TCRAP_Public/120815.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

           Wednesday, August 15, 2012, Vol. 15, No. 162

                            Headlines


A U S T R A L I A

AUSTASIA MILLING: Creditors to Decide Mill's Future on Aug. 31
BAS PHILLIPS: 80-Year Old Business Placed Into Liquidation
GUNNS LTD: Denies Reports on Insolvency Experts Appointment
KNIGHTS INSOLVENCY: Ex-Boss Denies Providing Tax Return Service
OCTAVIAR ADMINISTRATION: Australian Liquidators File Chapter 15


C H I N A

BERKELEY COFFEE: Recurring Losses Cue Going Concern Doubt
CHINA BAK BATTERY: Posts $27.6-Mil. Net Loss in June 30 Quarter
MELCO CROWN: EBIDTA Decline No Impact on Moody's 'Ba3' CFR
TITAN PETROCHEM: Guangdong Zhenrong Agrees to Buy Titan


H O N G  K O N G

AMERICA HK: Creditors' Meeting Set for Aug. 17
ASIA BUSINESS: Members' Final Meeting Set for Aug. 28
ELNA (H.K.): Creditors' Proofs of Debt Due Sept. 17
FAITH CHARM: Sole Member' Final Meeting Set for Sept. 11
GEMDALE INT'L: Moody's Assigns 'Ba3' Rating to Sr. Unsec. Bonds

GOLDEN THEME: Sole Member' Final Meeting Set for Sept. 11
MEGA BOLO: Creditors' Proofs of Debt Due Sept. 12
OVERSEAS CHINESE: Yeung Shu Lam Wilson Steps Down as Liquidator
PHYSICAL PROPERTY: Has HK$175,000 Net Loss in Second Quarter
RAPID GROW: Liu and Yen Step Down as Liquidators

RICH GOOD: Commences Wind-Up Proceedings
SERLEN LIMITED: Creditors' Meeting Set for Aug. 17
TIP TOP: Wang Dianyi Steps Down as Liquidator
WEALTHY REALTY: Commences Wind-Up Proceedings
WEALTHY REALTY AGENCY: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ACTIF CORP: Inadequate Info Cues Fitch to Withdraw Ratings
A. DURAISAMY: CRISIL Puts 'CRISIL B+' Rating on INR70.7MM Loans
BEEKAY PLAZA: CRISIL Cuts Rating on INR80MM Loan to 'CRISIL BB-'
BRINDAVAN ROLLER: CRISIL Puts 'B+' Rating on INR90MM Loans
ESSAR PROJETCS: Fitch Affirms 'B' IDR; Outlook Negative

GURU GOBIND: CRISIL Cuts Rating on INR52.8MM Loans to 'CRISIL BB'
HITECH LITHO: CRISIL Assigns 'B+' Rating to INR51.9MM Loans
INDIAN OVERSEAS: Moody's Assigns Rating to USD Senior Notes
INSTYLE EXPORTS: CRISIL Upgrades Rating on INR17.5MM Loan to 'B-'
OLYMPUS MOTORS: CRISIL Cuts Rating on INR125MM Loan to 'BB+'

OSL AUTOMOTIVES: CRISIL Assigns 'BB' Rating to INR200MM Loans
RAIGARH COAL: CRISIL Rates INR75MM LT Loan at 'CRISIL BB+'
SHIV JYOTI: CRISIL Puts 'CRISIL B-' Rating on INR90MM Loans
SHREE SIDDHIVINAYAKA: CRISIL Places 'C' Rating on INR125MM Loans
TECHNOFAB ENGINEERS: CRISIL Puts 'BB-' Rating on INR80MM Loans


I N D O N E S I A

BUMI RESOURCES: S&P Cuts Corporate Credit Rating to 'BB-'


J A P A N

ELPIDA MEMORY: Micron Takeover Offer Too Low, Bondholders Say


S I N G A P O R E

JACKLIE CONSTRUCTION: Creditors' Proofs of Debt Due Aug. 24
LEHMAN BROTHERS: Creditors Get 20% Recovery on Claims
LEHMAN BROTHERS FINANCE: Creditors Get 55% Recovery on Claims
LOVELY LAND: Creditors' Proofs of Debt Due Sept. 7
MF GLOBAL: Creditors' Proofs of Debt Due Aug. 21


T A I W A N

TAISHIN INT'L: Fitch Assigns Support Rating Floor at 'BB+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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AUSTASIA MILLING: Creditors to Decide Mill's Future on Aug. 31
--------------------------------------------------------------
The Young Witness reports that Austasia Milling Pty Ltd -- also
known as Young Stock Feeds -- still hangs in the balance after a
meeting between creditors and administrators on August 8.

The Young Witness relates that administrator John Vouris of
Sydney firm Lawler Partners said, the meeting, held at the Young
Services Club, was a well attended, robust meeting.

"A lot of issues were canvassed, the committee established a
cross section of all creditors and will decide on the future of
the company," the report quotes Mr. Vouris as saying.

The administration appointed by the directors stayed in place,
the report says.

According to the report, Mr. Vouris said the administrators' job
was to get the most return they could for creditors.

At the meeting Mr. Vouris told creditors the company had been
advertised for sale, with expressions of interests closing on
August 15, The Young Witness relays.

The report notes that Mr. Vouris said a deed of company
arrangement could be proposed by the board of directors or any
other party, and administrators would pass on their
recommendations to creditors.

