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        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

           Wednesday, July 18, 2012, Vol. 15, No. 142

                            Headlines


A U S T R A L I A

BLADE ELECTRIC: Supplier's Bankruptcy Cues Group's Collapse
MEESH'S RESTAURANT: Placed Into Liquidation
PAPERLINX LIMITED: To Sell Loss-Making Operations; CEO Steps Down
SMART SERIES: Fitch Affirms Rating on 26 Note Classes
* AUSTRALIA: GEERS Cost Up Fourfold in 5 Years as More Firms Fail


C H I N A

CHINA FISHERY: S&P Rates Proposed Senior Unsecured Notes 'BB-'
GEMDALE CORP: Moody's Assigns 'Ba1' CFR; Outlook Stable
GEMDALE CORP: S&P Assigns BB+ Corp. Credit Rating; Outlook Stable


H O N G  K O N G

AMCOR LIMITED: Contributories and Creditors to Meet on July 20
AT&T (HK): Commences Wind-Up Proceedings
BIOENVIRONLINK TECH: Court to Hear Wind-Up Petition on Aug. 8
CRONOS CONTAINERS: Creditors' Proofs of Debt Due Aug. 13
EVERGRANDE REAL: Fitch Affirms 'BB' Issuer Default Rating

KELLIX LIMITED: Creditors' Proofs of Debt Due Aug. 20
MERRY CHANCE: Members and Creditors to Meet on Aug. 2
PIOVAN HK: Commences Wind-Up Proceedings
RAINBOW & DIAMOND: Court Enters Wind-Up Order
RIGHT TEAM: Creditors' Proofs of Debt Due Aug. 14

WALI ELECTRICAL: Creditors and Contributories to Meet on July 20


I N D I A

AB&CO GLOBAL: ICRA Assigns 'BB-' Rating to INR(10)cr LT Loan
BAHULEYAN CHARITABLE: ICRA Rates INR7.46cr Loan at '[ICRA]B+'
ELTEL POWER: ICRA Assigns '[ICRA]B' Rating to INR17cr Loans
FUSION JEWELLERY: ICRA Assigns Junk Ratings to INR7.5cr Loans
KHODASHI POWER: Delay in Loan Payment Cues ICRA Junk Ratings

LAKSHMI SUPER: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
MASINA ALLOYS: ICRA Reaffirms 'BB' Rating on INR5.75cr LT Loan
MONNET POWER: Fitch Puts 'BB-' Rating on INR3.5-Bil. Loans
OMKAR COMPUTERS: ICRA Places 'B+' Rating on INR4.94cr Loans
PUSHPA POULTRY: ICRA Rates INR11.5cr Fund Based Limits at 'B'

SHREE DAMODAR: ICRA Rates INR5.46cr Loan at '[ICRA]B'
SHREE GOVARDHAN: ICRA Rates INR7.8cr Loan at '[ICRA]B+'
SRI LAKSHMI: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
SRI MITTAPALLI: ICRA Places '[ICRA]B+' Rating on INR9cr Loans
STONE BUILDTECH: ICRA Assigns '[ICRA]C+' Rating to INR9cr Loan

VENKATA RAMANA: ICRA Assigns 'BB-' Rating to INR7.86CR Loans


J A P A N

SANKO STEAMSHIP: Chapter 15 Recognition Hearing Set for Aug. 8


N E W  Z E A L A N D

HANOVER FINANCE: Former Directors Yet to File Defense in Court
NATIONAL FINANCE: Created After Predecessor Collapse, Court Hears


P H I L I P P I N E S

* PHILIPPINE: Bank Staff Seek Voice in Bank Closures, Liquidation


S I N G A P O R E

GF SHIPPING: Creditors' Proofs of Debt Due Aug. 13
GUANGZHAO INDUSTRIAL: Creditors' Proofs of Debt Due July 27
KRISTON FOOD: Court Enters Wind-Up Order
PRINCESET INTERNATIONAL: Creditors Get 0.8788% Recovery on Claims
SINGAPORE DAY: Creditors' Proofs of Debt Due July 25


S R I  L A N K A

* SRI LANKA: S&P Gives 'B+' Rating on 2022 Global Bonds


X X X X X X X X

PAKISTAN MOBILE: Moody's Cuts CFR to 'B2/Caa1'; Outlook Negative
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BLADE ELECTRIC: Supplier's Bankruptcy Cues Group's Collapse
-----------------------------------------------------------
Russell Emmerson at AdelaideNow reports that Blade Electric
Technology and Regredi has closed.  The Federal Court last week
ordered Blade Electric be wound up as insolvent, bringing an end
to the group's five-year experiment, the report notes.

According to the report, liquidator Nick Cooper --
nickcooper@briferriersa.com.au -- of BRI Ferrier said the
business was based on importing Hyundai Getz vehicles and
replacing petrol engines with an electric drive train.

The report relays that the business appears to have struck
difficulties earlier this year when its electric drive supplier
went into bankruptcy protection, leaving the group without
production ability.

"This company was trying to do the right thing, produce an
alternatively fuelled vehicle to a petrol-guzzling car," the
report quotes Mr. Cooper as saying.  "But replacing the petrol
engine with an electric motor made the car pretty expensive. So
when people are complaining about companies going under because
of the carbon tax, it's a shame this happened to this company."

Mr. Cooper noted the company had stopped production immediately
when its supplier closed, AdelaideNow adds.

Blade Electric Technology and Regredi is a South Australian group
dedicated to making Australian electric cars.


MEESH'S RESTAURANT: Placed Into Liquidation
-------------------------------------------
goldcoast.com.au reports that Meesh's restaurant at Burleigh
Heads has closed after being placed into liquidation.

According to the report, restaurant owner Michele Hamilton called
in the liquidators at the weekend after a dispute with landlord
Ahmed El Safty could not be resolved.

Meesh's is the second high-profile casualty at the iconic
beachfront site, the report notes.

goldcoast.com.au discloses that the former Mermaids Restaurant
closed in late 2011 after running into financial trouble
following a bitter and long-running dispute between owner Jon
Ingall and Mr. El Safty, owner of the Burleigh Beach Pavilion.

Ms. Hamilton, a restaurateur who spent half a million dollars on
a facelift of the restaurant, cited "irreconcilable differences"
with Mr. El Safty as the reason for calling in the liquidators,
the report adds.


PAPERLINX LIMITED: To Sell Loss-Making Operations; CEO Steps Down
-----------------------------------------------------------------
PaperlinX Limited announced on July 17, 2012, that it has entered
into these agreements:

   -- to sell its operations in Slovakia, Hungary, Slovenia,
      Croatia and Serbia to the Heinzel Group for EUR19.6
      million. The sale price represents a multiple of
      approximately 10x EBITDA and is AUD2 million above book
      value.  Net proceeds after debt and transaction costs are
      expected to be approximately EUR17.5 million (AUD21
      million);

   -- to sell its loss-making operations in South Africa to
      local management. Net proceeds of ZAR50 million (AUD6
      million) will include AUD3 million repayment of parent
      company funding and AUD3 million purchase consideration for
      the shares, representing a loss of approximately AUD2
      million against book value.

PaperlinX CEO, Toby Marchant said: "After the sale of five
smaller European businesses and the consistently loss-making
South African business, our remaining businesses all operate in
sizable markets with significant market positions. All have
growth opportunities in diversified products and are the focus of
the previously announced restructuring activities. We can now
direct our limited resources to these challenges and
opportunities whilst at the same time ensuring that we have
sufficient liquidity both regionally and for the Group."

This announcement will bring to a conclusion the Strategic Review
that began some twelve months ago. Together with the announcement
on June 26th, the Strategic Review has accomplished several
critically important goals:

   1. Significantly improved group liquidity through asset sales
      at good prices given the current economic environment;

   2. Reduced organisational complexity to allow focus on those
      geographies where we hold a significant market share and/or
      there exists scope to drive growth through diversified
      products;

   3. Developed a comprehensive restructuring program to right
      size all operations; and

   4. Substantially reduced corporate overhead expenses.

Richard Barfield, recently appointed Chief Financial Officer,
added: "The disposals in Eastern Europe and South Africa are
expected to close over the next 3 months, subject to competition
clearance for both transactions and exchange control clearance
for South Africa. The additional liquidity generated will further
reinforce our ability to improve financing arrangements and
margins in Europe, as well as providing additional funding to
support accelerated restructuring and diversification."

CEO Toby Marchant concluded: "We have reached a major turning
point in the transformation of PaperlinX, and the Board and I
have agreed that it is an opportune moment for me to step down as
Chief Executive. I will therefore be leaving the Company at the
end of July. I am doing so knowing that we have taken major
strides towards dealing with our significant legacy issues, in
the midst of exceptionally hostile conditions, and that we are
now on the right path. This is entirely thanks to the excellent
people in PaperlinX who have shown extraordinary courage and
determination in overcoming the challenges of the last few
years."

The Chairman of PaperlinX, Harry Boon, said: "I would like to
sincerely thank Toby for his tireless dedication over 15 years to
PaperlinX and its predecessors. Most recently, Toby successfully
led our team through a lengthy and complex Strategic Review
during exceptionally difficult circumstances."

"Having secured sufficient near-term liquidity for the group, we
are now able to focus on the timely delivery of the previously
announced restructuring programme and to seek additional
opportunities for cost reduction and growth in diversified
products."

"We are pleased to announce that Dave Allen has accepted the role
of Interim Chief Executive. Dave is currently Executive Vice
President of PaperlinX with responsibility for the UK, Ireland
and Canada. Dave joined PaperlinX in 2004 and was previously
Managing Director of the Robert Horne Group in the UK. We have
initiated a search for a permanent CEO, and will review both
external and internal candidates. We have every confidence that
Dave Allen and Richard Barfield will drive the restructuring
programme during the search process."

