TCRAP_Public/120727.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

             Friday, July 27, 2012, Vol. 15, No. 149

                            Headlines




A U S T R A L I A

METAL STORM: Placed In Voluntary Administration


C H I N A

CDC CORP: Ver Ploeg & Lumpkin OK'd to Handle Insurance Coverage


H O N G  K O N G

GERMANY MEDICAL: Placed Under Voluntary Wind-Up Proceedings
GERMANY PROPERTIES: Placed Under Voluntary Wind-Up Proceedings
GERMANY STEM: Placed Under Voluntary Wind-Up Proceedings
GOLDEN CARRIER: Placed Under Voluntary Wind-Up Proceedings
HEALTH GALAXY: Placed Under Voluntary Wind-Up Proceedings

HEALTH X-RAY: Placed Under Voluntary Wind-Up Proceedings
JENSON LIMITED: Members' Final General Meeting Set for Aug. 20
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
MAY RIGHT: Placed Under Voluntary Wind-Up Proceedings
NASACO ELECTRONICS: Members' Final Meeting Set for Aug. 21

NORTH POLE: Placed Under Voluntary Wind-Up Proceedings
OCH-ZIFF REAL: Members' Final General Meeting Set for Aug. 24
ON RIGHT: Placed Under Voluntary Wind-Up Proceedings
ON YUEN: Annual Meetings Set for July 27
SMART SOURCE: Placed Under Voluntary Wind-Up Proceedings

TOTAL ABLE: Sung Mi Yin Mella Steps Down as Liquidator
VAST STEP: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AMBANI ORGANICS: ICRA Assigns 'B+' Rating to INR1.35cr Loan
AUROGLOBAL COMTRADE: ICRA Cuts Rating on INR18cr Loan to 'B+'
BAU DEVELOPERS: ICRA Rates INR30cr Term Loan at '[ICRA]B'
BENGAL SHRACHI: ICRA Reaffirms 'BB+' Rating on INR86.02cr Loan
DIVINITI HOMES: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan

GROTECH LANDSCAPE: Fitch Assigns Nat'l Long-Term Rating at 'BB'
ICE MOBILE: Inadequate Info Cues Fitch to Migrate Ratings
MAHESH AGRI: ICRA Assigns '[ICRA] B' Rating to INR24.05cr Loans
MANTRAM TECHNOFAB: ICRA Rates INR14cr Loan at '[ICRA]B+'
METECNO INDIA: Inadequate Info Cues Fitch to Migrate Ratings

PARINEE REALTY: ICRA Rates INR77.47cr Term Loans at '[ICRA]B'
SAVANI EXPORTS: ICRA Rates INR7cr Loan at '[ICRA]B'
SHARAD CONSTRUCTIONS: Inadequate Info Cues Fitch to Drop Ratings
SOVA POWER: Fitch Assigns Nat'l Long-Term Rating at 'D'
SRI LAKSHMI: ICRA Assigns '[ICRA]B' Rating to INR11.6cr Loans

SUPREME PAPER: ICRA Assigns '[ICRA]B+' Rating to INR9cr Loans


J A P A N

OLYMPUS CORP: Gets JPY50 Billion Offer from Terumo
SHARP CORP: Sees JYP100-Bil. Loss; May Cut Thousands of Jobs


N E W  Z E A L A N D

BLUE STAR: Appoints Goldman Sachs to Advise on Sale of Biz
GOULDS FINE: Owes Staff NZ$725,000; Unsecured Creditors $2.5MM
NATIONAL FINANCE: Exec OK'd Related-Party Loans, Court Hears


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


METAL STORM: Placed In Voluntary Administration
-----------------------------------------------
The board of Metal Storm Limited on July 26, 2012, resolved to
place Metal Storm in voluntary administration and appointed Adam
Shepard and Adam Farnsworth of Dean-Willcocks Shepard Recovery &
Strategy as Administrators pursuant to section 436A of the
Corporations Act.

Metal Storm said it entered into the Umbrella Deed with
Australian Special Opportunity Fund LP (ASOF) and Luxinvest
Capital Advisors SA (Luxinvest) and a related Subscription
Agreement with Luxinvest on April 18, 2012. As announced on the
same day, the purpose of these transactions was to eliminate
$11.9 million of secured debt and provide $2.95 million for
working capital. The Luxinvest Agreement and the Umbrella Deed
were interconditional.

"Luxinvest was not able to complete the Luxinvest Agreement as
required on July 18, 2012. On July 19, 2012, ASOF terminated the
Umbrella Deed because the Luxinvest Agreement did not complete,"
the company said in a statement.

Metal Storm foreshadowed in its notice of meeting dated June 15,
2012 for the shareholder meeting held on July 16, 2012 to approve
resolutions in connection with the Umbrella Deed, that if the
Umbrella Deed was terminated, Metal Storm would need to find
alternative funding. Metal Storm also advised that if it did not
have reasonable grounds to believe that it would be successful in
its efforts to obtain an additional source of funding, the board
may be required to appoint an administrator.

Since the termination of the Umbrella Deed, Metal Storm has been
attempting to obtain additional funding to allow the company to
continue operating. However, after considering all of the
available options for Metal Storm and after carefully reviewing
the company's financial position, the board has determined that
the appointment of the Administrators is necessary and in the
best interests of Metal Storm's creditors and shareholders.

Metal Storm said, "The board of Metal Storm hope that the company
can be successfully restructured though the voluntary
administration process or its business sold as a going concern.
The board will assist the Administrators in any way it can.

"The Administrators are now in control of Metal Storm and will
work with all stakeholders including employees, the note holders,
other creditors and shareholders in an attempt to restructure the
company or sell it as going concern."

                        About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated/stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

The Company reported a net loss of AUD6.03 million in 2011, a net
loss of AUD8.93 million in 2010, and a net loss of AUD11.30
million in 2009.

The Company's balance sheet at Dec. 31, 2011, showed AUD1.08
million in total assets, AUD21.07 million in total liabilities
and a AUD19.99 million total deficiency.

PricewaterhouseCoopers, in Brisbane, Australia, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2011, citing recurring losses from operations and
net capital deficiency that raised substantial doubt about the
Company's ability to continue as a going concern.



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


CDC CORP: Ver Ploeg & Lumpkin OK'd to Handle Insurance Coverage
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized CDC Corporation to employ Ver Ploeg & Lumpkin, P.A.,
as special counsel for insurance coverage and litigation matters.

As reported in the Troubled Company Reporter on July 20, 2012, an
action was filed in the Supreme Court of the State of New York,
New York County, styled: Evolution Capital Management, LLC,
Evolution CDC SPV Ltd., Global Opportunities Fund Ltd., SPV,
Segregated Portfolio M, Evo China Fund and El Fund Ltd.,
Plaintiffs, against CDC Software Corporation, Wong Chung Kiu, Yip
Hak Yung, Asia Pacific Online Limited, Ch'ien Kuo Fung, Francis
Kwok-Yu Au, Donald L. Novajosky, Monish Bahl, Thomas M. Britt
III, Wong Kwong Chi, and Wang Cheung Yue, Defendants.

The New York Action is brought against former employees,
officers, or directors, of the Debtor, well as CDC Software
Corporation and Asia Pacific Online, Ltd.

Each of the defendants named in the New York Action has asserted,
or may have the right to assert, a claim against the Debtor for
indemnification of any loss arising out of the New York Action.

Ver Ploeg will, among other things:

   a. review and analyze of the policies and insurance-related
      documents;

   b. advise and assist the Debtor with regard to available
      insurance coverage under the policies; and

   c. advise the Debtor as to the appropriate steps necessary to
      assert claims against the insurers under the Policies.

The Debtor has agreed to pay Ver Ploeg's at its standard hourly
rates.  No compensation will be paid by the Debtor to said law
firm except upon application to and approval by the Bankruptcy
Court after notice and hearing as required by law.

To the best of the Debtor's knowledge, the Ver Ploeg & Lumpkin
firm represents no interest adverse to Debtor's estate.

                         About CDC Corp.

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corp., doing business as Chinadotcom, filed a Chapter 11
petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC Corp. is
represented by Troutman Sanders.  The Committee tapped Morgan
Joseph TriArtisan LLC as its financial advisor.

The stock of CDC Software Corp. was sold for $249.8 million to an
affiliate of Vista Equity Holdings.

The Debtor's Plan provides that in addition to paying creditors
in
full and distributing the excess to shareholders, the plan would
allow filing lawsuits against insiders who CDC claims were behind
the motion to dismiss.  China.com filed a competing
reorganization plan.  CDC interprets the plan as giving releases
of claims that CDC's plan would prosecute instead.



