TCRAP_Public/120803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, August 3, 2012, Vol. 15, No. 154

                            Headlines


A U S T R A L I A

AVANTI FINANCE: S&P Raises Issuer Credit Rating to 'BB'
CLUB COFFS: Wins More Time to Find Funds or Partner
DARRELL LEA: 198 Jobs Lost as Firm Closes Half of its Stores


H O N G  K O N G

CITI-FAME (HONG KONG): Creditors' Proofs of Debt Due Aug. 31
FOND RIGHT: Kong and Wu Appointed as Liquidators
GERMANY MEDICAL: Kong and Wu Appointed as Liquidators
GERMANY MEDICAL LABORATORY: Kong and Wu Appointed as Liquidators
GERMANY PROPERTIES: Kong and Wu Appointed as Liquidators

GERMANY STEM: Kong and Wu Appointed as Liquidators
PREMIUM HK: Commences Wind-Up Proceedings
REPE HK: Young and Wong Step Down as Liquidators
RICHMOND PROPERTIES: Creditors' Proofs of Debt Due Aug. 17
RIGHT CORPORATION: Creditors' Meeting Set for Aug. 17

SAI HKG: Members' Final General Meeting Set for Aug. 31
SONEX TRADERS: Placed Under Voluntary Wind-Up Proceedings
STACA INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 13
SUN YUEN: Creditors Get 7.698% Recovery on Claims
TEAMARK TOYS: Creditors' Proofs of Debt Due Aug. 13

THADDEUS CAPITAL: Commences Wind-Up Proceedings
TONG LIN: Commences Wind-Up Proceedings
WANG HING: Creditors' Proofs of Debt Due Aug. 27
WELL GUARD: Commences Wind-Up Proceedings
WON NAVIGATION: Man Yun Wah Steps Down as Liquidator

YEN NAVIGATION: Man Yun Wah Steps Down as Liquidator


I N D I A

BAJAJ BASMATI: CRISIL Puts 'B' Rating on INR260MM Loans
BOMMIREDDY INFRA: CRISIL Cuts Rating on INR60MM Loan to 'D'
CORONATION ARTS: CRISIL Places 'B+' Rating on INR50MM Loans
HARYANA MILK: Delay in Loan Payment Cues CRISIL Junk Ratings
JYOT OVERSEAS: CRISIL Assigns 'B+' Rating to INR16MM Loans

PERFECT INFRAENGINEERS: Fitch Assigns 'BB-' National LT Rating
PRAVEEN SPINNERS: CRISIL Puts 'B+' Rating on INR354MM Loans
RAJIT PAINTS: CRISIL Cuts Rating on INR224.7MM Loans to 'C'
SAIL BANSAL: CRISIL Rates INR60MM Cash Credit at 'CRISIL B-'
SONAKI CERAMIC: Delay in Loan Payment Cues CRISIL Junk Ratings
SRI VISHNU: CRISIL Assigns 'B-' Rating to INR50MM Loans
S.V.G. GRANITES: Delay in Loan Payment Cues CRISIL Junk Ratings


I N D O N E S I A

INDOSAT: Moody's Says Q2 Results No Impact on 'Ba1' Issuer Rating


J A P A N

GODO KAISHA 6: S&P Cuts Ratings on 2 Classes of Notes to 'CC'
L-JAC 7: S&P Lowers Ratings on 8 Certificate Classes to 'D'
OLYMPUS CORP: Terumo Sues Over Share Loss


K O R E A

C&M CO: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable


N E W  Z E A L A N D

OTAGO RUGBY: Seeks Fund from Clubs to Cover Shortfall
WAITUNA VALLEY: Liquidation Leaves Creditors With No Payout


P H I L I P P I N E S

DIRECT ACCESS: 600 Call Center Agents Lose Jobs as Firm Shuts


S I N G A P O R E

SIN TONG: Creditors' Proofs of Debt Due Aug. 10
SUPREME MACHINE: Court to Hear Wind-Up Petition Aug. 10
TIME WATCH: Members' Final Meeting Set for Aug. 23
YENURA PTE: Court to Hear Wind-Up Petition Aug. 20


T A I W A N

KUO HUA: FSC Extends Receivership for Another Year


V I E T N A M

DOT VN: Delays Form 10-K for Fiscal 2012


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AVANTI FINANCE: S&P Raises Issuer Credit Rating to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on New Zealand finance company Avanti Finance Ltd.
to 'BB' from 'BB-'. "At the same time, we affirmed the short-term
issuer credit rating at 'B'. The rating outlook is stable," S&P
said.

"The upgrade reflects the sustained improvement of Avanti's
financial risk profile to a level commensurate with a 'BB' rating.
The upgrade also importantly recognizes the ongoing support from
Avanti's banker and debenture investors," said Standard & Poor's
credit analyst Harry Hu.

"At March 31, 2012, Avanti reported slightly lower credit losses
due to management's commitment to reasonable underwriting
standards. Avanti has also established a track record of stable
operating performance and generated good earnings that have
progressively boosted its already sound capital base. Furthermore,
the good collateral backing Avanti's loans, in our view, somewhat
mitigates the concerns stemming from Avanti's lending to a higher-
risk clientele," S&P said.

"Underpinning our assessment of Avanti's risk profile is its
appetite for double-digit loan growth. While this desire for rapid
growth could pose a credit risk, Avanti has reined in its
expectations with reasonable underwriting practices--actual growth
was 4% over year ended March 31, 2012. Furthermore, we consider
that Avanti has tight controls on credit risk. In fiscal 2012, its
net charge-off ratio reduced to 2.60% from 2.78%, and
nonperforming assets to total gross receivables improved to 14.86%
from 18.27%," S&P said.

Mr. Hu added, "The stable outlook reflects our expectation that
Avanti will continue to effectively manage its high-risk loan
portfolio by maintaining its underwriting polices and effective
loan collection practices. These are essential factors for it to
maintain good cash flow cover on its scheduled liability
obligations, and have supported its ability to maintain strong
debenture investor and banker support."

"The most likely scenario for downward rating pressure is
deterioration in the finance company's arrears experience and
credit losses, such that it reduces its cash flow cover against
scheduled debenture repayments and lessens its capacity to fund
new lending. Although Avanti is well positioned to respond to the
emergence of any liquidity pressures stemming from a spike in
asset-quality problems or deterioration in debenture reinvestment
experience, a loss in confidence/support from its banker or
debenture investors could itself result in a downgrade," S&P said.

"Although less likely, the rating could also be lowered if Avanti
was unable to maintain its market position in its key lending
segments. This could arise if there is weakening in its
distribution network, for example due to heightened competition or
irreconcilable disputes with key brokers," S&P said.

"The rating is unlikely to be raised from the current level. An
upward revision would require a step-change in key aspects of its
credit profile, which might include, diversification into lower
risk lending segments, less reliance on key debenture holders, and
a boost in on-balance-sheet liquidity. In addition, a moderation
in key-person risk and further flexibility for raising new equity
would also benefit the case for a higher rating," S&P said.


