TCRAP_Public/120810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 10, 2012, Vol. 15, No. 159

                            Headlines


A U S T R A L I A

AZUMAH GROUP: Judson & Co Appointed as Administrators
SONRAY CAPITAL: Sole Director Committed for Trial
* AUSTRALIA: NSW Government to Probe Construction Firm Collapses


C H I N A

CHINA AUTOMATION: Moody's Says 1H2012 Profit Slump Credit Neg.
CHINA BANKING: Fitch Affirms 'BB' Issuer Default Rating


H O N G  K O N G

ACCA LIMITED: Chan Wai Chun Heather Steps Down as Liquidator
APC SOLUTIONS: Liu and Yen Appointed as Liquidators
A.S.K. PACIFIC: Members' Final Meeting Set for Sept. 2
CARBO ANGLO-CHINESE: Members' Final Meeting Set for Sept. 4
CHIPCHASE LIMITED: Sung Mi Yin Mella Steps Down as Liquidator

DAY-FUND PROPERTIES: Members' Final Meeting Set for Sept. 4
EVER PRIME: Creditors' Proofs of Debt Due Aug. 24
EVERGREEN CORPORATION: Creditors' Proofs of Debt Due Aug. 24
FBT 18: Seng and Lo Step Down as Liquidators
FBT 21: Seng and Lo Step Down as Liquidators


I N D I A

ASHISH PIPES: ICRA Assigns '[ICRA]B' Rating to INR3cr Loans
KPR INDUSTRIES: ICRA Rates INR450cr Loan at '[ICRA]B+'
LAKSHMI GANAPATHI: ICRA Reaffirms '[ICRA]B+' Long-Term Rating
SATHYAM POWER: Fitch Cuts Rating on INR358.4-Mil. Debt at 'B+'
SRI AYYAPPA: ICRA Reaffirms 'B+' Rating on INR15cr LT Loan

SRI BUCHIYYAMMA: ICRA Reaffirms '[ICRA]B+' Rating on INR25cr Loan
SURYA SRI: ICRA Reaffirms 'B+' Rating on INR24.45cr Loan
TATA STEEL: Moody's Cuts CFR to 'B3'; Outlook Remains Negative
TRIOFAB (INDIA): ICRA Cuts Rating on INR7cr Loan to '[ICRA]B-'


N E W  Z E A L A N D

NZF GROUP: High Court Lifts Asset Freeze Order


P H I L I P P I N E S

RURAL BANK OF VICTORIA: Placed Under PDIC Receivership
SECURITY BANK: Fitch Affirms 'BB' Issuer Default Rating


V I E T N A M

* VIETNAM: Moody's Maintains 'B1' Rating; Outlook Negative


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AZUMAH GROUP: Judson & Co Appointed as Administrators
-----------------------------------------------------
SmartCompany reports that Azumah Group Holdings Pty Ltd, a
football boot and athletic shoe company featured on The Footy
Show and promoted by AFL legend Robert "Dipper" DiPierdomenico
and Melbourne Storm coach Craig Bellamy, has entered
administration.

Richard Judson and Loke Wong of Judson & Co were appointed as
administrators to Azumah last week.  The first meeting of
creditors will be held on August 14.

Mr. Judson told SmartCompany he had not yet determined Azumah's
turnover or how many staff it employed.

"I was appointed on Friday [Aug. 3] and, before then, the company
had ceased trading," the report quotes Mr. Judson as saying.
"The company was set up mainly to do sales on the internet and I
can't find much evidence of sales taking place and I suspect that
is the reason for the appointment."

The administrators can be contacted at:

          Richard Judson
          Judson & Co
          Suite 4, Level 1, 10 Park Road
          CHELTENHAM VIC 3192
          Tel No. (03)9585 4155
          Fax No. (03)9585 8544
          E-mail: mvol@dingley.net

SmartCompany relates that Mr. Judson said Azumah has debts
including "a couple of hundred thousand dollars" owed to secured
creditors and some debts to unsecured creditors as well.

The Azumah produced special shoes branded as "The Dipper" in
Hawthorn colours and "The Bellamy" in Melbourne Storm colours.


SONRAY CAPITAL: Sole Director Committed for Trial
-------------------------------------------------
Mr. Russell Andrew Johnson, the sole director of Sonray Capital
Markets Pty Ltd, has been committed to stand trial at the Supreme
Court of Victoria on criminal charges brought by ASIC following a
three day committal proceeding in the Melbourne Magistrates
Court.

Mr. Johnson, of Toorak, Victoria, was committed on:

   -- two charges of conspiracy to commit theft to the value of
      AUD5,780,000;

   -- two charges of conspiracy to engage in false accounting;

   -- one charge of conspiracy to obtain financial advantage by
      deception;

   -- 17 charges of theft to the value of AUD742,641; and
      two charges of submitting a false document to ASIC.

Mr. Johnson entered a plea of not guilty to the charges.

Mr. Johnson faces a maximum of ten years' imprisonment for each
of the state offences of conspiracy and theft and a term of five
years imprisonment in regards to the submission of a false
document to ASIC.

The charges relate to allegations that Mr. Johnson conspired with
another to utilise various Sonray client's trading accounts to
create numerous unfunded deposits for which no physical cash was
involved. This was done to either obtain funds for use by himself
or Sonray or to hedge the trading book against margin calls. The
effect of the unfunded accounting entries caused a deficiency in
the segregated clients trading accounts. Additionally, Mr.
Johnson faces charges that, in a solvency report submitted to
ASIC, there was a false statement about equity injections into
Sonray.

Mr. Johnson was granted bail and will appear at the Supreme Court
on Aug. 22, 2012, on conditions that he:

   -- inform the informant of any change to his residential
      address;

   -- surrender his passport;

   -- not attend any international port of departure; and

   -- not contact any prosecution witness.