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


GERMANY MEDICAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Germany Medical X-Ray Centre Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GERMANY PROPERTIES: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Germany Properties Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GERMANY STEM: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Germany Stem Cells Medical Diagnostics Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GOLDEN CARRIER: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on July 16, 2012,
creditors of Golden Carrier Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Traversa Cyrile Jean
         Block C6, Fullway Garden Lot No. 376 IN DD224
         Sai Kung, N.T.


HEALTH GALAXY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Health Galaxy Privilege Club Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


HEALTH X-RAY: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Health X-Ray & Medical Laboratory Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


JENSON LIMITED: Members' Final General Meeting Set for Aug. 20
--------------------------------------------------------------
Members of Jenson Limited will hold their final general meeting
on Aug. 21, 2012, at 3:00 p.m., at 12th Floor, Grand Building,
Nos. 15-18 Connaught Road Central, in Hong Kong.

At the meeting, Chung Kit Ling Elaine, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced July 20 that
investigation of over 99% of a total of 21,863 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

     * 15,769 cases which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 3,472 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,522 cases which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 25 cases which are under disciplinary consideration after
       detailed investigation by the HKMA, of which proposed
       disciplinary notices are being prepared; and

     * 36 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

     Investigation work is underway for the remaining 37 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/6psYRY

                       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)


MAY RIGHT: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of May Right International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


NASACO ELECTRONICS: Members' Final Meeting Set for Aug. 21
----------------------------------------------------------
Members of Nasaco Electronics (HK) Limited will hold their final
general meeting on Aug. 21, 2012, at 3:00 p.m., at 12th Floor,
Grand Building, Nos. 15-18 Connaught Road Central, in Hong Kong.

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


NORTH POLE: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on July 13, 2012,
creditors of North Pole Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


OCH-ZIFF REAL: Members' Final General Meeting Set for Aug. 24
-------------------------------------------------------------
Members of OCH-ZIFF Real Estate Hong Kong Limited will hold their
final general meeting on Aug. 24, 2012, at 9:30 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ON RIGHT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of On Right International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


ON YUEN: Annual Meetings Set for July 27
----------------------------------------
Creditors and contributories of On Yuen Development Limited will
hold their annual meetings on July 27, 2012, at 10:00 a.m., at
the office of FTI Consulting, Level 22, The Center, 99 Queen's
Road Central, in Hong Kong.

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


SMART SOURCE: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Smart Source Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


TOTAL ABLE: Sung Mi Yin Mella Steps Down as Liquidator
------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of Total Able
Limited on July 13, 2012.


VAST STEP: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Vast Step Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         c/o BDO Financial Services Limited
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong



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


AMBANI ORGANICS: ICRA Assigns 'B+' Rating to INR1.35cr Loan
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the term loans and fund
based facilities of Ambani Organics Private Limited aggregating
to INR1.35 crore and INR5.00 crore respectively. ICRA has also
assigned an '[ICRA]A4' rating to the non-fund based facilities of
AOPL aggregating to INR5.00 crore (sub limit of fund based
facilities).

The ratings are constrained by the company's small size of
operations, its weak financial risk profile as reflected by high
gearing levels of 1.82 times as on March 31, 2012, and high
working capital intensity in its operations. ICRA notes that the
company's profitability remains vulnerable to any adverse
fluctuations in the raw material prices and the ability to pass
on any such fluctuations in a highly competitive market remains
critical to maintain steady profitability levels. However, the
ratings favorably take into account the long track record of the
promoter in the chemical business, the company's established
relationships with its dealers across India, and the diversified
product portfolio which reduces the company's dependence on the
performance of a particular industry.

Ambani Organics Private Limited was incorporated in 1991 with an
objective of manufacturing chemicals. Mr. Rakesh Shah, the
current promoter of the company, started his own business in 1988
and was involved in trading of color pigments. In the year 1991,
he started two proprietorships namely Rakesh Corp (RC) and Rhythm
Arts (RA) which were involved in designing screens used for
textile printings. Till 1994, AOPL used to do the job work of
textile finishing for RC. Subsequently in 1996, Mr. Rakesh Shah
took over AOPL and closed down the operations of RC & RA to
concentrate more on the business of manufacturing chemicals.
Since then the company has been manufacturing chemicals which
find wide applications in diverse industries such as Lamination,
Paint, Paper, Textile Finishing, and Textile Printing. The
company also manufactures compounds used as adhesives in
cellotapes and various paper & textile related products. The
company has its manufacturing unit at Tarapur, Maharashtra which
started with a production capacity of ~3,000 TPA.

In FY 2012, the company has expanded its total capacity to -2,000
TPA and the expanded capacity was commissioned in February 2012.
During FY 2012, the company reported Profit after Tax (PAT) of
INR0.53 crore on an operating income of INR21.14 crore
(provisional).


AUROGLOBAL COMTRADE: ICRA Cuts Rating on INR18cr Loan to 'B+'
-------------------------------------------------------------
ICRA has assigned an '[ICRA]A4' rating to the INR8.00 crore
non-fund based bank facilities of Auroglobal Comtrade Private
Limited. ICRA has, at the request of the company, re-assigned the
rating to the INR18.00 crore (reduced from INR19.00 crore
earlier) fund based bank facilities of the company from
'[ICRA]A4+' to '[ICRA]B+'.

                                Amount
   Facilities                  (INR Cr)    Ratings
   ----------                  ---------   -------
   Fund Based Limit-Export        18.0     Reassigned to ICRA]B+
   Packing Credit                          from [ICRA]A4+

   Fund Based Limit-Cash         (5.00)    [ICRA]B+ ; assigned
   Credit

   Non Fund Based Limits-Bank     8.00     [ICRA]A4; assigned
   Guarantee/Letter of Credit/
   Credit Exposure Limits

The revision in rating takes into account the decline in iron ore
mining in Orissa and a sharp increase in export duty on iron ore
fines from December 2011, which has adversely impacted the
business risk profile of the company, a steep decline in profits,
increase in gearing levels, low debt coverage indicators and the
vulnerability to any adverse changes in Government policies
towards iron ore mining and trading operations. The ratings also
take into account high working capital intensive nature of
operations which exerts pressure on ACPL's liquidity position and
its exposure to cyclicality inherent with the iron ore business.
However, the ratings continue to derive comfort from the
promoters' experience in the mining industry and ACPL's
diversification into coal trading business which has reduced the
sectoral concentration risk to a certain extent.

Incorporated as a proprietorship firm by Mr. Raj Kumar Dhupar in
2007, Auroglobal Comtrade acted as a commissioning agent for the
local mine owners. The entity started its own export business and
was incorporated as a private limited company in 2010-11 under
the name of Auroglobal Comtrade Private Limited dealing
exclusively in iron ore fines exports. Iron ore trading business
was impacted following the increase in exports duty by the
Government of India (in February 2011 from 5% to 20%, and again
in December 2011 to 30% )and iron ore exports, which accounted
for 100% of the company's total sales in 2010-11 declined to
about 60% in 2011-12. ACPL started trading in imported low
metallurgical coal (LAM) and non coking coal since August 2011
and the same accounted for about 40% of the total sales during
2011-12.

Recent Results

The company reported a net profit of INR0.38 crore (provisional)
on an operating income of INR106.50 crore (provisional) in 2011-
12; as compared to a net profit of INR5.69 crore on an operating
income of INR99.59 crore in 2010-11. July 2012


BAU DEVELOPERS: ICRA Rates INR30cr Term Loan at '[ICRA]B'
---------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR30.00 crore Fund Based bank facilities of BAU Developers
Private Limited.

                      Amount
   Facilities        (INR Cr)    Ratings
   ----------        ---------   -------
   Term Loan            30.00    [ICRA]B

The rating is constrained by the high execution risks, primarily
time and cost overruns, given the significant scale of project
coupled with early stages of construction; high market risks with
the project yet to be formally launched for sale; high funding
risk with about 65% of the project cost to be met through
receipts from customers. The high repayment burden in the near
term given the short moratorium period may further aggravate the
funding requirement of the company. While the project remains
vulnerable to risks inherent in the Slum Rehabilitation Scheme
(SRS) ventures, the fact that the construction of rehabilitation
building has been completed and the possession has been given
provides comfort to some extent.

