TCRAP_Public/120731.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

            Tuesday, July 31, 2012, Vol. 15, No. 151

                            Headlines


A U S T R A L I A

BILL EXPRESS: ASIC Investigation Results in Third Guilty Plea
EDUCATION WORKS: In Administration; 85 Workers Lose Jobs
INTERSTAR MILLENNIUM: Fitch Affirms Rating on 23 Note Classes
INVESTMENT INTELLIGENCE: ASIC Freezes Funds; Boss Travel Banned
MARINA OCEANUS: Grant Thornton Appointed as Receivers


C H I N A

CHINA TEL GROUP: Unregistered Securities Sale Exceeds Threshold


H O N G  K O N G

ANTIBAC (HK): Court Enters Wind-Up Order
CHINA BUILDTECH: Court Enters Wind-Up Order
CHINA WIN: Creditors' Proofs of Debt Due Aug. 13
CIC RESOURCES: Court Enters Wind-Up Order
CITIFARM LIMITED: Court Enters Wind-Up Order

EVERBEST TECHNOLOGY: Court Enters Wind-Up Order
KIMBERLI CANDY: Court Enters Wind-Up Order
KIMBERLI GROUP: Court Enters Wind-Up Order
KIMBERLI LIMITED: Court Enters Wind-Up Order
MAKURA (HK): Court Enters Wind-Up Order


I N D I A

ADHUNIK ALLOYS: Inadequate Info Cues Fitch to Migrate Ratings
DAMARA GOLD: ICRA Assigns '[ICRA]B' Rating to INR5.7cr Loan
DWEKAM ELECTRODES: Delays in Loan Payment Cues ICRA Junk Ratings
G.G. TRONICS: ICRA Rates INR15cr Long Term Loan at '[ICRA]B+'
GRENIC TILES: ICRA Assigns 'B+' Rating to INR10.15cr Loans

HYALINE GLASS: ICRA Assigns 'B+' Rating to INR40.5cr Loans
KAMLA LANDMARC: ICRA Rates INR250cr Loan at '[ICRA]B+'
MALWA INDUSTRIES: Delays in Loan Payment Cues ICRA Junk Ratings
NICKUNJ EDM: Inadequate Info Cues Fitch to Affirm Ratings
NICKUNJ EXIMP: Inadequate Info Cues Fitch to Migrate Ratings

OMEN VITRIFIED: ICRA Assigns 'B+' Rating to INR19.55cr Loans
R.S.V. CONSTRUCTIONS: Profitability Cues Fitch to Put BB- Rating
SENTOSA GRANITO: ICRA Assigns 'B+' Rating to INR25cr Loans
SERVION GLOBAL: ICRA Upgrades Rating on INR10.5cr Loan to 'B+'
SWAMI RAMANAND: ICRA Rates INR26cr Term Loan at '[ICRA]B+'

V.N.S. SPINNING: ICRA Assigns 'C+' Rating to INR25cr Loans
VISHWANATH PAPER: Delays in Loan Payment Cues ICRA Junk Ratings
ZION STEEL: Inadequate Info Cues Fitch to Migrate Ratings


J A P A N

OLYMPUS CORP: Irked by Terumo Declaring Merger Plan


N E W  Z E A L A N D

FELTEX CARPETS: Liquidators Hit E&Y With NZ$12MM Claim
LDC FINANCE: PricewaterhouseCoopers Step Down as Receivers
NATIONAL FINANCE: Braithwaite Guilty of Misleading Investors

PENINSULA CLUB: Statutory Manager Wins Court Battle


S I N G A P O R E

ABN AMRO: Creditors' Proofs of Debt Due Aug. 23
ARIES CAPITAL: Creditors' Proofs of Debt Due Aug. 23
ASIA REAL: Creditors' Proofs of Debt Due Aug. 23
BEDDING SOLUTIONS: Court to Hear Wind-Up Petition Aug. 10
BLUEWELL SERVICES: Creditors' Proofs of Debt Due Aug. 23

CFG INVESTMENT: Moody's Assigns 'Ba3' Rating to US$300MM Notes
CHIC SINGAPORE: Creditors' Proofs of Debt Due Aug. 23
CITIMEX MARKETING: Court to Hear Wind-Up Petition Aug. 3
CLOUD 9: Creditors' Proofs of Debt Due Aug. 10
DAY SURGERY: Creditors Get 42% Recovery on Claims

DIAMOND PRECISION: Members' Final Meeting Set for Aug. 28


S R I  L A N K A

* SRI LANKA: Sales Out Hike May Start Long Term Trend, Fitch Says


X X X X X X X X

* BOND PRICING: For the Week July 23 to July 27, 2012


                            - - - - -


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


BILL EXPRESS: ASIC Investigation Results in Third Guilty Plea
-------------------------------------------------------------
Enzo Di Donato, of Kew, Victoria, has pleaded guilty in the
County Court of Victoria to providing false or misleading
information of the Australian Securities and Investments
Commission during the course of an examination.

Mr. Di Donato was the sole director and secretary of 3D
Salesforce Pty Ltd (under External Administration). 3D Salesforce
was one of a network of companies that operated from the same
premises in Eaglemont, Victoria, as Bill Express Limited (in Liq)
(Bill Express) and its parent company, OnQ Group Limited.

Mr. Di Donato was examined during ASIC's investigation into the
manipulation of the share price of Bill Express and was
subsequently charged with providing false or misleading
information about matters relating to the instigation of orders
on 3D Salesforce's trading account, the source of funding for
this share trading, his recollections over the deposit of
AUD1,048,500 into a 3D Salesforces bank account and by denying
that Peter Couper, the former Chief Financial Officer of OnQ
Group Limited, made or arranged payments to 3D Salesforce.

The charge of providing false or misleading information to ASIC
during the course of an examination carries a maximum penalty of
two years imprisonment, an AUD11,000 fine, or both.

Mr. Di Donato was bailed to appear again for plea hearing on
October 26, 2012, in the Victorian County Court.

This is the third guilty plea arising from ASIC's investigation
into the manipulation of Bill Express' share price.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

The Bill Express market manipulation investigation was originally
referred to ASIC by the Australian Securities Exchange Limited.

Background

In 2010, ex-Macquarie broker Newton Chan pleaded guilty to
several charges of market manipulation and one charge of
providing false information to ASIC and was convicted and
sentenced to a term of 20 months imprisonment, of which four
months was to be served immediately.

Earlier this month, OnQ Group's former Chief Financial Officer,
Peter Couper, also pleaded guilty to several charges brought by
ASIC and was convicted and sentenced to 21 months imprisonment
wholly suspended and a AUD10,000 fine.

                        About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was
engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.  OnQ Group Limited is the parent company of
Bill Express Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


EDUCATION WORKS: In Administration; 85 Workers Lose Jobs
--------------------------------------------------------
SmartCompany reports that educational supplier Education Works
has entered administration, with the group trading under the
names Wooldridges, Elizabeth Richards, Jacaranda Educational
Supplies, World of Education and Fotoworks, all of which are
household names in Western Australia.

Andrew Sallway, Said Jahani, and Matthew Donnelly of Grant
Thornton have been appointed as administrators.

According to the report, Grant Thornton partner Said Jahani said
85 employees of the group would be made redundant "due to
insufficient funding being available to continue to employ
staff".

"We are urgently assessing the future viability of the group,
including whether a sale of all or part of the business is
capable of being achieved and have been encouraged by a number of
approaches by interested parties already," the report quotes
Mr. Jahani as saying.

A first meeting of creditors will held on Aug. 6, 2012.

Education Works Pty Ltd serves the primary and secondary school
market mainly in Western Australia, but also has a presence on
the east coast, providing textbooks, stationery and general
classroom needs.  Other companies in the group under
administration are:

   * Education Works Australia Pty Ltd
   * Wooldridges NSW Pty Ltd
   * Elizabeth Richards Pty Ltd
   * Wooldridges Australia Pty Ltd
   * Wooldridges Victoria Pty Ltd
   * World of Education Pty Ltd
   * Jacaranda Educational Supplies Pty Ltd


INTERSTAR MILLENNIUM: Fitch Affirms Rating on 23 Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed 23 classes of notes issued by seven
Interstar RMBS Series.  These transactions are backed by pools of
Australian conforming residential mortgages originated through a
network of mortgage originators and brokers under the Interstar
Millennium Trust Securitisation programmes.

The affirmations reflect Fitch's view that the available credit
enhancement is able to support the notes at their current rating
levels.  The credit quality and performance of the loans in the
collateral pools remain in line with the agency's expectations.

Interstar 2004-5, Interstar 2005-3E, Interstar 2006-1 and
Interstar 2006-2G contain less than 30% low-doc loans each.  As
at May 31, 2012, 30+ day arrears were 4%, 2.3%, 3.2% and 2.72%,
respectively, compared with Fitch's 30+ day Low-doc Dinkum Index
of 1.6%.

