TCRAP_Public/120730.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

             Monday, July 30, 2012, Vol. 15, No. 150

                            Headlines


A U S T R A L I A

ARAFURA PEARLS: Sells All Assets to Managed Investment Scheme
AURORA USA: S&P Keeps 'CCC+' Rating on $300MM Sr. Unsecured Notes
AURORA USA: Moody's Rates $100MM Senior Unsecured Notes 'Caa1'
DUNES PORT: Goes Into Receivership; Owes More Than AUD13 Million
GOLD COAST BLAZE: Placed In Liquidation After Owners Breach DOCA


H O N G  K O N G

BIOENVIROLINK TECH: Court to Hear Wind-Up Petition on Aug. 8
BONUS EARN: Court to Hear Wind-Up Petition on Aug. 15
CHEONG FAI: Lau and Yuen Appointed as Liquidators
FORTUNE MATE: Court to Hear Wind-Up Petition on Aug. 29
LUCKY FIRST: Court to Hear Wind-Up Petition on Sept. 5

NICE THEME: Creditors Get 0.9% Recovery on Claims
PETS CENTRAL: Court to Hear Wind-Up Petition on Sept. 26
PET PARENTS: Court to Hear Wind-Up Petition on Sept. 26
PHOENIX GARMENT: Hok and Yat Step Down as Liquidators
SHUNFENG PHOTOVOLTAIC: Court to Hear Wind-Up Petition on Aug. 8

TAK MING: Creditors' Proofs of Debt Due Aug. 17
VAN SHIPPING: Court to Hear Wind-Up Petition on Sept. 19
WINDING UP: Court to Hear Wind-Up Petition on Sept. 12
WING FUNG: Court to Hear Wind-Up Petition on Aug. 29
WISDOMASIA MARKETING: Court to Hear Wind-Up Petition on Aug. 8


I N D I A

BHAGABATI BUILD: CRISIL Rates INR55MM Cash Credit at 'CRISIL B+'
BEEHIVE EDUCATIONAL: CRISIL Places 'D' Ratings on INR110MM Loans
CALICA RESOURCES: CRISIL Puts 'B+' Rating on INR12MM Loans
COLOSSUS TRADE: CRISIL Puts 'B+' Rating on INR92.9MM Loans
GOURANGA COLD: Delay in Loan Payment Cues CRISIL Junk Ratings

J.R.D. INT'L: CRISIL Assigns 'B-' Rating to INR70MM Loan
KRISHNA INDUSTRIAL: Delays in Loan Payment Cues CRISIL D Rating
LEELOTTAM INDUSTRIES: CRISIL Puts 'B' Rating on INR250MM Loan
PITAMBARA AGRI: CRISIL Rates INR57.5MM Term Loan at 'CRISIL B-'
R.R. DWELLINGS: CRISIL Assigns 'B+' Rating to INR180MM Loan

TRANSTECH GREEN: Fitch Cuts Rating on INR406MM Term Debt to 'D'
TATA STEEL: S&P Affirms 'BB' Corp Credit Rating; Outlook Negative
TEAMEC CHLORATES: CRISIL Puts 'B' Rating on INR453MM Loans


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Puts Final 'B' Rating on 5Yr Senior Notes


J A P A N

PEGASUS FUNDING: S&P Lowers Ratings on 3 ABL Classes to 'CC'


K O R E A

SK HYNIX: Fitch Says Profitability to Continue


N E W  Z E A L A N D

AORANGI SECURITIES: Charity Misses Out on Hubbard's Will
BRIDGECORP LTD: Investors to Get Second Interim Dividend


                            - - - - -


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


ARAFURA PEARLS: Sells All Assets to Managed Investment Scheme
-------------------------------------------------------------
Alison Bevege at NT News reports that Arafura Pearls has had all
its assets sold into a managed investment scheme.

NT News relates that the gutted shell of the company, Arafura
Pearls, is still listed on the Australian Securities Exchange.

Administrators KordaMentha will hold a creditors meeting today,
July 30, 2012, to discuss what should be done with the empty husk
which is subject to a deed of company arrangement, according to
NT News.

As reported in the Troubled Company Reporter-Asia Pacific on
April 25, 2011, Arafura Pearls Holdings Ltd appointed Stephen
Duncan and Chris Powell of Korda Mentha as administrators of the
company as it was unable to reach a standstill agreement with its
lenders.  PerthNow reported in March 2011 that trading in the
shares of Arafura Pearls had been suspended as the company's
board investigates problems with its half year report released in
late February.  Arafura said that "certain matters have come to
the board's attention, which require further investigation
concerning the accuracy of those accounts."

Based in Australia, Arafura Pearls Holdings Limited --
http://www.arafurapearls.com.au-- was engaged in the development
and operation of a pearl oyster hatchery and farming operation.


AURORA USA: S&P Keeps 'CCC+' Rating on $300MM Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'CCC+' issue rating
on Aurora USA Oil & Gas Inc.'s 9.875% senior unsecured notes due
2017 is unchanged following Aurora Oil & Gas Ltd.'s announcement
that it will seek to add US$100 million to its US$200 million
notes outstanding. This would bring the total issue amount to
US$300 million. The notes are guaranteed by Aurora and its
subsidiaries. "The recovery rating on the notes is '6',
indicating our expectation of negligible (0% to 10%) recovery in
the event of a payment default," S&P said.

"The 'B' corporate credit rating and stable outlook on Australia-
based Aurora are also unaffected. The exploration and production
company intends to use the proceeds to fund ongoing development
of Aurora's acreage as well as for future acquisitions, and for
general corporate purposes," S&P said.

"In our view, the recent acquisitions of an additional 12.25%
working interest in the Sugarloaf Area of Mutual Interest (AMI),
which is located in Texas' Eagle Ford Shale basin, provide some
benefit to the company's small asset base and low production
levels. However, we continue to consider the company's business
risk profile as 'vulnerable', reflecting its limited operating
track record and diversity, with all of its operations
concentrated in the Eagle Ford Shale basin," S&P said.

