TCRAP_Public/120719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 19, 2012, Vol. 15, No. 143

                            Headlines


A U S T R A L I A

BANK OF QUEENSLAND: Moody's Cuts Pref. Stock Rating to 'Ba2'
FORTESCUE METALS: Moody's Comments on Project Cost Over-Run
KELAMIDE PTY: Ferrier Hodgson Appointed as Agents Over Property
OLIVER BROWN: Coffee and Chocolate Chain Collapses


C H I N A

CHINA FISHERY: Fitch Rates Proposed Senior Unsecured Notes 'BB'
CHINA FISHERY: Moody's Assigns '(P)Ba3' Rating to Sr. Notes
HAWKER BEECHCRAFT: Exclusive Talks with Chinese Firm Approved
WSP HOLDINGS: Had $76.8 Million Net Loss Last Year


H O N G  K O N G

APOLLO INTERNET: Commences Wind-Up Proceedings
ASE ASSEMBLY: Members' Final Meeting Set for Aug. 15
BYSMIQUE COMPANY: Members' Final General Meeting Set for Aug. 13
DELICES (HK): Creditors' Proofs of Debt Due July 31
ECUMENICAL COALITION: Creditors' Proofs of Debt Due Aug. 13

EXCEL WAY: Annual Meetings Set for July 20
GOLDEN HEIGHTS: Members' Final General Meeting Set for Aug. 15
HIGH WOOD: Placed Under Voluntary Wind-Up Proceedings
KAISER ENGINEERS: Creditors' Proofs of Debt Due Aug. 15
MORGAN STANLEY: Creditors' Proofs of Debt Due Aug. 13

SKB TECHNOLOGIES: Creditors' Proofs of Debt Due Aug. 14
SUPER TWIN: Members' Final Meeting Set for Aug. 13
TELINGS INT'L: Creditors and Contributories to Meet on Aug. 8
VALUE TUST: Fok and Sutton Appointed as Liquidators
WORLD TOWER: Court to Hear Wind-Up Petition on Aug. 29


I N D I A

A.K.PROPERTIES: Delays in Loan Payment Cues CRISIL Junk Ratings
ANSAL HOUSINB: Fitch Raises National Longterm Rating to 'BB-'
DUNCANS INDUSTRIES: Inadequate Info Cues Fitch to Withdraw Rating
EGWOOD INDUSTRIES: CRISIL Puts 'BB' Rating on INR140MM Loans
GLOBUS INDUSTRIES: Delays in Loan Payment Cues CRISIL D Ratings

INGWENYA MINERAL: CRISIL Puts 'B+' Rating on INR50MM Loans
KINGFISHER AIRLINES: Aviation Minister Rules Out Bailout
KSHEERAABD CONSTRUCTION: Fitch Assigns BB+ Nat'l Longterm Rating
PHOENIX STRUCTURAL: CRISIL Rates INR67MM Loans 'CRISIL B-'
SARDA PLYWOOD: CRISIL Lowers Rating on INR283.9MM Loans to 'BB-'

SILICON INSTITUTE: CRISIL Rates INR57MM Loan at 'CRISIL BB-'
SLEEV TOBACCO: CRISIL Rates INR105MM Loan at 'CRISIL B'
SUMIT WOOL: CRISIL Cuts Rating on INR170MM Loans to 'B'
V L RAKA: CRISIL Cuts Rating on INR90MM Loans to 'CRISIL B+'
V. P. M. SANKAR: CRISIL Assigns 'B+' Rating to INR65MM Loan


K O R E A

* SOUTH KOREA: 36% Builders Miss Interest Payments in 2011


N E W  Z E A L A N D

BRIDGECORP LIMITED: Petricevic Pleads Guilty to SFO Charges
CENTURY CITY: Owner's NZ$1.5 Million Home Up for Auction
E-GAS LIMITED: SFO Lays 82 Charges Against Former Directors
GRASSROOTS TRUST: Gaming Machines Shut Down After Breaches
MACLEAN COMPUTING: Placed Into Liquidation

PIKE RIVER: Sale to Solid Energy Completed


S I N G A P O R E

SYNERGY ENGINEERING: Meetings Slated for July 26
SYNERGIC INDUSTRIAL: Court to Hear Wind-Up Petition July 27
UNIREP INT'L: Court to Hear Wind-Up Petition on July 27


S R I  L A N K A

* SRI LANKA: Fitch Assigns 'BB-' Rating to Global Bonds Due 2011
* SRI LANKA: Moody's Assigns '(P)B1' Rating to Global Bond


                            - - - - -


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


BANK OF QUEENSLAND: Moody's Cuts Pref. Stock Rating to 'Ba2'
------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
debt rating of Bank of Queensland Limited to Baa1 from A3.
Subordinated debt was downgraded to Baa2 from Baa1, and
preference stock to Ba2(hyb) from Ba1(hyb). BoQ's stand-alone
Bank Financial Strength was affirmed at C-, now mapping to baa2
on the long-term ratings scale, down from baa1. BoQ's short-term
rating was affirmed at Prime-2. The outlook on all the ratings is
Stable. This concludes the review for possible downgrade
initiated on March 28, 2012.

Ratings Rationale

"The lowering of BoQ's ratings reflects the potential for ongoing
pressure on asset quality, given the relatively weak state of the
economy in south-east Queensland. The new rating also
incorporates the structural earnings challenges faced by BoQ, in
common with Australia's other regional banks", says Peter
Tebbutt, a Vice President at Moody's Sydney office.

BoQ's loan quality deteriorated markedly over FY2011 and some
further weakening was in evidence over the first half of 2012.
Substantial provisioning was required, in particular for a small
number of large commercial real estate exposures, which resulted
in the bank reporting a loss for the latter period.

Future provisioning is not likely to reach the level required in
the first half of 2012, which was driven by a detailed analysis
of the bank's largest exposures by incoming management. Notably,
BoQ has just announced the sale of some of its largest impaired
loans at a price close to their written down book value.

Nevertheless, Moody's expects that provisioning will remain above
pre-Global Financial Crisis levels, in light of the stresses
facing the Queensland economy. The tourism sector has been
negatively affected by the high Australian dollar, and the very
depressed property market in the south-east of the state
continues to act as a drag on activity.

Moody's recognizes the positive impact of actions by new
management, who bring bank restructuring experience to BoQ. This
includes a steady reduction in BoQ's government guaranteed debt
through significant recent buybacks. BoQ's capitalization was
substantially boosted by its AUD450m capital raising in March
2012, which brought its capital adequacy into line with that of
its peers. The bank's level of provisioning to problem loans was
considerably strengthened at the same time.

However, ongoing restructuring initiatives at the bank will take
time to implement, and the lower rating also takes into account
the structural challenges to profitability that BoQ faces, in
common with its regional bank peers.

Regional banks have difficulty matching the margins of the major
banks, because they generally have higher funding costs and more
limited franchises. At the same time regional banks also face
challenges generating the fee income levels and cost efficiencies
of the majors due to lesser economies of scale.

BoQ's long-term senior unsecured rating of Baa1 continues to be
lifted one notch above the bank's stand-alone credit profile of
baa2 by the high probability of systemic support. Moody's views
the Australian authorities to maintain a supportive stance, which
would extend to institutions like BoQ with important regional
franchises.

What Could Move the Ratings Up/Down

An upgrade is not envisaged in the near-term, in light of the
subdued economic environment and structural profitability
challenges, and as indicated by this rating action and the stable
rating outlook.

BoQ's ratings would likely come under downward pressure in case
of (i) a further substantial deterioration in loan quality such
that impaired loans and 90 days past due loans exceed 4-5% of
gross loans; (ii) there is a significant deterioration in its
funding profile, or (iii) Tier 1 capital falls below 7%.

Principal Methodology

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Headquartered in Brisbane, Queensland, BoQ reported consolidated
total assets of AUD40.1 billion as of February 29, 2012.


FORTESCUE METALS: Moody's Comments on Project Cost Over-Run
-----------------------------------------------------------
Moody's Investors Service notes the July 17 announcement by
Fortescue Metals Group (Fortescue; Ba3 positive) that the cost of
expanding its iron ore production capacity - from 55 million tons
per annum (mtpa) to 155 mtpa - will now be US$600 million or 7%
higher. Fortescue also announced that the expansion project
remains on schedule for reaching run rate production of 95 mtpa
by the end of 2012 and 155 mtpa by June 2013.

"The announced cost over-run is manageable within Fortescue's Ba3
rating and positive outlook, given the production growth achieved
in the past six months and Fortescue's strong financial profile
at its rating level", says Matthew Moore, a Moody's Assistant
Vice President.

"Our base case expectation for the overall project cost already
incorporates certain risk of cost over-run", Mr. Moore says,
adding "while the incremental costs will likely lead to
additional borrowings, we expect the company will address any
funding needs in a manner that preserves an adequate liquidity
buffer during the expansion."

If Fortescue fully funds the cost over-run through incremental
debt, the ratio of Debt/EBITDA in FY 2013 should remain below 3.0
times, assuming on-time project delivery and iron ore realized
price of around US$115 to US$125 per ton. This level supports
Fortescue's Ba3 rating and positive outlook.

Notwithstanding its manageable impact on the rating/outlook, the
announced cost over-run is credit negative for Fortescue, given
the uncertainty it brings regarding further execution challenges
for the company's expansion plan. "As such, further material
project disappointment could weigh on the rating and/or outlook",
Mr. Moore adds.

The announced cost increase is mainly due to design and scope
changes to the Ore Processing Facilities (OPFs) at the greenfield
Solomon hub, price escalation through certain variations within
the OPF packages and costs incurred due to delays in offloading
equipment at the Port Hedland. Increased costs also reflect the
previously announced increases in port and rail costs associated
with accommodation costs at Port Hedland.