CLUB COFFS: Wins More Time to Find Funds or Partner
---------------------------------------------------
Brad Greenshields at The Coffs Coast Advocate reports that
creditors voted to allow Club Coffs more time to find sufficient
funds to pay off debts or find a partner for amalgamation.

Monday's meeting gave creditors the option of seeing Club Coffs go
into liquidation but the opportunity to see the club continue
operations was the overwhelming feeling among the small crowd of
creditors, according to the report.

The Advocate relates that administrator David Morgan from Clout
and Associates said the meeting was relatively quick.

"Discussion wise, there were a few questions asked but not a lot.
I think they all want to see the club survive," the report quotes
Mr. Morgan as saying.

The Advocate notes that if worse was to come to worse at the end
of the year and Club Coffs was liquidated, the hole left in the
local economy by the closure of Club Coffs would be massive.

Not only does the club employ more than 40 people but there are
many local suppliers who rely on the business Club Coffs brings
them, the report says.

The Advocate notes that Mr. Morgan doesn't believe this will
happen though.

Even after two registered clubs from within NSW withdrew their
offer of amalgamation, Mr. Morgan believes that Club Coffs should
be seen as a viable entity for amalgamation, the report adds.

Club Coffs, formerly known as Catholic Club, went into voluntary
administration on Jan. 31, 2011.  Morgan Chubb and David Morgan,
from insolvency firm Clout and Associates, were appointed as
administrators.

The Coffs Coast Advocate said Club Coffs president Paul Griffin
and CEO Carl Mower cited the withdrawal of lending facilities by
the National Australia Bank; an expensive legal battle; general
community hardship and a decrease in turnover throughout all areas
of the club as the reasons for the move, which allowed the club to
continue providing its usual services and facilities.


DARRELL LEA: 198 Jobs Lost as Firm Closes Half of its Stores
------------------------------------------------------------
smh.com.au reports that almost 200 Darrell Lea staff lost their
jobs Thursday as the troubled chocolate-maker shuts about half of
its stores.

According to the report, the company's administrators, PPB
Advisory, said August 1 that 32 of the Australian company-owned
shops will close Thursday, which will leave their 198 casual,
part-time and full-time staff out of work.

The remaining 34 Darrell Lea stores, a number of which are
franchises, will keep operating, the report relays.

The administrators were expected to outline which stores will
close and potential bidders for the remaining operation after
2:00 p.m. Thursday.

                         About Darrell Lea

Founded in 1927, Darrell Lea is an iconic Australian brand and a
highly regarded manufacturer and retailer of confectionary
products. Its products are sold through 69 owned and licensed
stores and 1,800 retail outlets across Australia, New Zealand and
the USA. Darrell Lea employs around 700 people across its Sydney
based manufacturing facility and its retail network.

The directors of Darrell Lea Chocolate Shops Pty Ltd and Ricci
Remond Chocolate Company Pty Ltd on July 10, 2012, appointed
Mark Robinson, Jack Bournelis and Daniel Walley of PPB Advisory
as voluntary administrators of the business.

PPB Advisory's appointment follows an ongoing review of the
business by its directors and their concerns about Darrell Lea's
ability to meet its ongoing financial obligations.



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


CITI-FAME (HONG KONG): Creditors' Proofs of Debt Due Aug. 31
------------------------------------------------------------
Creditors of Citi-Fame (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 12, 2012.

The company's liquidator is:

         Lai Chi Kin
         Rooms 2103-04, 21/F
         Wing On Centre
         111 Connaught Road
         Central, Hong Kong


FOND RIGHT: Kong and Wu Appointed as Liquidators
------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Fond Right International Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GERMANY MEDICAL: Kong and Wu Appointed as Liquidators
-----------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Germany Medical X-Ray Centre
Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GERMANY MEDICAL LABORATORY: Kong and Wu Appointed as Liquidators
----------------------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Germany Medical Laboratory
Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GERMANY PROPERTIES: Kong and Wu Appointed as Liquidators
--------------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Germany Properties Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


GERMANY STEM: Kong and Wu Appointed as Liquidators
--------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Germany Stem Cells Medical
Diagnostics Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


PREMIUM HK: Commences Wind-Up Proceedings
-----------------------------------------
Members of Premium Hong Kong Limited, on July 16, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Poon Chi Woo
         Lam Yuk King
         Room 1307-8 Dominion Centre
         43-59 Queen's Road
         East, Wanchai
         Hong Kong


REPE HK: Young and Wong Step Down as Liquidators
------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of Repe Hong Kong Limited on July 10, 2012.


RICHMOND PROPERTIES: Creditors' Proofs of Debt Due Aug. 17
----------------------------------------------------------
Creditors of Richmond Properties & Trading Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 17, 2012, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         John Robert Lees
         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


RIGHT CORPORATION: Creditors' Meeting Set for Aug. 17
-----------------------------------------------------
Creditors of Right Corporation Limited will hold their meeting on
Aug. 17, 2012, at 2:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 25th Floor, Wing On Centre, 111
Connaught Road Central, in Hong Kong.


SAI HKG: Members' Final General Meeting Set for Aug. 31
-------------------------------------------------------
Members of Sai HKG Limited will hold their final general meeting
on Aug. 31, 2012, at 11:00 a.m., at its registered office.

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


SONEX TRADERS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on July 20, 2012,
creditors of Sonex Traders Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Heng Poi Cher
         4304, 43/F
         China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


STACA INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 13
----------------------------------------------------------
Creditors of Staca International 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 commenced wind-up proceedings on July 16, 2012.

The company's liquidator is:

         Eddie Junior Yau
         10/F, Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


SUN YUEN: Creditors Get 7.698% Recovery on Claims
-------------------------------------------------
Sun Yuen Cheong Cafe (B) Limited declared the first and final
dividend to its creditors on or after July 27, 2012.

The company paid 7.698% for ordinary claims.

The official receiver & liquidator is Teresa S W Wong.


TEAMARK TOYS: Creditors' Proofs of Debt Due Aug. 13
---------------------------------------------------
Creditors of Teamark Toys Limited, which is in 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 liquidators are:

          Li Man Wai
          Wong Wai Ching
          Room 902, 9/F
          Fu Fai Commercial Centre
          27 Hillier Street
          Sheung Wan, Hong Kong


THADDEUS CAPITAL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Thaddeus Capital Management (HK) Limited, on July 20,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Paul David Stuart Moyes
         Ho Siu Pik
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


TONG LIN: Commences Wind-Up Proceedings
---------------------------------------
Members of Tong Lin (H.K.) Co., Limited, on July 18, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsang Kwok Fai
         Room 1902, 19/F
         Henan Building
         90-92 Jaffe Road
         Wanchai, Hong Kong


WANG HING: Creditors' Proofs of Debt Due Aug. 27
------------------------------------------------
Creditors of Wang Hing Vegetables Wholesale Company Limited, 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 commenced wind-up proceedings on July 19, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


WELL GUARD: Commences Wind-Up Proceedings
------------------------------------------
Members of Well Guard Company Limited, on July 17, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Patrick Cowley
         Chan Mei Lan
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


WON NAVIGATION: Man Yun Wah Steps Down as Liquidator
----------------------------------------------------
Man Yun Wah stepped down as liquidator of Won Navigation Limited
on July 27, 2012.