Both Interstar 2005-2L and Interstar 2006-3L have underlying
mortgage pools comprising at least 90% low-doc loans.  As at end-
May 2012, their 30+ day arrears were 5.5% and 5.1%, respectively,
compared with Fitch's 30+ Day Low-doc Dinkum Index of 5.7% as at
end-March 2012.

Interstar 2006-4H is a high loan-to-value ratio (LVR) pool, with
100% of loans having LVRs above 90% at issuance, which reduced to
67.5% of the pool with LVR greater than 90% by 31 May 2012.
Their 30+ day arrears were 2.7% at end-May 2012 compared with
Fitch's 30+ Day Low-doc Dinkum Index of 5.7% at end-March 2012.

All transactions have mortgage insurance in place, with policies
provided by QBE Lenders Mortgage Insurance Ltd (Insurer Financial
Strength Rating: 'AA-'/Outlook Stable) and Genworth Financial
Mortgage Insurance Pty Ltd.  All losses not covered by the
mortgage insurers are currently covered by excess.

Interstar Millennium Series 2004-5 Trust (Interstar 2004-5):

  -- AUD67.3m Class A2-2 (ISIN AU3FN0003901) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD33.8m Class AB (ISIN AU300INTA032) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD11.3m Class B (ISIN AU300INTA040) affirmed at 'Bsf';
     Outlook Stable

Interstar Millennium Series 2005-2L Trust (Interstar 2005-2L):

  -- USD68.8m Class A1 (ISIN US46071TAA16) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD137.7m Class A2 (ISIN AU300INTC012) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD21.9m Class AB (ISIN AU300INTC020) affirmed at 'AA+sf';
     Outlook Stable
  -- AUD11.9m Class B (ISIN AU300INTC038) affirmed at 'Bsf';
     Outlook Stable

Interstar Millennium Series 2005-3E Trust (Interstar 2005-3E):

  -- GBP169.3m Class A2 (ISIN XS0232803709) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD37m Class AB (ISIN AU300INTD010) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD44.5m Class B (ISIN AU300INTD028) affirmed at 'Bsf';
     Outlook Stable

Interstar Millennium Series 2006-1Trust (Interstar 2006-1):

  -- AUD193.2m Class A1 (ISIN AU300INTE018) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD7.1m Class AB (ISIN AU300INTE026) affirmed at 'AA+sf';
     Outlook Stable
  -- AUD8.4m Class B (ISIN AU300INTE034) affirmed at 'Bsf';
     Outlook Stable

Interstar Millennium Series 2006-2G Trust (Interstar 2006-2G):

  -- USD144.3m Class A1 (ISIN USQ49677AA73) affirmed at
     'AAAsf'/'F1sf'; Outlook Stable
  -- USD132.2m Class A2 (ISIN USQ49677AB56) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD18m Class AB (ISIN AU0000INBHC6) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD21.1m Class B (ISIN AU0000INBHD4) affirmed at 'Bsf';
     Outlook Stable

Interstar Millennium Series 2006-3L Trust (Interstar 2006-3L):

  -- AUD391.4 Class A2 (ISIN AU0000INNHB3) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD30.5m Class AB (ISIN AU0000INNHC1) affirmed at 'AA+sf';
     Outlook Stable
  -- AUD23.3m Class B (ISIN AU0000INNHD9) affirmed at 'Bsf';
     Outlook Stable

Interstar Millennium Series 2006-4H Trust (Interstar 2006-4H):

  -- AUD143.2m Class A2 (ISIN AU3FN0000816) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD26m Class AB (ISIN AU3FN0000824) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD27m Class B (ISIN AU3FN0000832) affirmed at 'Bsf';
Outlook
     Stable


INVESTMENT INTELLIGENCE: ASIC Freezes Funds; Boss Travel Banned
---------------------------------------------------------------
The Australian Securities and Investments Commission said it has
acted to secure funds invested with an online financial mentoring
company, Investment Intelligence Corporation Pty Ltd while it
investigates concerns that the company and its sole director,
Senen Pousa, are carrying on a financial services business
without holding an Australian financial services (AFS) licence.

ASIC has also obtained a prohibition of departure order against
Mr. Pousa of Byron Bay in New South Wales.

On July 26, 2012, ASIC obtained interim orders, by consent, in
the Queensland Supreme Court over AUD3,092,799 held by St George
Bank and AUD313,136 held by American Express Australia in the
accounts of Investment Intelligence.

The matter will return to the Queensland Supreme Court for
further hearing at a later date.

Background

Investment Intelligence sold financial mentoring memberships
through an internet platform called ProphetMax. The membership
involves a number of web-based modules that include general
financial literacy, life coaching and foreign currency trading
advice.

ASIC understands there are over 3,000 members worldwide,
including Australia.

Investment Intelligence recommended that members engage in
foreign currency trading through a broker called IB Capital
registered, in New Zealand.

Members were then instructed by IB Capital to transfer their
funds into an account with ING Bank in the Netherlands. It is
believed that members were told that these funds would then be
used for foreign currency trading by a company in the USA called
Global Forex Management.

ASIC's investigation has revealed that Global Forex Management is
not registered with the Commodities Futures and Trading
Commission (CFTC) in the US to trade in foreign currencies.

Neither Investment Intelligence nor Mr. Senen Pousa hold an AFS
license under the Corporations Act 2001.

ASIC's investigation is continuing in conjunction with
authorities in the US, New Zealand, and the Netherlands.


MARINA OCEANUS: Grant Thornton Appointed as Receivers
-----------------------------------------------------
Quentin Tod at goldcoast.com.au reports that Michael McCann and
Graham Killer, of Grant Thornton Brisbane, have been appointed
receivers to Marina Oceanus.

goldcoast.com.au says the company owns the Marina Mirage marina,
often a mooring ground for the luxury boats of rich-listers.

According to the report, the receivers have taken control of the
83-berth Southport Spit marina, which is one of the legacies of
the late Christopher Skase.

goldcoast.com.au relates that the receivers are expected to put
the property, which is operating as normal, on the market.

The marina, run as Marina Oceanus, was quietly available for sale
last year, with Credit Suisse reportedly in the background, the
report notes.  It fronts the upmarket Skase-built Marina Mirage
retail and dining centre, which has been in the hands of
receivers for two years.

Company Marina Oceanus, associated with Rick Rodwell and Vince
Rizzo, bought the marina for AUD15.5 million in 2005, the report
discloses.

Based in Main Beach, Australia, Marina Oceanus Pty Ltd. operates
floating marina which provides restaurant, fishing, and shopping
services.



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C H I N A
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CHINA TEL GROUP: Unregistered Securities Sale Exceeds Threshold
---------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., has issued the unregistered securities, namely shares
of the Company's Series B common stock.  The Company filed a Form
8-K because the aggregate number of Series B Shares issued
exceeds 5% of the total number of Series B Shares issued and
outstanding as of the Company's latest filed Report, on Form 10-Q
filed on July 5, 2012.

On July 18, 2012, the Company issued 22,060,607 Series B Shares
to Kenneth L. Waggoner, the Company's General Counsel, Executive
Vice-President Legal and Secretary; 22,060,607 Series B Shares to
Carlos Trujillo, the Company's Chief Financial Officer; and
22,060,608 Series B Shares to Kenneth Hobbs, the Company's Vice-
President of Mergers & Acquisitions.  Each issuance independently
represents approximately 11% of the total number of Series B
Shares that are outstanding immediately following the three
issuances in the aggregate.  There was no financial consideration
for the Series B Issuance to Officers.  Therefore, each issuance
is subject to reduction at a ratio of 100:1.

As of July 18, 2012, and immediately following the Series B
Issuance to Officers, the Company has issued and outstanding
1,172,270,160 shares of its Series A common stock, with a par
value of $0.001, and 200,000,000 of its Series B Shares, with a
par value of $0.001.

                        Amendments to Bylaws

On July 18, 2012, the Company filed a Certificate of Change with
the Nevada Secretary of State, which has the effect of amending
the Company's Articles of Incorporation to reduce by a ratio of
100:1 each of the following categories of the Company's equity
securities: (i) issued Series A Shares, (ii) authorized Series A
Shares, (iii) issued Series B Shares, and (iv) authorized Series
B shares.

On July 23, 2012, the Company received approval from the
Financial Industry Regulatory Agency of the Reverse Stock Split,
which will become effective on July 24, 2012, as to the Company's
issued and outstanding Series A Shares.  The Company's Series A
Shares will be quoted under the symbol "VELAD."  The final letter
"D" will drop off 20 business days after July 24, 2012 at which
point the Company's Series A Shares will again be quoted under
the symbol "VELA."

