TCRAP_Public/120725.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

           Wednesday, July 25, 2012, Vol. 15, No. 147

                            Headlines


A U S T R A L I A

PINK POMEGRANATE: Enters Administration; BRI Ferrier Appointed
U-NITED WARRANTIES: ASIC Releases Info for Affected Customers
* AUSTRALIA: Building Firms Collapses Continue to Rise


C H I N A

CHINA ORIENTAL: Fitch Affirms 'BB+' Issuer Default Rating
CHINA TIANRUI: Moody's Assigns '(P)B2' Senior Unsecured Rating
MANDRA FORESTRY: S&P Withdraws 'BB' Rating on $195MM Sr. Notes


H O N G  K O N G

BARCLAYS CAPITAL: Members' Final Meeting Set for Aug. 21
CHUNG-PAO RESIN: Placed Under Voluntary Wind-Up Proceedings
CHUO MITSUI: Members' Final Meeting Set for Aug. 23
CLEVER LUCK: Wong and Tsui Step Down as Liquidators
FRONTIER TECHNOLOGY: Member Final Meeting Set for Aug. 21

SHUN HING: Creditors' Proofs of Debt Due Aug. 20
SKY RISE: Leung and Yuen Step Down as Liquidators
TRINITY (CASUAL WEAR): Creditors' Proofs of Debt Due Aug. 3
U-LAND INVESTMENTS: Creditors' Proofs of Debt Due Aug. 20
XIAO XIONGMAO: Members' Final Meeting Set for Aug. 22


I N D I A

AKASH COKE: Inadequate Info Cues Fitch to Migrate Ratings
BALLARPUR INDUSTRIES: Fitch Revises Ratings Outlook to Negative
BODAL AGROTECH: CARE Cuts Rating on INR9cr Loan to 'CARE B'
BOSTIN ENGINEERS: Fitch Assigns 'B+' National LongTerm Rating
CASTLE ROCKS: CARE Rates 'CARE BB-' Rating to INR6cr LT Loan

HALE ELECTRONICS: Inadequate Info Cues Fitch to Migrate Ratings
HARDROCK ATTACHMENTS: CARE Puts 'BB(SO)' Rating on INR24.5cr Loan
HEXA INT'L: Fitch Assigns 'BB-' National Long Term Rating
HIND INNS: CARE Assigns 'CARE BB-' Rating to INR24.36cr Loan
KINGFISHER AIRLINES: Court Issues Notices Over Bounced Checks

LMJ INT'L: Inadequate Info Cues Fitch to Migrate Ratings
MUNIMJI & SONS: CARE Rates INR9.2cr LT Loan at 'CARE BB'
NODDY EQUIPMENTS: CARE Puts 'BB' Rating on INR35cr LT Loan
PANYAM CEMENT: Inadequate Info Cues Fitch to Migrate Ratings
POLYHOSE INDIA: Inadequate Info Cues Fitch to Migrate Ratings

ROSELABS POLYMERS: CARE Assigns 'CARE B' Rating to INR31.5cr Loan
SALUJA STEEL: Inadequate Info Cues Fitch to Migrate Ratings
SOMNATH TEXTILE: CARE Rates INR25cr LT Loan at 'CARE BB-'
SPECTRUM POWER: Inadequate Info Cues Fitch to Migrate Ratings
TRAYMBKESHWAR FOODS: CARE Rates INR10.61cr Loan at 'CARE BB'

VIKRANT FORGE: Inadequate Info Cues Fitch to Affirm Ratings
VIKAS TELECOM: Inadequate Info Cues Fitch to Migrate Ratings


J A P A N

JLOC 39: Moody's Reviews Caa3 Rating on Cl. D Notes for Downgrade
OLYMPUS CORP: Continues Talks With Sony, Terumo Over Tie-Ups


N E W  Z E A L A N D

GOULD BROS: Shareholders Appoint KMPG as Liquidators


P H I L I P P I N E S

LEHMAN BROTHERS: Objects to Bank of Commerce's $15.2-Mil. Claim


S I N G A P O R E

PARTMINER PTE: Creditors' Proofs of Debt Due Aug. 21
PIPER'S PIES: Creditors' Proofs of Debt Due Aug. 3
SILKSTAR GLOBAL: Court to Hear Wind-Up Petition Aug. 3
TAN KHEE: Creditors' Proofs of Debt Due Aug. 21
TECHNOLOGY RESOURCES: Creditors' Proofs of Debt Due Aug. 21


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


PINK POMEGRANATE: Enters Administration; BRI Ferrier Appointed
--------------------------------------------------------------
SmartCompany reports that Pink Pomegranate, which is trading as
Treehouse Childrens Decor Co., has entered administration, after
trading for more than 12 years.

SmartCompany says Pink Pomegranate was placed in administration
on July 16, with BRI Ferrier appointed.

According to the report, the business has three stores, two in
New South Wales and one in Chadstone, Victoria, and is turning
over approximately AUD 3 million a year, with 15 staff and stock
worth more than AUD300,000.  The company, according to the
administrators, also contains design, manufacturing and import
divisions, SmartCompany relates.

Pink Pomegranate is a children's retail business with three
stores specialising in furniture, homewares and accessories.


U-NITED WARRANTIES: ASIC Releases Info for Affected Customers
-------------------------------------------------------------
On July 9, 2012, the creditors of Melbourne-based companies
U-nited Warranties Pty Ltd, and two related entities, U-nited
Maintenance Pty Ltd and U-nited Electrical Holding Company Pty
Ltd, resolved to appoint Matt Byrnes and Andrew Hewitt of Grant
Thornton as liquidators.

Prior to closing its doors, the U-nited group of companies
provided extended warranty and maintenance services throughout
Australia, pursuant to authorizations provided under Australian
financial services license 312795. The majority of U-nited's
extended warranty products were offered at the point of sale
through major retail chains, including Myer and Big W, Bush
Australia and a number of independent retailers.

The liquidators have advised that they will be liaising with
Myer, Big W and other providers in relation to any warranty
claims that have not been completed and will arrange for
customers' goods to be collected by those retailers. The
liquidators will also undertake an investigation into the U-nited
companies and will report to ASIC when their investigation is
complete. ASIC will consider the liquidator's report and take
appropriate action, if required.

ASIC is liaising with other consumer protection regulators,
including the Australian Competition and Consumer Commission
(ACCC) and state and territory consumer protection agencies, to
closely monitor any consumer impact of the liquidation of the U-
nited group. ASIC is also liaising with the retailers that
marketed U-nited warranties, including Myer and Big W, regarding
their approach to the handling of current and future consumer
claims on the warranties.

The Australian Consumer Law provides consumers with a number of
automatic rights when they purchase products and services. These
rights are called consumer guarantees and entitle consumers to
certain remedies, including a repair or replacement, where a
problem arises.

These guarantee rights apply regardless of whether the product or
service comes with a warranty or the consumer has paid for an
extended warranty. This means that consumers may still be
entitled to a remedy under these guarantees, even if they have a
warranty or their warranty has expired. Consumers who want more
information about the consumer guarantees should visit the ACCC
website Opens new window.

The following advice is provided to consumers who are concerned
about whether they can still make a claim under a U-nited
warranty, or who are waiting on the repair and return of items
under a U-nited warranty:

   * U-nited has a consumer's goods for repair

     You should contact the retailer who sold you the item
     to seek the return of your goods. It is possible that some
     of the goods returned to consumers will not have been
     repaired by U-nited (see below for further advice if goods
     still have a fault).

   * Fault with an item which is under warranty

     You should contact the place of purchase to seek a remedy.

