---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, July 12, 2012, Vol. 15, No. 138

                            Headlines


A U S T R A L I A

SUPER BUTCHER: Likely to Change Hands Within Days


C H I N A

AMERICAN NANO: Had $926,800 Net Loss in First Quarter
CHINA GREEN: Reports $339,100 Net Income in 1st Quarter
CHINA MARKETING: Had $522,700 Net Loss in First Quarter
FIFTH SEASON INTERNATIONAL: Had $3.3 Million Q1 Net Loss
GREAT CHINA INTERNATIONAL: Posts $626,300 Net Loss in 1st Qtr.

SINO-FOREST: Creditors to Acquire Substantially All Assets
SPG LAND: Moody's Says Consent Solicitation No Impact on 'B2' CFR
SPG LAND: S&P Cuts Long-Term Corporate Credit Rating to 'B-'


H O N G  K O N G

CHINA DIGITAL: Had $7-Mil. Net Loss in March 31 Quarter
HIT EAGLE: Court to Hear Wind-Up Petition on Aug. 22
JANE BEAN: Court Enters Wind-Up Order
KEEN LLOYD: Court Enters Wind-Up Order
LEE C: Tso Yin Yee Appointed as Liquidator

LOCO HONGKONG: Seng and Wong Step Down as Liquidators
LVMH WATCH: Creditors' Proofs of Debt Due Aug. 6
MAYFAIR FAR: Tong Kwong Wah Jerry Steps Down as Liquidator
MAXX (HK): Court Enters Wind-Up Order
NETWORK CN: Had $623,400 Net Loss in First Quarter

NEW OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 6
STANLEY HO: Creditors' Proofs of Debt Due Aug. 8
SYSTEM X-10: Court Enters Wind-Up Order
SILVER FAITH: Creditors' Proofs of Debt Due Aug. 6
STREAMING VIDEO: Placed Under Voluntary Wind-Up Proceedings

WAI KEI: Court Enters Wind-Up Order
WANG HOI: Court Enters Wind-Up Order


I N D I A

ADANI POWER: CRISIL Cuts Rating on INR127.28BB Loans to 'BB+'
B SORABJI: Fitch Affirms National Long-Term Rating at 'B'
COTWALL COMMERCE: CRISIL Cuts Ratings on INR120MM Loans to 'D'
FATEH CHAND: Fitch Withdraws 'BB+(ind)' National Longterm Rating
GENUS INNOVATION: CRISIL Puts 'BB' Rating on INR335MM Loans

HARIDARSHAN TRACKOM: CRISIL Cuts Rating on INR80MM Loan to 'D'
JOHN'S UMBRELLA: CRISIL Places 'BB+' Rating on INR108MM Loans
KINGFISHER AIRLINES: Full $1.4BB Loan Recovery Unlikely, SBI Says
KKN OIL: Irregular Conduct of Account Due Cues CRISIL Junk Rating
KKN RICE: CRISIL Downgrades Rating on INR276MM Loans to 'D'

MAGADH INDUSTRIES: Fitch Assigns 'C(ind)' Nat'l. Longterm Rating
MAHABIR IMPEX: CRISIL Lowers Rating on INR90MM Loan to 'D'
NANDINI IMPEX: Delay in Loan Payment Cues CRISIL Junk Ratings
QUILON FOODS: CRISIL Raises Rating on INR21MM Loans to 'BB'
SRI VAARU: Fitch Assigns 'BB' National Longterm Rating

SUBEX LTD: Issues $127.7-Mil. Bonds to Replace Overseas Debt
TRIVIKRAM TOBACCO: CRISIL Rates INR150MM Loan at 'CRISIL B'


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Assigns 'B' Issuer Default Rating


J A P A N

ELPIDA MEMORY: Bondholders to Protest Micron's $2.5BB Takeover
JLOC 39: Moody's Reviews Caa3 Rating on Cl. D Notes for Downgrade


N E W  Z E A L A N D

NATIONAL FINANCE: Braithwaite Believed Prospectus Was True
PENINSULA CLUB: Developer Wants Statutory Manager Removed
SOUTH CANTERBURY: Fraud Case Vs. Five Remanded Until November 5


S I N G A P O R E

INBERG PTE: Creditors' Proofs of Debt Due Aug. 6
INSOMNIA LABS: Creditors' Proofs of Debt Due Aug. 6
JERICHO COSMOPOLITAN: Court to Hear Wind-Up Petition July 27
JHI MARKETING: Court Enters Wind-Up Order
JSD CONSTRUCTION: Creditors' Proofs of Debt Due July 20

MERCURY MEDIA: Creditors' Proofs of Debt Due Aug. 2
NANYANG CREATIVE: Creditors' Proofs of Debt Due Aug. 6


V I E T N A M

ASIA COMMERCIAL: Fitch Affirms 'B' Issuer Default Rating
VIETNAM BANK: Fitch Affirms 'B' Issuer Default Rating
VIETNAM JOINT-STOCK: Fitch Affirms 'B' Issuer Default Rating


X X X X X X X X

* Moody's Says Outlook for Asia Steel Industry Stable


                            - - - - -


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


SUPER BUTCHER: Likely to Change Hands Within Days
-------------------------------------------------
Martin Rasini at goldcoast.com.au reports that the financially
troubled Super Butcher chain, which has three Gold Coast outlets,
is expected to change hands within days after the deadline for
final offers passed on Monday.

According to the report, founder Andrew McDonald, who resigned
from the business on July 5, said two Sydney-based parties were
vying to acquire Super Butcher and he was confident it would be
sold.

"There was a management meeting on Monday at which we were left
in no doubt that a sale was in the offing," the report quotes Mr.
McDonald as saying.  "Final offers had to be lodged by 5:00 p.m.
that day and a quick decision was expected."

The report relates that Mr. McDonald said he had resigned from
the company to enable new owners to plot a path for the business.

goldcoast.com.au recalls that the two offers were unveiled in
early June when creditors agreed to give the administrator time
to consider them.

Both are understood to secure superannuation and other
entitlements for Super Butcher's 120 employees and to also
involve the retention of its seven outlets and zero job losses,
the report adds.

                        About Super Butcher

The Super Butcher group sells export-quality meats at bulk
discounts to major supermarkets.  It has outlets at Yatala,
Ashmore, Oxenford, Tweed Heads, Waterford, Birkdale and Eagle
Farm.

Super Butcher was put into voluntary administration on May 7,
2012, with debts of AUD8 million.  PA Lucas and Co is the
appointed administrator.

Appointment of the administrator followed lodgment in March of a
winding-up application by poultry supplier Inglewood Farms, a
division of the RM Williams Group and a major Super Butcher
creditor.  The application, which has since been stayed, related
to one of three companies operating the Super Butcher group, AM
No. 1, according to goldcoast.com.au.



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


AMERICAN NANO: Had $926,800 Net Loss in First Quarter
-----------------------------------------------------
American Nano Silicon Technologies, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $926,850 on $16,505
of revenues for the three months ended March 31, 2012, compared
with net income of $521,820 on $6.27 million of revenue for the
three months ended March 31, 2011.

For the six months ended March 31, 2012, the Company reported a
net loss of $1.14 million on $16,505 of revenues, compared with
net income of $3.10 million on $12.19 million of revenues for the
six months ended March 31, 2011.

In December 2011, the Company fully completed its relocation to
the new manufacturing facility and began limited production on
Jan. 2, 2012.  The Company will need additional funds to meet its
operating and financing obligations until sufficient cash flows
are generated from production to sustain operations and to fund
future development and financing obligations.  The Company's
largest shareholder and President, Mr. Pu Fachun, has the
intention to continue providing necessary funding for the
Company's normal operations.

The Company's balance sheet at March 31, 2012, showed
$24.97 million in total assets, $10.27 million in total
liabilities, and stockholders' equity of $14.70 million.

As reported in the TCR on Jan. 17, 2012, Friedman LLP, in
Marlton, New Jersey, expressed substantial doubt about American
Nano Technologies' ability to continue as a going concern,
following the Company's results for the fiscal year ended Sept.
30, 2011.  The independent auditors noted that the Company
suspended its operations in May 2011.  In addition, the Company
has suffered negative cash flows for the year ended Sept. 30,
2011, and has a net working capital deficiency as of Sept. 30,
2011.

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

                       http://is.gd/u5AwgL

Sichuan, China-based American Nano Silicon Technologies, Inc.,
was originally incorporated in the State of California on Sept.
6, 1996 as CorpHQ, Inc.  The Company has been primarily engaged
in the business of manufacturing and distributing refined
consumer chemical products through its subsidiaries, Nanchong
Chunfei Nano-Silicon Technologies Co., Ltd. ("Nanchong Chunfei"),
Sichuan Chunfei Refined Chemicals Co., Ltd. ("Chunfei
Chemicals"),  and Sichuan Hedi Veterinary Medicines Co., Ltd.
("Hedi Medicines").


CHINA GREEN: Reports $339,100 Net Income in 1st Quarter
-------------------------------------------------------
China Green Energy Industries, Inc., filed its quarterly report
on Form 10-Q, reporting net income of $339,054 on $8.85 million
of revenues for the three months ended March 31, 2012, compared
with a net loss of $321,628 on $3.27 million of revenues for the
same period last year.

The Company's balance sheet at March 31, 2012, showed
$59.11 million in total assets, $55.02 million in total
liabilities, and stockholders' equity of $4.09 million.

As reported in the TCR on April 23, PKF, in San Diego, Calif.,
expressed substantial doubt about China Green Energy'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 has experienced negative cash flows from
operations and is dependent upon future financing in order to
meet its planned operating activities.

