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                      A S I A   P A C I F I C

           Wednesday, August 1, 2012, Vol. 15, No. 152

                            Headlines


A U S T R A L I A

AUSTASIA MILLING: Administrators Deny Reports on Mill Closure
RETRAVISION SOUTHERN: Placed Into Creditors' Liquidation
SKY SHADES: ASIC Probes Sun Shade Venture Collapse


C H I N A

CHINA FISHERY: Fitch Puts 'BB' Rating on $300-Mil. Notes


H O N G  K O N G

MEI CHIU: Court Enters Wind-Up Order
NEW PING: Court Enters Wind-Up Order
OLDMAX LIMITED: Court Enters Wind-Up Order
ORIENTAL RESOURCES: Court Enters Wind-Up Order
PEDAGOGIC INNOVATIONS: Court to Hear Wind-Up Petition on Aug. 15

PREMIUM PRODUCTS: Court to Hear Wind-Up Petition on Aug. 22
PETS CENTRAL: Court to Hear Wind-Up Petition on Sept. 26
PETS CENTRAL ASIA: Court to Hear Wind-Up Petition on Sept. 26
QINDA K-GOLD: Court to Hear Wind-Up Petition on Sept. 19
RIGHT TOP: Court Enters Wind-Up Order

TACK CHEUNG: Court Enters Wind-Up Order
TAT KWONG: Court Enters Wind-Up Order
UNIMAX HOLDINGS: Court Enters Wind-Up Order
VEE PEE: Court Enters Wind-Up Order
VIGITAL TECHNOLOGY: Court to Hear Wind-Up Petition on Aug. 29

VISION CARE: Court Enters Wind-Up Order
WISE RHYTHM: Court Enters Wind-Up Order
ZTEE ELECTRONICS: Court Enters Wind-Up Order


I N D I A

AKM ENTERPRISES: Delays in Loan Payment Cues CRISIL Junk Ratings
DECCAN CHRONICLE: Faces Liquidation Bid After Defaulting Loan
ELAN AUTO: CRISIL Places 'B+' Rating on INR105MM Loans
EMCO PRESSMASTER: ICRA Rates INR30MM Cash Credit at 'CRISIL B'
GARGO MOTORS: CRISIL Upgrades Rating on INR65MM Loans to 'B+'

HI DESIGN: Delays in Loan Payment Cues CRISIL Junk Ratings
HYDERABAD POLLUTION: CRISIL Rates INR17.5MM Loan at 'CRISIL B'
JASLEEN ENTERPRISES: CRISIL Puts 'D' Ratings to INR99.5MM Loans
MAHABIR POULTRY: CRISIL Assigns 'B' Rating to INR85.2MM Loans
MOHANLAL MADHAWJEE: CRISIL Rates INR60MM Loan at 'CRISIL B+'

M.R.S. SHRI: CRISIL Assigns 'CRISIL D' Rating to INR150MM Loans
RUSHIKESH PAPER: CRISIL Assigns 'B' Rating to INR61.5MM Loans
SILVER SIGN: CRISIL Assigns 'B' Rating to INR50MM Loans
WOCKHARDT LTD: Completes Sale of Nutrition Biz to Danone


K O R E A

HYUNDAI STEEL: Moody's Says 2Q Results Credit Positive
* Moody's Says Rating Trend for Asia Corporates Stays Neg. in 2Q


N E W  Z E A L A N D

INDEPENDENT SCAFFOLDING: Placed In Liquidation Over Unpaid Taxes
PIKE RIVER: Receivers No Pleas on 10 Incident-Related Charges
SOUTHDOWN HOLDINGS: In Liquidation; Owes NZ$320,000 to ECan


S I N G A P O R E

GROUND ENVIROTECT: Creditors' Proofs of Debt Due Aug. 27
HG ASIA: Court Enters Wind-Up Order
MELEWAR ACADEMIA: Court to Hear Wind-Up Petition Aug. 10
MERIDIAN JC: Creditors' Proofs of Debt Due Aug. 27
MITRA HEALTHCARE: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AUSTASIA MILLING: Administrators Deny Reports on Mill Closure
-------------------------------------------------------------
The Young Witness reports that John Vouris from Lawler Partners,
who has just been appointed as administrator for the AustAsia
Milling Pty Ltd, asserted that rumors of Young's flour mill
closing are false.

The Young Witness relates that Young Shire Council's general
manager Peter Vlatko dismissed such rumors on July 26 following a
meeting the company held with employees and growers five days
earlier.

"The rumors are false -- we are confident in maintaining the
business and it's still operational," the report quotes
Mr. Vouris as saying.  "It's business as usual."

Mr. Vouris, as well as Brad Tonks, both of the business recovery
team at Sydney accounting firm Lawler Partners were appointed
voluntary administrators of the company on July 27 after a
resolution was passed by its board of directors.

According to the report, Mr. Vouris said they will continue to
trade the business with the support of the company's employees,
customers and suppliers.

They will also be working closely with the company's stakeholders
in preparation for the first meeting of creditors which will be
held on Wednesday, August 8, at the Young Services Club, the
report relays.

"We intend to trade the business and are working with the board,
employees, customers and suppliers, and are hopeful that a Deed
of Company Arrangement proposal will be submitted that will
maximise a return to creditors," The Young Witness quotes Mr.
Vouris as saying.

Established in 1888, AustAsia Milling Pty Ltd --
http://www.austasiamilling.com/-- is a supplier in the flour
milling, stockfeed and grain industries.  The company is based in
Young, New South Wales.


RETRAVISION SOUTHERN: Placed Into Creditors' Liquidation
--------------------------------------------------------
Claire Reilly at Current.com.au reports that Retravision Southern
has finally been placed into liquidation following the second
meeting of creditors in Melbourne late last week.

Liquidator Bryan Webster of KordaMentha told Current.com.au that
placing Retravision Southern into liquidation was the only option
going forward.

"The creditors voted to place the companies into liquidation, so
that's occurring effective today [July 26]," the report quotes
Mr. Webster as saying.