"Pro forma for the proposed transaction, we expect credit
measures to remain somewhat better than our rating expectations.
Although the add-on amount is material compared to Aurora's
existing debt, production levels are expected to increase by
around 20% following the acquisitions.  We expect Aurora's debt-
to-EBITDA to rise to above 2x in 2012 based on our current oil
price assumption of US$85 per barrel of West Texas Intermediate
(WTI) crude oil. We also expect the company's liquidity to remain
'adequate', as defined in our criteria, taking into account the
add-on to its outstanding notes and the recent equity raising,"
S&P said.

"The ratings on Aurora reflect the company's small asset base and
low production levels, lack of geographical diversification, and
limited operating track record. In addition, the company will
have a deficit in its free operating cash flow mainly because of
its capital expenditure in 2012 and 2013, which will be mostly
debt-funded. Offsetting these negatives is the company's
favorable cost structure and high-quality reserve base, which has
a significant exposure to crude oil prices," S&P said.

RATINGS LIST
Aurora USA Oil & Gas Ltd.
Corporate credit rating                    B/Stable/--

Aurora USA Oil & Gas Inc.
US$300 mil 9.875% sr unsecd nts due 2017   CCC+
   Recovery rating                          6


AURORA USA: Moody's Rates $100MM Senior Unsecured Notes 'Caa1'
--------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to the Aurora
USA Oil & Gas, Inc. offering of $100 million senior unsecured
notes due 2017. These notes are a tack-on issuance to the
existing $200 million unsecured senior notes due 2017. Aurora
intends to use the net proceeds from the proposed offering to
prefund a portion of its development requirements for the
Sugarkane field in the Eagle Ford operated by Marathon Oil (MRO).
The rating outlook is stable.

Ratings Rationale

"Aurora is small, highly levered for its production and proved
developed reserves and a non-operator of its assets. The rating
focuses on its capacity to rapidly expand production and cash
flows to better match the large and uncertain timing cash calls
for development funds from MRO, the operator. Maintaining
liquidity to pay development costs when and as called is
imperative; going non-consent cripples Aurora's economics," said
Harry Schroeder, Moody's Vice President.

The rating is predicated on Marathon Oil's (MRO) reputation and
capability as the operator of Aurora's properties, MRO's economic
interest and financial ability to rapidly develop this field, its
intent to hold drilling locations by production thus accelerating
drilling costs, the robust unleveraged cash margins available in
the Eagle Ford and full-cycle metrics. Moody's sees the full-
cycle metrics for Aurora eroding despite production being almost
entirely liquids. Economic entry point of acreage acquisition
purchase is critical to ultimate performance as Aurora's
management, in reality, has neither control, nor adds significant
value to the actual development of the properties. Since March
2012, it has spent about $200 million on increasing its
acreage/working interests in Sugarkane (about $65,000 per net
acre). Making acceptable economic returns with this embedded cost
basis and about $7.5 million per net well is difficult. While
equity funded a substantial portion, the need for this issuance
is to freshen-up the liquidity initially earmarked for
development of existing properties and lowering leverage metrics
in the short-term. The rating assumes that Marathon continues as
operator, Aurora will maintain adequate liquidity to fund its
share of Marathon's drilling program when and as called, that
production in the Sugarkane Field grows apace of Moody's
expectations and further acquisitions of non-immediate cash
generating assets is very limited. The rating is restrained by
concentration in a single field, early stage operations, and
Aurora's non-operator status.

The Caa1 rating on the proposed $100 million senior notes
reflects both the Corporate Family Rating (CFR) and Probability
of Default Rating (PDR) both of which are B3. The Loss Given
Default is LGD 4 (50%). At 6/30/2012, Aurora has a senior secured
revolving credit with an $85 million borrowing base that is fully
available. This precipitates the notching of the notes to a Caa1
rating. With a proforma post issue cash balance estimated to be
about $150 million, proforma 12 months Retained Cash Flow of
$150 million and Revolver availability of $85 million
approximately $385 million is available to meet cash calls from
the operator. This should be sufficient to meet all but the most
extraordinary of cash calls. Moody's assigns a Speculative Grade
Rating of SGL-2 for liquidity.

The principal methodology used in rating Aurora USA Oil & Gas,
Inc was the Independent Exploration and Production (E&P) Industry
Rating Methodology published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada, and EMEA
published in June 2009.

Aurora is based in Perth, Australia.


DUNES PORT: Goes Into Receivership; Owes More Than AUD13 Million
----------------------------------------------------------------
ABC News reports that The Dunes, Port Hughes, a high-profile
resort and housing development, has gone into receivership, with
debts of more than AUD13 million.

The Dunes development at Port Hughes on Yorke Peninsula in South
Australia includes a golf course designed by Greg Norman, ABC
News discloses.

According to the report, the golf course will still operate and
the receivers are looking to sell remaining housing allotments.

About 200 had been established as part of a long-term plan for
more than 2,000 homes.

The Dunes, Port Hughes is a residential and resort development on
the South Australian coast.


GOLD COAST BLAZE: Placed In Liquidation After Owners Breach DOCA
----------------------------------------------------------------
Daniel Meers at goldcoast.com.au reports that the Gold Coast
Blaze will be placed into liquidation after the Tomlinson family
defaulted on the deed of company arrangement, leaving players,
staff and creditors facing the prospect of not receiving a cent
of what they are owed.

goldcoast.com.au says the shock came late Friday, when co-owner
Owen Tomlinson confirmed he did not have the funds to pay the
AUD300,000, which would have allowed Blaze employees to receive
73c in the dollar and unsecured creditors 7c.

The report notes that creditors voted through the deed after they
were given the impression the club was in a position to provide
the funds.

According to the report, Mr. Tomlinson signed the agreement,
which allowed the club to be placed out of administration and
able to attempt to be reinstated into the NBL.

It was not made clear at the time that the Tomlinson family
either did not have the funds, or did not wish to put personal
funds towards the deed, the report relays.

Mr. Tomlinson confirmed the club would be placed into
liquidation, goldcoast.com.au adds.

Gold Coast Blaze Pty Ltd moved into voluntary administration
after it failed to meet its financial commitments.  It owes more
than AUD12 million, with the bulk of the funding injected by the
company's founders, the Tomlinsons.