     If you are unable to reach an agreement with the retailer,
     you can lodge a complaint with the relevant state consumer
     protection agency and they will be able to provide advice
     and assistance. Contact details for each agency are
     available on the Australian Consumer Law website Opens
     new window.

     Under the consumer guarantees, you can approach the retailer
     or the manufacturer for a remedy and they have an obligation
     to address product failures. If you approach the retailer
     and they have a policy of sending the product to the
     manufacturer for assessment, they must deal with the
     manufacturer on your behalf. Retailers cannot avoid or
     ignore their obligations by referring you to the
     manufacturer.

     Big W has confirmed that it will administer valid claims
     made by its customers under Big W Protection Plans it has
     sold. Big W customers wishing to make a claim should call
     Big W on its call centre number 1300 244 999.

   * Retailer that sold the extended warranty has also gone out
     of business

     If you wish to make a claim on a faulty item you can contact
     the manufacturer of the item to discuss your potential right
     to a remedy under the consumer guarantees.

     If an item of yours is held by U-nited and was sold by a
     retailer that no longer operates, then you should contact
     Grant Thornton to arrange collection.

   * Recently purchased warranty

     If you have recently purchased a warranty and paid for it by
     credit card, you can seek a chargeback (i.e. a refund of the
     amount paid for the warranty) through your financial
     institution. This is subject to certain time limits.

   * Retailers rights against manufacturers

     If a retailer provides a remedy to a consumer for a fault
     that was caused by the manufacturer, the retailer may take
     action against the manufacturer to recover the costs
     incurred in providing a remedy.

   * All consumers who hold an extended warranty

     You can contact the retailer who sold the extended warranty
     to you to check the status of the warranty.


* AUSTRALIA: Building Firms Collapses Continue to Rise
------------------------------------------------------
SmartCompany reports that the building and construction industry
is continuing to flail, with company collapses increasing.

Since January 1, more than 363 companies in the building
industry, excluding mining, have collapsed; more than 200 of them
from New South Wales; and 95 from Victoria, SmartCompany
discloses citing Fairfax.

According to the report, recent high profile collapses include
Reed and Hastie and the fall-out from these collapses has
affected hundreds of smaller construction companies and sub-
contractors.

SmartCompany notes that a survey of companies, consultants,
service providers and customers in the construction sector
conducted in May and June by Evans & Partners revealed a bleak
outlook for the sector, with reports of margins in the 0-2%
range.

"If exposure to the resources sector is limited or non-existent,
the industry is observing the passing of a high-rise residential
peak in Melbourne, commercial office 'back fill' and/or shuffling
the deck chairs taking precedence over new office build, all
levels of governments minimising (or zeroing) their
infrastructure spend and education spending diminishing," Evans &
Partners in its report cited by Smartcompany.

"Even for those who can secure work, the margins have become
wafer thin and often bet on improved buying terms to make a
profit. The forward pipeline is thin and the outlook bleak."



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CHINA ORIENTAL: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed China Oriental Group Company Limited's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+'
with a Stable Outlook.  The agency has also affirmed the Chinese
steelmaker's senior unsecured rating at 'BB+'.

The ratings are affirmed despite a rise in leverage, as measured
by net adjusted debt/EBITDAR, to 2.2x in 2011 from 1.9x a year
earlier.  This rise is driven primarily by an increase in working
capital, a situation that can by reversed by the company's
reduction of its notes receivables balance and/or by increasing
its payable days.  If China Oriental's working capital is
adjusted to industry norms, leverage would have been around 1.6x
in 2011.  Fitch estimates that the normalized leverage will be
below 2.0x in 2012.

Fitch notes that China Oriental gets higher prices on its sales
by granting longer credit terms to its customers, and saves
finance costs for its notes payables by shortening its payable
days.  Thus, the company has extended its working capital to
better utilize the cash raised from the USD850m notes issued in
2010.  The funds were originally earmarked for expansion, but the
company has scaled back capex due to weakening demand.

China Oriental's ratings are supported by its operational
stability.  It is one of the few Chinese steel companies that saw
higher per ton gross profit for steel products sold in 2011
versus 2010, partly by managing down its energy costs by
harnessing power generated from its blast furnaces and sinter
plants.  China Oriental has also maximized its plant utilization
to enhance cost efficiency, through the use of different iron ore
grades.  The company's ratings are also supported by the
operational support from one of the world's largest steelmakers,
ArcelorMittal S.A. (ArcelorMittal, 'BBB'/Negative), which
continues to render technical assistance to China Oriental.
Fitch expects ArcelorMittal to remain committed to the Chinese
steel market and China Oriental is one of its key integrated
steel manufacturing investments in China.

China Oriental's ratings are constrained by its lack of product
diversification.  Its pace of new product development has been
slow given the volatile market conditions across most steel
product classes since 2009.  H-section and strip products --
which are largely commoditized -- still form over 72% of the
group's revenue.  Given that the company only has committed capex
of CNY500m in 2012, Fitch does not anticipate new product
offerings to be introduced before 2014.

The Stable Outlook is supported by Fitch's expectation of a
better second-half in 2012.  The agency has observed a few trends
in the main steel consuming industries that support an
improvement in H212 demand for steel in China.  Firstly, the
year-on-year decline in Chinese residential housing sales has
been slowing in recent months.  Secondly, automobile production
growth has returned to double digits from April 2012.  Finally,
China's steel inventory level has fallen to this year's low in
July despite record production of steel products of 84.4 million
tons in June 2012.

What Could Trigger A Rating Action?

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

-- normalized working capital adjusted net debt/EBITDAR above
    1.5x for two consecutive years or above 2.0x in any single
    year;

-- any further working capital increases without a corresponding
    increase in revenue

-- significant weakening of China Oriental's strategic and
    operational ties with ArcelorMittal

Positive: No positive rating action is anticipated over the next
24 months given China Oriental's low degree of product
diversification and small operating scale.


CHINA TIANRUI: Moody's Assigns '(P)B2' Senior Unsecured Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 senior
unsecured rating to the RMB senior notes to be issued by China
Tianrui Group Cement Company Ltd.

At the same time, Moody's has affirmed Tianrui Cement's B1
corporate family rating.

The ratings outlook is stable.

The proceeds of the notes issuance will be used to refinance the
company's existing short-term debt obligations and for general
corporate purposes.

Moody's will remove the rating from its provisional status after
the notes are issued on satisfactory terms and conditions.

Ratings Rationale

"The proposed RMB senior notes will improve Tianrui Cement's debt
maturity profile and its liquidity position," says Jiming Zou, a
Moody's Analyst.

Tianrui Cement has been funding its business mainly through
short-term borrowings. Given that its cash position is well below
its level of short term debt, refinancing pressure is high.
Although the senior notes have a 3-year tenor, they will reduce
to some extent refinancing pressure.

"This offshore funding exercise will also help Tianrui Cement
broaden its funding sources -- beyond the domestic bank and debt
capital markets -- and will provide funding stability for its
business growth," adds Mr. Zou, also the lead analyst for Tianrui
Cement.

Tianrui Cement's B1 corporate family rating continues to reflect
its leading market position in Henan and Liaoning provinces, and
its strong level of sales visibility, as supported by demand from
urbanization and investments in infrastructure.

It further maintains its well-established positions by its
ability to secure resources and use efficient equipment.

At the same time, the rating is constrained by the company's
short listing history and the absence of a track record of
disciplined financial management and good corporate governance.