Immediately following final approval of the Reverse Stock Split,
there were 20,000,000 Series A Shares authorized, of which
11,722,702 were issued and outstanding; and 2,000,000 Series B
Shares authorized, of which 2,000,000 were issued and
outstanding.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$13.57 million in total assets, $19.53 million in total
liabilities and a $5.95 million total stockholders' deficiency.



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


ANTIBAC (HK): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Dec. 6, 2011, to
wind up the operations of Antibac (Hong Kong) Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Suite D, 6/F
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


CHINA BUILDTECH: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Feb. 6, 2012, to
wind up the operations of China Buildtech Company Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Suite D, 6/F
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


CHINA WIN: Creditors' Proofs of Debt Due Aug. 13
------------------------------------------------
Creditors of China Win Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 13, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Teresa S W Wong
          10th Floor, Queensway
          Government Offices
          66 Queensway, Hong Kong


CIC RESOURCES: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Feb. 2, 2012, to
wind up the operations of CIC Resources Limited.

The company's liquidator is Bruno Arboit.


CITIFARM LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on July 18, 2012, to
wind up the operations of Citifarm Limited.

The official receiver is Teresa S W Wong.


EVERBEST TECHNOLOGY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on June 25, 2012, to
wind up the operations of Everbest Technology Enterprise Company
Limited.

The company's liquidator is Bruno Arboit.


KIMBERLI CANDY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 1, 2012, to
wind up the operations of Kimberli Candy Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Suite D, 6/F
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


KIMBERLI GROUP: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 1, 2012, to
wind up the operations of Kimberli Group Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Suite D, 6/F
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


KIMBERLI LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 1, 2012, to
wind up the operations of Kimberli Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Suite D, 6/F
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


MAKURA (HK): Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 1, 2012, to
wind up the operations of Makura (Hong Kong) Co., Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Suite D, 6/F
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong



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I N D I A
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ADHUNIK ALLOYS: Inadequate Info Cues Fitch to Migrate Ratings
-------------------------------------------------------------
Fitch Ratings has migrated India-based Adhunik Alloys and Power
Limited's 'Fitch BB+(ind)' National Long-Term rating with 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 AAPL.  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 AAPL's bank loans to the non-monitored
category as follows:

  -- INR2,836.73 million long-term loan: migrated to National
     Long-Term 'Fitch BB+(ind)nm' from 'Fitch BB+(ind)'

  -- INR750 million fund-based limits: migrated to National Long-
     Term 'Fitch BB+(ind)nm' from 'Fitch BB+(ind)'

  -- INR490 million non-fund-based limits: migrated to National
     Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'


DAMARA GOLD: ICRA Assigns '[ICRA]B' Rating to INR5.7cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR5.70
crore1 Term Loan facility of Damara Gold Private Limited. ICRA
has also assigned a short term rating of '[ICRA]A4' to the
INR21.50 crore Non Fund based (Bank Guarantee) bank facility of
Damara Gold Private Limited.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loan                5.70     [ICRA]B assigned
   Non Fund based limits   21.50     [ICRA]A4 assigned
   (Bank Guarantee)

The rating factors in the start-up nature of the company with the
operations yet to break even, leading to significant erosion of
net worth. The rating is further constrained by the company's low
capacity utilization levels, vulnerability of profitability to
fluctuations in gold prices and high competitive intensity
arising out of the highly fragmented nature of the industry. ICRA
notes that the weak financial profile coupled with the debt
repayment burden in the near term exposes the company to
refinancing risk. However, the demonstrated funding support from
promoters, having brought in funds in the form of interest free
unsecured loans provides comfort to some extent. The rating draws
comfort from the track record of the promoters in the gems and
jewellery industry and the strong in-house technical capability
supported by the state of the art manufacturing facility. Going
forward, the company's ability to scale up its operations and
achieve healthy profitability levels remains critical from a
credit perspective.

Incorporated in June 2009, Damara Gold Private Limited is a
closely held private limited company based out of Mumbai,
Maharashtra. The company is engaged in the manufacturing and
selling of gold bangles having commenced active operations from
September 2011. DGPL has set up state of the art manufacturing
facilities at its premises located in Mumbai and currently
focuses on business to business (B2B) sales to wholesalers and
retailers.


DWEKAM ELECTRODES: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has revised ratings assigned to INR8.50 crores fund-based
bank facilities of Dwekam Electrodes Private Limited to '[ICRA]D'
from '[ICRA]BBB'. ICRA has also revised ratings assigned to
INR2.00 crore non-fund based bank facilities of DEPL to '[ICRA]D'
from '[ICRA]A3+'.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              --------    -------
   Fund Based Limits-        6.50      [ICRA]D
   Cash Credit

   Fund Based Limits-        2.00      [ICRA]D
   Term Loans

   Non- Fund Based Limits     2.00     [ICRA]D

ICRA's rating action primarily factors in an instance of delay in
debt servicing by the company. The ratings are also constrained
by the liquidity crunch faced by the company primarily on account
of mounting receivables from certain large contracts. This apart
the highly competitive and fragmented nature of the industry
coupled with fluctuations in prices of raw materials have
resulted in pressure on profitability margins, which in turn has
affected coverage indicators and cash flows. ICRA however takes
note of the DEPL's long track record in manufacturing welding
consumables and more than two decades of experience of the
promoters in the welding consumables industry; company's
extensive distribution network, its diversified product portfolio
and its comfortable capital structure.

Going forward, DEPL's ability to pay installments regularly on
time; scale up its operations and manage its profitability
through cost rationalization initiatives in the scenario of
increased competition will remain key rating sensitivities.

Dwekam Electrodes Private Limited is a private limited company
incorporated in 1980. DEPL is engaged in the manufacturing of
welding consumables such as Manual Metal Arc Welding Electrodes,
Submerged Arc Welding (SAW) Wires & Flux, Flux Cored Arc Welding
Wires and CO2 Welding Wires. The shareholding of the company is
entirely held by promoters and their family members. The
manufacturing facility of DEPL is located in Indore (Madhya
Pradesh) with an installed capacity of 6000 MTPA and the company
sells its products under the 'Dwekam' brand name.

Recent Results:

As per the provisional results, DEPL reported a net profit of
INR0.80 crore on an operating income of INR65 crore for the year
ended March 31, 2012 and a net profit of INR0.36 crore on an
operating income of INR58.73 crore for the year ended March 31,
2011.


G.G. TRONICS: ICRA Rates INR15cr Long Term Loan at '[ICRA]B+'
-------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR15.00 crore fund based limits of G.G. Tronics India Pvt. Ltd.

                                 Amount
   Facilities                   (INR Cr)    Ratings
   ----------                   --------    -------
   Long Term Fund Based Limits     15       [ICRA] B+

ICRA's rating is constrained by the moderate scale of operations
of the company, high working capital intensity and constrained
liquidity due to regular inventory build up and delay in
realizing the payments from one of its major customer. This has
resulted in leveraged capital structure and almost fully utilized
working capital funding. The ratings are also constrained by the
competition faced by the company from global majors, moderate
ability of the company to pass on the imported raw material cost
variations and reliance on contractors in managing the
commissioning of signalling systems across the country. At the
same time ICRA's rating draws comfort from established track
record of the company since 1991 in railway signalling equipment
market categorized by relatively high entry barriers and good
technical expertise of the company in designing Safety-critical
real time embedded systems, good outlook for investment in
railway safety and signalling industry aided by increased
emphasis on safety in the railways and consistent improvement in
the turnover and profitability of the company over last few years
with good return indicators. Increase in the turnover and
maintaining the profitability while aligning the working capital
funding with its requirements are key rating sensitivities.
Company Profile

G.G. Tronics India Private Limited was established in 1991 and is
involved in the business of designing, manufacturing and
supplying of real time embedded systems for transport and
industrial domain. The company has its manufacturing facilities
and in house R&D center located in Peenya Industrial Area in
Bangalore spread over 58,000 sq. ft. GGIPL was certified for ISO
9001:2008 standard in 2009 and its dedicated R&D centers have
been validated as per CENELIC SIL 4 standards* and approved by
Research Design and Standards Organization (RDSO) of Ministry of
Railways. GGIPL designs and manufactures Train Actuated Warning
Device (TAWD), Single Section Digital Axle Counter (SSDAC), Fail
Safe Flasher (FSF) and Fail Safe Timer (FST) and Solid State
Block Proving by Axle Counter etc.

GGIPL registered an operating income of INR30.17 crore and Net
profit of INR1.46 crore for FY 2011 and has recorded turnover of
INR19.6 Cr in 9 months of FY2012.