The rating could be upgraded if Fortescue's expansion plan is
delivered in a manner that maintains its Debt/EBITDA below 3.5x
and FFO/Interest above 3.0x on a consistent basis.

On the other hand, the rating and/or outlook could be negatively
affected if Fortescue experiences material delays or further
material cost overrun with its expansion plans or a weakening of
the currently strong financial profile as a result of larger than
expected funding needs or weaker than expected production and/or
iron ore industry fundamentals.


KELAMIDE PTY: Ferrier Hodgson Appointed as Agents Over Property
---------------------------------------------------------------
Ryan Eagle and John Melluish of Ferrier Hodgson have been
appointed as "Agents for Mortgagee in Possession" over the a
property owned by Kelamide Pty Limited pursuant to the provisions
contained in a registered real property mortgage created by the
company in favor of the Westpac Banking Corporation.

The property is a large block of freehold land with direct water
frontage to Frances Bay. The area is measured at 20,550 square
metres and is located 2 kilometres from Darwin CBD.


OLIVER BROWN: Coffee and Chocolate Chain Collapses
--------------------------------------------------
SmartCompany reports that coffee and chocolate chain Oliver Brown
has collapsed as a result of a shareholder dispute but two stores
continue to trade.

Jirsch Sutherland was appointed as the administrator of the chain
this week and a first meeting of the creditors will be held on
July 25, according to SmartCompany.

Michael Samarasinghe, senior manager at Jirsch Sutherland, told
SmartCompany that Oliver Brown ceased to trade as a company two
months prior to the administrators appointment.

Mr. Samarasinghe said the coffee and chocolate chain sold its
assets and intellectual property to two other companies, one
trading from Top Ryde City and the other from Chatswood Westfield
in Sydney.

"In our capacity as administrators we don't intend to occupy the
lease of those premises. The companies which have purchased the
intellectual property will carry on the business of the company,"
the report quotes Mr. Samarasinghe as saying.

"The companies which took on the business took on all the trade
creditors so what is left in the shell is tax debt and a few
miscellaneous creditors."

According to the report, Oliver Brown offered chocolate made in
Belgium along with freshly roasted coffee and the chain's website
boasts of a "phenomenal" growth rate for the company.

However, Mr. Samarasinghe said the cause of the collapse was a
dispute between a minority shareholder and the director of the
company.

"There was a shareholders dispute and that litigation had just
taken its toll on the company's financial position," Mr.
Samarasinghe told SmartCompany.

Oliver Brown is an Australian-owned specialty coffee and
chocolate company.



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


CHINA FISHERY: Fitch Rates Proposed Senior Unsecured Notes 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned China Fishery Group Limited (CFGL) a
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB'
with Stable Outlook and a senior unsecured debt rating of 'BB'.

The agency has also assigned CFGL's proposed USD senior unsecured
notes an expected rating of 'BB(exp)'.  The final rating is
contingent on the receipt of final documents conforming to
information already received.

CFGL's rating is constrained by its operating scale, which it is
unable to expand meaningfully without taking on more debt.  The
company is among the largest players in the global fishery
industry by catch volume but has only less than 1% of total
global wild-catch fish harvested volume due to the fragmented
nature of the industry.  Fitch believes that CFGL will require
large investment to diversify and expand but this is constrained
by its moderately high 2011 net leverage as measured by adjusted
net debt/operating EBITDAR of 2.54x.

The rating is also constrained by CFGL's limited diversification.
Its revenue and EBITDA are derived mainly from its North Pacific
operation and in particular, Alaskan Pollock specie harvested in
North Pacific Ocean.  In 2011 and 2010, this segment contributed
to 63% and 73% of the company's EBITDA respectively.  Although
the South Pacific fleet has added a new source of income,
contribution from its first full year of operation in FY11
remained small.  EBITDA generated by the South Pacific segment
was only one-fifth of the level of the North Pacific operation.

The ratings are supported by the fishery industry's strong
fundamentals.  Wild catch fishing is a stable business with
little supply growth.  Total catch of each fishing fleet is
determined by the total allowable catch quota issued by the
respective government; the quota is usually stable and is managed
to keep fish population at sustainable levels.  Therefore wild
catch fishes generally enjoy stable prices with an upward bias
given supply scarcity.  The expansion of aquaculture volume
further puts demand pressure on wild catch fishes as it is one of
the main raw materials for fishmeal.

CFGL's strong operating performance also supports its ratings.
It has a higher utilisation of fishing vessels than smaller peers
as the individual transferable quota policy allows for the quota
of a fishing fleet to be shared within a location. Thus CFGL can
deploy fewer vessels to harvest the same volume of fishes. With
the introduction of factory vessels from 2010, the company has
increased the operational efficiency of its fleets by cutting
down the trips to unload its harvests, resulting in lower bunker
costs and longer time-spend at sea harvesting for its fleets.

CFGL has demonstrated prudent financial management. Strong cash
flow generation allows the company to deleverage following the
completion of its major capex in FY11.  Historically, CFGL has
achieved stable 35%-40% EBITDAR margin and maintained adjusted
net debt/EBITDAR at around 2.5x.  The expansion of its scale by
34% between 2009 and 2011, following the launch of its South
Pacific fleet in 2010 has not materially affected its financial
profile.

CFGL is rated on a standalone basis as Fitch considers there to
be sufficient ring-fencing as stipulated by its loan documents
and takes comfort in the lack of related-party transactions
between CFGL and its immediate parent, Pacific Andes Resourced
Development Limited, and ultimate parent company, Pacific Andes
International Holdings Ltd.  Both parent companies show highly
leveraged financial positions after deconsolidating CFGL.

What could trigger a rating action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- an increase of CFGL's operating scale with EBITDAR exceeding
     USD500 million on a sustained basis

  -- adjusted net debt/EBITDAR below 2.0x

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

  -- adjusted net debt/EBITDAR above 2.75x

  -- operating EBITDAR margin below 30%

  -- events that cripple its fishing fleet operation leading to a
     sustained reduction of its operating scale

  -- the linkage with its parents is deemed stronger than Fitch's
     expectations, resulting in CFGL's rating being constrained
     by the weaker credit profile of its parents.


CHINA FISHERY: Moody's Assigns '(P)Ba3' Rating to Sr. Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
rating to the proposed USD senior notes to be issued by CFG
Investment S.A.C., a wholly owned subsidiary of China Fishery
Group Limited.

The notes will be unconditionally and irrevocably guaranteed by
CFG.

The outlook on the rating is stable.

Ratings Rationale

Majority of the bond proceeds will be used to fund the expansion
of CFG's fishing operation in the northern Pacific Ocean,
including but not limited to the prepayment of the Fourth Supply
Agreement. The remaining proceeds are expected to repay its
outstanding debt and to finance the working capital needs.

The provisional status will be removed upon completion of the
bond issuance on satisfactory terms and conditions.

"The Ba3 rating reflects CFG's long track record in its core
northern Pacific operations, which have been generating stable
cash flows" says Alan Gao, a Moody's Vice President and Senior
Analyst.

CFG's key strength is its strong position in the supply of Alaska
pollock, and its track record of generating stable cash flow and
profits from its northern Pacific operations. CFG has enjoyed an
EBITDA margin of around 40% and generated EBITDA of around USD150
million in each of the past two years.

"The rating also reflects the improvement in its Peruvian
fishmeal production division in FYE 9/2011," adds Mr. Gao.

The fishmeal division in Peru accounted for 38% of its total
assets as of FYE 9/2011. But its performance in past years was
lackluster due to low capacity utilization because of
insufficient feedstock. However, Moody's expects the Peruvian
division to further improve in FYE9/2012 because of an increased
anchovy harvest and strong fishmeal prices.

"Although it will take on additional debt, Moody's expects its
Debt/EBITDA in the next 2 years to stay at 3x -- 3.7x, which
still positions it in the Ba3 rating level" says Mr. Gao.

"Nevertheless, CFG's rating is constrained by its weakened
operating cash flow, as a result of a large increase in working
capital; increasing pressure on profit margins, due to the rising
cost of vessel operations; and geographic concentration" says
Mr. Gao.

CFG's working capital has been affected by the increase in its
receivables and advances to Russian suppliers under the contract
vessel operation mode. Those advances and receivables represent
working capital CFG provides to suppliers to make the fish
purchase, settle custom duties, cover vessel operating cost, and
pay profit sharing.

Rising bunker fuel and other vessel operating costs have eroded
CFG's profit margins. But, CFG has also implemented cost cuts to
improve operating efficiency.

The rating also incorporates risks under CFG's contract vessel
operation structure, climate risk, and the financially weak state
of its parent company, the Pacific Andes Group.

The stable outlook reflects Moody's expectation that (1) CFG's
current management of working capital will not suffer further
deterioration, that is, the collection period of its advances to
Russian arrangers will not exceed 4 months; (2) CFG will pursue a
prudent capital expenditure plan in the next 12-24 months; and
(3) CFG will improve its capital structure through new capital
raisings, or partially refinancing its USD425 million amortizing
syndicated loan.

Moody's sees limited potential for a rating upgrade, given the
risk associated with the vessel operating agreements structure,
geographic concentration, and the financial weakness of its
parent, the Pacific Andes Group.

However, over the long term, there could be upward rating
pressure if CFG can (1) further diversify its revenue sources, by
expanding its profitable Peruvian and South Pacific operations;
(2) demonstrate that it is pursuing a more stable expansion
strategy, such that positive free cash flow can be maintained;
(3) improve its debt/capital profile to ensure it has sufficient
cash to cover short-term debt (CFG currently utilizes short-term
bank facilities to fund its high working capital requirements);
and (4) improve its credit profile, such that adjusted
debt/EBITDA is below 2.0x or 2.5x.