YEN NAVIGATION: Man Yun Wah Steps Down as Liquidator
----------------------------------------------------
Man Yun Wah stepped down as liquidator of Yen Navigation Company
Limited on July 27, 2012.



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


BAJAJ BASMATI: CRISIL Puts 'B' Rating on INR260MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Bajaj Basmati Rice Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Warehouse Financing      50       CRISIL B/Stable
   Term Loan                10       CRISIL B/Stable
   Cash Credit             150       CRISIL B/Stable
   Export Packing Credit    50       CRISIL B/Stable

The rating reflects BBRPL's weak financial risk profile, marked by
a high gearing, and weak debt protection metrics. The ratings also
reflect BBRPL's large working capital requirements, and
susceptibility of the company's operating margin to adverse
government regulations and monsoons, and to volatility in raw
material prices. These rating weaknesses are partially offset by
the benefits that BBRPL derives from its promoters' extensive
industry experience and its established relationships with its
customers.

Outlook: Stable

CRISIL believes that BBRPL will continue to benefit over the
medium term from its promoters' extensive industry experience in
the rice milling business. The outlook may be revised to
'Positive' in case the company reports early stabilisation of its
operations and more-than-expected increase in its cash accruals,
or in case significant equity infusion results in improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if BBRPL reports deterioration in its financial risk
profile, either because of lower-than-expected or larger-than-
expected debt-funded capital expenditure.

                        About Bajaj Basmati

BBRPL was set up in April 2010 by Mr. Krishan Bajaj and Mr. Sahil
Bajaj. In 2010, the company acquired the business of its group
concern, Bajaj Rice Mills (which is no longer operational). BBRPL
mills and processes paddy into rice, rice bran, broken rice, and
husk; it has paddy milling capacity of 5 tonnes per hour (tph).
The company's rice mill is in Ludhiana (Punjab). BBRPL also trades
in basmati rice (which forms around 40 per cent of its sales).
Moreover, the company is currently enhancing its processing
capacity to 13 tph at an estimated cost of INR285.5 million, which
is being funded mainly by long-term debt (67 per cent).

BBRPL, on a provisional basis, is estimated to report a profit
after tax (PAT) of INR2.5 million on net sales of INR965.1 million
for 2011-12 (refers to financial year, April 1 to March 31),
against a PAT of INR2.3 million on net sales of INR616.7 million
for 2010-11.


BOMMIREDDY INFRA: CRISIL Cuts Rating on INR60MM Loan to 'D'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the cash credit bank
facility of Bommireddy Infra Projects Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             60        CRISIL D

The rating reflects BIPPL's continuously overdrawn cash credit
account for more than 30 days, driven by weak liquidity. The
company's weak liquidity is on account of its working-capital-
intensive operations.

BIPPL also has a small scale of operations and geographically
concentrated revenue profile. The rating also factors in the
company's exposure to intense competition in the highly fragmented
civil construction industry. These ratings weaknesses are
partially offset by the extensive experience of BIPPL's promoter
in the civil construction industry and moderate financial risk
profile, marked by a moderate capital structure.

                      About Bommireddy Infra

Incorporated in 2009-10 (refers to financial year, April 1 to
March 31), based in Rajahmundry (Andhra-Pradesh), BIPPL undertakes
civil construction projects, primarily in Andhra Pradesh. The
company undertakes work as a sub-contractor primarily in the
irrigation sector including earthwork excavation, canal, and
under-tunnel works. BIPPL's promoter-director, Mr. Bommireddy
Venkateshwarao, has experience of more than two decades. Initially
established as a proprietorship concern in 2002-03, it was
reconstituted as a private limited company in 2009-10. As on July
2012, BIPPL has an unexecuted order book of INR370 million.

For 2011-12, BIPPL reported, on a provisional basis, a profit
after tax (PAT) of INR10 million on net sales of INR250 million;
the company reported a PAT of INR10 million on net sales of INR291
million for 2010-11.


CORONATION ARTS: CRISIL Places 'B+' Rating on INR50MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of The Coronation Arts Crafts.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long-Term       10       CRISIL B+/Stable
   Bank Loan Facility

   Long-Term Loan           20       CRISIL B+/Stable

   Letter of Credit          4       CRISIL A4

   Bank Guarantee            6       CRISIL A4

   Cash Credit              20       CRISIL B+/Stable

The ratings reflect TCA's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics, its
small scale of operations, and its susceptibility to intense
competition in the printing industry and to risks related to
geographical concentration. The above weaknesses are mitigated by
TCA's established regional position in the printing activities,
long-standing customer relationships, and partners' extensive
industry experience.

Outlook: Stable

CRISIL believes that TCA will benefit over the medium term from
its partners' extensive industry experience and established
customer relationships. The outlook may be revised to 'Positive'
if the firm scales up its operations substantially and if increase
in cash accruals and reduced gearing help strengthen its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if TCA reports a sharp decline in its revenues and margins, or
undertakes a large debt-funded capital expenditure programme
leading to deterioration in its financial risk profile.

                       About Coronation Arts

TCA was set up in 1977 and undertakes printing activities across
pre-press, printing, and post-press functions in Sivakasi (Tamil
Nadu). The partners, Mr. Babu Chidambaram, Mr. Balasubraminam, and
Mr. Jawahar Rajasabai, have over 25 years of experience in the
printing business, which includes printing of books, writing pads,
children's colouring and activity books, school textbooks,
exercise notebooks, accounts registers, diaries, calendars, desk
calendars, brochures, pamphlets, magazines, display files, self-
adhesive labels, and packaging cartons.

TCA reported a profit after tax (PAT) of INR5 million on net sales
of INR178 million for 2010-11 (refers to financial year, April 1
to March 31), as against a PAT of INR6 million on net sales of
INR163 million for 2009-10.


HARYANA MILK: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Haryana Milk Foods Ltd.  The ratings reflect the
instances of delay by HMFL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan              7.90       CRISIL D
   Supplier Bill         30.00       CRISIL D
   Discounting
   Cash Credit           50.00       CRISIL D
   Letter of credit &    10.00       CRISIL D
   Bank Guarantee

HMFL also has an average financial risk profile, marked by a small
net worth and constrained debt protection metrics, and modest
scale of operations with exposure to regulatory risks. The
company, however, benefits from its promoters' extensive
experience in the milk processing industry.

                           About Haryana Milk

HMFL, set up in 1965, processes milk to produce ghee and skimmed
milk powder (SMP). The company has capacity to process about
400,000 litres of milk per day. In 2011-12 (refers to financial
year, April 1 to March 31), HMFL's operations were adversely
affected because of the government ban on the export of SMP. As a
result, although the demand for ghee has remained steady, SMP's
sales have been low because of oversupply in the domestic market.
In 2011-12, HMFL also started purchasing ghee from third-party
entities and selling the same under its own brand to partly
addresses the aforementioned oversupply situation. In addition,
the company plans to include value-added products in its
portfolio, such as curd, lassi, and liquid milk, during 2012-13,
as these products entail better profit margins.