The Gold Coast Blaze is an Australian men's professional
basketball team which competes in the National Basketball League
(NBL).



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


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

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

The Petitioner's solicitors are:

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


BONUS EARN: Court to Hear Wind-Up Petition on Aug. 15
-----------------------------------------------------
A petition to wind up the operations of Bonus Earn Investments
Limited will be heard before the High Court of Hong Kong on
Aug. 15, 2012, at 9:30 a.m.

Broad Mark Limited filed the petition against the company on
May 21, 2012.

The Petitioner's solicitors are:

          Hart Giles
          1401 China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


CHEONG FAI: Lau and Yuen Appointed as Liquidators
-------------------------------------------------
Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank on June 28, 2012,
were appointed as liquidators of Cheong Fai Hardware (H.K.)
Limited.

The liquidators may be reached at:

         Lau Wu Kwai King Lauren
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


FORTUNE MATE: Court to Hear Wind-Up Petition on Aug. 29
-------------------------------------------------------
A petition to wind up the operations of Fortune Mate (Group)
Holding Limited will be heard before the High Court of Hong Kong
on Aug. 29, 2012, at 9:30 a.m.

Fook Lee Holdings Limited filed the petition against the company
on June 22, 2012.

The Petitioner's solicitors are:

          Sit, Fung, Kwong & Shum
          18th Floor, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central, Hong Kong


LUCKY FIRST: Court to Hear Wind-Up Petition on Sept. 5
------------------------------------------------------
A petition to wind up the operations of Lucky First Industries
Limited will be heard before the High Court of Hong Kong on
Sept. 5, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 3, 2012.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


NICE THEME: Creditors Get 0.9% Recovery on Claims
-------------------------------------------------
Nice Theme Limited, which is in liquidation, will declare the
second ordinary dividend to its creditors on Aug. 9, 2012.

The company will pay 0.9% for ordinary claims.

The company's liquidators are:

         James Wardell
         Chan Wai Dune Charles
         Suite 1704, 17th Floor
         625 King's Road
         North Point, Hong Kong


PETS CENTRAL: Court to Hear Wind-Up Petition on Sept. 26
--------------------------------------------------------
A petition to wind up the operations of Pets Central North Point
(HK) Limited will be heard before the High Court of Hong Kong on
Sept. 26, 2012, at 9:30 a.m.

ADP Pentagon Pets Limited filed the petition against the company
on July 23, 2012.

The Petitioner's solicitors are:

          F. Zimmern & Co
          Suites 1501-1503, 15/F
          Gloucester Tower
          The Landmark, 15 Queen's Road
          Central, Hong Kong


PET PARENTS: Court to Hear Wind-Up Petition on Sept. 26
-------------------------------------------------------
A petition to wind up the operations of Pet Parents Club (HK)
Limited will be heard before the High Court of Hong Kong on
Sept. 26, 2012, at 9:30 a.m.

ADP Pentagon Pets Limited filed the petition against the company
on July 23, 2012.

The Petitioner's solicitors are:

          F. Zimmern & Co
          Suites 1501-1503, 15/F
          Gloucester Tower
          The Landmark, 15 Queen's Road
          Central, Hong Kong


PHOENIX GARMENT: Hok and Yat Step Down as Liquidators
-----------------------------------------------------
Rainier Hok Chung Lam and Yat Kit Jong stepped down as
liquidators of Phoenix Garment Enterprises Limited on July 4,
2012.


SHUNFENG PHOTOVOLTAIC: Court to Hear Wind-Up Petition on Aug. 8
---------------------------------------------------------------
A petition to wind up the operations of Shunfeng Photovoltaic
International Limited will be heard before the High Court of
Hong Kong on Aug. 8, 2012, at 9:30 a.m.

Allen & Overy filed the petition against the company on June 5,
2012.

The Petitioner's solicitors are:

          Allen & Overy
          9th Floor, Three Exchange Square
          Central, Hong Kong


TAK MING: Creditors' Proofs of Debt Due Aug. 17
-----------------------------------------------
Creditors of Tak Ming Packing Product Company Limited, which is
in liquidation, are required to file their proofs of debt by
Aug. 17, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Lau Wu Kwai King Lauren
          Yuen Tsz Chun Frank
          5th Floor, Ho Lee Commercial Building
          38-44 D'Aguilar Street
          Central, Hong Kong


VAN SHIPPING: Court to Hear Wind-Up Petition on Sept. 19
--------------------------------------------------------
A petition to wind up the operations of Van Shipping Company
Limited will be heard before the High Court of Hong Kong on
Sept. 19, 2012, at 9:30 a.m.

Jiuzhou Development Company Limited filed the petition against
the company on July 18, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


WINDING UP: Court to Hear Wind-Up Petition on Sept. 12
------------------------------------------------------
A petition to wind up the operations of The Winding Up of AHL
Design Workshop Limited will be heard before the High Court of
Hong Kong on Sept. 12, 2012, at 9:30 a.m.

Unison Projects Company Limited filed the petition against the
company on July 18, 2012.

The Petitioner's solicitors are:

          J. Chan, Yip, So & Partners
          Suite 2001, 20th Floor
          St. George's Building
          2 Ice House Street
          Central, Hong Kong


WING FUNG: Court to Hear Wind-Up Petition on Aug. 29
----------------------------------------------------
A petition to wind up the operations of The Incorporated Owners
of Wing Fung Building, Wing Fung Street will be heard before the
High Court of Hong Kong on Aug. 29, 2012, at 9:30 a.m.

Sino Flagship Investments Limited filed the petition against the
company on June 26, 2012.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


WISDOMASIA MARKETING: Court to Hear Wind-Up Petition on Aug. 8
--------------------------------------------------------------
A petition to wind up the operations of Wisdomasia Marketing &
Research Consulting Co. Limited will be heard before the High
Court of Hong Kong on Aug. 8, 2012, at 9:30 a.m.

Wisdomasia Marketing & Research Consulting Pte. Limited filed the
petition against the company on June 5, 2012.