Downgrade rating pressure would arise if CFG's (1) ability to
manage working capital deteriorates. In particular, the
collection period of its advances to Russian arrangers lengthens
beyond 4 -- 5 months; (2) adjusted debt/EBITDA is above 4x,
possibly as a result of a deteriorating operating environment,
aggressive dividend payouts, or further debt-funded acquisitions
or expansion; or (3) capital structure weakens, such that the
company relies more heavily on short-term debt financing, leading
to an increase in refinancing risk.

Evidence that CFG is providing financial support to other Pacific
Andes group companies would also pressure the rating.

The principal methodology used in rating CFG Investment S.A.C was
the Global Food - Protein and Agriculture Industry Methodology
published in September 2009.

China Fishery Group Ltd (CFG), listed in Singapore, is engaged
mainly in deep sea industrial fishing in Russian and Peruvian
waters. Its catches are processed on board and frozen, packed,
and delivered to market. It is 36% effectively owned by Pacific
Andes International Holdings Ltd (PAI), a Hong Kong-listed
integrated fish and seafood product processor.


HAWKER BEECHCRAFT: Exclusive Talks with Chinese Firm Approved
-------------------------------------------------------------
Hawker Beechcraft, Inc. disclosed that the U.S. Bankruptcy Court
for the Southern District of New York has approved the company's
motion to enter into exclusive negotiations with Superior
Aviation Beijing Co., Ltd.  Approval of this motion allows Hawker
Beechcraft to spend up to 45 days exclusively negotiating with
Superior regarding a strategic combination that would preserve
jobs and product lines.

As part of the exclusivity agreement, Superior will make payments
over the next month to sustain Hawker Beechcraft's jet business.
An initial deposit of $25 million is payable before the end of
the week and a second $25 million deposit is payable within 30
days. Any definitive agreement reached with Superior Aviation
would be subject to approval by the Committee on Foreign
Investment in the United States and other regulatory agencies.
In addition, any definitive agreement with Superior Aviation will
be subject to termination if another potential purchaser succeeds
in the mandatory competitive auction process which will be
overseen by the U.S. Bankruptcy Court.

Robert S. "Steve" Miller, CEO of Hawker Beechcraft, Inc., said,
"The agreement we have reached with Superior [Aviation] provides
us with funding to preserve jobs as we simultaneously negotiate a
potential transaction with Superior and continue to prepare for
our standalone plan described in our preliminary plan of
reorganization and disclosure statement.  At this time, pursuing
the potential transaction with Superior is in the best interests
of the company and its various stakeholders, including our
creditors, our employees, our suppliers and our customers.  We
look forward to working toward a definitive agreement with
Superior and continuing to communicate with all interested
parties to explain the benefits of this proposed transaction."

During the exclusivity period, Superior Aviation will perform
confirmatory diligence while the two companies negotiate
definitive documentation of the transaction.  If negotiations
with Superior Aviation are not concluded in a timely manner,
Hawker Beechcraft will proceed with seeking confirmation of the
Joint Plan of Reorganization it filed with the U.S. Bankruptcy
Court on June 30, 2012, which contemplates Hawker Beechcraft
emerging as a standalone entity with a more focused portfolio of
aircraft.  More specifically, under the Standalone Plan, the
company would wind down the company's jet-related businesses, a
process that likely would have commenced already but for Superior
Aviation's compelling proposal to the company.

Hawker Beechcraft's cases are being presided over by the
Honorable Judge Stuart Bernstein of the U.S. Bankruptcy Court for
the Southern District of New York.  Hawker Beechcraft's jointly
administered case number is Hawker Beechcraft Inc., 12-11873.

Hawker Beechcraft's legal representative is Kirkland & Ellis LLP;
its financial advisor is Perella Weinberg Partners LP; and its
restructuring advisor is Alvarez & Marsal.  Hawker Beechcraft
entered into the exclusivity agreement in consultation with
lenders holding a majority of the company's pre-petition secured
debt (Senior Secured Lenders).  The Senior Secured Lenders' legal
representative is Wachtell Lipton Rosen & Katz and their
financial advisor is Houlihan Lokey.

                        Exclusivity Agreement

As reported in the July 10 edition of the Troubled Company
Reporter, Hawker Beechcraft executed an exclusivity agreement
with Superior Aviation regarding a strategic combination.
Superior Aviation intends to maintain Hawker Beechcraft's
existing operations while also investing substantial capital in
the company and its business and general aviation product line,
saving thousands of American jobs, including in Wichita, Kan. and
Little Rock, Ark.  Superior Aviation will acquire Hawker
Beechcraft for $1.79 billion and make payments over the next six
weeks to support ongoing jet-related operations, which will help
Hawker Beechcraft to sustain the jet business until the close of
the transaction, thus preserving significant future opportunity
for growth.

During the 45-day exclusivity period, Superior Aviation will
perform confirmatory diligence while the two companies negotiate
definitive documentation of the transaction.  The companies
expect to enter into definitive documentation prior to the
conclusion of the exclusivity period.

Superior Aviation has received and expects to continue receiving
the full support of the City of Beijing municipal government in
completing the transaction.

Superior Aviation is working to obtain all regulatory approvals
from the Chinese central government for this foreign investment
project.  Additionally, Bankruptcy Court approval is required for
Hawker Beechcraft's agreement to negotiate exclusively with
Superior Aviation and for any definitive agreement that may be
negotiated with Superior Aviation. The proposed combination of
Hawker Beechcraft and Superior Aviation will not require a
financing condition.

                          Chapter 11 Plan

If negotiations with Superior Aviation are not concluded in a
timely manner, Hawker Beechcraft will proceed with seeking
confirmation of the Joint Plan of Reorganization it filed with
the Bankruptcy Court on June 30, 2012, which contemplates Hawker
Beechcraft emerging as a standalone entity with a more focused
portfolio of aircraft. The plan would convert secured and
unsecured debt to equity while reducing debt by $2.55 billion.

                      About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for
Chapter 11 reorganization together with 17 affiliates (Bankr.
S.D.N.Y. Lead Case No. 12-11873) on May 3, 2012, having already
negotiated a plan that eliminates $2.5 billion in debt and
$125 million of annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new
stock to holders of $1.83 billion of secured debt, while 18.9% of
the new shares are for unsecured creditors.  The proposal has
support from 68% of secured creditors and holders of 72.5% of the
senior unsecured notes.

Hawker is 49% owned by affiliates of Goldman Sachs Group Inc. and
49% owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in
total liabilities and a $956.90 million total deficit.  Other
claims include pensions underfunded by $493 million.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the
DIP Agent and the Prepetition Agent.

The Senior Secured Lenders' legal representative is Wachtell
Lipton Rosen & Katz and their financial advisor is Houlihan
Lokey.

Superior Aviation's legal representative is Locke Lord LLP and
its financial advisor is Grant Thornton.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc
committee of holders of the 8.500% Senior Fixed Rate Notes due
2015 and 8.875%/9.625% Senior PIK Election Notes due 2015 issued
by Hawker Beechcraft Acquisition Company LLC and Hawker
Beechcraft Notes Company.  The members of the Ad Hoc Committee --
GSO Capital Partners, L.P. and Tennenbaum Capital Partners, LLC
-- hold claims or manage accounts that hold claims against the
Debtors' estates arising from the purchase of the Senior Notes.
Deutsche Bank National Trust Company, the indenture trustee for
senior fixed rate notes and the senior PIK-election notes, is
represented by Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the
case has selected Daniel H. Golden, Esq., and the law firm of
Akin Gump Strauss Hauer & Feld LLP as legal counsel.  The
Committee tapped FTI Consulting, Inc., as its financial advisor.


WSP HOLDINGS: Had $76.8 Million Net Loss Last Year
--------------------------------------------------
MaloneBailey LLP, in Houston, Texas, expressed substantial doubt
about WSP Holdings Limited's ability to continue as a going
concern, following the Company's results for the fiscal year
ended Dec. 31, 2011.  The independent auditors said: "As
discussed in Note 2(a) to the consolidated financial statements,
the fact that the Company suffered significant operating loss and
had working capital deficiency while a significant amount of
short-term borrowings is required to be refinanced raises
substantial doubt about the Company's ability to continue as a
going concern."

The Company reported a net loss of $76.80 million on
$686.13 million of revenues for 2011, compared with a net loss of
$132.75 million on $470.47 million of revenues for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$1.571 billion in total assets, $1.340 billion in total
liabilities, and total equity of $231.38 million.

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

                        http://is.gd/TMngZP

Based in Xinqu, Wuxi, Jiangsu Province, People's Republic of
China, WSP Holdings Limited is a Chinese manufacturer of seamless
Oil Country Tubular Goods ("OCTG)", including casing, tubing and
drill pipes used for oil and natural gas exploration, drilling
and extraction.  OCTG refers to pipes and other tubular products
used in the exploration, drilling and extraction of oil, gas and
other hydrocarbon products.



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


APOLLO INTERNET: Commences Wind-Up Proceedings
----------------------------------------------
Members of Apollo Internet Limited, on July 5, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Felix Albrecht Leuschner
         Immanuel Kant-Str.12
         61350 Bad Homburg
         Germany


ASE ASSEMBLY: Members' Final Meeting Set for Aug. 15
----------------------------------------------------
Members of ASE Assembly & Test (H.K.) Limited will hold their
final meeting on Aug. 15, 2012, at 11:00 a.m., at 1408 Worl-Wide
House, 19 Des Voeux Road Central, in Hong Kong.