HMFL reported a net loss of INR33.6 million on net sales of
INR1.35 billion for 2010-11, against a profit after tax (PAT) of
INR15.7 million on net sales of INR1.41 billion for 2009-10.


JYOT OVERSEAS: CRISIL Assigns 'B+' Rating to INR16MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jyot Overseas Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Standby Line of          28       CRISIL A4
   Credit

   Export Packing Credit    55       CRISIL A4

   Bill Purchase-           85       CRISIL A4
   Discounting Facility

   Proposed Long-Term        6       CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit              10       CRISIL B+/Stable

The ratings reflect JOPL's average financial risk profile marked
by moderate gearing and debt protection metrics, and exposure to
customer concentration risk in its revenue profile. The ratings
also factor in susceptibility of the company's margins to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of JOPL's promoters
in the pysllium husk industry.

Outlook: Stable

CRISIL believes that JOPL's business risk profile will continue to
be benefit from the company's promoters' industry experience. The
outlook may be revised to 'Positive' if there is a substantial
increase in JOPL's scale of operations, along with improvement in
its profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's profitability is lower than expected, or if the
company undertakes larger-than-expected, debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

                        About Jyot Overseas

JOPL was incorporated in 1997, promoted by Mr. Rajnikant Patel.
The company processes psyllium husk from seeds, which is popularly
known as isabgol in India. The company is managed by Mr. Vijay
Patel (son of Mr. Rajnikant Patel), his wife, Mrs. Parul Patel,
and a relative, Mr. Hemant Patel. JOPL's manufacturing unit is
located in Abu Road (Rajasthan), which is a hub for manufacturing
isabgol. JOPL has crushing capacity of 8700 tonnes per annum and
its unit is currently operating at 90 per cent utilisation.

JOPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR543.3 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR7.6 million on net sales
of INR669.2 million for 2010-11.


PERFECT INFRAENGINEERS: Fitch Assigns 'BB-' National LT Rating
--------------------------------------------------------------
Fitch Ratings has assigned India-based MEP and HVAC project
contractor Perfect Infraengineers Ltd a National Long-Term Rating
of 'Fitch BB-(ind)'. The Outlook is Stable.

The ratings reflect PIL's small scale of operations, as indicated
by a low revenue base of INR151.7m in FY11 (year end March) and
INR162.8m (provisional) in FY12.  The ratings also reflect the
company's tight liquidity position as illustrated by the full
utilisation of its working capital limits in the six months ended
June 2012.  Net cash cycle stretched to 143 days in FY12 (FY11:
115 days), primarily driven by an increase in receivable days to
125 from 95.

The ratings remain constrained by customer concentration in PIL's
order book, despite a fall in the contribution from the top
customer in FY12 to 26% of revenue (34.0% in FY11) and that of top
five customers to 67% (94%).

The ratings continue to be supported by PIL's comfortable credit
metrics with net financial leverage (adjusted net debt/EBITDA) of
2.75x and EBITDA interest coverage at 2.95x in FY12, comparable
with 2.25x and 2.72x, respectively, in FY11.  The ratings also
reflect the company's stable EBITDA margins, ranging between 11%-
12% over FY09-FY12.  Fitch notes that PIL's profitability and cash
flows benefit from the stable rental income from its leasing
business and servicing income from annual maintenance contracts
(AMCs).  The company also benefits from around two decades of
experience of its founders.

The ratings also factor in PIL's comfortable order book position
with unexecuted orders of about INR220m at end-June 2012 (135% of
FY12 turnover).  Moreover, the company has a diversified presence
across various industries like multiplexes, industrial and
commercial units, banks, pharmaceuticals, hospitals, healthcare,
hospitality, educational institutes and households.  Fitch notes
that PIL has been diversifying its revenue stream by entering into
other related business like electrical and plumbing.

What Could Trigger a Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include a decline in
EBITDA interest coverage below 2.0x on a sustained basis along
with a deterioration in the liquidity profile.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include an
improvement in the liquidity profile along with EBITDA interest
coverage above 2.5x on a sustained basis.

Incorporated in 1993, Perfect Infraengineers is a turnkey project
contractor for the supply, installation, testing, commissioning
and maintenance of MEP (mechanical, electrical and plumbing) and
HVAC (Air conditioner equipment supply and installation systems)
systems.  The company also undertakes AMCs and supplies air-
conditioners on rentals.

PIL's bank facilities are rated as follows:

  -- INR2.7m long-term loans: assigned National Long-Term 'Fitch
     BB-(ind)'
  -- INR42.5m fund-based limits: assigned National Long-Term
     'Fitch BB-(ind)'
  -- INR20m non-fund based limits: assigned National Short-Term
     'Fitch A4+(ind)'


PRAVEEN SPINNERS: CRISIL Puts 'B+' Rating on INR354MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Praveen Spinners (India) Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term      4.00       CRISIL B+/Stable
   Bank Loan Facility

   Long-Term Loan        350.00       CRISIL B+/Stable

   Export Packing Credit  15.00       CRISIL A4

The ratings reflect Praveen's susceptibility to risks related to
the timely commercialisation and stabilisation of its upcoming
spinning mill, and to intense competition in the yarn industry.
These rating weaknesses are partially offset by the benefits that
Praveen derives from its advantageous location and its promoter's
experience in various business initiatives.

Outlook: Stable

CRISIL believes that Praveen will benefit over the medium term
from its promoter's extensive business experience. The outlook may
be revised to 'Positive' if the company commercialises its project
without any further time or cost overrun and reports more-than-
expected operating income and profitability, or if it
significantly improves its financial risk profile with
considerable improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if Praveen faces any time or
cost overrun in its project, or if the utilisation of its proposed
capacities is lower than expected.

                       About Praveen Spinners

Praveen was set up in 2010 by Mr. K Rama Chandra Rao. It is
setting up a spinning unit with capacity of 31,000 spindles in
Krishna District (Andhra Pradesh). The total outlay for the
project is INR640 million, which includes a debt component of
INR350 million. The company proposes to manufacture cotton yarn
with count of 40s. The unit is expected to commence commercial
operations in August 2012.


RAJIT PAINTS: CRISIL Cuts Rating on INR224.7MM Loans to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Rajit Paints Ltd to 'CRISIL C' from 'CRISIL B-
/Stable', while reaffirming the rating on the short-term bank
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            210        CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit        22.5      CRISIL A4 (Reaffirmed)

   Term Loan               14.7      CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects RPL's weak liquidity arising as a
result of the company's working-capital-intensive operations. The
weak liquidity has resulted in instances of delay by RPL in
servicing its term debt over the past six months, though its
accounts are currently regular. CRISIL believes that RPL's
liquidity will continue to remain weak over the medium term,
mainly because of the company's large working capital
requirements.

