TCRAP_Public/120807.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, August 7, 2012, Vol. 15, No. 156

                            Headlines


A U S T R A L I A

ACL BEARING: Receivers to Cut Additional 20 Jobs
APV AUTOMOTIVE: To Shutdown Operations Following Receivership
EDUCATION WORKS: Creditors Likely to Get Less Than 10%
PERPETUAL CORP: Moody's Rates AUD5.1MM Class E Notes '(P)Ba2'
REED CONSTRUCTIONS: May Have Been Trading While Insolvent

RELIANCE RAIL: Finance Doc Changes No Effect on Moody's Ratings
* Fitch Affirms Rating on 16 Trust Classes
* Fitch Affirms Rating on 23 Note Classes by 7 Interstar RMBS


C H I N A

ICICI BANK: Fitch Affirms Rating on $750MM Tier 2 Bonds at 'B+'
PERFECTENERGY INTERNATIONAL: BDO China Raises Going Concern Doubt
SINO-FOREST CORP: Discusses Business Models in CCAA Filings


H O N G  K O N G

ASIA WIN: Members' Final Meeting Set for Sept. 3
AVIATION MANAGEMENT: Creditors' Proofs of Debt Due Aug. 27
CHUNG DAH: Members' Final General Meeting Set for Aug. 29
C K & W LIMITED: Members' Final Meeting Set for Aug. 31
EAST GATE: Creditors' Proofs of Debt Due Aug. 27

EASYNET TELECOM: Members' Final Meeting Set for Aug. 24
FAIRMAX (HONG KONG): Members' Final Meeting Set for Aug. 28
GREAT MORAL: Members' Final Meeting Set for Aug. 28
HK OVERSEAS: Members' Final Meeting Set for Aug. 31
MANDEX MANUFACTURING: Members' Final Meeting Set for Aug. 28

ROYAL DOULTON: Creditors' Proofs of Debt Due Aug. 10
SAWA ELECTRONICS: Members' Final Meeting Set for Aug. 27
SHINGON BUDDHISM: Placed Under Voluntary Wind-Up Proceedings
STIEFEL LABORATORIES: Members' Final Meeting Set for Aug. 28
TAK SHIN: Members' Final Meeting Set for Aug. 28


I N D I A

CHOPRA STRIPS: CRISIL Assigns 'B' Rating to INR196.5MM Loans
ERODE BUILDER: CRISIL Raises Rating on INR213MM Loan to 'C'
G M COLD: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loans
GOYAL IRON: CRISIL Assigns 'CRISIL B' Rating on INR262.5MM Loans
LB FLOORING: CRISIL Raises Rating on INR20MM Loan to 'CRISIL B'

MAA CHINMASTIKA: CRISIL Puts 'D' Rating on INR65MM Loans
PANNA LAL: CRISIL Lifts Rating on INR70MM Loan to 'CRISIL B-'
SHIBSATI COLD: Delay in Loan Payment Cues CRISIL Junk Ratings
TRICOLITE ELECTRICAL: CRISIL Puts 'B+' Rating on INR245MM Loans
VEERABHADRA MINERALS: CRISIL Puts 'B+' Rating on INR23.5MM Loans


J A P A N

NCI TRUST 2: S&P Lowers Rating on Class D Certificates to 'CCC'
RENESAS ELECTRONICS: Plans to Close Two Plants
SHARP CORP: Moody's Reviews Short-Term Ratings for Downgrade
SIGNUM VANGUARD: S&P Affirms 'B+' Ratings on 2 Note Series


N E W  Z E A L A N D

HANOVER FINANCE: Hotchin Labels FMA Action as "Ill Conceived"
PERPETUAL TRUST: Has 10 Days to Sort Out Fund; Observers Stay


S I N G A P O R E

CHANDRA ASRI: Moody's Changes Outlook on 'B2' CFR to Negative
MCS CASHMERE: Creditors' Proofs of Debt Due Sept. 3
S CREDIT: Placed Under Voluntary Wind-Up Proceedings
SYNERGIC INDUSTRIAL: Court Enters Wind-Up Order
VINAVIL FAR: Creditors' Proofs of Debt Due Sept. 3

ZENECON ENGINEERING: Creditors Get 6.31373% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week July 30 to Aug. 3, 2012


                            - - - - -


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


ACL BEARING: Receivers to Cut Additional 20 Jobs
------------------------------------------------
ABC News reports that The Manufacturing Workers Union, the union
representing workers at ACL Bearing, said it was not warned about
the latest round of redundancies.

Receivers for the car parts maker told workers on July 30 that it
plans to shed another 20 jobs by the middle of next month,
according to ABC News.

ACL Bearing went into receivership in 2009, when 110 jobs were
slashed, the report recounts.  A further 35 workers were sacked
last year.

The report notes that receiver-manager Matt Byrnes said the
factory relies on sales in Asia and Europe, which have dropped
recently.

ABC News notes that Mr. Short said staff will receive their
entitlements from the Federal Government, but he says ACL is not
the only exporter hurt by the high Australian dollar and the cost
of transport.

The job cuts will take place over the next two weeks and will
leave 125 workers at the Launceston plant, the report discloses.

ACL Bearing is a Launceston car parts manufacturer.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 5, 2011, ABC News said ACL Bearing is sacking up to 35
workers over the next two weeks, as the high Australian dollar
has an impact on sales.  The report related that the jobs to go
will be determined over the coming days, leaving 115 employees at
the site.  The upcoming layoffs will be another blow for
workforce after more than 100 redundancies in 2009, when the
business went into administration, according to ABC News.


APV AUTOMOTIVE: To Shutdown Operations Following Receivership
-------------------------------------------------------------
finance.ninemsn.com.au reports that Melbourne's APV Automotive
went into receivership in April, and will shut down once all
customer orders are completed at the end of August, the receiver
PPB Advisory said.

The company has continued to operate with a reduced workforce as
PPB Advisory sought to sell the business, but no buyers have been
willing to step in, according to finance.ninemsn.com.au.

The report notes that existing orders are expected to be
completed by August 31, after which time APV employees will be
made redundant.

finance.ninemsn.com.au says that acting Australian Manufacturing
Workers Union (AMWU) vehicle division national secretary Dave
Smith said the closure was a major blow to APV staff.

"Most of the remaining 87 workers who will lose their jobs at the
end of August have been employed at APV for 10 to 15 years," the
report quoted Mr. Smith as saying.

finance.ninemsn.com.au notes that Mr. Smith also called on the
federal government to do more to save Australia's manufacturing
sector.

PPB partner Stephen Longley said assistance would be given to
employee claims for redundancy entitlements,
finance.ninemsn.com.au notes.


EDUCATION WORKS: Creditors Likely to Get Less Than 10%
------------------------------------------------------
Courtney Trenwith at smh.com.au reports that more than 600 West
Australia businesses and schools and 90 employees are likely to
receive less than 10% of the AUD50 million they are owed by
educational supplier Education Works, trading under the names
Wooldridges, Elizabeth Richards, Jacaranda Educational Supplies,
World of Education and Fotoworks.

According to smh.com.au, administrator Matthew Donnelly, from
Grant Thornton, said there had been strong interest in the sale
of the iconic WA company.

However, it was not expected to generate sufficient funds to pay
more than 700 creditors, of which nearly all were from West
Australia, what they were owed, the report relays.

smh.com.au relates that Mr. Donnelly said all Woolridge employees
had been retrenched and were owed about AUD1.6 million, while
schools would lose AUD1 million in unpaid rebates.

The company's brand FotoWorks, which has for years taken the
majority of WA school photos, was likely to be sold this week,
with little impact on bookings, smh.com.au relays.

But Woolridge shops, which closed on July 27, were unlikely to
reopen, adds smh.com.au.

"[Although] we might be able to achieve a sale of some form,
we're concerned the existing Woolridges business won't return to
the teaching and school community in the form we've all known
it," smh.com.au quotes Mr. Donnelly as saying.

"Anyone who takes it over is unlikely to reopen the retail
stores. [The immediate closure two weeks ago] does a lot of
damage to a brand and makes it very difficult to return it to
what it was."

Education Works entered administration in July this year.
Andrew Sallway, Said Jahani, and Matthew Donnelly of Grant
Thornton have been appointed as administrators.

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

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


PERPETUAL CORP: Moody's Rates AUD5.1MM Class E Notes '(P)Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Flexi ABS Trust 2012-1.