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


BHAGABATI BUILD: CRISIL Rates INR55MM Cash Credit at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bhagabati Build & Constructions Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Bank Guarantee        30        CRISIL A4
   Cash Credit           55        CRISIL B+/Stable

The ratings reflect BBCPL's small scale of operations in a
fragmented civil construction industry, geographical
concentration, and large working capital requirements. The
ratings also factor in the company's below-average financial risk
profile, marked by a small net worth and moderately high gearing.
These rating weaknesses are partially offset by the benefits that
BBCPL derives from its promoters' extensive experience in the
civil construction industry in Orissa, established relations with
government entities, and its present moderate order book that
renders near-term revenue visibility.

Outlook: Stable

CRISIL believes that BBCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case the company scales up its
operations significantly while maintaining its profitability,
leading to better-than-expected cash accruals and improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' in case BBCPL reports weakening in its financial risk
profile, particularly its liquidity, most likely due to larger-
than-expected working capital requirements, or if there are
delays in project execution and realization of receivables, or if
it undertakes a large, debt-funded, capital expenditure
programme.

BBCPL was promoted in 2010 by Mr. Bibhuti Bhusan Routray and Mr.
Bichitrananda Routray to take over the assets and liabilities of
their partnership firm, Bhagabati Constructions. BBCPL took over
the business of the partnership firm with effect from
September 30, 2010. BBCPL undertakes civil construction contracts
for roads and bridges mainly from government departments, such as
Rural Works Department and Bhubaneswar Development Authority in
Orissa.


BEEHIVE EDUCATIONAL: CRISIL Places 'D' Ratings on INR110MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Beehive Educational Society.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Overdraft Facility     12       CRISIL D
   Term Loan              98       CRISIL D

The rating reflects the instances of delay by BES in servicing
its debt; the delays have been caused by the society's cash flow
mismatch.

BES is also susceptible to intense industry competition and to a
high degree of regulation by government agencies; moreover, the
society also has a below average financial risk profile marked by
a high gearing, a modest net worth and moderate debt protection
metrics. BES, however, benefits from its good reputation,
supported by its long track record, in Dehradun (Uttarakhand)

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes, namely, Beehive College of
Advance Studies, Beehive College of Management & Technology, and
Beehive College of Engineering & Technology. All three institutes
are located on a single campus in Dehradun. BES offers hostel
accommodation for around 260 students.

BES, on a provisional basis, reported a net surplus of INR7.4
million on fee income of INR68.2 million for 2011-12 (refers to
financial year, April 1 to March 31), against a net surplus of
INR6.3 million on fee income of INR66.0 million for 2010-11.


CALICA RESOURCES: CRISIL Puts 'B+' Rating on INR12MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Calica Resources Pvt Ltd.

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    ------
   Export Packing Credit      10.0      CRISIL B+/Stable
   Export Packing Credit      90.0      CRISIL A4
   Proposed Long-Term          2.0      CRISIL B+/Stable
   Bank Loan Facility

The ratings reflect CRPL's small scale of operations in a highly
fragmented agri-commodity industry and start-up nature of
operations. The ratings also factor in the susceptibility of the
company's profitability to volatility in guar gum prices and
foreign exchange rates. These rating weaknesses are partially
offset by CRPL's above-average financial risk profile, marked by
low gearing and strong debt protection metrics, and the extensive
industry experience of its promoters in the agri-commodity
industry.

Outlook: Stable

CRISIL believes that CRPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company registers higher-than-
expected offtake and operating margin, leading to healthy
accruals or efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of increase in
working capital requirements or climatic changes affecting supply
of inputs or development of new substitutes or lower-than-
expected accruals.

                      About Calica Resources

Incorporated in 2011, CRPL is promoted by Ahmedabad (Gujarat)-
based Mr. Ankit Patel and Mr. Sandeep Patel. CRPL is a part of
the Calica Export group, which manufactures and trades in textile
grade, food grade, and industrial grade powder made from guar
seeds, tamarind, and maize starch.

CRPL manufactures and exports guar gum. The company has a
processing capacity of about 4500 tonnes per annum of guar gum at
its plant in Ahmedabad. CRPL started operations in April 2012.


COLOSSUS TRADE: CRISIL Puts 'B+' Rating on INR92.9MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Colossus Trade Links Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Proposed Long-Term    2.9       CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee       10         CRISIL A4

   Cash Credit          90         CRISIL B+/Stable

The ratings reflect CTL's below average financial risk profile,
marked by small net worth, high gearing, low profitability and
weak debt protection metrics, and modest scale of operations.
These rating weaknesses are partially offset by the benefits that
CTL derives from its promoters' extensive industry experience,
their funding support, and established relationships with its
major customers and suppliers.

Outlook: Stable

CRISIL believes that CTL will continue to benefit from its
promoters' industry experience and funding support. The outlook
may be revised to 'Positive' if there is significant improvement
in CTL's financial risk profile, driven most likely by larger-
than-expected cash accruals or equity infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if there is increased pressure on the
company's liquidity, caused most likely by less-than-expected
cash accruals, or larger-than-expected working capital
requirements or debt-funded capital expenditure.

                         About Colossus Trade

Colossus Trade Links Ltd primarily trades in scrap metal procured
from the domestic automobile sector. It derives over 70 per cent
of its revenues from supplying scrap metal to foundries and steel
plants and the remainder from sale to traders, electronic
original equipment manufacturers (OEMs) and other users of its
product portfolio. CTL is headquartered in Delhi and has seven
warehouses (three owned and four rented) across northern India,
with a combined area of over 15,000 square yards and a combined
storage capacity of over 8000 tonnes. CTL was incorporated in
2004 by Mr. Namit Gulati and his family. Before promoting CTL,
the promoters were in the same line of business for over 10 years
under different group entities that are currently non-
operational.


GOURANGA COLD: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Gouranga Cold Storage Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan             21.5      CRISIL D
   Bank Guarantee         3.0      CRISIL D
   Cash Credit           82        CRISIL D

The ratings reflect the instances of delay by GCSPL in servicing
its term debt along with non-repayment of its cash credit limit
within the due date; the delays have been caused by the company's
weak liquidity.