Another constraint is the volatile nature of its profitability
due to its lack of pricing power in a fragmented market. Its
announcement on July 4, 2012 of a decline in profits is evidence
of such volatility.

Moody's expects its profit margin will stay under pressure in the
next 12 months when Chinese economic growth will remain slow.
Meanwhile, Tianrui Cement has responded to the increased
challenge by slowing capital spending to preserve liquidity.

At the same time, its fast growth -- funded by bank borrowings --
keeps debt leverage moderately high. Debt leverage will increase
from the level of 2011, given the recent drop in demand for and
prices of cement. Moody's expects the company's Debt/EBITDA to be
in the range of 4.0x-5.0x in the next two to three years and
which positions it in the single-B range.

The rating for the proposed RMB notes is one notch lower than the
company's corporate family rating, reflecting structural and
legal subordination. Tianrui Cement's domestic borrowings
amounted to RMB7.0 billion and accounted for 40% of the total
assets as of the end of December 2011. This ratio will remain
above 15% in the next 2 years.

The ratings outlook is stable, reflecting Moody's expectation
that Tianrui Cement's operating performance will stabilize in the
second half of 2012 as the deterioration in the operating
environment is expected to stop. Moody's also expects Tianrui
Cement to be able to roll over its short-term debt and reduce its
capital spending to preserve cash.

An upgrade could be considered if the company further improves
its market position, exhibits discipline in managing
acquisitions, and grows its business operations with long-term
capital. Resilience in business profitability and an improvement
in debt leverage will be necessary for an upgrade.

Upward rating pressure could develop, if Tianrui Cement is able
to achieve the following credit metrics on a sustainable basis:
operating margin more than 20%, EBITDA/interest expenses more
than 4.0x, and Debt/EBITDA less than 3.5x-4.0x.

A rating downgrade could be triggered by: (i) a significant loss
of share in its core market, (ii) a decline in sales and/or
profitability due to an adverse change in the local operating
environment or weaker cement prices, and (iii) aggressive
expansion, driven by debt-funded acquisitions or capital
expenditures.

Operating margin less than 10%, EBITDA/interest expense less than
3.0x, or Debt/EBITDA above 5.0x would trigger a downgrade.

The principal methodology used in rating China Tianrui Cement
Group Cement Company Ltd was the Global Building Materials
Industry Methodology published in July 2009.

China Tianrui Cement Group Cement Company Ltd is the largest
cement producer in China's Henan and Liaoning provinces. The
company had an annual clinker and cement production capacity of
22.25 million tons and 39.23 million tons, respectively, as of
end-2011.

It is one of the 12 national cement companies favored by the
Chinese government to lead a consolidation of the industry. All
of its clinker facilities employ modern New Suspension Preheater
cement production technology and are equipped with a residual
heat recovery system. As of 2011, sales amounted to RMB8.3
billion, of which about 70% were in Henan province.

Tianrui Cement is listed in Hong Kong Stock Exchange with a
market capitalization of HKD7.2 billion as of April 17, 2012. The
company is 39.6% held by its Chairman, Li Liufa, and his son, Li
Xuanyu; 18.7% by Tang Ming Chien; 16.7% by KKR, and 8.4% by
JPMorgan.


MANDRA FORESTRY: S&P Withdraws 'BB' Rating on $195MM Sr. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected an internal
administrative error by withdrawing its 'BB' foreign currency
long-term issue rating on the US$195 million guaranteed senior
notes issued by Mandra Forestry Finance Ltd. At the same time,
Standard & Poor's withdrew its 'cnBBB-' Greater China credit
scale rating on the notes.

The notes were guaranteed by Sino-Forest Corp. Standard & Poor's
withdrew the rating on Sino-Forest on Aug. 29, 2011, and the
issue rating on Mandra Forestry Finance's notes should have been
withdrawn at the same time.



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H O N G  K O N G
================


BARCLAYS CAPITAL: Members' Final Meeting Set for Aug. 21
--------------------------------------------------------
Members of Barclays Capital Futures Hong Kong Limited will hold
their final meeting on Aug. 21, 2012, at 10:00 a.m., at 20/F,
Henley Building, 5 Queen's Road Central, in Hong Kong.

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


CHUNG-PAO RESIN: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 27, 2012,
creditors of Chung-Pao Resin Chemical Co Limited resolved to
voluntarily wind up the company's operations.


CHUO MITSUI: Members' Final Meeting Set for Aug. 23
---------------------------------------------------
Members of Chuo Mitsui Investments Hong Kong Limited will hold
their final meeting on Aug. 23, 2012, at 10:00 a.m., at 35th
Floor, One Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CLEVER LUCK: Wong and Tsui Step Down as Liquidators
---------------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice stepped down as
liquidators of Clever Luck Limited on July 14, 2012.


FRONTIER TECHNOLOGY: Member Final Meeting Set for Aug. 21
---------------------------------------------------------
Member of Frontier Technology Limited will hold their final
general meeting on Aug. 21, 2012, at 9:30 a.m., at Room 1603,
16/F, Tung Chiu Commercial Centre, at 193 Lockhart Road, Wanchai,
in Hong Kong.

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


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

The company commenced wind-up proceedings on July 10, 2012.

The company's liquidators are:

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


SKY RISE: Leung and Yuen Step Down as Liquidators
-------------------------------------------------
Ruby Mun Yee Leung and Yuen Tsz Chun Frank stepped down as
liquidators of Sky Rise Industries Limited on June 5, 2012.


TRINITY (CASUAL WEAR): Creditors' Proofs of Debt Due Aug. 3
-----------------------------------------------------------
Creditors of Trinity (Casual Wear) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 3, 2012, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


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

The company commenced wind-up proceedings on July 10, 2012.

The company's liquidators are:

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


XIAO XIONGMAO: Members' Final Meeting Set for Aug. 22
-----------------------------------------------------
Members of Xiao Xiongmao Air-Conditioning Co Limited will hold
their final general meeting on Aug. 22, 2012, at 4:45 p.m., at
Suite 804, 8th Floor, Chinachem Leighton Plaza, at 29 Leighton
Road, Causeway Bay, in Hong Kong.

At the meeting, Leung Chi Wa Simon, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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AKASH COKE: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------
Fitch Ratings has migrated India-based Akash Coke Industries
Private Limited's 'Fitch C (ind)' National Long-Term rating to
the non-monitored category.

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

Fitch has also migrated Akash Coke's bank loans ratings to the
non-monitored category as follows:

-- INR143 million fund-based loans: migrated to National Long-
    Term 'Fitch C(ind)nm' from 'Fitch C(ind)'

-- INR50 million non-fund based-limits: migrated to National
    Short-Term 'Fitch D(ind)nm' from 'Fitch D(ind)'


BALLARPUR INDUSTRIES: Fitch Revises Ratings Outlook to Negative
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based Ballarpur
Industries Limited to Negative from Stable while affirming its
Long-Term Foreign-Currency Issuer Default Rating (LT FC IDR) at
'BB-' and National Long-Term rating at 'Fitch AA-(ind)'.
Fitch has also revised the Outlook on BILT's subsidiaries --
Ballarpur International Graphic Paper Holdings (BIGPH) and BILT
Graphic Paper Products Limited's (BGPPL) -- to Negative from
Stable. The agency has affirmed BIGPH's LT FC IDR at 'BB-' and
BGPPL's National Long-Term rating at 'Fitch AA-(ind)'.