"There was no deed of company arrangement being proposed, so
obviously if there's no option for the creditors to vote on a
deed because nobody's put up a deed, then invariably the company
will be placed into liquidation.

According to the report, Mr. Webster said the priority for the
liquidators is to finalize accounts so that debts can be
recovered and viable Retravision stores can be allowed to exit
the group.

"I think everyone's aware that we're there and we're realising
these assets of Retravision Southern Limited, and we're going
through the reconciliations of the stores so that stores can pay
out their accounts," he said.  "We've now got a majority of
stores that have exited or are in the process of being exited."

"There are approximately 45 who have exited. Then you've got a
lot of stores that have paid their accounts up to date but there
are just some claims that we're working through with them,
utilising the remaining RVS staff."

                     About Retravision Southern

Based in Blackburn, Australia, Retravision Southern Limited RVS
acts as the buying and marketing licensor for retailers of
electrical goods operating under the Retravision brand in
Victoria, Southern New South Wales and Tasmania.

Bryan Webster and Leanne Chesser of KordaMentha were appointed
voluntary administrators of Retravision Southern Limited on
May 21, 2012.  The appointment is not over the independent
Retravision stores, which continue to operate. Nor does it apply
to Retravision Western and Retravision Northern, which operate in
other States and northern NSW.


SKY SHADES: ASIC Probes Sun Shade Venture Collapse
--------------------------------------------------
smh.com.au's BusinessDay reports that the Australian Securities
and Investments Commission is investigating Sky Shades Australia,
a struggling sun shade venture headed by prominent Queensland
business figure Barry Maranta and endorsed by golfing legend Greg
Norman.

About AUD7.6 million raised from investors has been lost in the
collapse of Sky Shades' US arm, while millions more is
potentially at risk in Australia, the report says.

BusinessDay relates that ASIC investigation comes as a court-
appointed liquidator begins to sift through the ashes of a failed
company within the group.

According to the report, Sky Shades Australia was liquidated by
order of the Queensland Supreme Court a little over a week ago,
and the main Australian company, Sky Shades Holdings, is at risk
of being wound up by the New South Wales Supreme Court over a
$250,000 rent bill.

It is believed the watchdog's probe relates to the issue in 2008
of $7.6 million worth of convertible notes, used to fund Sky
Shades' ill-fated US arm, the report says.

That company, Sky Shades Holdings LLC, collapsed into bankruptcy
protection in 2010.

Meanwhile, BusinessDay reports that Sky Shades Australia
liquidator Morgan Lane, of Worrells, said he has written to
Mr. Maranta and company secretary John Hill seeking copies of the
company's books and records.

The report relates that Mr. Lane said the three directors of Sky
Shades Australia -- Paul Reynolds, Laurence Bradbrook, and
Claudio Favalli -- told him the company had not traded since
October last year.



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


CHINA FISHERY: Fitch Puts 'BB' Rating on $300-Mil. Notes
--------------------------------------------------------
Fitch Ratings has assigned China Fishery Group Limited's (CFGL,
'BB'/Stable) USD300 million 9.75% notes due 2019 a final 'BB'
rating.  The notes are issued by CFG Investment S.A.C. and
irrevocably and unconditionally guaranteed by CFGL.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the
final rating is in line with the expected rating assigned on 16
July 2012.

CFGL's rating is supported by its strong operating performance,
prudent financial management and the fishery industry's strong
fundamentals.  The rating is, however, constrained by CFGL's
operating scale, which it is unable to expand meaningfully
without taking on more debt, as well as its limited
diversification in terms of geographical operations.

What Could Trigger a Rating Action?

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

  -- an increase of CFGL's operating scale with EBITDAR exceeding
     USD500m on a sustained basis
  -- adjusted net debt/EBITDAR below 2.0x

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

  -- adjusted net debt/EBITDAR above 2.75x
  -- operating EBITDAR margin below 30%
  -- events that cripple its fishing fleet operation leading to a
     sustained reduction of its operating scale
  -- the linkage with its immediate parent, Pacific Andes
     Resourced Development Limited, and ultimate parent company,
     Pacific Andes International Holdings Ltd is deemed stronger
     than Fitch's expectations, resulting in CFGL's rating being
     constrained by the weaker credit profile of its parents.



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


MEI CHIU: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on July 18, 2012, to
wind up the operations of Mei Chiu Plastic Factory Limited.

The official receiver is Teresa S W Wong.


NEW PING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on April 19, 2012,
to wind up the operations of New Ping Shek Development Limited.

The company's liquidator is Bruno Arboit.


OLDMAX LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on June 5, 2012, to
wind up the operations of Oldmax Limited.

The company's liquidator is Bruno Arboit.


ORIENTAL RESOURCES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 21, 2012, to
wind up the operations of Oriental Resources International
Limited.

The company's liquidator is Bruno Arboit.


PEDAGOGIC INNOVATIONS: Court to Hear Wind-Up Petition on Aug. 15
----------------------------------------------------------------
A petition to wind up the operations of Pedagogic Innovations
Limited will be heard before the High Court of Hong Kong on
Aug. 15, 2012, at 9:30 a.m.

Ho Man Kit John filed the petition against the company on
March 30, 2012.

The Petitioner's solicitors are:

          Tang, Wong & Cheung
          20th Floor, Two Grand Tower
          625 Nathan Road
          Mongkok, Kowloon
          Hong Kong


PREMIUM PRODUCTS: Court to Hear Wind-Up Petition on Aug. 22
-----------------------------------------------------------
A petition to wind up the operations of Premium Products Asia
Pacific Limited will be heard before the High Court of Hong Kong
on Aug. 22, 2012, at 9:30 a.m.

Candid Investments Limited filed the petition against the company
on June 18, 2012.