The rating, however, derives comfort from the promoters' proven
track record in the real estate industry as well as achievement
of debt tie-and requisite approvals for the project. Going
forward, the company's ability to execute the project as per
schedule, tie up the sales at adequate rates in a timely manner
and maintain healthy collection efficiency remains key rating
sensitivities. Company Profile Incorporated in 2005, BAU
Developers Private Limited is a closely held private limited
company engaged in real estate development in Mumbai,
Maharashtra. BDPL is currently developing a residential real
estate project, under the name of IBIS, in Knadivali (West),
Mumbai. BDPL is a part of Red Brick Group which refers to a
consortium of about eighteen companies, held by the Goenka
family, primarily engaged in real estate sector. BDPL was
acquired by Goenka Group in 2008. The Goenka group has
historically been engaged in leasing of commercial space in
Mumbai.


BENGAL SHRACHI: ICRA Reaffirms 'BB+' Rating on INR86.02cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR86.02 crore (revised from INR95 crore) fund based limits (term
loans) of Bengal Shrachi Housing Development Limited. The outlook
on the long term rating is Stable.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund based Limits      86.02     [ICRA]BB+ (Stable) Reaffirmed
    (Term Loans)

The rating reaffirmation takes into account BSHDL's satisfactory
track record of project execution, its strong in-house project
development capabilities, the established position of its
promoter, the Shrachi group, in the real estate business in
Kolkata, and synergies derived from its association with the West
Bengal Housing Board (WBHB). The rating also draws comfort from
the moderately low market risk in BSHDL's residential projects,
given the healthy bookings achieved for ongoing projects thus
far. However, bookings remain low for the company's commercial
projects. Moreover, some of the company's projects are in the
initial stages of construction, therefore exposing BSHDL to
execution risks. ICRA notes that although there has been an
improvement in BSHDL's profits and cash accruals during FY12,
leading to some improvement in the capital structure. However,
the same continues to remain unfavorable, on an absolute term,
with a gearing of more than 5 times as on 31st March 2012. The
rating also takes note of the company's exposure to geographical
concentration risks, operating primarily in Kolkata, and the
susceptibility of the real estate market to economic cycles.
While the rating also takes cognisance of the absence of a land
bank under BSHDL for future expansion, leading to limited revenue
visibility in the medium term, the joint venture with the West
Bengal Housing Board is likely to facilitate acquisition of land
parcels in the future. Going forward, BSHDL's ability to market
its projects, especially in the commercial sector, and command a
favorable price, as well as to ensure timely collection from the
existing bookings, would be key rating sensitivities.

The real estate development activities of the Shrachi Group
started with the incorporation of Bengal Shrachi Housing
Development Limited (BSHDL), a joint sector enterprise of the
West Bengal Housing Board (WBHB) in 1997. The objective of BSHDL
was to supplement the efforts of the West Bengal Government to
meet the housing needs in the State. As on date, BSHDL has
completed five residential projects namely Greenwood Nook,
Greenwood Park, Greenwood Park extension, Greenwood Sonata and
Greenwood Elements, and three commercial projects - Junction mall
in Durgapur, Block by Block in NewTown and Synthesis Business
Park at Rajarhat.

Recent Results:

During 2011-12, as per the provisional financials, the company
posted an OI and PAT of INR155.78 crore and INR19.8 crore
respectively. During 2010-11, BSHDL recorded a profit after tax
of INR7.34 crore on the back of an operating income (OI) of
INR87.98 crore.


DIVINITI HOMES: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR6.0
crore1 fund based limits of Diviniti Homes Pvt Ltd.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund Based Limits        6.0     [ICRA]B+; Assigned

The rating positively factors DHPL's low cost fully paid-up land,
low approval risk, and healthy level of bookings in its on-going
project - Diviniti Homes. The rating also takes comfort from the
fact that bank financing for the project has been tied-up. The
rating is, however, constrained by nascent stage of construction
and limited experience of promoters in the real estate business,
though the company has roped in experienced agencies to carry out
various responsibilities with respect to project execution. The
rating also factors in the market risk associated with the
project as about one-third of the project is yet to be booked and
high dependence on customer advances for funding of the project.
Going forward, the company's ability to timely execute the on-
going project, and improve upon the bookings and collections in
the project will be the key rating sensitivity.

Diviniti Homes Pvt Ltd was incorporated in 2005 and is engaged in
real estate development in Kanpur (Uttar Pradesh). DHPL is
promoted by Kanpur based Shri Dinesh Narain Garg, his son Shri
Bharat Garg, and their family. The primary business of the
promoters is export of textiles in which they have more than a
decade of experience. Prior to launching the on-going project,
the promoters were involved in development of a real estate
project under the name of Sunrise Apartments in Kanpur.

DHPL is currently developing a residential real estate project -
Diviniti Homes in Indiarapuram, Kanpur. The total project cost is
estimated to be INR54.9 crore. The project is scheduled to be
completed by December 2014.


GROTECH LANDSCAPE: Fitch Assigns Nat'l Long-Term Rating at 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned India-based Grotech Landscape
Developers Private Limited a National Long-Term Rating of 'Fitch
BB(ind)'.  The Outlook is Stable.

The rating is constrained by GLDPL's small size of operations and
low-margin nature of business. In FY11 (year end March), revenue
was INR217m (FY10: INR55m) and EBITDA margin was 3.3% (3.7%).
Provisional results for FY12 indicate revenue of INR260m and
EBITDA margin of 4.4%.

The ratings are also constrained by the nascent and unorganised
state of the domestic landscaping industry, which comprise
several small local companies.  The industry is also highly
vulnerable to an economic downturn, and hence GLDPL could face
difficulties in attracting new clients.  The company's unexecuted
confirmed order book as on 31 March 2012 was only 0.81x its FY12
revenue (FY11: 0.85x).

The ratings are, however, supported by over 20 years of
experience of GLDPL and its team in the industry.  The ratings
also reflect GLDPL's comfortable debt service parameters as
reflected by its low net financial leverage (net adjusted
debt/EBITDA) of 0.98x in FY11 (FY12 (provisional): 0.21x).  The
company's debt comprises only working capital limits, of which a
majority are non-fund-based facilities that are used to provide
bank guarantees.  GLDPL has also demonstrated its ability to
complete projects satisfactorily and obtain repeat orders from
clients.

What Could Trigger a Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include significant
growth in operating revenue and order book without significant
deterioration in credit metrics.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include adjusted net
debt/EBITDA above 2x on a sustained basis.

Grotech Landscape Developers was established in August 2008 and
provides all landscaping services under one roof, from design and
development of office complexes and plant sites to their
maintenance.  Its main clients are corporate entities.

GLDPL's bank facilities have assigned the following ratings:

  -- INR70m non-fund-based working capital limits: National Long-
     Term 'Fitch BB(ind)' and National Short-Term 'Fitch
     A4+(ind)'
  -- INR15m fund-based working capital limits: National Long-Term
     'Fitch BB(ind)' and National Short-Term 'Fitch A4+(ind)'


ICE MOBILE: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------
Fitch Ratings has migrated India-based Ice Mobile Network Systems
Private Limited's (IMNS) 'Fitch BB-(ind)' National Long-Term
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 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 IMNS.  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 classified IMNS's following bank loan ratings as
non-monitored:

  -- INR50m 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)'
  -- INR130m 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)'


MAHESH AGRI: ICRA Assigns '[ICRA] B' Rating to INR24.05cr Loans
---------------------------------------------------------------
ICRA has revised downwards rating to INR24.05 crore fund based
and non fund based facilities of Mahesh Agri Exim Private Limited
from '[ICRA]B+' to '[ICRA]B'.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Fund Based Limits      22.00      [ICRA]B assigned

   Non-fund Based Limits   2.05      [ICRA]B assigned

The revision of the rating reflects the stretched liquidity
position as evident from the instances of overutilization of
sanctioned bank limits. The ratings are further constrained by
modest size of operations with weak profitability, vulnerability
of operations to raw material prices and forex fluctuations as
well as, intense competitive pressures in the business with low
entry barriers. The ratings further take into account of
leveraged capital structure, given the high working capital
intensity in the operations. Also, exports of agriculture
commodities face regulatory hurdles that can result in volatility
in prices and quantity available for export though the company
continues to benefit from various export incentives at present.
The rating, nevertheless, continues to consider the company's
established client base in the export markets along with the long
track record of the promoters in the agro trading business.

Promoted by Mr. Hirji Thakker and closely held by the
promoters/promoters' family, Mahesh Agri Exim Pvt Ltd commenced
operations in 1997. MAEPL is engaged into the business of trading
pulses, beans, cereals, oilseeds, spices, grains, animal feed and
bird feed. MAEPL has won award for highest exporter of Sesame Oil
for 9 consecutive years from Indian Oilseeds & Produce Export
Promotion Council from 2001 to 2010. The company also received
the award for highest exporter of Groundnut Oil for the financial
year 2009-10.