The matter was prosecuted by the Commonwealth Department of
Public Prosecutions.

Sonray was established in 2003 and held an Australian financial
services license. It was one of the first brokers in Australia to
provide advice on contracts for difference (CFDs). On June 22,
2010, John Lindholm and George Georges of Ferrier Hodgson were
appointed voluntary administrators. On Oct. 27, 2010, Sonray was
placed into liquidation. According to Ferrier Hodgson, Sonray, as
of June 22, 2010, had (i) gross client positions of AUD76.85
million; (ii) gross client holdings in either cash/equities held
by counterparties of AUD30.15 million; (iii) a shortfall of
AUD46.70 million; (iv) approximately 3,500 clients, and (v) 54
employees.


* AUSTRALIA: NSW Government to Probe Construction Firm Collapses
----------------------------------------------------------------
SmartCompany reports that the New South Wales Government has
announced an inquiry will take place into the rising number of
collapses occurring in the state's construction industry.

SmartCompany relates that the announcement comes after the
collapse of key companies in the market. Reed Constructions
entered administration in June, while Kell and Rigby announced
its own downfall in February.  Hundreds of staff have been left
without work, along with subcontractors and associated SMEs.

Both companies were conducting several key projects in the state,
the report notes.

Although the sector is concerned by the number of businesses
entering administration or receivership, some in the industry say
the factors leading to the collapses are complex and any inquiry
must take them into account, according to SmartCompany.

According to the report, NSW Finance Minister Greg Pearce said
the government is concerned about the "fragility of the
construction industry".

"Between 2009 and 2011, hundreds of companies in NSW collapsed
owing billions of dollars, slamming the brakes on vital projects
and investment," SmartCompany quotes Mr. Pearce as saying.

"Up to 24,000 unsecured creditors, including suppliers and
subcontractors, have been left out-of-pocket, some by millions of
dollars."

Bruce Collins QC will chair the inquiry, although no terms of
reference have been released yet. Mr. Pearce said Collins will
look at the extent and causes of insolvency in New South Wales,
and what reforms, if any, are needed, SmartCompany adds.



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


CHINA AUTOMATION: Moody's Says 1H2012 Profit Slump Credit Neg.
--------------------------------------------------------------
Moody's Investors Service says that China Automation Group
Limited's profit announcement on 18 July 2012 -- of a slow
recovery in its railway business division and substantial Y-o-Y
profit drop for 1H 2012 -- is credit negative.

CAG's new contract wins in its railway division, and particularly
the high-margin railway signal business, dropped substantially in
1H 2012, compared with strong first half-year results in 2011.

This decline was due to the suspension of major new railway
construction projects and bidding activities in China, following
the government's review of the country's total railway
development plan and investments after the Wenzhou high-speed
train accident in July 2011.

Moody's expects CAG's weaker profit would likely translate into
lower interest coverage in 1H 2012, and measured by
EBITDA/interest which may decline below the 3.5x level achieved
in FY2011.

This would position the company at the weaker end of its Ba3
rating.

But the profit warning has no immediate impact on CAG's Ba3
corporate family rating and the Ba3 rating of its USD senior
notes. Both ratings have a negative outlook, which has already
taken into consideration Moody's expectation of a profit
deterioration in 2012.

In assessing the current ratings, Moody's has considered CAG's
cash resources and bank facilities that well support its debt
servicing ability in the next 6-12 months.

CAG's ample liquidity is reflected by RMB0.8 billion in cash,
which was sufficient to cover short-term debt of RMB0.2 billion
as of December 2011.

In 1H 2012, CAG slowed down its investments and is likely to
maintain its current cash balance at not less than RMB 0.5
billion.

While the slowdown in the railway sector could affect CAG's
working capital position, CAG has taken pro-active measures, such
as requesting more cash deposits from its clients, as well as
reducing credit to them, to control its receivables collection
risk.

Another reason for maintaining the current rating is the
favorable long-term outlook for CAG's businesses; Moody's
believes that CAG will benefit from the Chinese government's
continued investments in railway infrastructure.

On July 31, 2012, the Ministry of Railways indicated that it
would increase China's railway infrastructure investment in 2012
by 16% to RMB470 billion, from the RMB406 billion announced
earlier in the year.

Given that the total railway infrastructure investment in 1H 2012
dropped by 39% Y-o-Y to RMB149 billion, there is some likelihood
that China will accelerate the railway investment substantially
in 2H 2012 in order to achieve the stated 2012 investment goal.
This could be positive to CAG.

In addition, CAG's Ba3 rating is supported by the stable
performance in its petrochemical division which contributed 53%
to its total revenue and 63% to its operating profit in 2011.

Total petrochemical contract wins in 1H 2012 were largely in line
with last year. CAG's petrochemical division also benefited from
the full consolidation of Wuzhong Instrument, a key joint
venture, by increasing its stake to 80% in May 2012, from 50%
previously.

Nevertheless, Moody's will continue to look out for any further
deterioration in CAG's financial and operating positions. CAG's
ratings could be negatively impacted if (1) China's railway
investment continues to be delayed or suspended, resulting in a
material decline in CAG's sales, and/or profit margins such that
its EBITDA margin falls below 15%; (2) CAG's petrochemical
divisions experience severe declines in contract wins due to
capex cuts by the petrochemical industries against the backdrop
of crude oil price fall; or (3) CAG's working capital management
worsens due to a large rise of bad debt or significant
lengthening of the collection period.