It was then up to them to decide at the next meeting on August 31
whether to reject it and put the company into liquidation,
adjourn it for up to 45 days, hand the company back to the
directors or accept it, Mr. Vouris, as cited by The Young
Witness, said.

According to the report, Mr. Vouris said he was investigating
these matters and would report his findings to creditors at the
next meeting.  He said if there was no deed accepted the court
could appoint the company into liquidation, the report relates.

Mr. Vouris told creditors if the company went into liquidation
they would get nothing, as no money would be left after paying
the AUD$3.6 million owed to the first charger, the National
Australia Bank, along with monies owed to secured creditors and
employees, the report adds.

                       About Young Stock Feeds

Established in 1888, AustAsia Milling Pty Ltd --
http://www.austasiamilling.com/-- is a supplier in the flour
milling, stockfeed and grain industries.  The 124-year-old
business also trades as Young Stock Feeds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2012, SmartCompany said AustAsia Milling is on the market
after entering administration with AUD9 million in debt.

John Vouris and Bradley Tonks of Lawler Partners were appointed
as administrators on July 27, 2012, and the business was
advertised for sale "as a going concern."


BAS PHILLIPS: 80-Year Old Business Placed Into Liquidation
----------------------------------------------------------
Cara Waters at SmartCompany reports that manchester wholesaler
Bas Phillips was put into liquidation earlier this month and the
assets of the 80-year-old family business were advertised for
sale on August 14.

BFI Ferrier was appointed as liquidator on August 2 and
supervisor Peter Kefalas told SmartCompany it was too early to
comment on the reasons for the liquidation.

"Because it is early on in the liquidation our investigations
have just commenced, we have secured the assets and are putting
them up for sale," the report quotes Mr. Kefalas as saying.

"Potential purchasers of the assets have to sign a
confidentiality agreement and I can't disclose the value of the
assets as it could jeopardise the sale."

SmartCompany says Bas Phillips has one secured creditor (who
Kefalas would not identify) along with the Australian Tax Office,
which is unsecured.

Mr. Kefalis said Bas Phillips' total debts exceed AUD500,000.

Based in Sydney, Australia, Bas Phillips specialized in
manchester made from Egyptian cotton imported entirely from
Egypt.


GUNNS LTD: Denies Reports on Insolvency Experts Appointment
-----------------------------------------------------------
ABC News reports that Gunns Limited has rejected reports an
insolvency firm has been inspecting its books.

ABC News relates that Gunns said it has hired the firm
KordaMentha to provide advice on the sale of some of it woodchip
processing assets.

Newspaper reports claim the insolvency specialists were appointed
by lender ANZ to examine Gunns' finances, ABC News says.

According to ABC News, Gunns has revealed an AUD800 million
devaluation of a range of assets because of a fall in global
woodchip process, leaving its balance sheet in the red.

ABC News notes that Shadforth Financial Group analyst Matthew
Torenius believed placing the company into administration would
be a drawn out process its lenders would want to avoid.

"We've seen from the administration of companies of Great
Southern Plantations and Timbercorp these things can drag on for
years and years," ABC News quotes Mr. Torenius as saying.  "So I
think the banking syndicate will really be unwilling to take it
to the next step but if it really gets bad enough they may have
no other choice."

ABC News reports that shareholder activist Stephen Mayne said
Gunns should declare whether or not it is insolvent.

Mr. Mayne told ABC Local Radio it is unlikely Gunns will bounce
back.

"You can't stay in the half-way house of claiming you're solvent,
but being suspended from trading," ABC News quotes Mr. Maynhe as
saying.  "That doesn't work for a public company and the
directors have to make the decision.  They either hand over to
receivers or they go back and trade on the market."

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- is an hardwood and softwood forest
products company. It operates within three segments: Forest
products, Timber products and Other activities.


KNIGHTS INSOLVENCY: Ex-Boss Denies Providing Tax Return Service
---------------------------------------------------------------
Liam Walsh at The Courier-Mail reports that the former head of a
collapsed liquidation business Knights Insolvency Administration
has rejected claims he worked on clients' taxes without proper
authority.

A dispute has pitched former Knights managing director
John Schmierer against the Tax Practitioners Board.

According to the report, Federal Court documents outline the
board's case, alleging Mr. Schmierer provided tax agent services
while he was not registered.

The Courier-Mail relates that the court documents listed almost
130 alleged occasions for various clients in which work was done
for tax returns between 2009-2011, with fees ranging from
AUD86.63 to AUD4,050.

It also detailed emails Mr. Schmierer sent, asking "what tax
planning strategies may help you legally reduce your tax burden,"
the report relays.

The report says the board argued any alleged work was not what is
known as a business activity statement (BAS) service. Enterprises
use BAS for reporting and paying tax debts.

According to the report, Mr. Schmierer has filed a defense,
denying he had provided a tax return service or that he had
charged a fee for such a service.

Court records indicate both parties reached a resolution during
mediation -- but the matter is due back in court for directions,
the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2005, Knights Insolvency Administration Limited's
secured creditor, the ANZ Bank, at the Company's request,
appointed Tony Sims and Grant Sparks of Sims Partners as
voluntary administrators.