In accordance with the terms of Mr Marchant's employment contract
and the limits imposed by the Corporations Act, Mr. Marchant will
receive a termination payment of 12 months total fixed
remuneration in lieu of notice, plus statutory entitlements such
as outstanding annual leave.

Additional Matters:

1. In response to the ongoing difficult trading conditions and
losses, Directors voluntarily cut their fees by 15% from April 1,
2012. Most senior managers in UK, Europe and Australian Corporate
also recently took a temporary pay cut of approximately 7.5% on a
voluntary basis.

2. Due to the technical operation of the Company's constitution
relating to director shareholding requirements and its potential
conflict with insider trading provisions of the Corporations Act,
Mr. McConnell ceased as a director in December 2011 (for purposes
of the constitution but not for purposes of the Corporations
Act). The Board formally re-appointed him as a director for
purposes of the constitution in April 2012 to fill a casual
vacancy. Mr. McConnell has continued at all times to act as a
director of the Company notwithstanding the conflicting treatment
under the constitution and the Corporations Act, and is regarded
by the Board (and for purposes of the Corporations Act) as a
director of the Company for the entire period since his initial
appointment in August 2011.

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.


SMART SERIES: Fitch Affirms Rating on 26 Note Classes
-----------------------------------------------------
Fitch Ratings has affirmed 26 classes of the SMART series of
Australian ABS.  The transactions are securitisations of
Australian auto and equipment receivables originated by Macquarie
Leasing Pty Limited.

The loss performance of these SMART transactions is well within
Fitch's expectations.  30+ day delinquencies have been well below
1%.  To date, excess spread has been more than sufficient to
cover for losses experienced in each transaction.

Each transaction had been paying principal on a sequential basis
as of the May 2012 payment date.  The payment method is expected
to switch to pro-rata in the near future, and remain so until
call date.

SMART Series 2011-2US Trust:

  -- USD55.7m Class A-2a (ISIN USQ8520NAB12) affirmed at 'AAAsf';
     Outlook Stable

  -- USD55.7m Class A-2b (ISIN USQ8520NAC94) affirmed at 'AAAsf';
     Outlook Stable

  -- USD74.4m Class A-3a (ISIN USQ8520NAD77) affirmed at 'AAAsf';
     Outlook Stable

  -- USD96m Class A-3b (ISIN USQ8520NAE50) affirmed at 'AAAsf';
     Outlook Stable

  -- USD153.6m Class A-4a (ISIN USQ8520NAF26) affirmed at
     'AAAsf'; Outlook Stable

  -- AUD14.2m Class B affirmed at 'AAsf'; Outlook Stable

  -- AUD17.4m Class C affirmed at 'Asf'; Outlook Stable

  -- AUD15.8m Class D affirmed at 'BBBsf'; Outlook Stable

  -- AUD15.8m Class E affirmed at 'BBsf'; Outlook Stable

  -- Class A-1 (ISIN US78446KAA16) paid in full in February 2012

SMART Series 2011-3 Trust:

  -- AUD462.2m Class A-2A (ISIN AU0000SNAHB9) affirmed at
     'AAAsf'; Outlook Stable

  -- GBP107.4m Class A-2G (ISIN XS0691593114) affirmed at
     'AAAsf'; Outlook Stable

  -- AUD20.5m Class B affirmed at 'AAsf'; Outlook Stable

  -- AUD24.8m Class C affirmed at 'Asf'; Outlook Stable

  -- AUD22.5m Class D affirmed at 'BBBsf'; Outlook Stable

  -- AUD22.5m Class E affirmed at 'BBsf'; Outlook Stable

  -- Class A-1 (ISIN AU0000SNAHA1) paid in full in May 2012

SMART Series 2011-4US Trust:

  -- USD3.3m Class A-1 (ISIN US78446NAA54) affirmed at 'F1+sf'

  -- USD35m Class A-2a (ISIN US78446NAB38) affirmed at 'AAAsf';
     Outlook Stable

  -- USD123m Class A-2b (ISIN US78446NAC11) affirmed at 'AAAsf';
     Outlook Stable

  -- USD25m Class A-3a (ISIN US78446NAD93) affirmed at 'AAAsf';
     Outlook Stable

  -- USD136m Class A-3b (ISIN US78446NAE76) affirmed at 'AAAsf';
     Outlook Stable

  -- USD30m Class A-4a (ISIN US78446NAF42) affirmed at 'AAAsf';
     Outlook Stable

  -- USD51m Class A-4b (ISIN US78446NAG25) affirmed at 'AAAsf';
     Outlook Stable

  -- AUD11.1m Class B affirmed at 'AAsf'; Outlook Stable

  -- AUD15.2m Class C affirmed at 'Asf'; Outlook Stable

  -- AUD13.8m Class D affirmed at 'BBBsf'; Outlook Stable

  -- AUD12.5m Class E affirmed at 'BBsf'; Outlook Stable


* AUSTRALIA: GEERS Cost Up Fourfold in 5 Years as More Firms Fail
-----------------------------------------------------------------
Ben Butler and Clay Lucas at smh.com.au reports that the cost of
the federal government scheme that pays workers their
entitlements when companies go broke has soared fourfold in five
years.

According to the report, the government has spent about
AUD1 billion on the General Employee Entitlements and Redundancy
Scheme (GEERS) since it was established in 2001.  In the same
period, it has recovered only AUD150 million from failed
companies, the report notes.

smh.com.au says the blowout in the safety-net payments is likely
to worsen amid a spate of collapses in the retail, manufacturing
and construction sectors that has thrown tens of thousands of
people out of work and forced the Gillard government to pump more
money into GEERS.

GEERS is designed to pay the wages, annual leave and redundancy
entitlements of workers that are left unmet when liquidators are
called in, smh.com.au notes.

The report says insolvency experts believe directors of some
troubled businesses are exploiting the system by trading until
company cash reserves are exhausted because they expect GEERS
will pay most of the entitlements they should have paid to their
workers.

smh.com.au, citing official figures, discloses that the gap
between payouts and recoveries was about AUD135 million a year as
of July last year. But based on payments made since then, the gap
for the following 12 months is likely to be as much as
AUD160 million.

GEERS was established by Tony Abbott, the then minister for
employment, after the collapse of airline Ansett and National
Textiles, a business run by Stan Howard, brother of then prime
minister John Howard, smh.com.au adds.



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


CHINA FISHERY: S&P Rates Proposed Senior Unsecured Notes 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue
rating and 'cnBB' Greater China credit scale rating to the
proposed issue of senior unsecured notes by CFG Investment
S.A.C., a wholly owned subsidiary of China Fishery Group Ltd.
(China Fishery: BB-/Negative/--; cnBB/--). China Fishery and some
of its subsidiaries guarantee the notes. "We expect China Fishery
to use the majority of the net proceeds to finance the expansion
of fishing operations in the North Pacific, including the
prepayment of a vessel operating agreement. The issue rating is
subject to our review of the final issuance documentation," S&P
said.

"The proposed issue does not affect the 'BB-' long-term corporate
credit rating on China Fishery although the company's leverage
will increase after the issuance. We expect China Fishery's
financial risk profile to remain 'aggressive' over the next few
years. In our base case, the company's ratio of total debt to
EBITDA is likely to weaken to 3.0x-3.5x in the fiscal year ending
Sept. 28, 2012, from 2.1x in fiscal 2011. The ratio of funds from
operations to total debt is likely to decline to close to our
downgrade trigger of 25% in fiscal 2012 from 37.9% in fiscal
2011. However, we expect this ratio to recover in the first half
of fiscal 2013 when the company repays the term loan on a
quarterly basis. We anticipate that the ratio will improve to
more than 30% at the end of fiscal 2013. We expect the company to
maintain flat revenue and gross margins of 40%-45% in fiscal
2012," S&P said.

"China Fishery's liquidity could improve to 'adequate' from 'less
than adequate', as our criteria define the terms, if the company
completes the proposed bond issuance. We view China Fishery's
cash and debt management as aggressive, reflecting its low cash
balance and concentrated debt maturity. As of March 28, 2012,
China Fishery has about US$14.4 million in unrestricted cash and
about US$94 million in undrawn committed banking facilities," S&P
said.

"In our view, China Fishery's liquidity could remain 'less than
adequate' in the next 12 months if the proposed bond issuance
does not materialize," S&P said.

"The negative outlook on the rating on China Fishery reflects our
view that the company's cash and debt management is likely to
remain aggressive and that its operations will continue to have
limited room to underperform over the next 12 months in order to
service its debt repayment," S&P said.


GEMDALE CORP: Moody's Assigns 'Ba1' CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating, with a stable outlook, to Gemdale Corporation.

Ratings Rationale

"Gemdale's Ba1 corporate family rating reflects its established
track record in China's property market. The company demonstrated
resilience to the economic down cycles in both 2008 and 2011,"
says Kaven Tsang, a Moody's Vice President & Senior Analyst.

Gemdale achieved contract sales growth of 14% in 2008 and 9% in
2011. Its established brands and wide geographic coverage -- it
has approximately 70 projects over 20 cities -- have supported
its sales growth.

"The rating also reflects Gemdale's good access to funding and
its flexibility in managing its funds. It is one of the few
Chinese developers that can raise unsecured loans at the
corporate level. This allows it the flexibility to invest the
surplus liquidity in its projects according to business plan,"
Tsang adds.

In addition, Gemdale has widened its funding sources by raising
offshore financing through its overseas subsidiary, Famous
Commercial Ltd.