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

                       http://is.gd/HIYwAn

Located in Changzhou City, Jiangsu Province, China, China Green
Energy Industries, Inc., manufactures and distributes clean
technology-based consumer products, including light electric
vehicles, or LEVs, and cryogen-free refrigerators.  The Company
also manufactures and distributes network and High-Definition
Multimedia Interface, or HDMI, cables.


CHINA MARKETING: Had $522,700 Net Loss in First Quarter
-------------------------------------------------------
China Marketing Media Holdings, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $522,715 on $2.25 million
of revenue for the three months ended March 31, 2012, compared
with net income of $363,742 on $3.13 million of revenue for the
same period of 2011.

The Company's balance sheet at March 31, 2012, showed
$17.85 million in total assets, $3.35 million in total
liabilities, and stockholders' equity of $14.50 million.

As reported in the TCR on April 23, 2012, Van Wagoner & Bradshaw,
PLLC, in Salt Lake City, Utah, expressed substantial doubt about
China Marketing'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 has
cash flow constraints and has suffered a large loss from
operations.

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

                       http://is.gd/53caoR

Located in Beijing, China, China Marketing Media Holdings, Inc.,
was originally organized under the laws of the State of Texas on
Oct. 29, 1999, under the name Brazos Strategies, Inc.  It changed
its name to Infolife, Inc., on July 16, 2003 and finally to China
Marketing Media Holdings, Inc., on Feb. 7, 2006.  China Marketing
is a holding company and has no operations other than
administrative matters and the ownership of its direct and
indirect operating subsidiaries.  Through its indirect Chinese
subsidiaries, it is engaged in the business of selling magazines
and advertising space in its magazines, providing sales and
marketing consulting services and online sales of various
consumer
products.  All of the Company's operations, assets, personnel,
officers and directors are located in China.  Currently, it
publishes China Marketing magazine in China.


FIFTH SEASON INTERNATIONAL: Had $3.3 Million Q1 Net Loss
--------------------------------------------------------
Fifth Season International, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $3.28 million on $37.52
million of revenue for the three months ended March 31, 2012,
compared with net income of $4.54 million on $27.00 million of
revenue for the same period of 2011.

The Company's balance sheet at March 31, 2012, showed
$234.95 million in total assets, $195.00 million in total
liabilities, and stockholders' equity of $39.95 million.

"The Group's consolidated current liabilities exceeded its
consolidated current assets by approximately $35 million as of
March 31, 2012," the Company said in the filing.  "In addition
the Group has commitments for the tenant improvement projects and
the purchase of commercial properties totaled to $10.7 million as
of March 31, 2012.  Management believes that these factors raise
substantial doubt about its ability to continue as a going
concern."

"As of March 31, 2012, the Group is in compliance with the
covenant requirements with respect to the outstanding borrowings
except for the loan with China Construction Bank of Longyun which
it is not in compliance with the loan covenant.  Longyun [Zibo
Longyun Industrial and Trade Co., Ltd., one of the Company's
subsidiaries] entered into a loan agreement with China
Construction Bank on April 18, 2011, for borrowing $1,906,440 for
the purpose of maintaining cash flow.  The loan will be repayable
in 12 months at an interest rate of 15% above the base rate
published by the People's Bank of China.  According to the loan
agreement, Longyun's debt and capital ratio should not be higher
than 65%, current ratio should not be lower than 1 and quick
ratio should not be lower than 0.7.  Longyun's current ratio and
quick ratio were lower than 1 as of Dec. 31, 2011.  The maturity
date of the loan is April 18, 2012, and Longyun is in default of
the loan.  The Group has orally agreed with China Construction
Bank on extending maturity date from April 18, 2012, to May 18,
2012.  During the period that the loan is in default, the Group
is required to pay an additional interest penalty charged at 50%
of the interest rate defined in the original loan agreement."

As reported in the TCR on April 23, 2012, Marcum Bernstein &
Pinchuk LLP, in New York, expressed substantial doubt about Fifth
Season'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 has a significant
working capital deficiency.  "[A]s of Dec. 31, 2011, the Company
is not in compliance with its loan covenant in connection with
its loan with China Construction Bank," the independent auditors
said.

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

                       http://is.gd/lL9V0Z


Located in Shenzhen, People's Republic of China, Fifth Season
International, Inc., is engaged in the investment, assignment,
and leasing of commercial properties, in the operation of
department stores, and in the wholesale of goods in China.


GREAT CHINA INTERNATIONAL: Posts $626,300 Net Loss in 1st Qtr.
--------------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $626,287 on
$1.97 million of revenues for the three months ended March 31,
2012, compared with a net loss of $733,775 on $1.71 million of
revenues for the comparable period last year.

The Company's balance sheet at March 31, 2012, showed
$60.63 million in total assets, $34.05 million in total
liabilities, and stockholders' equity of $26.58 million.

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following the Company's results for
the fiscal a ended Dec. 31, 2011.  The independent auditors noted
that the Company has a working capital deficit of $27,643,655 as
of Dec. 31, 2011.  "In  addition, the Company has negative cash
flow for each of the two years in the period ended Dec. 31, 2011.
of $3,289,571 and $349,200 respectively."

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

                       http://is.gd/cOZBUv

Shenyang, China-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under
the name of Quantus Capital, Inc.  The Company, through its
various subsidiaries, is engaged in commercial and residential
real estate leasing, management, consulting, investment,
development and sales in the city of Shenyang, Liaoning Province,
in the People's Republic of China ("PRC").


SINO-FOREST: Creditors to Acquire Substantially All Assets
----------------------------------------------------------
Sino-Forest Corporation is proceeding to implement a
restructuring transaction pursuant to which its creditors will
acquire substantially all of the assets of the Company in
accordance with the terms described in the Restructuring Support
Agreement entered into by certain noteholders and the Company on
March 30, 2012. Pursuant to the Restructuring Transaction, Sino-
Forest will transfer substantially all of its assets, other than
certain excluded assets, to a newly formed entity owned and
controlled by its creditors in full and final settlement of all
claims against the Company.

As announced on June 8, 2012, holders of more than 72% of the
aggregate principal amount of the Company's outstanding notes
(with more than 66.67% of the principal amount of each of the
four series of Notes) have agreed to be parties to the Support
Agreement.  Pursuant to certain revised deadlines under the
Support Agreement, Sino-Forest is required to file a plan under
the Companies' Creditors Arrangement Act ("CCAA") in respect of
the Restructuring Transaction on or before August 7, 2012.

In accordance with the sale process procedures approved by the
Ontario Superior Court of Justice on March 30, 2012, Sino-
Forest's financial advisor, Houlihan Lokey, had been soliciting
offers to purchase substantially all of Sino-Forest's assets.
Following consultation with the court-appointed Monitor, FTI
Consulting, the Company's financial advisor and the Ad Hoc
Committee and its advisors, the Company determined that none of
the bids submitted pursuant to the SPP constituted Qualified Bids
as defined in the SPP and the sale solicitation process has been
terminated in accordance with the SPP.

                    About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.


SPG LAND: Moody's Says Consent Solicitation No Impact on 'B2' CFR
-----------------------------------------------------------------
Moody's Investors Service says that SPG Land (Holdings) Limited's
announcement on July 9, 2012 of a consent solicitation could
improve its liquidity.

The solicitation -- if it is approved by bond holders -- would
amend limitations on the sale and issuance of capital stock,
thereby permitting a restructuring of the company's Wuxi Xindu
project.

Approval would also lead to both an amendment of the current
definition of what constitutes an asset disposal and the waiving
of claims of non-compliance of financial reporting
specifications.

At the same time, Moody's sees no immediate impact on SPG Land's
B2 corporate family and B3 senior unsecured ratings.

The ratings outlook remains negative.

"If SPG Land is successful in obtaining the necessary consent
from bond holders and can then conclude its restructuring of the
Wuxi Xindu project, it would reduce its payment obligations on
shareholders' loans of about RMB1 billion. Such a situation would
in turn improve its liquidity," says Franco Leung, a Moody's
AVP/Analyst.

"The removal of the need for compliance with its fixed-charge
coverage ratio with regard to asset disposals would appear
somewhat lax, but Moody's notes that there are covenants in the
bond indenture controlling the use of proceeds from asset
disposals," says Mr. Leung.

"Moody's considers that the solicitation for consent is a
proactive step taken by the management to provide for the ability
to raise funding in the future through the sale of undeveloped or
partially developed projects," says Mr. Leung.

If SPG Land obtains approval for a waiver on non-compliance of
its financial reporting specifications, it would then remove
uncertainty over whether it is now complying with its bond
indenture.

SPG Land has also announced a 1H 2012 profit warning. Moody's
believes that weak pre-sales and tight liquidity could contribute
to a decrease in book sales and profitability.

But Moody's takes comfort that improved liquidity of around
RMB1.67 billion in 2H 2012 -- including RMB700 million in unpaid
land premium -- from the sale of another Wuxi project to
Evergrande will provide the necessary funding for delivering pre-
sold properties.

Moody's expects SPG Land has adequate pre-sale contracts to
fulfill its 2H 2012 book sales target. SPG Land reported RMB2.96
billion in advances from customers in December 2011 and secured
total contract sales of RMB 1.09 billion in the first five months
of 2012.

Moody's notes that SPG's B2 rating continues to reflect the
company's well-located projects -- mainly in the affluent and
fast-growing Yangtze River Delta region -- and the consideration
that they could be monetized to raise further liquidity, if
needed.

The rating also reflects its strong track record in developing
large-scale housing and high-end integrated projects.

On the other hand, the B2 rating also considered the constraints
on its capacity to raise its debt level and therefore on its
ability to improve liquidity through further borrowings. This is
because its weak sales and EBITDA will pressure its ability to
meet the debt incurrence test and financial covenants under its
bond and loan agreements.