Issuer: Flexi ABS Trust 2012-1

    AUD89.25 million A1 Notes, Assigned (P)P-1 (sf)

    AUD102 million A2 Notes, Assigned (P)Aaa (sf)

    AUD28.05 million B Notes, Assigned (P)Aa2 (sf)

    AUD11.47 million C Notes, Assigned (P)A2 (sf)

    AUD6.38 million D Notes, Assigned (P)Baa2 (sf)

    AUD5.1 million E Notes, Assigned (P)Ba2 (sf)

The AUD12.75 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for the timely payment
of interest and the ultimate payment of the principal by the
legal final maturity.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's third term-securitisation and the second one
rated by Moody's. The transaction features a short term (P)P-1
(sf) tranche, with a legal final maturity of 12 months from
issuance. The tranche represents 35% of the total issuance. Key
factors supporting the (P)P-1 (sf) rating include:

* Principal cashflows -- which will be allocated to the short-
term tranche in priority to other tranches until it is fully
repaid -- will be sufficient to amortise the tranche within the
12-month period. The amortisation is tested with no prepayment
and assuming an Aaa-commensurate level of defaults and
delinquencies occurring during the amortisation period.

* The corporate administration and insolvency regime in
Australia and the hot back-up servicing arrangements with Dun &
Bradstreet (Australia) Pty Limited mitigate the risk of a
prolonged servicer disruption. These two factors are relevant in
the context of assigning the (P)P-1 (sf) rating because
FlexiGroup and Certegy are unrated.

Another notable feature of the transaction is the high proportion
of receivables relating to solar energy. While historical
performance data for solar energy receivables is limited to only
a few years, Moody's expects the performance of these receivables
to broadly track the performance of receivables relating to other
home-owner industries.

Home-owner industry obligors typically display lower default
rates than non-home-owner industry obligors in the Certegy
portfolio.

Ratings Rationale

Flexi ABS Trust 2012-1 is the securitisation of retail,
unsecured, 'no interest ever' receivables extended to obligors
located in Australia. Notable features of the transaction include
the unique nature of the collateral, the strong back-up servicing
arrangements, and short-weighted average lives of notes.

The receivables are unsecured payment plans, originated by
Certegy through various retailers at the point of sale. Rather
than relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make
monthly or fortnightly payments to Certegy, with the difference
between the balance payable by the obligor and the balance funded
by Certegy (equal to the merchant fee) representing implicit
interest. The loans are made on a full recourse, unsecured basis.

The expected default rate of 2.60% is broadly in line with
consumer auto-loan ABS transactions in the Australian market.

The minimum 25% subordination commensurate with an Aaa rating of
the senior notes is, on the other hand, materially higher that of
a typical auto-loan ABS transaction. This is attributed to the
unsecured nature of the receivables leading to zero recovery
values.

Certegy and FlexiGroup are unrated. Consequently, the transaction
structure includes back-up servicing arrangements provided by Dun
& Bradstreet (Australia) Pty Limited. Dun & Bradstreet carries
out servicing in parallel with Certegy, providing near 'hot'
levels of support and mitigating risks of a prolonged servicing
disruption.

In order to fund the purchase price of the portfolio, the Trust
will issue seven classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) repayment of the Class
A1 short-term tranche, and (2) increase in the subordination to
Class A notes to 36% from 25%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10%
of the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied). This principal pay down structure is
similar to other structures in the Australian ABS market.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Medium/High. Among other
factors, we note the unique nature of the transaction and the
consequent unavailability of historical performance data for the
unsecured consumer loan sector (particularly, in the interest-
free space).

On the other hand, Moody's was provided with detailed, loan-by-
loan data for all receivables originated by Certegy during the
2004-2012 period. This allows Moody's to have a material degree
of comfort with regard to assumptions made in rating the Flexi
ABS Trust 2012-1.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Flexi ABS Trust 2012-1, assuming the default rate
rises to 5.15% (compared to Moody's assumption of 2.60%), the
model indicated rating for the Class A2 Notes becomes A1.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


REED CONSTRUCTIONS: May Have Been Trading While Insolvent
---------------------------------------------------------
http://www.smartcompany.com.au/construction-and-
engineering/051055-liquidator-reveals-reed-constructions-may-
have-been-insolvent-for-months-before-collapse.html
(Matet)

SmartCompany reports that the liquidator of Reed Constructions
has suggested that the company may well have been trading while
insolvent for several months before it officially entered
administration.

Liquidator Mark Robinson of PPB Advisory told SmartCompany that
although an investigation is still ongoing, it may very well be
Reed was insolvent as early as March.

"We're still doing a lot of work there . . . but it could well be
earlier than that date," the report quotes Mr. Robinson as
saying.

According to the report, Mr. Robinson also confirmed there were
no funds in accounts dedicated to holding onto money for
subcontractors as security.

SmartCompany notes that a creditor's report compiled by
administrators Ferrier Hodgson, which has been adopted by PPB,
also put together a number of scenarios whereby creditors would
receive payment -- a low estimate and a high estimate.

SmartCompany says the low estimate suggests neither group would
receive any return at all.  The creditor's report suggests that
"creditors should expect that the low range recovery is more
likely than the high range".

The creditor's report also details intercompany loans granted by
Reed Constructions to holding company RBA Holdings Group, to the
tune of AUD114 million.  Earlier this year, Reed paid
AUD43 million in term deposits in order to "illustrate RCA had a
strong net asset position, so that the company reached NSW
government covenant testing requirements".

The company had been in dispute with the New South Wales
Government over some projects. The creditor's report even says
this may have contributed to the company's collapse.

The creditor's report also claims, as of July, AUD85.8 million
worth of unsecured trade creditor proof of debt forms had been
received, SmartCompany adds.

                           About Reed Group

The Reed Group of companies is a privately-owned building, design
and construction group, providing construction, design and
engineering services across Australia. Reed Constructions
Australia Pty Limited has been the main building and construction
entity of the Reed Group. Other businesses within the Reed Group
will continue to operate as normal.

Reed Constructions Australia Pty Limited has been placed in
Voluntary Administration after it suffered losses through some of
its key contracts.

Ferrier Hodgson partners John Melluish and Ryan Eagle were
appointed Voluntary Administrators of Reed Constructions
Australia Pty Limited and RST Nominees Pty Limited on June 15,
2012.


RELIANCE RAIL: Finance Doc Changes No Effect on Moody's Ratings
---------------------------------------------------------------
Moody's Investors Service comments that the amendments made to a
Reliance Rail Finance's finance document do not have an impact on
its ratings or its rating outlook.  Reliance Rail has a senior
secured rating of B3 and subordinated rating of Caa2. The outlook
on the ratings is developing.

The amendments to the common terms deed relates to administrative
procedures that Reliance is required to comply with, such as
revision to reporting requirements, which have been agreed to by
the relevant parties in the transaction.

The methodologies used in this rating were Construction Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007, and Operating Risk in Privately-
Financed Public Infrastructure (PFI/PPP/P3) Projects published in
December 2007.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group. Reliance Rail Group was the successful
consortium appointed by Railcorp in 2006 to deliver the NSW
Rolling Stock public private partnership (PPP) project. Reliance
Rail is in the process of manufacturing 78 eight-car "Waratah"
trains for the Sydney suburban rail network and has completed an
associated maintenance facility. Reliance Rail will also maintain
the trains and the maintenance facility from completion until
2043.


* Fitch Affirms Rating on 16 Trust Classes
------------------------------------------
Fitch Ratings has upgraded 1 class of notes and affirmed 16
classes of notes issued by 5 Challenger RMBS Series - Challenger
Millennium Series 2007-1E Trust (Challenger 2007-1E), Challenger
Millennium Series 2007-2L Trust (Challenger 2007-2L), Challenger
Millennium Series 2008-1 Trust (Challenger 2008-1), Challenger
Millennium Series 2009-1 Trust (Challenger 2008-2), and
Challenger Millennium Series 2009-1 Trust (Challenger 2009-1).

These transactions are backed by pools of Australian conforming
residential mortgages originated through a network of mortgage
originators and brokers under the Challenger Millennium Trust
Securitisation programmes.  The full list of rating actions can
be found at the end of this commentary.

The affirmations reflect Fitch's view that the available credit
enhancement is able to support the notes at their current rating
levels.  The upgrade of the Challenger 2008-2 Class AB notes
reflects the build up of credit enhancement and the improvement
of the credit quality and performance of loans in the portfolio.

Challenger 2007-1E, Challenger 2008-1, Challenger 2008-2 and
Challenger 2009-1 each contain less than 11% low-doc loans.  As
at 31 May 2012, 30+ day arrears were 1.69%, 0.31%, 0.69% and
0.69% respectively.  Fitch's Dinkum Index, which measures
industry wide 30+ day arrears performance, was 1.6% as at end
March 2012.

Challenger 2007-2L has underlying mortgage pools comprised of
89.3% low-doc loans.  The 30+ day arrears in the pools as at 31
May 2012 was 3.62% compared to Fitch's 30+ Day Low-doc Dinkum
Index of 5.7% as at end March 2012.