Recent updates:

Mahesh Agri Exim Private Limited has reported a net profit of
INR0.35 crore on an operating income of INR152.06 crore for the
year ending 31st March, 2012 as per provisional figures. The
company has also reported net profit of INR0.33 crore on an
operating income of INR53.17 crore as on June 30, 2013, quarter
one FY'13 provisional figures.


MANTRAM TECHNOFAB: ICRA Rates INR14cr Loan at '[ICRA]B+'
--------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR7.50 crore fund based
limits of Mantram Technofab Private Ltd.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund based limits      14.00     [ICRA]B+ assigned

The rating factors in favourable demand outlook arising from
cement and fertilizer as well as partial deregulation of the food
grain segment, fiscal benefits like 5% interest subsidy under
Technology Upgradation Fund Scheme and state level subsidy like
exemption of 75% VAT enjoyed by the company. However the rating
is constrained by the highly competitive industry structure with
low entry barriers and limited product differentiation;
vulnerability of profitability to fluctuations in polymer prices;
weak bargaining power with customers and suppliers and the
working capital intensive nature of the business leading to a
weak liquidity position, as reflected by the high utilization of
working capital limits. Further, the financial risk profile of
the company is characterized by weak capital structure and modest
debt coverage indicators. The ability of the company to protect
its margins while achieving optimum capacity utilization, thereby
maintaining its return indicators will be the key rating
sensitivities going forward.

Mantram Technofab Private Ltd is a joint venture between the
promoters of Manjeet Group and Agarwal family of Sendhwa. Manjeet
Group is essentially involved in cotton ginning & trading and
also has small presence in spinning as well. The flagship company
of the group Manjeet Cotton Private Ltd is rated at BB+/A4+ by
ICRA. The other JV partner, Agarwal family is engaged in
agriculture, agro-based trading, cotton ginning & spinning and
infrastructure development activities.

MTPL has set-up a green field facility for manufacturing high
density polyethylene (HDPE)/polypropylene (PP) woven fabrics and
sacks in Sendhwa, Madhya Pradesh and commenced operations from
November 2010. HDPE/PP bags are used for packing and transport of
products in the cement, textiles, soapstone, fertilisers, food
grains, chemicals and salt industries. It uses polymers such as
HDPE and PP, which are primarily sourced domestically. The
company has installed capacity of 5064 MTPA at its existing
location

Recent results:

As per provisional results, MTPL achieved INR34.7 crore of
operating income during 2011-12 and net profit of INR0.3 crore.


METECNO INDIA: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated Metecno India Private Limited's (MIPL)
'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 MIPL.  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 MIPL's bank loan ratings to the non-
monitored category as follows:

  -- INR122m long-term loans: migrated to National Long-Term
     'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'

  -- INR130m fund-based working capital limits: migrated to
     National Long-Term 'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'

  -- INR200m non-fund-based working capital limits: migrated to
     National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'


PARINEE REALTY: ICRA Rates INR77.47cr Term Loans at '[ICRA]B'
-------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to the INR77.47
crore1 Term Loans of Parinee Realty Private Limited.

                      Amount
   Facilities        (INR Cr)     Ratings
   ----------        ---------    -------
   Term Loans          77.47      [ICRA]B assigned

The rating is constrained by the stretched financial profile of
the company as evidenced by leveraged capital structure (gearing
of 11.49X as on Mar-12) primarily owing to the large quantum of
debt availed for project developments as well as for funding
group endeavours and consequent high interest burden leading to
pressure on profitability. The ratings also reflect the company's
significant expansion plans with an envisaged development of 18
lakh sq.ft. in the medium term; execution risks airing out of the
nascent stage of construction of large part of the area under
development as well as market risk with sale for 2.74 lakh sq.ft.
(-70% of area under development) yet to be tied up. ICRA notes
that given the high repayment burden in the near term, timely
tying up of sales remains critical to avoid cash-flow mismatches.
The rating, however, draws comfort from the established presence
and long experience of the promoter group in real estate
development in Mumbai, attractive location of the projects and
the healthy operational profile of its associate company Parinee
Developers Private Limited (50% stake held by PRPL) having a
completed commercial project in Bandra Kurla Complex, Mumbai.

Incorporated in 1997, Parinee Realty Private Limited is a closely
held private limited company engaged in real estate development
in Mumbai. PRPL is the flagship company of the Parinee Group,
which refers to a consortium of companies promoted and managed by
the Mr. Vipul Shah along with his family members. The company was
formerly known as Greenbird Developers Private Limited and the
name was changed to Parinee Realty Private Limited in the year
2009. The company is engaged in development of residential and
commercial space and is currently executing six projects in
Mumbai with an aggregating to 3.92 lakh sft of saleable area. The
company's operations are concentrated in Mumbai, Maharashtra. The
table below gives a brief overview of the projects under
execution:

For the financial year ending March 2012, PRPL reported an
operating income of INR53.96 crore (prov.) and a net profit of
INR3.31 crore as compared to revenues of INR41.83 crore and net
profit of INR4.99 crore in the previous year.


SAVANI EXPORTS: ICRA Rates INR7cr Loan at '[ICRA]B'
---------------------------------------------------
Ratings of '[ICRA]B' and '[ICRA]A4' have been assigned to the
INR7.00 crore Cash Credit facility and INR3.00 crore FDBP
facility of Savani Exports respectively.

                      Amount
   Facilities        (INR Cr)    Ratings
   ----------        ---------   -------
   Cash Credit          7.00     [ICRA]B assigned
   FDBP Limits          3.00     [ICRA]A4 assigned

The assigned ratings are constrained by SE's modest scale of
operations; its thin profitability margins due to low value
additive nature of operations and intense competition on account
of fragmented industry structure; and the firm's weak credit
profile. The ratings further take into account the vulnerability
of the firm's profitability to any adverse regulatory changes
with respect to minimum support price and export quota;
seasonality and agro climatic risks associated with availability
of raw cotton; exposure to commodity price volatility and risks
inherent in partnership form of business. The ratings, however,
favorably consider the long experience of the promoters in the
cotton industry and the favorable location of the firm giving it
easy access to high quality raw cotton.

Incorporated in 2004, Savani Exports has been promoted by
Mr. Mayurbhai Savani as a partnership firm and is engaged in
cotton ginning and pressing at its sole unit located in
Manavadar, Dist-Junagadh. The firm has 20 ginning machines and 5
crushing machines with a production capacity of ~18 MT of cotton
bales per day. SE had two group concerns Savani Brothers and
Savani Industries engaged in same line of business which have
been merged in Savani Exports in March 2012.

During FY 2012, SE reported an operating income of INR31.68 crore
and profit after tax of INR0.18 crore as against an operating
income of INR11.57 crore and profit after tax of INR0.23 crore
during FY 2011.


SHARAD CONSTRUCTIONS: Inadequate Info Cues Fitch to Drop Ratings
----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Sharad Constructions
Private Ltd's National Long-Term 'Fitch BB(ind)nm' rating.

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

Fitch migrated Sharad to the non-monitored category on 23 January
2012 (please see the rating action commentary available at
www.fitchratings.com).

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

  -- INR0.68m long-term loans: National Long-Term 'Fitch
     BB(ind)nm'; rating withdrawn
  -- INR5m fund-based limits: National Long-Term 'Fitch
     BB(ind)nm'; rating withdrawn
  -- INR50m non-fund-based limits: National Short-Term 'Fitch A4+
     (ind)nm'; rating withdrawn


SOVA POWER: Fitch Assigns Nat'l Long-Term Rating at 'D'
-------------------------------------------------------
Fitch Ratings has assigned India-based Sova Power Limited a
National Long-Term Rating of 'Fitch D(ind)'.

The ratings reflect SOPL's tight liquidity position as
illustrated by the occasional over-utilisation of its fund-based
limits in the last four months ended June 2012.  This is a result
of a stretched cash conversion cycle of above 200 days in FY12
(year end March).

Fitch also notes SOPL's delays in the servicing of the term loan
availed from West Bengal Industrial Development Corporation
Limited for the last two quarters ended June 2012. This loan is
not rated by the agency.

What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include
regularisation of cash credit account and timely debt servicing
for the next two quarters.

SOPL is a Kolkata-based manufacturer of solar photovoltaic (PV)
modules.  The company has a 12.5 megawatts per annum installed
capacity of solar PV modules in Durgapur (West Bengal).  The
company is also involved in the engineering, procurement and
construction of solar power plants mainly for state government
entities.