GRENIC TILES: ICRA Assigns 'B+' Rating to INR10.15cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.15 crore term
loans and INR5.00 crore fund based cash credit facility of Grenic
Tiles Private Limited. ICRA has also assigned an '[ICRA]A4'
rating to the INR2.00 crore short term non fund based facilities
of GTPL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Cash Credit Limit         5.00     [ICRA]B+ assigned
   Term Loan Limit           5.15     [ICRA]B+ assigned
   Bank Guarantee/Inland/    2.00     [ICRA]A4 assigned
   Import LC with fully
   inter-changeability

The ratings take into account the limited track record of the
company's operations; disadvantages arising from its single
product portfolio of ceramic tiles and the highly competitive
business environment given the fragmented nature of the tiles
industry. The ratings also take into account the vulnerability of
GTPL's profitability to the cyclicality associated with the real
estate industry as well as to increasing prices of gas and power.
The ratings, however, favourably considers the long experience of
the key promoters in the ceramic industry, established brand
visibility of its group concerns and the location advantage
enjoyed by GTPL giving it easy access to raw material.

Incorporated in August 2011, Grenic Tiles Private Limited is a
ceramic tiles manufacturer with its plant located at Morbi,
Gujarat and having installed capacity of 36,000 MTPA. The
commercial production commenced in May 2012.GTPL is promoted and
managed by Mr. Bhudar G Patel and Mr. Harshad R. Amrutiya.


HYALINE GLASS: ICRA Assigns 'B+' Rating to INR40.5cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR40.5
Cr bank facilities of Hyaline Glass Works Private Limited. ICRA
has also assigned short term ratings of '[ICRA]A4' to the INR25.0
Cr non fund based limits of the company. This non fund based
facility is a sublimit of the long term facility such that the
total exposure should not increase INR40.5 Cr.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans             34.5      [ICRA]B+ assigned
   Cash Credit             6.0      [ICRA]B+ assigned
   Letter of Credit       25.0      [ICRA]A4 assigned

The assigned rating factors in the favorable project location
with availability of natural gas and high catchment area and
presence of the promoters in liquor retailing which would assist
in initial customer acquisition. However, the ratings are
constrained by the high power costs which could impact the time
to break-even, weak capital structure on account of predominantly
debt funded capex, competition from large players in Gujarat and
substitution risk from plastic and tetra-packs in milk and
pharmaceutical industry. Being in a project phase, the company is
also exposed to implementation risk, though the risk is partially
mitigated by the completion of machine procurement and
finalization of power contract. Going forward, the ratings will
remain sensitive to the company's ability to complete the project
as per schedule as well as its marketing expertise which would
help to ramp up its volumes and achieve cash break even.

Hyaline Glass Works Private Limited was incorporated in July 2009
to manufacture and sell glass containers for various applications
including pharmaceuticals, liquor, dairy among others. The
company is promoted by the Shivhare and the Gupta family. The
Shivhare family is into the business of liquor trade for over two
decades and provides financial support to HGWPL, whereas the
Gupta family has been into manufacturing of glassware for over 12
years and provides the technical know-how to the company. The
company is in a project stage and is setting up a glass container
plant in Dewas district, Madhya Pradesh. The plant will be
installed with automatic glass forming machines which would carry
out the blowing process. The company will be manufacturing bottle
sizes of 100ml and above and will be targeting saline solution
makers, local distilleries and milk associations in M.P. as well
as other neighboring states. The project is spread across eight
acres with a manufacturing capacity of 150 TPD and is targeted to
commence commercial operations from November 2012. The total
project cost is INR55.62 Cr and is funded in a debt and equity
mix of 1.6 to 1


KAMLA LANDMARC: ICRA Rates INR250cr Loan at '[ICRA]B+'
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR250
crore1 fund based bank lines of Kamla Landmarc Real Estate
Holding Private Limited.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Fund Based Limits      250.00     [ICRA]B+ Assigned

The rating factors in permitting risk as approvals for the
project are awaited, market risk as only 10% of the saleable area
is sold as of June, 2012 and funding risk for the project as ~36%
of the budgeted project cost is to be funded through advances
from sale of flats and approximately 42% is to be funded through
promoter's contribution. The timely infusion of balance funds by
the promoters would depend on the cash flows generated from other
projects of the group and would remain a key rating sensitivity.
Though the financial closure has been achieved for INR250 crore
of bank loan for the project only INR70 crore would be disbursed
by the bankers till approvals for Tower A and C is available.

The rating takes into account that the project is running behind
schedule on account of delay in obtaining the approvals required
for commencement of construction and this may result in cost
escalation on account of increase in prices of construction
material and change in design of project as per the new
development control regulations. Nevertheless the rating remains
supported by the attractive project location and experience of
the group in executing real estate projects in Mumbai.

Kamla Landmarc Group was promoted in 1974 by Mr. Ramesh Jain to
undertake construction of residential/commercial projects in
Mumbai. In 2000, Mr. Jitendra Jain, the elder son of Mr. Ramesh
Jain, joined the business. Currently the business is managed by
Mr. Ramesh Jain, his two sons - Jitendra and Jinendra Jain and
his son-in-law Ketan Shah. The group has undertaken around 30
projects in Mumbai in the past with a total constructed area of
1.08 million sq. ft. The group entered the commercial real estate
space in 2004 and has aggressively expanded over the past 5 to 6
years. The group is currently executing 23 projects -- 14
residential projects with a total saleable area of 3.90 million
sq. ft. and 9 commercial projects with a total saleable area of
0.95 million sq. ft.

KLREHPL is a redevelopment project of old Mumbai Housing Board
colony on Link Road, Borivali. KLREHPL purchased the development
rights for the project and proposes to develop three high rise
residential towers on the balance land with a total saleable area
of 1.77 million square feet and 1200 car parking space.


MALWA INDUSTRIES: Delays in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to INR264.35
crore long term fund based bank facilities of Malwa Industries
Limited. ICRA has also reaffirmed the '[ICRA]D' rating assigned
to INR8.15 crore short term non-fund based bank facilities of
MIL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Long Term: Fund          264.35    [ICRA]D/reaffirmed
   Based Limits

   Short Term: Non-Fund       8.15    [ICRA]D/ reaffirmed
   Based Limits

The rating reaffirmation takes into account the delays in the
debt servicing by the company and the stretched financial profile
which is on account of continuous cash losses being incurred by
the company since 2008-09 which has eroded most of the net worth
of the company. This along with modest operating profitability on
account of sub-optimal capacity utilization has resulted in
stretched debt coverage indicators for the company. The debt of
the company was restructured under the CDR in December 2011 which
in addition to providing for moratorium on term loan repayment,
funding for overdue interest and reduction in the interest rates,
also enhanced the working capital limits of the company, which
shall improve the liquidity over the near term. However a
sustained improvement in the financial profile shall be
contingent upon optimal capacity utilization of the manufacturing
units along with improvement in the operating profitability.

MIL was incorporated in March 1993 and is part of the Malwa
Group, earlier known as Vidya Sagar Oswal Group. The other group
companies are Malwa Cotton & Spinning Mills and Oswal Knit India
Limited. MIL has an integrated facility for manufacturing denim
fabric and denim garments located in Ludhiana district of Punjab.
The integrated facility has a spinning unit comprising of 1,840
rotors and 9,516 spindles, a weaving unit comprising of 95 looms,
a garment unit with a capacity of manufacturing 19.2 lac garment
pieces per annum in single shift and a processing unit capable of
providing multiple finishes to the fabric/garment. MIL's
subsidiaries, Third Dimension Apparel in Jordan and Emmetre in
Italy are engaged in the manufacturing to jeans wear and
dyeing/washing of garments respectively. Third Dimension Apparel
has a capacity of manufacturing 40 lac pieces of garments per
annum and Emmetre has a capacity of processing 22.5 lac pieces of
garments per annum.