The Outlook revision reflects Fitch's view that BILT's net
financial leverage (net adjusted debt/operating EBIDTAR) would
likely increase to about 5.3x (estimated) in FY12 (year end June)
from 4.3x in FY11.  The view is driven by the decline in
operating EBIDTA margins to 16.9% 9MFY12 from 19.7% in 9MFY11 due
to delays in pulp integration plans -- exposing it to volatile
global pulp prices, and an increase in other input costs and USD-
denominated debt (about 70% of total borrowings including
perpetual hybrid bonds) on account of INR depreciation.

Fitch notes that the enhanced pulp capacities at Sabah Forest
Industries (SFI) were commissioned in June 2012 after a delay of
eight months, while the expansion at Ballarpur is still underway
(earlier planned by June 2012).  The company remains exposed to
ramp-up issues on these projects; hence, its operating
profitability could remain subdued during FY13 as well,
particularly if the current weak operating environment persists.

The ratings are based on a consolidated view of BILT's business
and financial profiles.  BIGPH's and BGPPL's ratings reflect
their strong operational and strategic linkages with the ultimate
parent, BILT, on the back of their similar business profiles,
common treasury and management team.  BIGPH, which holds a 99.99%
stake in BGPPL and a 97.8% stake in SFI, contributed 76.6% to
BILT's overall revenue and 84% to its EBITDA in 9MFY12. BIGPH
holds 76.5% of BILT's consolidated paper capacity and high-value
added rayon-grade pulp facilities.

BILT has an established leadership position in the Indian writing
and printing paper segments, a large distribution network to
cater to the fragmented paper market and a vertically integrated
business model from wood to pulping, chemicals and captive power.
However, its operating profitability has been consistently
declining since FY09 (FY08: 25.0%, FY09: 23.1%, FY10: 21.5%,
FY11: in 19.1%) due to volatile pulp prices and lower pulp
integration at about 60%-65% in the wake of the expansion of
paper capacity.  BILT is now undertaking capex towards expanding
its pulp capacity and expects to achieve full integration into
hard-wood pulp post FY13.

Fitch notes that though the backward integration into hardwood
pulp would improve BILT's cost structure; the timely completion
and ramp-up of these facilities remain a key concern.  Moreover,
the industry risk of overcapacity and higher input costs could
undermine the benefits of pulp integration on operating
profitability.  BILT has deferred the plans to list its
international subsidiary in the wake of economic uncertainty and
subdued financial markets. The next round of expansion of paper
capacity by 685,000 tpy at a cost of USD511m has also been
deferred.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action could be BILT's
inability to commission and ramp up the pulp mill, weaker
operating profitability or new-debt funded capex resulting in net
financial leverage above 4x in FY13.

Positive: The current Rating Outlook is Negative. As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating upgrade.  However, timely commissioning of
capex plans resulting in an improvement in operating
profitability and thus causing net financial leverage to remain
below 4x from FY13 onwards could result in Outlook being revised
back to Stable.

BILT, on a consolidated basis, has one production facility in
Malaysia and six facilities in India, of which Ballarpur, Bhigwan
and Kamalapuram units are under BGPPL.  BILT intends to undertake
further organisational restructuring by transferring two of its
paper producing units, Ashti and Sewa, to BGPPL, while acquiring
the Kamalapuram unit.  The company also proposes to completely
acquire (currently a 26% stake) the captive power assets at its
domestic production facilities from Avantha Power Infrastructure
Limited. While the swap of paper units will not affect the
consolidated financials, re-acquiring the captive power plants
would improve profitability and increase capital employed.  These
proposals are still awaiting regulatory approvals and hence Fitch
has not factored them into its assessment.  In 9MFY12, BILT
registered consolidated revenue (unaudited) of INR35.2bn, EBITDA
of INR5.9bn and net income of INR1.1bn.

Rating actions on BILT and BGPPL's instruments:

BILT

  -- INR272 million term loans: 'Fitch AA-(ind)'; rating
     withdrawn as the facility has been repaid in full

  -- INR1,500 million commercial paper (within working capital
     limits): affirmed at 'Fitch A1+(ind)'

  -- INR3,500 million non-convertible debenture programme:
     affirmed at 'Fitch AA-(ind)'

  -- INR3,500 million fund- and non-fund-based working capital
     limits: affirmed at 'Fitch AA-(ind)'/'Fitch A1+(ind)'

BGPPL

  -- INR1,500 million commercial paper (within working capital
     limits): affirmed at 'Fitch A1+(ind)'

  -- INR7,500 million non-convertible debenture programme:
     affirmed at 'Fitch AA-(ind)'

  -- INR7,500 million fund- and non-fund-based working capital
     limits: affirmed at 'Fitch AA-(ind)'/'Fitch A1+(ind)'


BODAL AGROTECH: CARE Cuts Rating on INR9cr Loan to 'CARE B'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Bodal
Agrotech Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.00      CARE B Revised from
                                             'CARE BB'
Rating Rationale

The revision in the rating takes into account reduction in parent
company viz. Bodal Chemical Ltd.'s propensity to support Bodal
Agrotech Ltd.'s operations which is at an early stage of its
operations. The reduced propensity of BCL has emanated from
significant deterioration in its financial risk profile and
liquidity position during FY12 (refers to the period from April 1
to March 31) on the back of huge cash losses in H2FY12 which
resulted in BCL being referred to the Corporate Debt
Restructuring (CDR) cell for restructuring of its debt.

The rating continues to be constrained by nascent stage of
operations of BAL with low capitalization, its presence in the
highly fragmented agri-retail industry along-with logistical
challenges in handling perishable goods and commodity price
fluctuation risk in the trading business.

The rating, however, continues to consider the parent company's
long-standing position in the dyes and intermediate industry.

Ability of BAL to scale up its operations and improve its
profitability amidst stiff competition along with improvement in
the financial risk profile of its parent company are the key
rating sensitivities.

Incorporated in August 2010, BAL is a wholly-owned subsidiary of
BCL. BAL is engaged in the trading and retailing of fruits,
vegetables and food grains. It has acquired a retail store in
Ahmedabad for direct sale of vegetables and fruits to retail
customers. During January 2011, BAL acquired 51% equity stake in
Sun Agrigenetics Pvt. Ltd. (SAPL) for INR41.44 lakh. SAPL is
engaged in the production of tissue culture plants, microbial
fertilizers, genetic improvement of crops and contract research.

During FY11 (refers to the period from August 2010 to March
2011), BAL's operations were in the nascent stage. It reported a
total operating income of INR0.05 crore and incurred a net loss
INR0.17 crore on a standalone level.


BOSTIN ENGINEERS: Fitch Assigns 'B+' National LongTerm Rating
-------------------------------------------------------------
Fitch Ratings has assigned India-based Bostin Engineers Pvt
Limited a National Long-Term rating of 'Fitch B+(ind)'.  The
Outlook is Stable.

The ratings are constrained by the small size of Bostin's
operations, as evident in its revenue of INR152.7 million in the
financial year ended March 2012 (on a provisional basis).  The
ratings also factor in its concentration risk, with two clients
contributing 80% of the current order book size of INR109
million.  In addition, the ratings reflect the volatility of its
income, which jumped 111.2% in FY11, after declining 42.1% in
FY10.

The ratings also reflect the sponsors' three decades of
experience in the engineering industry in India.  EBIDTA margins
improved to 23.2% in FY12 from 15.7% in FY11.  The company has a
moderate credit profile with net leverage of 1.4x (FY11: 4.2x)
and EBIDTA interest coverage of 3.3x (FY11:1.7x) in FY12.