The negative outlook reflects the fact that SPG Land's products
and the locations of its markets have been negatively affected by
regulatory measures. Given its tight liquidity, SPG Land is under
pressure to sell off its projects and hence its need to obtain
consents from bond holders on amendments.

Moody's views the proposed consent solicitation as a crucial
step. Thus, Moody's will review SPG Land's ratings if bond
holders do not provide the necessary consent.

A near-term upgrade is unlikely, given the negative outlook.
However, the outlook could change to stable if (1) SPG Land
achieves its sales plan in the next 12 months; and (2) its cash
holding returns to RMB2.5 billion to RMB3 billion.

SPG Land's ratings could be downgraded if it (1) is unable to
improve sales and maintain adequate cash to meet its payment
obligations; (2) experiences a weakening of EBITDA interest
coverage to below 1.5-2x, or adjusted debt/capitalization to
above 60-65% on a consistent basis; or (3) fails to comply with
the financial covenants of its bank loans, resulting in an
acceleration in its loan repayments.

Failure to obtain approval from bond holders on the proposed
consent solicitation could also be credit negative.

The principal methodology used in rating SPG Land (Holdings)
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

SPG Land (Holdings) Limited is a Chinese property company that
focuses on the development of large-scale residential and
integrated properties in the Yangtze River Delta. The company had
a land bank of 5.8 million square meters in gross floor area
(GFA) across nine cities in China as of December 2011. Around 70%
of the land bank is spread across cities along the Yangtze River,
such as Shanghai, Suzhou, Wuxi, Changshu, and Huangshan.

Listed on the Hong Kong Stock Exchange in 2006, SPG Land is
majority-owned and controlled by David Wang, the founder and
chairman, who has a 70% stake in the company.


SPG LAND: S&P Cuts Long-Term Corporate Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based property developer SPG
Land Holdings Ltd. to 'B-' from 'B'. The outlook is negative.

"We also lowered the issue rating on the company's senior
unsecured notes to 'CCC+' from 'B-'. At the same time, we lowered
our  long-term Greater China credit scale ratings on SPG Land to
'cnB-' from  'cnB+', and on the notes to 'cnCCC+' from 'cnB',"
S&P said.

"We downgraded SPG Land because we believe the company faces
heightened liquidity pressure due to weak property sales and a
potential breach of its offshore bank loan covenants," said
Standard & Poor's credit analyst Frank Lu. "The strain is
reflected in the company's recent profit warning, asset
disposals, and its request for bondholders to amend some of the
covenants on its senior unsecured notes. In our view, SPG Land's
financial and risk controls have weakened."

"We are uncertain about the outcome of the covenant waiver
proposal. In the worst-case scenario that approval is not
forthcoming, we believe the company will have limited flexibility
to dispose of assets to meet obligations and borrowings,
particularly if the company breaches its offshore bank loan
covenants, accelerating debt repayment," S&P said.

This event appears a low probability at this time.

"In our view, SPG Land's cash on hand is adequate to repay the
offshore bank loan, but it is not sufficient to repay the bond.
SPG Land's liquidity is "less than adequate", as defined in our
criteria. We believe the company's liquidity sources will cover
liquidity uses by about 1x in 2012. We expect SPG Land to
continue to dispose of assets to increase its liquidity buffer,"
S&P said.

"SPG Land is unlikely to materially improve its sales execution
in the next 12 months, in our opinion," said Mr. Lu. "Its
property sales for the first half of 2012 were below our
expectation of RMB2 billion.

"We expect sales to remain weak over the next six to 12 months,
and anticipate full-year sales of RMB3 billion-RMB4 billion in
2012."  Policy tightening has affected SPG Land significantly
more than its similarly rated peers. This is largely due to the
company's high concentration in high-end projects and in cities
with purchase restrictions, its limited scale, and execution
risks outside its home market of Shanghai," S&P said.  "We
believe SPG Land has some brand recognition and solid market
positions in its core markets. In addition, the company has some
geographic and product diversity," S&P said.

The negative outlook reflects our view that SPG Land's liquidity
could deteriorate if sales remain weak. The outlook also reflects
the fact that a major source of SPG Land's cash flow to meet
obligations is asset disposals, which the company has limited
flexibility to pursue under its debt covenants.

"We may lower the rating if SPG Land's liquidity deteriorates.
This could happen if contract sales are below RMB3 billion in
2012, and bondholders do not give consent to amend covenants to
allow the company greater flexibility to sell assets. We could
also downgrade the company if its debt repayment is accelerated
due to a breach of covenants," S&P said.

"Conversely, we could revise the outlook to stable if the
company's liquidity position improves. This could happen if
property sales are more than we expect, asset sales materialize,
and its financial flexibility improves," S&P said.



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


CHINA DIGITAL: Had $7-Mil. Net Loss in March 31 Quarter
-------------------------------------------------------
China Digital Animation Development, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $7.03 million on
$555,149 of revenue for the three months ended March 31, 2012,
compared with a net loss of $735,569 on $2.17 million of revenue
for the three months ended Sept. 30, 2010.

For the nine months ended March 31, 2012, the Company reported a
net loss of $7.34 million on $1.33 million of revenue, compared
with a net loss of $2.43 million on $5.99 million of revenue for
the nine months ended March 31, 2011.

The Company's balance sheet at March 31, 2012, showed
$4.45 million in total assets, $642,869 in total current
liabilities, and stockholders' equity of $3.81 million.

The Company has incurred significant continuing losses during the
nine months ended March 31, 2012, and the year ended June 30,
2011, and has relied on the Company's registered capital as well
as proceeds from borrowings to fund operations," the Company said
in the filing.  "As of March 31, 2012, we had cash and
equivalents of $432,630 and an accumulated loss of $6,854,564.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern."

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

                       http://is.gd/QjpRg4

Harbin, China-based China Digital Animation Development, Inc.,
hrough its operating company, Heilongjiang Hairong Science and
Technology Development Co., Ltd., a joint stock company organized
under the laws of The People's Republic of China ("Hairong"),
has, for the past three years, engaged primarily in the business
of digital animation production.


HIT EAGLE: Court to Hear Wind-Up Petition on Aug. 22
----------------------------------------------------
A petition to wind up the operations of Hit Eagle Limited will be
heard before the High Court of Hong Kong on Aug. 22, 2012, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on June 18, 2012.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


JANE BEAN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Jane Bean Juice Bean Pudding Specialty
Shop Limited.

The official receiver is Teresa S W Wong.


KEEN LLOYD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Keen Lloyd Finance Limited.

The official receiver is Teresa S W Wong.


LEE C: Tso Yin Yee Appointed as Liquidator
------------------------------------------
Tso Yin Yee on June 25, 2012, was appointed as liquidator of Lee
C K Limited.

The liquidator may be reached at:

         Tso Yin Yee
         17/F, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


LOCO HONGKONG: Seng and Wong Step Down as Liquidators
-----------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Loco Hongkong Limited on June 28, 2012.


LVMH WATCH: Creditors' Proofs of Debt Due Aug. 6
------------------------------------------------
Creditors of LVMH Watch & Jewellery Far East Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 6, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 28, 2012.

The company's liquidators are:

         Seng Sze Ka Mee Natalia
         Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


MAYFAIR FAR: Tong Kwong Wah Jerry Steps Down as Liquidator
----------------------------------------------------------
Tong Kwong Wah Jerry stepped down as liquidator of Mayfair Far
East Corporation Limited on June 28, 2012.


MAXX (HK): Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Maxx (Hong Kong) Limited.

The official receiver is Teresa S W Wong.


NETWORK CN: Had $623,400 Net Loss in First Quarter
--------------------------------------------------
Network CN Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $623,445 on $406,775 of revenues for the
three months ended March 31, 2012, compared with a net loss of
$821,935 on $396,703 of revenues for the same period last year.

The Company's balance sheet at March 31, 2012, showed
$1.17 million in total assets, $6.84 million in total
liabilities, and a stockholders' deficit of $5.67 million.

As reported in the TCR on April 18, 2012, Baker Tilly Hong Kong
Limited, in Hong Kong SAR, expressed substantial doubt about
Network CN'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 has incurred net
losses of $2,102,548, $2,603,384 and $37,383,361 for the years
ended Dec. 31, 2011, 2010, and 2009, respectively.
"Additionally, the Company used net cash in operating activities
of $388,278, $1,552,403 and $5,428,273 for the years ended Dec.
31, 2011, 2010, and 2009, respectively.  "As of Dec. 31, 2011,
and 2010, the Company recorded stockholders' deficit of
$5,056,418 and $3,524,536 respectively.

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

                       http://is.gd/UiE7qH

Causeway, Hong Kong-based Network CN Inc. operates in one single
business segment: Media Network, providing out-of home
advertising services.


NEW OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 6
-------------------------------------------------------
Creditors of New Opportunities Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 6, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 29, 2012.

The company's liquidator is:

         Wong Yee Sui Andrew
         Rooom 1601, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


STANLEY HO: Creditors' Proofs of Debt Due Aug. 8
------------------------------------------------
Creditors of Stanley Ho Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 8, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 3, 2012.

The company's liquidator is:

         Lam Kam Chan
         Flat 15B, 7 Chi Fu Fa Yuen
         Pokfulam, Hong Kong


SYSTEM X-10: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of System X-10 Limited.

The official receiver is Teresa S W Wong.


SILVER FAITH: Creditors' Proofs of Debt Due Aug. 6
--------------------------------------------------
Creditors of Silver Faith Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 6, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 22, 2012.

The company's liquidator is:

         Chua Siu Wang Raymond
         21st Floor, Regent Centre
         No. 88 Queen's Road
         Central, Hong Kong


STREAMING VIDEO: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on June 27, 2012,
creditors of Streaming Video Technology (HK) Co., Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Lo Shui San Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road
         Kowloon, Hong Kong


WAI KEI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Wai Kei Photos & Audio Company Limited.