NICKUNJ EDM: Inadequate Info Cues Fitch to Affirm Ratings
---------------------------------------------------------
Fitch Ratings has migrated India-based Nickunj EDM Wires &
Consumables Pvt Ltd's 'Fitch B+(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 NEWCL.  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 NEWCL's following bank loan ratings as
non-monitored:

  -- INR7.1 million long-term bank loans: migrated to National
     Long-Term 'Fitch B+(ind)nm' from 'Fitch B+(ind)'

  -- INR30 million fund-based limits: migrated to National Long-
     Term 'Fitch B+(ind)nm' from 'Fitch B+(ind)'

  -- INR40 million non-fund-based limits: migrated to National
     Short-Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'


NICKUNJ EXIMP: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Nickunj Eximp Enterprise
Pvt Ltd's 'Fitch B+(ind)' National Long-Term rating with a Stable
Outlook to the non-monitored category.  This rating will now
appear as 'Fitch B+(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 NEEPL.  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 NEEPL's following bank loan ratings as
non-monitored:

  -- INR3.4m long-term bank loans: migrated to National Long-Term
     'Fitch B+(ind)nm' from 'Fitch B+(ind)'

  -- INR180m fund-based limits: migrated to National Long-Term
     'Fitch B+(ind)nm' from 'Fitch B+(ind)'

  -- INR160m non-fund-based limits: migrated to National Short-
     Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'


OMEN VITRIFIED: ICRA Assigns 'B+' Rating to INR19.55cr Loans
------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to INR5.00 crore fund-
based cash credit facility and INR14.55 crore term loan facility
of Omen Vitrified Private Limited.  The rating of '[ICRA]A4' has
also been assigned to the INR1.73 crore short-term non-fund based
facilities of OVPL.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Cash Credit             5.00     [ICRA]B+ assigned
   Term Loan              14.55     [ICRA]B+ assigned
   Bank Guarantee          1.73     [ICRA]A4 assigned

The assigned ratings take into account OVPL's limited track
record of operations and weak financial indicators as reflected
by low profitability, stretched capital structure modest debt
coverage indicators and high working capital intensity. The
ratings also take note of exposure to the availability and
increasing prices of natural gas which forms the major source of
fuel. The ratings are also constrained by vulnerability of OVPL's
profitability and cash flows to cyclicality inherent in the real
estate industry, which is the main consuming sector. Further the
ratings are constrained by highly competitive business
environment on account of presence of large number of organized
as well as unorganized players in the region as well as import of
ceramic tiles from China. However, the ratings favorably factor
in the long experience of the promoters in the ceramic industry
and the location advantage enjoyed by OVPL giving it easy access
to raw material sources.

Omen Vitrified Private Limited was incorporated in July 2010 and
is promoted by Mr. Manish Adroja and other family members. The
company manufactures soluble salt and nano polished vitrified
tiles of size 605x605 mm with its current set of machineries. The
plant is located in Morbi, Gujarat and operates in two shifts of
12 hrs each with an installed capacity of 8200 sq mtrs per day.
The promoters are associated with other concerns viz. Omson
Ceramic, Omexo Tiles, Ajanta Hardware and Khatiyawad Sales with
similar line of business.

Recent Results

During FY 2012 (provisional unaudited financials) the company
reported profit before tax of INR0.03 crore on an operating
income of INR14.74 crore.


R.S.V. CONSTRUCTIONS: Profitability Cues Fitch to Put BB- Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's R.S.V. Constructions Private
Limited a National Long-Term rating of 'Fitch BB-(ind)'.  The
Outlook is Stable.

The ratings reflect RSV's contracting operating profitability and
deteriorating credit metrics for the past two to three years due
to a continuous increase in its working capital requirements.
Provisional results for FY12 (year end March) indicate EBITDA
margins of 8.1% (FY11: 9.2%), financial leverage of 3.5x (2.8x),
and interest coverage 2.5x (2.6x).

The ratings also reflect the company's tight liquidity position
as evident in the above 95% utilization of its working capital
limits in the 12 months ended 30 June 2012.

The ratings, however, draw strength from RSV's revenue growth at
a CAGR of 26% over FY08 to INR433.5m (provisional) in FY12 (FY11:
INR338m), as well from its strong and diversified order book
position both in terms of counterparty and geography.  As at end-
March 2012, order book was INR1.5bn (3.6x of FY12 revenue).

The ratings also reflect the continuous financial support from
RSV's founder through interest-free unsecured loans, which
constituted around 30% of the total debt in FY12.

What Could Trigger A Rating Action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include gross
debt/EBITDA below 2.5x on a sustained basis.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include gross
debt/EBITDA above 4.5x on a sustained basis.

Incorporated in 1995, RSV is a civil contractor mainly focussing
on projects from railways. The company has executed various
projects like constructing roads, railway tracks, bridges,
foundation works and miscellaneous civil works.

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

  -- INR75m fund-based working capital limits: National Long-Term
     'Fitch BB-(ind)' and National Short-Term 'Fitch A4(ind)'
  -- INR150m non-fund-based working capital limits: National
     Short-Term 'Fitch A4(ind)'


SENTOSA GRANITO: ICRA Assigns 'B+' Rating to INR25cr Loans
----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR7.00 crore
fund based cash credit facility and the INR18.00 crore term loans
of Sentosa Granito Private Limited.  The rating of '[ICRA]A4' has
been assigned to the INR2.70 crore short term non fund based
facilities of SGPL.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Cash Credit Limit      7.00      [ICRA]B+ assigned
   Term Loan             18.00      [ICRA]B+ assigned
   Bank Guarantee         2.70      [ICRA]A4 assigned
   Foreign Letter of     (7.64)     [ICRA]A4 assigned
   Credit

The assigned ratings are constrained by SGPL's limited operating
track record, given that operations have commenced recently in
June, 2012 and risks associated with stabilization of plant as
per the expected operating parameters. The ratings also take into
account the vulnerability of SGPL's profitability increase in
natural gas prices as well as to the cyclicality associated with
the real estate industry. Further, the ratings also take note of
highly fragmented industry structure which could limit the
company's ability to fully pass on the increase in raw material
and fuel prices.

The assigned ratings, however, favorably take into account the
long experience of key promoters in the ceramic industry and the
location advantage enjoyed by SGPL giving it easy access to raw
materials.

Sentosa Granito Private Limited is engaged in manufacturing of
vitrified tiles. The company was incorporated in the year 2011
and has its plant situated at Morbi, Gujarat with manufacturing
capacity of 63,800 MTPA. The commercial production of vitrified
tiles of size 24" X 24" (600 X 600 sq. mm) was commenced in June
2012. Further the company plans to introduce new size of 32" X
32" (800 X 800 sq. mm) in double charge vitrified tiles segment
by September 2012.


SERVION GLOBAL: ICRA Upgrades Rating on INR10.5cr Loan to 'B+'
---------------------------------------------------------------
The rating for the INR19.49 crore term loans and long-term fund-
based facilities of Servion Global Solutions Limited has been
revised to '[ICRA]B+' from '[ICRA]B-'.  The rating of '[ICRA]A4'
has been reaffirmed for the INR6 crore short-term, non-fund based
facilities of Servion.

                            Amount
   Facilities               (INR Cr)    Ratings
   ----------               --------    -------
   Fund-based, Long-term      10.50     Revised to [ICRA]B+
   Facilities                           from [ICRA]B-

   Non-fund-based, Short-      6.00     [ICRA]A4 reaffirmed
   term facilities

To arrive at the ratings, ICRA has taken a consolidated view of
the company with its subsidiaries. The upgrade of long-term
rating reflects the improvement in the standalone financial
performance of the company with regularization of term loan
repayments. The ratings are, however, constrained by the weak
consolidated financial profile on account of impairment of
investments in Acqueon Technologies Inc. as well as write-down of
receivables in FY2012. The ratings also factor in the competition
from integrated players who provide the entire range of
consulting services; vulnerability of margins to foreign exchange
fluctuations, with exports constituting ~60% of the revenues; the
threat of attrition rates as is typical across the Indian IT
industry; and the high working capital intensity in the business,
which leads to tight liquidity position as reflected by the high
utilisation of fund-based limits. The ratings, nevertheless,
factor in the favourable demand prospects of the CIM industry in
developing markets; track record of the company of over a decade
in the CIM industry; large diversified customer base across
various verticals; domain expertise in providing end-to-end CIM
solutions with technical knowhow of various telecom platforms;
and established relationships with suppliers and customers, with
long-term contracts providing revenue visibility. The ability of
the company to manage its working capital cycle and liquidity
position would be the key rating sensitivities going forward.

Servion Global Solutions Ltd. was incorporated in 1991 and
commenced operations as the business partner of Avaya (earlier
AT&T and Lucent Technologies). The company is engaged in
providing end-to-end CIM solutions and IP based solutions in the
contact centre space. Servion was established by five first
generation entrepreneurs. The company was a pioneer in
introducing Interactive Voice Response (IVR) systems in India.
Servion has four subsidiaries -- Servion Global Solutions Inc.
(USA), Acqueon Technologies Inc (USA), Servion Global Solutions
MSC Sdn Bhn (Malaysia) and Servion Global Solutions Pte Ltd
(Singapore). It has over 1000 implementations of self-
service/contact centre solutions in 60 countries across various
customer segments.

In 2011-12, the company reported net profit of INR3.5 crore
(provisional) on operating income of INR82.6 crore (provisional)
as against net profit of INR2.8 crore on operating income of
INR76.3 crore in 2010-11.


