


PHILIPPINES
-----------

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      58.91
BAKRIE TELECOM          11.50    05/07/2015   USD      57.00
BLD INVESTMENT           8.62    03/23/2015   USD      62.35
BLUE OCEAN              11.00    06/28/2012   USD      37.75
BLUE OCEAN              11.00    06/28/2012   USD      37.75
CAPITAMALLS ASIA         2.15    01/21/2014   SGD      99.67
CAPITAMALLS ASIA         3.80    01/12/2022   SGD     100.99
DAVOMAS INTL FIN        11.00    12/08/2014   USD      28.75
DAVOMAS INTL FIN        11.00    12/08/2014   USD      28.81
F&N TREASURY PTE         2.48    03/28/2016   SGD      99.98
F&N TREASURY PTE         3.15    03/28/2018   SGD     100.97
SENGKANG MALL            4.88    11/20/2012   SGD     100.51
UNITED ENG LTD           1.00    03/03/2014   SGD       1.30
WBL CORPORATION          2.50    06/10/2014   SGD       1.33


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      32.72
CN 1ST ABS               8.30    11/27/2015   KRW      34.04
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      71.22
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      70.93
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      70.44
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      69.90
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      69.49
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      71.16
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      68.07
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      64.22
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      67.27
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      63.82
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.96
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      84.35
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      92.58
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      86.20
SINBO CO 2ND ABS        10.00    09/29/2014   KRW      30.96


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.68
SRI LANKA GOVT           7.50    08/15/2018   LKR      73.13
SRI LANKA GOVT           6.20    08/01/2020   LKR      61.43
SRI LANKA GOVT           7.00    10/01/2023   LKR      58.28
SRI LANKA GOVT           5.35    03/01/2026   LKR      46.22
SRI LANKA GOVT           8.00    01/01/2032   LKR      57.09



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***