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

  -- INR115m fund-based limits: National Long-Term 'Fitch D(ind)'
  -- INR100m non-fund-based limits: National Short-Term 'Fitch
     D(ind)'


SRI LAKSHMI: ICRA Assigns '[ICRA]B' Rating to INR11.6cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR11.30
crore1 fund based limits of Sri Lakshmi Venkata Krishna Raw &
Boiled Rice Mill.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Long term fund based       11.30     [ICRA]B assigned
   limits (Cash Credit)

   Long term fund based        0.30     [ICRA]B assigned
   limits (Term loans)

   Long term Non fund based   (0.90)    [ICRA]B assigned
   limits (Letter of Credit)

The assigned rating is constrained by small scale of operations
and weak financial profile characterized by highly geared capital
structure and stretched coverage indicators. Low profitability
due to less additive nature of operation coupled with high
interest cost is exerting pressure at net level. There are also
certain restrictions placed by the State Government in free
movement of rice across state borders. However the rating draws
comfort from the long experience of the partners in the rice mill
industry, the good exposure of the firm in the rice mill industry
in the Nellore market, the establishment of a new unit in FY 12
which has more than doubled the capacity of the firm and the
increasing trend in operating profit margin of the firm over the
years.

Another factor which is favourably affecting the rating is the
establishment of a new brand named Padmini by the firm. The firm
is trying to sell its produce under its own brand. Also the firm
is being able to sell more quantity of rice in the open market at
a higher price because it is procuring permits from other rice
mills.

Sri Lakshmi Venkata Krishna Raw & Boiled Rice Mill located in the
Nellore district is a partnership firm managed by Sri Ch.V.
Ramanjaneyulu and his father Sri Ch.Koteshwararao, both of whom
have experience in rice milling / trading activity since 1997 and
1987 respectively. The unit is equipped with both raw and par
boiled rice milling facilities which can mill any variety of
paddy depending on the demand from the local market for raw and
par boiled rice and from FCI and /or the markets in Tamilnadu and
Kerala. As on 31.03.2011 the firm had the capacity to process 4
tonnes of raw rice per hour and 5 tonnes of boiled rice per hour.
However the construction of a new unit in FY 12 has increased the
processing capacity of the plant to 9 tonnes of raw rice per hour
and 10 tonnes of boiled rice per hour.

Recent Results:

In FY2012, as per the provisional accounts, the firm has recorded
an operating income of INR25.94 crore and an operating profit of
INR1.84 crore as against an operating income of INR24.43 crore at
an Operating profit of INR0.91 crore.


SUPREME PAPER: ICRA Assigns '[ICRA]B+' Rating to INR9cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR5.00
crore fund based bank facilities of Supreme Paper Mills Limited.
ICRA has assigned a short term rating of '[ICRA]A4' to the
INR4.00 crore non fund based bank facilities of SPML. ICRA has
also assigned [ICRA]B+/[ICRA]A4 ratings to the INR4.00 crore
proposed bank facilities of SPML.

                             Amount
   Facilities              (INR Cr)     Ratings
   ----------               ---------   -------
   Fund Based Limits-Cash     5.00      [ICRA]B+ assigned
   Credit

   Non Fund Based Limits-     2.50      [ICRA]A4 assigned
   Letter of Credit

   Non Fund Based-Bank        1.50      [ICRA]A4 assigned
   Guarantee

   Proposed Limits            4.00      [ICRA]B+/[ICRA]A4
                                        (assigned)

The ratings are constrained due to the modest size of operations
of the company at present with a low turnover, the fragmented
nature of the paper industry due to which the margins remain
under pressure coupled with SPML's exposure to geographical
concentration risk since almost the entire sales of the company
are made in the state of West Bengal. SPML also has large
expansion plans in the medium term which could lead to a
significant increase in the debt burden causing an increase in
the gearing of the company from current levels, the sensitivity
of the profitability of the company to any adverse movement in
the prices of raw material and power and fuel costs also have an
impact on the ratings. The ratings are however supported by the
established track record of SPML in the Printing and Writing
Paper (PWP) manufacturing business with an experience of more
than three decades and an established customer base with presence
across the institutional, dealer and converted paper segments.
The ratings also take comfort from the moderate working capital
requirement of the business coupled with the modest capital
structure of the company at present due to the absence of any
significant capex by the company in the last few years. ICRA
notes that there has been a significant improvement in the
profitability and coverage indicators in 2011-12; however, OPM
still remains low at an absolute level.

Incorporated in 1974, SPML is engaged primarily in the Printing
and Writing Paper (PWP) manufacturing business. SPML primarily
manufactures three types of PWP which are creamwove, maplitho and
azurelaid paper, the company also manufactures converted paper,
converted paper constitutes of around 30% of the company's
overall sales in FY12. The manufacturing facility of SPML is
located at Chakdah, West Bengal and the company has an installed
capacity of around 15,000 MT of paper per annum.

Recent Results:

SPML reported a net profit of INR1.51 crore (provisional) in FY12
on the back of an operating income of INR37.55 crore
(provisional) as against a net loss of INR0.25 crore on an
operating income of INR36.06 crore during FY11.



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


OLYMPUS CORP: Gets JPY50 Billion Offer from Terumo
--------------------------------------------------
Mariko Yasu and Kanoko Matsuyama at Bloomberg News report that
Terumo Corp. has proposed investing JPY50 billion ($640 million)
and merging with Olympus Corp, seeking to scupper a plan by Sony
Corp.

Terumo, Asia's biggest maker of medical devices, wants to form a
committee with Olympus to discuss a merger, Terumo spokesman
Tetsuya Kumei told Bloomberg News by telephone Wednesday.
Olympus is also in discussions with Sony and Fujifilm Holdings
Corp. about possible tie-ups, Olympus Chairman Yasuyuki Kimoto
said in a July 23 interview with Bloomberg News.

According to the report, Terumo said a combined Terumo-Olympus
would rank among the top six medical equipment suppliers
worldwide, from 12th and 13th positions now.

As reported in the Troubled Company Reporter-Asia Pacific on
July 25, 2012, Bloomberg News said 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, Bloomberg News said.

"We need some sort of capital increase rather quickly," Bloomberg
News quoted 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.


SHARP CORP: Sees JYP100-Bil. Loss; May Cut Thousands of Jobs
------------------------------------------------------------
The Japan Times reports that Sharp Corp. is expected to report a
group net loss of around JPY100 billion for the April-June
quarter due to its deteriorating liquid-crystal display panel
business, sources said Tuesday.

The Japan Times relates that the sources said the company is also
considering drastically cutting its workforce, with several
thousand of its 64,000 group employees worldwide potentially
targeted.

According to the report, the hefty loss is likely to have stemmed
from its slumping LCD panel business as well as the payment of
about US$198 million, or about YJP15.5 billion, to settle a
lawsuit in the United States filed by Dell Inc. and two other
companies over alleged price-fixing involving LCD panels.

The company plans to announce its earnings for the first three
months of the current fiscal year on Aug. 2, according to The
Japan Times.

After posting its biggest-ever group net loss of JPY376 billion
for the business year ended March, Sharp currently expects to
post a group net loss of JPY30 billion for this fiscal year. But
the company could lower its earnings forecast due to costs for
restructuring, The Japan Times adds.

Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.



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


BLUE STAR: Appoints Goldman Sachs to Advise on Sale of Biz
----------------------------------------------------------
The Board of Blue Star Group, with the support of its major
shareholder, has been conducting a review of the Group's
operations, focusing on a potential sale of the business. In
light of this review the Board has now appointed Goldman Sachs to
undertake a sale process for the Group, either in whole or in
parts, on a going concern basis and with continuing support from
its Senior Lenders.

The Company also announces the retirement of director
Roger France from the Board, effective from Aug. 1, 2012.
Mr. France has stated in his letter of retirement that, "the
sales process contemplated in the release to the NZX on the
evening of June 29, which I fully approve, is now well
established with the support of the group's bankers and with
sales advisors appointed. Given the experience of the other
directors the sale process will be well managed and in these
circumstances it is timely and appropriate that I retire."  The
Company's Chairman Nick Greiner said that the Board thanked
Mr. France for his significant contribution over the past 5
years.

Blue Star said it is currently in the process of preparing its
financial statements for the year ended June 30, 2012. While the
underlying divisions all continue to trade profitably at an EBIT
level, and the Board believes the Company has performed well
relative to the wider print market, the Group financial
performance remains well below the forecast profitability
signalled in the Capital Bond Amendment document.