The company also has a cautious approach to land acquisitions.
Due to Gemdale's disciplined land acquisition, its land bank of
around 17 million square meters is small relative to most of the
Ba-rated peers with annual contract sales of at least RMB30
billion. But the land bank is adequate for the company's
development over the next five years.

Gemdale's liquidity is sufficient for the next 12 months, given
its high level of cash -- RMB17 billion as of 31 March 2012 --
and which more than covers its short-term debt obligations of
RMB13 billion.

Moreover, Gemdale has a stable management team. Four of the six
executive directors of the board, including the Chairman and the
CEO, have been working in the company for around 20 years.

The stable outlook reflects Moody's expectation that Gemdale will
have adequate cash and operating cash flow to fund its current
projects and that it will not aggressively pursue land
acquisitions.

Given the size of the company and its evolving offshore funding
arrangements, the probability of an upgrade in the near term is
limited.

However, over the longer term, an upgrade is possible if the
company: (1) successfully implements its business plan to achieve
large and stable sales; (2) demonstrates further improvement in
debt capital management by securing more offshore funding; and
(3) shows a track record of strong financial discipline.

Moody's would consider an upgrade if the company maintains
adjusted debt leverage below 40%-45% and EBITDA/interest above
7x-8x on a sustained basis.

The ratings could come under downward pressure if Gemdale: (1)
fails to execute its business plan, such that contract sales
and/or operating cash flow generation is weaker than expected;
(2) materially accelerates development and/or executes an
aggressive land acquisition plan, such that its liquidity weakens
-- cash falls substantially below short-term debt level -- and
its balance sheet becomes more leveraged, with adjusted debt
leverage above 55% and/or EBITDA/interest below 3.5x-4.0x on a
sustained basis.

The principal methodology used in rating Gemdale was the Global
Homebuilding Industry Methodology, published in March 2009.

Incorporated in China, Gemdale Corporation is one of the leading
developers in the country's residential property sector. It was
founded in 1988 and was previously fully indirectly-owned by the
government of Futian district, Shenzhen.

Gemdale began its property development business in Shenzhen in
1993 and has progressively expanded its business to cover six
major regions across the country over the past 20 years.
Currently, it has a land bank of 17.1 million square meters in
gross floor area in 20 cities.


GEMDALE CORP: S&P Assigns BB+ Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to China-based property developer Gemdale
Corp. The outlook is stable. "At the same time, we assigned our
'cnBBB+' Greater China credit scale rating to Gemdale," S&P said.

"The rating on Gemdale reflects the company's low asset turnover
and large exposure to the high-end residential property segment.
Gemdale's lower profitability and weaker credit ratios than peers
with a similar market position also constrain the rating," said
Standard & Poor's credit analyst Bei Fu. "Gemdale's established
market position and diverse geographic operations, its long
record of steady growth through market cycles, and its consistent
financial management with good financial flexibility support the
rating."

"We view Gemdale's business risk profile as 'fair'. The company's
operating efficiency lags that of its peers in the 'BB' to 'BB+'
rating range. Gemdale has a longer development cycle and lower
asset turnover due to its focus on the high-end property segment.
The company is also susceptible to regulatory restrictions, which
often target high-end demand," S&P said.

"Gemdale's low asset turnover weighs on its working capital. The
company therefore requires high debt to meet operating needs,"
said Ms. Fu. Gemdale's credit ratios--particularly leverage--are
weaker than those of competitors with a similar operating scale
and market positioning.

The company's operating profitability is solid but lower than the
average of its high-end competitors.

"Gemdale's financial risk profile is 'significant'. The company
has a higher leverage and weaker coverage than peers'. However,
our rating factors in Gemdale's consistent financial management.
Further, we believe the company's financial flexibility and large
surplus cash balance temper its weaker credit metrics than
peers," S&P said.

"In our base-case scenario, we expect Gemdale's revenues to
increase by 25% year on year to Chinese renminbi (RMB) 26 billion
in 2012 because the company will recognize the bulk of its
property sales of more than RMB25 billion this year. The
company's EBITDA margin is likely to decline modestly to 26% in
2012 due to price cuts and cost pressure. In our base-case
scenario, we project the debt-to-EBITDA ratio will increase to
more than 5.0x in 2012 from 4.9x in 2011," S&P said.

"The stable outlook reflects our view that Gemdale can generate
satisfactory property sales in a challenging market and maintain
adequate liquidity to meet its financial obligations," S&P said.

"We may lower the rating if: (1) Gemdale fails to maintain good
financial flexibility, such that its unrestricted cash falls
below RMB10 billion; (2) its contracted sales decline
significantly below RMB30 billion in 2012; or (3) its financial
management and debt-funded expansion is more aggressive than we
expected, such that the EBITDA-to-interest ratio is lower than 4x
in the next 12 months and shows no signs of improving," S&P said.

"The upside potential for the rating is limited for the next 12
months. Nonetheless, we may consider raising the rating if
Gemdale can improve the execution of property sales and
strengthen its profitability and working capital, such that it
leverage is materially lower than in 2011," S&P said.



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


AMCOR LIMITED: Contributories and Creditors to Meet on July 20
--------------------------------------------------------------
Contributories and creditors of Amcor Limited will hold their
meetings on July 20, 2012, at 4:30 p.m., and 5:00 p.m.,
respectively at 10th Floor, Dah Sing Life Building, 99-105 Des
Voeux Road Central, in Hong Kong.

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


AT&T (HK): Commences Wind-Up Proceedings
----------------------------------------
Members of AT&T (Hong Kong) Limited, on July 3, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


BIOENVIRONLINK TECH: Court to Hear Wind-Up Petition on Aug. 8
-------------------------------------------------------------
A petition to wind up the operations of Bioenvironlink
Technologies Limited will be heard before the High Court of
Hong Kong on Aug. 8, 2012, at 9:30 a.m.

Environmental Pioneers & Solutions Limited filed the petition
against the company on June 4, 2012.

The Petitioner's solicitors are:

          CWL Partners
          28/F, Tesbury Centre
          28 Queen's Road
          East Wanchai
          Hong Kong


CRONOS CONTAINERS: Creditors' Proofs of Debt Due Aug. 13
--------------------------------------------------------
Creditors of Cronos Containers (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 6, 2012.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


EVERGRANDE REAL: Fitch Affirms 'BB' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Evergrande Real Estate
Group Limited's Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'BB' with Stable Outlook.  Fitch has also affirmed
Evergrande's foreign currency senior unsecured rating at 'BB'.

The ratings reflect Evergrande's limited track record on
sustainable growth as the company has just completed its rapid
expansion for the past three years.  Fitch notes that the
company's ability to manage its enlarged scale is yet to be
proven, having grown to 187 projects in 103 cities at end-2011
from 49 projects in 25 cities at end-2009.

The ratings also reflect Evergrande's position as one of China's
largest property developers with geographical diversification and
its rapid expansion.  The company has been able to grow its
portfolio quickly through its standardisation model --
replicating property projects across its product range with
slightly differentiated features.  The ratings also take into
consideration its ability to deliver its contracted sales targets
in 2011 despite a challenging market environment.  This was
backed by a flexible pricing strategy and a low-cost land bank.
Evergrande's liquidity and funding capabilities remain
satisfactory; the company maintained strong relationships with
domestic banks throughout the tight liquidity environment in
2011.

Fitch expects Evergrande to slow down land bank acquisition in
H212, following several land purchases in H112, and also to
maintain financial prudence.  Fitch expects this will leave it
with adequate liquidity over the next 18 months.  Evergrande had
CNY20.1bn in unrestricted cash and CNY36.9bn in unutilised bank
credit facilities at end-2011.  Based on operating cash flow
stemming from current contracted sales, Fitch expects Evergrande
to maintain sufficient liquidity to fund development costs, land
premiums, and debt obligations from 2012 to 2013.

The Stable Outlook reflects Fitch's expectations that Evergrande
will achieve stronger contracted sales in H212 compared with
H112.  Fitch expects the company to deliver similar contracted
sales of CNY80.4bn for 2012 with more project launches, and to
continue to focus on meeting its contracted sales target.  This
should lead to stable cash flows and liquidity for 2012.

What could trigger a rating action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- unfavourable changes to China's regulation or economy leading
    to a decline in contracted sales and EBITDA margin erosion
    below 15%

-- aggressive debt-funded expansion leading to a higher net
    debt-to-adjusted inventory ratio, potentially from a
    significant shift in management's risk appetite or financial
    policy, or from tightening liquidity due to a sustained fall
    in free cash flows or weakened access to financing channels

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- sustained positive free cash flow
  -- sustained stable growth and margins

However, positive rating action is not expected over the next
12-18 months as the company continues on a high growth
trajectory, requiring external funding.


KELLIX LIMITED: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------------
Creditors of Kellix Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Aug. 20, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 5, 2012.

The company's liquidators are:

         Ho Mei Ngan
         Low Fung Ping
         Rooms 904-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


MERRY CHANCE: Members and Creditors to Meet on Aug. 2
-----------------------------------------------------
Members and creditors of Merry Chance Industries Limited will
hold their first meetings on Aug. 2, 2012, at 3:30 p.m., at
Room 1909-10, Nan Fung Tower, 173 Des Voeux Road Central, in
Hong Kong.

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


PIOVAN HK: Commences Wind-Up Proceedings
----------------------------------------
Members of Piovan Hong Kong Limited, on June 30, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Paolo Maguolo
         Apartment 1706, Block 2
         Nanshi Jie 188
         SIP 215123 Suzhou
         PRC


RAINBOW & DIAMOND: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on July 4, 2012, to
wind up the operations of Rainbow & Diamond Transport Limited.

The official receiver is Teresa S W Wong.


RIGHT TEAM: Creditors' Proofs of Debt Due Aug. 14
-------------------------------------------------
Creditors of Right Team Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 14, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 13, 2012.