The official receiver is Teresa S W Wong.


WANG HOI: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Wang Hoi Transportation Limited.

The official receiver is Teresa S W Wong.



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


ADANI POWER: CRISIL Cuts Rating on INR127.28BB Loans to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Adani
Power Maharashtra Ltd to 'CRISIL BB+/Negative' from 'CRISIL
BBB/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long-Term Loan         74,000     CRISIL BB+/Negative
                                     (Downgraded from
                                     'CRISIL BBB/Stable')

   Proposed Long-Term     53,280     CRISIL BB+/Negative
   Bank Loan Facility                (Downgraded from
                                     'CRISIL BBB/Stable')

The rating downgrade reflects the deterioration in APML's parent,
Adani Power Ltd's (rated 'CRISIL BBB/Negative') credit risk
profile. Further, owing to delay in commissioning its first two
phases, there is limited cushion available for APML to build its
liquidity in order to meet its debt repayments starting in July
2012. CRISIL believes that APML will have to depend on distress
support from its ultimate parent, Adani Enterprises Ltd in order
to meet its debt repayment obligations.

The first two phases of APML's ongoing power project in Tiroda
(Maharashtra), which were to be earlier commissioned in a phased
manner between July 2011 and April 2012, have not yet begun
commercial operations-the company is likely to declare the
commercial operations date (COD) shortly. The delay was caused by
harsh weather conditions which disrupted project execution.
However, AMPL's debt repayments will start in July 2012, leaving
the company limited time to build its liquidity to meet the
repayment obligations. Furthermore, APML, despite having
linkages/letters of assurance (LoAs) aggregating 8 million tonnes
per annum (mtpa) for the first two phases, is exposed to
uncertainties regarding fuel availability, as it is yet to sign
fuel supply agreement (FSA) with Coal India Ltd (CIL, rated
'CRISIL AAA/Stable/CRISIL A1+'). Also, while power purchase
agreement (PPA) for the project's third phase (1320 MW) allows
partial pass-through of fuel charges, there is limited clarity on
fuel supply because the project falls in the Twelfth Five-Year
Plan.

The rating factors in the achievement of financial closure by
APML for its ongoing power project in Tiroda. APML also has a
long-term PPA for offtake of 76 per cent of the total capacity of
3300 MW with Maharashtra State Electricity Distribution Company
Ltd.

Outlook: Negative

CRISIL believes that APML will have to depend on distress support
from AEL in order to meet its debt repayments beginning in July
2012. Furthermore, APML remains vulnerable to challenges in the
operating environment owing to uncertainties regarding fuel
supply, rising interest rate scenario, and depreciation in the
value of the Indian rupee. The rating may be downgraded if there
is an adverse change in stance of support from AEL, or if APML is
unable to secure fuel supply agreements over the short term,
which would result in its increased dependence on costlier
sources of fuel. Conversely, the outlook may be revised to
'Stable' if there is resolution of the fuel-related issues and if
APML demonstrates consistently increasing cash flows from its
project.

                         About Adani Power

Adani Power Maharashtra Ltd, an 87.26 per cent subsidiary of APL,
is implementing a 3300-MW coal-based power project in Tiroda. The
project will be commissioned in three phases - the first phase of
1320 MW (two units of 660 MW each), the second phase of 660 MW
(one unit), and the third phase of 1320 MW (two units of 660 MW
each). The project cost, estimated at around INR159 billion, is
being funded in a debt-to-equity ratio of 80:20. APML has awarded
the engineering, procurement, and construction (EPC) contract to
Sichuan Machinery & Equipment Import Export Co Ltd, China. APML
has been given a tapering linkage of 3.3 mtpa of coal by the
Ministry of Coal (MoC) because the initially allocated captive
coal mines near Chandrapur (Maharashtra) for the first two phases
of the project faced environmental issues. APML also has an LoA
for an additional 4.7 mtpa of coal. The company has applied to
MoC for domestic linkage for another 5 mtpa to meet fuel
requirements of the third phase of the project. The entire
project is expected to be commissioned by July 2013.


B SORABJI: Fitch Affirms National Long-Term Rating at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed India-based B Sorabji Group's National
Long-Term rating at 'Fitch B(ind)'.  The Outlook is Stable.

The ratings continue to be constrained by B Sorabji's small scale
of operations in a highly competitive garment export industry;
although revenue grew 7.2% yoy to INR234.3m (provisional) in FY12
(year end March) due to the company's strong customer
relationships.  The ratings are also constrained by B Sorabji's
inability to pass on cost increases fully to its customers,
volatile raw materials prices, and significant geographical
concentration risks.  The latter is indicated by the fact that
the company continues to derive about 95% of its revenue from
Europe. Fitch notes that B Sorabji is making an attempt to
increase sales from the US markets to diversify its revenue.

The ratings, however, draw strength from B Sorabji's improved
credit metrics in FY12 as a result of an improvement in its
profitability.  Net financial leverage (net debt/EBITDA) improved
to 3.9x in FY12 (FY11: 8.0x) and interest coverage (EBITDA/gross
interest) to 2.5x (1.3x), due to an increase in EBITDA margins to
7.4% (3.9%).  The latter was a result of lower cotton prices and
rupee depreciation.

The ratings continue to reflect B Sorabji's established position
through the three-decade long track record of its founders in the
domestic textile industry.  The ratings also reflect the
stability in order flow from the company's key customers in
Europe despite the current economic slowdown and a robust order
book position of INR100.5m until September 2012 (around 43% of
FY12 revenue).

Positive rating action may result from B Sorabji's continued
strong financial performance resulting in interest cover above
1.9x on a sustained basis.  Conversely, a decline in sales and
any pressure on profitability or high debt levels resulting in
interest coverage below 1.2x on a sustained basis may result in
negative rating action.

Established as a partnership firm in 1978, B Sorabji manufactures
and exports apparel to the EU and USA markets.  Its product
profile includes men's, women's and children's wear.  In FY11,
revenue increased 13.4% yoy to INR219m, profit after tax was
INR2.9m (INR2.6m), net debt/EBITDA was 8.0x (6.2x) and interest
coverage was 1.3x (1.6x).

Rating actions on B Sorabji's instruments:

  -- INR50 million fund-based packing credit limits (enhanced
     from INR40m): affirmed at National Long-Term 'Fitch B(ind)'

  -- INR70 million fund-based FDBP/FUDP/AFDBC facility: affirmed
     at National Long-Term 'Fitch B(ind)'


COTWALL COMMERCE: CRISIL Cuts Ratings on INR120MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cotwall Commerce Pvt Ltd (part of the KKN group) to 'CRISIL D'
from 'CRISIL BB+/Stable'. The downgrade reflects the irregular
conduct of the company's account due to which the account has
been classified as a non-performing asset as on March 31, 2012 by
State Bank of India.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          70.00       CRISIL D (Downgraded from
                                    CRISIL BB+/Stable)

   Proposed Long-Term   50.00       CRISIL D(Downgraded from
   Bank Loan Facility               CRISIL BB+/Stable)

Cotwall, set up in 1995, was acquired by Mr. Kaushik Kumar Nath
from Mr. Siddharth Roy in 2003. The company currently trades in
tea and sunflower oil (Sunshine brand).

Cotwall is part of the KKN group of companies based in Kolkata
(West Bengal). The KKN group has diversified operations with
presence in trading of organic fertilisers and consumer edibles
like oils, maize, atta, maida, spices, pulses, and tea;
manufacturing of ferro alloys, steel ingots; real estate
development and coffee shops.


FATEH CHAND: Fitch Withdraws 'BB+(ind)' National Longterm Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Fateh Chand Charitable
Trust's (FCCT) 'Fitch BB+(ind)nm' National Long-Term rating.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of FCCT.

Fitch migrated FCCT to the non-monitored category in January
2012.

Fitch has also withdrawn FCCT's bank loan ratings as follows:

  -- INR351.8 million term loan limits: 'Fitch BB+(ind)nm';
     rating withdrawn

  -- INR105 million non-fund based bank limits (comprising bank
     guarantees): 'Fitch A4+(ind)nm'; rating withdrawn


GENUS INNOVATION: CRISIL Puts 'BB' Rating on INR335MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Genus Innovation Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              115       CRISIL BB/Stable (Assigned)
   Letter of Credit       170       CRISIL A4+ (Assigned)
   Bank Guarantee         140       CRISIL A4+ (Assigned)
   Cash Credit            220       CRISIL BB/Stable (Assigned)

The ratings reflect the benefits that GIL derives from the Genus
group's established position in the electric equipment industry
and its comfortable order book and diversified customer base.
These rating strengths are partially offset by GIL's exposure to
intense industry competition, and constrained financial
flexibility because of large working capital requirements.

Outlook: Stable

CRISIL believes that GIL will continue to benefit over the medium
term from its parent's established position in the electric
equipment industry. The outlook may be revised to 'Positive' if
GIL reports better-than-expected revenues, while it maintains its
financial risk profile, or improves its receivables management.
Conversely, the outlook may be revised to 'Negative' in case the
company reports lower-than-expected increase in its revenues or
in case of deterioration in its profitability, capital structure,
or realizations of receivables.

                      About Genus Innovation

Genus Innovation Ltd, a closely held public limited company, was
incorporated in 1998 as KC Mercantile Ltd; the company got its
current name in 2005. GIL is owned and managed by Mr. Ishwar
Chand Agarwal and is part of the Genus group, which manufactures
electronic power meters, inverters, and uninterrupted power
supply systems, and provides power infrastructure (engineering,
construction, and contracts). GIL manufactures and distributes
electronic power meters, inverters, and power back-up solutions.
The company has total manufacturing capacity of 2.4 million
meters at its facilities in Jaipur (Rajasthan) and Haridwar
(Uttarakhand).