Based in Brisbane, Knights Insolvency Administration Limited
worked in turning around or selling off struggling companies.
However, it collapsed facing potential losses of AUD22 million
in August 2005 despite reporting a AUD3.7 million profit in
2004.  The collapse resulted in more than AUD10 million being
owed and shareholders stuck with worthless stock, as well as tax
owed for franking dividends without having sufficient franking
credits, The Courier-Mail related.


OCTAVIAR ADMINISTRATION: Australian Liquidators File Chapter 15
---------------------------------------------------------------
Australian liquidators for Octaviar Administration Pty Ltd. filed
a petition for creditor protection under Chapter 15 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 12-13443) Aug. 14 in
Manhattan.

The liquidators said the company didn't do business in the U.S.,
and they aren't aware of any U.S. creditors.  But the liquidators
filed a Chapter 15 petition in light of potential claims or
causes of action against parties located in the United States.
If the application for recognition of the Australian liquidation
as "foreign main proceeding" is recognized, the liquidators will
investigate these potential claims and may ultimately commence
proceedings in the U.S. and/or seek to enforce a foreign judgment
in the U.S.

The Chapter 15 petition listed less than $100 million in assets
and more than $100 million in debt.

Prior to its demise, the Octaviar Group consisted of a travel and
tourism business, a corporate and investment banking business, a
funds management business, and as structured finance and advisory
business.  At it height, the Octaviar Group consisted of more
than 400 companies, employed more than 3,000 employees, and had
offices in Australia, New Zealand and the United Arab Emirates.
The business collapsed when the company announced in January 2008
that it's separating its financial services business from its
travel and tourism business, which led to shares declining from
AU$3.18 at opening to AU$0.99 at closing.  The decline caused an
event of default with lenders under a A$150 million bride
financing facility.  The travel and tourism business was
ultimately sold to Global Voyager Pty Limited to pay off debt.

Octaviar Administration provided the treasury function for
Octaviar Group.  OA was placed into liquidation by the Supreme
Court of Queensland in July 2009.

Katherine Elizabeth Barnet and William John Fletcher, the
liquidators of OA, are represented in the U.S. proceedings by:

         Howard Seife, Esq.
         CHADBOURNE & PARKE LLP
         30 Rockefeller Plaza
         New York, NY 10112
         Tel: (212) 408-5361
         Fax: (212) 541-5369
         E-mail: hseife@chadbourne.com



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C H I N A
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BERKELEY COFFEE: Recurring Losses Cue Going Concern Doubt
---------------------------------------------------------
MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt
about Berkeley Coffee & Tea Inc.'s ability to continue as a going
concern, following the Company's results for the fiscal year
ended April 30, 2012.

The independent auditors noted that the Company has suffered
recurring losses from operations, which raises substantial doubt
about the Company's ability to continue as a going concern.

The Company reported a net loss of $45,730 on $220,421 of revenue
for fiscal 2012, compared with a net loss of $205,594 on $43,074
of revenue for fiscal 2011.

The Company's balance sheet at April 30, 2012, showed
$4.62 million in total assets, $4.59 million in total
liabilities, and shareholders' equity of $32,816.

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

                       http://is.gd/Oz68Zg

Shanghai, China-based Berkeley Coffee & Tea Inc. was incorporated
on March 27, 2009, in the State of Nevada.  Berkeley Coffee
expects to generate revenue from the marketing and sale of green
coffee beans from Yunnan, China, into the United States.  It
plans to sell green bean coffee grown in China directly to coffee
wholesalers, coffee brokers and coffee roasters in the United
States.


CHINA BAK BATTERY: Posts $27.6-Mil. Net Loss in June 30 Quarter
---------------------------------------------------------------
China BAK Battery, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $27.60 million on $46.84 million of
revenues for the three months ended June 30, 2012, compared with
a net loss of $7.24 million on $47.13 million of revenues for the
three months ended June 30, 2011.

For the nine months ended June 30, 2012, the Company reported a
net loss of $45.04 million on $151.38 million of revenues,
compared with a net loss of $14.99 million on $157.37 million of
revenues for the nine months ended June 30, 2011.

The Company's balance sheet at June 30, 2012, showed
$454.43 million in total assets, $362.74 million in total
liabilities, and stockholders' equity of $91.69 million.

According to the regulatory filing, the Company has a working
capital deficiency, accumulated deficit from recurring net losses
incurred for the current and prior reporting periods and
significant short-term debt obligations maturing in less than one
year as of June 30, 2012.  These factors raise substantial doubts
about the Company's ability to continue as a going concern.

As reported in the TCR on Dec. 20, 2011, PKF, in Hong Kong,
China, expressed substantial doubt about China BAK's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Sept. 30, 2011.  The independent auditors
noted that the Company has a working capital deficiency,
accumulated deficit from recurring net losses incurred for the
current and prior years and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2011.

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

                       http://is.gd/vK9Ur7

Shenzhen, P.R.C.-based China BAK Battery, Inc., is a global
manufacturer of lithium-based battery cells.  The Company
produces battery cells for OEM customers and replacement battery
manufacturers.


MELCO CROWN: EBIDTA Decline No Impact on Moody's 'Ba3' CFR
----------------------------------------------------------
Moody's Investors Service says the modest decline in Melco Crown
Entertainment Limited's (unrated) Q2 2012 EBITDA will have no
impact on MCE Finance's Ba3 corporate family rating and B1 senior
unsecured bond rating, as well as Melco Crown Gaming (Macau)
Limited's Ba3 secured debt rating.