The company's liquidator is:

         Lam Wai Keung Andy
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


WALI ELECTRICAL: Creditors and Contributories to Meet on July 20
----------------------------------------------------------------
Creditors and contributories of Wali Electrical & Metal Factory
Limited will hold their meetings on July 20, 2012, at 3:30 p.m.,
and 4:00 p.m., respectively at 15/F, Empire Land Commercial
Centre, at 81-85 Lockhart Road, Wanchai, in Hong Kong.

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



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


AB&CO GLOBAL: ICRA Assigns 'BB-' Rating to INR(10)cr LT Loan
------------------------------------------------------------
ICRA has assigned a short term rating of '[ICRA]A4' to the
INR50.0 crore1 short-term non-fund based credit facilities
(Letter of Credit) of AB&Co Global Private Limited. ICRA has also
assigned '[ICRA]A4' rating to INR25.0 crore short-term fund based
sub-limits (Buyer's Credit) and INR5.0 crore short-term non-fund
based sub-limits (Bank Guarantee) of AB&Co.

                             Amount
   Facilities              (INR Cr)   Ratings
   ----------              ---------  -------
   Long-term, Fund-based   (10.0)     [ICRA]BB- (stable) assigned
   limits (Cash Credit)

   Short-term, Fund based   (25.0)    [ICRA]A4 assigned
   limits (Buyers Credit)

   Short-term, Non Fund      50.0     [ICRA]A4 assigned
   based limits (Letter of
   Credit)

   Short-term, Non Fund     (5.0)     [ICRA]A4 assigned
   based limits (BG)

ICRA has assigned a long term rating of [ICRA]BB- (pronounced
ICRA double B minus) to the INR10.0 crore long-term fund-based
sub-limits (Cash Credit) of AB&Co. The outlook on the long-term
rating is "stable".

The assigned ratings favorably factor in the healthy revenue and
profitability growth over the years. The ratings also draw
comfort from the negative working capital intensity of the
business and support derived from the promoters that have diverse
experience in trading, civil engineering, warehousing and
logistics activities.

The assigned ratings, however, are constrained by the company's
modest scale of operations, the wafer thin margins and intense
competition which characterizes its trading business. The risk is
further accentuated by the significant non-fund based exposures
and the high client concentration risk with top six clients
accounting for 2/3rd of total revenues.

AB&Co Global Private Limited was initially incorporated in the
name of Navib Constrade Pvt. Ltd. in the year 1997. In 2001, its
name was changed to AB&Co Advisors Pvt. Ltd. Last year, the
company was registered in the name of AB&Co Global Private
Limited. AB&Co trades in various products such as mild steel
ingots, angles, plates, rounds, cotton fabrics, yarn, vitrified
tiles, and copper, depending on demand and customer requirement.
The company imports steel products from suppliers in Turkey and
the UAE and sells in the domestic market. AB&Co also procures
fabrics from Tarapur, Maharashtra and sells it to local traders.
The major customers of AB&Co are domestic engineering, chemical
and textile companies. The company is registered in Mumbai.

Recent results:

As per its unaudited results for FY 2012, AB&Co reported profit
before tax of INR0.81 crore over an operating income of
INR131.16 crore.


BAHULEYAN CHARITABLE: ICRA Rates INR7.46cr Loan at '[ICRA]B+'
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR7.46
crore term loan facilities of Bahuleyan Charitable Foundation.
ICRA has also assigned short-term rating of '[ICRA]A4' to the
INR0.10 crore non-fund based bank facilities of the Company.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                ---------   -------
   Term loan facilities        7.46      [ICRA]B+ assigned

   Non-fund based facilities   0.10      [ICRA]A4 assigned

The assigned ratings consider the healthy demand growth for
healthcare services and the technical capabilities in the
hospital backed by state-of-the-art equipment and experienced
consultants. The ratings reflect the financial profile
characterized by high gearing and stretched coverage indicators
consequent to debt funded capital expenditure. The ratings factor
in the small scale of operations with limited diversification,
being concentrated in the field of neuroscience and also the
nascent stage of operation of the educational institutions
managed by the Company resulting in net losses. High competition
in the higher education sector is expected to limit growth in
occupancy levels in the nursing and physiotherapy colleges to an
extent and also exert pressure on the ability to attract and
retain experienced faculty.

Bahuleyan Charitable Foundation was incorporated in 1993 by
Dr. Kumar Bahuleyan in Vaikom, Kerala as a not-for-profit
institution. The Company currently manages Indo-American Hospital
(Brain & Spine Centre), BCF College of Nursing, BCF College of
Physiotherapy and Community Development Centres.

Recent Result

The Company had reported net loss of INR0.2 crore on an operating
income of INR15.2 crore during 2011-12, according to unaudited
results.


ELTEL POWER: ICRA Assigns '[ICRA]B' Rating to INR17cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' rating to INR14
crore1 fund-based and non-fund based bank facilities of Eltel
Power Private Limited. ICRA has also assigned a short term rating
of '[ICRA]A4' ratings to INR3 crore non-fund based bank
facilities of EPPL.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Long-Term Fund Based      2        [ICRA]B Assigned
   Facilities

   Long-Term Non-Fund       12        [ICRA]B Assigned
   Based Facilities

   Short-Term Non-Fund       3        [ICRA]A4 Assigned
   Based Facilities

The ratings take comfort from the long track record and expertise
of the Eltel Group in executing projects relating to electrical
contracts in various districts of Madhya Pradesh (MP). As the
company is in initial stage of operations, the scale of the
operations remains modest with pending order book of INR61.1
crore as on Mar-12 on which the company faces high concentration
risk. Around 91% of the book as on Mar-12 is to a single client -
Madhya Pradesh Poorv Kshetriya Vidyut Vitaran Company Limited and
the entire operations of the company are concentrated in MP. EPPL
has emerged as the lowest bidder for projects with value of
INR102 crore under Rajeev Gandhi Grameen Vidyutikaran Yojana
across various districts in MP; however given the limited net
worth (INR 0.06 crore on March 31, 2012), EEPL would require to
timely raise equity and tie-up for banking limits to initiate and
execute the projects. The ratings of the company are also
constrained on account weak profitability indicators and
stretched liquidity profile as reflected in consistently high
limits utilization and leveraged position. Going forward, the
ability of the company to successfully improve its equity capital
base and tie-up of banking lines in a timely manner would be
crucial for timely execution of its orders and hence will be key
determinant of its future growth in revenues and improvement in
debt coverage indicators.

Eltel Power Private Limited was incorporated in March-2011 in
Satna (MP) and is engaged in the work of electrical
infrastructure supply, erection and installation on turnkey
basis. The firm is catering to customers such as Madhya Pradesh
Purvi Kshetra Vidyut Vitaran Company Limited and Madhya Pradesh
Road Development Corporation Limited. The company is promoted by
Mr. V.K. Agarwal and family members. As per the provisional
results, the company reported Profit After Tax (PAT) of INR1.4
lakh with an operating income of INR6.21 crore.


FUSION JEWELLERY: ICRA Assigns Junk Ratings to INR7.5cr Loans
-------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR7.50 Crore short
term fund based bank facilities of Fusion Jewellery Manufacturing
Company Private Limited.

                                   Amount
   Facilities                     (INR Cr)    Ratings
   ----------                     ---------   -------
   Short Term Fund Based Limits-     4.41     [ICRA]D (Assigned)
   FBP/FDBP/FUDBP/FDBD/AFDBC

   Short Term Non Fund Based         3.09     [ICRA]D (Assigned)
   Limits-Packing Credit

The assigned rating reflects the stretched liquidity position of
the company as evident from the delays in interest payments on
working capital borrowings. The rating also factors in the
company's weak financial performance with losses incurred till FY
2011. ICRA also notes that significant intra group transactions
have led to locking of funds. The rating however, considers the
experience of the promoters in the jewellery business. ICRA also
notes the fiscal benefits accruing from the unit's presence in
Special Economic Zone.

                     About Fusion Jewellery

Fusion Jewellery Manufacturing Company Private Limited is a
private limited company and commenced its business from 2005. The
company is promoted by Mr. Nanubhai Savalia and Mr. Priyesh
Dudhat. The company is engaged in the business of manufacturing
and export of low quality diamond and colour stone jewellery, set
in gold and silver including a variety of fine jewellery like
earring, rings, pendants, chains, bracelets and pendants. The
company has a registered office and a manufacturing facility at
Santa Cruz Electronic Export Promotion Zone, Andheri.

The group companies: Lucent Jewellers Inc is into the business of
manufacturing and sales of jewellery , N D Gems and Nil Diamond
Inc are into the business of trading of diamond, silver and gold
trading. Savalia Group LLC is into the business of Jewellery
sales and Nil Gems is into the business of trading of diamonds.
Aspire International Inc is a recent addition to the group.

Recent Results:

FJMCPL recorded a loss of INR0.17 crore on an operating income of
INR20.20 Crore for the year ending March 31, 2011. FJMCPL has
recorded a net profit of INR0.38 Crore on an operating income of
INR20.79 Crore as on March 31, 2012 as per provisional figures.


KHODASHI POWER: Delay in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has revised the rating assigned to INR20.00 crore fund based
bank limits of Khodashi Power Private Limited to '[ICRA]D' from
'[ICRA]BB-' earlier.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Long Term Fund Based     20.00     Revised to [ICRA]D from
   Limits                             [ICRA]BB-(stable)

The rating revision to [ICRA]D primarily factors in the delay in
debt servicing on account of running delays in the implementation
of the project and nil revenue generation as a result. Against a
scheduled commencement in March 2012, the 4.9 MW, run of the
river hydro power plant on Krishna River, is running a delay of
approximately 6 months at present, whereas debt repayments have
commenced in June 2012. ICRA thus expects debt servicing to
continue to remain challenging till the commissioning of the
plant (expected in September 2012, although further delays cannot
be ruled out).