GCSPL is also exposed to the highly regulated and intensely
competitive cold storage industry in West Bengal; moreover, the
company has a weak financial risk profile, marked by a small net
worth, a high gearing, and weak debt protection metrics. GCSPL,
however, benefits from its promoters' extensive experience in the
cold storage business.

GCSPL, incorporated in 1987, provides cold-storage facility to
potato farmers and traders. The company is owned by the West
Bengal-based Dolui family, who has experience of two and a half
decades in the same line of business. GCSPL's cold storage, with
capacity of about 42,960 tonnes divided into five chambers, is
located in Paschim Medinipur (West Bengal). The average
utilisation of the company's storage capacity during 2011-12
(refers to financial year, April 1 to March 31) was over 95 per
cent.


J.R.D. INT'L: CRISIL Assigns 'B-' Rating to INR70MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of J.R.D. International Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    ------
   Cash Credit             70         CRISIL B-/Stable
   Export Packing Credit   15         CRISIL A4

The ratings reflect JRD's weak financial risk profile marked by a
high total outside liabilities to tangible net worth (TOL/TNW)
ratio, weak debt protection metrics, and a small net worth, large
working capital requirements, low operating margin due to
exposure to intense competition in a fragmented rice industry,
susceptibility to government regulations, dependence on uneven
rainfall, and vulnerability to volatility in rice prices. These
rating weaknesses are partially offset by the extensive
experience of JRD's promoters in the rice industry and their
established relations with customers.

Outlook: Stable

CRISIL believes that JRD's credit risk profile will remain
constrained by its small cash accruals and large working capital
requirements. The outlook may be revised to 'Positive' in case of
improvement in the company's liquidity or scale of operations or
a significant improvement in its gearing, most likely through
more-than-expected cash accruals, or large, fresh equity infusion
by the promoters. Conversely, the outlook may be revised to
'Negative' in case of weakening in JRD's profitability and
pressure on revenues, or further weakening in liquidity due to
larger-than-expected working capital requirements.

                     About J.R.D. International

JRD was promoted in February 2010 by Mr. Raman Aggarwal and his
two sons, Mr. Raghav Aggarwal and Mr. Gaurav Aggarwal. The
company trades in rice. It procures rice mainly from JR Agro Tech
Pvt Ltd (JRA; rated 'CRISIL D/CRISIL D') and sells it under its
own brands to distributors across India. Around 70 per cent of
JRD's revenues come from sale of branded rice, while the
remainder is from trading in rice. Prior to starting JRD, the
promoters have had experience of over 30 years through JRA, which
was established by Mr. Raman Aggarwal's father in 1957.

JRD's profit after tax (PAT) and net sales are estimated at INR3
million and INR609 million respectively for 2011-12 (refers to
financial year, April 1 to March 31); it reported a PAT of INR2
million on net sales of INR389 million for 2010-11.


KRISHNA INDUSTRIAL: Delays in Loan Payment Cues CRISIL D Rating
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Krishna Industrial Corporation Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           40        CRISIL C
   Letter of Credit     110        CRISIL A4

The ratings reflect the delays by KICL in servicing its debt (not
rated by CRISIL). The delays have been caused by the company's
weak liquidity resulting from stretched subsidy receivables. The
ratings also factor in KICL's average financial risk profile
marked by a high gearing and weak debt protection metrics. The
company, however, benefits from the experience of its promoter in
the fertiliser industry.

Krishna Industrial Corporation Ltd was established as a public
limited company in 1947 by Mr. Velagapudi Ramakrishna. It
commenced operations via its carbon di-oxide (soda gas) plant at
Vuyyuru (Andhra Pradesh). In the 1960s, the company diversified
into the business of manufacturing single superphosphate and
sulphuric acid. In 1987, it diversified into the business of
providing computer software packages to clients in Europe under
the Kassoft brand. KICL is currently managed by Mr. S R K Prasad
(grandson of Mr. Velagapudi Ramakrishna), who is also involved in
its day-to-day operations. The company operates in three
divisions: fertiliser and chemical, industrial gas, and computer
software packages. KICL derives close to 90 per cent of its
revenues from its fertiliser and chemical division.

KICL reported a profit after tax (PAT) of INR3.7 million on net
sales of INR470.9 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR387.9 million for 2010-11.


LEELOTTAM INDUSTRIES: CRISIL Puts 'B' Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Leelottam Industries Private Limited (LIPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Proposed Long-Term     250      CRISIL B/Stable
   Bank Loan Facility

The rating reflects LIPL's exposure to execution and funding
risks in respect of its ongoing oil mill project. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the oil extraction industry and their
established contacts with oil refining units in and around
Khamgaon.

Outlook: Stable

CRISIL expects LIPL to maintain its business risk profile on the
back of extensive experience of promoters and their established
relationships with the oil refining units in Khamgaon. The
outlook may be revised to 'Positive' if the company successfully
implements the project without any time or cost overruns and is
able to generate revenues and cash accruals commensurate with its
debt servicing commitments. Conversely, the outlook may be
revised to 'Negative' if there are delays in implementation or it
faces challenges in attaining the optimal level of capacity
utilization, thereby impairing its debt servicing ability.

                      About Leelottam Industries

Leelottam Industries Private Limited was incorporated by
Mr. Uttamchand Goenka, and his two sons Mr. Rohit Goenka and
Mr. Amit Goenka in 2009. The company is executing a project of
installing an oil mill unit for processing and manufacturing of
seed oil, cake and black seed. The primary oil seed to be used is
cotton seed. The capacity of the proposed factory is estimated at
288 tons per day. The project is estimated to cost INR155 million
funded by bank debt of INR 75 million. LIPL aims to complete the
construction of the factory by November 2012 and commence
operations from December 2012. The factory is located at
Khamgaon, Maharashtra which is a major cotton growing region, and
is a favorable location for many oil refineries. The promoters
have been involved in the business of oil extraction since 18
years through group companies.


PITAMBARA AGRI: CRISIL Rates INR57.5MM Term Loan at 'CRISIL B-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan facility of Pitambara Agri Sciences Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan             57.5      CRISIL B-/Stable

The rating reflects PAPL's susceptibility to risks associated
with implementation of its ongoing project, its expected weak
financial risk profile, marked by small net worth, high gearing,
and below-average debt protection metrics, and its expected small
scale of operations in a highly competitive dairy industry. These
rating weaknesses are partially offset by the benefits that PAPL
derives from the assured offtake for its proposed output and the
operational efficiencies resulting from its own production of
fodder and fully automated facilities.