GIL reported, on a provisional basis, net sales of INR684 million
for 2011-12 (refers to financial year, April 1 to March 31). The
company reported a profit after tax (PAT) of INR18 million on net
sales of INR259 million for 2010-11, against a PAT of INR4.9
million on net sales of INR72 million for 2009-10.


HARIDARSHAN TRACKOM: CRISIL Cuts Rating on INR80MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Haridarshan Trackom Pvt Ltd to 'CRISIL D' from
'CRISIL BB/Stable'. The downgrade reflects the irregular conduct
of the account due to which the account has been classified as a
non performing asset (NPA) as on March 31, 2012 by State Bank of
India (SBI).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            80.00      CRISIL D (Downgraded from
                                     CRISIL BB/Stable)

Haridarshan Trackom was acquired by Mr. Kaushik Kumar Nath, its
current promoter, in 2007 from Mr. Shankar and Mr. Hari Das
Menon, its previous promoters. The company trades in tea and
spices, and caters to wholesale customers.

Haridarshan Trackom is part of the KKN group of companies based
in Kolkata (West Bengal). The KKN group has diversified
operations with presence in trading of organic fertilizers and
consumer edibles like oils, maize, atta, maida, spices, pulses,
and tea; manufacturing of ferro alloys, steel ingots; real estate
development and coffee shops.


JOHN'S UMBRELLA: CRISIL Places 'BB+' Rating on INR108MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of John's Umbrella Mart.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL BB+/Stable (Assigned)
   Long-Term Loan          8       CRISIL BB+/Stable (Assigned)

The rating reflects the benefits that JUM derives from its
established market position and its promoter's extensive industry
experience; the rating also factors in the firm's healthy
financial risk profile marked by moderate gearing and debt
protection metrics, albeit constrained by a small net worth.
These rating strengths are partially offset by JUM's small scale,
and working-capital-intensive nature, of operations, and
geographic concentration.

Outlook: Stable

CRISIL believes that JUM will continue to benefit over the medium
term from its established market position and its promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case the firm reports more-than-expected
improvement in its revenues and profitability, with
diversification in its revenue profile, while it maintains its
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' in case JUM reports a decline in its
profitability or revenues, resulting in lower-than-expected cash
accruals, or if there is a stretch in its working capital cycle,
or if it undertakes any larger-than-expected, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

                     About John's Umbrella Mart

John's Umbrella Mart, set up in 1995, is based in Alleppey
(Kerala). The firm manufactures umbrellas under the brand name,
Johns. JUM is promoted by Mr. Joseph A Thayyil. Its manufacturing
facility, which is in Alleppey, has capacity of 9000 umbrellas
per day. JUM has a network of around 6000 wholesalers spread
across Kerala, Tamil Nadu (TN) and parts of Karnataka.

JUM reported a profit after tax (PAT) of INR21.9 million on net
sales of INR272.9 million for 2010-11 (refers to financial year,
April 1 to March 31) against a PAT of INR11.3 million on net
sales of INR201.9 million for 2009-10.


KINGFISHER AIRLINES: Full $1.4BB Loan Recovery Unlikely, SBI Says
-----------------------------------------------------------------
The Times of India reports that State Bank of India Chairman
Pratip Chaudhuri said Tuesday that a full recovery of $1.4
billion in loans owed by Kingfisher Airlines Ltd. was unlikely in
the short term and banks have told the airline to infuse equity.

TOI recalls that Kingfisher Airlines, controlled by liquor baron
Vijay Mallya, last week won more time from lenders to develop a
turnaround plan. It has never made a profit in the struggling
Indian airline industry and has grounded most of its fleet.

"It is looking difficult unless they get fresh equity," the
report quotes Mr. Chaudhuri as saying on the sidelines of an
media event in Sydney.  "We have told Mallya either he has to get
equity or pump in money from his liquor business."

State Bank of India, the country's largest lender, heads the
lenders' consortium, the report notes.

Kingfisher, named after Mallya's flagship beer brand, had debt of
$1.4 billion at the end of March.  Most of its banks, which are
largely state-run, declared its loans to be in default during the
December quarter, TOI discloses.

The No.2 lender, ICICI Bank, has unloaded its Kingfisher debt to
a fund managed by SREI Infrastructure Finance, the report 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.


KKN OIL: Irregular Conduct of Account Due Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of KKN
Oil Mill Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISILA4'.
The downgrade reflects the irregular conduct of the account due
to which the account has been classified as a non performing
asset (NPA) as on March 31, 2012 by State Bank of India.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            50.00       CRISIL D (Downgraded from
                                      'CRISIL C')

   Letter of Credit        2.00       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Long-Term Loan         74.60       CRISIL D (Downgraded from
                                      'CRISIL C')

KKNO was set up in May 2010 by Mr. Kaushik Kumar Nath and his
wife, Mrs. Manisha Nath. KKNO was setting up a mustard oil
manufacturing unit with a crushing capacity of 50 tonnes per day
at Kalna in Burdwan district (West Bengal).

KKNO is part of the KKN group of companies based in Kolkata (West
Bengal). The KKN group has diversified operations, which include
trading in organic fertilisers and consumer edibles such as oils,
maize, atta, maida, spices, pulses, and tea; manufacturing of
ferro alloys and steel ingots; and real estate development and
coffee shops.


KKN RICE: CRISIL Downgrades Rating on INR276MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the INR100 million cash
credit facility of KKN Rice Mills Pvt Ltd to 'CRISIL D' from
'CRISIL C'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit           100.00      CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit        6.00      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan             170.00      CRISIL D (Reaffirmed)

The rating on the company's INR6-million letter of credit
facility has been downgraded to 'CRISIL D' from 'CRISIL A4'. The
rating on KKNR's term loan facility has been reaffirmed at
'CRISIL D'. The rating action reflects the irregular conduct of
the account due to which the account has been classified as a non
performing asset (NPA) as on March 31, 2012 by State Bank of
India (SBI).

KKNR was set up in December 2009 by Mr. Kaushik Kumar Nath and
his wife, Mrs. Manisha Nath. KKNR was setting up a rice mill with
a milling capacity of 192 tonnes per day (tpd), and a solvent
extraction unit with a rice-bran crushing capacity of 100 tpd, at
Kalna in Burdwan (West Bengal).

KKNR is part of the KKN group of companies based in Kolkata (West
Bengal). The KKN group has diversified operations with presence
in trading of organic fertilisers and consumer edibles like oils,
maize, atta, maida, spices, pulses, and tea; manufacturing of
ferro alloys, steel ingots; real estate development and coffee
shops.


MAGADH INDUSTRIES: Fitch Assigns 'C(ind)' Nat'l. Longterm Rating
----------------------------------------------------------`------
Fitch Ratings has assigned India-based Magadh Industries Private
Limited a National Long-Term rating of 'Fitch C(ind)'.

The ratings are constrained by regular delays by MIND in
servicing its term loan obligations.  The delays are caused by a
tight liquidity position on account of the working capital
intensive nature of MIND's business.  The company utilised almost
100% of its working capital limits in the 12 months ended June
2012.  However, MIND serviced its debt obligations for June 2012
on time.

A positive rating guideline would be timely debt servicing over
the next two quarters.

As per provisional FY12 (year end March) results, revenue was
around INR1,641m (FY11: INR1,088m) with EBITDA margins being
maintained at FY11 levels of around 5.5%.

MIND manufactures thermo mechanically treated bars at its 125,000
metric tonne per annum facility in Patna (Bihar). The company
started commercial production in 2008.

Fitch has also assigned ratings to MIND's bank loans as follows:

  -- INR251.3m term loans: National Long-Term 'Fitch C(ind)'
  -- INR320m fund-based limits: National Long-Term 'Fitch C(ind)'


MAHABIR IMPEX: CRISIL Lowers Rating on INR90MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Mahabir Impex Pvt Ltd (part of the KKN group) to 'CRISIL D'
from 'CRISIL BB+/Stable'.  The downgrade reflects the irregular
conduct of the company's account due to which the account has
been classified as a non performing asset as on March 31, 2012 by
State Bank of India (SBI).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit           90.00       CRISIL D (Downgraded from
                                     CRISIL BB+/Stable)

Mahabir, the flagship company of the KKN group, was acquired by
Mr. Kaushik Kumar Nath in 2000. Mahabir trades in edible oil,
tea, and spices; its products are sold under the Tripti brand
through distributors and retail outlets across West Bengal.

Mahabir is part of the KKN group of companies based in Kolkata
(West Bengal). The KKN group has diversified operations with
presence in trading of organic fertilisers and consumer edibles
like oils, maize, atta, maida, spices, pulses, and tea;
manufacturing of ferro alloys, steel ingots; real estate
development and coffee shops.


NANDINI IMPEX: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nandini Impex Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL B-
/Negative/CRISIL A4' following regular instances of delay by NIPL
in servicing its debt, amid company's poor liquidity arising out
of large working capital requirements.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit           128.00       CRISIL D (Downgraded from
                                      'CRISIL B-/Negative')

   Bank Guarantee         35.00       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Term Loan              30.00       CRISIL D (Downgraded from
                                      'CRISIL B-/Negative')

NIPL also has a relatively small scale of operations, and a weak
financial risk profile marked by high gearing and weak debt
protection metrics. The company, however, benefits from its
increasing presence in the trenchless digging industry.

                         About Nandini Impex

Nandini Impex Pvt Ltd is part of the Kolkata (West Bengal)-based
Tirupati group, which trades in bearings, and undertakes real
estate development, infrastructure development, and warehousing.
The company, incorporated in 1993, was acquired by its present
promoters, Mr. Chandrakant Khemka and Mr. Pawan Kumar Tibrawalla,
in 2001. NIPL is primarily into trenchless horizontal direct
drilling for laying ducts, cables, and steel pipes for
telecommunication, oil and gas, electric, and water utilities.