The Petitioner's solicitors are:

          Gall
          Room 302, 3rd Floor
          Dina House, Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong


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

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

The Petitioner's solicitors are:

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


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

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

The Petitioner's solicitors are:

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


QINDA K-GOLD: Court to Hear Wind-Up Petition on Sept. 19
--------------------------------------------------------
A petition to wind up the operations of Qinda K-Gold Company
Limited will be heard before the High Court of Hong Kong on
Sept. 19, 2012, at 9:30 a.m.

Wai Kim Hung Janet filed the petition against the company on
July 12, 2012.

The Petitioner's solicitors are:

          Johnnie Yam, Jacky Lee & Co
          5th Floor, San Toi Building
          137-139 Connaught Road
          Central, Hong Kong


RIGHT TOP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 8, 2012, to
wind up the operations of Right Top Manufacturing 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


TACK CHEUNG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 5, 2012, to
wind up the operations of Tack Cheung Textiles Limited.

The company's liquidator is Bruno Arboit.


TAT KWONG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 17, 2012, to
wind up the operations of Tat Kwong Dyeing Factory 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


UNIMAX HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 19, 2012,
to wind up the operations of Unimax Holdings 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


VEE PEE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on June 25, 2012, to
wind up the operations of Vee Pee Global 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


VIGITAL TECHNOLOGY: Court to Hear Wind-Up Petition on Aug. 29
-------------------------------------------------------------
A petition to wind up the operations of Vigital Technology
Limited will be heard before the High Court of Hong Kong on
Aug. 29, 2012, at 9:30 a.m.

Cantronic Industries Limited filed the petition against the
company on June 26, 2012.

The Petitioner's solicitors are:

          Messrs. Chak & Associates
          Unit 1904, 19th Floor
          Far East Finance Centre
          16 Harcourt Road
          Admiralty, Hong Kong


VISION CARE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 18, 2012, to
wind up the operations of Vision Care Products Limited.

The official receiver is Teresa S W Wong.


WISE RHYTHM: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 25, 2012, to
wind up the operations of Wise Rhythm Consultancy 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


ZTEE ELECTRONICS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on July 5, 2012, to
wind up the operations of Ztee Electronics (International) Co.
Limited.

The company's liquidator is Bruno Arboit.



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


AKM ENTERPRISES: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of AKM Enterprises Pvt Ltd to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Proposed Long-Term     274.8      CRISIL D (Downgraded from
   Bank Loan Facility                CRISIL BB+/Stable)

   Term Loan              925.2      CRISIL D (Downgraded from
                                     CRISIL BB+/Stable)

The downgrade reflects the consistent delays by AKM in servicing
its term loan obligations; the delays have been caused by its
weak liquidity position and delays in implementation of its
ongoing project.

Liquidity position of AKM was weak on account of significant
delays faced by AKM in completion of its projects (construction
of malls and a hotel) in Jalandhar and Ludhiana (both in Punjab).
The mall in Jalandhar was originally scheduled to begin
commercial operations in February 2009, which got delayed and the
commercial operations began in April 2012. The completion of the
mall in Ludhiana was delayed by more than a year and it began
operations in October 2010. The upcoming hotel in Ludhiana is
expected to begin operations in December 2012, with an estimated
delay of more than three years. These delays have also caused
cost overruns in its ongoing projects, and larger than expected
interest expenses during construction period, leading to a strain
on the company's liquidity profile and consistent delays in
servicing of its term debt obligations. The company's liquidity
profile is however expected to stabilize once the construction of
the ongoing project is completed and commercial operations begin.

                       About AKM Enterprises

AKM, is part of the MBD group. The company is currently operating
a mall each in Ludhiana and Jalandhar. AKM is also constructing
an 83-room five-star hotel in Ludhiana, which will be operational
from December 2012, under the franchise of the Raddisson group.
AKM has secured more than 90 per cent tenants for its two malls,
including anchor tenants, Cinepolis Cinema for the Ludhiana mall
and PVR Cinema for the Jalandhar mall.


DECCAN CHRONICLE: Faces Liquidation Bid After Defaulting Loan
-------------------------------------------------------------
The Times of India reports that Deccan Chronicle Holdings Limited
has liabilities running into thousands of crores of rupees that
may lead to the erosion of the entire net worth of the company
and make it commercially unviable and insolvent, Industrial
Finance Corporation of India Ltd (IFCI) has said in the winding-
up petition which it has filed in the high court against the
Hyderabad-based company.

Contending that DCHL was unable to discharge debts of its
creditors and had almost become insolvent, IFCI urged the high
court to order winding up of the company under the relevant
sections of the Companies Act 1956, according to TOI.

The report relates that the high court was also requested to
appoint an official liquidator and restrain the company and its
officials from disposing of, transferring or encumbering the
company's assets pending the admission hearing and final disposal
of the petition.

According to the report, the petition was filed by IFCI on
July 27, 2012, after DCHL defaulted on redemption of 250
unsecured redeemable non-convertible debentures (NCDs) on June 26
this year and failed to pay up its dues of INR27,80,47,945
despite "repeated requests and demands".

TOI relates that IFCI said DCHL had massive secured and unsecured
debts running into thousands of crores of rupees with various
banks, financial institutions, non-banking finance institutions
etc. and feared that many more winding up petitions may be filed
by other creditors as the company had defaulted on several
liabilities.

DCHL also cited the recent order of a London court ordering the
company to pay GBP10,533,478 (around INR90 crore) to Tim Wright,
the former chief executive of its Indian Premier League team
Deccan Chargers, for breach of employment contract as one of the
major liabilities facing the company, the report adds.

Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals.  The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily.  It also owns franchise rights for the
Hyderabad team of the Indian Premier League.


ELAN AUTO: CRISIL Places 'B+' Rating on INR105MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Elan Auto India Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan                49       CRISIL B+/Stable (Assigned)
   Cash Credit              56       CRISIL B+/Stable (Assigned)
   Letter of Credit         15       CRISIL A4 (Assigned)

The ratings reflect EAIL's small scale of operations in the
intensely competitive automotive component industry and high
customer concentration, large working capital requirements, and
weak financial risk profile marked by weak debt protection
metrics, modest net worth, mitigated by moderate gearing . These
rating weaknesses are partially offset by the benefits that EAIL
derives from its promoters' extensive industry experience and its
established relationships with its customers.