The ratings continue to reflect RPL's modest financial risk
profile, marked by a high gearing, and modest debt protection
metrics and net worth. This rating weakness is partially offset by
the company's established track record in the industrial paints
business.

                           About Rajit Paints

RPL was set up in 1985 by Mr. Rakesh Mehra and Mr. Rohit Nagrath.
The company manufactures industrial paints, including liquid
automotive paints, industrial powder coatings, general industry
paints, and other allied products. It has manufacturing capacity
of 16,680 tonnes per annum of liquid paints and 300 tonnes per
month of powder coatings. RPL mainly caters to automotive
ancillary units, original equipment manufacturers, and other
sectors that use industrial paints.

For 2011-12 (refers to financial year, April 1 to March 31), RPL
reported, on a provisional basis, a profit after tax (PAT) of
INR56 million on net sales of INR1.54 billion; the company
reported a PAT of INR46 million on net sales of INR1.42 billion
for 2010-11.


SAIL BANSAL: CRISIL Rates INR60MM Cash Credit at 'CRISIL B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of SAIL Bansal Service Centre Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            60.00      CRISIL B-/Stable

The rating reflects SBSCL's weak liquidity due to working-capital-
intensive operations, weak financial risk profile marked by a
small net worth, a high gearing, and a total outside liabilities
to tangible net worth ratio, and small scale of trading
operations. These rating weaknesses are partially offset by the
benefits that SBSCL derives from being the sole steel servicing
center for Steel Authority of India Limited in Bokaro

Outlook: Stable

CRISIL believes that Sail Bansal Service Centre Limited will
maintain its stable business risk profile over the medium term
backed by its steady business from and long association with SAIL.
CRISIL may revise the outlook to 'Positive' if SBSCL reports
better-than-expected accruals or working capital management,
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if the company reports weakening of
its working capital cycle or if it undertakes any significant
debt-funded capital expenditure programme, leading to further
deterioration in its overall financial risk profile, particularly
its liquidity.

                         About SAIL Bansal

SBSCL commenced operations in 2000-01 (refers to financial year,
April 1 to March 31) as a steel service centre (SSC) for SAIL.
SBSCL was formed with the objective of customising steel products
for SAIL. Earlier, SBSCL was also involved in direct marketing and
sale of customised steel products; however, because of heavy
losses incurred by the company in 2005-06, SBSCL decided to
gradually limit its area of operations to steel servicing for SAIL
and entered into trading of various steel products in 2007-08.
However, SBSCL completely exited from its direct marketing and
sales business by 2009-10 only. SBSCL is a joint venture between
SAIL and BMW Industries Ltd (BMWIL; rated 'CRISIL BBB-
/Stable/CRISIL A3'), with BMWIL owning majority (60 per cent)
stake in the JV


SONAKI CERAMIC: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sonaki
Ceramic to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           3        CRISIL D (Downgraded from
                                     CRISIL A4)

   Cash Credit             30        CRISIL D (Downgraded from
                                     CRISIL B/Stable)

   Term Loan               70        CRISIL D (Downgraded from
                                     CRISIL B/Stable)

The rating downgrade reflects instances of delay by SC in
servicing its term debt; the delays have been caused by the firm's
weak liquidity. The delays have ranged from 30 days to 45 days,
with the latest delay occurring in June 2012. SC's liquidity has
weakened mainly because of lower-than-expected offtake of its
product and delay by more than three months in commissioning its
facility in 2011-12 (refers to financial year; April 1 to March
31). CRISIL believes that SC's liquidity will remain weak over the
medium term, driven by intense competition and offtake risks
associated in the ceramic tableware business segment.

SC also has a below-average financial risk profile, marked by weak
liquidity and debt protection metrics, and high gearing. This
rating weakness is partially offset by the extensive experience of
SC's partners in the ceramic industry.

                        About Sonaki Ceramic

Established in 2008, SC has set up a facility to manufacture bone
china-based crockery, such as cups, plates, and saucers. The firm
was set up by Mr. Kishore Patel and his family members. The unit
is set up in Morbi (Gujarat), and has an installed capacity of
around 9 tonnes per day. The total cost of the project was INR120
million, and was funded with term loan of INR70 million, unsecured
loans extended by the partners of INR10 million, and equity of
INR40 million.


SRI VISHNU: CRISIL Assigns 'B-' Rating to INR50MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sri Vishnu Granites Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan                35       CRISIL B-/Stable
   Cash Credit              15       CRISIL B-/Stable
   Letter of Credit          4       CRISIL A4
   Foreign Bill Discountingb10       CRISIL A4
   Export Packing Credit    10       CRISIL A4
   Bank Guarantee            1       CRISIL A4

The ratings reflect SVGL's average financial risk profile, marked
by a small net worth and weak debt protection metrics; the same is
expected to deteriorate further because of the company's large,
ongoing debt-funded capital expenditure; the ratings also factor
in SVGL's small scale of operations in the intensely competitive
granite monuments industry with high customer concentration, and
susceptibility to fluctuations in foreign exchange rates. These
rating weaknesses are partially offset by benefits that SVGL
derives from its promoters' extensive industry experience, its
established relations with its customers, and its moderate
operating efficiencies and its increasing capacities.

Outlook: Stable

CRISIL believes that SVGL will continue to benefit over the medium
term from its promoters' extensive experience in the granite
business and its increasing capacities. The outlook may be revised
to 'Positive' in case the company scales up its operations
significantly and maintains its profitability leading to higher-
than-expected cash accruals, thus improving its liquidity.
Conversely, the outlook may be revised to 'Negative' in case SVGL
reports less-than-expected scale up of operations at its new
capacities, or in case large working capital requirements further
weaken its financial risk profile, particularly its liquidity, and
constrain its debt servicing ability.

                           About Sri Vishnu

SVGL was set up in 1986 by Mr. Sri Kishan Agarwal and his brother,
Mr. Shyam Sunder Agarwal. It processes and exports finished
granite monuments. SVGL is a 100 per cent export-oriented unit;
its processing unit is at Shaad Nagar near Hyderabad (Andhra
Pradesh). The company has annual capacity of about 125,000 square
meters. SVGL's promoters also operate other entities, such as SVG
Granites Ltd, which processes and exports granite slabs and tiles,
and SVG Marble & Granite Ltd (UK), which is engaged in wholesaling
of granite blocks and finished products in Ireland.

SVGL reported on provisional basis, a profit after tax (PAT) of
INR 1.41 million on net sales of INR65.0 million for 2011-12
(refers to financial year, April 1 to March 31), it reported a PAT
of INR1.10 million on net sales of INR59.3 million for 2009-10.


S.V.G. GRANITES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of S.V.G. Granites Ltd.

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Letter of Credit             25        CRISIL D
   Export Packing Credit        25        CRISIL D
   Bank Guarantee                1.5      CRISIL D
   Cash Credit                   25       CRISIL D
   Proposed Long-Term             3.5     CRISIL D
   Bank Loan Facility Term Loan  30       CRISIL D
   Foreign Bill Discounting      25       CRISIL D
   Discounting

The ratings reflect the instances of delay by SGL in servicing its
debt; the delays have been caused by SGL's stretched liquidity
arising out of the company's low cash accruals, recent, large,
debt-funded capital expenditure (capex) programme, and large
working capital requirements.