CHINA BANKING: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed the Philippines-based China Banking
Corporation's ratings, including its 'BB' Long-Term Foreign-
Currency Issuer Default Rating and 'AA-(phl)' National Long-Term
Rating.  The Outlook is Stable.

China Bank's ratings reflect its loan concentration and modest
franchise relative to larger domestic banks, notwithstanding its
strong niche in the Chinese Filipino SME market.  The ratings
also consider the bank's satisfactory balance sheet and earnings,
which have helped support its resilience through economic cycles.
Upward rating action may arise over the medium-term if this
growth strategy translates into improved loan diversity and
earnings profile, as well as a stronger domestic franchise.

On the other hand, negative rating pressures may also arise from
rapid expansion, leading to a significant weakening of asset
quality or capital.  However, Fitch views this as a low prospect
in the near term given its sound core capitalisation and
management's prudent record.

China Bank's loan loss absorption capacity is strong relative to
other rated Philippine banks, with a core Tier 1 capital adequacy
ratio of 16% at end-March 2012.  The bank's reserve coverage on
non-performing loans was 135% and on foreclosed properties was
25% at end-2011, higher than the domestic peer average of around
100% and 15% respectively.

Fitch also expects China Bank to maintain a liquid balance sheet;
its loan/deposit ratio was 67% at end-March 2012. Its retail base
remains stable with individual depositors accounting for more
than 70% of total deposits.

Earnings are underpinned by reasonably broad-based revenue flows,
close oversight over operating costs and steady asset quality
despite expansion over the last five to six years.  However,
profitability is likely to moderate in H212-2013 due to narrower
margins from tight competition in the corporate loan sector.  The
bank's branch expansion to secure low-cost deposits has yielded
some results but overall funding costs may remain higher in the
medium term relative to larger domestic peers that have a higher
current and savings account mix.  Fitch expects China Bank's
asset quality to be manageable in the near term, due to a steady
domestic economy and its satisfactory underwriting track record
which helps to partly mitigate loan concentration risk.

Its '4' Support Rating reflects a modest probability of
government support for the bank, due to its systemic importance
as a medium-sized Philippine bank with about 4% of banking system
assets.

The full list of rating actions is as follows:

China Bank:

  -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
     affirmed at 'BB'; Outlook Stable
  -- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
     Stable
  -- Viability Rating affirmed at 'bb'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B+'



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


ACCA LIMITED: Chan Wai Chun Heather Steps Down as Liquidator
------------------------------------------------------------
Chan Wai Chun Heather stepped down as liquidator of Acca Limited
on July 20, 2012.


APC SOLUTIONS: Liu and Yen Appointed as Liquidators
---------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on July 19, 2012,
were appointed as joint and several liquidators of APC Solutions
(HK) Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


A.S.K. PACIFIC: Members' Final Meeting Set for Sept. 2
------------------------------------------------------
Members of A.S.K. Pacific Limited will hold their final general
meeting on Sept. 2, 2012, at 3:00 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


CARBO ANGLO-CHINESE: Members' Final Meeting Set for Sept. 4
-----------------------------------------------------------
Members of Carbo Anglo-Chinese Kindergarten (Fanling) Limited
will hold their final meeting on Sept. 4, 2012, at 2:30 p.m., at
Rooms 2102-3 China Insurance Group Building, at 141 Des Voeux
Road Central, in Hong Kong.

At the meeting, Mak Kay Lung Dantes, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHIPCHASE LIMITED: Sung Mi Yin Mella Steps Down as Liquidator
-------------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of Chipchase Limited
on July 27, 2012.


DAY-FUND PROPERTIES: Members' Final Meeting Set for Sept. 4
-----------------------------------------------------------
Members of Day-Fund Properties Limited will hold their final
meeting on Sept. 4, 2012, at 3:00 p.m., at Rooms 2102-3 China
Insurance Group Building, at 141 Des Voeux Road Central, in Hong
Kong.

At the meeting, Mak Kay Lung Dantes, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EVER PRIME: Creditors' Proofs of Debt Due Aug. 24
-------------------------------------------------
Creditors of Ever Prime Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 24, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 23, 2012.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


EVERGREEN CORPORATION: Creditors' Proofs of Debt Due Aug. 24
------------------------------------------------------------
Creditors of Evergreen Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 24, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FBT 18: Seng and Lo Step Down as Liquidators
--------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
FBT 18 Company Limited on July 14, 2012.


FBT 21: Seng and Lo Step Down as Liquidators
--------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
FBT 21 Company Limited on July 14, 2012.



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


ASHISH PIPES: ICRA Assigns '[ICRA]B' Rating to INR3cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR2.9 crore
long-term fund-based facilities and term loans of Ashish Pipes.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund-based, Long-       2.35     [ICRA]B assigned
   term facilities

   Term Loans (incl.       0.55     [ICRA]B assigned
   Standby Term Loan)

   Non-fund Based,         3.00     [ICRA]A4 assigned
   Short-term facilities

   Unallocated Limits      0.10     [ICRA]B / A4 assigned

The rating of '[ICRA]A4' has also been assigned to the INR3 crore
short-term non-fund based limits of Ashish Pipes. Unallocated
limits of INR0.1 crore are interchangeable between long-term and
short-term limits and have been assigned [ICRA]B / [ICRA]A4
ratings.