Outlook: Stable

CRISIL believes that EAIL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' if the company reports
significant improvement in its cash accruals, thus leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if EAIL reports deterioration in its
financial risk profile because of lower-than-expected
profitability, larger-than-expected working capital requirements,
or a large debt-funded capital expenditure.

                        About Elan Auto

EAIL was initially set up as a partnership firm named DM
Enterprises in 1984 by Mr. Manoj Tantia, Mr. Satish Jain, and Mr.
Shyam Sunder. However, in 2010, the entity was reconstituted as a
closely held public limited company with its current name. The
company manufactures sheet metal pressed components and
automotive parts. It manufactures sheet metal products as per the
specific requirements of its customers, and supplies the products
to various tier-1 automobile suppliers and generator set
manufacturers. EAIL has its manufacturing facility in Faridabad
(Haryana).

EAIL's profit after tax (PAT) is estimated at INR4.7 million on
net sales of INR287.3 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR1.7 million on
net sales of INR202.3 million for 2010-11.


EMCO PRESSMASTER: ICRA Rates INR30MM Cash Credit at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Emco Pressmaster Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Letter of Credit         10       CRISIL A4 (Assigned)
   Bank Guarantee           20       CRISIL A4 (Assigned)
   Cash Credit              30       CRISIL B/Stable (Assigned)

The ratings reflect EPPL's leveraged capital structure because of
working-capital-intensive operations, and the company's modest
scale of operations, with revenue concentration risks, and
susceptibility to economic downturns in its end-user industry.
These rating weaknesses are partially offset by the benefits that
EPPL derives from its promoters' extensive industry experience
and its established relationships with its customers.

Outlook: Stable

CRISIL believes that EPPL will continue to benefit over the
medium term from its promoters' extensive experience in
manufacturing machines for the automotive industry and its
established relationships with its customers. The outlook may be
revised to 'Positive' if the company strengthens its business
risk profile through improvement in its scale of operations or
through greater revenue diversification, or improves its capital
structure through better-than-expected accruals or infusion of
capital by its promoters. Conversely, the outlook may be revised
to 'Negative' in case EPPL reports lower-than-expected accruals
or larger-than-expected working capital requirements, leading to
weakening of its financial profile, particularly its liquidity.

                      About Emco Pressmaster

Emco Pressmaster Pvt Ltd, incorporated in 1990, manufactures
sheet metal forming machines, mainly power press machines that
are used to manufacture automobile components. The company's
unit, located in Faridabad (Haryana), has capacity to assemble
machinery of capacity from 10 tonnes to 1000 tonnes. EPPL is
managed by Mr. Manoj Manga and his wife, Mrs. Rupa Manga, who
have over 30 years of industry experience.


GARGO MOTORS: CRISIL Upgrades Rating on INR65MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gargo Motors to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit              50       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Channel Financing        15       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in Gargo's liquidity,
driven by larger-than-expected cash accruals. Cash accruals
increased because of sizeable topline growth along with stable
profitability in 2011-12 (refers to financial year, April 1 to
March 31). Driven by robust demand for Tata Motors Ltd's
commercial vehicles in the backdrop of new model launches by TML,
Gargo's topline increased by over 40 per cent year-o-year to
close to INR2 billion and operating margin stabilized at just
below 4 per cent in 2011-12. CRISIL expects decline in topline
growth rates over the medium term owing to increased competition.
Gargo's liquidity is likely to be supported by stable
profitability and working capital management, and absence of any
debt-funded capital expenditure (capex) over the medium term.

The rating reflects Gargo's modest scale of operations and below-
average financial risk profile, marked by small net worth, high
level of indebtedness, and moderate debt protection metrics.
These rating weaknesses are partially offset by the benefits that
Gargo derives from its established relationship with its
principal, TML.

Outlook: Stable

CRISIL believes that Gargo will continue to benefit over the
medium term from its established relationship with TML. The
outlook may be revised to 'Positive' if Gargo achieves larger-
than-expected cash accruals or witnesses equity infusion, leading
to improvement in its capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes a larger-
than-expected, debt-funded capex programme, thereby materially
deteriorating its financial risk profile further.

                       About Gargo Motors

Established in 1996 by Mr. Kamakhya Borthakur, Gargo, a
proprietorship firm, is an authorised dealer of TML's commercial
vehicles; Gargo has six showrooms and three stockyards in Assam.
The firm sells several variants of commercial vehicles, including
pick-ups, medium to heavy commercial vehicles, light commercial
vehicles, and buses manufactured by TML. Mr. Kamakhya Borthakur
has also promoted Gargo Motors Ltd (rated 'CRISIL B+/Stable'),
which is an authorised dealer of TML's passenger vehicles. The
firm also has crane hiring service business, although this
division's revenue contribution is small.

For 2011-12, Gargo's profit after tax (PAT) and net sales are
estimated at INR14.50 million and INR1.95 billion respectively;
the firm reported a PAT of INR16.49 million on net sales of
INR1.35 billion for 2010-11.


HI DESIGN: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hi Design Shoes to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Bill Discounting       10.00      CRISIL D (Downgraded from
                                     CRISIL B/Stable)

   Cash Credit            34.50      CRISIL D (Downgraded from
                                     CRISIL B/Stable)

   Letter of Credit       30.00      CRISIL D (Downgraded from
                                     CRISIL B/Stable)

   Term Loan              15.00      CRISIL D (Downgraded from
                                     CRISIL B/Stable)

The downgrade reflects delays by HDS in servicing its term loan
due to its weak liquidity. The account has been classified as a
non performing asset (NPA) by the bank.

HDS has a below-average financial risk profile, marked by a small
net worth and large working capital requirements, and exposure to
intense competition in the footwear industry. However, the firm
continues to benefit from HDS's established customer profile and
healthy order book.