Successful commissioning of the plant could possibly result in an
improvement in the debt servicing track record; however, ICRA
notes that the exposure to hydrological risks due to the absence
of a deemed generation clause remains (although this is typical
for mini-hydel plants). ICRA also notes that KPPL has a firm off
take arrangement with Maharashtra State Electricity Distribution
Co Ltd (MSEDCL) for a tenure of 35 years at a competitive fixed
price of 4.26/KWH which, coupled with supply-demand gap in the
state of Maharashtra is expected to ensure off take in medium to
long term. ICRA also notes that the project is eligible for
capital subsidy from Ministry of Non-conventional Energy Sources
(MNES), which if received in a timely manner will improve the
project viability and return indicators. Moreover, the project is
in process of getting certification under Clean Development
Mechanism (CDM), which would provide additional revenue streams
in form of (Certified Emission Reduction) CER sales.

Going forward, the ability of the company to ramp up the pace of
execution and complete the project without further cost and time
overruns, achieve the designed performance parameters and
availability of adequate water flow will be the key rating
drivers. This apart, KPPL's future track record of debt servicing
would be a critical rating driver.

Khodashi Power Pvt Ltd is setting up a 4.90 (2X2.45) MW hydro
electric power plant which is Located in Karad District of Pune.
It is being promoted by a group of individual promoters with Mr
Yadava Thimmaiah being the Managing Director. The project
envisages generation of power through run of river Hydro electric
scheme. The diversion is created on the river Krishna near Karad
just before it joins the Kyona tributary. The cost estimate for
the project is INR27.83 crore which is being funded by debt of
INR20.00 crore and equity of INR7.83 crore.
Due to excessive rains in the region company could not commission
its plant (in March 2012) as per its implementation plan. KPPL
now expects the plant to commission in Sept 2012; however further
delay cannot be ruled out. Moreover, further delay could result
in significant cost overrun.


LAKSHMI SUPER: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR7.50
crore fund based facilities of Lakshmi Super Speciality
Hospitals.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term Loan               7.50       [ICRA]B Assigned

The rating factors in the firm's small scale of operations owing
to only out-patient (OP) consultation services currently provided
by the hospital; high execution risk associated with the proposed
multi-specialty hospital (MSH) of INR12.70 crore on account of
limited experience of partners in undertaking projects of such
nature and also any delays in the execution of project could lead
to stretched liquidity position due to the inability of revenues
from the current OP services to support debt obligations in the
near future. The rating also takes into account the moderate
competition in the healthcare services sector in Guntur and
Vijayawada region and ability of the firm to attract and retain
qualified doctors for upcoming MSH. However, ICRA draws comfort
from the partners' experience in the field of cardiology and
gynecology for more than a decade and the proposed addition of
100 bedded MSH to drive revenue growth in medium term.

Lakshmi Super Specialty Hospitals incorporated in the year 2004
as a proprietary concern by Dr. P. V. Manohara Rao, serves solely
out-patients in the field of cardiology and gynaecology. LSSH is
converted to a partnership firm in the year 2012 and is setting
up a multi-specialty hospital in Guntur district to cater to
various specializations such as Cardiology, Cardio Thorasic
Surgery, Gynecology, Neurology, Orthopaedic and General Medicine,
and this MSH is expected to start in November 2013. Both the
partners Dr. P. V. Manohara Rao and Dr. P. VIjaya Lakshmi have an
experience of more than a decade in fields of cardiology and
gynecology respectively.

Recent Results

During the financial year ending March 2011, the company recorded
net profit of INR0.16 crores on a turnover of INR0.48 crores as
against net profit of INR0.10 crores on a turnover of INR0.42
crores during FY 2009-10.


MASINA ALLOYS: ICRA Reaffirms 'BB' Rating on INR5.75cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' for the
INR5.75 crore1 Fund based (Cash Credit) bank facility of Masina
Alloys Private Limited. The outlook on the long term rating is
stable. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' for the INR1.00 crore Non Fund based (Bank Guarantee)
bank facility of Masina Alloys Private Limited.

                               Amount
   Facilities                 (INR Cr)    Ratings
   ----------                 ---------   -------
   Long Term Fund Based         5.75      [ICRA]BB Reaffirmed
   Limit (Cash Credit)

   Short Term Non Fund Based    1.00      [ICRA]A4 Reaffirmed
   Limit (Bank Guarantee)

The rating reaffirmation takes into account the long standing
experience of the promoters in the steel processing industry;
favorable capital structure as indicated by gearing of 0.99 times
as on March 31, 2012 and healthy coverage indicators. ICRA notes
that by virtue of the presence of its manufacturing facility in
Sinnar, MAPL enjoys the dual advantage of proximity to both the
raw material suppliers and end users. The rating, however, is
constrained by the modest scale of operations of the company and
the high client concentration with top 5 clients attributing to
73% of the turnover in FY12. The rating is further constrained by
the high competitive intensity in the industry given the low
entry barriers; thin profitability levels (operating margins of
2.6% in FY 2012) owing to the low value adding nature of the
business and susceptibility of profitability to fluctuations in
raw material prices.

                       About Masina Alloys

Masina Alloys Private Limited was incorporated in 2008 as a
private limited company and is engaged in the business of
manufacturing M. S. Ingots. The company started its commercial
production from September 2008 and operates with an annual
capacity of 24,000 MT. The promoter, Mr. M.H. Khan and his family
are in the business of supplying MS Scrap to inducting furnaces
for more than 40 years. The company has manufacturing facilities
at Sinnar (Nashik, Maharashtra).

Recent Results

For the financial year ending March 2012, MAPL reported an
operating income of INR67.19 crore and a net profit of INR0.56
crore as compared to revenues of INR47.98 crore and profit of
INR0.46 crore in the previous year.


MONNET POWER: Fitch Puts 'BB-' Rating on INR3.5-Bil. Loans
----------------------------------------------------------
Fitch Ratings has assigned India-based Monnet Power Company Ltd'
INR38,190 million (including an external commercial borrowing
(ECB) of USD100m) senior project bank loans a National Long-Term
rating of 'Fitch BBB-(ind)'.  The agency has also assigned MPCL's
INR3,500m subordinated project bank loans a National Long-Term
rating of 'Fitch BB+(ind)'.  The Outlooks are Stable.

Monnet Ispat Energy Ltd is implementing a 1,050MW coal-based
thermal power project, through MPCL, in Angul, Orissa.  The
project cost is INR50,920m, which is being funded through a
senior debt of INR38,190m. MPCL has a 25-year power purchase
agreement (PPA) with PTC India ('Fitch A1+(ind)'/Stable), for
around 42% of generation. PTC in turn has tied up with West
Bengal Electricity Distribution Co Ltd.  The company has another
25-year PPA with PTC India for around 21% of the power generated,
to be sold on a short/medium term basis at a guaranteed tariff.
About 25% will be sold to the government of Orissa at a tariff
prescribed by the regulatory commission and the balance is
planned as merchant power.

The rating is constrained by construction risk for the green
field project, given the estimated 12 months delays in the
project and the consequent postponement of commercial operations
by around a year till September 2013.  The rating also reflects
residual completion risks including the ongoing land acquisition
process and clearances pending for the captive coal mines, namely
Utkal B2 and Mandakini Coal Co Ltd, allocated to the sponsor
group by the government for its entire coal requirements.  MCCL
is jointly allocated to the sponsor group with Jindal Photo Ltd
and Tata Power Ltd, where the sponsor group will receive a one-
third share.

Although the sponsor group operates a 230MW thermal power plant,
its lack of a track record in construction and operation of a
power project of the current size is a weakness along with the
absence of a single engineering, procurement and construction
contract.  However, the fact that the bulk of construction cost
is covered by a major portion of fixed price-fixed time contract
for the boiler-turbine-generator plant with an experienced
supplier (BHEL, 'Fitch AAA(ind)'/Stable) mitigates the
construction risk.  Also, the sponsor's undertaking to cover cost
overruns and appointment of an experienced owner's advisor (DCPL,
Kolkata) provide some comfort to the ratings.

Financial risks include the variable interest rate on domestic
loans and unhedged exposure to currency and interest rate risks
on the ECB.  The sponsor's intention to increase its ECB exposure
may increase currency-related risks, given the current steep
weakening of the Indian rupee.  A debt service reserve equivalent
of six month's debt service is a credit positive; however, its
ramp-up from operational cash-flows is a concern.

The rating primarily benefits from the reasonable mitigation of
volumetric (around 88%) and price risks through MPCL's off-take
arrangements in respect of most of its generation.  Additionally,
the captive coal mines not only keep the landed cost of fuel at
lower levels than its peers with fuel linkages from the
government, but also insulate the project from the sector-wide
coal shortage.  Also, the mine-mouthed project enables the
company to achieve comfortable coverage metrics consistent with
the current rating level; even with a lower tariff assumption
than its peers.

Fitch notes that the delay has already shrunk the principal
moratorium from a generous 15 months to around 3 months, thus
compressing the cash flow available for debt service.  As a
result, MPCL would require the sponsor to support the shortfall
for the first principal payment in March 2014.  Fitch notes that
clearances to coal mines would take around three months to a
year. The agency expects that the delay may not have resulted in
a significant cost overrun given the corresponding postponement
in the debt draw down schedule.

Negative rating action may result from significant cost overruns
resulting from further delays in the completion of land
acquisition formalities for both the captive coal mines as well
as in achieving the revised commercial operations date.