All transactions have mortgage insurance in place, with policies
provided by QBE Lenders Mortgage Insurance Ltd (Insurer Financial
Strength Rating: 'AA-'/Outlook Stable) and Genworth Financial
Mortgage Insurance Pty Ltd.  To date, all losses not covered by
the mortgage insurers have been covered by Challenger Mortgage
Management Pty Ltd as residual unit holder.

Challenger 2007-1E:

  -- USD208.9m Class A2A (ISIN XS0280784637) affirmed at 'AAAsf';
     Outlook Stable;
  -- GBP129.2m Class A2B (ISIN XS0280786335) affirmed at 'AAAsf';
     Outlook Stable;
  -- EUR31.0m Class AB (ISIN XS0280787226) affirmed at 'AAAsf';
     Outlook Stable; and
  -- EUR32.5m Class B (ISIN XS0280788976) affirmed at 'Bsf';
     Outlook Stable.

Challenger 2007-2L:

  -- AUD236.6m Class A (ISIN AU0000CHUHA5) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD19.6m Class AB (ISIN AU0000CHUHB3) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD14.9m Class B (ISIN AU0000CHUHC1) affirmed at 'Bsf';
     Outlook Stable.

Challenger 2008-1:

  -- AUD199.5m Class A (ISIN AU0000CHSHA9) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD13.0m Class AB (ISIN AU0000CHSHB7) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD5.8m Class B (ISIN AU0000CHSHC5) ') affirmed at 'A+sf';
     Outlook Stable.

Challenger 2008-2:

  -- AUD402.7m Class A (ISIN AU0000CLGHA6) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD19.0m Class AB (ISIN AU0000CLGHB4) upgraded to 'AAAsf';
     from 'AA+sf'; Outlook Stable; and
  -- AUD14.1m Class B (ISIN AU0000CLGHC2) affirmed at 'A+sf',
     Outlook Stable.

Challenger 2009-1:

  -- AUD24.6m Class A3 (ISIN AU0000CLJHC6) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD289.0m Class A4 (ISIN AU0000CLJHF9) affirmed at 'AAAsf';
     Outlook Stable;
  -- AUD20.3m Class AB (ISIN AU0000CLJHD4) affirmed at 'AAAsf';
     Outlook Stable; and
  -- AUD20.3m Class B (ISIN AU0000CLJHE2) affirmed at 'Bsf';
     Outlook Stable.


* Fitch Affirms Rating on 23 Note Classes by 7 Interstar RMBS
-------------------------------------------------------------
Fitch Ratings has affirmed 23 classes of notes issued by seven
Interstar RMBS Series.  These transactions are backed by pools of
Australian conforming residential mortgages originated through a
network of mortgage originators and brokers under the Interstar
Millennium Trust Securitisation programmes.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



=========
C H I N A
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ICICI BANK: Fitch Affirms Rating on $750MM Tier 2 Bonds at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed India's three largest private sector
banks: ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd.  The
agency has affirmed the Long-Term (LT) Foreign Currency (FC)
Issuer Default Ratings (IDR) of ICICI and ABL at 'BBB-' and HBL
and ABL's National LT ratings at 'Fitch AAA(ind)'.  The Outlook
on the LT FC IDRs is Negative, which mirrors India's sovereign
rating Outlook.  The Outlook on the National LT ratings is
Stable.

The banks' ratings are driven by their standalone risk profiles,
as indicated by their Viability Ratings (VR).  The affirmations
factor in the strength of franchise, steady and consistent
performance on various aspects of the credit metrics,
particularly asset quality, funding and profitability.  The
performance of all three banks has relatively been better over
peers rated 'bbb-' on the VR scale.  However, HBL's performance
has been consistently superior through cycles to that of the
other two private banks.

Similarly, the banks' capitalisation (FY12 Tier 1 CAR/total CAR:
ICICI: 12.7%/18.5%; HBL: 11.6%/16.5%; ABL: 9.5%/13.7%) is an
important supporting factor for the current VRs, given their risk
appetite and above-average growth plans.  Fitch notes that both
quantity and quality of capital across the banks underpin
absorption capacity when asset portfolios are stressed under
adverse scenarios.  Fitch's stress test shows that capital
impairment for all the three banks is zero to negligible under
stress conditions; a factor that also underpins their VRs.
However, HBL's ability to withstand stress is noticeably higher
than ABL and ICICI, underpinned by its robust margins, strong
funding structure and loan book diversity.

Potential sources of asset quality risks may originate from
retail loans for HBL (around 54% of total loans), which has the
highest share (including unsecured retail) among its peers, while
for ICICI its exposure to cyclical sectors would matter more if
economic downturn continues unabated.  Of the three, ABL's
exposure to infrastructure loans is the highest and could pose a
challenge to long-term asset quality if project completion is
delayed due to persisting economic and structural constraints.
ABL also carries a high share of secured loans, including retail,
which is dominated by housing and auto loans.  This, in Fitch's
view, partly balances its tighter capital position.

Risk underwriting and monitoring skills for all three banks are
generally viewed as better than domestic peers.  As at end-FY12,
all three banks reported a net NPL ratio of sub 1%.  Both HBL and
ABL reported gross NPL ratios of around 1% in FY12, while ICICI
appears to be making progress in dealing with its legacy
portfolio that arose post the first round of the credit crisis
(FY09-FY11) and which is adequately reserved.

Low cost deposit share continues to be comfortable for the three
banks ranging between 40%-50% of total deposits; HBL (FY12:
around 48%) ranging as the highest and the most consistent
performer among the three.  ABL has moved towards a more
liability-focused growth strategy; steadily reducing its share of
high-cost bulk deposits in total term deposits (FY12: 63%; FY11:
70%).  Both ABL and ICICI remain exposed to dollar refinancing
risks given their wholesale-funded overseas operations. ICICI's
refinancing risks are higher (over USD 2bn maturing in FY13)
compared with ABL's more diversified maturity profile.  That
being said, Fitch expects ICICI to meet its near-term obligations
without difficulty.  On the domestic front, ICICI has
successfully expanded in its low cost deposit sources over the
last two to three years.

These strengths have translated into robust profitability that is
supported by strong income diversity (given robust fees
franchise) and stable costs.  The banks have reported ROA of
above 1% consistently over the past five years (except ICICI in
FY09).  Moreover, stable dividend payout ratios have ensured that
internal capital accretion to the existing capital base is
strong.

The implementation of Basel III is likely to mean that these
banks will, at some point before 2019, need to access the markets
for capital.  Fitch expects the Indian market to be particularly
active between FY16-FY18 as banks look to meet the minimum
requirements.  Fitch's early estimates for the three banks
suggest that they collectively would require close to INR700bn
(around USD12.5bn) by FY18, which would need to be planned.  ABL
manages its capital position tightly (relative to the other two
banks), and would thereby need to start the earliest.

Severe deterioration in performance (at or beyond stress case
levels) could lead to a downgrade of the VR for ICICI and ABL and
may also impact ABL's LT IDR and HBL and ABL's National LT
ratings, albeit unlikely in the medium term.  In the meantime,
any meaningful reduction in capital buffer -- especially if
accompanied by higher-than-expected growth and/or risk tolerance
-- may also prompt a downgrade. ICICI's LT IDR is also at its
Support Rating Floor, reflecting Fitch's view of a higher
probability of government support.  This would be downgraded if
India's sovereign rating was downgraded.  HBL and ABL's National
LT ratings are already at the highest end of the rating scale and
therefore cannot be upgraded.  The ratings of hybrid instruments
are based on Fitch's criteria.

The rating actions are as follows:

ABL:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- FC senior debt: affirmed at 'BBB-'
  -- EUR2bn MTN programme: affirmed at 'BBB-'
  -- USD500m Senior unsecured notes: affirmed at 'BBB-'
  -- National Long-Term rating: affirmed at 'Fitch AAA(ind)';
     Outlook Stable
  -- INR57bn subordinated lower Tier 2 debt programme: affirmed
     at 'Fitch AAA(ind)'
  -- INR6.53bn subordinated upper Tier 2 debt programme: affirmed
     at 'Fitch AA+(ind)'
  -- INR2.14bn perpetual Tier 1 debt programme: affirmed at
     'Fitch AA+(ind)'

HBL:

  -- National LT rating: affirmed at 'Fitch AAA(ind)'; Outlook
     Stable
  -- National ST rating: affirmed at 'Fitch A1+(ind)'
  -- Term deposit programme: affirmed at 'Fitch tAAA(ind)'
  -- INR119.93bn lower tier 2 subordinated debt: affirmed at
     'Fitch AAA(ind)'
  -- INR150bn certificates of deposit: affirmed at 'Fitch A1+
     (ind)'

ICICI:

  -- LT FC IDR: affirmed at 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB-'
  -- USD3.2bn senior notes: affirmed at 'BBB-'
  -- USD750m Upper Tier 2 bonds: affirmed at 'B+'


PERFECTENERGY INTERNATIONAL: BDO China Raises Going Concern Doubt
-----------------------------------------------------------------
BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, China, expressed substantial doubt about Perfectenergy
International Limited's ability to continue as a going concern,
following the Company's results for the eleven months ended
Sept. 30, 2011.