                      About Hi Design Shoes

HDS, a partnership firm based in Vellore (Tamil Nadu), is
promoted by Mr. K S Sivakumar and his wife Mrs. S Kanchana in
2005. The firm manufactures shoes and shoe uppers; it
manufactures about 1000 pairs of shoes per day. The firm's
customers include footwear exporters based in India and footwear
manufacturers and sellers in Europe.

HDS reported a profit after tax (PAT) of INR5.4 million on net
sales of INR275.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net
sales of INR251.0 million for 2008-09.


HYDERABAD POLLUTION: CRISIL Rates INR17.5MM Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
Hyderabad Pollution Controls Limited bank facilities.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Bank Guarantee          42.5      CRISIL A4 (Assigned)
   Cash Credit             17.5      CRISIL B/Stable (Assigned)

The ratings reflect HPL's small scale and working-capital-
intensive nature of operations, weak financial risk profile and
exposure to risks related to intense competition. These rating
weaknesses are partially offset by the benefits that HPL derives
from its promoters' extensive industry experience and its
established market position.

Outlook: Stable

CRISIL believes that HPL will benefit from the extensive industry
experience of its promoters, over the medium term. The outlook
may be revised to 'Positive' if the company's scale of operations
and, profitability increase substantially, along with improvement
in capital structure leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's revenues or operating profitability decline
significantly, and if it undertakes debt-funded capital
expenditure programme over and above expected, of, if there is a
significant stretch in working capital cycle, thereby,
deteriorating, its financial risk profile.

                     About Hyderabad Pollution

Promoted by Mr. S Gopala Krishnan Nair in the year 1978, HPL is
engaged in the design, engineering and manufacture of ventilation
plants and air pollution control systems such as industrial
blowers  and  fans dust  collection  systems, humidification  &
ventilation  systems, pneumatic  transport  systems and fume
exhaust  systems. HPL, based in Hyderabad, Andhra Pradesh is ISO
9001 certified manufacturer for these equipments.


JASLEEN ENTERPRISES: CRISIL Puts 'D' Ratings to INR99.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Jasleen Enterprises.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Working Capital         2.3       CRISIL D (Assigned)
   Term Loan

   Cash Credit            90.0       CRISIL D (Assigned)

   Long Term Loan          7.2       CRISIL D (Assigned)

The rating reflects instances of delay by JE in servicing the
term loan obligations due to stretched liquidity. The delays were
caused mainly due to short-term cash flow mismatches.

The ratings also reflect JE's susceptibility to intense
competition in furniture manufacturing industry from organized
and unorganized segments. However, the firm is expected to
benefit from the long standing experience of management in
furniture industry leading to good client relationships.

Jasleen Enterprises is engaged in manufacturing of various
furniture mainly sofa sets (either of poly urethane i.e. PU or
fabric or of leather) and other wooden furniture which are sold
to various furniture retail outlets. The customers for the firm
include marquee names such as Reliance Retail Limited (Reliance
Living), Godrej & Boyce Manufacturing Co. Ltd. (Godrej Interio)
(rated CRISIL AA-/Stable/CRISIL A1+), Future Group (Home Town),
and other established furniture retail outlets.

The firm has a unit in IDA Moula Ali near Hyderabad (Andhra
Pradesh) having capacity to manufacture 1,500-2,000 sofa sets
depending upon the variety and size of the sofa. The entire
production is backed by orders. The furniture is manufactured as
per the customer's specifications and designs. The firm too has
developed 20-25 designs to continue manufacturing activity even
during off peak season and this also caters when there is urgent
customer requirement.


MAHABIR POULTRY: CRISIL Assigns 'B' Rating to INR85.2MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mahabir Poultry & Breeding Farm.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan               25.2      CRISIL B/Stable (Assigned)
   Cash Credit             32.8      CRISIL B/Stable (Assigned)
   Proposed Long-Term      27.2      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects the firm's weak financial risk profile marked
by small cash accruals and high gearing, and vulnerability to
intense competition and risks inherent in poultry industry. These
rating weaknesses are partially offset by MPBF's proprietor's
extensive experience in the poultry industry.

Outlook: Stable

CRISIL believes that MPBF will continue to benefit over the
medium term from its promoter's extensive experience in the
poultry farming and hatchery business and its established
relationships with its key customers. The outlook may be revised
to 'Positive' if the firm increases its scale of operations, or
if its promoter infuses funds, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's profitability is lower than expected,
resulting in less-than-expected cash accruals, or if there is
deterioration in its working capital management.

                        About Mahabir Poultry

Established in 1995 by Mr. Balbir Singh, MPBF is a proprietorship
firm engaged in the poultry farming business - in the hatchery
and commercial layer chicks segment. The firm is based in Karnal
(Haryana) and has parent bird capacity of 70,000 in the hatchery
division and layer chick capacity of 75,000. Under the hatchery
division, the firm sells day-old-chicks (DOC) to broiler farms,
and under the layer chicks division, it sells eggs through
dealers.

For 2010-11 (refers to financial year, April 1 to March 31), MPBF
reported a profit of INR1.5 million on net sales of INR110.3
million, against a profit of INR0.58 million on net sales of
INR77.7 million for 2009-10.


MOHANLAL MADHAWJEE: CRISIL Rates INR60MM Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mohanlal Madhawjee Jewellers Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    ------
   Cash Credit             60       CRISIL B+/Stable (Assigned)
   Standby Letter of       40       CRISIL A4 (Assigned)
   Credit

The ratings reflect MMJPL's small scale of operations in the
highly fragmented gold jewellery industry, exposure to intense
competition, and weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of MMJPL's promoters in the jewellery business.

Outlook: Stable

CRISIL believes that MMJPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company improves its financial risk profile by increasing its
revenues and profitability on a sustainable basis or if its
promoters infuse significant amount of equity. Conversely, the
outlook may be revised to 'Negative' if there is a fall in
revenues and profitability; MMJPL's relationships with its
customers deteriorate, or if the company undertakes a large debt-
funded capital expenditure programme, thereby further weakening
its capital structure.