The ratings factor in the highly competitive nature of the
polypipe industry, leading to pressure on margins; the firm's
modest scale of operations and low capacity utilisation levels;
vulnerability of profitability to fluctuations in polymer prices;
the concentration of customer base within Uttar Pradesh (UP) with
the customer base comprising of government departments - any
decline in order flow from these departments may lead to lower
volumes and revenues as experienced in FY2012. Being a
proprietorship concern, the capital structure is vulnerable to
withdrawal of capital. The financial profile is modest with
moderately high gearing levels and weak debt coverage indicators.
ICRA also notes that the firm had an instance of devolvement of
an LC in the recent past, which suggests pressure on liquidity;
any delays in payments by the government customers of the firm
may lead to stretched liquidity position. The ratings, however,
favorably factor in the long experience of the promoter of about
two decades in the industry; the favorable demand prospects for
PVC pipes from sectors such as agriculture and infrastructure;
and the established relationships with government departments
coupled with the latter's preference for UP-based manufacturers
leading to reasonable orders for the firm annually. The ability
of the entity to scale up volumes and profitability while
managing its working capital cycle will be the key rating
sensitivities.

Ashish Pipes is a proprietary firm, with Mrs. Anjana Gupta as the
proprietor. The entity manufactures UPVC (Unplasticised Poly-
vinyl Chloride) pipes and UPVC casing/ribbed screen pipes for
bore/tube wells, UPVC fabricated fittings and plumbing pipes.
Ashish Pipes began operations in 2000 with a manufacturing
capacity of 2,400 metric tonnes per annum (MTPA). The
manufacturing capacity of the unit has been gradually increased
to 15,000 MTPA. The entity primarily supplies to government
departments, primarily those of Uttar Pradesh.

In 2011-12, the company reported net profit of INR0.4 crore
(provisional) on operating income of INR20.0 crore (provisional)
as against net profit of INR0.8 crore on operating income of
INR29.2 crore in 2010-11.


KPR INDUSTRIES: ICRA Rates INR450cr Loan at '[ICRA]B+'
------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR450.00
crore term loans and ratings of '[ICRA]B+/[ICRA]A4' to INR45.00
crore unallocated limits of KPR Industries (India) Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term loans             450.00    [ICRA]B+ assigned
   Unallocated limits      45.00    [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by project execution risk on
account of nascent stage of execution partly mitigated by
promoters experience in setting up projects of similar nature in
the past; significant funding risk with only 34% of equity
brought in & financial closure yet to be achieved and high
project gearing of 1.59 times. The ratings are further
constrained by competition from other established players; lack
of captive power plant resulting in higher operational costs
owing to power intensive nature of caustic soda manufacturing and
cyclicality inherent in the industry. The ratings however
favorably factor in savings in logistic cost as the proposed
plant is located close to Kakinada port with majority of raw
materials being shipped; high level of forward integration
mitigating chlorine off-take risk and financial support from
being part of the KPR group which has diversified presence in
fertilizers, poultry, rice mills in Andhra Pradesh & Karnataka.
The ratings also factor in the strategic investment from Nomura
Financial Advisory and Securities (India) Private Limited in the
form of fully and compulsorily convertible debenture towards
project cost funding.

Incorporated in 2011, KPR Industries (India) Limited is setting
up a 200 tons per day (TPD) caustic soda and 100 TPD caustic
potash manufacturing plant along with chlorine derivative
products such as chlorinated paraffin wax (30 TPD), stable
bleaching powder (50 TPD), mono chloro acetic acid (20 TPD) and
sulphuric acid (300 TPD) at Biccavolu, East Godavari district,
Andhra Pradesh. The total project cost is INR740.65 crore which
is proposed to be funded by term loan of INR450.00 crore and
remaining INR290.65 crore as promoters' contribution including
INR62.00 crore strategic investments from Nomura in the form of
fully and compulsorily convertible debentures. The plant is
expected to be commissioned within 24 months from financial
closure.


LAKSHMI GANAPATHI: ICRA Reaffirms '[ICRA]B+' Long-Term Rating
-------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR24.32 crore fund based limits of Lakshmi Ganapathi Rice Mill
at '[ICRA]B+'. ICRA has also reaffirmed the short term rating
outstanding on the INR0.68 crore non fund based facility of LGRM
at '[ICRA]A4'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term Fund         24.32     [ICRA]B+ reaffirmed
   Based Limits

   Short Term Non          0.68     [ICRA]A4 reaffirmed
   Fund based Limits

The rating reaffirmation takes into account the intensely
competitive and fragmented nature of the rice milling industry
which limits the ability of the firm to earn premiums. The
ratings are also constrained by modest financial profile
characterized by low operating margins & weak coverage
indicators. Further, the firm also remains susceptible to policy
risks affecting the quantum of the more lucrative open market
sales, and agro climatic risks, which might affect the
availability of paddy. The ratings however favorably factor in
long-standing experience of promoters in the industry, easy
availability of raw material- the mill being present in rice-belt
of Andhra Pradesh and the presence of the firm in retail market
through its own brands '7 Star' and 'Jaya'.

Operating income of the firm increased significantly in FY12 on
account of higher sales resulting from incremental capacity. Firm
completed the capacity expansion in April 2011, wherein the
capacity was increased from 43200 MTPA to 86000 MTPA. Firm sold
30872 MT rice in FY12 compared to 18532 MT sold in FY12
witnessing a volumetric growth of 66%. This coupled with increase
in realization has resulted into a growth of 73% in OI in FY12.
The operating profitability continues to be in the range of 3% to
5%. Gearing of the firm has increased in FY12 owing to higher
debt resulting from higher utilization of working capital limits.
To support the growth in operations firm has been increasing the
utilization of working capital limits. Working capital intensity
has increased to 21% in FY12 (P) from 18% in FY11 primarily on
account of increased inventory days. Rice mills are required to
hold high inventory of paddy due to seasonality of the crop and
significant seasonal variations in both price and quality of
paddy.

Lakshmi Ganapathi Rice Mills is a partnership firm established in
the year 1981 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. T. Harinarayana Reddy
and partners. The firm has its milling unit in Rayavaram (East
Godavari district) of Andhra Pradesh with an installed capacity
of 86,000 MTPA of paddy.