The outlook on the ratings remains stable.

MCE Finance, wholly owned by Melco Crown Entertainment, owns a
100% economic interest in Melco Crown Gaming, which runs the
group's major operating assets in Macau, including Altira Macau,
City of Dreams, and approximately 2,100 slot machines through
Mocha Clubs.

Moody's refers to these companies together as "the Melco Crown
group."

"The Melco Crown group's overall business performance in H1 2012
is in line with Moody's expectation," says Kaven Tsang, a Moody's
Vice President and Senior Analyst.

"Moody's has estimated that based on Melco Crown Entertainment's
Q2 2012 results, MCE Finance's key financial metrics continue to
be within the Ba3 corporate family rating level, despite a modest
6% year-on-year decline in the group's Q2 EBITDA," adds Mr.
Tsang, who is also Moody's lead analyst for the group.

According to Moody's assessment, MCE Finance's debt/EBITDA is at
1.8x and its EBITDA interest is around 10x for the 12 months
ended June 2012.

The decline in Q2 EBITDA was mainly attributable to a fall in
rolling chip volumes at Altira Macau to US$10.2 billion from
US$13.2 billion in Q2 2011. Altira Macau focuses on VIP customers
from Mainland China. The drop in rolling chip volumes therefore
reflects, to some extent, the impact of China's softening
economy. A lower win rate of 2.7% for Q2 2012 versus 3.1% in Q2
2011 also affected the result.

Partly tempering the impact, City of Dreams, MCE Finance's
largest revenue and EBITDA contributor, posted a robust result of
a 12.5% year-on-year growth in revenue and 21.8% year-on-year
growth in EBITDA in Q2 2012 due to strong performances in mass-
market gaming.

Moody's anticipates that the overall Macau's gaming revenue
growth will slow down along with the softening Chinese economy
but MCE Finance's credit metrics will stay within the Ba3 rating
level in the next one to two years.

Moody's projects that MCE Finance's debt/EBITDA will stay at
around 2.5x and EBITDA interest coverage at around 6.5x-7.0x
underpinned by stable operation of City of Dreams which in turn
will fund the amortization of the existing bank loans.

In terms of liquidity, MCE Finance's position is strong supported
by its ample cash on hand and recurring gaming income. As of June
2012, Moody's estimates MCE Finance had over USD1 billion in
unrestricted cash. It also had a low level of capex and does not
have short-term debt repayments in the next 12 months.

On the other hand, MCE Finance's parent, Melco Crown
Entertainment has US$720 million of short-term debt that will
mature in May 2013. Half the amount has been secured and will be
funded by the company's restricted cash of US$361 million. The
remaining amount could be serviced by its own cash and channeling
funds upward from MCE Finance in accordance with the restricted
payment covenants in existing rated secured loan facilities and
US dollar bonds.

The principal methodology used in these ratings was Moody's
Global Gaming Methodology, published in December 2009.

MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Limited (Baa2/stable) and
Hong Kong-listed Melco International Development Ltd (unrated),
with each company holding around 33% equity stake. MCE Finance
also owns 100% economic interests in Melco Crown Gaming (Macau)
Limited.

Melco Crown Gaming is the key operating company within the MCE
Finance group holding one of six gaming concessions/sub-
concessions in Macau. It operates two casinos in Macau -- one at
Altira Macau and the other at the City of Dreams -- and operates
approximately 2,100 slot machines through Mocha Clubs.


TITAN PETROCHEM: Guangdong Zhenrong Agrees to Buy Titan
-------------------------------------------------------
Reuters reports that Guangdong Zhenrong Energy Co Ltd has agreed
to buy control of Titan Petrochemicals Group Ltd, a debt-laden
shipping and oil storage company, but the deal could be derailed
by a liquidation suit from U.S. private equity firm Warburg
Pincus.

Reuters relates that Titan said in a filing with the Hong Kong
stock exchange on Aug. 8 that the acquisition will be subject to
a dismissal of the Warburg suit and court approval of a Titan
debt restructuring plan that has yet to be finalised, among other
conditions.

Warburg, which has invested more than $215 million in Titan since
2007, views the acquisition proposal as premature and plans to
move ahead with its petition to wind up Titan through a Bermuda
court, a source with direct knowledge of the matter told Reuters.

Reuters says the court is scheduled to hear the case on Aug. 16.

Warburg believes that obtaining court approval to hire an
independent liquidator would be in the best interest of Titan's
bond holders and other creditors, Reuter's source, who declined
to be identified because he was not authorised to speak to the
media on the matter, said.

According to Reuters, the source added that a restructuring of
the company under the supervision of an independent liquidator
would be more transparent and fair to Titan's bond holders and
other creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
July 17, 2012, Bloomberg News said Titan Petrochemicals Group
Ltd. should be liquidated because the Hong Kong-listed company is
insolvent, private equity firm Warburg Pincus LLC said in a
lawsuit. Saturn Petrochemical Holdings Ltd., a Warburg special
purpose vehicle, filed a winding-up petition in the Supreme Court
of Bermuda on July 5, according to a copy obtained by Bloomberg
News.

Bloomberg News noted that the company defaulted on
HK$825.8 million of principal and HK$35.1 million in interest due
on its U.S. dollar bonds on March 19.  It hasn't been profitable
in any of the past five years, and its liabilities at the end of
last year exceeded its assets by HK$1.24 billion, according to
the petition obtained by Bloomberg News.