SGL also has an average financial risk profile, marked by a modest
net worth and weak debt protection metrics; moreover, the company
also has a modest scale of operations in the intensely competitive
granite industry, with customer concentration, and its margin is
susceptible to foreign fluctuation risk. The company, however,
benefits from its promoters' extensive industry experience, its
established relations with its customers, its moderate operating
efficiencies and expected ramp up from new capacities.

                       About S.V.G. Granites

SGL was set up in 2005 by Mr. Sri Kishan Agarwal. The company is a
100 per cent export-oriented unit; it processes and exports
granite slabs and tiles. SGL has a granite processing capacity of
about 150,000 square metres per annum at Bibi Nagar near Hyderabad
(Andhra Pradesh). The company has recently expended a large amount
of capital to increase its capacities and modernise its plant with
the latest technologies. SGL's promoters also operate other
entities, such as Sri Vishnu Granites Ltd, which processes and
export granite monuments, and SVG Marble & Granite Ltd (UK), which
is engaged in wholesaling of granite blocks and finished products
in Ireland.

SGL reported on provisional basis, a profit after tax (PAT) of
INR2.0 million on net sales of INR216.1 million for 2011-12
(refers to financial year, April 1 to March 31), it reported a PAT
of INR3.7 million on net sales of INR207.9 million for 2009-10.



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


INDOSAT: Moody's Says Q2 Results No Impact on 'Ba1' Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service says that Indosat's results for Q2 2012
are generally in line with expectations, and have no impact on the
company's Ba1 issuer rating and senior unsecured rating. The
ratings outlook remains stable.

"Indosat reported revenue growth of 3.3% YoY for 1H 2012, led by
promotional offerings ahead of the festive season and tower
leasing revenues. However, its growth continues to lag its peers
owing mainly to the company's delayed 3G and data network
rollout," says Nidhi Dhruv, a Moody's Analyst and Lead Analyst for
Indosat.

For 1H 2012, revenue growth for Indosat's peers was 12.6% for XL
Axiata (Ba1/stable) and 9.5% for Telekomunikasi Selular
("Telkomsel", Baa1/stable). In fact, Indosat's growth comes lower
than the expected industry growth rate of 5-7%.

"Indosat still awaits regulatory approvals for rolling out 3G
services on the refarmed 900 MHz spectrum. The company expects to
start trial runs in September 2012, which if successful, should
lead to Indosat closing the gap with XL and Telkomsel within the
next 12-18 months," adds Dhruv.

Reported debt as of June 2012 was higher at IDR25.8 trillion
resulting in adjusted debt/EBITDA of 3.0x for LTM June 2012.
However, Moody's notes that this spike in debt is temporary due to
Indosat's decision to pre-finance debt of IDR2.9 trillion falling
due in 2H 2012. Following this repayment, leverage is expected to
fall back in line with the rating level at 2.5-2.8x.

Indosat's reported normalized EBITDA margin dropped to 47% for 1H
2012 from 51% last year, in line with an expected margin
contraction for Indonesian operators as the industry matures and
traditional voice and SMS revenue shows a natural decline. Similar
EBITDA margin declines were reported by XL (48% for 1H 2012
compared to 52% last year), although Telkomsel maintained its
EBITDA margin at 57%.

Moody's notes that Indosat's sale of 2,500 towers to Tower Bersama
(Ba2/stable) is expected to complete in Q3 2012, and the company
plans to use the USD406 million sale proceeds partially as a
natural hedge to pay for USD denominated capex or debt maturities.

The principal methodology used in rating Indosat was the Global
Telecommunications Industry Methodology published in December
2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia. The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media, data
communications, and internet services. Indosat is 65%-owned by
QTel.



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


GODO KAISHA 6: S&P Cuts Ratings on 2 Classes of Notes to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its ratings on the class E and F floating-rate notes issued
under the Godo Kaisha Orso Funding CMBS 6 transaction.

"Although the servicer has completed the sale of the properties
that backed one of the two remaining tokutei mokuteki kaisha (TMK;
special-purpose company) bonds, the outstanding principal on the
securitized portion of that TMK bond exceeds the amount collected
through the sale of the properties. The TMK bond originally
represented 17% or so of the total initial issuance amount of the
notes. The other remaining TMK bond originally represented about
30% of the total initial issuance amount of the notes," S&P said.

"Under the transaction agreement, any losses incurred on the
underlying TMK bonds will first impair the most subordinated
tranches of rated notes. Accordingly, it is our view that the
principal on classes E and F is now more likely to be impaired. We
downgraded these classes to reflect this view. We intend to lower
to 'D (sf)' our rating on classes E and F if losses are actually
incurred at the transaction level in the future," S&P said.

"Godo Kaisha Orso Funding CMBS 6 is a multiborrower commercial
mortgage-backed securities (CMBS) transaction. TMK bonds and loans
issued by/extended to six obligors initially secured the floating-
rate notes, while 32 real estate properties originally backed the
TMK bonds and loans. Bear Stearns (Japan) Ltd., Tokyo Branch
arranged the transaction, and Premier Asset Management Co. acts as
the servicer," S&P said.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in November 2013 for the
class E and F notes," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
Godo Kaisha Orso Funding CMBS 6
JPY29.9 billion floating-rate notes due November 2013
Class     To          From         Initial issue amount
E         CC (sf)     CCC (sf)     JPY3.0 bil.
F         CC (sf)     CCC (sf)     JPY0.2 bil.


L-JAC 7: S&P Lowers Ratings on 8 Certificate Classes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B and D-1 to J-2 trust certificates issued in March 2008
under the L-JAC 7 Trust Beneficial Interest and Trust Loan (L-JAC
7) transaction. "Meanwhile, we affirmed our ratings on classes A
and C and the trust loan issued under the same transaction," S&P
said.

"On July 26, 2010, we lowered the ratings on the class H-1, I-1,
J-1, and K-1 trust certificates to 'D (sf)'. Then, on May 25,
2011, we withdrew our rating on the interest-only (IO) class X
trust certificates, in line with our revised methodology for
rating IO securities, which we published on April 15, 2010," S&P
said.

"Under the L-JAC 7 transaction, the underlying loans/specified
bonds are grouped into three pools. Collection from the
loans/specified bonds are aggregated within each pool. Rated
tranches are linked to each pool and the trustee makes principal
repayments and interest payments based on the collection from each
pool. The class A to C certificates and the trust loan are linked
to all three pools, and the trustee makes principal repayments and
interest payments on these classes using the aggregate collected
interest and principal applied to these classes in sequential
order (starting from the upper-level tranches)," S&P said.

"The servicer has sold the properties that backed two of the
transaction's underlying loans, both of which have defaulted. As a
result, the principal on the loans has been impaired. We  lowered
to 'D (sf)' from 'CCC (sf)' our ratings on classes F-1, G-1, D-3,
E-3, F-3, G-3, H-3, and I-3 because the principal on these
tranches was either fully or partially written off on the trust
payment date in July 2012, following the impairment of the
principal on these two loans," S&P said.