According to provisional financial statements provided by the
management, the firm recorded an operating income of Rs 67.29
crores in FY12.


SATHYAM POWER: Fitch Cuts Rating on INR358.4-Mil. Debt at 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Sathyam Power Private
Ltd.'s INR358.4m senior bank term debt to a National Long-Term
'Fitch D(ind)' rating from 'Fitch B+(ind)'.  The Outlook was
previously Negative.

The downgrade reflects many instances of delays by SPPL in
meeting its principal and interest obligations since May 2012 due
to lack of adequate operating cash flows.

The company's biomass-based thermal power project operated below
expectations during June 2011-June 2012, as illustrated by an
average plant load factor (PLF) of 36% against a breakeven PLF of
60%.  This is largely due to technical problems with the boiler
and a significant rise in fuel costs.  Fitch notes that sponsor
group companies injected additional equity of INR40.5m in FY12
into the project to support its cash flows, albeit not in time to
meet debt service obligations as they fell due.

Fitch expects the economic viability of the project to improve in
the near term.  According to the terms of the 20-year power
purchase agreement, the state-owned off-taker utility revised
tariffs for biomass plants to INR5.33/unit in December 2011
assuming fuel costs of INR1,830/tonne.

Positive rating action may result from stabilisation of the plant
performance and evidence that the project is able to generate the
forecasted levels of cash flows resulting in timely debt
servicing on a sustained basis.

SPPL operates a 10MW biomass-based power plant in the Merta
district of Rajasthan.  Commercial operations were commenced in
April 2011, but the plant has been operating at sub-optimal PLF
levels.  The project is sponsored by Mr. Sanjay Bagrodia and
Focal Energy.


SRI AYYAPPA: ICRA Reaffirms 'B+' Rating on INR15cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR15.00 crore fund based limits of Sri Ayyappa Rice Industries
at '[ICRA]B+'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term Fund          15.00    [ICRA]B+ reaffirmed
   Based Limits

The rating reaffirmation takes into account the intensely
competitive and fragmented nature of the rice milling industry
which limits the ability of the firm to earn premiums. The
ratings are also constrained by modest financial profile
characterized by low operating margins & moderate coverage
indicators. Further, the firm also remains susceptible to policy
risks affecting the quantum of the more lucrative open market
sales, and agro climatic risks, which might affect the
availability of paddy. The ratings however favorably factor in
long-standing experience of promoters in the industry, easy
availability of raw material- the mill being present in rice-belt
of Andhra Pradesh and the presence of the firm in retail market
through its own brands 'Double Horse' and 'Sri Chakra'. Operating
income of ARI has increased by 8.6% in FY12 primarily on account
of volumetric growth. Firm sold 33,407 MT rice in FY12 as
compared to 31,784 MT rice sold in FY11. The operating
profitability of the firm has declined due to increasing power
cost and admin expenses. The gearing of the firm has increased
from 1.04 as on FY11 end to 1.39 as on FY12 end on account higher
utilization of working capital limits. The utilization increased
in order to support the increasing working capital requirements
arising due to growth in operations. Working capital intensity of
the firm is high at 25.67% in FY12 on account of high inventory
days as the firm keeps an inventory of raw material throughout
the year. Rice mills are required to hold high inventory of paddy
due to seasonality of the crop and significant seasonal
variations in both price and quality of paddy.

Sri Ayyappa Rice Industries is a partnership firm established in
the year 2008 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. S. Venkata Reddy and
partners. The firm has a milling unit in Polamuru (East Godavari
district) of Andhra Pradesh with a milling capacity of 90,000
MTPA. According to data provided by the management, the firm
recorded an operating income of INR60.28 crores for financial
year ending on March 31, 2012.


SRI BUCHIYYAMMA: ICRA Reaffirms '[ICRA]B+' Rating on INR25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on INR25.00
crore1 fund based bank facilities of Sri Buchiyyamma Rice Mill at
'[ICRA]B+'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term Fund          25.00    [ICRA]B+ reaffirmed
   Based Limits

The rating reaffirmation takes into account the intensely
competitive and fragmented nature of the rice milling industry
which limits the ability of the firm to earn premiums. The
ratings are also constrained by modest financial profile
characterized by low operating margins & weak coverage
indicators. Further, the firm also remains susceptible to policy
risks affecting the quantum of the more lucrative open market
sales, and agro climatic risks, which might affect the
availability of paddy. The ratings however favorably factor in
long-standing experience of promoters in the industry, easy
availability of raw material- the mill being present in rice-belt
of Andhra Pradesh and the presence of the firm in retail market
through its own brands 'Hindu Sitara'.

Operating income of the firm increased by 15% in FY12 primarily
on account of volumetric growth of 10% in the rice sales. The
operating margin of the firm has remained range bound in the
range of 4.5% to 6.5% in last 3 years. Gearing of the firm
continues to remain high on account of higher utilization of
working capital limits. Working capital intensity has increased
to 20% in FY12 (P) from 15% in FY11 primarily due to increase in
debtor days. Moreover rice mills are required to hold high
inventory of paddy due to seasonality of the crop and significant
seasonal variations in both price and quality of paddy.

Sri Buchiyyamma Rice Mill is a partnership firm established in
the year 1983 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. K. Papa Reddy. The
firm has its milling unit in Tossipudi, East Godavari district of
Andhra Pradesh. SBRM has a milling capacity of 43,200 MTPA of
paddy. According to provisional financial statements provided by
the management, the firm recorded an operating income of Rs 32.35
crores in FY12.