The independent auditors noted that the Company has suffered
recurring losses from operations and has negative working
capital.

The Company reported a net loss of $7.63 million on $50.33
million of revenues for the eleven months ended Sept. 30, 2011,
compared with a net loss of $2.73 million on $74.60 million of
revenues for the fiscal year ended Oct. 31, 2010.

The Company's balance sheet at Sept. 30, 2011, showed
$35.26 million in total assets, $32.35 million in total
liabilities, and stockholders' equity of $2.91 million.

A copy of the Form 10-K is available for free at:

                       http://is.gd/3TpqPL

Based in Shanghai, China, Perfectenergy International Limited was
formed as a Nevada corporation in 2005.  It conducts operations
through its wholly owned subsidiary, Perfectenergy International
Limited, a private British Virgin Islands corporation, and
Perfectenergy BVI's three wholly owned subsidiaries (i)
Perfectenergy (Shanghai) Limited, a company organized under the
laws of the People's Republic of China ("Perfectenergy
Shanghai"), (ii) Perfectenergy GmbH, a German corporation
("Perfectenergy GmbH"), and (iii) Perfectenergy Solar-Tech
(Shanghai) Ltd., a company organized under the laws of the
People's Republic of China ("Perfectenergy Solar-Tech").

Perfectenergy BVI, through Perfectenergy Shanghai and
Perfectenergy Solar-Tech, is principally engaged in the research,
development, manufacturing, and sale of solar cells, solar
modules, and photovoltaic systems.

The Company conducts sales in Europe through Perfectenergy GmbH,
which was formed in Germany on Nov. 9, 2007, located at Tannenweg
8-10, 53757 Sankt Augustin, Germany.  The principal function of
Perfectenergy GmbH is marketing, installation, and other after-
sales services for the Company's PV products.


SINO-FOREST CORP: Discusses Business Models in CCAA Filings
-----------------------------------------------------------
Sino-Forest Corporation provided a status update regarding its
efforts to collect accounts receivable owing to subsidiaries of
the Company.

In support of the Company's March 30, 2012 application under the
Companies' Creditors Arrangement Act ("CCAA"), Sino-Forest filed
an affidavit that, among other things, described the two business
models used by the Company to carry on business in the People's
Republic of China.  One business model involves the use of
subsidiaries incorporated in the British Virgin Islands, and the
other involves subsidiaries incorporated in the PRC as a wholly
foreign-owned enterprise.

As disclosed in the Initial Affidavit, owing to historic
restrictions on foreign companies carrying on business in the
PRC, a substantial portion of the Company's business in the PRC
has been conducted through "authorized intermediaries" that acted
as sales agents for Sino-Forest in the PRC.  Under this model,
standing timber forestry assets are acquired by Sino-Forest
through its subsidiaries incorporated in the BVI.  Authorized
intermediaries receive payments due to Sino-Forest from the sale
of standing timber forestry assets owned by certain of the
Company's BVI subsidiaries and, at the Company's direction, make
payments to the Company's suppliers on account of other standing
timber forestry assets purchased by the Company's BVI
subsidiaries. Under these set-off arrangements, no cash flows
directly through the Company's BVI subsidiaries.

As disclosed in the Initial Affidavit, after foreign ownership
restrictions were relaxed, the Company established WFOE
subsidiaries that carry on the forestry business directly in the
PRC. Under the WFOE model, WFOEs directly pay suppliers for the
purchase of forestry assets and directly receive payment from
customers when forestry assets are sold.

The Initial Affidavit discussed difficulties faced by the Company
in collecting accounts receivable owing to subsidiaries of the
Company. The affidavit reported that Sino-Forest's counsel in the
PRC had sent demand letters to 17 entities and that further
demand letters were in preparation.

As at March 30, 2012, according to the Company's records, a total
of $79.6 million was owing to WFOE subsidiaries of Sino-Forest, a
total of $887.4 million was owing to BVI subsidiaries of Sino-
Forest from authorized intermediaries arising from the sale of
standing timber forestry assets and a total of $126.2 million was
owing to other BVI subsidiaries of Sino-Forest from certain PRC
and BVI domiciled corporate customers from the sale of imported
logs and wood products.

Subsequent to March 30, 2012, the Company has continued efforts
through its PRC counsel and otherwise to collect receivables
owing to its WFOE subsidiaries and to preserve receivables owing
to the Company's BVI subsidiaries held by authorized
intermediaries and other PRC and BVI domiciled corporate
customers.  In taking these steps, the Company has learned that
certain of the entities with receivables owing to the Company's
subsidiaries have recently deregistered under PRC law.
Deregistration has the effect of terminating the existence of the
entity.

Of the $887.4 million the Company's records show as owed to BVI
subsidiaries from authorized intermediaries, approximately $504.8
million is owed by three authorized intermediaries that the
Company has learned have been deregistered.

Of the $126.2 million the Company's records show as owed to other
BVI subsidiaries from certain PRC and BVI domiciled corporate
customers, approximately $63.8 million is owed by six PRC
corporate customers that Sino-Forest has learned have been
deregistered. One of these six companies also is one of the three
authorized intermediaries that deregistered.

The Company believes that the deregistrations were improper under
PRC law, and that remedies are available to it as a result of the
actions taken.  The Company intends to take all steps necessary
to collect receivables owing to it, and to enforce its rights
against persons and entities responsible for the deregistrations.
In addition, as part of its efforts to collect receivables, the
Company is closely monitoring the registrations and status of its
counterparties.

                      About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.



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


ASIA WIN: Members' Final Meeting Set for Sept. 3
------------------------------------------------
Members of Asia Win Consultants Limited will hold their final
meeting on Sept. 3, 2012, at 10:15 a.m., at Room 2206, Wellborne
Commercial Centre, 8 Java Road, North Point, in Hong Kong.

At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


AVIATION MANAGEMENT: Creditors' Proofs of Debt Due Aug. 27
----------------------------------------------------------
Creditors of Aviation Management Services 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's liquidator is:

         Antony John Jex
         2102, Tower Two
         Lippo Center, 89 Queensway
         Admiralty, Hong Kong


CHUNG DAH: Members' Final General Meeting Set for Aug. 29
---------------------------------------------------------
Members of Chung Dah Ware House Co. Limited will hold their final
general meeting on Aug. 29, 2012, at 10:00 a.m., at 39/F, China
Resources Building 26 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Heng Poi Cher, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


C K & W LIMITED: Members' Final Meeting Set for Aug. 31
-------------------------------------------------------
Members of C K & W Limited will hold their final general meeting
on Aug. 31, 2012, at 9th Floor, 39 Robinson Road, in Hong Kong.

At the meeting, Cheng Siu Kau, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EAST GATE: Creditors' Proofs of Debt Due Aug. 27
------------------------------------------------
Creditors of East Gate Shipping 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's liquidator is:

         Antony John Jex
         2102, Tower Two
         Lippo Center, 89 Queensway
         Admiralty, Hong Kong


EASYNET TELECOM: Members' Final Meeting Set for Aug. 24
-------------------------------------------------------
Members of Easynet Telecommunications (Hong Kong) Limited will
hold their final meeting on Aug. 24, 2012, at 11:00 a.m., at the
offices of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, 99 Queen's Road Central, Central, in Hong Kong.

At the meeting, Nicholas James Gronow and Fok Hei Yu, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


FAIRMAX (HONG KONG): Members' Final Meeting Set for Aug. 28
-----------------------------------------------------------
Members of Fairmax (Hong Kong) Limited will hold their final
general meeting on Aug. 28, 2012, at 10:00 a.m., at 44/F, China
Resources Building, 26 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Heng Poi Chen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GREAT MORAL: Members' Final Meeting Set for Aug. 28
---------------------------------------------------
Members of Great Moral Creation Limited will hold their final
general meeting on Aug. 28, 2012, at 10:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, No. 345 Nathan Road,
Kowloon, in Hong Kong.

At the meeting, Lam Chit Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HK OVERSEAS: Members' Final Meeting Set for Aug. 31
---------------------------------------------------
Members of Hong Kong Overseas Club Limited will hold their final
meeting on Aug. 31, 2012, at 11:00 a.m., at Room 1902, 19/F,
Henan Building, 90 Jaffe Road, Wanchai, in Hong Kong.

At the meeting, Cheng Hok Cheung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MANDEX MANUFACTURING: Members' Final Meeting Set for Aug. 28
------------------------------------------------------------
Members of Mandex Manufacturing Limited will hold their final
general meeting on Aug. 28, 2012, at 11:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, No. 345 Nathan Road,
Kowloon, in Hong Kong.