Positive rating guidelines include stability and increased size
of operations along with reduction in order book concentration
and EBIDTA interest coverage above 2x on a sustained basis

Negative rating guidelines include EBITDA interest coverage below
1.5x on a sustained basis

Incorporated in the year 1990, Bostin is a design, engineering
and manufacturing entity for boiler pressure parts and many other
customised products for the power industry.  It has a
manufacturing facility in West Bengal.

Other ratings assigned are as follows:

  -- INR10 million term loan: National Long-Term 'Fitch B+(ind)'

  -- INR42.5 million cash credit limit: National Long-Term 'Fitch
     B+ (ind)'

  -- INR48 million non fund-based limits: National Short-Term
     'Fitch A4 (ind)'


CASTLE ROCKS: CARE Rates 'CARE BB-' Rating to INR6cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Castle
Rocks.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       6.00       CARE BB- Assigned

Rating Rationale

The rating is constrained by the risk associated the ongoing
residential real estate project being executed by Castle Rocks,
modest booking status of the project, exposure to local demand-
supply dynamics, susceptibility of real estate sector to changes
in interest rates and its cyclical nature. The rating is further
constrained by the constitution of the entity as a partnership
firm.

The rating, however, does derive strength from the experience of
partners in the real estate sector and satisfactory progress of
the project.

Successful completion of its ongoing project without any time or
cost over-run along with Castle Rocks' ability to sell the
project space at envisaged prices is the key rating sensitivity.

Castle Rocks is a partnership firm formed in November 2010. The
firm is managed by five partners, Mr. Shirish Trimbak Nerkar,
Mrs. Snehal Vitthal Khankari, Mr. Vipul Shirish Nerkar, Mr. Abhay
Shirish Nerkar and Mr. Vipin Vitthal Khankari. The firm has been
formed as a Special Purpose Vehicle (SPV) to execute 'Ganesh
Signfia' a residential township project at Wadala, Nasik. The
project involves construction of four wings with combined
saleable area of about 1.21 lakh square feet (lsf). The project
was started in March 2011 and is scheduled to be completed by
March 2014.

Castle Rocks is part of the Nerkar Group which is engaged in real
estate development including construction of both residential as
well as commercial projects, besides developed land layout
projects. The group has till date executed various projects with
a combined saleable area of approximately 1.08 lsf and developed
land and lay out project of total area of 40 lsf.

As on May 31, 2012, the firm has received booking advance of
INR3.68 crore against the total agreement value of sold flats of
INR18.72 crore.


HALE ELECTRONICS: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------------
Fitch Ratings has migrated India-based Hale Electronics India
Private Limited's 'Fitch B(ind)' National Long-Term rating with
Stable Outlook to the non-monitored category.

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

Fitch has also migrated Hale's bank loans to the non-monitored
category as follows:

  -- INR10m fund-based limits: migrated to National Long-Term
     'Fitch B(ind)nm' from 'Fitch B(ind)' and National Short-term
     'Fitch A4(ind)nm' from 'Fitch A4(ind)'
  -- INR60m non-fund-based limits: migrated to National Long-Term
     'Fitch B(ind)nm' from 'Fitch B(ind)' and National Short-term
     'Fitch A4(ind)nm' from 'Fitch A4(ind)'


HARDROCK ATTACHMENTS: CARE Puts 'BB(SO)' Rating on INR24.5cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB (SO)' rating to long-term bank facilities
of Hardrock Attachments Pvt. Ltd.

                                Amount
   Facilities                 (INR crore)  Ratings
   -----------                 ---------   -------
   Long-term Bank Facilities       24.5    'CARE BB (SO) Initial

Rating Rationale

The rating for Hardrock Attachments Pvt. Ltd is based on the
credit enhancement in the form of joint and several unconditional
& irrevocable corporate guarantee from Hardrock Fabrication Pvt.
Ltd, Hardrock Equipment Company Pvt. Ltd and Noddy Auto Pvt. Ltd.

The overall credit risk profile of HFPL is constrained by the
revenue concentration risk along with dependence on large players
on both supply and demand front, capital-intensive nature of
business along with substantial exposure in the group & associate
companies. The rating also factors in the benefits derived from
experience of the promoters along with a team of experienced
professionals, long & established relationship with Telco
Construction Equipment Company Limited, comfortable order book
position and satisfactory financial risk profile.

Ability of the company to improve its turnover & profitability
and future outlook of the construction sector, being ultimate
user industry will remain the key rating sensitivities.

The overall risk profile of HECPL is constrained by its short
track record and small size of operation along with low turnover.
The rating also factors in the benefits derived from experience
of the promoters along with a team of experienced professionals.
The overall risk profile of NAPL is constrained by its short
track record and small size of operation along with low turnover.
The rating also factors in the benefits derived from experience
of the promoters along with a team of experienced professionals
and healthy order book position.

CARE has taken a consolidated view on the financials of five
group companies namely HAPL, HFPL, HECPL, NAPL & Noddy Equipments
Pvt. Ltd. to arrive at the rating as they are in the same
industry, have inter-group exposures and are under the same
management.

Hardrock Attachments Pvt. Ltd belonging to the Hardrock group was
incorporated in April 2008 by Mr. Dharamveer Singh of Jamshedpur,
Jharkhand. Since commencement of commercial production in August
2010, HAPL is engaged in manufacturing of fabricated structures
for construction machinery such as Arms, Buckets for excavators,
Frames, Water Sprinkler Tank and EX Boom Cutting etc. These parts
are assembled to make construction equipments like excavators,
backhoe loaders, cranes etc which find application in mining,
soil digging and other infrastructural activities. The
manufacturing facility of HAPL is located in Dharwad, Karnataka
which is well equipped with modern amenities and enjoys ISO
9001:2008 certification. The plant was set up at an aggregate
project cost of INR42.9 crore, being financed at an overall debt-
equity ratio of 1.87:1.


HEXA INT'L: Fitch Assigns 'BB-' National Long Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's Hexa International Pvt. Ltd.
a National Long-Term rating of 'Fitch BB-(ind)' with Stable
Outlook.  Fitch has also assigned Hexa's INR60m term loan a
National Long-Term 'Fitch BB-(ind)' rating.

The ratings are constrained by Hexa's weak operating
profitability as almost 98% of its revenue is derived from the
trading of commoditised products and the rest 2% comes from
manufacturing operations.  Provisional financials for FY12 (year
end March) indicate an improvement in EBIDTA margins to around
2.0% (FY11: 1.3%).

The ratings are also constrained by supplier concentration risk
as Hexa almost entirely depends upon its group company -- CIL
Nova Petrochemicals Limited -- for the requirements of its
trading operations. However, this risk is partially mitigated by
the company's efficient working capital management, with payables
days being reasonably well matched with receivables.  The
company's cash conversion cycle for FY12 was negative 1 day
(FY11: negative 3 days).

Fitch also notes Hexa's small scale of operations and its
presence in the highly fragmented and competitive denim trading
industry.  However, the risk is mitigated by being part of a
large group (Chiripal group).

The ratings draw comfort from almost a decade-long experience of
Hexa's founders in denim trading, the company's established
network and strong relationships with its customers and its
moderate credit profile.  In FY12, financial leverage (total
adjusted debt/operating EBITDA) improved to 3.8x (FY11: 5.0x) due
to improved profitability, while interest cover (operating
EBITDA/gross interest expense) declined to 4.7x (FY11: 7.0x) due
to higher interest costs.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include financial
leverage above 5.0x on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to positive rating action include financial
leverage below 3.5x on a sustained basis.

Incorporated in 1999, Hexa is into the trading of denims.  It
also manufactures grey cloth using its 34 air jet looms.  In
FY12, revenue was INR1,189m and EBITDA was INR23.6m.