Titan is unlikely to be able to redeem Warburg's 555 million
preferred shares, according to the document cited by Bloomberg
News.  Warburg sought redemption on July 4, claiming
HK$384 million, added Bloomberg News.

                      About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Titan
Petrochemicals Group Ltd. to 'SD' (selective default) from 'CC'.
At the same time, S&P lowered the issue rating on the company's
US$400 million 8.5% senior unsecured notes due 2012 to 'D' from
'CC'.  S&P then withdrew all the ratings.



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H O N G  K O N G
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AMERICA HK: Creditors' Meeting Set for Aug. 17
----------------------------------------------
Creditors of America Hong Kong Electronics Association Limited
will hold their meeting on Aug. 17, 2012, at 10:00 a.m., for the
purposes provided for in Sections 228A, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at Room 2702-3, 27/F, Bank of East Asia
Harbour View Centre, 56 Gloucester Road, Wanchai, in Hong Kong.


ASIA BUSINESS: Members' Final Meeting Set for Aug. 28
-----------------------------------------------------
Members of Asia Business Aviation Limited will hold their final
general meeting on Aug. 28, 2012, at 11:00 a.m., at 40/F, New
World Tower I, 16-18 Queen's Road Central, in Hong Kong.

At the meeting, Chan Yee Por Simon, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ELNA (H.K.): Creditors' Proofs of Debt Due Sept. 17
---------------------------------------------------
Creditors of Elna (H.K.) Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 17, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 3, 2012.

The company's liquidator is:

         Hiroyuki Imai
         3-8-11 Shinyokohama, Kouhoku-ku
         Yokohama-shi, Kanagawa
         Japan 222-033


FAITH CHARM: Sole Member' Final Meeting Set for Sept. 11
--------------------------------------------------------
Sole Member of Faith Charm International Limited will hold their
final general meeting on Sept. 11, 2012, at 2:00 p.m., at Suite
No. A, 11th Floor, Ritz Plaza, 122 Austin Road, Tsimshatsui,
Kowloon, in Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GEMDALE INT'L: Moody's Assigns 'Ba3' Rating to Sr. Unsec. Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
the senior unsecured bonds issued by Gemdale International
Holding Limited, a wholly owned subsidiary of Famous Commercial
Limited.

At the same time, Moody's has affirmed the Ba3 corporate family
rating of Famous, a wholly owned subsidiary of Gemdale
Corporation (Gemdale, Ba1/stable).

The bonds are guaranteed by Famous and supported by a Deed of
Equity Interest Purchase Undertaking and a Keepwell Deed between
Famous, Gemdale and the bond trustee.

The outlook for the ratings is stable.

Moody's definitive rating on the debt obligation confirms the
provisional (P)Ba3 rating assigned by the ratings agency on
July 19, 2012.

Ratings Rationale

"The Ba3 ratings reflect the credit fundamental of Famous, which
incorporates a B2 standalone credit profile and a two-notch
rating uplift, based upon financial and operational support
provided by Gemdale," says Kaven Tsang, a Moody's Vice President
and Senior Analyst.

"The two notches of uplift incorporates (i) Gemdale's 100%
ownership of Famous; (ii) a track record of financial support to
Famous from Gemdale in the form of bank loans ultimately
guaranteed by Gemdale; and (iii) the fact that all Famous'
projects are operated by Gemdale, thereby offering cost
efficiency and a strong brand name," adds Mr. Tsang.

The Ba3 bond rating is further based upon (i) the absence of
subordination risk to bondholders, and (ii) the expectation of
financial support from Gemdale to Famous.

All of the debt currently borrowed by Famous is borrowed on an
unsecured basis at its own level rather than that of its
subsidiaries. Moody's expects this practice to continue. As such,
the claims of bondholders are not subordinated to those of other
creditors of Famous.

Bondholders will be protected by (a) a Deed of Equity Interest
Purchase Undertaking; (b) a Keepwell Deed; (c) a limit on change
of control at Famous; and (d) an interest reserve account. These
features provide the mechanism for Gemdale to assist Famous in
the repayment of the bond obligations.

Famous' B2 standalone rating reflects its small scale operation -
- 12 projects in 6 cities; a land bank of approximately 2.9
million sqm in gross floor area, and annual contract sales of
approximately RMB3 billion. As 5 projects are in one city,
Moody's expects a high degree of volatility in Famous' sales
performance.

The B2 rating also reflects Famous' weak projected credit metrics
for the next one to two years of debt/total capitalization
exceeding 80% and EBITDA/interest below 2.0x-2.5x. The stable
outlook reflects Moody's expectation that Famous will stay well
managed by Gemdale which provides financial and operational
support.

Upgrade pressure could emerge if Famous can demonstrate that it
can (1) successfully implement its business plan; (2) improve its
scale and diversity to reduce sales and earnings volatility; and
(3) improve its credit profile.

Credit metrics which Moody's would consider for an upgrade
include an improvement in adjusted debt leverage such that it
falls below 55%- 60% and EBITDA/interest rises above 3.0x on a
sustained basis.

On the other hand, the ratings could come under downward pressure
if Famous (1) fails to execute its business plan, such that sales
and operating cash flow generation are weaker than anticipated;
and/or (2) materially accelerates development and executes an
aggressive land acquisition plan, such that EBITDA/interest drops
below 1.0x-1.5x on a sustained basis.