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


ROYAL DOULTON: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
Creditors of Royal Doulton Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 10, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


SAWA ELECTRONICS: Members' Final Meeting Set for Aug. 27
--------------------------------------------------------
Members of Sawa Electronics (Holdings) Limited will hold their
final general meeting on Aug. 27, 2012, at 10:00 a.m., at 19/F,
S.B. Commercial Building, 478 Nathan Road, Yau Ma Tei, in
Kowloon.

At the meeting, Sum Wai Ching Helena, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SHINGON BUDDHISM: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on July 20, 2012,
creditors of Shingon Buddhism Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Miu Ling
         Room 1307-8, Dominion Centre
         43-59 Queen's Road
         East, Wanchai
         Hong Kong


STIEFEL LABORATORIES: Members' Final Meeting Set for Aug. 28
------------------------------------------------------------
Members of Stiefel Laboratories (Hong Kong) Limited will hold
their final general meeting on Aug. 28, 2012, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TAK SHIN: Members' Final Meeting Set for Aug. 28
------------------------------------------------
Members of Tak Shin Kindergarten Association Company Limited will
hold their final meeting on Aug. 28, 2012, at 10:00 a.m., at 9/F,
Tung Ning Building, 249-253 Des Voeux Road Central, in Hong Kong.

At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.



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


CHOPRA STRIPS: CRISIL Assigns 'B' Rating to INR196.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Chopra Strips Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan             156.5       CRISIL B/Stable (Assigned)
   Cash Credit            40         CRISIL B/Stable (Assigned)
   Packing Credit        160         CRISIL A4 (Assigned)

The ratings reflect CSL's start-up phase and small scale of
operations in the intensely competitive guar gum industry,
undifferentiated nature of products, susceptibility to volatility
in raw material prices and in foreign exchange rates, and
exposure to project-related risks. These rating weaknesses are
partially offset by CSL's average financial profile, marked by
average capital structure and debt protection metrics, and the
extensive industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that CSL will benefit over the medium term from
the stabilisation of its operations. The outlook may be revised
to 'Positive' in case the company reports earlier-than-expected
ramp up of its operational income, leading to better cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case CSL reports delays in project implementation, lower-than-
expected capacity ramp up, or pressure on its profitability,
negatively affecting its cash accruals, or if it undertakes a
larger-than-expected, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                         About Chopra Strips

CSL, promoted by the Chopra family of Rajasthan, manufactures
guar gum powder. The company commenced commercial production in
April 2012, after completion of the first phase of its project
through an investment of INR110 million. The current facility, at
Jodhpur (Rajasthan), has capacity of 16 tonnes per day (tpd). The
second and third phases are expected to be completed by June 2012
and March 2013, respectively, and will involve a total investment
of around INR250 million. With the completion of these phases,
CSL will have total capacity of about 48 tonnes per day.


ERODE BUILDER: CRISIL Raises Rating on INR213MM Loan to 'C'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Erode Builder Educational Trust to 'CRISIL C' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           13        CRISIL C (Upgraded from
                                   'CRISIL D')

   Term Loan            200        CRISIL C (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects the timely servicing of debt
obligations by EBET over the past five months as well as
continued fund support from the promoters and expected increase
in its scale of operations. The trust's cash accruals in 2011-12
(refers to financial year April 1 to March 31) were not
sufficient to meet its debt obligations, however, the same were
met from timely infusion of corpus fund by the promoters. The
rating also factors in CRISIL's belief that EBET's debt
protection metrics and liquidity will remain under pressure over
the medium term on account of low accruals, high gearing, and
debt-funded capital expansion plans to be undertaken in the near
term.

The rating reflects EBET's weak financial risk profile, marked
small net worth, high gearing, and weak debt protection metrics,
limited track record, and susceptibility to intense competition
in the education sector and to adverse regulatory changes. These
rating weaknesses are partially offset by the healthy demand
prospects for the education sector and the funding support that
EBET receives from its promoters.

Set up in November 2007, EBET operates a single education
institute, the EBET Group of Institutions (EGI), which offers
courses in engineering, Master of Business Administration (MBA),
and Master of Computer Applications (MCA). EGI has the requisite
approvals from the All India Council for Technical Education and
Anna University of Technology, Coimbatore (Tamil Nadu).

The institute's first academic year commenced in June 2009, with
an approved intake of 240 students for its engineering course, 60
for its MBA course, and 60 for the MCA course. EGI was sanctioned
additional intake of 120 students each for its engineering course
during 2010-11 and 2011-12.

For 2011-12, EBET reported, on a provisional basis, a net loss of
INR44.6 million on net sales of INR85.2 million; as against a net
loss of INR38.5 million on net sales of INR45.2 million for 2010-
11.


G M COLD: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of G M Cold Storage Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   cash Credit            10.60       CRISIL B+/Stable
   Proposed Long-Term     59.40       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects GMCSPL's exposure to the highly regulated and
intensely competitive cold storage industry in West Bengal, and
its weak financial risk profile, marked by a small net worth and
low profitability. These rating weaknesses are partly offset by
GMCSPL's promoters' extensive experience in the cold storage
business.

Outlook: Stable

CRISIL believes that GMCSPL will maintain its moderate business
profile, backed by the extensive experience of its promoters in
the cold storage and potato trading business. The outlook may be
revised to 'Positive' in case of better-than-expected cash
accruals or infusion of capital by promoters, leading to
improvement in the financial risk profile and the risk absorption
capacity of the company. Conversely, the outlook may be revised
to 'Negative' if the company's liquidity deteriorates on account
of invocation of corporate guarantee provided for produce market
loan extended to farmers, stretch in working capital cycle, or if
it undertakes a large, debt-funded capital expenditure programme.

                           About G M Cold

Incorporated in 1986, GMCSPL provides cold storage facilities to
potato farmers and traders. The company also trades in potato.
The company is owned by the West Bengal-based Gorai family which
has been in the same line of business for 25 years. GMCSPL's cold
storage, with storage capacity of 23,268.7 tones, is divided into
four chambers. It is located in the Bankura district of West
Bengal. The average utilisation of storage capacity in 2011-12
(refers to financial year, April 1 to March 31) was over 95 per
cent. The company stocks material for outsiders to earn rental
income and the potato it trades in.


GOYAL IRON: CRISIL Assigns 'CRISIL B' Rating on INR262.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Goyal Iron & Steel Works (India).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               225       CRISIL B/Stable
   Cash Credit              37.5     CRISIL B/Stable
   Letter of Credit         29.2     CRISIL A4

The ratings reflect the implementation and off take risks
associated with the projects currently undertaken by the company
and the substantial upcoming term debt obligations. The rating
weakness is partially offset by the extensive business experience
of the promoters.

Outlook: Stable

CRISIL believes that GISW will continue to benefit over the
medium term on the back of healthy demand prospect for glass
bottles and the experience of its promoters in the glass
industry. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected operating cash flows, driven by
significantly higher-than-expected off take, resulting in
strengthening of its debt servicing metrics. Conversely, the
outlook may be revised to 'Negative' in case of any significant
time or cost over-runs delays in commissioning of the project.

                        About Goyal Iron

GISW was established on April 4, 1996 as a manufacturer of mild
steel ingots, and Cast Iron casting and other castings. The
firm's partners are Mr. Nitesh Goyal and Mr. Anuj Goyal. In 2009-
10 (refers to financial year, April 1 to March 31), the partners
decided to amend their scope of operations; they are currently
setting up a unit to manufacture glass bottles (in the range of
180 millilitres [ml] to 1000 ml) and other glass products.
Through their aforementioned venture into the glass manufacturing
industry, the partners plan to primarily target large alcoholic
beverage entities, such as United Spirits Ltd and Pernod Richard
India Limited.GISW's manufacturing plant is being established at
Firozabad (Uttar Pradesh), with capacity of 160 tonnes per day
and at a total project cost of around INR400 million.


LB FLOORING: CRISIL Raises Rating on INR20MM Loan to 'CRISIL B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of LB Flooring Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and has reaffirmed its 'CRISIL A4' rating to LBPL's
short-term bank facility.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              20       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        140       CRISIL A4 (Reaffirmed)

The upgrade reflects substantial improvement in LBPL's business
risk profile on account of company's diversification into trading
of timber and particle boards. As a result, LBPL is expected to
post substantial growth in revenue and increase its scale of
operations over the near to medium term. Further, company's
financial risk profile has improved on account of infusion of
funds by promoters. However, the overall improvement in LBPL's
financial risk profile is expected to be constrained by increased
working capital requirements and moderate net worth.

The ratings reflect LBPL's small scale of operations and weak
financial risk profile. These rating weaknesses are partially
offset by promoter's longstanding industry experience.