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


BYSMIQUE COMPANY: Members' Final General Meeting Set for Aug. 13
----------------------------------------------------------------
Members of Bysmique Company Limited will hold their final general
meeting on Aug. 13, 2012, at 10:00 a.m., at Room 2, 1/F, Block A,
Sea View Estate, 2-8 Watson Road, North Point, in Hong Kong.

At the meeting, Samuel Sih-Yu Yang, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DELICES (HK): Creditors' Proofs of Debt Due July 31
---------------------------------------------------
Creditors of Delices (Hong Kong) Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 31, 2012, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Thomas Davide Mainardi
         Unit A, 21/F
         Centre Mark II
         305-313 Queen's Road
         Central, Hong Kong


ECUMENICAL COALITION: Creditors' Proofs of Debt Due Aug. 13
-----------------------------------------------------------
Creditors of Ecumenical Coalition on Third World Tourism (ECTWT)
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Aug. 31, 2012, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Lau Wai Hung
         Room 1107, 11/F
         Celebrity Commercial Centre
         64 Castle Peak Road
         Shamshuipo, Kowloon


EXCEL WAY: Annual Meetings Set for July 20
------------------------------------------
Creditors and members of Excel Way Investments Limited will hold
their annual meetings on July 20, 2012, at 3:00 p.m., and at the
office of FTI Consulting, Level 22, The Center, 99 Queen's Road
Central, Central, in Hong Kong.

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


GOLDEN HEIGHTS: Members' Final General Meeting Set for Aug. 15
--------------------------------------------------------------
Members of Golden Heights Garment (H.K.) Limited will hold their
final general meeting on Aug. 15, 2012, at 10:00 a.m., at 44/F,
China Resources Building, 26 Harbour Road, Wanchai, in Hong Kong.

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


HIGH WOOD: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on July 13, 2012,
creditors of High Wood Investments Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Wong Ho Kar Daniel
         4 Park Road, Parkway Court
         Flat 1604, Mid-Level
         Hong Kong

         Yang Dongcheng
         33/F, Shun Tak Centre
         200 Connaught Road
         Central, Hong Kong


KAISER ENGINEERS: Creditors' Proofs of Debt Due Aug. 15
-------------------------------------------------------
Creditors of Kaiser Engineers (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 15, 2012, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Yeung Betty Yuen
         Ho Siu Pik
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


MORGAN STANLEY: Creditors' Proofs of Debt Due Aug. 13
-----------------------------------------------------
Creditors of Morgan Stanley Hong Kong Futures 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 3, 2012.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         Briscoe Wong Ferrier
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


SKB TECHNOLOGIES: Creditors' Proofs of Debt Due Aug. 14
-------------------------------------------------------
Creditors of SKB Technologies 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 12, 2012.

The company's liquidator is:

         Tang Sai Hay
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


SUPER TWIN: Members' Final Meeting Set for Aug. 13
--------------------------------------------------
Members of Super Twin Dragons Limited will hold their final
meeting on Aug. 13, 2012, at 9:00 a.m., at 8/F, Prince's
Building, 10 Chater Road, Central, in Hong Kong.

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


TELINGS INT'L: Creditors and Contributories to Meet on Aug. 8
-------------------------------------------------------------
Creditors and contributories of Telings International Hong Kong
Limited will hold their meetings on Aug. 8, 2012, at 2:30 p.m.,
and 3:30 p.m., respectively at the Official Receiver's Office,
10th Floor, Queensway Government Offices, at 66 Queensway, in
Hong Kong.

At the meeting, Teresa S W Wong, the official receiver &
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.


VALUE TUST: Fok and Sutton Appointed as Liquidators
---------------------------------------------------
Fok Hei Yu and Roderick John Sutton on Jan. 12, 2012, were
appointed as liquidators of Value Tust International Co.,
Limited.

The liquidators may be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Level 22, The Center
          99 Queen's Road Central
          Central, Hong Kong


WORLD TOWER: Court to Hear Wind-Up Petition on Aug. 29
------------------------------------------------------
A petition to wind up the operations of World Tower Properties
Limited will be heard before the High Court of Hong Kong on
Aug. 29, 2012, at 9:30 a.m.

Kowloon Development Company Limited, Roe Investment Limited and
King's City Holdings Limited filed the petition against the
company on June 21, 2012.

The Petitioner's solicitors are:

          So Keung Yip & Sin
          2203-2205, 22nd Floor
          Wheelock House
          No. 20 Pedder Street
          Central, Hong Kong



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


A.K.PROPERTIES: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of A.K.
Properties Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B+/
Stable/ CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Bank Guarantee           30       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             110       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                14.5     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects instances of delay by AKP in servicing its
term debt; as on July 3, 2012, AKP has not paid the instalments
due in April, May, and June 2012. The delays have been caused by
the company's weakening liquidity as a result of significant
stretch in receivables from government agencies. Additionally,
AKP's cash credit account has continued to remain overdrawn
continuously for over 30 days on multiple occasions in the recent
past.

AKP also has customer and geographical concentration in its
revenue profile, and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive
experience of AKP's promoter in the construction industry.

Set up in 1993 as a proprietorship firm by Mr. Ashok Kumar
Bhunia, AKP was reconstituted as a private company in 2007. The
company is a civil contractor executing road construction and
irrigation projects for state and public sector undertakings
mainly in Orissa.

For 2011-12 (refers to financial year, April 1 to March 31), AKP
reported, on a provisional basis, a profit after tax (PAT) of
INR6.3 million on net sales of INR112 million; the company
reported a PAT of INR4 million on net sales of INR984.4 million
for 2010-11.


ANSAL HOUSINB: Fitch Raises National Longterm Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded India-based Ansal Housing and
Construction Ltd's National Long-Term rating to 'Fitch BB-(ind)'
from 'Fitch D(ind)'.  The Outlook is Stable.

The upgrade reflects regular servicing of term loans by AHCL over
the last six months.

The ratings continue to draw comfort from AHCL's over two-decade-
long experience in the domestic real estate business; it has
executed projects totalling over 69.5m sq ft to date.  The
company has a strong brand name in northern India, where it
mainly operates in Tier II & Tier III cities and thus benefits
from low land acquisition costs compared with that in metro
cities.  However, the company intends to focus more on the
faster-developing cities namely Gurgaon and Noida in future.

Fitch notes that there are limited construction-related risks in
AHCL's on-going projects as a majority of the land under
development (around 55%) would be sold as plots.

Net adjusted financial leverage (including a corporate guarantee
of INR221m) improved to 4.2x in FY12 (year end March) from 4.9x
in FY11, as EBITDA increased to INR933m from INR713m.

Also, an increase in customer advances by INR1,379m (FY12:
INR2,771m) and in trade creditors by INR922m (FY12: INR1,862m)
partly negated the negative impact of a substantial increase of
INR3,248m in inventory (FY12: INR9,073m).  The latter is
particularly attributed to its newly launched project in Gurgaon
Sector- 86 and its project expansion in Gurgaon Sector 92 and
Sector 103.  However, the increase in inventory resulted in cash
flow from operations deteriorating to negative INR379m in FY12
(FY11: negative INR78m).

Fitch notes that AHCL's future cash flows would be supported from
the expected cash inflow from around 40% of its on-going projects
sold till FY12.

The ratings are, however, constrained by the likely increase in
AHCL's funding requirements in view of the substantial size of
the projects under execution; projects of nearly 28m sq ft to be
executed over the next four to five years.  The ratings are also
constrained by the current subdued operating environment in the
real estate market.

WHAT COULD TRIGGER A RATING ACTION?

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

  -- any major time/cost overrun in on-going projects
  -- a shortfall in cash flows due to slowing down of sales

Rating actions on AHCL's bank instruments are as follows:

  -- INR100m term loan: upgraded to National Long-Term 'Fitch BB-
     (ind)' from 'Fitch D(ind)'
  -- INR750m secured overdraft facilities: upgraded to National
     Long-Term 'Fitch BB-(ind)' from 'Fitch D(ind)'
  -- INR594m non-fund-based limits: assigned National Short-Term
     'Fitch A4+(ind)'


DUNCANS INDUSTRIES: Inadequate Info Cues Fitch to Withdraw Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Duncans Industries
Limited's National Long-Term rating of 'Fitch D(ind)nm'.

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


EGWOOD INDUSTRIES: CRISIL Puts 'BB' Rating on INR140MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Egwood Industries Pvt Ltd (EIPL; part of
the Musaddilal group). The rating reflects the benefits that the
Musaddilal group derives from the prime location of its
warehouses, and its stable cash flows by way of lease rentals
backed by the healthy credit risk profile of its tenant. These
rating strengths are partially offset by the group's below-
average financial risk profile, marked by a leveraged capital
structure and moderate debt protection metrics, and customer
concentration.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Proposed Term Loan      10.2      CRISIL BB/Stable (Assigned)
   Term Loan              129.8      CRISIL BB/Stable (Assigned)

CRISIL has combined the business and financial risk profiles of
EIPL and its parent company, Musaddilal Projects Ltd, together
referred as the Musaddilal group. This is because both the
companies operate in the same line of business.

Outlook: Stable

CRISIL believes that the Musaddilal group will benefit over the
medium term from the lock-in clause that it has with its tenant.
The outlook may be revised to 'Positive' if the group improves
its financial risk profile, most likely because of increase in
the scale of its operations or infusion of equity. Conversely,
the outlook may be revised to 'Negative' if its tenant terminates
the lease contracts and if the Musaddilal group is unable to tie
up with new tenants, thereby resulting in a decline in its cash
accruals, or if the group undertakes a large, debt-funded capital
expenditure programme.