"In light of the sale process, the Board is unsure whether any
value will attach to the Group's NZDX listed bonds," the company
said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2012, NBR Online said troubled print group Blue Star
Group could be headed for administration, according to an
Australian media report.  The Australian Financial Review said
representatives from Blue Star and its owner, Champ Private
Equity, are in serious talks with the company's banks. Appointing
administrators was one option understood as being considered, the
paper, as cited by NBR, said.  According to NBR, Blue Star
escaped receivership last August when its mainly Kiwi retail
bondholders voted in favor of a controversial funding package and
restructure.

The deal saw mainly Kiwi bondholders take a severe haircut on
their NZ$105 million face value paper while senior lenders
including BNZ, CBA and Bank of Scotland extended their NZ$195
million facility.  However, Blue Star has continued to struggle
against tough operating conditions, putting in doubt key
milestones needed to meet financial covenants, NBR noted.

                         About Blue Star

Headquartered in Auckland, New Zealand, Blue Star Group
(NZE: GLU) -- http://www.bspg.co.nz/-- provides commercial
printing and complete outsourced print management solutions for
large corporates in Australia and New Zealand.  The company
employs approximately 1,200 staff within three divisions and a
labels business.


GOULDS FINE: Owes Staff NZ$725,000; Unsecured Creditors $2.5MM
--------------------------------------------------------------
Hank Schouten at stuff.co.nz reports that staff who lost their
jobs with the closure of Goulds Fine Foods are owed NZ$725,000,
according to the first report by liquidator Andrew Hawkes.

stuff.co.nz relates that about 60 staff who worked for the Lower
Hutt-based meat and poultry processing business were made
redundant when the factory closed two weeks ago.

According to the report, company chairman Graeme Reeves said the
business was out of money and had no option but to call in
liquidators.

"Employees claims are estimated at NZ$725,000, including claims
for holiday pay NZ$170,000, outstanding wages NZ$30,000, long
service leave of $25,000 and redundancy compensation of
NZ$500,000," stuff.co.nz quotes Mr. Hawkes as saying.

Outstanding wages had now been paid and it was likely they would
receive more but the amount and timing depended getting in money
owed to the company and the sale of assets, the report relays.

ASB were owed NZ$2.1 million, Lock Finance were owed $280,000 and
there were a significant number of other creditors claiming
security interests.  An estimated NZ$2.5 million was also owed to
a list of nearly 150 unsecured creditors, stuff.co.nz discloses.

stuff.co.nz says unsecured creditors were unlikely to get more
than 20 cents for every dollar they were owed.  But this was
highly dependent on the sale of factory property, plant and
equipment, Mr. Hawkes, as cited by stuff.co.nz, said.

Goulds Fine Foods is a family-owned meat processing company.
Liquidators Andrew Hawkes and Shaun Adams of KPMG restructuring
and insolvency were appointed by shareholders of the company on
July 17, 2012.


NATIONAL FINANCE: Exec OK'd Related-Party Loans, Court Hears
------------------------------------------------------------
Nick Krause at stuff.co.nz reports that former National Finance
director Carol Braithwaite signed off millions of dollars of
transactions not knowing they were related-party loans, the High
Court at Auckland heard Tuesday.

According to stuff.co.nz, Ms. Braithwaite has taken the stand in
her jury trial for allegedly misleading investors in the
company's 2005 prospectus.

The report says Crown prosecutor John Dixon has grilled
Ms. Braithwaite on how she could have authorized payments without
knowing they were related party transactions.

stuff.co.nz relates that Mr. Dixon said Ms. Braithwaite's former
de facto partner and National Finance's managing director, Trevor
Ludlow, now in jail, was "spending money basically any way he
likes."

"(You're saying) because of your lack of experience you just
didn't know?" the Crown said. "Exactly," she replied.

Mr. Dixon pointed to a string of loans to Cabtal Properties, a
company owned by Mr. Ludlow, stuff.co.nz notes. Between
April 2005 and March 2006, there were three loans made to that
company totalling NZ$310,000 from National Finance, the report
relays.

It was to be used to buy land in south Auckland for a new used
car yard, stuff.co.nz relays.

"This six month period is essentially all related party lending,"
the report quotes Mr. Dixon as saying.

According to the report, Mr. Dixon also highlighted a NZ$1.7
million loan made in early 2005 to Great North Management, an
umbrella company of National Finance's Payless Cars group.
Another NZ$700,000 loan was made to Payless Henderson in February
2005.

stuff.co.nz notes that both loans were made before a meeting of
debenture holders in March 2005 which successfully gained
approval to amend the trust deed to include a much greater
related party threshold than it previously had.  Both loans were
undocumented, were interest free and no security agreement was in
place.

The two-week trial is due to end this week, the report says.

                      About National Finance

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

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

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



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

AAT CORP LTD             AAT              32.50       -13.46
ALTIUM LTD               ALU              24.26        -3.62
APN EUROPEAN PRO         AEZ             321.75      -106.88
ARASOR INTERNATI         ARR              19.21       -26.51
AUSTRALIAN ZI-PP         AZCCA            77.74        -2.57
AUSTRALIAN ZIRC          AZC              77.74        -2.57
BIRON APPAREL LT         BIC              19.71        -2.22
CLARITY OSS LTD          CYO              31.64        -5.75
CNPR GROUP               CNP          15,483.44      -349.73
CWH RESOURCES LT         CWH              11.58        -2.08
MACQUARIE ATLAS          MQA           1,671.52      -842.29
MISSION NEWENER          MBT              22.05       -27.72
NATIONAL LEISURE         NLG             154.59       -34.49
NATURAL FUEL LTD         NFL              19.38      -121.51
ORION GOLD NL            ORN              10.91        -0.31
RENISON CONSOLID         RSN              10.15       -22.74
RENISON CONSO-PP         RSNCL            10.15       -22.74
RIVERCITY MOTORW         RCY             386.88      -809.14
RUBICOR GROUP LT         RUB             101.62       -19.93
STERLING BIOFUEL         SBI              31.12        -7.52


CHINA

ACHENG RELAY-A           922              54.63        -0.83
ANHUI GUOTONG-A          600444           72.38        -2.15
BAOCHENG INVESTM         600892           38.24        -4.15
CHANG JIANG-A            520           1,396.09        -3.63
CHENGDE DALU -B          200160           35.27        -4.01
CHENGDU UNION-A          693              29.46       -22.21
CHINA KEJIAN-A           35              100.91      -192.82
CONTEL CORP LTD          CTEL             56.09       -14.27
DONGXIN ELECTR-A         600691           13.73       -28.65
GUANGDONG ORIE-A         600988           14.53        -3.97
GUANGXIA YINCH-A         557              64.02       -81.42
GUANGZHOU IRON-A         600894          542.50       -70.92
HEBEI BAOSHUO -A         600155          110.77       -78.03
HEBEI JINNIU C-A         600722          250.44       -85.87
HUASU HOLDINGS-A         509              91.19       -18.53
HUNAN ANPLAS CO          156              48.17       -43.11
HUNAN TIANYI-A           908              65.87        -1.55
JILIN PHARMACE-A         545              30.17        -6.95
JINCHENG PAPER-A         820             179.74      -114.18
QINGDAO YELLOW           600579          188.23       -59.95
SHANDONG DACHE-A         600882          206.33       -10.84
SHANDONG HELON-A         677             860.38      -154.31
SHANG BROAD-A            600608           43.41        -6.72
SHANXI GUANLU-A          831             299.13        -7.60
SHENZ CHINA BI-A         17               23.03      -268.38
SHENZ CHINA BI-B         200017           23.03      -268.38
SHENZ INTL ENT-A         56              281.74       -60.20
SHENZ INTL ENT-B         200056          281.74       -60.20
SHIJIAZHUANG D-A         958             213.66      -111.34
SICHUAN GOLDEN           600678          152.07       -87.92
TAIYUAN TIANLO-A         600234           64.35       -10.61
TIANJIN MARINE           600751           84.03       -91.74
TIANJIN MARINE-B         900938           84.03       -91.74
TIBET SUMMIT I-A         600338           71.21        -8.42
TOPSUN SCIENCE-A         600771          129.64      -106.79
WUHAN BOILER-B           200770          255.82      -182.03
WUHAN LINUO SOLA         600885           97.03       -23.36
XIAMEN OVERSEA-A         600870          214.41      -136.52
XIAN HONGSHENG-A         600817           15.81      -278.59
XINJIANG CHALK-A         972             693.71        -4.07
YANBIAN SHIXIA-A         600462           96.06      -134.10
YIBIN PAPER IN-A         600793          131.24        -4.84
YOUCAN FOODS INT         YCAN            102.82        -9.02
YUEYANG HENGLI-A         622              32.62       -25.60