SWAMI RAMANAND: ICRA Rates INR26cr Term Loan at '[ICRA]B+'
----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR26.00 crore
proposed Term Loan facility of Swami Ramanand Bharti Sahakari
Soot Girni Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loan               26.00    [ICRA]B+ assigned

The assigned rating derives comfort from the financial assistance
provided by Government of Maharashtra (GoM) to the society in
form of long term capital. ICRA further notes that the management
has extensive experience in spinning industry and the mill enjoys
easy access to raw material sources. The assigned ratings are,
however, constrained by small scale of operations in intensively
competitive cotton yarn industry. Further the society has a
limited track record of operations. ICRA also notes that the
society incurred operating losses in FY12 on account of sharp
drop in cotton prices. SRSG is also exposed to the competitive
pressures and fragmented nature of the industry which restricts
the ability of participants to pass on any hike in input costs.

The SRSG was registered in 1992 under the Maharashtra Co-
operative Society Act, 1960 for setting up a spinning unit of
25200 spindles capacity. The society became operational in 2006
due to delays in disbursement of funds from Government of
Maharashtra (GoM). The society has installed capacity of 17616
spindles. The society is presently chaired by Home Minister OF
GoM Mr. R R Patil. The GoM included this mill in VIIIth Five year
plan and has participated in the equity in the ratio of 1: 9
whereby GoM has provided nine times the capital infused by
society members. SRSG is manufacturing carded warp and combed
cotton yarn of count 20's-40's using the staple cotton. SRSG is
also having the ginning and pressing facility and the out of the
total capacity. The society is financially supported under NCDC
scheme for encouraging co-operative textile sector with funding
coming in form of share capital from Maharashtra State
Government.

Recent Results:

SRSG has reported operating losses before depreciation, interest,
amortization and tax (OPBDITA) of INR2.9 crore in FY12 on an
operating income of INR47.4 crore as per the provisional
financials.


V.N.S. SPINNING: ICRA Assigns 'C+' Rating to INR25cr Loans
----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]C+' to the INR21.00
crore term loan facilities and INR4.00 crore fund based
facilities of Sri V.N.S. Spinning Mills India Private Limited.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term loan facilities      21.00    [ICRA]C+ assigned
   Fund based facilities      4.00    [ICRA]C+ assigned

The assigned ratings consider the long-standing experience of the
promoters in the textile industry and the operational backing
from associated concerns lending stability to volumes. The
ratings reflect the financial profile characterized by losses,
high gearing and stretched coverage indicators and the intense
competition in a fragmented industry which restricts pricing
flexibility amidst low product differentiation. The ratings
factor in the Company's nascent stage of operations restricting
the economies of scale and aggressive debt-funded capital
expenditure which is expected to adversely impact cash flows and
capital structure.

Sri V.N.S. Spinning Mills India Private Limited, incorporated in
the year 2007 by Mr. A. Nataraj and family in Tirupur, Tamilnadu
is engaged in the manufacture of combed and semi-combed variety
of cotton yarn in counts ranging from 20s-40s. The Company has a
facility in Akkaraipalayam, Tirupur with an installed capacity of
12,000 spindles. The Company currently caters to the domestic
market with major focus on Tirupur and nearby areas and is a part
of VN Group of Companies having a presence in the garment
industry. SVNS sells more than 40.0 % of its production to its
associate concerns Sri VNS Textiles and VN Export.

Recent Result

The Company had reported net loss of INR5.4 crore on an operating
income of INR19.3 crore during 2011-12, according to unaudited
results.


VISHWANATH PAPER: Delays in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has revised the ratings for the INR22.88 crore sanctioned
fund based limits of Vishwanath Paper & Boards Limited from
'[ICRA]B' to '[ICRA]D'. ICRA has also revised the ratings for
INR9.12 crore sanctioned non fund based Limits of VPBL to
'[ICRA]D'.

                           Amount
   Facilities             (INR Cr)  Ratings
   ----------             --------  ------
   Fund Based Limits        22.88   [ICRA]D Revised from [ICRA]B
   Non Fund Based Limits     9.12   [ICRA]D Revised from [ICRA]A4

The rating action takes into account the stretched liquidity
position of the company due to increased working capital
requirements which has led to delays in servicing of debt
obligations by the company. The firm's working capital limits too
remain fully utilized despite successive enhancement in the same.
Further the rating is constrained by the company's presence in a
single product segment, i.e. kraft paper (largely used for making
cartons and packaging boxes), which is amongst the lower end of
the various paper product segments; its modest size of operations
and highly fragmented industry structure. Moreover the
contribution levels and profitability margins of the company
remain exposed to any volatility in waste paper prices. Although
the firm has a strong operational profile marked by a steady
growth in operating income and improvement in capacity
utilization of the manufacturing unit, the ratings have been
constrained by the delays in debt servicing by the firm.
Going forward, the ability to improve its debt servicing, and
management of working capital requirements will remain key rating
sensitivities for the firm.

Vishwanath Paper and Boards Ltd established in 2008 is a
manufacturer kraft paper from recyclable waste paper. The company
was promoted by Mr Pankaj Gupta. The shares of the company are
closely held by promoters and family. VPBL has set up a kraft
paper manufacturing unit with a capacity of 50000 MT p.a. at a
total project cost of INR27.0 crores. The unit is located at
Kashipur, Uttarakhand. The plant commenced operations in April
2009.

Recent Results

The company reported operating income of INR118.03crores and PAT
of INR1.60 crores during the financial year ending March,2012, as
against operating income of INR102.55 crores and PAT of INR0.92
crores during FY 2011.


ZION STEEL: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------
Fitch Ratings has migrated India-based Zion Steel Limited's
'Fitch B(ind)' National Long-Term rating with Stable Outlook to
the non-monitored category.  This rating will now appear as
'Fitch B(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 ZSL.  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 ZSL's bank loans to the non-monitored
category as follows:

  -- INR339.6m long-term loan: migrated to National Long-Term
     'Fitch B(ind)nm' from 'Fitch B(ind)'
  -- INR62m fund-based limits: migrated to National Long-Term
     'Fitch B(ind)nm' from 'Fitch B(ind)'



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


OLYMPUS CORP: Irked by Terumo Declaring Merger Plan
---------------------------------------------------
Jiji Press reports that Terumo Corp. rankled Olympus Corp.
Thursday by publicizing the business integration proposal it made
to the struggling optical equipment maker, sources said.

Jiji Press says Terumo, a major medical equipment maker, abruptly
announced the proposal even though the two sides remain in
negotiations.

"I can't understand what they were thinking," an Olympus
executive said in anger.

According to the report, sources said the announcement may
backfire and help Sony Corp., which is believed to have gained
the upper hand in its bid to woo Olympus.

Jiji Press relates that Terumo is proposing investing
JPY50 billion in the scandal-hit company and forming a panel to
discuss setting up a joint holding company.  The holding company
system would allow Olympus to stay independent to some extent
after integration, the report notes.

But the sources said Terumo made the integration proposal before
the camera maker's accounting scandal broke last year. Although
their negotiations were temporarily halted by the confusion
caused by the scandal, more than six months have passed without
major signs of progress, according to Jiji Press.

"We cannot participate in negotiations that take business
integration for granted," the report quotes an Olympus executive
as saying.

According to Jiji Press, Terumo apparently made the unusual
announcement in an effort to turn the tables on Olympus.

Instead, the action appears to have irritated the company. Terumo
is running the risk of damaging ties with Olympus established
through their cooperation in the medical equipment business, the
sources, as cited by the report, said.

                         About Olympus Corp.

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

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



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


FELTEX CARPETS: Liquidators Hit E&Y With NZ$12MM Claim
------------------------------------------------------
Tamlyn Stewart at stuff.co.nz reports that the liquidators of
Feltex Carpets are claiming more than NZ$12 million from auditors
Ernst & Young, arguing that the firm breached the terms of its
contract, and the duty of care and skill that it owed the failed
carpet maker.

Stuff.co.nz, citing court documents, relates that liquidators
Peri Finnigan and Iain McLennan of McDonald Vague said in their
statement of claim filed last November that breach of contract
caused Feltex to breach its listing rules, mislead the market and
be liable to shareholders who invested during the period of
breach.

Thousands of shareholders invested NZ$250 million in Feltex when
it listed on the NZX in June 2004. Two years later it was placed
in receivership, then liquidation and shareholders lost their
entire investment, stuff.co.nz recalls.

In August 2010, stuff.co.nz recalls, the directors of Feltex were
charged in Auckland District Court with misleading investors.
The charges related to Feltex's December 31, 2005 half-year
financial statements which did not disclose that the company had
breached the terms of its bank debt and did not properly classify
debt to ANZ as "current liabilities", meaning the bank had the
right to call them in on 30 days' notice.

stuff.co.nz relates that Feltex directors John Feeney, John
Hagen, Peter Hunter, Tim Saunders and Peter Thomas successfully
defended the charges by arguing they had taken all reasonable
steps to ensure compliance, and they had been assured by
accounting firm Ernst & Young that the reports were adequate.