                            About the Group

EIPL, established in 2005 and based in Hyderabad (Andhra
Pradesh), leases warehouses to clients in the fast-moving
consumer goods industry. The Musaddilal group currently owns two
warehouses, with total leasable area of around 627,000 square
feet (sq ft); one with area of 420,000 sq ft in Bengaluru
(Karnataka) under MPL and the other with area of 207,000 sq ft in
Hyderabad under EIPL. Both the warehouses are leased to a single
tenant. MPL was incorporated in 2006. In March 2009, EIPL became
the wholly owned subsidiary of MPL. EIPL has entered into a 10-
year lease agreement with its tenant in 2010 with a lock-in
period for five years and a 15 per cent rent escalation every
three years. The Musaddilal group is promoted and managed by Mr.
Pramod Kumar Gupta.

EIPL reported a net loss of INR1.09 million on net receipts of
INR21.30 million for 2010-11, against a net loss of INR4.33
million on net receipts of INR17.79 million for 2009-10.


GLOBUS INDUSTRIES: Delays in Loan Payment Cues CRISIL D Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Globus Industries and Services Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit              80       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit        293.9     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long-Term Loan           39.1     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital Demand  110       CRISIL D (Downgraded from
   Loan                              'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Globus in
servicing its debt; the delays have been caused by weakening in
liquidity. Globus has delayed in its interest payments on its
working capital loans due in May and June. The interest payment
that was due on May 31, 2012, was unpaid as on July 1, 2012. The
company has been delaying on its interest obligations on its
working capital loans from Punjab National Bank (PNB) and Indian
Overseas Bank (IOB).

Globus's liquidity weakened because of cash loss of around INR230
million incurred in 2011-12 (refers to financial year, April 1 to
March 31). The cash loss resulted from sharp volatility in crude
palm oil (CPO) prices and from sharp depreciation in the value of
the Indian rupee leading to foreign exchange loss of around INR
110 million (on its imports and buyer's credit facility). The
cash loss has led to erosion in the company's net worth - the net
worth became negative as on March 31, 2012. As a result, the
company has now been referred to Board for Industrial and
Financial Reconstruction (BIFR).

Globus has a weak financial risk profile marked by negative net
worth and depressed debt protection metrics, and has low
operating efficiencies. However, the company benefits from its
promoters' experience in the edible oil industry.

Globus is in the business of manufacturing cotton-seed oil,
vanaspati and refined oil, and extracting solvents. The company's
manufacturing unit is situated at village Khippanwali, Ferozpur
(Punjab), with capacity of 37,500 tonnes per annum. 80 to 90 per
cent of its total sales come from vanaspati.

For 2011-12, Globus's net loss and net sales are estimated at
INR252 million and INR2.86 billion respectively; the company
reported a profit after tax of INR3.8 milion on net sales of
INR2.42 billion for 2010-11.


INGWENYA MINERAL: CRISIL Puts 'B+' Rating on INR50MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ingwenya Mineral Operations Pvt Ltd. The
ratings reflect IMOPL's exposure to risks related to the
commercialization and stabilization of its ongoing project. This
rating weakness is partially offset by the benefits that the
company derives from its promoters' extensive experience in
manufacturing and maintenance of equipment used in the coal and
iron ore mining industry, and the assured offtake agreement with
its principal.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Overdraft Facility       10       CRISIL B+/Stable (Assigned)
   Bank Guarantee           40       CRISIL A4 (Assigned)
   Long-Term Loan           40       CRISIL B+/Stable (Assigned)

Outlook: Stable

CRISIL believes that IMOPL will commence operations at its plant
by the end of July 2012 and will benefit over the medium term
from the assured offtake agreement with its principal. The
outlook may be revised to 'Positive' if IMOPL successfully
stabilizes operations at its upcoming iron ore beneficiation
plant, without any significant time or cost overrun. Conversely,
the outlook may be revised to 'Negative' if the company reports
weakening of its liquidity, most likely because of delays in
stabilization of operations at its upcoming plant, or if the
company reports lower-than-expected production of iron ore,
leading to lower cash accruals.

                      About Ingwenya Mineral

Ingwenya Mineral Operations Pvt Ltd. was set up in October 2009
in Bengaluru (Karnataka). It provides operations and maintenance
services to mineral plants. The company got its first contract
from JSW Steel Ltd (JSW) in February 2011. As per the contract,
IMOPL will set up an iron ore benefication plant for JSW on a
built, own, operate and transfer basis. The contract period is
for three years. The total cost of the project is estimated at
INR200 million, which is being funded by a debt of INR40 million.
The project is expected to be commissioned by the end of July
2012. The company is managed by Mr. P Gopalkrishna, who, along
with his friends and associates, jointly own IMOPL. The promoters
also own Ingwenya Mineral Tech Pvt Ltd, which was set up in
January 2008 for manufacturing equipment such as coal washeries,
flotation columns, and magnetic separators, primarily used for
purification of mineral ores in the coal and iron ore mining
industry.


KINGFISHER AIRLINES: Aviation Minister Rules Out Bailout
--------------------------------------------------------
The Hindu reports that Minister for Civil Aviation Ajit Singh on
Tuesday ruled out bailout of Kingfisher Airlines.

"We are concerned that assets are tied up and lots of jobs are at
stake, but a bailout is neither possible nor being considered,"
The Hindu quotes Mr. Singh as saying after a meeting of the
Parliamentary Consultative Committee (PCC) of the Ministry.  "It
is for the owners of the airline to mobilize resources and make
the airline fully operational."

Confirming that the Directorate General of Civil Aviation (DGCA)
is "doing an intensive audit" of Kingfisher's fleet, he said, "As
long as they are flying safe and they have a certain minimum
amount of equity, the Government cannot close it down," the Hindu
relates.

                      About Kingfisher Airlines

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

                         *     *     *

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

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


KSHEERAABD CONSTRUCTION: Fitch Assigns BB+ Nat'l Longterm Rating
----------------------------------------------------------------
Fitch Ratings has assigned India-based Ksheeraabd Constructions
Private Limited a National Long-Term rating of 'Fitch BB+(ind)'.
The Outlook is Stable.

The ratings reflect KCPL's weak profitability (EBITDA margin:
5.9% in FY11 (year end March)), as its orders are executed by
sub-contractors.  The ratings also reflect significant
concentration risks as the company has only two orders from a
single counterparty, with the top order accounting for more than
90% of the order book.

The ratings draw strength from KCPL's strong credit metrics
because of its low debt levels (FY11: INR34.6m).  Net financial
leverage (net debt/EBITDA) was low at 0.38x and interest coverage
was high at 11.59x in FY11.

The ratings are also supported by the company's positive cash
flow from operations during the past three years and the moderate
utilisation (average of 50%-75%) of its fund-based working
capital facilities for the past 12 months.

WHAT COULD TRIGGER A RATING ACTION?

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

  -- net financial leverage above 2.5x on a sustained basis due
     to any fall in EBITDA margins or increase in working capital
     cycle

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

  -- diversification of the order book and an improvement in
     EBITDA margins while maintaining net leverage below 1x

Set up in August 2005, KCPL is a Hyderabad-based construction
company, majorly focusing on the road segment.  As per
provisional un-audited financials for FY12, revenue was
INR1,101.5m (FY11: INR1,429.9m), operating EBITDA was INR77m
(INR84.6m), EBITDA margin was 7%, interest expense was INR8.7m
(INR7.3m)and net profit was INR41.8m (INR49.1m). At FYE12, the
company had debt of INR29.1m and cash and bank balances of
INR17.2m (FY11: INR2.2m).  At end-May 2012, the company had an
order book of INR5.03bn (4.56x FY12 revenue).

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

  -- INR30m fund-based working capital limits: National Long-Term
     'Fitch BB+(ind)' and National Short-Term 'Fitch A4+(ind)'
  -- INR800m non-fund based limits: National Long-Term 'Fitch BB+
     (ind)' and National Short-Term 'Fitch A4+(ind)'


PHOENIX STRUCTURAL: CRISIL Rates INR67MM Loans 'CRISIL B-'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Phoenix Structural and Engineering
Private Limited. The rating reflects PSEPL's exposure to intense
competition in the tower fabrication and galvanising segment and
the susceptibility of its revenues and margins to the off take by
telecom and power sector. These rating weaknesses are partially
offset by the extensive experience of PSEPL's promoters in the
tower fabrication and galvanising business.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan              46.6       CRISIL B-/Stable (Assigned)
   Cash Credit            20.0       CRISIL B-/Stable (Assigned)
   Proposed Long-Term      0.4       CRISIL B-/Stable (Assigned)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that PSEPL will continue to benefit over the
medium term from its promoters' extensive experience in the tower
fabrication and galvanising business. The outlook may be revised
to 'Positive' in case the company successfully stabilises its
project and generates operating cash flows commensurate with its
debt servicing commitments. Conversely, the outlook may be
revised to 'Negative' in case of lower than anticipated off take
impacting its net cash accruals thereby weakening its financial
risk profile.

                      About Phoenix Structural

Phoenix Structural and Engineering Private Limited, incorporated
in 2007, was established by the Nagpur (Maharashtra) based Patil
family for fabrication and galvanisation of transmission towers
for engineering, procurement and construction (EPC) contractors.

The company has its manufacturing facility in Nagpur, Maharashtra
with an installed capacity of 2,200 MT each for fabrication and
galvanisation. The company completed setting up the fabrication
unit in February 2012, while the galvanisation unit is expected
to be completed by June 2012.