HIND INNS: CARE Assigns 'CARE BB-' Rating to INR24.36cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facilities of
Hind Inns & Hotels Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       24.36      CARE BB- Assigned

Rating Rationale

The rating is primary constrained by high debt-funded project,
lack of experience of the promoters in hotel business and risk
associated with project's implementation in timely manner. The
rating is further constrained by competition from existing and
upcoming hotels in Chandigarh hospitality market, and inherent
cyclicality associated with the hospitality industry.

The rating, however, favorably takes into account the tie-up with
renowned hotel chain 'Ginger' for operations & marketing
functions thereby imparting brand recognition, achievement of
financial tie-ups of the project and location advantage due to
proximity to major tourist attraction/main
roads/highways/business centre. Going forward, the ability of the
company to timely commence the commercial operations within
envisaged cost, achieving envisaged average room rent and
occupancy levels would be key rating sensitivities.

Hind Inns & Hotels Ltd. was originally incorporated in the year
1979 as Hind Motors Finance Ltd. Subsequently, the company was
renamed to HIHL. The promoter of the company, Mr. Ashish M.
Gupta, has an experience of more than 20 years in automobile
dealership business. HIHL has signed an 'Operating and Management
Agreement' with Roots Corporation Ltd. for operating the property
under the 'Ginger' brand. RCL is a wholly-owned subsidiary of The
Indian Hotels Company Limited (IHCL; rated CARE AA+/A1+ in April
2012) which operates "Ginger Hotels" a budget hotel chain across
the country. The arrangement is for a period of 25 years with 15
years lock-in period and renewable on mutual agreement.

HIHL is setting up a three-star hotel in Chandigarh under the
brand 'Ginger'. The proposed hotel would feature 102 rooms,
conference hall, coffee shop & a restaurant. The hotel is
proposed to commence commercial operations by October 2013. Total
cost of the project is estimated at INR39.25 cr. which is planned
to be funded through debt-equity mix of 3.05:1. The financial
closure of the project has been completed. As on March 31, 2012,
the company incurred an expenditure of INR10.94 cr in the
aforesaid project implementation which is funded through term
loan of INR6.35 cr and promoters' contribution of INR4.59 cr.


KINGFISHER AIRLINES: Court Issues Notices Over Bounced Checks
-------------------------------------------------------------
Moneycontrol.com, citing CNBC-TV18, reports that Kingfisher
Airlines Ltd. flies into trouble yet again and this time around,
it comes from the Mumbai International Airport (MIAL).

According to the report, the criminal court in Andheri, Mumbai,
has issued notices to KFA over cheques issued to MIAL that have
bounced.  The total value of cheques is INR15 crore and relates
to parking, landing and other services rendered during 2011,
Moneycontrol.com discloses.

Moneycontrol.com says the cheques have been due since
January 2012.  According to Moneycontrol.com, this is the second
instance of cheques bouncing, the first reportedly involved
bounced cheques worth INR24 crore.  However, sources at MIAL said
that they did not take any legal action at that point, the report
adds.

                    About Kingfisher Airlines

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

                         *     *     *

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

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


LMJ INT'L: Inadequate Info Cues Fitch to Migrate Ratings
--------------------------------------------------------
Fitch Ratings has migrated India-based LMJ International
Limited's 'Fitch BB+(ind)' National Long-Term rating with
Positive Outlook to the non-monitored category.

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

Fitch has also migrated LMJ's bank loans to the non-monitored
category as follows:

  -- INR140.8 million long-term loan: migrated to National Long-
     Term 'Fitch BB+(ind)nm' from 'Fitch BB+(ind)'

  -- INR1,845 million fund-based limits: migrated to National
     Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'

  -- INR2,407.5 million non-fund-based limits: migrated to
     National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'


MUNIMJI & SONS: CARE Rates INR9.2cr LT Loan at 'CARE BB'
--------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Munimji &
Sons.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      9.20        CARE BB Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating is constrained by relatively moderate scale of
operations of Munimji & Sons in a competitive and fragmented food
processing industry, vulnerability to fluctuations in prices of
agro-based raw material putting pressure on the profitability
margins, moderate geographic diversification and strained
financial risk profile indicated by low profit margins and
leveraged capital structure. The rating is further constrained on
account of partnership constitution of the firm and risk
associated with its ongoing cold storage project.

The rating, however, does derive strength from the wide
experience  of the promoters in the spices business, MNS's
established brand name in the state of Madhya Pradesh and
diversified product portfolio.

Ability of the firm to increase its scale of operations along
with efficient management of working capital and raw material
price fluctuations are the key rating sensitivities.

M/s Munimji & Sons was established by Mr. Surendra Surana in
August 1996 as a partnership firm. The firm is engaged in
processing and manufacturing of various types of spices like
chilli powder, turmeric powder, coriander powder, black pepper
and various blended spices. The products of MNS are sold under
the brand name of 'Pushp' and 'Munimji' throughout Madhya
Pradesh,
Chhattisgarh, Maharashtra, Gujarat and Rajasthan.

MNS has a total production capacity of around 5,000 metric tonnes
per annum (MTPA). It has set up two manufacturing plants, both
located in Indore, M.P. The spices manufactured by the firm are
certified by 'Agmark'.


NODDY EQUIPMENTS: CARE Puts 'BB' Rating on INR35cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB (SO)' AND 'CARE A4 (SO)' ratings to bank
facilities of Noddy Equipments Pvt. Ltd

                                Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      35.0        CARE BB (SO)
   Short-term Bank Facilities      2.0        CARE A4 (SO)

Rating Rationale

The ratings for Noddy Equipments Pvt. Ltd is based on the credit
enhancement in the form of joint and several unconditional &
irrevocable corporate guarantee from Hardrock Fabrication Pvt.
Ltd, Hardrock Equipment Company Pvt. Ltd and Noddy Auto Pvt. Ltd.

The overall credit risk profile of HFPL is constrained by the
revenue concentration risk along with dependence on large players
on both supply and demand front, capital-intensive nature of
business along with substantial exposure in the group & associate
companies. The ratings also factors in the benefits derived from
experience of the promoters along with a team of experienced
professionals, long & established relationship with Telco
Construction Equipment Company Limited (Telcon), comfortable
order book position and satisfactory financial risk profile.

Ability of the company to improve its turnover & profitability
and future outlook of the construction sector, being ultimate
user industry will remain the key rating sensitivities.

The overall risk profile of HECPL is constrained by its short
track record and small size of operation along with low turnover.
The ratings also factors in the benefits derived from experience
of the promoters along with a team of experienced professionals.
The overall risk profile of NAPL is constrained by its short
track record and small size of operation along with low turnover.
The ratings also factors in the benefits derived from experience
of the promoters along with a team of experienced professionals
and healthy order book position.

CARE has taken a consolidated view on the financials of five
group companies namely NEPL, HFPL, HECPL, NAPL & Hardrock
Atatchments Pvt. Ltd. to arrive at the ratings as they are in the
same industry, have inter-group exposures and are under the same
management.

Noddy Equipments Pvt. Ltd belonging to the Hardrock Group was
incorporated in May 2008 by Mr. Dharamveer Singh of Jamshedpur,
Jharkhand. Since commencement of commercial production in January
2012, NEPL has been engaged in manufacturing of fabricated
structures for construction machinery such as Arms, Buckets for
excavators, Frames, Water Sprinkler Tank and EX Boom Cutting etc.
These parts are assembled to make construction equipments like
excavators, backhoe loaders, cranes etc which find application in
mining, soil digging and other infrastructural activities. The
manufacturing facility of NEPL is located in Malur industrial
area, Kolar (Karnataka) which is well equipped with modern
amenities. The plant was set up at an aggregate project cost of
INR42.1 crore (including working capital margin), being financed
at an overall debt-equity ratio of 1.98:1.