The directors were acquitted and the judge said they had been
entitled to rely on professional advice, the report relays.

Now the liquidators are pursuing the auditors who gave that
professional advice, claiming NZ$5,981,503 from Ernst & Young
New Zealand, and NZ$6,048,670 million from Ernst & Young
Australia, plus interest and costs, according to stuff.co.nz.

The liquidators, as cited by stuff.co.nz, claim that Ernst &
Young failed to alert Feltex that it needed to disclose the
breach of its terms of bank debt and that it had to be classified
in its accounts as current liabilities. They also argue that the
auditors failed to ask the company enough, or any, questions
about the banking arrangements to be able to comply with their
duty, and Feltex's resulting liability to shareholders was caused
by Ernst & Young's failures, the report adds.

However, the audit firm denies it is to blame.  The fault, it
said, lies with Feltex, which failed in the duty that it owed
Ernst & Young by not giving it all the relevant information,
reports stuff.co.nz.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


LDC FINANCE: PricewaterhouseCoopers Step Down as Receivers
----------------------------------------------------------
Matt Nippert at stuff.co.nz reports that receivers of LDC Finance
have stood down, citing conflict of interest following an adverse
High Court ruling and ongoing litigation.

stuff.co.nz notes that LDC and fellow Nelson finance company F&I
both collapsed in 2007, and PricewaterhouseCoopers Malcolm Hollis
and John Fisk were appointed receivers of LDC.

According to the report, Mr. Hollis announced on Friday that PwC
were withdrawing as receivers following a tangle of court action
over a series of transactions between the two companies in 2006
and 2007 that swapped good F&I loans for ultimately worthless
shares in LDC.

Stuff.co.nz relates that investors in F&I claimed the swaps
should not have gone ahead, and Justice John Fogarty, sitting in
the High Court Wellington, agreed.

Justice Fogarty ruled in May more than NZ$9 million held by PwC
should be returned to investors in F&I.

The report says PwC has appealed this ruling, but the F&I
investors have used the judgment as ammunition in a legal claim
against the accounting giant over their advice given to LDC
directors during the loans-for-shares swap.

"The existence of this claim against PwC may create the
perception that PwC is in a conflict of interest," Mr. Hollis
said in a letter to investors cited by stuff.co.nz.

Stuff.co.nz relates that the letter said following discussions
with trustee Perpetual "PwC has decided that the receivership of
LDC ought to be handled by a receiver other than PwC."

Richard Simpson and David Ruscoe of Grant Thornton will take over
receivership of LDC, the letter, as cited by stuff.co.nz, said.

                          About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments.
Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
Receivers.


NATIONAL FINANCE: Braithwaite Guilty of Misleading Investors
------------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that Carol Anne
Braithwaite has been found guilty of misleading National Finance
investors.

The report says the 53-year-old was convicted Friday on one
charge of making untrue statements in a National Finance 2000
prospectus.

The charge carries a maximum penalty of five years in jail or a
fine of NZ$300,000, says nzherald.co.nz.

Ms. Braithwaite, the former wife of jailed National Finance
boss Trevor Ludlow, is the first director from a failed
New Zealand finance company to have a case before a jury,
according to the report.

nzherald.co.nz relates that the jury of 12 had been deliberating
since July 25 and reached a majority rather than a unanimous
verdict on Friday.  This means 11 of them all believed
Braithwaite was guilty while one juror believed she was not
guilty.

nzherald.co.nz reports that the Financial Markets Authority (FMA)
has welcomed the guilty verdict.

FMA Head of Enforcement Belinda Moffat said the decision should
act as a reminder for what is reasonably expected of directors in
their governance role and disclosure document obligations, the
report adds.

                       About National Finance

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

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

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


PENINSULA CLUB: Statutory Manager Wins Court Battle
---------------------------------------------------
NBR Online reports that corporate recovery specialist Rod
Pardington won't be removed from the statutory management of the
Peninsula Club retirement village in Whangaparoa -- now spanning
17 years.

According to the news agency, the recovery partner at Deloitte
has had proceedings, brought by village developers Garry and
Wendy Crawford, thrown out of Auckland High Court.

NBR Online relates that Justice Judith Potter struck out the
Crawford's claim, saying they were unable to make out their case
Mr. Pardington breached his statutory duty.

NBR Online notes that the Crawfords are trustees of six entities
associated with the village and placed in statutory management,
by order of the governor general, in October 1994 when it was on
the verge of collapse.

Earlier this month, the report recalls, the court heard how the
Crawford's fears a 17-year-old GST claim, now worth NZ$9 million,
could come back to bite them was one reason they wanted the
statutory management terminated and all funds and documents
transferred to them.

They were critical of Mr. Pardington's statutory management and,
in particular, their inability to have access to the retirement
village entities and the cashflow generated from them, the report
relays.

According to the report, Justice Potter found Mr. Pardington's
duties under the Corporations Act were public duties, to which
private law rights couldn't be attached.

Mr. Pardington's lawyer Ralph Simpson told the court during
proceedings that negotiations with IRD were expected to be
concluded by October and the end of the 17-year-old statutory
management was in sight, NBR Online reports.



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


ABN AMRO: Creditors' Proofs of Debt Due Aug. 23
-----------------------------------------------
Creditors of ABN Amro Fund Services (Singapore) Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 23, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


ARIES CAPITAL: Creditors' Proofs of Debt Due Aug. 23
----------------------------------------------------
Creditors of Aries Capital Private Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 23, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


ASIA REAL: Creditors' Proofs of Debt Due Aug. 23
------------------------------------------------
Creditors of Asia Real Estate Fund Management Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 23, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


BEDDING SOLUTIONS: Court to Hear Wind-Up Petition Aug. 10
---------------------------------------------------------
A petition to wind up the operations of Bedding Solutions
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on Aug. 10, 2012, at 10:00 a.m.

Foamax Bedding SDN BHD filed the petition against the company on
July 18, 2012.

The Petitioner's solicitors are:

         Messrs Lim & Lim LLC
         8 Wilkie Road, #04-09
         Wilkie Edge
         Singapore 228095


BLUEWELL SERVICES: Creditors' Proofs of Debt Due Aug. 23
--------------------------------------------------------
Creditors of Bluewell Services (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 23, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


CFG INVESTMENT: Moody's Assigns 'Ba3' Rating to US$300MM Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 senior
unsecured bond rating on the US$300 million 9.75% 7 year-notes
due 2019 issued by CFG Investment S.A.C., a wholly owned
subsidiary of China Fishery Group Limited ("CFG"). The notes are
unconditionally and irrevocably guaranteed by CFG.

Ratings Rationale

Moody's has removed the provisional status of the bond rating on
this debt obligation, assigned on July 17, 2012; the final terms
and conditions on the bond are consistent with Moody's
expectations.

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

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

CFG, listed in Singapore, is engaged mainly in supply of fishery
products, mainly Alaskan pollock from Russian waters and fishmeal
production in Peru. Its catches are processed on board and
frozen, packed, and delivered to market. It is 36% effectively
owned by Pacific Andes International Holdings Ltd, a Hong Kong-
listed integrated fish and seafood product processor.


CHIC SINGAPORE: Creditors' Proofs of Debt Due Aug. 23
-----------------------------------------------------
Creditors of Chic Singapore Holding Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 23, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


CITIMEX MARKETING: Court to Hear Wind-Up Petition Aug. 3
--------------------------------------------------------
A petition to wind up the operations of Citimex Marketing
(S'pore) Pte Ltd will be heard before the High Court of Singapore
on Aug. 3, 2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
July 10, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


CLOUD 9: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------
Creditors of Cloud 9 Lifestyle Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Aug. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


DAY SURGERY: Creditors Get 42% Recovery on Claims
-------------------------------------------------
Day Surgery International Pte Ltd declared the first and final
dividend on July 27, 2012.

The company paid 42% to the received claims.


DIAMOND PRECISION: Members' Final Meeting Set for Aug. 28
---------------------------------------------------------
Members of Diamond Precision Industries (S) Pte Ltd will hold
their final general meeting on Aug. 28, 2012, at 10:00 a.m., at
25 International Business Park, #04-22/26 German Centre, in
Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.



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


* SRI LANKA: Sales Out Hike May Start Long Term Trend, Fitch Says
-----------------------------------------------------------------
The recent increase in foreign bond sales out of Sri Lanka could
be the start of a long-term trend for stronger entities
attempting to overcome weak domestic liquidity, Fitch Ratings
says.

Sri Lankan authorities are encouraging institutions to borrow
offshore in a bid to bolster foreign-currency inflows.  This
could reduce near-term stress on the balance of payments and
domestic liquidity, resulting in an easing of local interest
rates.  For example, the central bank has permitted a 23% cap on
annual loan growth for banks if additional financing is obtained
offshore.  The limit is 18% if lending is financed domestically.