HONG KONG

BEP INTL HLDGS L         2326             11.98        -1.14
BUILDMORE INTL           108              16.51       -47.88
CHINA HEALTHCARE         673              46.24        -3.08
CHINA OCEAN SHIP         651             408.06       -51.68
CHINA SEVEN STAR         245              90.25        -2.25
CNI 23 INT'L             611              68.05       -67.58
CYPRESS JADE             875              38.61       -10.78
FIRST NTUL FOODS         1076             17.14       -56.90
FU JI FOOD & CAT         1175             73.43      -389.20
ICUBE TECHNOLOGY         139              25.54        -2.12
MELCOLOT LTD             8198             39.21       -76.03
MITSUMARU EAST K         2358             24.72       -18.95
PALADIN LTD              495             175.99       -12.97
PROVIEW INTL HLD         334             314.87      -294.85
SINO RESOURCES G         223              15.64       -34.61
SUNCORP TECH LTD         1063             11.78        -8.30
SUNLINK INTL HLD         2336             15.63       -36.91
SURFACE MOUNT            SMT              67.80       -28.72
U-RIGHT INTL HLD         627              10.86      -204.99


INDONESIA
                                           0.00         0.00
ARPENI PRATAMA           APOL            456.34      -198.00
ASIA PACIFIC             POLY            386.26      -814.44
ERATEX DJAJA             ERTX             17.57       -10.49
HANSON INTERNATI         MYRX             96.12        -0.89
HANSON INT-PREF          MYRXP            96.12        -0.89
JAKARTA KYOEI ST         JKSW             29.84       -43.11
MATAHARI DEPT            LPPF            196.31      -290.04
MITRA INTERNATIO         MIRA          1,076.79      -446.64
MITRA RAJASA-RTS         MIRA-R2       1,076.79      -446.64
PANASIA FILAMENT         PAFI             30.57       -20.41
PANCA WIRATAMA           PWSI             31.13       -38.63
PRIMARINDO ASIA          BIMA             10.65       -20.85
SUMALINDO LESTAR         SULI            180.19        -1.15
TOKO GUNUNG AGUN         TKGA             12.27        -0.93
UNITEX TBK               UNTX             18.41       -18.45


INDIA

AGRO DUTCH INDUS         ADF             105.49        -3.84
ALPS INDUS LTD           ALPI            215.85       -28.22
AMIT SPINNING            AMSP             16.21        -6.54
ARTSON ENGR              ART              16.52        -3.14
ASHAPURA MINECHE         ASMN            167.68       -67.64
ASHIMA LTD               ASHM             63.23       -48.94
ATV PROJECTS             ATV              60.17       -54.25
BELLARY STEELS           BSAL            451.68      -108.50
BHAGHEERATHA ENG         BGEL             22.65       -28.20
BLUE BIRD INDIA          BIRD            122.02       -59.13
CAMBRIDGE TECHNO         CTECH            12.77        -7.96
CELEBRITY FASHIO         CFLI             36.61        -6.76
CFL CAPITAL FIN          CEATF            12.36       -49.56
CHESLIND TEXTILE         CTX              20.51        -0.03
COMPUTERSKILL            CPS              14.90        -7.56
CORE HEALTHCARE          CPAR            185.36      -241.91
DCM FINANCIAL SE         DCMFS            18.46        -9.46
DFL INFRASTRUCTU         DLFI             42.74        -6.49
DIGJAM LTD               DGJM             99.41       -22.59
DISH TV INDIA            DITV            517.03       -18.42
DISH TV INDI-SLB         DITV/S          517.03       -18.42
DUNCANS INDUS            DAI             122.76      -227.05
FIBERWEB INDIA           FWB              16.51        -7.98
GANESH BENZOPLST         GBP              49.24       -21.14
GEM SPINNERS LTD         GEMS             14.58        -1.16
GOLDEN TOBACCO           GTO             109.72        -5.01
GSL INDIA LTD            GSL              29.86       -42.42
GUPTA SYNTHETICS         GUSYN            52.94        -0.50
HARYANA STEEL            HYSA             10.83        -5.91
HENKEL INDIA LTD         HNKL             69.07       -31.72
HINDUSTAN PHOTO          HPHT             74.44    -1,519.11
HINDUSTAN SYNTEX         HSYN             11.46        -5.39
HMT LTD                  HMT             133.66      -500.46
ICDS                     ICDS             13.30        -6.17
INDAGE RESTAURAN         IRL              15.11        -2.35
INTEGRAT FINANCE         IFC              49.83       -51.32
JCT ELECTRONICS          JCTE            104.55       -68.49
JD ORGOCHEM LTD          JDO              10.46        -1.60
JENSON & NIC LTD         JN               16.65       -75.51
JIK INDUS LTD            KFS              20.63        -5.62
JOG ENGINEERING          VMJ              50.08       -10.08
KALYANPUR CEMENT         KCEM             24.64       -38.69
KDL BIOTECH LTD          KOPD             14.66        -9.41
KERALA AYURVEDA          KRAP             13.97        -1.69
KINGFISHER AIR           KAIR          1,782.32      -997.63
KINGFISHER A-SLB         KAIR/S        1,782.32      -997.63
KITPLY INDS LTD          KIT              37.68       -45.35
LLOYDS FINANCE           LYDF             14.71       -10.46
LLOYDS STEEL IND         LYDS            510.00       -48.98
LML LTD                  LML              65.26       -56.77
MADRAS FERTILIZE         MDF             143.14       -99.28
MAHA RASHTRA APE         MHAC             22.23       -15.85
MARKSANS PHARMA          MRKS            110.32       -14.04
MILTON PLASTICS          MILT             17.67       -51.22
MODERN DAIRIES           MRD              32.97        -3.87
MTZ POLYFILMS LT         TBE              31.94        -2.57
MURLI INDUSTRIES         MRLI            275.90       -20.19
MYSORE PAPER             MSPM             97.02       -15.69
NATH PULP & PAP          NPPM             14.50        -0.63
NATL STAND INDI          NTSD             22.09        -0.73
NICCO CORP LTD           NICC             78.28        -4.14
NICCO UCO ALLIAN         NICU             32.23       -71.91
NK INDUS LTD             NKI             141.35        -7.71
NRC LTD                  NTRY             73.10       -51.18
NUCHEM LTD               NUC              24.72        -1.60
PANCHMAHAL STEEL         PMS              51.02        -0.33
PARASRAMPUR SYN          PPS              99.06      -307.14
PAREKH PLATINUM          PKPL             61.08       -88.85
PIONEER DISTILLE         PND              48.76        -1.44
QUADRANT TELEVEN         QDTV            188.57      -116.81
QUINTEGRA SOLUTI         QSL              16.76       -17.45
RAJ AGRO MILLS           RAM              10.21        -0.61
RATHI ISPAT LTD          RTIS             44.56        -3.93
RELIANCE MEDIAWO         RMW             425.22       -21.31
RELIANCE MED-SLB         RMW/S           425.22       -21.31
REMI METALS GUJA         RMM             101.32       -17.12
RENOWNED AUTO PR         RAP              14.12        -1.25
ROLLATAINERS LTD         RLT              22.97       -22.24
ROYAL CUSHION            RCVP             18.88       -81.42
SADHANA NITRO            SNC              18.21        -0.73
SAURASHTRA CEMEN         SRC              89.32        -6.92
SCOOTERS INDIA           SCTR             19.43       -10.78
SEN PET INDIA LT         SPEN             11.58       -26.67
SHAH ALLOYS LTD          SA              213.69       -39.95
SHALIMAR WIRES           SWRI             25.78       -38.78
SHAMKEN COTSYN           SHC              23.13        -6.17
SHAMKEN MULTIFAB         SHM              60.55       -13.26
SHAMKEN SPINNERS         SSP              42.18       -16.76
SHREE GANESH FOR         SGFO             35.96        -1.80
SHREE RAMA MULTI         SRMT             49.29       -25.47
SIDDHARTHA TUBES         SDT              75.90       -11.45
SOUTHERN PETROCH         SPET            210.98      -175.98
SPICEJET LTD             SJET            386.76       -30.04
SQL STAR INTL            SQL              10.58        -3.28
STELCO STRIPS            STLS             14.90        -5.27
STI INDIA LTD            STIB             24.64        -0.44
STORE ONE RETAIL         SORI             15.48       -59.09
SUN PHARMA ADV           SPADV            17.41       -13.07
SUPER FORGINGS           SFS              16.31        -5.93
TAMILNADU JAI            TNJB             19.13        -2.69
TATA TELESERVICE         TTLS          1,311.30      -138.25
TATA TELE-SLB            TTLS/S        1,311.30      -138.25
TODAYS WRITING           TWPL             44.08        -5.32
TOTAL EXPORTS            TTL           1,069.83      -154.99
TRIUMPH INTL             OXIF             58.46       -14.18
TRIVENI GLASS            TRSG             24.23       -12.34
TUTICORIN ALKALI         TACF             20.48       -16.78
UNIFLEX CABLES           UFC              47.46        -7.49
UNIFLEX CABLES           UFCZ             47.46        -7.49
UNITED BREWERIES         UB            3,067.32      -137.09
UNIWORTH LTD             WW              159.14      -146.31
UNIWORTH TEXTILE         FBW              21.44       -34.74
USHA INDIA LTD           USHA             12.06       -54.51
VANASTHALI TEXT          VTI              25.92        -0.15
VENTURA TEXTILES         VRTL             14.33        -1.91
VENUS SUGAR LTD          VS               11.06        -1.08
WIRE AND WIRELES         WNW             110.69       -14.26