Mr. Sunil Patil and his son Mr. Varun Patil oversee the day to
day operations of the company. Mr. Sunil Patil has extensive
experience of more than two decades in similar line of business
through Phoenix Engineering, which is engaged in fabrication of
engineering structures specialising in fabrication of
transmission tower used in power and telecommunication sectors.
Going forward, the galvanization activities will be undertaken by
PSEPL and the fabrication work will be shared between PSEPL and
Phoenix Engineering, depending on the fabrication capacity
available.


SARDA PLYWOOD: CRISIL Lowers Rating on INR283.9MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facility
of Sarda Plywood Industries Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable', while reaffirming the rating on the company's
short-term bank facility at 'CRISIL A4+'.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   ------
   Cash Credit        187.2     CRISIL BB-/Stable (Downgraded
                                from CRISIL BB/Stable)

   Cash Credit         85.8     CRISIL BB-/Stable (Downgraded
                                from CRISIL BB/Stable)

   Proposed Long-Term   9.9     CRISIL BB-/Stable (Downgraded
   Bank Loan Facility           from CRISIL BB/Stable)

   Long-Term Loan       1       CRISIL BB-/Stable (Downgraded
                                from CRISIL BB/Stable)

   Letter of Credit   147.9     CRISIL A4+ (Reaffirmed)

   Bank Guarantee      12.2     CRISIL A4+ (Reaffirmed)

   Bank Guarantee       9.8     CRISIL A4+ (Reaffirmed)

   Letter of Credit   142.1     CRISIL A4+ (Reaffirmed)

The downgrade reflects CRISIL's belief that SPIL will continue to
be vulnerable to the on-going volatile foreign exchange (forex)
scenario, particularly in light of the company's large un-hedged
forex exposure. CRISIL also believes that any larger-than-
expected fluctuations in the value of the Indian rupee may have a
material impact on SPIL's financial risk profile, given the
company's limited ability to fully and immediately pass on the
impact of rising raw material prices or fluctuations in forex
rates to its customers. This was also evident in 2011-12 (refers
to financial year, April 1 to March 31), when SPIL's business and
financial risk profiles deteriorated significantly. The company
imports around 33 per cent of its raw material requirement. Large
unhedged exposure along with unfavorable forex fluctuations
sharply increased SPIL's input costs in the year, and the company
was unable to pass on the input price rise to its customers. This
led to SPIL incurring a net loss of INR56.9 million in 2011-12.

The ratings continue to reflect the benefits that SPIL derives
from its established market position and its promoters' extensive
industry experience. These rating strengths are partially offset
by the company's exposure to intense competition in the plywood
industry, and susceptibility to timber export regulations in
foreign countries and to fluctuations in forex rates.

Outlook: Stable

CRISIL believes that SPIL will continue to benefit over the
medium term from its promoters' extensive experience in the
plywood industry and the increasing share of the branded segment
in the plywood and laminates industry. The outlook may be revised
to 'Positive' if the group generates more-than-expected cash
accruals, driven by improvement in its profitability and working
capital management. Conversely, the outlook may be revised to
'Negative' if SPIL reports deterioration in its financial risk
profile, because of a decline in its operating profitability
because of volatility in its raw material prices and forex rates
or any adverse changes in the timber export policies of foreign
countries.

                         About Sarda Plywood

Sarda Plywood Industries Ltd, incorporated in 1957 as a private
limited company, manufactures plywood and allied products. It was
promoted by the Chitlangia group, which, as on date, owns around
41.5 per cent of equity share capital. The company became a
deemed public limited company in 1974, and is currently listed on
the Bombay Stock Exchange, Mumbai. In 2007, SPIL acquired 46.67
per cent of equity share capital of P. S. Plywood Products
Private Ltd. (PSPPPL), a plywood manufacturing facility, which is
based in Rajkot (Gujarat). In 2007-08, SPIL entered into a
license agreement with PSPPPL to use the latter's manufacturing
facilities, with capacity of 3 million square metres (sq m) of
plywood (4-millimetre thick) per annum. PSPPPL has no operations
of its own.

SPIL set up a new plywood manufacturing unit in April 2010,
increasing its capacity to 6 million sq m plywood per annum from
3 million sq m plywood per annum. SPIL sells plywood under the
Duro brand. It also owns a bought leaf tea processing factory in
Jeypore (Assam) with a tea-processing capacity of 3.7 million
kilograms per annum.

For 2011-12, SPIL reported a net loss of INR56.9 million on net
sales of INR1684.7 million, against a PAT of INR26.2 million on
net sales of INR1480.9 million for 2010-11.


SILICON INSTITUTE: CRISIL Rates INR57MM Loan at 'CRISIL BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Silicon Institute of Technology.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Long-Term Loan        57        CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of SIT's trustees in
the educational sector, comfortable liquidity management, and
established market position and track record of its engineering
college in Bhubaneswar (Odisha). These rating weaknesses are
partially offset by SIT's modest scale of operations, exposure to
intense competition from numerous engineering colleges in
Bhubaneswar, geographical concentration, and limited flexibility
to increase fees and student intake.

Outlook: Stable

CRISIL believes that SIT will benefit over the medium term from
the extensive experience of its trustees and its established
market position. The outlook may be revised to 'Positive' if SIT
further scales up its operations smoothly and diversifies its
course offerings and revenue sources, while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a substantial decline in
revenues and profitability, or significantly larger-than-expected
debt-funded capital expenditure impacting the trust's financial
risk profile, particularly liquidity.

Silicon Institute of Technology was established in 1999 and
operates an engineering institute, Silicon Institute of
Technology, in Bhubaneswar. The operations of the trust are
managed by Mr. Ramananda Mishra, Mr. Sanjeev Nayak, Ms. Jyotsna
Nayak, and Mr. Shiv Kumar Agarwal. The trust currently has a
total intake of about 2400 students. It offers graduate and
postgraduate courses in engineering, and also offers Masters in
Computer Application (MCA) courses, which are approved by the All
India Council for Technical Education and accredited to Biju
Patnaik University of Technology. Silicon Institute of Technology
is spread over an area of 18.5 acres and offers five engineering
courses: information technology, computer science and
engineering, electronics and telecommunication engineering,
applied electronics and instrumentation, and electrical and
electronics engineering; the institute also offers MCA and M.Tech
courses in three streams. The trustees also run another entity,
Samaleswari Education Trust, established in 2008, which also
operates an engineering institute, Silicon Institute of
Technology (Silicon), in Sambalpur (Odisha).

For 2011-12 (refers to financial year, April 1 to March 31), SIT
reported, on a provisional basis, a profit after tax (PAT) of
INR67.4 million on net sales of INR280.8 million; the trust
reported a PAT of INR47.6 million on net sales of INR220.9
million for 2010-11.


SLEEV TOBACCO: CRISIL Rates INR105MM Loan at 'CRISIL B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facility of Sleev Tobacco Company Private Limited.
The rating reflects STCPL's weak financial risk profile, marked
by high gearing, and small scale of operations and the company's
limited track record in the intensely competitive tobacco
industry. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of STCPL's promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit             105       CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that STCPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company's revenues and profitability increase substantially,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes aggressive debt-funded expansions, or if its
revenues and profitability decline substantially, leading to
weakening in its financial risk profile.

Set up in 2011, STCPL is engaged in trading and processing of
unmanufactured tobacco. STCPL was promoted by Mr.Koteswara Rao
and is based out of Guntur in Andhra Pradesh.

STCPL on a provisional basis reported a profit after tax of INR2
million on net sales of INR63 million, for 2011-12 (refers to
financial year, April 1 to March 31).


SUMIT WOOL: CRISIL Cuts Rating on INR170MM Loans to 'B'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sumit Wool Processors to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit             130.0     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash Credit      8.5     CRISIL B/Stable (Downgraded
   Limit                             from 'CRISIL B+/Stable')

   Term Loan                31.5     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in SWP's liquidity
resulting from decline in its cash accruals due to decline in
margins and increase in debt obligations due to debt-funded
capital expenditure (capex) in the first quarter of 2012-13
(refers to financial year, April 1 to March 31). The firm's
liquidity is expected to remain weak over the medium term owing
to large working capital requirements and term loan repayments
against low cash accruals. The downgrade also factors in the
deterioration in SWP's business risk profile because of the
decline in its trading margins as a result of the sharp
appreciation in the US dollar rate. SWP is currently focusing on
its manufacturing operations, in which it currently has limited
experience and a short track record.

The rating reflects SWP's low margins in trading operations,
limited track record in manufacturing operations, and weak
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics. These rating weaknesses are
partially offset by the expected improvement in SWP's margins
because of ramp-up in the firm's manufacturing operations.

Outlook: Stable

CRISIL believes that SWP will continue to benefit over the medium
term from the gradual improvement in its margins because of
higher sales from its manufacturing operations. The outlook may
be revised to 'Positive' if the firm generates larger-than-
expected net cash accruals, or improves its capital structure
because of capital infusion by its promoter. Conversely, the
outlook may be revised to 'Negative' in case SWP reports lower-
than-expected net accruals, higher-than-expected increase in its
gearing because of its capex plans, or abnormal increase in its
working capital, leading to weak liquidity.

                        About Sumit Wool

Sumit Wool Processors was set up in 1990 by Mr. Rajnish Kumar
Tuli. It trades in polyester-oriented yarn and polyester-filament
yarn. The firm started manufacturing polyester fabric in 2010-11
with eight circular machines, with capacity of 1200 tonnes per
annum (tpa), at its plant in Ludhiana (Punjab). SWP's
manufacturing activity contributed to about 20 per cent of the
firm's total sales in 2011-12. SWP added 10 new circular machines
in April 2012; its total manufacturing capacity is expected to
reach 2500 tpa.