QUILON FOODS: CRISIL Raises Rating on INR21MM Loans to 'BB'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Quilon Foods Pvt Ltd (part of the QFPL group), to 'CRISIL
BB/Stable' from 'CRISIL BB-/Stable', while reaffirming the rating
on its short-term facilities at 'CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             20        CRISIL BB/Stable (Upgraded
                                     from CRISIL BB-/Stable)

   Overdraft Facility       1        CRISIL BB/Stable (Upgraded
                                     from CRISIL BB-/Stable)

   Foreign Bill Purchase   30        CRISIL A4+ (Reaffirmed)

   Letter of Credit        30        CRISIL A4+ (Reaffirmed)

   Packing Credit          95        CRISIL A4+ (Reaffirmed)

The upgrade reflects improvement in the QFPL group's financial
risk profile, driven by improvement in its operating margin, and
efficient working capital management. Furthermore, the

QFPL group's financial risk profile is expected to continue to
improve over the medium term, driven by moderate cash accruals
and lack of any large, debt-funded capital expenditure (capex)
programme.

The ratings continue to reflect the QFPL group's established
track record in the cashew industry and its moderate financial
risk profile. These rating strengths are partially offset by the
QFPL group's susceptibility to volatility in input material
prices and risks related to high industry fragmentation.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of QFPL, its wholly-owned subsidiary,
Quilon Specialty Foods Pte Ltd, and Quilon Export Enterprises,
together referred to as the QFPL group. This is because the
operations of QEE were taken over by QFPL in 2011-12 (refers to
financial year, April 1 to March 31).

Outlook: Stable

CRISIL believes that the QFPL group will benefit from its
promoters' extensive experience in the cashew industry. The
outlook may be revised to 'Positive' in case of significant
improvement in the group's scale of operations, coupled with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the group's
liquidity, driven by less-than-expected cash accruals or larger-
than-expected working capital requirements or debt-funded capex
programme.

                          About the Group

Established in 1996, QFPL is based in Kollam, Kerala and it is
engaged in processing of raw cashews and export of cashew
kernels. Till 2010-11, the company was non-operational and on
December 1, 2012, it took over the business of QEE, a
proprietorship firm established in 1985 by Mr. Parameswaran
Bharathan, one of the directors of QFPL. During 2011-12, the
group established QSFPL, which has leased out a processing
facility in Vietnam through its wholly owned subsidiary, Quilon
Specialty Foods Vietnam Company Ltd (QSFVCL).

The QFPL group reported, on a provisional basis, a profit after
tax (PAT) of INR25.0 million on net sales of INR799.4 million in
2011-12, against a PAT of INR14.6 million on net sales of
INR578.6 million in 2010-11.


SRI VAARU: Fitch Assigns 'BB' National Longterm Rating
------------------------------------------------------
Fitch Ratings has assigned India-based Sri Vaaru Metallurgicals
Private Limited a National Long-Term rating of 'Fitch BB(ind)'.
The Outlook is Stable.

The ratings reflect SVMPL's low EBITDA margin of 5.4%, high
financial leverage (debt/EBITDA) of 4.4x and comfortable interest
coverage of 3.1x in FY12 (year end March).

The ratings also reflect the nascent stage and moderate scale of
SVMPL's operations (revenue: INR840m in FY12) and the
commoditized nature of raw materials.  The ratings also factor in
customer concentration, as around 75% of the company's revenue
comes from a single customer.

The ratings, however, draw strength from the two-decade-long
experience of SVMPL's founders in lead alloy manufacturing, which
may help the company to generate more business.

Positive rating action may result from interest cover above 3x on
a sustained basis.  Conversely, interest cover below 1.75x on a
sustained basis could lead to negative rating action.

SVMPL manufactures lead alloys at its facility in Kolar,
Karnataka.

Fitch has also assigned ratings to SVMPL's bank facilities as
follows:

  -- INR8 million long-term loan: National Long-Term 'Fitch
     BB(ind)'

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

  -- INR30 million non-fund-based limits: National Long-Term
     'Fitch A4+ (ind)'


SUBEX LTD: Issues $127.7-Mil. Bonds to Replace Overseas Debt
------------------------------------------------------------
Dhanya Ann Thoppil at Dow Jones' DBR Small Cap reports that
India's Subex Ltd. Monday said it has issued new secured
convertible bonds worth $127.7 million due in July 2017 to
exchange its old overseas bonds as part of its debt restructuring
efforts.


TRIVIKRAM TOBACCO: CRISIL Rates INR150MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facility of Trivikram Tobacco Private Limited.

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

The rating reflects TTPL's below-average financial profile marked
by a small net worth, the firm's limited track record in the
intensely competitive tobacco industry, and customer
concentration in revenue profile. These rating weaknesses are
partially offset by the long standing entrepreneurial experience
of TTPL's promoters.

Outlook: Stable

CRISIL believes that TTPL will continue to benefit over the
medium term from its promoters entrepreneurial experience and
established relationship with its key customers. The outlook may
be revised to 'Positive' in case the firm diversifies its
customer profile, leading to a significant improvement its
revenues and accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case TTPL's relationship with its key customer deteriorate or in
case any adverse government regulation adversely affect its
operations, leading to a significant decline in its revenues and
profitability, or if the firm undertakes a larger-than-expected,
debt funded capital expenditure programme, leading to
deterioration in its financial profile.

                      About Trivikram Tobacco

Trivikram Tobacco Private Limited was set up in September 2009 as
a proprietorship firm by Mr. Narasimha Rao. It trades in, and
processes tobacco, in Guntur (Andhra Pradesh), for VST Industries
Limited (rated CRISIL AA+/FAAA/Stable/CRISIL A1+) and ITC Limited
(rated CRISIL AAA/Stable/CRISIL A1+). TTPL mainly deals in non-
smoking tobacco varieties like Flue Cured Virginia. TTPL
commenced commercial operations in July 2010.

TTPL's profit after tax is estimated at INR1 million on net sales
of INR230 million, for 2011-12 (refers to financial year, April 1
to March 31) as against a PAT of INR2 million on net sales of INR
120 million for 2010-11.



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


KAWASAN INDUSTRI: Fitch Assigns 'B' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned Indonesia's industry-based township
developer PT Kawasan Industri Jababeka Tbk a Long-Term Foreign
Currency Issuer Default Rating of 'B' with Stable Outlook.
At the same time, Fitch has assigned its proposed five-year
senior unsecured notes an expected 'B(exp)' rating and a Recovery
Rating of 'RR4'.  The ratings were assigned based on an
indicative issue size and tenor communicated to the agency by
Jababeka.  The final ratings of the proposed notes are contingent
upon the receipt of documents conforming to information already
received.

The ratings are constrained by Jababeka's small operating size
and limited diversification.  The company reported property sales
of IDR906bn in 2011, generating EBITDA of IDR524bn.  In addition,
its concentration on one estate in Cikarang to generate the bulk
of its sales further exposes it to the inherent cyclicality of
property development.

These weaknesses are, however, mitigated by the high quality of
Jababeka's development.  The project has the highest average
selling price among its peers.  The higher price reflects not
just the development's highly strategic location, but Jababeka's
sound track record in industrial estate development and
management.  The company also provides ancillary facilities on
its development, such as the inland port facility at Cikarang Dry
Port.

Furthermore, as at end-April 2012, the company reported
industrial land bank adequate for five years development at its
current pace of sales.  This constitutes about 40% of total
industrial land bank supply in the Bekasi area.  Other future
development plans include a 572 hectare industrial land bank in
Cilegon and the recently-acquired 1,500 hectare tourism resort in
Banten.

Fitch also notes that Jababeka has completed the construction of
a 130MW gas-fired power plant (PP1) and is planning to sell power
to PT Perusahaan Listrik Negara (PLN, 'BBB-'/Stable) beginning
Q412 under a 20-year power purchase agreement (PPA).  Income from
power sales will add stability to its cash flows and improve its
credit profile.  This is further enhanced by the fact that the
PPA includes a fuel-pass through mechanism which effectively
insulates the company from fluctuations in fuel costs.  Fuel
supply risks are mitigated via supply contracts of five and seven
years with PT Perusahaan Gas Negara Tbk (PGN, 'BBB-'/Stable) and
PT Bayu Buana Gemilang, respectively.

Jababeka's debt maturity profile will improve significantly
following the planned issue of the USD notes.  However,
deleveraging from current levels (net adjusted debt/EBITDA of
2.8x in 2011) will be slow if the company goes ahead with plans
to develop a second 130MW power plant.  Fitch also notes that
while the company does not face any liquidity constraints at the
moment, it does not maintain significant excess cash balances
that higher-rated property developers do as a liquidity buffer.

The Stable Outlook reflects Fitch's expectation that Jababeka
will be able to maintain the marketing sales momentum of its
industrial estate business in the short- to medium-term, due to
favourable economic conditions and robust foreign direct
investments.

An established track record in PP1's commercial operation
resulting in recurring EBITDA providing interest coverage of
above 1x (2011: 0.6x) on a sustained basis may result in a
positive rating action.  Conversely, a negative rating action may
result from any significant worsening in liquidity, potentially
from a failure to secure long-term funding for capex needs.



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


ELPIDA MEMORY: Bondholders to Protest Micron's $2.5BB Takeover
--------------------------------------------------------------
Joe Schneider at Bloomberg News reports that Elpida Memory Inc.
bondholders urged a Japanese court to reject Micron Technology
Inc.'s planned JPY200 billion (US$2.5 billion) takeover of the
bankrupt memory-chip maker, saying the deal is "severely
detrimental."

The bondholders, claiming to represent Japanese and international
pension funds, plan to propose an alternative to Micron's deal
(MU), Bloomberg News says citing a copy of a filing in Tokyo
District Court, a translation of which was submitted July 9 in
U.S. Bankruptcy Court in Wilmington, Delaware.