                     About Mohanlal Madhawjee

MMJPL was set up as a proprietorship firm in 1960; however, it
was reconstituted as a private limited company in 2005. MMJPL is
engaged in wholesaling and retailing of hand-crafted gold
ornaments. The retail division comprises around 30 per cent of
the company's total sales, whereas the remaining is derived from
the wholesale division. MMJPL has a retail outlet in Kolkata
(West Bengal). The company is managed by Mr. Apurva Parekh and
his brother, Mr. Anand Parekh, who are the third-generation
promoters of the company.

MMJPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR504.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR395.6 million for 2009-10.


M.R.S. SHRI: CRISIL Assigns 'CRISIL D' Rating to INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of M.R.S. Shri Prannath Parnami Education Society.
The rating reflects instances of delay by MRSS in servicing its
debt; the delays have been caused by the society's weak
liquidity.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan              135.6      CRISIL D (Assigned)
   Overdraft Facility      10        CRISIL D (Assigned)
   Proposed Long-Term       4.4      CRISIL D (Assigned)
   Bank Loan Facility

MRSS also has tight liquidity resulting from large capital
expenditure and large term loan repayment obligations, and
vulnerability to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by the
extensive industry experience of MRSS's promoters and healthy
demand prospects for the education industry.

MRSS was set up as a non-profit society under the patronage of
Guruji Shree Sadanandji Maharaj in September 2008 in Hisar
(Haryana). The society operates four institutes on the same
campus - Prannath Parnami Institute of Management and Technology
(PPIMT), Prannath Parnami Institute of Footwear Technology
(PPIFT), Prannath Parnami Institute of Film and Media (PPIFM),
and Prannath Parnami Institute of Professional Studies (PPIPS).
MRSS commenced admissions in academic year 2009-10 (refers to
financial year, April 1 to March 31) for PPIMT; in 2011-12 for
PPIFT; and in 2012-13 for PPIFM and PPIPS. The society's
operations are currently managed by Mr. Nitin Kathuria and Mrs.
Geeta Kathuria. All the courses offered by the society are either
approved by the All India Council for Technical Education or by
the Haryana state government.

MRSS's profit after tax (PAT) and net income are estimated at
INR10.1 million and INR77.7 million, respectively, for 2011-12;
the society reported a PAT of INR14.5 million on net income of
INR54.1 million for 2010-11.


RUSHIKESH PAPER: CRISIL Assigns 'B' Rating to INR61.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rushikesh Paper Mills Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan                48       CRISIL B/Stable (Assigned)
   Cash Credit              12.5     CRISIL B/Stable (Assigned)
   Standby Line of Credit    1       CRISIL B/Stable (Assigned)

The rating reflects RPM's modest scale of operations in highly
fragmented industry and moderately working-capital-intensive
operations. These rating weaknesses are partially offset by
RPMPL's promoters' extensive experience in the industrial paper
industry and average financial risk profile.

Outlook: Stable

CRISIL believes that Rushikesh Paper Mills Pvt Ltd will benefit
from its promoters' long-standing experience in the paper
manufacturing industry. The outlook may be revised to 'Positive'
if the scale of operations increases significantly, while
maintaining profitability thereby improving its business risk
profile and liquidity or there is significant and permanent
funding from promoters to support its liquidity. Conversely, the
outlook may be revised to 'Negative' if the profitability and
cash accruals decline significantly; resulting in liquidity
pressure or the capital structure deteriorates due to larger than
expected working capital requirements or larger than expected
capital expenditure programme.

                       About Rushikesh Paper

RPM was promoted in 2005 by Mr. Sakharam S Landge and his son Mr.
Rahul Landge. It set up a 10720 tonnes per annum (tpa) paper
mill, which started commercial operations in March 2007. RPM is
engaged in the manufacturing of kraft papers and paper boards,
which are mainly applicable in packaging industry. Kraft paper
contributes 70 to 75 per cent of the total sales for the company
whereas the balance is through paper boards.

RPMPL reported on a provisional basis a profit after tax (PAT) of
INR 6 million on net sales of INR168 million for 2011-12 (refers
to financial year, April 1 to March 31), as against a PAT of INR4
million on net sales of INR182 million for 2010-11.


SILVER SIGN: CRISIL Assigns 'B' Rating to INR50MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Silver Sign Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   ------
   Proposed Long-Term          30      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Overdraft Facility          20      CRISIL B/Stable (Assigned)

   Buyer Credit Limit          50      CRISIL A4 (Assigned)

   Foreign Letter of Credit   100      CRISIL A4 (Assigned)

The ratings reflect SSPL's modest scale, and working-capital-
intensive nature, of operations with low profitability, and weak
financial risk profile marked by a small net worth and a high
gearing. These rating weaknesses are partially offset by the
benefits that SSPL derives from its promoters' extensive industry
experience and its established relationships with its major
suppliers.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established relationships with its major suppliers. The outlook
may be revised to 'Positive' in case the company reports
significant improvement in its capital structure, driven by
higher-than-expected cash accruals or equity infusion along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case SSPL reports lower-than-expected
cash accruals or larger-than-expected working capital
requirements, resulting in further stress on its liquidity.

                         About Silver Sign

Silver Sign Pvt Ltd, incorporated in 2009, trades in Polyvinyl
Chloride flexible plastic sheets (flex), PVC lamination films,
PVC vinyl, and other PVC products used for printing
advertisements and signs. SSPL has also recently diversified into
import of light-emitting diode (LED) modules used in outdoor
advertisements and signages. The company is expected to derive
over 90 per cent of its revenues from PVC products and the rest
from LED modules, in 2012-13 (refers to financial year, April 1
to March 31). SSPL currently has a product portfolio of over 40
products, and imports over 95 per cent of its requirements. It
has branch offices in New Delhi, Mumbai, Chennai, and Kolkata.
SSPL sells all its products under the brand name, Hi-Sign.