The increased frequency of sovereign issuance across five- to 10-
year maturities has also provided greater price discovery for
investors, and created a benchmark for potential corporate
issuers.  The sovereign has sold a total of USD4bn in five
transactions since 2007.  The 10.5x oversubscription of its 10-
year USD1bn bond on 18 July highlights strong investor appetite,
supported by the sovereign's record of debt-servicing.  Fitch
upgraded Sri Lanka to 'BB-' from 'B+' in July 2011.

There is a cost benefit in sourcing external debt for most
issuers, but risks need to be addressed -- particularly in the
absence of a deep domestic swap market.  These risks centre on
foreign currency, refinancing and the sovereign's own credit
profile.

Commercial banks have the ability to mitigate associated risks to
a large degree, as they cater to credit demand from exporters
that generally lack the scale to tap global bond markets on their
own.  Larger export-driven corporates that can borrow externally
will also be able to manage risks, so long as external debt is
maintained at a reasonable level in relation to the size and
volatility of their external free cash flow. However, Sri Lanka
remains exposed to volatile short-term capital flows given its
persistent basic balance deficit.  It may therefore be prudent
for corporates to build in dollar sinking funds to meet
repayments in the event of any unexpected blow to external free
cash flow.

Issuers that do not benefit from external receipts, or do not
directly cater to exporter demand, may need to hedge associated
risks to a large extent in order to strike a balance between
lower borrowing costs and balance sheet volatility.

Historically, a few local corporates and banks have actively
sought and successfully sourced medium-term foreign funding,
largely from multilateral agencies.  But issuance has increased
recently, with Bank of Ceylon (IDR: 'BB-') issuing USD500m of
five-year bonds in May 2012.  Others are in the pipeline, subject
to market conditions.



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


* BOND PRICING: For the Week July 23 to July 27, 2012
-----------------------------------------------------


Company              Coupon    Maturity   Currency  Bid Price
-------              ------    --------   --------  ---------

  AUSTRALIA
  ---------


COM BK AUSTRALIA      1.50      04/19/22      AUD      69.88
EXPORT FIN & INS      0.50      06/15/20      NZD      74.04
MIDWEST VANADIUM     11.50      02/15/18      USD      63.38
MIDWEST VANADIUM     11.50      02/15/18      USD      62.83
MIRABELA NICKEL       8.75      04/15/18      USD      71.63
MIRABELA NICKEL       8.75      04/15/18      USD      72.25
NEW S WALES TREA      0.50      09/14/22      AUD      67.93
NEW S WALES TREA      0.50      10/07/22      AUD      67.74
NEW S WALES TREA      0.50      10/28/22      AUD      67.57
NEW S WALES TREA      0.50      11/18/22      AUD      68.62
NEW S WALES TREA      0.50      12/16/22      AUD      68.42
NEW S WALES TREA      0.50      02/02/23      AUD      68.06
NEW S WALES TREA      0.50      03/30/23      AUD      67.65
TREAS CORP VICT       0.50      08/25/22      AUD      68.02
TREAS CORP VICT       0.50      03/03/23      AUD      68.58
TREAS CORP VICT       0.50      11/12/30      AUD      51.53


  CHINA
  -----

CHINA GOVT BOND       4.86      08/10/14      CNY     104.78
CHINA GOVT BOND       1.64      12/15/33      CNY      69.72


  INDIA
  -----

AKSH OPTIFIBRE        1.00      02/05/13      USD      70.31
JCT LTD               2.50      04/08/11      USD      20.00
JSL STAINLESS LT      0.50      12/24/19      USD      66.12
MASCON GLOBAL LT      2.00      12/28/12      USD      10.00
PRAKASH IND LTD       5.63      10/17/14      USD      70.58
PRAKASH IND LTD       5.25      04/30/15      USD      61.80
PYRAMID SAIMIRA       1.75      07/04/12      USD       1.00
REI AGRO              5.50      11/13/14      USD      68.65
REI AGRO              5.50      11/13/14      USD      68.65
SHIV-VANI OIL         5.00      08/17/15      USD      53.00
SUZLON ENERGY LT      5.00      04/13/16      USD      56.88


  JAPAN
  -----

COVALENT MATERIA      2.87      02/18/13      JPY      62.41
ELPIDA MEMORY         2.03      03/22/12      JPY      14.50
ELPIDA MEMORY         2.10      11/29/12      JPY      14.50
ELPIDA MEMORY         2.29      12/07/12      JPY      14.50
ELPIDA MEMORY         0.50      10/26/15      JPY      14.50
ELPIDA MEMORY         0.70      08/01/16      JPY      14.75
JPN EXP HLD/DEBT      0.50      09/17/38      JPY      64.59
JPN EXP HLD/DEBT      0.50      03/18/39      JPY      64.21
TOKYO ELEC POWER      1.22      07/29/20      JPY      74.50
TOKYO ELEC POWER      1.16      09/08/20      JPY      74.00
TOKYO ELEC POWER      1.63      07/16/21      JPY      74.13
TOKYO ELEC POWER      2.35      09/29/28      JPY      68.63
TOKYO ELEC POWER      2.40      11/28/28      JPY      68.63
TOKYO ELEC POWER      2.21      02/27/29      JPY      68.00
TOKYO ELEC POWER      2.11      12/10/29      JPY      67.13
TOKYO ELEC POWER      1.96      07/29/30      JPY      65.75
TOKYO ELEC POWER      2.37      05/28/40      JPY      63.12


M A L A Y S I A
---------------

DUTALAND BHD          7.00      04/11/13      MYR       0.95


  PHILIPPINES
  -----------

BAYAN TELECOMMUN     13.50      07/15/49      USD      20.50
BAYAN TELECOMMUN     13.50      07/15/49      USD      20.50


  SINGAPORE
  ---------

BAKRIE TELECOM       11.50      05/07/15      USD      59.75
BAKRIE TELECOM       11.50      05/07/15      USD      59.50
BLD INVESTMENT        8.63      03/23/15      USD      62.08
BLUE OCEAN           11.00      06/28/12      USD      37.63
BLUE OCEAN           11.00      06/28/12      USD      37.98
CAPITAMALLS ASIA      2.15      01/21/14      SGD      99.72
CAPITAMALLS ASIA      3.80      01/12/22      SGD     101.25
DAVOMAS INTL FIN     11.00      12/08/14      USD      28.13
DAVOMAS INTL FIN     11.00      12/08/14      USD      28.29
F&N TREASURY PTE      2.48      03/28/16      SGD     100.14
F&N TREASURY PTE      3.15      03/28/18      SGD     100.44
SENGKANG MALL         4.88      11/20/12      SGD     100.44


  SOUTH KOREA
  -----------

EXP-IMP BK KOREA      0.50      08/10/16      BRL      72.48
EXP-IMP BK KOREA      0.50      09/28/16      BRL      71.86
EXP-IMP BK KOREA      0.50      10/27/16      BRL      71.37
EXP-IMP BK KOREA      0.50      11/28/16      BRL      70.83
EXP-IMP BK KOREA      0.50      12/22/16      BRL      70.76
EXP-IMP BK KOREA      0.50      01/25/17      TRY      72.48
EXP-IMP BK KOREA      0.50      10/23/17      TRY      68.93
EXP-IMP BK KOREA      0.50      11/21/17      BRL      65.53
EXP-IMP BK KOREA      0.50      12/22/17      TRY      68.08
EXP-IMP BK KOREA      0.50      12/22/17      BRL      64.76
GREAT KO 3RD ABS     10.00      12/29/14      KRW      30.28
GYEONGGI MUTUAL       8.50      08/29/14      KRW      86.13
KIBO GRE 1ST ABS     10.00      01/25/15      KRW      30.16
SINBO CO 3RD ABS     10.00      09/29/14      KRW      30.27


  SRI LANKA
  ---------

SRI LANKA GOVT        5.80      01/15/17      LKR      71.62
SRI LANKA GOVT        8.50      07/15/18      LKR      74.64
SRI LANKA GOVT        7.50      08/15/18      LKR      70.24
SRI LANKA GOVT        8.50      05/01/19      LKR      71.94
SRI LANKA GOVT        6.20      08/01/20      LKR      61.67
SRI LANKA GOVT        8.00      01/01/22      LKR      65.82
SRI LANKA GOVT        7.00      10/01/23      LKR      55.48
SRI LANKA GOVT        5.35      03/01/26      LKR      45.15
SRI LANKA GOVT        8.00      01/01/32      LKR      56.13


  THAILAND
  --------

BANGKOK LAND          4.50      10/13/03      USD       5.50



                             *********

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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