SWP's profit after tax (PAT) and net sales are estimated at
INR1.2 million and INR820 million, respectively, for 2011-12; the
firm reported a PAT of INR0.96 million on net sales of INR730
million for 2010-11.


V L RAKA: CRISIL Cuts Rating on INR90MM Loans to 'CRISIL B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of V L Raka Jewellers Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

   Proposed Cash Credit     30       CRISIL B+/Stable Downgraded
   Limit                             from CRISIL BB-/Stable)

   Proposed Term Loan       40       CRISIL B+/Stable Downgraded
                                     from CRISIL BB-/Stable)

The rating downgrade reflects VLRJPL's below-average financial
risk profile, marked by high gearing and small net worth.
VLRJPL's gearing increased to about 6.2 times in 2011-12 (refers
to financial year, April 1 to March 31) from 4.3 times in 2010-11
mainly on account of higher debt for funding working capital.
CRISIL believes that over the medium term, with opening of new
store, VLRJPL's gearing will increase as significant part of
incremental working capital requirements will likely be funded
with debt.

The rating reflects VLRJPL's small scale of operations in the
highly competitive and volatile jewellery retail industry and the
expected weakening in its financial risk profile, particularly
liquidity, marked by a small net worth and high reliance on debt
funding for incremental working capital requirement. These rating
weaknesses are partially offset by the extensive experience of
VLRJPL's promoters in the gold jewellery retail business.

CRISIL had earlier combined the business and financial risk
profiles of VLRJPL and Sha Valchand Lalchand Raka & Sons (SVLR)
as both the entities were managed by the same promoters. However,
in 2009-10, the promoters transferred the entire business of SVLR
to VLRJPL; SVLR currently does not have any operations. SVLR has
no external liabilities. It has a net worth of INR10 million and
assets including a building, cash, and other current assets. The
management's current stance indicates that these will not be
available to VLRJPL. As a result, CRISIL has now taken a
standalone view of VLRJPL for this rating exercise.

Outlook: Stable

CRISIL believes that VLRJPL will benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company increases its scale
of operations significantly and strengthens financial risk
profile most likely by way large equity. Conversely, the outlook
may be revised to 'Negative' if the company's capital structure
weakens due to larger-than-expected debt-funded capital
expenditure and/or large working capital requirements, or if its
profitability declines substantially.

                         About V L Raka

V L Raka Jewellers Pvt was set up in 2008 by Mr. Valchand Raka
and Mr. Pradip Raka. Prior to this, the promoters had presence in
the retail jewellery business through its proprietorship firm,
SVLR, established in 1995. The Raka family has been associated
with the jewellery business for the past 100 years. VLRJPL sells
gold, silver, and diamond jewellery in its retail store in
Bhiwandi (Maharashtra). This store was started in 1975. Gold
jewellery manufacturing contributes about 85 per cent to the
VLRJPL's's revenue. VLRJPL also trades in jewellery brands Agni,
Aura, and D'damas. Trading activity contributes less than 5 per
cent to its revenue.

VLRJPL's profit after tax (PAT) and net sales are estimated at
INR2.3 million and INR156 million, respectively, for 2011-12; the
company reported a PAT INR2.2 million on net sales of INR150
million for 2010-11.


V. P. M. SANKAR: CRISIL Assigns 'B+' Rating to INR65MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of V. P. M. Sankar and Son.

                         Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           65        CRISIL B+/Stable (Assigned)
   Long-Term Loan        10        CRISIL B+/Stable (Assigned)

The rating reflects VPMS's below-average financial risk profile,
marked by high gearing and moderate debt-protection metrics, and
small scale of operations in intensely competitive gold jewellery
retailing market. These rating weaknesses are partially offset by
extensive experience of proprietor in the gold jewellery
retailing market.

Outlook: Stable

CRISIL believes that VPMS will continue to benefit over the
medium term from the experience of its promoter in gold retailing
business. The outlook may be revised to 'Positive' if VPMS
reports significant increase in scale of operations and improves
its capital structure, while maintaining its operating
profitability. Conversely, the outlook may be revised to
'Negative' if the firm records lower-than-expected accruals or if
it undertakes a large debt-funded capital expenditure programme
or in case of greater-than-expected capital withdrawals,
resulting in weakening in its financial risk profile.

                         About V. P. M. Sankar

Set-up in 2008 as a proprietorship firm, VPMS retails gold and
silver jewellery. The firm has one showroom each in Srivilliputur
and Rajapalayam (Tamil Nadu), with retailing space of about 5,000
and 2,700 square feet respectively. The firm is managed by Mr.
Thangaprabhu.

VPMS's provisional profit after tax (PAT) is estimated at INR3.8
million on net sales of INR65.4 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.3
million on net sales of INR44.6 million for 2010-11.



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


* SOUTH KOREA: 36% Builders Miss Interest Payments in 2011
----------------------------------------------------------
Yonhap News Agency, citing a report by the Construction
Association of Korea (CAK), says nearly four in 10 South Korean
construction companies were unable to meet interest payments with
operating profit last year as a sluggish domestic market hurt
their earnings.

According to the CAK report, 36% of local builders could not
cover interest payments with their operating profit in 2011. The
report was based on an analysis of financial statements of 10,275
construction companies in the country, the news agency notes.

Yonhap News discloses that of the companies checked, 17.2% posted
net losses, while 36.4% or 3,740 builders had an interest
coverage ratio (ICR) of less than 100%.

The ratio is a barometer of how easily a company can pay interest
on outstanding debt.  A reading below 100 percent means the
company cannot pay interest with its operating profits, Yonhap
News reveals.

The CAK said the ICR figure for 2011 represents 12.3 percentage
point increase from 24.1% tallied for the previous year, the news
agency relays.

"This is a clear sign of the difficulties faced by the country's
construction sector," the association said in a statement cited
by Yonhap News.



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


BRIDGECORP LIMITED: Petricevic Pleads Guilty to SFO Charges
-----------------------------------------------------------
Former Bridgecorp Limited Managing Director Rodney Michael
Petricevic pleaded guilty in the Auckland District Court on
July 18 to four Crimes Act charges brought against him by the
Serious Fraud Office (SFO).

Judge Cunningham sentenced Mr. Petricevic to a further four
months imprisonment in addition to his existing sentence of six
and a half years in respect of earlier convictions in April this
year.

The additional charges relate to the fraudulent acquisition and
financing of a luxury launch, the "Medici', purchased using
Bridgecorp funds totalling $3.5 million. A fraudulent transaction
took place to finance, hide or disguise the purchase of Medici
from the Bridgecorp Board, the Trustee, and investors.

SFO Chief Executive, Adam Feeley, said despite the small addition
to the previous sentence, the public interest required the
additional charges to be brought to prosecution.
"We understand that conviction on the additional charges may
bring little solace to investors, but offending of this scale
cannot be ignored."

Bridgecorp went into receivership in July 2007 and an
investigation under the Serious Fraud Office Act was commenced
on May 1, 2008.

Charges under the Crimes Act were laid in May 2010 against
Mr. Petricevic and former Chief Financial Controller for
Bridgecorp, Cornelis Robert Roest.

A three-week trial against Mr. Roest is scheduled to commence on
September 24, 2012.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


CENTURY CITY: Owner's NZ$1.5 Million Home Up for Auction
--------------------------------------------------------
APNZ reports that bankrupt Wellington businessman Terry
Serepisos's luxury home has been put up for sale on the auction
website Trade Me.

Mr. Serepisos's NZ$1.5 million former Roseneath home has been put
up for a mortgagee sale by tender, APNZ relates.

APNZ notes that the site lists the house as the King of the
Castle and described it as a "luxury five bedroom open plan and
spacious house with a magnificent and breath-taking 180 degree
view of the harbour and city, all day sun, large decks for
entertaining and a double internal access garage."

The half-acre 1980s Robieson Street property can be viewed by
appointment only.  The tender closes on September 5.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In
August 2011, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.
The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.  The Serepisos-owned companies
include Century City Hunter Street, Century City Investments,
Century City Developments, Century City Management, and Century
City Football, which previously owned the Wellington Phoenix
football team.


E-GAS LIMITED: SFO Lays 82 Charges Against Former Directors
-----------------------------------------------------------
The Serious Fraud Office announced July 18 that it has laid 82
criminal charges in an investigation into retail gas supplier E-
Gas Limited (E-Gas).

Former Managing Director Ronald Peter Rosenberg and former
General Manager Sydney Lio Hunt each face 41 charges under the
Crimes Act relating to the dishonest use of documents. The
charges carry a maximum sentence upon conviction of seven years
imprisonment.

The SFO alleges that between April 2005 and October 2008
Mr. Rosenberg and Mr. Hunt deliberately under-reported the
quantity of gas supplied to its retail customers in order to
obtain a pecuniary advantage.

The charges allege that E-Gas under-reported its gas consumption
by approximately 950,000 gigajoules worth approximately
NZ$8.74 million, and penalties were avoided to the value of
approximately NZ$8.67 million.

SFO Chief Executive Adam Feeley said, "Much of the focus of the
past few years has been on finance companies. However, this case
illustrates the diversity of other sectors we investigate, and
companies need to be mindful that the risk of fraud exists in
whatever industry they operate."

The SFO investigation into the affairs of E-Gas commenced as a
Part I inquiry in December 2010 and was upgraded to a Part II
investigation in February 2011.