"The creditors cannot be compelled to accept a Micron transaction
that produces a recovery below that which would result from a
liquidation of the estate," Bloomberg quotes the bondholders as
saying.

The proposal has so many conditions it's essentially worthless,
the bondholders, as cited by Bloomberg, said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2012, Micron Technology, Inc., and the trustees for
Elpida Memory have signed a definitive sponsor agreement for
Micron to acquire and support Elpida.  The agreement has been
entered into in connection with Elpida's corporate reorganization
proceedings conducted under the jurisdiction of the Tokyo
District Court.

Under the agreement, JPY200 billion -- approximately US$2.5
billion assuming JPY80/US$ -- total consideration, less certain
reorganization proceeding expenses, will be used to satisfy the
reorganization claims of Elpida's secured and unsecured
creditors.  Micron will acquire 100% of the equity of Elpida for
JPY60 billion -- approximately US$750 million -- to be paid in
cash at closing. In addition, JPY140 billion -- approximately
US$1.75 billion -- in future annual installment payments through
2019 will be paid from cash flow generated from Micron's payment
for foundry services provided by Elpida, as a Micron subsidiary.


JLOC 39: Moody's Reviews Caa3 Rating on Cl. D Notes for Downgrade
-----------------------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
the ratings for the Class A through D Notes issued by JLOC 39
Trust.

Details follow:

Class A, A1 (sf) Placed Under Review for Possible Downgrade;
previously on February 29, 2012 downgraded to A1 (sf)

Class B, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on February 29, 2012 downgraded to Ba2 (sf)

Class C, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on February 29, 2012 downgraded to Caa2 (sf)

Class D, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on February 29, 2012 downgraded to Caa3 (sf)

Deal Name: JLOC 39 Trust

Classes: A through D trust certificates

Issue Amount (initial): JPY 40.3 billion

Dividend: Floating

Issue Date (initial): December 21, 2007

Final Maturity Date: April, 2014

Underlying Asset (initial): 14 specified bonds, a non-recourse
loan, and cash

Originator: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

The JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan (all
hereinafter referred to as the "loans") by issued to ten
borrowers. The transaction is currently secured by three loans
backed by three properties.

The loan that defaulted in September 2011 was recovered with the
sales of the residential property located in Hokkaido in June
2012.

Ratings Rationale

Moody's has decided to apply a higher level of stress on its
recovery assumptions for future disposal prices.

The reason is that recovery thus far has been below the
expectations presented during the previous rating actions.

In its review, Moody's will re-assess -- and add further stress
to -- its recovery assumptions for the properties in light of
rental conditions in the sub-markets around the properties,
incorporating the special servicer's activities as well as the
performance of the underlying properties, such as their occupancy
rates and actual rents.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.



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


NATIONAL FINANCE: Braithwaite Believed Prospectus Was True
----------------------------------------------------------
Nick Krause at stuff.co.nz reports that the defense strategy for
former National Finance director Carol Braithwaite will hinge on
her belief that statements made within a registered prospectus
were true, the High Court has been told.

Stuff.co.nz relates that elements of her defence strategy were
revealed in a hearing on July 9 in which her lawyer successfully
managed to have her trial heard before a jury instead of a judge
alone.  It is the first time a finance company prosecution will
be heard by a jury.

According to the report, Ms. Braithwaite, who denied the charge
laid by the Financial Markets Authority of making untrue
statements in a prospectus, has made an admission of basic facts.

In essence, the report notes, Crown prosecutor John Dixon said,
Ms. Braithwaite had admitted that the prospectus contained untrue
statements, that she signed the prospectus and that they were
delivered.

"That is the Crown case," the report quotes Ms. Braithwaite as
saying. "The defence has to establish the affirmative defence --
that the accused believed that the statements [in the prospectus]
were true."

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.


PENINSULA CLUB: Developer Wants Statutory Manager Removed
---------------------------------------------------------
NBR Online reports that corporate recovery specialist
Rod Pardington is fighting allegations he breached his statutory
duties over the financially disastrous Peninsula Club retirement
village in Whangaparaoa.

And he is now waiting for the High Court to decide whether he
will be removed from the job he was appointed to almost two
decades ago, according to NBR Online.

NBR Online relates that Mr. Pardington, recovery partner at
Deloitte, faced proceedings at Auckland High Court last week
brought by village developers Garry and Wendy Crawford, whose
fear a 17-year-old tax bill could come back to bite them is one
reason they want the statutory management terminated.

Although the couple sold the village north of Auckland in 1994,
Crawford companies retained "buy-back rights" over 78 of the
units with obligations to buy and resell them from departing
residents, the report says.

According to the report, problems surfaced as village residents
became concerned their positions were not secured and Mr
Pardington was appointed statutory manager on the recommendation
of the Securities Commission the same year.

More than 17 years later, NBR Online relates, the Crawfords and
two other parties are now accusing Mr. Pardington of a disorderly
statutory management and keeping incomplete financial accounts.

In particular, they say he failed to inform them of an
outstanding GST claim against one of their companies, now worth
NZ$9 million (including NZ$8 million in penalties), NBR notes.

NBR Online relates that the plaintiffs said it is no longer safe
for Mr. Pardington to look after their affairs because the IRD
claim has been left for so long and they are seeking termination
of the statutory management, damages for losses incurred and for
stress, anxiety and the loss of enjoyment of life they have
suffered.

Their submissions reveal a suspicion Mr. Pardington was not
preserving the Crawford's interests and was instead acting with
the intention of attempting to justify the massive delays that
have occurred, the report relays.

NBR Online says Mr. Pardington's lawyer Ralph Simpson applied to
have the action struck out.

Mr. Simpson said one of the main reasons the statutory management
has taken so long is the time it takes for elderly residents to
leave and money to come in to the trust account, NBR Online
relates.

Negotiations with IRD were expected to be concluded by October
and the end of the 17-year-old statutory management was in sight,
Mr. Simpson said.


SOUTH CANTERBURY: Fraud Case Vs. Five Remanded Until November 5
---------------------------------------------------------------
stuff.co.nz reports that two directors and three South Canterbury
Finance employees facing charges brought by the Serious Fraud
Office were on Tuesday remanded until November 5 for a post
committal conference.

The report notes that the matter had been scheduled to be held in
Christchurch Chambers on July 11, for the defendants Graeme
Brown, Terry Hutton, Lachie McLeod, Edward Sullivan and Robert
White.

This is the second delay after more time was requested for the
formal written statements for be filed before the original post-
committal hearing which was set down for May 28, stuff.co.nz
says.

As reported in the Troubled Company Reporter-Asia on Dec. 9,
2011, the Serious Fraud Office confirmed that it has laid charges
following its investigation into South Canterbury Finance
Limited.  SFO Chief Executive Adam Feeley said that, following a
14-month investigation into a variety of transactions involving
SCF, the SFO had laid 21 charges against five individuals
involved with the company's affairs.

According to Fairfax NZ, the charges include entering the Crown
Guarantee Scheme by deception in 2008 (which cost
NZ$1.58 billion), omitting to disclose a related party loan of
NZ$64.185 million from SCF to Southbury Group and Woolpak
Holdings, failing to disclose related party loans of
NZ$19.1 million from SCF to Shark Wholesalers, and, in 2008 and
2009, breaching the crown guarantee by lending NZ$39 million to
Quadrant Holding Limited.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


INBERG PTE: Creditors' Proofs of Debt Due Aug. 6
------------------------------------------------
Creditors of Inberg Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 6,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

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


INSOMNIA LABS: Creditors' Proofs of Debt Due Aug. 6
---------------------------------------------------
Creditors of Insomnia Labs Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 6, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


JERICHO COSMOPOLITAN: Court to Hear Wind-Up Petition July 27
------------------------------------------------------------
A petition to wind up the operations of Jericho Cosmopolitan Pte
Ltd will be heard before the High Court of Singapore on July 27,
2012, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust filed the petition against
the company on June 26, 2010.

The Petitioner's solicitors are:

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


JHI MARKETING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of JHI Marketing (Asia Pacific) Pte Ltd.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company.

The company's liquidators are:

         Messrs Sim Guan Seng
         Goh Yeow Kiang Victor
         M/s Baker Tilly TFW LLP
         15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


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

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          78 South Bridge Road
          #04-01 TKH Building
          Singapore 058708


MERCURY MEDIA: Creditors' Proofs of Debt Due Aug. 2
---------------------------------------------------
Creditors of Mercury Media Science Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 2, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


NANYANG CREATIVE: Creditors' Proofs of Debt Due Aug. 6
------------------------------------------------------
Creditors of Nanyang Creative Management Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 6, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 30, 2012.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544



=============
V I E T N A M
=============


ASIA COMMERCIAL: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Asia Commercial Bank's
and Saigon Thuong Tin Commercial Joint Stock Bank's ratings,
including their Long-Term Foreign-Currency Issuer Default Ratings
(IDRs) at 'B' with a Stable Outlook and their Viability Ratings
(VRs) at 'b'.

The banks' IDRs reflect the continuing risks of challenging
domestic operating conditions on their standalone financial
profiles, but also their better record in risk management and in
maintaining balance sheet health than Vietnamese state-owned
banks.  Upward rating potential in the near- to medium-term is
constrained by on-going challenges in the operating environment
in Vietnam.  Downward rating pressure may arise from renewed
brisk loan growth and higher credit costs leading to significant
weakening in capital, liquidity and asset quality.  Negative
rating action may also result from event risks, such as hostile
takeovers that could prove disruptive to the bank's business.