Outlook: Stable

CRISIL believes that PAPL will benefit over the medium term from
the assured offtake for its proposed output. The outlook may be
revised to 'Positive' in case of timely completion of project
along with better-than-expected cash accruals during the initial
phase of operations. Conversely, the outlook may be revised to
'Negative' in case of time or cost overruns in implementation of
project or lower-than-expected cash accruals during the initial
phase of operations or further debt-funded capital expenditure
(capex), resulting in pressure on PAPL's liquidity.

Incorporated in 2011, PAPL is currently setting up a fully
automated dairy farm in Mau district (Uttar Pradesh), which will
comprise about 500 Holstein-Friesian cows and a combined capacity
to produce about 6000 litres of milk per day. Civil work and
installation of machinery on the farm is expected to be completed
around December 2012. The commercial production is expected to
commence with the purchase of the first batch of cows in January
2013 and the remaining procurements will be completed in batches
by June 2013. The project involves a total outlay of about
INR76.7 million, of which about INR6.5 million of capex has been
completed till date.


R.R. DWELLINGS: CRISIL Assigns 'B+' Rating to INR180MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan bank facility of R.R. Dwellings Pvt Ltd.
                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan            180        CRISIL B+/Stable

The rating reflects RRDPL's weak financial risk profile, and
exposure to demand and implementation risks, geographically
concentrated revenue profile, and exposure to risks and
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' extensive experience in the
real estate industry and its established regional presence.

Outlook: Stable

CRISIL believes that RRDPL will continue to benefit over the
medium term from its established regional presence and its
promoters' experience in the real estate business. The outlook
may be revised to 'Positive' if the company reports significant
improvement in its business and financial risk profiles,
supported by more-than-expected customer advances and timely
implementation of its on-going project leading to healthy cash
accruals. The outlook shall be revised to 'Negative' if RRDPL
reports a time and cost overrun in its on-going project or
significant pressure on its liquidity in case of delays in
receiving customer advances, leading to pressure on its revenues
and profitability.

                        About R.R. Dwellings

R.R. Dwellings Pvt Ltd, incorporated in 2008, is a part of the
Lucknow (Uttar Pradesh)-based RR group of companies. The RR group
is a joint venture between two entities, namely Tirath Housing
(TH) and PeeKay Builders Pvt Ltd. Both TH and PBPL have completed
various residential and commercial projects under the joint
venture, as well as in their individual capacities in the past,
in Lucknow. RRDPL is currently executing a residential project
named Celebrity Gardens at Sushant Golf City at Sultanpur Road in
Lucknow (Uttar Pradesh). Sushant Golf City is a township of 2000
acres, with a golf course surrounding the residential and
commercial areas. The construction of Celebrity Gardens commenced
in January 2011, after the group's promoters purchased
residential FSI of around 540,000 square feet (sq ft) from Ansal
API for building around 280 flats. The project is divided into
two parts; first being blocks A, B, C, D, E (comprising around
300,000 sq ft of residential space) and the second being blocks
L, M, Q, R (comprising around 240,000 sq ft of residential
space). The project is expected to be completed by 2014-15
(refers to financial year, April 1 to March 31).


TRANSTECH GREEN: Fitch Cuts Rating on INR406MM Term Debt to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Transtech Green Power
Ltd.'s INR406 million senior bank term debt to National Long-Term
'Fitch D(ind)' from 'Fitch BB-(ind)'.  The Outlook was previously
Negative.

The downgrade reflects many instances of delays by TGPL in
meeting principal and interest obligations in the six months
ended June 2012.  The company's biomass-based thermal power
project operated below expectations during June 2011-June 2012,
as illustrated by an average plant load factor (PLF) of 37.6%
against a Fitch base case breakeven PLF of 68%.  This is largely
due to technical glitches with boiler and a significant rise in
fuel cost that is not reflected in the project's power tariff.
Fitch notes that sponsor group companies have injected additional
equity of INR259.5m and unsecured loans of INR150m into the
project to support its cash flows.

To address structural cash flow problems, one of the two lenders
has sanctioned a loan restructuring proposal that envisages,
among other things, a two-year moratorium and a higher interest
rate.  Fitch views the restructuring as coercive in terms of its
distressed debt exchange criteria since absent this
restructuring, the project's cash flows would not have been
adequate to meet scheduled debt service commitments.

Fitch understands that the other bank in the syndicate is also
considering a restructuring proposal. The agency will assess the
post-default credit profile of the project and take an
appropriate rating action as and when a sanction is received and
modified loan documents are executed with both banks to reflect
the restructuring.

TGPL operates a 12MW biomass-based power plant in the Jalore
district of Rajasthan. Commercial operations date was achieved on
Oct. 31, 2010, but the plant has been operating at sub-optimal
PLF levels.  According to the terms of the 20-year power purchase
agreement, the state-owned off-taker utility revised tariffs for
biomass plants to INR5.33/unit in December 2011, benchmarking to
the fuel cost of INR1,830/tonne.  This would improve the economic
viability of the project.  The project is sponsored by Teltech
Finsec group, having interests in telecom and fertilisers.


TATA STEEL: S&P Affirms 'BB' Corp Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlooks on India-
based Tata Steel Ltd. and its U.K-based subsidiary Tata Steel UK
Holdings Ltd. to negative from stable. Standard & Poor's also
affirmed its 'BB' long-term corporate credit rating on Tata Steel
and its 'BB' issue rating on the company's senior unsecured
notes. "At the same time, we affirmed the 'B+' long-term and 'B'
short-term corporate credit ratings on TSUKH. We also lowered the
recovery rating on TSUKH's GBP3.53 billion bank loan to '2' from
'1' and the issue rating to 'BB-' from 'BB'," S&P said.

"We revised the outlooks to reflect the poor performance of Tata
Steel's wholly owned European subsidiary, TSUKH," said Standard &
Poor's credit analyst Suzanne Smith.