E-Gas Ltd, E-Gas Services Ltd, and E-Gas 2000 Ltd went into
voluntary liquidation on October 18, 2010, and the joint
liquidators are Stephen Tubbs, Brian Mayo Smith and Jeff Hart of
BDO Chartered Accountants.  The company owed NZ$3.45 million to
secure creditor Multi Gas (NZ) Ltd and about NZ$6.9 million to
unsecured creditors.

E-Gas -- http://www.e-gas.co.nz/-- was a private and independent
gas retailer in New Zealand.  The company retailed natural gas to
more than 7,000 gas consumers in the North Island.


GRASSROOTS TRUST: Gaming Machines Shut Down After Breaches
----------------------------------------------------------
New Zealand's Department of Internal Affairs announced on
July 17, 2012, that gaming machines operated by Grassroots Trust
in 21 pubs will shut down for 16 days after the society failed to
comply with gambling laws.  This penalty is the most severe
suspension that a class 4 gambling society has faced.

Internal Affairs Gambling Compliance Director, Debbie Despard,
said Grassroots was sanctioned for breaches in the financial year
ending March 2010 -- failing to distribute a minimum of 37.12% of
gaming machine proceeds to authorised purposes, a shortfall of
NZ$561,482 and overpaying venue expenses by NZ$79,359.

The Department initially decided to cancel Grassroots' license in
December 2011 after an audit revealed compliance breaches.
Grassroots was entitled to continue operating while it appealed
the decision to the Gambling Commission and sought a judicial
review in the High Court.

The Department's dealings with the trust led to a negotiated
outcome which will result in higher compliance expectations and
more money to the community. In bringing about a resolution, the
trust has agreed to license conditions that require it to
distribute a minimum of 40% of gaming machine profit to the
community and to limit the expenses it pays to its venues in a
year to 14.5% of GMP, rather than the statutory cap of 16%.

As part of the negotiated outcome, Grassroots is withdrawing the
High Court action and its appeal to the Gambling Commission and
the Department is withdrawing the licence cancellation.

Debbie Despard said the community will ultimately benefit because
Grassroots will provide more funds for grant distribution. The
trust also committed itself to be a best-practice operator and to
improving its funding practices to better target community need.

While some pubs may see themselves as being punished for a
society's misdemeanour, Debbie Despard urged venue operators to
exercise caution in entering into an agreement with a society to
operate gaming machines in their pubs. Venue operators should be
aware that they cannot receive any benefit from class 4
operators, other than reimbursement that is actual, reasonable
and necessary. They should enquire about a society's compliance
when choosing their class 4 operator, including where that
society directs its grants and whether grant funding stays in the
local community.

"We are satisfied that Grassroots has taken an appropriate
response to the compliance issues. High expectations for the
future have been set, and the trust has already shown signs of
improving its performance. The successful end to negotiations
shows the Department is prepared to be flexible in order to
maximize benefits for the community.

"Gaming trusts exist to maximise gaming machine proceeds to the
community and ultimately the community will benefit from the
commitments that Grassroots has made."

Grassroots Trust is a Charitable Gaming Machine Trust.  It
operates under the Gambling Bill 2003, and is governed by the
Department of Internal Affairs.   The Trust primarily fosters the
amateur game of Rugby Union within New Zealand.


MACLEAN COMPUTING: Placed Into Liquidation
------------------------------------------
Reseller News reports that Kiwi-owned Maclean Computing has
started the liquidation process with Waterstone Insolvency being
appointed as liquidators.

The liquidator's first report will be due on July 19, Reseller
News says.

Last year, Reseller News recalls, Maclean announced that it was
outsourcing its procurement business to Acquire, a move that CEO
Chris Maclean at the time described as a "win-win for everyone."
"As our market, and our business matures, we are keen to focus
our resources on the areas that offer customers the best return.
Our core strength is in building and supporting Rock Solid IT
foundations, not procurement, so this partnership delivers an
improved service for customers and a tighter focus for
ourselves," Mr. Maclean said at the time.

Maclean Computing has 50 staff and over 200 business customers.


PIKE RIVER: Sale to Solid Energy Completed
------------------------------------------
Michael Berry at stuff.co.nz reports that the sale of Pike River
Coal Mine to Solid Energy has been completed, with the state-
owned miner paying NZ$7.5 million.

Stuff.co.nz notes that Solid Energy bought the mine site near
Atarau in the Grey District as well as the stockpile and rail
loading facility at Ikamatua. It also acquired the company's
mining permits.

According to the report, PricewaterhouseCoopers partner John Fisk
said a final payment of NZ$5 million had been received and Solid
Energy was now responsible for the mine.

The sale was a significant step toward winding up the company,
but there was still plenty of work to be done, Mr. Fisk said.

"The Pike River disaster has been a national tragedy and this has
been a most challenging receivership," stuff.co.nz quotes
Mr. Fisk as saying.

                 No Payment for Unsecured Creditors

Meanwhile, nzherald.co.nz reports that unsecured Pike River mine
creditors will get nothing from the sale of the mine.

nzherald.co.nz relates that Grey District Mayor Tony Kokshoorn
told Radio New Zealand Wednesday that it was disappointing the
receivers had not been able to get a better price for the mine so
money could be paid back to everyone.

"It was a case of the receivers running out of buyers -- the
Chinese and the Australians that were in there all left -- so
they really had to go back to Solid Energy who had pulled out of
the deal pre-Christmas," nzherald.co.nz quotes Mr. Kokshoorn as
saying.

According to nzherald.co.nz, receiver John Fisk told Radio New
Zealand this receivership was the most challenging he had seen
because they were dealing with the loss of 29 men and the tragedy
that went along with that.

Mr. Fisk said there was no way unsecured creditors would be
seeing any money from the sale, nzherald.co.nz relays.

"There's still something like NZ$26 million owing to New Zealand
oil and gas and so any recovery up to the NZ$26 million would go
to them," Mr. Fisk, as cited by nzherald.co.nz, said.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010.  New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed
NZ$80 million to secured creditors BNZ and NZ Oil & Gas.  Pike
River Coal also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.



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


SYNERGY ENGINEERING: Meetings Slated for July 26
------------------------------------------------
Creditors and contributories of Synergy Engineering Pte Ltd will
hold their meetings on July 26, 2012, at 3:00 p.m., and
3:30 p.m., respectively at 21 Merchant Road #05-01 Royal Merukh
S.E.A. Building, in Singapore 058267.

Agenda of the meeting are:

   a. to update the creditors and contributories on the status of
      the liquidation of the Company;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. to discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


SYNERGIC INDUSTRIAL: Court to Hear Wind-Up Petition July 27
-----------------------------------------------------------
A petition to wind up the operations of Synergic Industrial
Materials & Services Pte Ltd will be heard before the High Court
of Singapore on July 27, 2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
June 29, 2012.

The Petitioner's solicitors are:

         Khattarwong LLP
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


UNIREP INT'L: Court to Hear Wind-Up Petition on July 27
-------------------------------------------------------
A petition to wind up the operations of Unirep Int'l Marketing
Pte Ltd will be heard before the High Court of Singapore on
July 27, 2012, at 10:00 a.m.

China Construction (South Pacific) Development Co. Pte Ltd filed
the petition against the company on July 2, 2012.

The Petitioner's solicitors are:

         WongPartnership LLP
         63 Market Street, #02-01
         Singapore 048942



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


* SRI LANKA: Fitch Assigns 'BB-' Rating to Global Bonds Due 2011
----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's upcoming USD-denominated
global bonds due 2022 an expected 'BB-(exp)' rating.  The final
rating is contingent on the receipt of final documentation
conforming to information already received.

The rating is in line with the Sri Lankan sovereign's Long-Term
Foreign Currency Issuer Default Rating (IDR) of 'BB-'.  Sri
Lanka's Long-Term Local Currency IDR is also 'BB-'.  The IDR
Outlooks are Stable.


* SRI LANKA: Moody's Assigns '(P)B1' Rating to Global Bond
----------------------------------------------------------
Moody's Investors Service has assigned a provisional foreign
currency rating of (P)B1 with a positive outlook to the
government of Sri Lanka's proposed U.S. dollar-denominated global
bond.

Ratings Rationale

Sri Lanka's B1 sovereign rating reflects Moody's Investors
Service' methodological assessment of the country's low economic
and government financial strengths, moderate institutional
strength, and a moderate susceptibility to event risks.

The outlook for the sovereign rating was changed to positive in
2011, reflecting an increasingly evident peace dividend reflected
in greater macroeconomic stability, as well as a policy
orientation of fiscal reform and economic growth that continues
to be guided by an IMF program. In addition, the monetary
authorities have established a regulatory and supervisory
framework supportive of financial stability.

Robust growth momentum carried into 2012 with real GDP growing by
7.9% year-on-year in the first quarter. However, pressures on the
balance of payments that had built up since mid-2011 prompted
macroeconomic policy tightening starting in February 2012 to
temper widening trade balances and declining foreign exchange
reserves.

The external payments position has stabilized, although greater
exchange rate flexibility may be reflected in higher inflation in
the near-term. The growth outlook has also moderated somewhat,
but trend fiscal consolidation remains intact with both the
budget deficit and stock of debt continuing to fall as a
percentage of GDP.

The rating continues to be encumbered by the reduction of its
large debt overhang and the consequently large debt servicing
costs. However, Sri Lanka is well-placed to grow out of its debt
given its still-favorable outlook for economic growth, while the
government has taken measures, such as recent tax reforms, to
further strengthen its financial position.

Another concern is the re-integration of the Tamil minority in
the war-torn northeast region. Although there has been notable
progress, Moody's considers that the process of political
reconciliation is at an early stage. As such, Moody's assessment
of event risk remains somewhat elevated, but at a moderate level
in Moody's global bond methodology framework.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



                             *********

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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