JAPAN

CEREBRIX CORP            2444             10.44        -2.32
CREST INVESTMENT         2318             65.01        -3.55
GOYO FOODS INDUS         2230             14.77        -0.60
HIMAWARI HD              8738            283.82       -50.87
ISHII HYOKI CO           6336            151.15       -28.05
KANMONKAI CO LTD         3372             59.00       -10.08
MEIHO ENTERPRISE         8927             80.76       -11.33
MISONOZA THEATRI         9664             63.24        -2.65
NIS GROUP CO LTD         NISZ            444.72      -158.85
PROPERST CO LTD          3236            305.90      -330.20
TAIYO BUSSAN KAI         9941            148.45        -1.49
WORLD LOGI CO            9378            119.36        -2.48


KOREA

CHIN HUNG INT-2P         2787            571.91        -9.34
CHIN HUNG INTL           2780            571.91        -9.34
CHIN HUNG INT-PF         2785            571.91        -9.34
DAISHIN INFO             20180           740.50      -158.45
DVS KOREA CO LTD         46400            17.40        -1.20
GREEN NON-LIFE I         470           1,450.14       -36.89
KOREA PACIFIC 05         93400            19.23        -3.67
KOREA PACIFIC 06         93410            11.56        -2.37
KOREA PACIFIC 07         99210            26.66        -7.95
NAMKWANG ENGINEE         1260            762.58       -56.69


MALAYSIA
                                           0.00         0.00
HAISAN RESOURCES         HRB              41.05       -10.24
HO HUP CONSTR CO         HO               48.52       -13.65
LINEAR CORP BHD          LINE             14.70        -7.41
LUSTER INDUSTRIE         LSTI             18.37        -7.57
SILVER BIRD GROU         SBG              44.30       -30.68
VTI VINTAGE BHD          VTI              16.01        -3.34

NEW ZELAND

NZF GROUP LTD            NZF             142.71        -0.26


PHILIPPINES

CYBER BAY CORP           CYBR             14.31      -100.17
FIL ESTATE CORP          FC               40.90       -15.77
FILSYN CORP A            FYN              23.11       -11.69
FILSYN CORP. B           FYNB             23.11       -11.69
GOTESCO LAND-A           GO               21.76       -19.21
GOTESCO LAND-B           GOB              21.76       -19.21
PICOP RESOURCES          PCP             105.66       -23.33
STENIEL MFG              STN              21.07       -11.96
SWIFT FOODS INC          SFI              23.93        -0.12
UNIWIDE HOLDINGS         UW               50.36       -57.19
VICTORIAS MILL           VMC             164.26       -18.20


SINGAPORE

ADV SYSTEMS AUTO         ASA              16.02       -10.79
HL GLOBAL ENTERP         HLGE             89.50       -11.36
LINDETEVES-JACOB         LJ               25.10        -8.96
NEW LAKESIDE             NLH              19.34        -5.25
SCIGEN LTD-CUFS          SIE              68.70       -42.35
SUNMOON FOOD COM         SMOON            19.33       -14.30
TT INTERNATIONAL         TTI             232.83       -79.27


THAILAND

ABICO HLDGS-F            ABICO/F          15.28        -4.40
ABICO HOLDINGS           ABICO            15.28        -4.40
ABICO HOLD-NVDR          ABICO-R          15.28        -4.40
ASCON CONSTR-NVD         ASCON-R          59.78        -3.37
ASCON CONSTRUCT          ASCON            59.78        -3.37
ASCON CONSTRU-FO         ASCON/F          59.78        -3.37
BANGKOK RUBBER           BRC              77.91      -114.37
BANGKOK RUBBER-F         BRC/F            77.91      -114.37
BANGKOK RUB-NVDR         BRC-R            77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R          28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F          28.07       -11.94
CALIFORNIA WOW X         CAWOW            28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT           16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F         16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R         16.79       -96.30
DATAMAT PCL              DTM              12.69        -6.13
DATAMAT PCL-NVDR         DTM-R            12.69        -6.13
DATAMAT PLC-F            DTM/F            12.69        -6.13
ITV PCL                  ITV              36.02      -121.94
ITV PCL-FOREIGN          ITV/F            36.02      -121.94
ITV PCL-NVDR             ITV-R            36.02      -121.94
K-TECH CONSTRUCT         KTECH/F          38.87       -46.47
K-TECH CONSTRUCT         KTECH            38.87       -46.47
K-TECH CONTRU-R          KTECH-R          38.87       -46.47
KUANG PEI SAN            POMPUI           17.70       -12.74
KUANG PEI SAN-F          POMPUI/F         17.70       -12.74
KUANG PEI-NVDR           POMPUI-R         17.70       -12.74
M LINK ASIA CORP         MLINK            80.04       -27.77
M LINK ASIA-FOR          MLINK/F          80.04       -27.77
M LINK ASIA-NVDR         MLINK-R          80.04       -27.77
PATKOL PCL               PATKL            52.89       -30.64
PATKOL PCL-FORGN         PATKL/F          52.89       -30.64
PATKOL PCL-NVDR          PATKL-R          52.89       -30.64
PICNIC CORP-NVDR         PICNI-R         101.18      -175.61
PICNIC CORPORATI         PICNI           101.18      -175.61
PICNIC CORPORATI         PICNI/F         101.18      -175.61
PONGSAAP PCL             PSAAP/F          11.83        -0.91
PONGSAAP PCL             PSAAP            11.83        -0.91
PONGSAAP PCL-NVD         PSAAP-R          11.83        -0.91
SAHAMITR PRESS-F         SMPC/F           27.92        -1.48
SAHAMITR PRESSUR         SMPC             27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R           27.92        -1.48
SUNWOOD INDS PCL         SUN              19.86       -13.03
SUNWOOD INDS-F           SUN/F            19.86       -13.03
SUNWOOD INDS-NVD         SUN-R            19.86       -13.03
THAI-DENMARK PCL         DMARK            15.72       -10.10
THAI-DENMARK-F           DMARK/F          15.72       -10.10
THAI-DENMARK-NVD         DMARK-R          15.72       -10.10
TONGKAH HARBOU-F         THL/F            62.30        -1.84
TONGKAH HARBOUR          THL              62.30        -1.84
TONGKAH HAR-NVDR         THL-R            62.30        -1.84
TRANG SEAFOOD            TRS              15.18        -6.61
TRANG SEAFOOD-F          TRS/F            15.18        -6.61
TRANG SFD-NVDR           TRS-R            15.18        -6.61
TT&T PCL                 TTNT            589.80      -223.22
TT&T PCL-NVDR            TTNT-R          589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F          589.80      -223.22


TAIWAN

BEHAVIOR TECH CO         2341S            30.60        -1.13
BEHAVIOR TECH CO         2341             30.60        -1.13
BEHAVIOR TECH-EC         2341O            30.60        -1.13
HELIX TECH-EC            2479T            23.39       -24.12
HELIX TECH-EC IS         2479U            23.39       -24.12
HELIX TECHNOL-EC         2479S            23.39       -24.12
TAIWAN KOL-E CRT         1606U           507.21      -147.14
TAIWAN KOLIN-EN          1606V           507.21      -147.14
TAIWAN KOLIN-ENT         1606W           507.21      -147.14



                             *********

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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