Outlook: Stable

CRISIL believes that LBPL will continue to benefit over the
medium term from its experienced management. The outlook may be
revised to 'Positive' in case the company successfully scales up
its operations, and maintains its healthy profitability margins
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case LBPL reports deterioration in its
profitability margins or debt protection metrics.

                         About LB Flooring

LBPL, incorporated in 2007, imports, and trades in, various
flooring products. The Nagpur (Maharashtra)-based company is part
of the Laxmidas Brothers group, which is promoted by Panchmatia
family. The group commenced operations in 1952. LBPL trades in
wooden laminate flooring, oriented strand boards, deck flooring,
and timber and particle boards for flush doors. The company
procures its products through imports from China, Brazil and
Chile, and sells the same to local distributors, wholesalers, and
traders. These products are used in the construction industry,
especially in the floors of commercial and residential buildings.


MAA CHINMASTIKA: CRISIL Puts 'D' Rating on INR65MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Maa Chinmastika Fuels Pvt Ltd. The rating reflects instances
of delay by MCFPL in servicing its term debt; the delays have
been caused by MCFPL's weak liquidity.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan                32       CRISIL D (Assigned)
   Cash Credit              21.5     CRISIL D (Assigned)
   Proposed Cash            11.5     CRISIL D (Assigned)
   Credit Limit

MCFPL has a weak financial risk profile, working-capital-
intensive operations, and is exposed to risks related to
stabilisation of operations during the initial phase of its
operations. However, the company benefits from the extensive
experience of its promoters in manufacturing coke.

Incorporated in 2010, MCFPL manufactures hard coke, with annual
capacity of 28,800 tonnes. The company is promoted by Mr. Rahul
Singh and Mr. Ram Kumar Singh. Its manufacturing unit is in
Ramgarh, Jharkhand. MCFPL sells its hard coke to ferroalloy
manufacturers in Madhya Pradesh and Chattisgarh.


PANNA LAL: CRISIL Lifts Rating on INR70MM Loan to 'CRISIL B-'
-------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities
of Panna Lal Tarak Shaw Ispat Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL C', while reaffirming its short-term rating at 'CRISIL
A4'.


                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              70       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Letter of Credit         10       CRISIL A4 (Reaffirmed)

The rating upgrade follows regularisation of Panna Lal's cash
credit account on account of marginal improvement in the
company's liquidity. The company's liquidity has improved, backed
by equity infusion of INR25 million in 2011-12 (refers to
financial year, April 1 to March 31). The INR25 million was
utilised to pay off the entire INR23.1 million of outstanding
business and other unsecured loans. Presently, Panna Lal has no
outstanding long-term debt in its books.

The ratings reflect Panna Lal's weak financial risk profile,
marked by a small net worth and weak interest coverage ratio, and
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of Panna Lal's
promoters in the steel industry.

Outlook: Stable

CRISIL believes that Panna Lal's financial risk profile will
remain constrained over the medium term, on account of its modest
accruals and large working capital requirements. The outlook may
be revised to 'Positive' if the company's working capital cycle
improves or if there is sizeable long-term fund infusion, leading
to improved liquidity. Conversely, the outlook may be revised to
'Negative' in case Panna Lal's profitability is lower than
expected, leading to further weakening in its financial risk
profile, or if the company undertakes any long-term, debt-funded
capital expenditure.

                           About Panna Lal

Panna Lal was formed as partnership concern in 1973. Initially it
traded in steel products such as mild steel rounds. Since 1995,
it has been trading in die steel castings and alloy steel. In
2011, it was reconstituted as a private limited company. The
directors of Panna Lal are Mr. Arun Jaiswal and Mr. Tarak Nath
Shaw who look after the company's day-to-day operations.

Panna Lal's profit after tax and net sales are estimated at INR4
million and INR550 million, respectively, for 2011-12; the
company reported a net profit of INR4.4 million on net sales of
INR335.7 million for 2010-11.


SHIBSATI COLD: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Shibsati Cold Storage Pvt Ltd. The ratings reflect
the instances of delay by the company in servicing its term loan;
the delays have been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan              50.00      CRISIL D (Assigned)
   Bank Guarantee          2.00      CRISIL D (Assigned)
   Cash Credit            38.00      CRISIL D (Assigned)
   Cash Credit             7.00      CRISIL D (Assigned)

SCSPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and is exposed to
intense competition in the cold storage industry in West Bengal.
The company, however, benefits from its promoters' extensive
industry experience.

SCSPL was set up in December 2010 by Mr. Debkalyan Roy and
Mr. Debabrata Roy of Kolkata (West Bengal). The company has a
cold storage facility in Paschim Mednipur (West Bengal), with
capacity of 17,000 tonnes per annum (tpa) (two chambers of 8500
tpa each) for storing potatoes. It also trades in potatoes. The
utilisation for storage facility between January 2012 and March
2012 was about 50 per cent. The rest of the facility was used for
storage of potatoes for trading activities. The promoter family
has been trading in potatoes for more than three decades.


TRICOLITE ELECTRICAL: CRISIL Puts 'B+' Rating on INR245MM Loans
---------------------------------------------------------------
CRISIL has assigned its CRISIL B+/Stable/CRISIL A4 ratings to the
bank facilities of Tricolite Electrical Industries Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               40        CRISIL B+/Stable
   Cash Credit            205        CRISIL B+/Stable
   Letter of Credit        25        CRISIL A4
   Bank Guarantee         100        CRISIL A4

The ratings reflect Tricolite's average financial risk profile,
marked by weak debt protection metrics, and moderate capital
structure, and constrained liquidity profile due to working-
capital-intensive nature of operations. These rating weaknesses
are partially offset by the benefits that Tricolite derives from
its established relations with its customers and suppliers, and
its diversified end-user industry.

Outlook: Stable

CRISIL believes that Tricolite will continue to benefit over the
medium term from its established relations with its customer and
its suppliers. The outlook may be revised to 'Positive' in case
the company reports improvement in its working capital management
leading to improvement in liquidity or significant improvement in
its profitability, leading to higher-than-expected cash accruals
and, thereby, improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Tricolite
reports further deterioration in its liquidity because of larger-
than-expected working capital requirements or debt-funded capital
expenditure.

                    About Tricolite Electrical

Tricolite, incorporated in 1987, is promoted by Mr. Amitabh
Nangia, Mr. Gautam Kumar, and Mr. Inderjit Kumar. The company
manufactures electrical components, mainly switchboards and
panels. It supplies to various industries such as power, steel,
automotive, and information technology. Some of Tricolite's
regular customers include Larsen & Toubro Ltd (rated CRISIL AAA/
FAAA /Stable/CRISIL A1+), Blue Star Ltd, ABB Ltd (rated CRISIL
AAA/Stable/CRISIL A1+), Bhushan Steel Ltd, and DLF Ltd (rated
CRISIL A/Negative/CRISIL A2+).

Tricolite reported a net profit of INR5.7 million on net sales of
INR881 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR19.7 million on net sales
of INR945 million for 2009-10. The company's net sales are
estimated at over INR1 billion for 2011-12.


VEERABHADRA MINERALS: CRISIL Puts 'B+' Rating on INR23.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Veerabhadra Minerals Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long-Term Loan          15.5      CRISIL B+/Stable (Assigned)
   Cash Credit              8        CRISIL B+/Stable (Assigned)
   Packing Credit          10        CRISIL A4 (Assigned)
   Letter of Credit        11.3      CRISIL A4 (Assigned)
   Bank Guarantee           0.7      CRISIL A4 (Assigned)

The ratings reflect VMPL's small scale of operations, exposure to
concentration risks in revenue profile and susceptibility of the
operating profitability to adverse movement in foreign exchange
rates. These rating weaknesses are partially offset by promoter's
extensive experience in the granite industry, and comfortable
financial risk profile marked by a comfortable gearing and debt
protection metrics.

Outlook: Stable

CRISIL believes that VMPL will continue to benefit from its
promoter's experience in the industry over the medium term. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase significantly on a sustainable basis while
improving its capital structure. The outlook may be revised to
'Negative' if VMPL's liquidity deteriorates most likely due to
stretched receivables or if VMPL's relationship with customers
deteriorates or if the company undertakes large debt-funded capex
leading to deterioration in the financial risk profile.

Incorporated in the year 1989, Veerabhadra Minerals Pvt Ltd is
engaged in extraction and export of granites. The company has its
extraction facility in Chimakurti, Prakasham District (Andhra
Pradesh). Promoted by Mr. G.V. Pratap Reddy, VMPL is 100 per cent
export oriented (EOU) unit with majority of sales to China.

For 2011-12 (refers to financial year, April 1 to March 31), VMPL
reported, on a provisional basis, a profit after tax (PAT) of
INR37.6 million on net sales of INR603.6 million, as against a
PAT of INR10.2 million on net sales of INR468 million for
2010-11.