OMKAR COMPUTERS: ICRA Places 'B+' Rating on INR4.94cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR4.94 crore long-
term fund-based facilities of Omkar Computers Private Limited.
ICRA has also assigned an '[ICRA]A4' rating to the INR0.95 crore
short-term non-fund based facilities of OCPL.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               ---------    -------
   Long-term, Fund-based      4.50       [ICRA]B+ assigned
   limits (Cash Credit)

   Long-term, Fund-based      0.44       [ICRA]B+ assigned
   limits (Term Loan)

   Short-term, Non-Fund       0.95       [ICRA]A4 assigned
   based limits

The ratings favorably factor in the exclusive distribution rights
in Thane and Raigad districts for sale of BSNL vouchers and SIM
cards and shift in company's focus towards mobile distribution
business wherein it enjoys exclusive distribution rights for
various brands which are relatively newer entrant in the market.
The assigned ratings are constrained by the company's small scale
of operations and muted revenue growth for last three fiscals and
modest profitability levels. The risk is further accentuated by
the wafer thin margins and high competitive intensity in its
recharge voucher business segment. The gearing ratio also remains
stretched on account of high working capital borrowing levels.

Omkar Computers Pvt. Ltd. was set up in 1992 as an IT services
provider. OCPL undertakes website development and maintenance,
software development work catering to both public and private
sectors. However, in 2005, OCPL diversified by entering into the
distributorship business of recharge vouchers for BSNL in Raigad
and Thane district where it has exclusive distributorship rights.
Currently, this segment contributes almost 75% to the topline of
the company. In 2009, OCPL acquired sole distribution rights for
Karbonn Mobiles in Thane district, Maharashtra. It also has sole
distribution rights for Videocon Mobiles in Raigad and Thane
districts. It is the C&F agent for Xage mobiles in Thane and
Raigad districts. OCPL earns -22% of its revenues from the mobile
and allied accessories business. The company also has
distribution rights for supplying Samsung laptops to electronic
shops in Thane district.

Recent results:

As per its unaudited results for FY 2012, OCPL reported profit
after tax of INR0.45 crore over an operating income of INR24.89
crore.


PUSHPA POULTRY: ICRA Rates INR11.5cr Fund Based Limits at 'B'
-------------------------------------------------------------
ICRA has assigned '[ICRA]B' Long term rating to INR11.50 crore
fund based bank lines of Pushpa Poultry Complex.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based Limits        11.50     [ICRA]B

The assigned rating is constrained by the firm's leveraged
capital structure and its inadequate liquidity as evident from
overutilization of the working capital facilities extended to
PPC. The ratings are also constrained by the high sensitivity of
PPC's profits to fluctuations in feed costs (mainly maize and
soya prices), the event risks inherent in PPC's business (like
outbreak of bird flu), and the high competitive pressure exerted
by the unorganized sector, which adds to the volatility in the
business. Impending debt funded capital expansion could result in
worsening of the capital structure from the presently stretched
levels.

The rating, however, is supported by the extensive experience of
PPC's promoters in the business, its moderate scale of operations
in an unorganized sector, wide acceptability of the breed of eggs
sold, and the positive outlook for poultry industry in India.
Healthy prospects for the industry are reflected in the volume
growth reported by PPC over the past three years.
Going forward, the ability to prudently manage the finances and
to control the working capital requirements would be a key
sensitivity for the company's financial profile.

Pushpa Poultry Complex is a partnership owned between the
Mullapudi-family of Rajahmundry. The firm was incorporated in
1983. The company operates in the Poultry industry and its line
of activity includes sale of BV 300 table eggs through whole sale
merchants. The company has a capacity to breed about 4.10 lakh
birds currently which is being expanded to about 6.0 lakh birds
in the near future. The promoters are also involved in other
ventures such as Rice Milling (Sri Surya Gangadhara Boiled and
Raw Rice Mills), Palm Oil Production, and Cattlefish rearing. Of
the other operations, Rice Mill is the biggest source of
revenues.

Recent Results

PPC reported an operating income of INR35.91 crores for FY2012,
against an operating income of INR32.44 crore for FY 2011. Over
the period, it has reported an operating margin of INR2.56 crore
and net margin of INR0.40 crore against INR2.40 crore and INR0.35
crore respectively for FY 2011.


SHREE DAMODAR: ICRA Rates INR5.46cr Loan at '[ICRA]B'
-----------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR5.46 crores fund
based limits of Shree Damodar Coach Crafts Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                ---------   -------
   Fund Based Limits           5.46      [ICRA]B

The rating action takes into account the intensely competitive
nature of the transport industry, SDCC's small scale of
operations which restricts scale economics and susceptibility of
the company to adverse movement in raw material prices. The
rating also factors in the highly leveraged capital structure of
the company on account of debt-funded capex incurred in the past.
While the capex will enable the company to expand its scale of
operations, the debt-funded nature of the capex has resulted in
highly leveraged capital structure and below-average debt
protection indicators. Further, ICRA notes that the cash accruals
are moderate in relation to the debt servicing burden of the
company. Nevertheless, the ratings derive comfort from SDCC's
experienced management and its established relations with key
customers. The company's ability to improve its scale of
operations and profitability while maintaining its working
capital intensity would be the key rating sensitivities going
forward.

Shree Damodar Coach Crafts Pvt Ltd is a company engaged in
building and fabrication of bus bodies. The operations of the
firm are being managed by Mrs Ashwini Dixit and Mr Jayant Dixit.
The manufacturing facilities of the company are located in Goa
and Dabaspet.

Recent Results

The firm reported a net profit of INR0.45 crores on an operating
income of INR9.36 crores in FY11 as against net profit of INR0.25
crores on an operating income of INR5.39 crores in FY10.


SHREE GOVARDHAN: ICRA Rates INR7.8cr Loan at '[ICRA]B+'
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR7.80
crore fund based facilities of Shree Govardhan Steels Private
Limited.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based limits        7.80      [ICRA]B+ (assigned)

The assigned rating is constrained by company's small scale of
operations with moderate capacity utilization of the plant which
impacts business returns, highly fragmented nature of industry
with low entry barriers. The rating is also constrained by low
profitability and weak coverage indicators with interest coverage
of 1.42 times and NCA/TD of 4%. The rating, however, favorably
factor in the long experience of the promoters in the iron &
steel business and positive demand outlook for the Iron angles
driven by increased demand from infrastructure, manufacturing
sectors, indicates robust business potential for the company.

Shree Govardhan Steels Pvt. Ltd was incorporated in the year 2010
with the manufacturing facility situated at Kasganj (U.P). The
company is primarily engaged in manufacturing of Iron Angles with
a installed capacity of 30000 tons. The Company is professionally
managed by Mr. Ashish Agrawal.

Recent Results

As per the provisional figures of 2011-12, the company reported a
profit after tax (PAT) of INR0.16 crore on an operating income of
INR20.82 crore.


SRI LAKSHMI: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' long term rating for INR20.00
crore1 fund based credit facilities of Sri Lakshmi Satyanarayana
Raw & Boiled Rice Mill. The assigned rating carries a Stable
outlook.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based Limits       20.00      [ICRA]BB-

The assigned ratings are constrained by the intensely competitive
and fragmented nature of the rice-milling industry which limits
the ability of the company to earn premiums. The ratings are also
constrained by decline in the profitability and accruals of
SLSRBM, which has resulted in deterioration in the debt coverage
indictors. Further, the company also remains susceptible to
policy risks affecting the quantum of the more lucrative open
market sales, and agro climatic risks, which might affect the
availability of paddy.

The ratings however favorably factor in long-standing experience
of promoters in the industry, easy availability of raw material-
the mill being present in rice-belt of Andhra Pradesh and the
presence of the company in retail market through its own brand
Coconut Tree Going forward, the ability of the promoters to
manage the increase in the Minimum Support Price for Paddy and to
achieve higher growth rates by leveraging the export market would
be the key rating drivers for SLSRBM.

Sri Lakshmi Satyanarayana Raw and Boiled Rice Mill is engaged in
the milling of paddy and produces raw and boiled rice. The rice
mill is at Kakinada district of Andhra Pradesh. Its installed
production capacity is 640 MT per day (two shifts of 320 MT per
day). The firm produces 100% sortex rice with 70% being boiled
variety and 30% being raw variety.

SLSRBM sells its products in the retail market in Kerala under
the brand name "Coconut Tree". The brand portfolio consists of
only boiled rice and derives majority of revenues from Kerala.

Recent Results

The firm reported an operating income of INR79.27 crores in FY
2012 against INR61.28 crore in FY 2011.


SRI MITTAPALLI: ICRA Places '[ICRA]B+' Rating on INR9cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR9.00
crore1 fund based facilities of Sri Mittapalli Trust.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term Loan               8.00       [ICRA]B+ Assigned
   Cash Credit             1.00       [ICRA]B+ Assigned

The rating factors in the society's limited scale of operations,
decline in occupancy levels, below average placements in last few
years and the high competitive intensity in the education sector
with around 50 engineering colleges in Guntur district. The
rating also factors in the challenges faced by trust in terms of
revenue growth owing to highly regulated nature of industry with
fee fixation by government of Andhra Pradesh (GoAP) and need of
approvals from AICTE for seat/course additions. The society's
gearing is moderate on account of continuous debt funded
expansion and the delays in fee reimbursements by the GoAP might
lead to a pressure on the liquidity position. However, ICRA draws
comfort from the high experience of the promoters, wide spectrum
of courses (engineering and management) offered by the trust, its
healthy operating profitability, its comfortable debt protection
metrics and its favorable working capital cycle.