"Of the four loans and four specified bonds that initially backed
this transaction, one loan and three specified bonds remain (other
than the two loans that  incurred principal losses). The three
remaining specified bonds have defaulted," S&P said.

S&P said it based the downgrades of classes B, D-1, E-1, D-2, E-2,
F-2, G-2, H-2, I-2, and J-2 primarily on these factors:

-- One of the transaction's three remaining, defaulted specified
    bonds is backed by an office building in Edogawa Ward, Tokyo.
    The specified bond originally represented about 24% of the
    total initial issuance amount of the trust certificates. S&P
    has lowered its assumption for the likely collection amount
    from the collateral property because the property's
    performance has been deteriorating due to lower occupancy.
    S&P currently assumes the value of the property to be about
    55% of its initial underwriting value, down from about 65%
    When it last reviewed its ratings in August 2011.

-- Another of the three specified bonds that defaulted is backed
    by an office building in Chuo Ward, Tokyo. The specified bond
    originally represented about 14% of the total initial
    issuance amount of the trust certificates. S&P has also
    lowered its assumption for the likely collection amount from
    this collateral property due to the property's deteriorating
    performance due to lower occupancy. S&P currently assume the
    value of the property to be about 44% of its initial
    underwriting value, down from about 61% when it reviewed it
    ratings in February 2010.

"Meanwhile, we affirmed our 'BBB (sf)' ratings on class A and the
trust loan because, in our view, principal redemption has
progressed. We also affirmed our 'CCC (sf)' rating on class C
because, in our view, the current rating on this class already
reflects the negative impact from the above revised assumptions
for the likely collection amounts from the properties backing the
specified bonds," S&P said.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. Four specified bonds and four nonrecourse
loans originally extended to eight obligors initially secured the
trust certificates issued under this transaction, while 16 real
estate properties and real estate beneficial interests originally
backed the specified bonds and nonrecourse loans. Lehman Brothers
Japan Inc. arranged the transaction, and Premier Asset Management
Co. acts as the servicer.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in October 2014 for
the class A trust certificates and trust loan, and the full
payment of interest and ultimate repayment of principal by the
legal final maturity date for the class B to J-2 certificates,"
S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion Trust certificates due October 2014
Class    To           From        Initial issue amount    Coupon
                                                           type
B        B- (sf)      B (sf)      JPY3.15 bil.     Floating rate
D-1      CCC- (sf)    CCC (sf)    JPY1.88 bil.     Floating rate
D-2      CCC- (sf)    CCC (sf)    JPY1.10 bil.     Floating rate
D-3      D (sf)       CCC (sf)    JPY0.60 bil.     Floating rate
E-1      CCC- (sf)    CCC (sf)    JPY0.61 bil.     Floating rate
E-2      CCC- (sf)    CCC (sf)    JPY0.56 bil.     Floating rate
E-3      D (sf)       CCC (sf)    JPY0.27 bil.     Floating rate
F-1      D (sf)       CCC (sf)    JPY0.80 bil.     Floating rate
F-2      CCC- (sf)    CCC (sf)    JPY0.49 bil.     Floating rate
F-3      D (sf)       CCC (sf)    JPY0.26 bil.     Floating rate
G-1      D (sf)       CCC (sf)    JPY0.71 bil.     Floating rate
G-2      CCC- (sf)    CCC (sf)    JPY0.48 bil.     Floating rate
G-3      D (sf)       CCC (sf)    JPY0.26 bil.     Floating rate
H-2      CCC- (sf)    CCC (sf)    JPY0.64 bil.     Floating rate
H-3      D (sf)       CCC (sf)    JPY0.30 bil.     Floating rate
I-2      CCC- (sf)    CCC (sf)    JPY0.62 bil.     Floating rate
I-3      D (sf)       CCC (sf)    JPY0.33 bil.     Floating rate
J-2      CCC- (sf)    CCC (sf)    JPY0.53 bil.     Floating rate

RATINGS AFFIRMED

L-JAC 7 Trust Beneficial Interest and Trust Loan
Class           Rating        Initial issue amount      Coupon
                                                         type
A               BBB (sf)      JPY11.75 bil.        Floating rate
Trust Loan      BBB (sf)      JPY8.50 bil.         Floating rate
C               CCC (sf)      JPY3.14 bil.         Floating rate


OLYMPUS CORP: Terumo Sues Over Share Loss
-----------------------------------------
Jiji Press reports that Terumo Corp. has filed a lawsuit against
Olympus Corp. over a fall in the value of its holdings of Olympus
shares because of the optical equipment maker's huge loss coverup
scandal.

Jiji Press says Terumo, a medical equipment maker, did not say how
much it is demanding in damages, but the figure is believed to be
in the billions of yen.  The suit was filed in the Tokyo District
Court, Terumo said Tuesday.

Olympus share prices plummeted after the coverup came to light.
Terumo holds 2.1% of Olympus shares.

Terumo has proposed investing JPY50 billion in Olympus and
integrating the two firms' operations via a joint holding company,
the report notes.

                        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.



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


C&M CO: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from negative
the outlook on Korean cable TV operator C&M Co. Ltd. (C&M). "At
the same time, we affirmed the 'B' long-term corporate credit
rating on the company. We then withdrew the rating at the
company's request," S&P said.

"The outlook revision to stable reflects our revision of our
assessment of C&M's liquidity profile to 'adequate' from 'less
than adequate,' after the company completed refinancing its
syndicated loan of about Korean won (KRW) 2.2 trillion on July 30,
2012. C&M also completed the early redemption of its US$45.8
million global notes on July 27, 2012. After the refinancing, most
of C&M's debt will mature in July 2016," S&P said.



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


OTAGO RUGBY: Seeks Fund from Clubs to Cover Shortfall
-----------------------------------------------------
Steve Hepburn at Otago Daily Times reports that Otago Rugby
Football Union president Adrian Read is confident he will get
enough funds from metropolitan clubs to cover a shortfall in the
recovery package to save the Otago union.

According to the report, Mr. Read said it was solely his
initiative to seek money from clubs from Dunedin to help the
union's board and enable it to start with a clean slate.

Earlier this year, Otago Daily recalls, the union had faced the
threat of liquidation due to debts of more than NZ$2 million.
But a rescue package was put together and the union had managed to
avoid liquidation, and continued trading, the report relays.

Otago Daily relates that Mr. Read said after all the bills had
been added up and all the creditors paid, there was a shortfall
for the Otago union of about NZ$40,000.

According to Otago Daily, the Otago Country board, on behalf of
the country clubs, committed NZ$70,000 to the recovery package
earlier this year, and there had been a suggestion metropolitan
clubs should also make a contribution.

Mr. Read, as cited by Otago Daily, said some past presidents and
life members of the union had also been supportive of the venture,
and had contributed.