SURYA SRI: ICRA Reaffirms 'B+' Rating on INR24.45cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR24.45 crore fund based bank facilities of Surya Sri Rice Mill
at '[ICRA]B+'. ICRA has also reaffirmed the short term rating
outstanding on the INR0.55 crore short term non fund based
facilities of SSRM at '[ICRA]A4'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term Fund         24.45     [ICRA]B+ reaffirmed
   based Limits

   Short Term Non Fund     0.55     [ICRA]A4 reaffirmed
   based Limits

The rating reaffirmation takes into account the intensely
competitive and fragmented nature of the rice milling industry
which limits the ability of the firm to earn premiums. The
ratings are also constrained by modest financial profile
characterized by low operating margins & weak coverage
indicators. Further, the firm also remains susceptible to policy
risks affecting the quantum of the more lucrative open market
sales, and agro climatic risks, which might affect the
availability of paddy. The ratings however favorably factor in
long-standing experience of promoters in the industry, easy
availability of raw material- the mill being present in rice-belt
of Andhra Pradesh and the presence of the firm in retail market
through its own brands 'Surya Sri' and 'Uma Shankar'.

The operating income of the firm witnessed a decline in FY12
which could be attributed to 17% decline in sales volumes in
FY12. However the increasing realizations supported the operating
income to some extent. The operating margin of the firm has
remained range bound for last 3 years in the range of 3% to 3.5%.
PAT margin of the firm has remained stable on account of
relatively stable operating margins. The gearing of the firm has
increased marginally from 1.46 as on FY11 end to 1.49 as on FY12
end on account higher utilization of working capital limits.
Working capital intensity of the firm is high at 25.67% in FY12
primarily on account of high inventory days as the firm keeps an
inventory of raw material throughout the year. Rice mills are
required to hold high inventory of paddy due to seasonality of
the crop and significant seasonal variations in both price and
quality of paddy.

Surya Sri Rice Mill was incorporated in the year 2005 and is
engaged in the milling of paddy and produces raw and boiled rice.
It was promoted by Mr. Vishwanatha Reddy. The firm has a milling
unit in Koppavaram-East Godavari district of Andhra Pradesh. The
installed capacity of SSRM is 81,000 MT per annum.

According to data provided by the management, the firm recorded
an operating income of Rs 72.83 crores as on March, 2012.


TATA STEEL: Moody's Cuts CFR to 'B3'; Outlook Remains Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Steel UK Holdings Limited ("TSUKH") to B3 from B2,
and its EUR3.4 billion term loan facility and EUR690 million
revolving credit facility to B3/LGD 3(49%) ratings from B2/LGD
3(49%). The rating outlook remains negative.

At the same time, Moody's has changed the outlook on the Ba3
corporate family rating of India-based Tata Steel Limited ("TSL")
to negative from stable.

Ratings Rationale

"The downgrade of TSUKH's ratings reflects our expectation of
further weakness in the operating environment facing the European
steel industry, for which Moody's has a negative outlook," says
Alan Greene, a Moody's VP and Senior Credit Officer. "The weak
industry fundamentals in Europe, driven mainly by the depressed
economic environment in the region, are raising significant
challenges for TSUKH, and will likely lead to slower recovery in
its operating and financial profile," says Mr. Greene, adding,
"as such, TSUKH's debt coverage metrics are no longer consistent
with the previous B2 rating."

"The change in TSL's rating outlook to negative from stable
reflects the weakened credit profile of TSUKH, which is a very
substantial subsidiary of TSL," continued Greene who is also
Moody's Lead Analyst for Tata Steel. TSUKH has more than 50% of
the group's overall steel production capacity, and its weakened
financial performance weighs heavily on the consolidated group.

"The change in TSL's outlook to negative also considers our view
that steel supply/demand fundamentals in India will soften, as
the Indian economy undergoes a period of slower growth, and
domestic capacity continues to be added, albeit the country
remains a net importer of steel," says Mr. Greene.

TSL is investing heavily in new Indian steel capacity and, as a
result, the company will be unlikely to generate free cash flow
at the standalone entity level in the near term. This, coupled
with possibility of further capacity cutbacks and losses in
Europe and downward pressure on Indian steel prices, will likely
heighten financial leverage to a level that would position the
TSL group weakly within its Ba3 corporate family rating.

"The Tata Steel group currently is a blend of a highly profitable
Indian steel operation producing 7 million tonnes per annum
(mtpa) of steel and a barely profitable European business running
at 14 mtpa, with some support from SE Asia operations running at
2 mtpa," says Mr. Greene.

The group is investing both to increase its Indian output and to
improve cost efficiency in its European operations. "While this
makes business sense, the outlook for the European steel industry
remains extremely weak," says Mr. Greene, adding, "we expect
consolidated credit metrics to deteriorate further in the current
financial year (FYE March 31, 2013) despite the 1 million tonne
of incremental output from its expanded plant at Jamshedpur."

Tata Steel's strength in India stems from its self-sufficiency in
raw materials -- fully in iron ore and some 50% self-sufficient
in coal. By contrast, the European operations rely on imported,
seaborne raw materials. Moody's notes that considerable focus is
being given by Tata Steel to securing raw materials, primarily
for its European operations and it has made significant
investments in Canada and Mozambique, the benefits of which
should flow through in 2013 and beyond.

TSUKH's B3 rating factors in two notches of support from TSL,
reflecting TSUKH's strategic importance within the group and the
support it is likely to receive in case of need. TSL has
demonstrated strong support for its European subsidiary on a
number of occasions, including equity injection and working
capital support.

Moody's understands that TSUKH has complied with its loan
covenants as at March 2012. However, this is predominantly due to
Tata Steel group involvement in supporting TSUKH's working
capital requirement through a range of measures, such as
procuring raw materials for TSUKH and purchasing its receivables.
As incremental capacity comes onstream in India, the Group's
capacity to provide such support will likely increase.