Any evidence of a weakening in the support from Gemdale to
Famous, or a deterioration in Gemdale's credit profile could also
be ratings negative.

The principal methodology used in rating Famous and Gemdale
International Holding Limited was the Global Homebuilding
Industry Methodology published in March 2009.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It was founded
in 1988 and was then 100% indirectly owned by the government of
Futian district in Shenzhen. Gemdale began its property
development business in Shenzhen in 1993 and has progressively
expanded its business to cover the six major regions across the
country over the past 20 years. Currently, it has a land bank of
17.1 million sqm in gross floor area (GFA) in 20 cities.

Incorporated in Hong Kong in 1995, Famous is a wholly-owned
subsidiary of Gemdale Corporation. It was initially established
as a sales office in Hong Kong to sell Gemdale's property
projects to overseas customers. It was eventually developed as an
offshore holding company housing some of Gemdale's property
projects in China. It also serves as a funding vehicle in the
overseas market.


GOLDEN THEME: Sole Member' Final Meeting Set for Sept. 11
---------------------------------------------------------
Sole Member of Golden Theme Investments Limited will hold their
final meeting on Sept. 11, 2012, at 11:00 a.m., at No. A, 11th
Floor, Ritz Plaza, at 122 Austin Road, Tsimshatsui, Kowloon, in
Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MEGA BOLO: Creditors' Proofs of Debt Due Sept. 12
-------------------------------------------------
Creditors of Mega Bolo Limited are required to file their proofs
of debt by Sept. 12, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 28, 2012.

The company's liquidators are:

         Ying Tze Yeuk
         502 Hang Bong Commercial Centre
         28 Shanghai Street, Kowloon


OVERSEAS CHINESE: Yeung Shu Lam Wilson Steps Down as Liquidator
---------------------------------------------------------------
Yeung Shu Lam Wilson stepped down as liquidator of The Overseas
Chinese Institute of Certified Public Accountants Members
Association Limited on July 31, 2012.


PHYSICAL PROPERTY: Has HK$175,000 Net Loss in Second Quarter
------------------------------------------------------------
Physical Property Holdings Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of HK$175,000 on HK$145,000 of
revenues for the three months ended June 30, 2012, compared with
a net loss of HK$119,000 on HK$208,000 of revenues for the same
period last year.

For the six months ended June 30, 2012, the Company had a net
loss of HK$272,000 on HK$376,000 of revenue, compared with a net
loss of HK$271,000 on HK$401,000 of revenue for the same period
in 2011.

The Company's balance sheet at June 30, 2012, showed
HK$10.20 million in total assets, HK$11.49 million in total
current liabilities, and a stockholders' deficit of
HK$1.29 million.

The Company had negative working capital of HK$11.40 million as
of June 30, 2012.

As reported in the TCR on March 30, 2012, Mazars CPA Limited, in
Hongkong, noted that Physical Property had a negative working
capital as of Dec. 31, 2011, and incurred loss for the year then
ended, which raised substantial doubt about its ability to
continue as a going concern.

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

                       http://is.gd/wPXgf5

Located in Hong Kong, Physical Property Holdings Inc., through
its wholly-owned subsidiary, Good Partner Limited, owns five
residential apartments located in Hong Kong.


RAPID GROW: Liu and Yen Step Down as Liquidators
------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Rapid Grow Limited on July 30, 2012.


RICH GOOD: Commences Wind-Up Proceedings
----------------------------------------
Members of Rich Good Limited, on Aug. 10, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Cheng Kai Kai Allen
         19/F, Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong


SERLEN LIMITED: Creditors' Meeting Set for Aug. 17
--------------------------------------------------
Creditors of Serlen Limited will hold their meeting on Aug. 17,
2012, at 10:15 a.m., for the purposes provided for in Sections
241, 242, 243, 244, 251, 255A and 283 of the Companies Ordinance.

The meeting will be held at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.


TIP TOP: Wang Dianyi Steps Down as Liquidator
---------------------------------------------
Wang Dianyi stepped down as liquidator of Tip Top Industrial
Limited on July 23, 2012.


WEALTHY REALTY: Commences Wind-Up Proceedings
---------------------------------------------
Members of Wealthy Realty Limited, on Aug. 10, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Cheng Kai Tai Allen
         19/F, Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong


WEALTHY REALTY AGENCY: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on Aug. 10, 2012,
creditors of Wealthy Realty Agency Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Cheng Kai Tai Allen
         19/F, Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong



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


ACTIF CORP: Inadequate Info Cues Fitch to Withdraw Ratings
----------------------------------------------------------
Fitch Ratings has withdrawn India-based textile manufacturer
Actif Corporation Limited's National Long-Term rating of 'Fitch
BB+(ind)nm'.

The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of Actif.

Fitch migrated Actif to the non-monitored category on February 1,
2012.

Fitch has also withdrawn Actif's bank loan ratings as follows:

  -- INR1,926m long-term loans: National Long-Term 'Fitch BB+
     (ind)nm' rating withdrawn

  -- INR320m cash credit limits: National Long-Term 'Fitch BB+
     (ind)nm' rating withdrawn

  -- INR25m non-fund-based limits: National Short-Term 'Fitch A4+
     (ind)nm' rating withdrawn


A. DURAISAMY: CRISIL Puts 'CRISIL B+' Rating on INR70.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of A. Duraisamy Modern Rice Mill.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              60.0      CRISIL B+/Stable (Assigned)
   Long-Term Loan           10.7      CRISIL B+/Stable (Assigned)

The rating reflects ADMRM's below average financial risk profile,
marked by small net worth and high gearing, moderate scale of
operations, and exposure to intense competition in the rice
milling industry. The ratings also factor in the firm's
susceptibility to adverse government regulations and volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of ADMRM's partners in the
rice milling industry.