Sri Mittapalli Trust, established in 2005 by Mr. M.V. Koteshwara
Rao and his family members, runs Sri Mittapalli College of
Engineering, established in 2006 and Sri Mittapalli Institute of
Technology for Women, established in 2008. These colleges under
the society impart education in the field of engineering and
management. The campuses for both the colleges are located at
Tummalapalem, Guntur District of Andhra Pradesh. Both SMCE and
SMITW are built as per the AICTE norms over 11.50 acres and 5
acres of land respectively. The trust members, Mr. M.V.
Kosteshwara Rao (Chairman) and Mr. M.B.V. Satyanarayana have an
experience of around 15 years in the education sphere; they are
also the members of Gayatri Educational Development Society which
was established in 1997 in Guntur District.

Recent Results

In FY11, SMT reported operating income of INR9.39 crore and net
profit of INR2.89 crore.


STONE BUILDTECH: ICRA Assigns '[ICRA]C+' Rating to INR9cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]C+' rating to the INR9.00 crores fund
based bank facilities of Stone Buildtech Private Limited.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund-Based Limits        9.00      [ICRA]C+ assigned

The assigned rating is constrained by relatively small scale of
operations of the company and geographical concentration risk
arising from a single project concentrated in Meerut. The rating
is also constrained by nascent stage of the project which coupled
with slow progress of the project increases the execution risk
for the company. Besides, the significant unbooked space in the
project, cyclicality in demand in the domestic real estate market
and intense competition significantly accentuates the market risk
for project. This in turn can increase the funding requirement of
the project as a part of the project cost is planned to be met
from customer advances (which are contingent on timing of
bookings and collections from customers) and may also put
pressure on debt servicing in the initial period. However, the
rating favorably factors in the long track record of promoters in
real estate sector, low approval risk and the fact that debt for
the project has been tied up and promoters have largely brought
in their contribution (in the form of equity and unsecured
loans). Going forward, the firm's ability to complete the project
in time and within the budgeted cost as well as achieve the
desired sales and collection efficiency will be the key rating
drivers.

                       About Stone Buildtech

Stone Buildtech Private Ltd. was incorporated in 2009 as a
private limited company. The company is promoted by Mr. Abhinav
Yadav and Mr. Anunay Yadav under the leadership of Mr. Anil Yadav
who is a real estate developer in Meerut and has a vast
experience as a colonizer and builder. The promoters have been in
the business of real estate from over 15 years. Over the years
the promoters have focused on development of residential colonies
in Meerut and have delivered -1.90 million sq. ft. area.

SBPL is developing a 6.36 lakh sq. ft. a township named
'Shakumbhari Dham' (Westend) in Village Maliyana, Baghpat Road,
Meerut. The residential colony in the township would consist of
independent duplex houses, residential plots and group housing.
In addition to this, commercial areas are also proposed.
Currently, the company has launched plots and duplex houses only.


VENKATA RAMANA: ICRA Assigns 'BB-' Rating to INR7.86CR Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-') to INR5.63
crore fund based facilities and INR2.23 crore unallocated limits
of Venkata Ramana Charitable Trust.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term Loan               5.63       [ICRA]BB- Assigned
   Cash Credit             2.23       [ICRA]BB- Assigned

The rating factors in the society's limited scale of operations,
high competitive intensity in the education sector with around 50
engineering colleges in Guntur district which poses a challenge
in attracting and retaining the faculty. The rating also factors
in the challenges faced by trust in terms of revenue growth owing
to highly regulated nature of industry with fee fixation by
Government of Andhra Pradesh (GoAP) and need of approvals from
AICTE for seat/course additions. The society's gearing is
moderate on account of continuous debt funded expansion and the
delays in fee reimbursements by the GoAP might lead to a pressure
on the liquidity position. However, ICRA draws comfort from the
stable fee based income from the college providing revenue
visibility, its high occupancy levels, its healthy operating
margin, its comfortable debt protection metrics and its favorable
working capital cycle and the society being a part of Tirumala
group (Tirumala Milk Products Private Limited rated at
[ICRA]A+/Stable/A1+).

Venkata Ramana Charitable Trust, established in year 2007, runs
Tirumala Engineering College in Guntur District, Andhra Pradesh,
to impart education in the field of engineering. TMC is
established by by Mr. B. Brahma Naidu, Mr D. Brahmanandam and Mr.
B. Nageswara Rao (promoters of Tirumala Milk Products Private
Limited) and Mr. Ravela Satynarayana. The society is currently
running 2 courses, B. Tech and MCA, at the 15 acre campus at
Narsaraopet.

Recent Results

According to the provisional numbers of FY12, VRCT reported an
operating income of INR6.48 crore and a net profit margin of
INR1.69 crore.



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


SANKO STEAMSHIP: Chapter 15 Recognition Hearing Set for Aug. 8
--------------------------------------------------------------
The U.S. Bankruptcy Court will hold a hearing on Aug. 8, 2012, at
2:00 p.m. to consider recognition of the reorganization
proceedings commenced by The Sanko Steamship Co. Ltd., before a
district court in Tokyo, Japan, as a "foreign main proceeding"
under 11 U.S.C. Section 1517.

Meanwhile, on July 6, Hisashi Asafuji, in his capacity as the
representative director and foreign representative of Sanko in
the Japanese Proceeding, asked the U.S. Bankruptcy Court to
enforce a temporary restraining order issued July 2, which barred
creditors from seizing, attaching, possession, executing or
enforcing liens against Sanko's assets during the Chapter 15
case.

According to the foreign representative, World Fuel Services
Corporation, a fuel supply company with offices in Miami,
Florida, and operations in Corpus Christi, Texas, violated the
TRO and the automatic stay by commencing and continuing an action
on account of pre-bankruptcy amounts due from Sanko for fuel and
barging services and the arrest of a vessel, the M/V Iyo Wind, at
Corpus Christ, Texas on July 5.  The foreign representative said
World Fuel had actual notice of the entry of the TRO protecting
Sanko's property in the United States.

World Fuel commenced an action by filing a complaint in the
United States District Court for the Southern District of Texas
(Case No. 12-cv-221), to seek a judgment in the amount of
$341,634 on account of fuel supplies and barging services
provided by World Fuel.  World Fuel also sought and obtained a
warrant directing the U.S. Marshall to seize the M/V Iyo Wind at
Corpus Christi.

The foreign representative said Sanko does not own the M/V Iyo
Wind, but owns the fuel bunkers aboard the vessel.  Sanko employs
the vessels under a long term charter for the purpose of serving
one of Sanko's key customers, Glencore, AG, in the United States.
The fuel bunkers are the subject of the amount payable to World
Fuel which led to the filing of the Texas Action.

                       About Sanko Steamship

The Sanko Steamship Co. Ltd., which owns or operates 156 vessels,
on July 2, 2012, commenced bankruptcy reorganization proceedings
under the Corporate Reorganization Act of Japan before the Tokyo
District Court, Civil Department No. 8.  Hisashi Asafuji, in his
capacity as the representative director and foreign
representative of Sanko in the Japanese Proceeding, filed
parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 12-12815) in Manhattan on the same day.
Chiyoda-ku, Tokyo-based Sanko said assets on March 31, 2012, were
about $1 billion while debt totaled $947 million, mostly
unsecured.  The debt total doesn't include liabilities on
chartered vessels.

U.S. Bankruptcy Judge James M. Peck presides over the Chapter 15
case.  Daniel J. Guyder, Esq., at Allen & Overy LLP, represents
the foreign representative.



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


HANOVER FINANCE: Former Directors Yet to File Defense in Court
--------------------------------------------------------------
Hamish Fletcher at nzherald.com.nz reports that six former
directors and promoters of Hanover Finance Limited facing civil
action have yet to file statements in their defense with the High
Court.

nzherald.co.nz notes that the Financial Markets Authority is
suing Mark Hotchin, Eric Watson, Greg Muir, Bruce Gordon, Sir
Tipene O'Regan and Dennis Broit over allegedly misleading or
untrue statements made in Hanover offer documents.  The FMA filed
its statement of claim against the six men at the end of March.

Under High Court rules, the report says, the defense is required
to file statements in reply within 25 working days of being
served documents.  This means the Hanover statements of defense
should have been filed by the middle of May.

But a High Court official said Friday the documents had not been
received, the report relays.

While this is outside the filing period set out in court rules, a
registrar told the Weekend Herald it was up to the plaintiff to
pursue the matter.

According to the report, the plaintiff is the FMA, and a
representative said Friday it had agreed on a timetable for
filing of the statements of defense.

Mr. Hotchin's lawyer, Bruce Stewart QC, said documents would be
filed very shortly but could not give an exact date, the report
adds.

                      About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


NATIONAL FINANCE: Created After Predecessor Collapse, Court Hears
-----------------------------------------------------------------
Nick Krause at stuff.co.nz reports that the High Court at
Auckland has heard that National Finance 2000 was created after a
previous company with a similar name went broke owing over
NZ$600,000.

stuf.co.nz notes that the trial of former National Finance
director Carol Braithwaite for allegedly misleading investors
began on Monday.

In his opening address, the report relates, Crown prosecutor
Steve Symon said in the 1990s National Finance's predecessor
entity lent more than NZ$20 million via 6,000 loan contracts.
But between 1994 and 1997, a number of non-performing loans
created a shortfall in its accounts of NZ$625,924.

stuff.co.nz relates that the company had to enter into a
compromise with its creditors in which they agreed to its boss,
the-now jailed Trevor Ludlow, setting up a new finance company
National Finance 2000.

The Crown argues that with all this information clearly stated in
the company's registered prospectus, Ms. Braithwaite should have
heard alarm bells, the report relays.

Ms. Braithwaite has pleaded not guilty to making false statements
in the 2005 prospectus, stuff.co.nz adds.