"We assess Tata Steel on a consolidated basis, including TSUKH,
which represents about half of the company's total consolidated
assets. We expect the company's consolidated profit margin to
continue to be weak, resulting in its debt-to-EBITDA ratio
staying above 4.0x, until the company's India operations receive
the full benefit of a recently commissioned 3 million tons annual
capacity. These benefits are expected to accrue only in the
fiscal year ending March 31, 2014," S&P said.

"We may lower the rating on Tata Steel if the company's
consolidated operating performance does not recover in line with
our expectations. This is likely to be due to further slowing in
the European operations. A double dip in the European economy or
worsening steel industry conditions in India would result in
EBITDA per ton of about US$300 or lower, further hurting Tata
Steel's financial ratios," S&P said.

"We may revise the outlook to stable when we expect the company
to improve its operating performance in line with our earlier
expectations, resulting in a ratio of adjusted debt to EBITDA of
about 4x and funds from operations to adjusted debt of more than
15%," S&P said.

"In our view, the European steel industry will continue to face
soft demand and excess steelmaking capacity for the next one to
two years. We therefore expect TSUKH to continue to have a very
low margin of 2.3% in the fiscal year ending March 31, 2013," S&P
said.

"Although we expect Tata Steel's EBITDA to increase in fiscal
2013, it will still be below our earlier expectations,' said Ms.
Smith. 'Limited pricing flexibility, slower-than-expected growth
in sales at the India operations following brownfield capacity
expansion, and lower volumes in Europe will keep EBITDA margin at
about 12% in fiscal 2013."

"We also expect Tata Steel to generate negative free operating
cash flow of Indian rupees 60 billion in fiscal 2013, resulting
in only a gradual recovery in the company's financial metrics. We
expect the ratio of debt to EBITDA to recover to 4.5x in fiscal
2013 and 3.5x in fiscal 2014. In our view, the improvement will
be mostly driven by growth at the India operations," S&P said.

"We assess Tata Steel's liquidity as 'adequate,' as defined in
our criteria. We expect that Tata Steel has adequate resources
and willingness to ensure that liquidity at TSUKH is also
adequate," S&P said.

"We lowered the recovery rating based upon a lower stressed
EBITDA that we use to value TSUKH at our hypothetical point of
default in fiscal 2016. This reflects the weak economic and
challenging steel industry conditions in Europe," S&P said.


TEAMEC CHLORATES: CRISIL Puts 'B' Rating on INR453MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Teamec Chlorates Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Long-Term Loan          423       CRISIL B/Stable
   Bank Guarantee           50       CRISIL A4
   Cash Credit              30       CRISIL B/Stable

The ratings reflect TCL's below-average financial risk profile,
marked by a highly leveraged capital structure and weak debt
protection metrics. The ratings also factor in the company's
start up nature of operations, and exposure to risks related to
shortage of power leading to lower operating rates. These rating
weaknesses are partially offset by the benefits that TCL derives
from the healthy demand prospects for sodium chlorate in the
domestic market and its promoter's extensive experience in the
industrial chemical products segment.

Outlook: Stable

CRISIL believes that TCL will continue to benefit over the medium
term from its promoter's extensive experience in the chemicals
industry. The outlook may be revised to 'Positive' if the company
significantly ramps up its scale of operations and improves its
operating profitability, resulting in an improvement in cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if TCL reports weakening of its liquidity,
most likely because of lower-than-expected production of sodium
chlorate, or if the company undertakes a large, debt-funded,
capital expenditure programme, thereby deteriorating its
financial risk profile.

                       About Teamec Chlorates

TCL, established in 2009, commenced commercial production in
November 2011. It manufactures sodium chlorate, which is used as
a bleaching agent in paper manufacturing. The company has a fully
automated plant in Ongol (Andhra Pradesh), with capacity of 32
tonnes per day. TCL is a 49 per cent subsidiary of Dr. Rao
Holding Investments Pvt Ltd, Singapore; the remaining stake in
TCL is held by its promoter. Other entities associated with TCL
include Titanium Equipment and Anode Manufacturing Company Ltd
and Chemfab Alkalis Ltd, which manufacture titanium fabrication
equipment and industrial chemical products respectively; these
entities are managed independently. Currently, TCL's daily
operations are managed by Mr. Suresh Krishnamoorthy Rao.

TCL, on a provisional basis, posted a net loss of INR15.5 million
on net sales of INR41.7 million for 2011-12 (refers to financial
year, April 1 to March 31).



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


KAWASAN INDUSTRI: Fitch Puts Final 'B' Rating on 5Yr Senior Notes
-----------------------------------------------------------------
Fitch Ratings has assigned PT Kawasan Industri Jababeka Tbk's
(Jababeka, 'B'/Stable) proposed five-year senior unsecured notes
a final 'B' rating.

The amendments to the key terms and conditions of the senior
unsecured notes, mainly the inclusion of a repayment schedule,
additional financial covenant and changes in permitted
indebtedness, did not materially impact projected cash flows to
service the senior unsecured notes.  The final rating is in line
with the expected rating assigned on 10 July 2012.

Jababeka's 'B' Issuer Default Rating reflects the high quality of
its development with the provision of ancillary facilities, and
its landbank that is adequate for five years of development at
the current pace of sales.  The proposed bond issue will
significantly improve Jababeka's debt maturity profile.

These positives are counterbalanced by Jababeka's small size,
concentration risk arising from its Cikarang estate contributing
to bulk of its sales and the inherent cyclicality of property
development.  Fitch also notes that while the company does not
face liquidity constraints at the moment, it does not maintain
significant excess cash balances that higher-rated property
developers do as a liquidity buffer.

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



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


PEGASUS FUNDING: S&P Lowers Ratings on 3 ABL Classes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' its
ratings on the class A1, A2, and class B asset-backed loans
(ABLs) extended in September 2006 under the Pegasus Funding
transaction.

"The ABLs extended under this securitization transaction are
backed by real estate-backed loan receivables that were issued
primarily to small and midsize real estate companies. All the
loan receivables that remain at this point have defaulted. The
servicer is proceeding with liquidation and collection activities
for the related collateral properties, in line with the business
plan that the transaction parties approved," S&P said.