Outlook: Stable

CRISIL believes that ADMRM will benefit over the medium term from
the extensive industry experience of its management. The outlook
may be revised to 'Positive' if the firm's revenues and
profitability increase substantially or in case of significant
infusion of capital by its partners, resulting in improved
capital structure. Conversely, the outlook may be revised to
'Negative' if ADMRM undertakes aggressive debt-funded expansions,
or if the partners withdraw capital from the firm, or if ADMRM
extends significant fund support to associate entities, leading
to weakening in its financial risk profile.

                        About A. Duraisamy

Set up in 1950, Salem (Tamil Nadu) based A Duraisamy Modern Rice
Mill (ADMRM) is a partnership firm engaged in milling and
processing of paddy into rice, rice bran, broken rice and husk.
The firm has five partners currently - four brothers - Mr. D.
Udayakumar, Mr. D. Sukumar, Mr. D. Murugesan, Mr. D. Padmanaban
and Mr. S. Ragunath, son of Mr. D. Sukumar. All the four brothers
take active part in the day to day operations of the firm.

ADMRM posted a provisional profit after tax (PAT) of INR 3.7
million on net sales of INR 260 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR 2.8
million on net sales of INR 224.7 million for 2010-11.


BEEKAY PLAZA: CRISIL Cuts Rating on INR80MM Loan to 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Beekay Plaza Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
BB/Stable', and has reaffirmed its 'CRISIL A4+' rating to BPPL's
short-term bank facility.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        5.0       CRISIL A4+ (Reaffirmed)
   Term Loan            80.0       CRISIL BB-/Stable (Downgraded
                                   from CRISIL BB/Stable)

The downgrade reflects delay in commencement of BPPL's hotel
operations, which has increased its project-implementation-
related risks. Delays in obtaining environmental clearance for
its hotel and housing projects have slowed down BPPL's revenue
growth, thereby adversely impacting its business risk profile.

The ratings continue to reflect BPPL's promoter's experience in
the real estate development and its demonstrated project
execution capabilities. These rating strengths are partially
offset by the company's susceptibility to inherent risks,
including cyclicality, in real estate industry in India, and its
exposure to implementation-related risks associated with its
hotel and housing projects.

Outlook: Stable

CRISIL believes that BPPL will continue to benefit over the long
term from its promoters' experience and the steady demand for
residential real estate projects in Siliguri (West Bengal). The
outlook may be revised to 'Positive' if BPPL generates larger-
than-expected cash flows, resulting most likely from completion
of its projects before schedule, and larger-than-expected sales
realisations from the second phase of its ongoing 'Barsana Garden
apartments' project. Conversely, the outlook may be revised to
'Negative' if the company faces any further delay or a cost
overrun in its ongoing projects, and contracts more-than-expected
debt for funding the projects, leading to deterioration in its
financial risk profile.

                        About Beekay Plaza

Beekay Plaza Pvt Ltd, promoted by Mr. Narendra Garg and Mr.
Nirmal Garg, was incorporated in 2002 to undertake real estate
development and property management in Siliguri. The promoters
have a land bank of around 40 acres in West Bengal and plan to
develop the land plot for the hospitality, residential, and
healthcare sectors.

BPPL reported a provisional profit after tax (PAT) of INR1.1
million on sales of INR11.5 million in 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR3.6
million on sales of INR10 million for 2010-11.


BRINDAVAN ROLLER: CRISIL Puts 'B+' Rating on INR90MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Brindavan Roller Flour Mills Pvt Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital         15         CRISIL B+/Stable (Assigned)
   Term Loan

   Cash Credit             52         CRISIL B+/Stable (Assigned)

   Proposed Term Loan      23         CRISIL B+/Stable (Assigned)

The rating reflects BRFL's below-average financial risk profile,
marked by a high gearing because of large working capital
requirements and modest debt-protection metrics. The rating also
factors in BRFL's exposure to intense competition in the wheat
processing industry, and its susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the benefits that the company derives from its promoters'
established track record in the wheat flour industry, and its
strong clientele.

Outlook: Stable

CRISIL believes that BRFL will continue to benefit over the
medium term from its established track record of three decades in
the wheat flour industry. The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations and improves its operating profitability, post
stabilisation of its ongoing capital expenditure. Conversely, the
outlook may be revised to Negative' in case BRFL reports delay in
the commissioning of its project because of unforeseen events, or
its financial risk profile deteriorates because of larger-than
expected debt-funded capital expenditure or in case of
deterioration in working capital management.

                       About Brindavan Roller

Brindavan Roller Flour Mills Pvt Limited, incorporated in 1980 by
Mr. B. Shantilal, processes wheat products, such as, maida
(refined flour), suji, atta (unrefined flour), and bran.

For 2011-12 (refers to financial year, April 1 to March 31), BRFL
reported, on a provisional basis, a profit after tax (PAT) of
INR11.5 million on net sales of INR566.1 million; the company
reported a PAT of INR1.3 million on net sales of INR414.5 million
for 2010-11.