The outlook for both ratings is negative given the outlook for
steel in Europe and the constraints this is placing on the
Group's overall financial profile, despite the capacity additions
being made in India, that should enhance overall profitability in
due course.

Both ratings are unlikely to go up in the near future, but could
return to a stable outlook. The financial metrics Moody's would
consider are as follows. For TSUKH, Moody's would look for
positive free cash flow generation (i.e operating cash flow less
dividends and capex) and for Adjusted debt/EBITDA to fall below
7.0x on a sustained basis. For TSL, Adjusted debt/EBITDA would be
expected to fall below 3.5x to 4.0x and EBIT interest coverage
improve to at least 3.0x on a sustained basis.

Negative rating pressure could develop in the event of a
worsening in the operating environment beyond Moody's current
expectations. The rating for TSUKH could be considered for a
downgrade if EBITDA remains negative in FY13 or if a revised
level of support from the Group is apparent or the assumptions
behind Moody's expected recovery rate are further pressured.

The rating for TSL could go down if Adjusted debt/EBITDA exceeds
5.0x or if EBIT interest coverage falls below 2.0x to 2.5x on a
sustained basis.

The principal methodology used in rating Tata Steel Limited and
Tata Steel UK Holdings Limited was the Global Steel Industry
Methodology published in January 2009.

Tata Steel UK Holdings is the 100%-owned subsidiary of Tata Steel
Ltd and is the holding company for the European steel operations
that principally comprise the former Corus Group. Tata Steel Ltd,
is an integrated steel company headquartered in Mumbai, India.
The Tata Steel Group is the world's 12th largest steelmaker
producing 24.03 million tonnes of crude steel in FY2012.


TRIOFAB (INDIA): ICRA Cuts Rating on INR7cr Loan to '[ICRA]B-'
--------------------------------------------------------------
ICRA has revised downwards the long-term rating outstanding on
the INR7.00 crore fund-based bank facilities of Triofab (India)
Private Limited to '[ICRA]B-' from '[ICRA]BB'. ICRA has
reaffirmed the short-term rating outstanding on the INR10.50
crore non-fund-based bank facilities of TIPL at '[ICRA]A4'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long-term, fund-        7.00     Revised to [ICRA]B- from
   based limits                     [ICRA]BB (Stable)

   Short-term, non-       10.50     [ICRA]A4 reaffirmed
   fund based limits

The ratings were earlier suspended in April 2012. The revisions
in the ratings take into account the significant reduction in the
operating income of TIPL due to space constraints and tight
liquidity position due to a sharp increase in working capital
intensity. The ratings also factor in the small size of
operations with prospects linked to the project activities of
large clients; exposure to variations in raw material prices due
to a long manufacturing cycle and working capital intensive
nature of the business and significant sales concentration risk,
as the top three customers contributed to more than 80% of total
sales in 2011-12. Nevertheless, the ratings take into account the
established track record of the company in fabrication of
pressure storage tanks and heat exchangers and technically
qualified management with considerable experience in the
fabrication business.

Company Profile Incorporated in 1991, Triofab (India) Pvt. Ltd.
(TIPL) is primarily involved in the design, fabrication and
erection of high pressure and stainless steel storage
tanks/vessels and heat exchangers used for storage of
petrochemical and chemical products. At present, TIPL operates
out of its manufacturing plant located at Mahape, Navi Mumbai and
has a manufacturing capacity of 1500 metric tonnes per annum
(MTPA).

Recent Results

As per the provisional results for 2011-12, the company made a
profit before tax (PAT) of INR0.21 crore on an operating income
(OI) of INR14.81 crore. In 2010-11, TIPL reported a PAT of
INR0.43 crore on an OI of INR19.65 crore.



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


NZF GROUP: High Court Lifts Asset Freeze Order
----------------------------------------------
BusinessDesk reports that the High Court has relaxed a freezing
order over NZF Group's assets as the troubled financial services
firm battles with the receiver of its failed lending unit.

According to the report, the firm said in a statement that Judge
Rodney Hansen granted NZF Group's application giving it access to
cash reserves with seeking the receiver's consent, which will let
it meet permitted expenses provided those reserves do not fall
below NZ$1.3 million.

"The difficulties of managing the business of NZF Group with the
freezing orders in place were highlighted to the court," NZF
said.

"The judgment also noted the significant level of costs being
incurred by NZF Group in order to defend the receiver's
proceeding."

In April, BusinessDesk recalls, KordaMentha, the receiver for NZF
Money, filed proceedings against the parent and its directors,
who presided over a restructure in 2010 as it sought to claw back
funds for investors owed about NZ$16.4 million.

It had previously won an extension on the freezing order, saying
there was a risk the NZ$3 million cash buffer may vanish before
NZF Money could make a claim, BusinessDesk adds.

                           About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.  NZF Money is the deposit-taking subsidiary of
NZF Group.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money was put in
receivership in July 2011 after its parent failed to secure
short-term funding needed to keep the finance company afloat.
The shortfall arose after the Financial Markets Authority forced
the company to pull its debenture prospectus which hoped to raise
NZ$350 million over the issues around asset quality and liquidity
disclosure.

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.



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


RURAL BANK OF VICTORIA: Placed Under PDIC Receivership
------------------------------------------------------
The Monetary Board placed the Rural Bank of Victoria (Oriental
Mindoro), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 1241
dated August 2, 2012.  As Receiver, PDIC took over the bank on
August 6, 2012.