S&P lowered its ratings on all the ABLs extended under this
transaction because, in its view, the ABLs are now even more
likely to default. S&P bases this view on these factors:

   * The liquidation of the collateral properties has progressed.
     However, the combined outstanding principal on the class A1
     and A2 ABLs exceeds the combined outstanding principal on
     the underlying loan receivables for which the related
     collateral properties remain unsold.  Moreover, S&P expects
     any future amount recovered through the liquidation of the
     remaining properties to be considerably lower than the
     combined outstanding principal on these loans.

   * The amount of collection proceeds from the collateral
     properties for which sales have been completed is extremely
     low. In addition, S&P believes that any amount likely to be
     recovered in the future will be very small.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal on the ABLs by the transaction's legal final maturity
date in December 2014," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

          http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
Pegasus Funding
JPY120 billion ABLs (total initial extendable amount)
due December 2014
Class      To        From        Initial extendable amount
Class A1   CC (sf)   CCC+ (sf)   JPY40.0 bil.
A2         CC (sf)   CCC+ (sf)   JPY51.9 bil.
Class B    CC (sf)   CCC- (sf)   JPY28.1 bil.

The issue date of the transaction was Sept. 29, 2006.



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


SK HYNIX: Fitch Says Profitability to Continue
----------------------------------------------
Fitch Ratings says it expects SK Hynix Inc.'s (Hynix,
'BB'/Stable) profitability to continue following a successful
EBIT turnaround in Q212.  However, Fitch believes that margin
recovery in H212 will be limited as the operating environment
remains tough.

"After three consecutive quarters of operating losses, Hynix has
finally returned to profitability mainly due to cost reduction
and dynamic random access memory price increases since February
2012 following Elpida Inc.'s filing for bankruptcy protection,"
said Alvin Lim, Associate Director in Fitch's Asia Pacific
Telecom, Media, and Technology team.

"However, Fitch does not foresee any significant improvement in
the industry cycle due to a weak economic environment and
prevalent over-supply in both the DRAM and NAND markets," added
Mr. Lim.

The commodity DRAM market is unlikely to show a meaningful
recovery in the short term due to weak growth in personal
computer sales.  In addition, the price of DRAM fell again in
July 2012 despite chip makers' conservative capacity expansion
and industry consolidation.  Prices of higher-margin mobile DRAM
also continue to fall as suppliers have aggressively increased
output.

Hynix's NAND business, which accounted for 22% of total revenue
in Q212, also suffered; prices fell 19% in Q212 due to
substantial over-supply in the market.  Fitch notes Toshiba
Corporation's ('BBB-'/Stable) plan to reduce output by 30% will
help improve the supply/demand balance in H212.  However, this
also indicates that the NAND business is likely to remain
suppressed in the short term amid the subdued global economy.

Fitch forecasts Hynix's financial profile will remain
commensurate with the current rating despite the unfavorable
industry conditions.  This is because the company's cost
structure will continue to improve due to manufacturing process
improvements, helping to mitigate weak demand.  In addition, its
high cash balance of KRW3trn at end-Q212 and forecast cash flow
from operations (CFO) of over KRW3trn should comfortably cover
its annual capex plan of KRW4.2trn in 2012.  Therefore, the
company's funds flow from operations (FFO) adjusted leverage
should remain below 2x over the next 12-18 months.

Fitch will consider a negative rating action if FFO adjusted
leverage increases above 3x (2011: 1.7x) or if EBIT margin (2011:
3.1%) weakens on a sustained basis.  In addition, any indication
of weakening ties between parent SK Telecom (SKT, 'A-'/Stable)
and Hynix may also result in a negative rating action, as Hynix's
ratings currently factor in a notch of implied support from SKT.
Conversely, Fitch will consider a positive rating action if
Hynix's FFO-adjusted leverage remains below 2x, and/or if EBIT
margin rises above 6% with positive free cash flow generation on
a sustained basis.

Hynix recorded 10% revenue growth q-o-q to KRW2.63trn in Q212.
The company's EBIT improved to KRW23bn (0.9% margin) from a loss
of KRW260bn (-11% margin) during the same period.



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


AORANGI SECURITIES: Charity Misses Out on Hubbard's Will
--------------------------------------------------------
Emma Bailey at The Timaru Herald reports that charitable causes
have missed out on any bequests from the late Allan Hubbard's
will.

The Timaru Herald relates that while earlier wills allowed for
any money left over in his estate to go to charity, his last will
-- written five months after statutory managers moved in -- names
his wife Jean as the sole beneficiary, and writes off some loans.

The Timaru Herald has obtained a copy of his will, signed on
November 10, 2010, from the Timaru District Court.

According to The Timaru Herald, the two-page will directs the
remainder of his estate is to go to Mrs. Hubbard but this was
subject to any "memorandum of wishes I may leave as to the
disposal of any part of my residual estate".

The report relates that Timaru lawyer Edgar Bradley, who prepared
the will, said that at the time of Mr. Hubbard's death there was
no memorandum of wishes.  "There was no memorandum in the end. He
had made one with a previous will but this was no longer in
place," the report quotes Mr. Bradley as saying.

According to the report, Mr. Bradley said it would be a long time
before the value of Mr. Hubbard's estate was known, with a number
of entities said to be contesting it.

                      About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


BRIDGECORP LTD: Investors to Get Second Interim Dividend
--------------------------------------------------------
The Receivers of Bridgecorp Limited on Friday announced a second
interim dividend to Bridgecorp's secured investors of
NZ$20.6 million (4.5 cents in the dollar).

"Payment will be made in the week starting August 20, 2012. This
will bring the total distributions to date to eight (8) cents in
the dollar," Bridgecorp Receiver PwC Partner Colin McCloy says.

The receivers acknowledge further distributions remain dependent
upon the outcome of legal proceedings in respect of the actions
of directors and other parties prior to the receivership.

Mr. McCloy adds, "With the Financial Market Authority's criminal
proceedings against the directors having now concluded, the
receivers' civil claim, which was filed in January 2012, is now
proceeding through the Court."

                       About Bridgecorp Ltd

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***