                       About National Finance

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

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

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



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


* PHILIPPINE: Bank Staff Seek Voice in Bank Closures, Liquidation
-----------------------------------------------------------------
The Philippine Star reports that bank workers want to be part of
the decision-making process regarding bank closures, takeovers
and liquidations.

The Philippine Star relates that in a letter sent to the
Philippine Deposit Insurance Corp. (PDIC), the National Union of
Bank Employees (NUBE), an affiliate of the Trade Union Congress
of the Philippines-International Trade Union Confederation (TUCP-
ITUC), urged PDIC president Valentin Araneta to let bank
employees -- together with their union if present -- have a voice
and be afforded the opportunity to offer viable solutions on how
to abort liquidation or merger.

That could be achieved in the proposed legislation being pursued
by the PDIC governing the takeover, liquidation and winding up
operations of banks that are closed by the Bangko Sentral ng
Pilipinas (BSP), The Philippine Star relays.

According to the report, NUBE national president Jose P. Umali
Jr. said that this could be the missing key on avoiding such
eventuality by a bank, noting that among the hardest hit when a
bank is liquidated are the bank employees who are displaced but
are blameless when a bank is mismanaged.

"Yet, they are the innocent victims even in cases of bank
mergers, especially when they are unionless," the report quotes
Mr. Umali as saying.

The report notes that the PDIC has already presented to the
Senate and House of Representatives the proposed Closed Bank
Liquidation Act (CBLA) which would serve as a "comprehensive law"
to hasten the liquidation of closed banks through the seamless
transition from bank closure to liquidation.



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


GF SHIPPING: Creditors' Proofs of Debt Due Aug. 13
--------------------------------------------------
Creditors of GF Shipping Pte Ltd, which is in creditors'
liquidation, are required to file their proofs of debt by Aug.
13, 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


GUANGZHAO INDUSTRIAL: Creditors' Proofs of Debt Due July 27
-----------------------------------------------------------
Creditors of Guangzhao Industrial Forest Biotechnology Group
Limited, which is under judicial management, are required to file
their proofs of debt by July 27, 2012, to be included in the
company's dividend distribution.

The judicial manager is:

         Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way, #17-02A
         Singapore 068811


KRISTON FOOD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 29, 2012, to
wind up the operations of Kriston Food & Beverage Pte Ltd.

The Comptroller of Goods and Services Tax and the Comptroller of
Income Tax filed the petition against the company.

The company's liquidator is:

         Mr Aw Eng Hai
         c/o M/s Foo Kon Tan Grant Thornton LLP
         47 Hill Street, #05-01
         Singapore Chinese Chamber
         Of Commerce & Industry Building
         Singapore 179365


PRINCESET INTERNATIONAL: Creditors Get 0.8788% Recovery on Claims
-----------------------------------------------------------------
Princeset International declared the first and final dividend on
July 3, 2012.

The company paid 0.8788% to the received claims.

The company's liquidator is:

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


SINGAPORE DAY: Creditors' Proofs of Debt Due July 25
----------------------------------------------------
Creditors of Singapore Day Surgery Centre Pte Ltd, which is in
creditors' liquidation, are required to file their proofs of debt
by July 25, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yiong Kok Kong and
         Tan Tuan Hock
         c/o 133 New Bridge Road,
         #25-08 Chinatown Point,
         Singapore 059413


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


* SRI LANKA: S&P Gives 'B+' Rating on 2022 Global Bonds
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' foreign
currency issue rating to the proposed U.S. dollar-denominated
global senior unsecured benchmark-sized bond issuance by the
Democratic Socialist Republic of Sri Lanka (B+/Stable/B). The
bonds mature in 2022.

"The rating incorporates Sri Lanka's favorable growth prospects,
which we believe are partly due to the 'peace dividend'--or the
positive effects of the end of the civil war in 2009. We expect
investments in the economy to edge upward to 30% of GDP, boosting
per capita growth to more than 6% per year in the next few
years," S&P said.

"The Sri Lankan administration has started to implement a part of
its planned fiscal reforms, helped by increased political
stability. Further reforms could gradually improve the country's
competitiveness as well as fiscal and debt profiles," S&P said.

"However, the rating is constrained by: (1) Sri Lanka's weak
external liquidity; (2) moderately high and increasing external
debt; (3) fundamental fiscal weaknesses and the attendant high
public debt and interest burden; and (4) political institutions
that, in some cases, lack transparency and independence," S&P
said.

"Sri Lanka's external liquidity has weakened in 2011 because of
the larger current account deficits, equivalent of 7% of GDP. In
response, the government and the central bank have recently begun
to adjust their monetary and foreign exchange rate policies to
curtail the pace of credit expansion and import growth," S&P
said.

"The stable outlook on the sovereign credit rating reflects our
view that Sri Lanka's strong medium-term growth prospects of more
than 6% of GDP per capita and recent measures to improve the
fiscal profile are balanced against vulnerable external liquidity
and high fiscal and external debt. We also expect the recently
announced monetary and foreign exchange policy to keep the
country's external position from deteriorating further," S&P
said.

"We may raise the sovereign rating on evidence of Sri Lanka's
progress in addressing the external weaknesses and domestic
problems. Fiscal or structural economic reforms that reduce the
vulnerabilities from high debt and interest burdens and the
still-narrow economic profile would indicate such improvement,"
S&P said.

"Conversely, we may lower the rating if the country's external
liquidity deteriorates substantially, or if Sri Lanka's growth
and revenue prospects fall below our current expectations," S&P
said.



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


PAKISTAN MOBILE: Moody's Cuts CFR to 'B2/Caa1'; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Pakistan Mobile Communications Limited (Mobilink) to B2
from B1 and the senior unsecured rating to Caa1 from B3.

Moody's has also changed the ratings outlook to negative from
stable.

Ratings Rationale

These rating actions follow Moody's decision to downgrade
Pakistan's foreign- and local-currency bond ratings to Caa1 from
B3, with a negative outlook, on July 13.

Moody's believes that since Mobilink is predominantly a domestic
entity, with substantially all of its revenues derived from, and
assets based in, Pakistan, its fundamental creditworthiness needs
to closely reflect the potential risks that it shares with the
sovereign.

The transmission of credit risk from a sovereign to issuers
domiciled in that country has become increasingly evident, as was
the case during the financial crisis of 2008, and, more recently,
during the European sovereign crisis.

Thus, non-financial corporates are not usually rated more than
two notches above the sovereign (see Credit Policy paper entitled
"How Sovereign Credit Quality May Affect Other Ratings" and
published on 13 February).

In order to be rated significantly above the sovereign, an issuer
needs to be fundamentally stronger than the sovereign from a
credit perspective. The issuer must also demonstrate a degree of
insulation from the macroeconomic and financial disruptions in
the country in which it operates.

Moody's stresses that the rating action is not an indication of
any deterioration in Mobilink's credit fundamentals. Adjusted
debt/EBITDA for the last 12 months to March 2012 was 1.8x, while
adjusted free cash flow/debt was approximately 14%, both of which
are strongly positioned for the rating level.

"We continue to take into account Mobilink's strong fundamental
credit quality by rating its B2 corporate family rating two
notches above the sovereign rating. We expect it to maintain its
leading market position in the growing mobile market in Pakistan
and keep strong financial metrics for its rating level," says
Yoshio Takahashi, a Moody's Assistant Vice President.

"The company will also continue to benefit from being a part of a
more globally diversified and financially sound telecoms group,"
adds Takahashi, also Moody's Lead Analyst for Mobilink.

Mobilink's adjusted EBITDA margin, at 40%-42%, is likely to
remain high for the rating level. Its adjusted debt/EBTIDA will
also remain strong, although the ratio may increase to 2.0x-2.5x
over the next 12 months because of the possible increase in its
debt level to fund the 3G auctions planned in 4Q 2012 and the
associated capex.

Moody's believes that Mobilink would receive financial support
from its parent, Orascom Telecom Holdings (unrated), or its
ultimate shareholder, VimpelCom Limited (Ba3, stable), if its
financial metrics or the headroom under covenants were to come
under pressure, although the rating does not factor in any uplift
from their potential support.

The outlook is currently negative, in line with that of the
sovereign ratings for Pakistan.

Given the guidelines regarding the differential between
government and corporate ratings, it is unlikely that Mobilink
will experience any upward rating pressure in the absence of an
upgrade of Pakistan's sovereign rating.

Alternatively, Mobilink would need to generate a substantially
greater revenue share from outside Pakistan, which seems unlikely
over the near to medium term.

However, an upgrade is possible in the medium- to long-term if,
in addition to a sovereign upgrade, Mobilink maintains its
adjusted debt/EBITDA below 2.0x and adjusted (EBITDA-
capex)/interest above 2.5x, while creating a sustainable cushion
for its bank loan covenants, particularly as these covenants step
down.

Mobilink's ratings would be under downward pressure, if the
sovereign rating is downgraded further, as Moody's will seek to
maintain the current gap of two notches between their ratings.

Downward pressure on the ratings could also emerge if Mobilink:
1) experiences significant deterioration in market share and
loses its status as the market leader; 2) resumes paying
dividends or management fees to its parent, thereby reducing the
available retained cash flow to the extent that adjusted retained
cash flow/debt falls below 20%; 3) faces difficulty in accessing
capital to fund ongoing growth or repay/refinance lines as and
when they fall due; 4) sees signs of Orascom Telecom or VimpelCom
not providing financial assistance, should there be any breach of
covenants.

The principal methodology used in rating Mobilink was the Global
Telecommunications Industry published in December 2010.

Mobilink is the largest mobile operator in Pakistan with 35.8
million customers equating to a subscriber market share of 30.3%
as of March 2012 (Source: Pakistan Telecommunication Authority).


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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

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

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

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





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