WOCKHARDT LTD: Completes Sale of Nutrition Biz to Danone
--------------------------------------------------------
Rumman Ahmed at Deal Journal India reports that Wockhardt Ltd
said it has completed the previously announced deal to sell its
nutrition business to French dairy giant Danone S.A. for
INR12.80 billion (US$228 million).

Deal Journal India says the company had agreed to the deal with
Danone last August, but the transaction was delayed as Wockhardt
was locked in litigation with overseas bondholders who had sought
its liquidation to recover their arrears.

Danone had agreed to acquire Wockhardt's nutrition business and
brands - Dexolac, Farex, Nusobee and Protinex - as well as its
related industrial operations under the deal, the report notes.

As reported in the TCR-Asia Pacific on March 25, 2011, Bloomberg
News said the Bombay High Court granted an interim stay on a
petition filed by bondholders to liquidate Wockhardt Ltd.
According to Bloomberg, a group of three bondholders, including
U.S. hedge fund QVT Financial LP, and an overseas unit of Sun
Pharmaceutical Industries Ltd. filed the petition after Wockhardt
defaulted on payments of its $110 million convertible bonds that
matured in October 2009.  The claimants are looking to retrieve a
total sum of INR6.34 billion, Janak Dwarkadas, senior counsel for
the creditors, said.

                       About Wockhardt Limited

Wockhardt Limited is an India-based pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratories
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and
Mazal Pharmaceutique S.A.R.L.  In August 2009, the Company
completed the divestment of its Animal Health Division to
Vetoquinol, France.



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


HYUNDAI STEEL: Moody's Says 2Q Results Credit Positive
------------------------------------------------------
Moody's Investors Service says that the strong rebound in Hyundai
Steel Company's operating performance in the second quarter is
credit positive because it demonstrated its ability to generate
adequate profitability despite the persistent sluggishness in the
regional steel industry. However, the performance will not impact
its Baa3 ratings and negative outlook.

Hyundai Steel said on July 27 that its operating income grew 113%
in the second quarter versus the previous quarter, mainly as a
result of lower input costs and the increased sales of value-
added products for automobiles.

Although operating income was 18% lower than a year earlier,
reflecting challenging industry fundamentals, the degree of
decline is not as severe as that for its domestic peers such as
POSCO (A3, review for downgrade) whose operating income in the
quarter fell 39%.

"Hyundai Steel's earnings stability is underpinned by its strong
bargaining power in the domestic long-steel product industry,
given its dominant market position," says Chris Park, a Moody's
Vice President and Senior Credit Officer.

"It also benefits from the increased proportion of specialty
products in its sales mix for flat steel , backed by growing
captive demand from the Hyundai Motor group," he adds.

Given the lingering weakness in the regional steel industry and
its hefty capex requirements, Moody's expects Hyundai Steel's
debt/EBITDA to remain around 5x and EBIT/interest to stay at
about 3x over the next 12-18 months. These ratios are below the
levels that are required to maintain the Ba2 standalone rating.

Nevertheless, Moody's expects Hyundai Steel's financial metrics
to strengthen significantly to levels appropriate for its rating
once its third blast furnace becomes fully operational in late
2013.

The principal methodology used in rating Hyundai Steel was the
Global Steel Industry Methodology published in January 2009.

Hyundai Steel is the second-largest steel producer in Korea, with
a dominant market position in the long-steel segment.


* Moody's Says Rating Trend for Asia Corporates Stays Neg. in 2Q
----------------------------------------------------------------
Moody's Investors Service says that the rating trend for non-
financial corporates in Asia Pacific was negative in the second
quarter of 2012, continuing a trend that now spans four
consecutive quarters.

"The negative rating trend in the quarter primarily reflected the
adverse impact of weak global demand, given the prolonged and
unresolved euro area debt crisis, the weaker-than-expected
recovery in the US, and, importantly, the slowing growth of the
Chinese economy," says Clara Lau, a Moody's Group Credit Officer.

"For the rest of the year, we expect negative pressure to
continue for Asian issuers, as their operating and financial
performance will be affected by the continued weakness in global
demand and the overcapacity in some industries," Ms. Lau adds.

Lau was speaking on the release of Moody's quarterly review of
rating actions on corporates in the Asia Pacific. The report is
titled, "Rating And Outlook Trends For Asia Pacific Corporates 2Q
2012 Remained Negative."

'The extent to which the negative trend will intensify or
moderate will depend mainly on two factors: the development of
the euro area sovereign crisis and the strength of China's
economic growth, " says Ms. Lau. " However, we expect
availability of credit will ease somewhat, benefiting some
sectors, as governments in Asia cautiously loosen some monetary
measures to spur demanding as inflationary pressures abate," adds
Ms. Lau.

According to the report, the number of negative actions of Asian
corporates in the quarter was 15 versus 5 positive actions.
However, the number was markedly lower than the 26 negative
actions in the previous quarter. "Speculative grade issuers
accounted for 67% of the total negative actions. Rated Chinese
issuers accounted for about 80% of the negative actions on the
speculative grade issuers, with industrial companies and property
developers each contributing an almost equal share," says Lau.

In Japan, there were 2 negative rating actions in the second
quarter, versus 5 in the first quarter, and no positive rating
action. Japanese industrial corporates continue to face a very
challenging environment, given the lackluster global economic
growth and weakening competitiveness due to the persistently
strong yen. The negative bias in actions for Japanese issuers
will continue, although the trend is likely to moderate.

For the Australia and New Zealand portfolio, the trend was
relatively stable during the quarter. There were 2 negative
rating actions and 1 positive action and which were mainly
prompted by company-specific factors. Moody's expects the trend
to remain broadly stable but with increasing divergence between
the resource and non-resource sectors.



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


INDEPENDENT SCAFFOLDING: Placed In Liquidation Over Unpaid Taxes
----------------------------------------------------------------
Tamlyn Stewart at The Press reports that Independent Scaffolding
Supplies, set up by former bankrupt Richard Lascelles, has been
placed into liquidation, owing NZ$440,000 to creditors.