ACB's and Sacombank's asset quality record compares favourably
with their domestic state-owned peers due to their selective risk
appetite and underwriting as well as low exposure to problematic
Vietnamese state-owned entities.  The banks' reported non-
performing loan (NPL) ratio remained below 1% over 2008-2011.
Nonetheless as with all Vietnamese banks, ACB and Sacombank
continue to face a lack of transparency which, together with less
than stringent NPL classification rules, could result in
problematic loans being significantly understated.

Fitch expects ACB's and Sacombank's profitability to moderate
from 2011 levels. Margins are likely to tighten due to falling
interest rates and recent restrictions to re-price loans to
certain sectors.  Credit costs are likely to rise but may be more
manageable for both banks than their state-owned peers given
their asset quality record.

ACB's and Sacombank's reported total capital adequacy ratios
(CAR) averaged 11%-12% over 2008-2011, although they have allowed
their capital ratios to dip to 9%-10% to support lending
activity.  Between the two banks, Sacombank may presently be
better-capitalised, but ACB has a higher return on equity record.

ACB and Sacombank have stable retail deposit bases and liquid
balance sheets.  Both banks are fairly active in issuing
certificate of deposits which, together with deposits, are more
than sufficient to support their loan portfolios, with adjusted
loan/deposit ratios at 55% and 87%, respectively at end-2011.

The banks' Support Rating of '5' reflects Fitch's view of low
probability of extraordinary state support in case of need, given
the government's limited resources and the banks' low priority
relative to major state-owned banks.

Full list of ratings:

ACB

  -- Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook
     Stable
  -- Short-Term Foreign-Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'b'
  -- Support Rating Floor affirmed at 'No Floor'
  -- Support Rating affirmed at '5'

Sacombank

  -- Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook
     Stable
  -- Short-Term Foreign-Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'b'
  -- Support Rating Floor affirmed at 'No Floor'
  -- Support Rating affirmed at '5'


VIETNAM BANK: Fitch Affirms 'B' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Vietnam Bank for Agriculture and Rural
Development's Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'B'.  The Outlook is Stable.  At the same time, the
agency has affirmed Agribank's Viability Rating (VR) at 'ccc' and
Support Rating Floor at 'B'.

The IDR and Support Rating Floor of Agribank are at the same
level, incorporating Fitch's expectation of extraordinary state
support from the government, if needed, albeit within the
government's limited capacity in light of the 'B+' sovereign
rating.  The agency's view of support is based on Agribank's 100%
government ownership, key policy role in Vietnam's agriculture
sector and systemic importance as the country's largest bank.
Any perceived diminishing in the propensity or ability of the
government to provide extraordinary state support would be
negative for Agribank's ratings.

Agribank's VR reflects its very weak standalone financial profile
resulting largely from its agricultural-oriented policy role but
also takes into account its large domestic franchise.  Increased
threat to the bank's solvency, with dangerously low capital and
severe asset quality deterioration, would be negative for its VR.
On the other hand, a significant and sustainable improvement in
the bank's financial profile could result in a positive rating
action, although this likelihood is low in the near-term given
the bank's structural weaknesses and the challenging operating
environment.

The bank's reported non-performing loans (NPLs) are the highest
among domestic peers.  Its low level of reserves, together with a
high level of special mentioned loans (SMLs) and a slower
economic backdrop, is likely to keep credit costs elevated in the
near- to medium-term.  As a result, Fitch expects the bank's
profitability to remain low, given also potential margin squeeze
from a regulatory cap on lending rates on the agriculture sector.

Agribank had been benefitting from regulatory forbearance, since
its reported total capital adequacy ratio (CAR) was below the
current regulatory minimum of 9% for many years until 2011.  An
improved reported total CAR of 9.5% at end-March 2012, due to
fresh equity from the government, was nonetheless just slightly
above the regulatory minimum.  Moreover, loan impairment remains
a major threat to capital in light of the bank's weak outlook for
asset quality and its limited internal capital generation.

Agribank has the largest deposit base among Vietnamese banks,
reflecting its government ownership and widespread domestic
presence.  A large part of its deposits, together with funds from
government bodies and international organisations, have been
channelled into loans, which make up about three quarters of the
bank's asset base.  As a result, the bank's liquidity has been
fairly tight, with liquid assets representing only 17% of short-
term liabilities.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook
     Stable
  -- Short-Term Foreign-Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'ccc'
  -- Support Rating Floor affirmed at 'B'
  -- Support Rating affirmed at '4'


VIETNAM JOINT-STOCK: Fitch Affirms 'B' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Joint-Stock Commercial Bank
for Industry and Trade's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B'.  The Outlook is Stable.

The agency has also affirmed Vietinbank's Viability Rating (VR)
at 'b-' and Support Rating Floor at 'B'.

Vietinbank's IDR is at the same level as its Support Rating
Floor, reflecting Fitch's belief of a high propensity of
extraordinary state support for the bank in the event of need,
although the timeliness of such support is constrained by the
government's low ability in view of its 'B+' sovereign rating.
Vietinbank is the second largest bank in Vietnam by assets and is
likely to remain majority-owned by the government.  Any perceived
diminishing commitment or ability of the government to support
Vietinbank would be negative for the bank's IDR and Support
Rating Floor.

Vietinbank's VR reflects its improved profitability and capital
levels but also incorporates its vulnerable loan quality and
tight liquidity.  Substantial credit costs and persistently high
loan growth, resulting in a sharp deterioration in capital,
liquidity and asset quality could put further pressure on the
bank's VR.  On the other hand, a significant improvement in the
bank's credit risk profile may be positive for the VR although
Fitch views this as a remote prospect in the near term given the
challenging domestic operating environment.

Slower economic growth and global economic uncertainty could
result in further deterioration in Vietinbank's asset quality.
Net new non-performing loans (NPLs, before write-offs) totalled
2% of average loans in 2011 (2010: 1%).  An aggressive increase
in write-offs and rapid loan growth of 25% explained the low
headline NPL ratio of 0.75% at end-2011 (end-2010: 0.66%).  The
bank is still classifying loans based on only past due
considerations, which partly explains the disparity between its
special mentioned loans (SMLs) ratio of 2% at end-2011 with the
double-digit range at two other state-owned banks which have
transitioned to a stricter loan classification.

Vietinbank's capital improved after International Finance Corp's
purchase of a stake in the bank, with a reported total CAR of 11%
in 2011 (2010: 8%).  Nonetheless, the bank's capital could
eventually be consumed if it maintains its rapid loan growth.
The bank's search for another strategic investor, which could
boost its capital, is still in progress.

Fitch believes Vietinbank's profitability may moderate from
higher levels in 2011, due to likely higher credit costs, and
margin squeeze from the government's lending rate cap on
selective sectors.  Its loan/deposit ratio has remained high at
over 100%.  The bank has been relying on placements from
government bodies and domestic on-lending programmes to support
its lending activity.  Including these additional funds, the
adjusted loan/deposit ratio was lower at 88%.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'B';
     Outlook Stable
  -- Short-Term Foreign-Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'b-'
  -- Support Rating Floor affirmed at 'B'
  -- Support Rating affirmed at '4'



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


* Moody's Says Outlook for Asia Steel Industry Stable
-----------------------------------------------------
Moody's Investors Service says the outlook for the Asian steel
industry is stable, and reflects the slowdown in growth and the
expected modest increase in the profitability of regional
steelmakers.

"China's still-positive, albeit declining, purchasing managers'
index (PMI), combined with the country's slowing economic growth
and reduced demand from Europe, suggests that growth in regional
demand for steel will decrease to an average rate of 4%-5% year-
on-year for 2012, from more than 8% in 2011," says Jiming Zou, a
Moody's Analyst.

"On the other hand, lower input costs over the last few months
and an expected mild recovery in demand in the next 12 months
will lead to a modest improvement in steelmakers' profits, as
measured by EBITDA per tonne," he adds.

Zou was speaking at the release of a new Moody's report titled,
"Asia Steel Industry Outlook: Slow Growth but Modest Improvement
in Profit Ahead after Recent Trough."

According to the report, the profitability of Asian steelmakers
will remain low by historical standards, given the oversupply in
the industry, China's moderating rate of growth, and still
elevated input costs.

While the prices for iron ore and coking coal have fallen since
end-2011 as a result of the slowdown in the global economy and
steel demand, they will remain elevated relative to their
historical levels because of tightness in supply.

"Also, China's supply glut and increased exports will cap price
hikes elsewhere and prohibit a swift and sustained recovery in
profitability to historical levels," Zou says.

Among Moody's-rated Asian steelmakers, the profitability of Tata
Steel (Ba3 stable) is most vulnerable to a greater-than-expected
downturn in Europe, while China Oriental (Ba2 stable) and
Baosteel (A3 stable) will be most affected by a further slowdown
in China.

For Korea, Moody's expects growth in steel consumption to slow to
low-single-digits in 2012 from 7.6% a year earlier, as machinery
and equipment demand from China and demand for ship plates will
be sluggish. However, a rebound in long-steel demand -- as well
as the recovery in housing supply and strong automobile exports
-- will mitigate this negative impact.

Japan's steel demand will be steady this year, despite the
appreciation of the yen against the US dollar, because of the
reconstruction after the March 2011 earthquake and tsunami.

For India, growth in steel demand will also slow for all of 2012
as the country's GDP growth is likely to decrease.

Moody's industry outlooks reflect the rating agency's
expectations for fundamental business conditions in the industry
over the next 12 to 18 months.

Moody's tracks two key indicators in assigning the industry's
regional outlook: China's manufacturing PMI and projected EBITDA
per tonne of major steelmakers in Asia.

If the PMI falls below 52 for two or more consecutive months and
projected EBITDA per tonne drops more than 15% year-on-year, the
outlook could change to negative. A projected increase of at
least 15% in EBITDA per tonne could prompt Moody's to change the
outlook for the sector to positive.



                             *********

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 ***