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


NCI TRUST 2: S&P Lowers Rating on Class D Certificates to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A and B trust certificates and lowered its ratings on the
class C and D trust certificates issued under the NCI Trust
Certificate-2 transaction. "At the same time, we removed our
ratings on classes A to D from CreditWatch with negative
implications, where we placed them on June 27, 2012," S&P said.

"One specified bond and seven loans, six of which repaid,
originally backed the trust certificates issued under this
transaction. Only one loan and the specified bond remain. The
loan and specified bond originally represented a combined 41% or
so of the total rated initial issuance amount of the trust
certificates," S&P said.

"Since we placed the ratings on classes A to D on CreditWatch
negative, we have learned through a servicer report that the
sales agreement for the property backing the transaction's
remaining specified bond was signed in July 2012, and the amount
scheduled to be collected from the property in August 2012 will
likely exceed the principal on the specified bond. The specified
bond originally represented about 26% of the total rated initial
issuance amount of the trust certificates," S&P said.

"Meanwhile, although collection activities for the property--an
office/hotel complex in Osaka--backing the remaining loan are
underway, the servicer has not yet completed the sale of that
property. The remaining loan, which originally represented about
15% of the total rated initial issuance amount of the trust
certificates, defaulted in February 2012. The weak cash flow of
the office/hotel complex has, in our view, further constrained
the likely collection amount from the property. Accordingly, we
have revised downward our assumption for the likely collection
amount from the office/hotel complex. We currently assume the
value of the property to be about 45% of our initial underwriting
value, down from about 50% when we reviewed our ratings in August
2011," S&P said.

"We affirmed our ratings on classes A and B because, upon the
completion of the sale of the property backing the transaction's
remaining specified bond, class A is set to fully redeem, the
redemption of principal on class B is set to progress
significantly, and the current cash reserve for the transaction's
remaining loan is set to exceed the outstanding balance of class
B. Nevertheless, we may downgrade class B in the future if we
consider that the likelihood of the redemption of class B by the
transaction's legal final maturity date in September 2013 is no
longer commensurate with the current rating on that class, given
the limited remaining period until that date. Meanwhile, the
downgrades of classes C and D reflect the downward revision
to our assumption for the likely collection amount from the above
office/hotel complex that backs the transaction's remaining
loan," S&P said.

"NCI Trust Certificate-2 is a multiborrower commercial mortgage-
backed securities (CMBS) transaction that Nomura Securities Co.
Ltd. arranged. Twenty-two real estate properties ultimately
secured the seven nonrecourse loans and one specified bond that
initially secured the trust certificates issued under this
transaction," S&P said.

"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
September 2013 for the class A certificates, and the full payment
of interest and the ultimate repayment of principal by the legal
final maturity date for the class B to D 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 AFFIRMED, OFF CREDITWATCH NEGATIVE
NCI Trust Certificate-2
JPY31.1465 billion trust certificates due Sept. 2013*
Class     To           From                   Initial issue
amount
A         AAA (sf)     AAA (sf)/Watch Neg     JPY22.8 bil.
B         A (sf)       A (sf)/Watch Neg       JPY4.2 bil.

RATINGS LOWERED, OFF CREDITWATCH NEGATIVE
NCI Trust Certificate-2
Class     To           From                   Initial issue
amount
C         B- (sf)      BB- (sf)/Watch Neg     JPY2.3 bil.
D         CCC (sf)     B- (sf)/Watch Neg      JPY1.4535 bil.

*Class R (initial issue amount: JPY0.393 bil.) is not rated.


RENESAS ELECTRONICS: Plans to Close Two Plants
----------------------------------------------
Jiji Press reports that Renesas Electronics Corp. plans to cease
all final-stage chip processing operations at its plant in Ube,
Yamaguchi Prefecture, in the second half of fiscal 2013 and
shutter its Yanai facility in the prefecture within three years.

Jiji Press relates that the struggling chipmaker said Thursday it
is aiming to sell its front-end manufacturing operations at the
Ube factory within a year.  It is also considering selling its
Hakodate factory in Nanae, Hokkaido, a plant in Tsuruta, Aomori
Prefecture, and its Fukui facility in Sakai, Fukui Prefecture -
all within a year, the report relays.

In addition, says Jiji Press, the company will either shut down
or sell a plant in the town of Nishiki in Kumamoto Prefecture,
and a factory in Tsuruoka, Yamagata Prefecture, within three
years.

Renesas, which has been unprofitable since it was established in
2010, last month announced a restructuring plan which included a
reduction of about 5,000 workers, or 12% of its workforce, in a
bid to turn around its bottom line.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal related.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.



SHARP CORP: Moody's Reviews Short-Term Ratings for Downgrade
------------------------------------------------------------
Moody's Investors Service has downgraded its short-term ratings
on Sharp Corporation and its supported subsidiaries, Sharp
International Finance (UK) plc and Sharp Electronics Corporation,
to Prime-3 from Prime-2.

The ratings remain under review for further downgrade.

Ratings Rationale

The rating action reflects Moody's increasing concern that the
company's weak operating performance and additional restructuring
costs will continue to pressure its cash flow downwards, thereby
increasing its dependence on external sources for liquidity.

Its short-term debt increased to about JPY700 billion as of
June 2012 from JPY600 billion as of March 2012. It also has about
JPY200 billion in bonds maturing in September 2013.

Its cash and deposits were JPY217.7 billion as of June 2012.

To deal with its short-term liquidity pressures, Sharp is aiming
to reduce its debt by about JPY400 billion throughout FYE03/2013.

In July 2012, Sharp sold its share in Sharp Display Products
Corporation (not rated, renamed to Sakai Display Products
Corporation) to Hon Hai for JPY66 billion. As a result, Sakai
Display Products will be deconsolidated from 2Q2012, together
with its debt (about JPY44 billion as of March 2012). The company
also plans to generate JPY70 billion in available funds by
reducing its capital expenditure. Through these measures, Sharp
will be able to reduce debt by about JPY180 billion in total.

However, Moody's notes some uncertainty over whether Sharp can
achieve its target of JPY400 billion in debt reduction. For
example, it plans to issue new stock of JPY66.9 billion to Hon
Hai, but this exercise remains subject to formal regulatory
approvals.

Sharp is also trying to generate JPY150 billion in available
funds by decreasing inventory and selling non-core assets.
However, a weak operating environment and weak performance will
make it challenging for the company to reduce inventory as it
plans. Sales of non-core assets will also take time. The cash
payments required for restructuring measures will further
pressure cash flow.

Moody's expects that (1) weaker-than-expected demand for LCD TVs
in Japan, where the company has a leading position, (2) resulting
declines in demand for large LCD panels for its internal use, and
(3) a slowdown in demand growth for and increasing competition in
small- and medium-sized LCD panels will continue to pressure its
overall earnings and cash flow.

On August 2, 2012, Sharp lowered its performance forecast for
FYE03/2013. It now estimates an FYE3/2013 operating loss of
JPY100 billion with an operating margin of -4.0% -- compared with
its forecast in May 2012 of an operating profit of JPY20 billion
with an operating margin of 0.7% -- due largely to a weak
performance in liquid crystal display (LCD) TVs and LCD panels.

In addition, it expects to incur a net loss of JPY250 billion,
compared with its earlier forecast of a net loss of JPY30
billion, due to the need to make provisions for additional
restructuring measures, mainly headcount reductions in Japan, as
well as the company's larger operating loss.

On the other hand, Moody's notes that Sharp continues to receive
strong support from its major Japanese banks, an important factor
in Moody's rating and in considering its liquidity needs.

Moody's review will focus on (1) Sharp's ability to reduce short-
term debt in a timely manner, (2) progress on the equity
injection from Hon Hai, (3) refinancing plans with major banks,
and (4) alternate liquidity for CP programs (currently, CP
programs are not fully covered by committed lines of credit).

The principal methodology used in rating Sharp Corporation, Sharp
Electronics Corporation and Sharp International Finance (U.K.)
Plc was the Asian Consumer Electronics Industry Methodology
published in December 2010.

Sharp Corporation, headquartered in Osaka, is one of the leading
manufacturers of consumer electronics in Japan.


SIGNUM VANGUARD: S&P Affirms 'B+' Ratings on 2 Note Series
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' ratings on
Signum Vanguard Ltd.'s series 2010-7 and 2011-2 secured fixed-
rate notes and simultaneously removed the ratings from
CreditWatch with negative implications. "We had placed the
ratings on both transactions on CreditWatch negative on Feb. 22,
2012," S&P said.

"The rating actions follow our affirmation of the long-term
corporate credit rating on the reference entity of the
transactions' single-name credit default swaps (CDS)," 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 AFFIRMED, OFF CREDITWATCH NEGATIVE
Signum Vanguard Ltd.
Series 2010-7 secured fixed rate note due 2020
To       From               Issue amount
B+       B+/Watch Neg       JPY5.0 bil.
The transaction's closing date was Dec. 16, 2010.