He had no timeline to accumulating the NZ$40,000 but hoped to have
it finalised by the end of the year, the report.

As reported in the Troubled Company Reporter-Asia Pacific on
March 7, 2012, Sport24 said that the Otago Rugby Football Union
put off immediate liquidation on March 2 and revealed the
existence of a possible lifeline.  Faced with debts of
NZ$2.35 million, the Otago Union said earlier in the week it
would fold on March 2, but at the last minute announced that the
move had been delayed for a week, according to Sport24.

Based in Dunedin, the Otago Rugby Football Union --
http://www.orfu.co.nz/-- is the official governing body of rugby
union for the Otago Region of New Zealand.


WAITUNA VALLEY: Liquidation Leaves Creditors With No Payout
-----------------------------------------------------------
Manawatu Standard reports that Waituna Valley Transport has been
wrapped up, leaving behind no money to meet unpaid bills,
including those of the liquidator.

The company, directed and half-owned by convicted Feilding
fraudster Peter Joseph Nitschke, was placed into liquidation this
year over an unpaid tax bill, the Standard recalls.

According to the Standard, the process of fully liquidating the
company has taken only two months, because the liquidator could
find no assets to sell.

The Standard relates that liquidator David Vance, of Deloitte,
said in his final liquidator's report that he had not had contact
with Mr. Nitschke, who is in jail for a fraud conviction relating
to NZ$2.3 million he took while working for Capehorn Farming.
There had also been no contact with the other part-owner of the
company, Janie Kathleen Nitschke, the Standard relays.

The Standard notes that Mr. Vance found Waituna was set up to
transport stock for Capehorn. When Capehorn was liquidated,
Waituna ceased to trade.

Waituna's bank account was closed in 2010, and the last financial
statements were from March that year, says the Standard.

The Standard relates that while there were vehicles listed as
Waituna assets, Mr. Vance found they had already been sold and the
money used to pay debts before he was appointed.

In the end, there was no money to pay any of the NZ$179,211 owed
to creditors.  As there was no money, the liquidators missed out
on NZ$9,751 in fees.  Capehorn is also in liquidation, with no
assets available for any of its creditors, either.



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


DIRECT ACCESS: 600 Call Center Agents Lose Jobs as Firm Shuts
-------------------------------------------------------------
Sun.Star Cebu reports that 600 employees were left jobless after
Cebu-based call center Direct Access Corp. decided to suspend
their operation for six months starting July 30 because of
financial losses.

According to the report, representatives of the 600 workers went
to Cebu City Hall on Tuesday to seek the help of the mayor on
their plight.

Sun.Star Cebu relates that Cebu City Mayor Michael Rama said the
company should give what is due their employees.

It was reported that the workers did not receive their salaries,
allowances, incentives and night differentials last July 16, says
Sun.Star Cebu.  The employees were told that their remaining
unpaid salaries will be released by the company by July 23, but
they have not received any, the report relays.

Sun.Star Cebu adds that the Department of Labor and Employment
(Dole) 7 is now looking into the closure of the company.



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


SIN TONG: Creditors' Proofs of Debt Due Aug. 10
-----------------------------------------------
Creditors of Sin Tong Lee Company (Private) Limited 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:

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


SUPREME MACHINE: Court to Hear Wind-Up Petition Aug. 10
-------------------------------------------------------
A petition to wind up the operations of Supreme Machine Tools 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 13, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         No. 9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


TIME WATCH: Members' Final Meeting Set for Aug. 23
--------------------------------------------------
Members of Time Watch Singapore Pte Ltd will hold their final
general meeting on Aug. 23, 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, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


YENURA PTE: Court to Hear Wind-Up Petition Aug. 20
--------------------------------------------------
A petition to wind up the operations of Yenura Pte Ltd will be
heard before the High Court of Singapore on Aug. 10, 2012, at
10:00 a.m.

Koh & Choo Services Pte Ltd filed the petition against the company
on July 2, 2012.

The Applicant's solicitor is:

         CitiLegal LLC
         150 Cecil Street, #15-01
         Singapore 069543



===========
T A I W A N
===========


KUO HUA: FSC Extends Receivership for Another Year
--------------------------------------------------
Crystal Hsu at The Taipei Times reports that the Financial
Supervisory Commission said it would extend the government's
receivership of cash-strapped Kuo Hua Life Insurance Co for
another year, allowing the receiver more time to secure a buyer.

Taipei Times notes that the move marked the fourth time the
receivership has been extended, as the current one expire today,
August 3, and the receiver -- the semi-official Insurance
Stabilization Fund -- is in the process of arranging an auction in
late October.

As of March 31, 2012, the insurer had an accumulated net loss of
NT$74.63 billion (US$2.49 billion), Taipei Times discloses citing
company data.

The report relates that ISF chairman Chu Yun-peng attributed the
losses mainly to sustained negative interest spreads and declining
working capital.

According to the report, the FSC said it would ease capital
requirements for buyers and allow governance forbearance for up to
10 years.

The FSC added buyers do not have to be in the finance business and
Chinese capital is allowed as long as it does not exceed required
levels, the report relays.

The ISF said prospective buyers should file paperwork by Aug. 17
and conduct due diligence between Aug. 17 and Sept. 28, adds
Taipei Times.

                      About Kuo Hua Insurance

Kuo Hua Insurance Co. Ltd. is a Taiwan-based life insurer.

Taiwan's Financial Supervisory Commission took control of the
insolvent life insurer on Aug. 4, 2009, and appointed the semi-
official Insurance Stabilization Fund its official receiver.  The
company was the first local life insurer to be brought under
government receivership in 40 years.

In August 2009, Kuo Hua failed to keep its capital adequacy ratio
at the required level.  The life insurer had a net deficit of
NT$58.9 billion before the takeover by the FSC (Best's News
Service, April 26, 2010).



=============
V I E T N A M
=============


DOT VN: Delays Form 10-K for Fiscal 2012
----------------------------------------
Dot VN, Inc., informed the U.S. Securities and Exchange Commission
that it will be late in filing its annual report on Form 10-K for
the period ending April 30, 2012.  The Company said the final
compilation, dissemination and review of the information required
to be presented in the Form 10-K could not be completed and filed
by July 30, 2012, without unreasonable effort and expense to the
Company.

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
http://www.INFO.VN

The Company is the "exclusive online global domain name registrar
for .VN (Vietnam)."  Dot VN is the sole distributor of Micro-
Modular Data Centers(TM) solutions and E-Link 1000EXR Wireless
Gigabit Radios to Vietnam and Southeast Asia region.  Dot VN is
headquartered in San Diego, California with offices in Hanoi,
Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Jan. 31, 2012, showed $2.49 million
in total assets, $9.20 million in total liabilities and a $6.70
million total shareholders' deficit.

Following the 2011 results, PLS CPA, in San Diego, Calif., noted
that the Company's losses from operations raised substantial doubt
about its ability to continue as a going concern.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


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


INDIA

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


JAPAN

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


KOREA

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


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

NEW ZELAND

NZF GROUP LTD            NZF             142.71        -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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