The Press, citing documents in the court file, relates that the
company owes NZ$386,821 in unpaid GST, PAYE, income tax,
KiwiSaver deductions and student loan deductions to Inland
Revenue, and NZ$52,833 in recruitment fees to Hays Specialist
Recruitment

According to the report, Associate Judge Matthews granted an
application by Inland Revenue, with Hays Specialist Recruitment
in support, for the liquidation of the scaffolding firm, and
PricewaterhouseCoopers partners Malcolm Hollis and Maurice Noone
were appointed as liquidators.  As well, according to the
Companies Office website, Murray Allot was appointed receiver of
Independent Scaffolding on July 24.

The Press notes that the company has been placed in receivership
before -- on June 14 receivers C & C Strategic Limited were
appointed, although documents on the Companies Office website
show only that the receivership ceased on June 21 and no further
details were given.

Independent Scaffolding was set up by Mr. Lascelles on March 28,
2006. He was a director until November 11, 2008, according to the
Companies Office website, The Press discloses.

In September of that year, the Press recalls, Mr. Lascelles was
prohibited from acting as a director or taking part in the
management of a company for three years, as a result of his
mismanagement of five companies between May 31, 2006 and
April 13, 2007 that went into liquidation before September 2008.

The company is now owned by Taurus Trustee Services Limited.


PIKE RIVER: Receivers No Pleas on 10 Incident-Related Charges
-------------------------------------------------------------
Businessdesk reports that the receivers for Pike River Coal will
enter no pleas on the 10 charges brought against the company
relating to the explosions, which killed 29 underground miners in
November 2010.

According to BusinessDesk, PricewaterhouseCoopers receiver John
Fisk said they had no detailed knowledge of matters that related
to the mine's management before the receivership and were in no
position to form a view or participate in what would be costly
proceedings.

"Even after the sale of the mine and related assets to Solid
Energy, the company owes substantial amounts of money to both its
secured and unsecured creditors," the report quotes Mr. Fisk as
saying.

Defending the 10 charges laid by the Labour Department would not
be in the interest of creditors, the report relays.

BusinessDesk states that Pike River former chief executive Peter
Whittall was scheduled to appear in the Greymouth District Court
on Tuesday on charges relating to the deaths and the mine's
management but Judge Tony Couch adjourned hearing those charges
to October 25.

According to BusinessDesk, Fairfax Media reported that a
contractor to the mine, VLI Drilling, entered guilty pleas on
three charges relating to health and safety failings at Pike
River, and will appear for sentencing on October 26.

                         About Pike River

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
July 19, 2012, stuff.co.nz said the sale of Pike River Coal Mine
to Solid Energy has been completed, with the state-owned miner
paying NZ$7.5 million. Solid Energy bought the mine site near
Atarau in the Grey District as well as the stockpile and rail
loading facility at Ikamatua. It also acquired the company's
mining permits.


SOUTHDOWN HOLDINGS: In Liquidation; Owes NZ$320,000 to ECan
-----------------------------------------------------------
The Timaru Herald reports that Southdown Holdings and Williamson
Holdings, the companies behind a controversial cubicle-dairying
proposal in the Upper Waitaki, have gone into liquidation owing
Canterbury ratepayers close to NZ$320,000.

The Timaru Herald says briefing notes for Environment
Canterbury's commissioners finance and audit committee reveal
that Southdown Holdings and Williamson Holdings' voluntary
liquidation caused concern for the regional council's consent
department, as the companies "collectively owed ECan NZ$315,952".

The latest revelation marks yet another chapter in what has
become an extremely entangled saga, the report says.

In 2009, the Timaru Herald recalls, the companies were first
behind a proposal to collectively house more than 16,000 cows in
cubicles in the Ohau and Omarama basins. It drew fire from
several organizations, with the Green Party's co-leader, Russel
Norman, blasting the idea as "factory farming".

The Timaru Herald notes that ECan received more than 5,000
submissions against the proposal, eventually sparking a
Government call-in for the effluent consents.  An ECan-appointed
independent hearings body declined the water use consents, which
effectively scuppered the companies alternate "mixed farming"
proposals as well, the report relays.

An Environment Court appeal is pending, but it is unknown whether
that will still go ahead after the companies filed for voluntary
liquidation, according to the report.

The Timaru Herald relates that that ECan commissioner for finance
David Bedford said they had requested a report from staff about
the process of dealing with outstanding debts. He was confident
that staff were doing their best to address debts owing to the
regional council.

At June 30, ECan had about NZ$17.45 million owing from debtors of
whom about NZ$5.72 million, or 33 per cent, had been outstanding
for three months or longer, the report adds.



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


GROUND ENVIROTECT: Creditors' Proofs of Debt Due Aug. 27
--------------------------------------------------------
Creditors of Ground Envirotect Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 27, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


HG ASIA: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on July 20, 2012, to
wind up the operations of HG Asia Pte Ltd.

Tay Kok Seng filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


MELEWAR ACADEMIA: Court to Hear Wind-Up Petition Aug. 10
--------------------------------------------------------
A petition to wind up the operations of Melewar Academia Holding
Pte Ltd will be heard before the High Court of Singapore on
Aug. 10, 2012, at 10:00 a.m.

Eversheds LLP filed the petition against the company on July 13,
2012.

The Petitioner's solicitors are:

         JLC ADVISORS LLP
         22 Malacca Street
         #07-03 RB Capital Building
         Singapore 048980


MERIDIAN JC: Creditors' Proofs of Debt Due Aug. 27
--------------------------------------------------
Creditors of Meridian JC Multipurpose Co-Operative Ltd, which is
in liquidation, are required to file their proofs of debt by
Aug. 27, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


MITRA HEALTHCARE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 13, 2012, to
wind up the operations of Mitra Healthcare Pte Ltd.

Tay Kok Seng filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118



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


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


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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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