Series 2011-2 secured fixed rate note due 2021
To       From               Issue amount
B+       B+/Watch Neg       JPY5.0 bil.
The transaction's closing date was Feb. 2, 2011.



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


HANOVER FINANCE: Hotchin Labels FMA Action as "Ill Conceived"
-------------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that former Hanover
Finance director Mark Hotchin has labelled civil action against
the company's former directors and promoters as "ill conceived".

nzherald.co.nz notes that the Financial Markets Authority is
suing Mr. Hotchin, Eric Watson, Greg Muir, Bruce Gordon, Sir
Tipene O'Regan and Dennis Broit over allegedly misleading or
untrue statements made in Hanover offer documents.

The report relates that the FMA is seeking compensation for
investors who put NZ$35 million into Hanover Finance, Hanover
Capital, and United Finance between December 2007 and July 22,
2008.  The market watchdog, says nzherald.co.nz, is also seeking
penalty orders against the defendants, and if the claim is
successful, the former directors and promoters could each face
fines of up to NZ$5 million.

According to the report, Mr. Hotchin, in a media statement,
confirmed the defendants had now filed their statements of
defence with the High Court at Auckland.

"It should be clear to the FMA that the facts of this case are
completely different from other finance companies that have come
before the Courts, and the directors are confident they will not
be found liable," Mr. Hotchin said in a media statement cited by
nzherald.co.nz.  "Hanover group operated with a high level of
corporate governance, and the Hanover companies had in place
sound processes and internal controls which were audited by
reputable and competent auditors who at all material times
produced favourable and unqualified audit reports," it said.

nzherald.co.nz relates that Mr. Hotchin also said the defendants
will argue the FMA's claims for penalties and declarations of
civil liability "are time barred because the Securities
Commission was aware, or ought to have discovered, the matters
pleaded in its claim within the 2 years period then required by
the Securities Act 1978".

                        About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


PERPETUAL TRUST: Has 10 Days to Sort Out Fund; Observers Stay
-------------------------------------------------------------
BusinessDesk reports that the High Court has given Pyne Gould
Corp subsidiary Perpetual Trust 10 working days to come up with a
plan to liquidate one fund and internalize another.

According to the report, Judge Paul Heath on Friday ordered
Perpetual to figure out a way to wind down its frozen mortgage
fund and internalize its cash management fund before another
hearing on August 17, according to his judgment.

He also ordered that observers, Vivian Fatupaito and Christopher
Duffy of WHK, should continue in their role, BusinessDesk
relates.

"At this stage there is a live issue over whether, in the form
that internalization is intended to take, the statutory
supervisor (or some other form of supervision) should continue to
be required, whether at the discretion of the court, or
otherwise," the judgment, as cited by BusinessDesk, said.

BusinessDesk notes that Perpetual's statutory supervisor,
Trustees Executors, sought an order after the cash management
fund was used to loan NZ$28 million to the related Torchlight
Fund No 1 LP, which is managed by Pyne Gould principal George
Kerr.

"I am told by counsel that 'internalization' of the cash fund is
intended to restrict the allotment of units in that fund to
investors which are, broadly, trusts of which Perpetual is a
trustee, or other do not constitute 'members of the public'," the
judgment, obtained by BusinessDesk, said.

According to BusinessDesk, Perpetual froze repayments of its
NZ$56.2 million mortgage fund, which it now wants to wind up,
after a surge in redemption requests after details of the cash
fund's to the Torchlight fund emerged.

The loan has since been repaid by Torchlight, and Pyne Gould is
now looking at ways to divest some or all of its Perpetual unit,
the report says.

BusinessDesk relates that the judge said the repayment of the
Torchlight loan means any concerns "arising out of the past
conduct of those who were responsible for making the decisions to
lend to Torchlight can now safely be left to the [Financial
Markets] Authority or the statutory supervisor."

"No further action is presently required from the court."

Based in New Zealand Perpetual Trust Limited --
http://www.perpetual.co.nz/-- provides trustee and financial
advice, services, and solutions. Perpetual Trust is a subsidiary
of Pyne Gould Corp.



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


CHANDRA ASRI: Moody's Changes Outlook on 'B2' CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on Chandra
Asri's B2 corporate family rating and senior secured bond rating
to negative from stable.

Ratings Rationale

"The negative outlook reflects a protracted decline in the
company's profit margins following a decline in its naphtha-
ethylene spread, which has weakened its credit metrics as a
result," says Vikas Halan, a Moody's Vice President and Senior
Analyst.

"Such pressure on its profit margins and weak credit metrics is
likely to affect the company for the next 12 months," he adds.

In the last twelve months ending in June 2012, Chandra Asri
generated EBITDA of US$22 million, with an EBITDA margin just
around 1%.

In addition, Chandra Asri has increased its borrowings to fund
its expansion into the butadiene segment.

This, combined with its lower margins, has resulted in the
company's debt/ EBITDA escalating to nearly 15x, and which is
well beyond the tolerance level of 3.0-3.5x for its ratings.

"The negative outlook also takes into account the declining
headroom under the maintenance covenants in the company's US$150
million bank loan," says Mr. Halan.

Under its bank loan obligations, the company is required to
maintain, at the end of every quarter, the ratio of its reported
operating cash flows to finance costs at above two times, on a
rolling 12-month basis.

As at June 2012, this ratio was 2.4x and could deteriorate
further if the company generates negative operating cash flow due
to adverse working capital changes in the next few quarters
without corresponding improvements in its margins.

The rating outlook could return to stable if the company improves
its profit margins and generates positive operating cash flows
such that its debt/ EBITDA is maintained below 3.0-3.5x and the
headroom under the bank loan covenants improves.

Chandra Asri's B2 rating reflects its leading position in the
Indonesian domestic petrochemicals market, a position based on
its competitive vertically integrated operations.

However, the rating is constrained by its high leverage, small
global presence, and asset concentration.

The rating also takes into consideration the inherent cyclical
nature of the petrochemical industry, which is a cause of its
volatile earnings and cash flow.

Chandra Asri has adequate liquidity -- cash balance of US$114
million as at June 30, 2012 -- which will be adequate to fund its
ongoing expansion plans of approximately US$65-US$80 million, as
well as to repay its amortizing bank loans of approximately US$10
million over the next twelve months.

The company's rating could be downgraded, if (1) its credit
metrics fail to improve because of delays in recovering its
margins; or (2) its negative operating cash flow and tight
headroom under its bank loan covenants continue for an extended
period.

The principal methodology used in rating PT Chandra Asri
Petrochemical Tbk was the Global Chemical Industry Methodology
published in December 2009.

PT Chandra Asri Petrochemical Tbk, the largest petrochemical
producer in Indonesia, is listed on the Jakarta Stock Exchange.
Its integrated petrochemical complex includes the only naphtha
cracker in the country with a cracking capacity of 1.7 million
tons per annum.


MCS CASHMERE: Creditors' Proofs of Debt Due Sept. 3
---------------------------------------------------
Creditors of MCS Cashmere Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Sept. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Ebenezer John Lazarus
          Chen Yeow Sin
          c/o 1 Robinson Road
          #14-01 AIA Tower
          Singapore 048542


S CREDIT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Feb. 29, 2012,
creditors of S Credit Co-operatives League Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidator is Chan Jer Luang.


SYNERGIC INDUSTRIAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on July 27, 2012, to
wind up the operations of Synergic Industrial Materials &
Services Pte Ltd.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         care of The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


VINAVIL FAR: Creditors' Proofs of Debt Due Sept. 3
--------------------------------------------------
Creditors of Vinavil Far East Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Sept.
3, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Ebenezer John Lazarus
          Chen Yeow Sin
          c/o 1 Robinson Road
          #14-01 AIA Tower
          Singapore 048542


ZENECON ENGINEERING: Creditors Get 6.31373% Recovery on Claims
--------------------------------------------------------------
Zenecon Engineering Pte Ltd declared the first and final dividend
on July 11, 2012.

The company paid 6.31373% to the received claims.

The company's liquidator is:

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



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


* BOND PRICING: For the Week July 30 to Aug. 3, 2012
----------------------------------------------------


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

  AUSTRALIA
  ---------


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


  CHINA
  -----

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


  INDIA
  -----

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


  JAPAN
  -----

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


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

DUTALAND BHD          7.00      04/11/13      MYR       0.95


  PHILIPPINES
  -----------

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


  SINGAPORE
  ---------

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


  SOUTH KOREA
  -----------

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


  SRI LANKA
  ---------

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


  THAILAND
  --------

BANGKOK LAND          4.50      10/13/03      USD       5.50



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***