PANYAM CEMENT: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Panyam Cement & Mineral
Industries Limited's 'Fitch B-(ind)' National Long-Term rating
with a Stable Outlook to the non-monitored category.

Fitch has also withdrawn the expected ratings on Panyam Cements
proposed debt instruments.  The rating withdrawal, in accordance
with Fitch's policy, is driven by the fact that the expected
ratings have been outstanding for more than 90 days, and Fitch is
not in receipt of final documents conforming to information
previously received to consider assigning final ratings to the
proposed long-term loans, fund-based limits and non-fund-based
limits.

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

Rating actions on Panyam Cement's bank loans are as follows:

  -- National Long-Term rating migrated to 'Fitch B-(ind)nm' from
     'Fitch B-(ind)'

  -- INR472m long-term loans: migrated to National Long-Term
     'Fitch B-(ind)nm' from 'Fitch B-(ind)'

  -- INR100m fund-based limits: migrated to National Long-Term
     'Fitch B-(ind)nm' from 'Fitch B-(ind)'

  -- Proposed INR350m long-term loans: National Long-Term 'Fitch
     B-(ind)(exp)'; rating withdrawn

  -- Proposed INR200m fund-based limits: National Long-Term
     'Fitch B-(ind)(exp)'; rating withdrawn

  -- Proposed INR30m non-fund based limits: National Short-Term
     'Fitch A4(ind)(exp)'; rating withdrawn


POLYHOSE INDIA: Inadequate Info Cues Fitch to Migrate Ratings
-------------------------------------------------------------
Fitch Ratings has migrated India-based Polyhose India (Rubber)
Private Limited's 'Fitch BB+(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category.

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

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

  -- INR230m term loans: migrated to National Long-Term 'Fitch
     BB+ (ind)nm' from 'Fitch BB+(ind)'

  -- INR70m fund-based working capital limits: migrated to
     National Long-Term 'Fitch BB+(ind)nm' from 'Fitch BB+(ind)'
     and National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+
     (ind)'

  -- INR35m non-fund based working capital limits: migrated to
     National Long-Term 'Fitch BB+(ind)nm' from 'Fitch BB+(ind)'
     and National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+
     (ind)'


ROSELABS POLYMERS: CARE Assigns 'CARE B' Rating to INR31.5cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Roselabs
Polymers Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      31.50       'CARE B' Assigned

Rating Rationale

The rating of bank facilities of Roselabs Polymers Pvt. Ltd.
(RPPL) is primarily constrained by the absence of track record of
operations of the company in pre-filled syringe (PFS)
manufacturing, for which the company is setting up a
manufacturing unit. The rating is further constrained by
execution risks associated with the pre-dominantly debt-funded
project and post-implementation risk of establishing itself in
the PFS market given its low penetration and high competition
from imports.

The rating, however, factors in the positive demand outlook and
growth potential for PFS in the Indian market, reasonable
experience of the promoters & established marketing &
distribution network of its group company, Roselabs Ltd., which
is in the business of distribution of pharmaceutical products and
strategic location of the project which is expected to result in
logistical cost advantage.

The ability of RPPL to successfully implement the ongoing project
within the envisaged cost and time as well as to achieve the
envisaged sales & profitability and ability to leverage upon
established operations of Roselabs Ltd. are the key rating
sensitivities.

RPPL was jointly promoted in 2011 by Mr. Pawankumar Agarwal and
Mr. Zameer Agarwal along with Mr. Prakash Patel for setting up of
a plant for manufacturing of empty pre-filled syringes and
its components. Mr. Pawankumar Agarwal and Mr. Zameer Agarwal are
promoters of the Roselabs group which is primarily engaged in the
manufacturing of dyes and chemicals, distribution of
pharmaceuticals products and investment & financial activity.
RPPL is currently setting up a project to manufacture PFS with
annual installed capacity of 108 million Empty Plastic PFS and
other plastic components at Mouje Kerala, Taluka Bavla,
Ahmedabad, Gujarat. The total project cost is estimated to be
INR54.98 crore which is proposed to be funded through promoter's
equity of INR19 crore, unsecured loans of INR5.98 crore and
balance in the form of term loan of INR30 crore (already
sanctioned). As on March 15, 2012, RPPL incurred a cost of
INR26.62 crore towards the project, which was funded through debt
of INR10.38 crore and promoter's contribution of INR16.24 crore.
The project is expected to be completed by September 2012 and
commercial production is expected to start from October 2012.


SALUJA STEEL: Inadequate Info Cues Fitch to Migrate Ratings
-----------------------------------------------------------
Fitch Ratings has migrated India-based Saluja Steel & Power Pvt
Ltd's 'Fitch C(ind)' National Long-Term rating to the non-
monitored category.

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

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

  -- INR35.8m long term loans: migrated to National Long-Term
     'Fitch C(ind)nm' from 'Fitch C(ind)'

  -- INR140.8m fund-based loans: migrated to National Long-Term
     'Fitch C(ind)nm' from 'Fitch C(ind)'

  -- INR20m non-fund-based limits: migrated to National Short-
     Term 'Fitch D(ind)nm' from 'Fitch D(ind)'


SOMNATH TEXTILE: CARE Rates INR25cr LT Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Somnath Textile Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      25.00       CARE BB- Assigned
   Short-term Bank Facilities      1.25       CARE A4 Assigned

Rating Rationale

The assigned ratings factor in the small scale of operations,
competitive nature of the industry, high degree of raw material
price volatility and weak financial risk profile with overall
gearing of 2.2 times as on March 31, 2012 (provisional).

The assigned ratings however, favorably factor in the relevant
experience of the promoters and favorable location of plant with
proximity to buyers and suppliers.

Ability of Somnath Textile Private Limited to stabilize its
operations and achieve envisaged operating performance while
efficiently managing its working capital remain the key rating
sensitivities.

Incorporated in December 2010, STPL is a family-run company
promoted by Mr. Jignesh Patel and Mrs Parul Paresh Patel. STPL is
engaged in the manufacturing of warp knitted grey fabrics of art
silk cloth. The company procures its raw-materials, partially
oriented yarn, mainly from domestic market to produce grey art
silk cloth.

The company commenced operations in January 2012 and according to
the provisional financials STPL earned profit after tax of
INR2.08 crore on a total operating income of INR24.88 crore in
FY12 (refers to period January 1 to March 31).


SPECTRUM POWER: Inadequate Info Cues Fitch to Migrate Ratings
-------------------------------------------------------------
Fitch Ratings has migrated India-based Spectrum Power Generation
Limited's National Long-Term 'Fitch BB-(ind)' rating with a
Stable Outlook to the non-monitored category.  This rating will
now appear as 'Fitch BB-(ind)nm' on the agency's website.  The
agency has also migrated SPGL's INR1,776m preferred stock rating
to 'Fitch B(ind)nm' from 'Fitch B(ind)'.

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


TRAYMBKESHWAR FOODS: CARE Rates INR10.61cr Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Traymbkeshwar Foods Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term bank facilities      10.61       CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Traymbkeshwar Foods
Pvt. Ltd. is constrained by its short track record of operations,
high revenue dependency on a single customer - Parle Biscuits
Pvt. Ltd (PBPL), lack of own brand, intense competition from
unorganized players and stabilization risk associated with its
recently concluded expansion project.