RB Victoria is a single-unit bank in Poblacion, Victoria,
Oriental Mindoro. Latest available records show that as of
June 30, 2012, the Bank had 4,040 accounts with total deposit
liabilities of PHP133.16 million. According to the latest Bank
Information Sheet filed by RB Victoria with the Securities and
Exchange Commission, the bank is majority owned by Augusto R.
Medina (39.2%) and Amparo D. Bartolome (14.67%). Its Chairman is
Augusto R. Medina and its President is Jose Ismael A. Dizon.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct a Depositors Forum on
Saturday, August 11, 2012 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will also be distributed during the Depositors Forum.
The schedule and venue of the Depositors Forum will be posted in
the bank premises and in the PDIC website, www.pdic.gov.ph.

Depositors with valid account balances of PHP10,000 and below,
who have no outstanding obligations with RB Victoria and who have
complete and updated addresses with the bank, need not file
deposit insurance claims. PDIC targets to start mailing payments
to these depositors to their addresses recorded in the bank by
1st week of September.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms (DUFs) to be furnished by PDIC
representatives. Duly accomplished DUFs should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with his signature. Depositors may update their
addresses until August 17, 2012.

Depositors whose accounts have balances of more than PHP10,000
and those who have outstanding obligations should file their
deposit insurance claims. The inclusive dates and schedule of the
claims settlement operations for these accounts will be announced
by last week of September through notices to be posted in the
bank premises and other public places as well as through the PDIC
website, www.pdic.gov.ph.


SECURITY BANK: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed the Philippines-based Security Bank
Corporation's Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BB', National Long-Term Rating at 'AA-(phl)' and
Viability Rating at 'bb'.  The Outlook is Stable.

Security Bank's ratings reflect its modest franchise in the
Philippine banking system (2.9% market share by assets) and loan
concentration.  They also reflect its strong capital position,
satisfactory funding profile, as well as firm underlying
profitability and asset quality.

The composition of corporate and middle-market loans remained
high at over 90% of total loans.  In Fitch's view, Security Bank
may be susceptible to a rapid rise in delinquencies and
potentially high losses under tough credit conditions. This,
together with a weakened loss absorption capacity, may be
negative to its risk profile and ratings.  The risks could also
be heightened if the bank expands aggressively to build market
share.

However, downward rating risks appear low in the near term, as
reflected in the Stable Outlook.  Reported non-performing loans
(NPL) at Security Bank are low, partly due to its reasonable
underwriting track record.  Moreover, the bank has strong buffers
from high-quality core capital and loan loss reserves, with core
Tier 1 capital adequacy ratio and NPL reserve coverage at 18% and
311%, respectively, at end-2011 (domestic peer-average: 13%,
102%).  The bank maintains a fairly liquid balance sheet, despite
an increase in the loans/deposit ratio to 82% at end-March 2012
from 74% at end-2011.

Security Bank's profitability may moderate from its high levels
in 2011 and Q112 due to tighter margins on competition in
corporate lending and lower trading income.  On balance, this may
be partly offset by efforts to expand loans in the consumer and
SME sectors and low-cost deposits, supported by an expanding
branch network.  Upward rating momentum could result from a
stronger domestic franchise, increased loan diversity and
earnings stability over the long-term.

The subordinated notes are rated one notch below the bank's 'AA-
(phl)' National Long-Term Rating (which is driven by its
standalone profile), to reflect the subordination of the notes
and the absence of going-concern loss absorption mechanism.

The full list of rating actions is as follows:

Security Bank:

  -- Long-Term Foreign-Currency and Local-Currency IDRs affirmed
     at 'BB'; Stable Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- National Long-Term Rating affirmed at 'AA-(phl)'; Stable
     Outlook
  -- Viability Rating affirmed at 'bb'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B+'
  -- Step up callable subordinated lower tier 2 notes affirmed at
     'A+(phl)'



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


* VIETNAM: Moody's Maintains 'B1' Rating; Outlook Negative
----------------------------------------------------------
Moody's Investors Service says the outlook on Vietnam's B1
foreign and local currency bond ratings remains negative.

According to Moody's latest annual report on Vietnam, "Credit
Analysis: Vietnam," the country has made much progress in
recovering from a period of macroeconomic instability, but
continues to face contingent risks that justify the negative
outlook.

Moody's assessment of Vietnam's sovereign creditworthiness is
based on four factors: economic strength (low); institutional
strength (low); government financial strength (low); and
susceptibility to event risk (medium).

Despite rapid growth for much of the past decade, Moody's
assessment of Vietnam's economic strength reflects very low GDP
per capita. Over the longer-term, the country's competitiveness
may be challenged by greater structural improvements in other
regional economies.

Macroeconomic stability has been restored following the
implementation of policy tightening measures since early 2011.
Although inflation has fallen markedly, concerns over economic
growth have emerged. Moody's expects real GDP growth to average
5.0% over the next two years.

Vietnam's rating is constrained by institutional weaknesses. Poor
data transparency hampers a precise assessment of the economy's
vulnerabilities and trends, while the effectiveness of governance
has decreased in recent years.

Public finances remain manageable, and Vietnam's fiscal and debt
ratios are comparable to other similarly-rated countries. The
balance of payments has stabilized and the accumulation of
foreign exchange reserves has resumed. However, external
vulnerabilities also continue to be more pronounced versus the
period prior to the global financial crisis.

The negative outlook reflects the uncertainties related to from
the financial health of the banking system and the state-owned
enterprise (SOE) sector. Moody's believes that given the
persistence of poor data transparency in Vietnam, the ratio of
non-performing loans in the banking system has been
underestimated.

Moody's report is a yearly update to the markets and is not a
rating action.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


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


INDIA

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


JAPAN

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


KOREA

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


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

NEW ZELAND

NZF GROUP LTD            NZF             142.71        -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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