The above constraints are partially offset by experienced
promoters, requisite support for job work from PBPL, low working
capital requirements, successful completion of its capacity
expansion to meet the growing demand from PBPL and favorable
demand outlook of the Indian biscuit industry.

Ability of the company to enhance the scale of operations &
maintain profit margins amidst increasing competition shall
remain the key rating sensitivities.

TFPL was incorporated in October 2008, under the name & style of
Triveni Commotrade Pvt. Ltd. to carry out trading business of
rubberized clothes, food grains, dairy, etc. Due to lack of
experience, the promoters were unable to run the company
efficiently. Later on in July 2010, the company was acquired by
its current promoters, Mr. Krishna Das Agarwal and Mr. Sanjeev
Kumar Agarwal based at Varanasi, and was rechristened as TFPL.
Currently the company is engaged in executing job work for PBPL.

As per the audited results of FY11 (refers to the period from
April 1 to March 31), TFPL reported a PBILDT and PAT of INR0.39
crore and INR0.08 crore respectively on a total operating income
of INR0.91 crore.


VIKRANT FORGE: Inadequate Info Cues Fitch to Affirm Ratings
-----------------------------------------------------------
Fitch Ratings has migrated India-based Vikrant Forge Limited's
'Fitch BB-(ind)' National Long-Term rating with Stable Outlook to
the non-monitored category.

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

Fitch has also migrated VFL's bank loans to the non-monitored
category as follows:

-- INR33m long-term loans: migrated to National Long-Term 'Fitch
     BB-(ind)nm' from 'Fitch BB-(ind)'
-- INR220m fund-based limits: migrated to National Long-Term
     'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'
-- INR60m non-fund-based limits: migrated to National Short-Term
     'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'


VIKAS TELECOM: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Vikas Telecom Limited's
'Fitch D(ind)' National Long-Term rating to the non-monitored
category.

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

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

  -- INR3,410m term loans: migrated to National Long-Term 'Fitch
     D(ind)nm' from 'Fitch D(ind)'
  -- INR850m cash credit facilities: migrated to National Long-
     Term 'Fitch D(ind)nm' from 'Fitch D(ind)'



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


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

Details follow:

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

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

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

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

Deal Name: JLOC 39 Trust

Classes: A through D trust certificates

Issue Amount (initial): JPY 40.3 billion

Dividend: Floating

Issue Date (initial): December 21, 2007

Final Maturity Date: April, 2014

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

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

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

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

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

Ratings Rationale

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

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

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

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


OLYMPUS CORP: Continues Talks With Sony, Terumo Over Tie-Ups
------------------------------------------------------------
Mariko Yasu and Takashi Amano at Bloomberg News report that
Olympus Corp. is continuing discussions with Sony Corp., Terumo
Corp. and Fujifilm Holdings Corp. about possible tie-ups as the
Japanese camera maker seeks to increase its capital in the
aftermath of an accounting fraud.

According to Bloomberg News, Chairman Yasuyuki Kimoto said in an
interview that there's a "50-50" chance Olympus will choose Sony
as a partner, and odds are similar companies including Terumo may
invest in Olympus.  Forming an alliance with Panasonic Corp. is
"less likely," while the door is "still left open" for Fujifilm,
Mr. Kimoto said.

Bloomberg News notes that Olympus's new management team, led by
the former Sumitomo Mitsui Financial Group Inc. banker, is
considering alliance offers from the four companies after
revelation of the fraud wiped about $4 billion off its market
value.  The stock, which plunged 59% in 2011, has recovered by
more than 10% since Mr. Kimoto's team won shareholder approval
April 20, says Bloomberg News.

"We need some sort of capital increase rather quickly," Bloomberg
News quotes Mr. Kimoto as saying at the company's headquarters in
Tokyo.  The discussions probably will continue for at least two
months, and the company plans to make a decision by year's end.
Olympus needs to find "a partner or some partners," Mr. Kimoto,
as cited by Bloomberg News, said.

                       About Olympus Corp.

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

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



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


GOULD BROS: Shareholders Appoint KMPG as Liquidators
----------------------------------------------------
Andrew John Hawkes and Shaun Neil Adams from KPMG Restructuring
and Insolvency were appointed joint liquidators of Gould Bros
Limited on July 17, 2012, by the shareholders.

The liquidators have taken possession and control of the assets
and undertakings of the Company, however as no immediate cash is
available to fund the continued trading; the business will remain
closed while the liquidators run a process to sell the business
and its assets.

"With the knowledge of a number of expressions of interest, the
liquidators will be preparing and releasing an information
memorandum for the purpose of achieving a sale of the business
and assets. Interested parties should contact Andrew Hawkes of
KPMG to register their interest in the business at
ahawkes@kpmg.co.nz ," KMPG said.

Andrew Hawkes, partner at KPMG, commented that, "It is a sad day
when such an iconic Wellington business fails. The company has
serviced many customers and employed many long serving local
staff during its 60 year history".

The majority of staff have now been dismissed from employment.
The Liquidators are in contact with employees and union
representatives to quantify any outstanding claims for wages and
redundancy, and will be liaising with other stakeholders to
resolve any outstanding issues arising from the closure of the
business.

Gould Bros Limited is based in Lower Hutt, and employs around 60
people. The company sold processed meats and convenience foods.



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


LEHMAN BROTHERS: Objects to Bank of Commerce's $15.2-Mil. Claim
---------------------------------------------------------------
Lehman Brothers Holdings Inc. asked the U.S. Bankruptcy Court in
Manhattan to disallow and expunge Claim No. 22898 filed by Bank
of Commerce.  The claim asserts that Bank of Commerce is owed a
sum of $15,178,972 by Lehman Brothers Asia Holdings Limited.

Claim No. 22898 appears to lodge a guarantee claim against Lehman
although the only reference to the company in the claim is the
written consent of the executive committee of the company's board
of directors, according to Lehman lawyer, Robert Lemons, Esq., at
Weil Gotshal & Manges LLP, in New York.

Mr. Lemons said the company has no liability on account of the
claim.  He argued the claim fails to allege or establish that
Bank of Commerce knew of and relied upon the written consent when
the bank entered into transactions with LBAH upon which the claim
is based.

A court hearing to consider the objection is scheduled for
August 23.  Objections are due by August 13.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)



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


PARTMINER PTE: Creditors' Proofs of Debt Due Aug. 21
----------------------------------------------------
Creditors of Partminer Pte Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
Aug. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Yiong Kok Kong
          c/o 21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


PIPER'S PIES: Creditors' Proofs of Debt Due Aug. 3
--------------------------------------------------
Creditors of Piper's Pies Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Aug. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o VA Planner Pte. Ltd.
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


SILKSTAR GLOBAL: Court to Hear Wind-Up Petition Aug. 3
------------------------------------------------------
A petition to wind up the operations of Silkstar Global Marketing
Limited will be heard before the High Court of Singapore on
Aug. 3, 2012, at 10:00 a.m.

The Petitioner's solicitors are:

         PK Wong & Associates LLC
         133 Cecil Street
         #18-02 Keck Seng Tower
         Singapore 069535


TAN KHEE: Creditors' Proofs of Debt Due Aug. 21
-----------------------------------------------
Creditors of Tan Khee Bak Foundation Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Aug. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


TECHNOLOGY RESOURCES: Creditors' Proofs of Debt Due Aug. 21
-----------------------------------------------------------
Creditors of Technology Resources Holdings Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Aug. 21, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Ng Choon Heng
          C/o 15 Beach Road
          #03-10 Beach Centre
          Singapore 189677



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


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


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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***