ESSAR PROJETCS: Fitch Affirms 'B' IDR; Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed Essar Projects Ltd's Long-Term and
Short-Term Foreign Currency Issuer Default Ratings (IDRs) at 'B'.
The Outlook on the Long-Term rating has been revised to Negative
from Stable.  The agency has also withdrawn the 'B' rating on
EPL's USD100m working capital loans as there is no amount
outstanding against the instrument.  EPL is the holding company
of the various construction companies of the Essar Group.
The Negative Outlook reflects Essar Global Ltd's (EG, a 100%
stake in EPL) high financial leverage in FY12 (year end March)
and its likely slower-than-expected deleveraging.  EPL's ratings
are constrained by EG's credit profile as group entities are key
clients for EPL and EG has full access to EPL's cash flows.

Fitch notes that as a large part of EG's capex -- namely the
10mtpa oil refinery expansion and the 5mtpa steel expansion -- is
complete, the group level EBITDA will increase in FY13 and
consequently lead to deleveraging.  However, given the adverse
industry scenario in some of the businesses, deleveraging could
be lesser than expectations.

The rating affirmation reflects EPL's robust order book of
USD6.3bn (2.9x FY12 revenues) and its comfortable credit metrics.
In FY12, revenue grew by 23% yoy to USD2.1bn and EBITDA margin
was 7.9% (FY11: 9.5%).  Fitch notes that though credits metrics
weakened in FY12 with net financial leverage of 3.5x (FY11: 1.5x)
and interest cover of 2.5x (3.7x), they are commensurate with the
current rating level.

The ratings continue to be constrained by the inherent business
risk in construction companies wherein cash flows are project
driven and can vary significantly.  In case of offtake risks,
many companies tend to stall their capex plans, which could
negatively affect a construction company's working capital
requirements and cash flow position.  Fitch also notes that the
company's exposure to the Essar group remains high.  The trend of
a reduction in group entity projects in the order book was
reversed in FY12, with group orders accounting for 77% (FYE11:
69%).

WHAT COULD TRIGGER A RATING ACTION?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- a worsening of EG's credit profile
  -- a deterioration in EPL's credit metrics with financial
     leverage above 5x and interest coverage below 1.2x on a
     sustained basis

Positive: The current Rating Outlook is Negative.  As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating upgrade.  However, the Outlook could be
revised to Stable if Essar group entities generate expected
profitability and EG deleverages as expected from FY13 onwards.

In FY12, EPL had EBITDA of USD169m (USD169m) and net profit of
USD110m (USD114m).  Its total debt was USD617m (USD311m) and cash
balance was USD47m (USD64m) at end-March 2012.  In FY12, Essar
Projects India Ltd -- EPL's key subsidiary -- had revenues of
USD1.6bn (1.4bn), EBITDA of USD143m (FY10: USD87m), and net
profit of USD61m (USD53m).


GURU GOBIND: CRISIL Cuts Rating on INR52.8MM Loans to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Guru Gobind Singh Educational Society to 'CRISIL BB/Stable'
from 'CRISIL BBB+/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       8.8      CRISIL BB/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BBB+/Stable')

   Term Loan               44.0      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB+/Stable')

The rating downgrade reflects the weakened liquidity of Guru
Gobind Singh Educational Society Technical Campus (GGSESTC; part
of GGSES) on account of a combination of low accruals, GGSESTC
being in the first year of its operations, and improper liquidity
management. The college commenced operations in 2010-11 (refers
to financial year, April 1 to March 31) and has occupancy levels
of below 25 per cent. As a result, GGSESTC has to rely on the
funding support from the society's other entities for servicing
its debt. Timely support from such entities will be determinant
of future rating direction.

The rating reflects GGSES's established track record of running
schools, and the benefits it is likely to derive from the healthy
demand prospects for the education sector in India. These rating
strengths are partially offset by GGSES's limited track record in
running engineering-and-management institute and its
susceptibility to adverse regulatory changes.

Outlook: Stable

CRISIL believes that GGSES will benefit over the medium term from
the healthy occupancy levels at its school, leading to stable
cash accruals. The outlook may be revised to 'Positive' if
GGSESTC's occupancy and fees collection are in line as envisaged
or if there is improvement in cash flow management. Conversely,
the outlook may be revised to 'Negative' in case of delays in
receipt of financial support to GGSESTC from other entities under
the society, or if GGSES's financial risk profile weakens, most
likely because of larger-than-expected debt-funded capital
expenditure.

GGSES was established as a society in 1979 by Mr. J S Sekhon, Mr.
Tarsem Singh, and Mr. Harbhajan Singh. The society operates four
higher secondary schools, one primary school, and an engineering-
cum-management college. The higher secondary schools and the
technical college are located in Jharkhand and the primary school
is in Mohali (Punjab).

The schools are being operated under the name, Guru Gobind Singh
Public School. The first school was established in 1980-81 at
Sector-5, Bokaro Steel City, Jharkhand, and the other schools
were opened in 2002-03 at Chas, Bokaro Steel City, Jharkhand, and
in 2004-05 at Dhanbad and Daltonganj (Jharkhand). The school in
Mohali was established in the 1990s. The combined student
strength at the schools is around 11,000.

The society established its first college under the name,
GGSESTC, in 2010-11 at Bokaro Steel City at an outlay of INR180
million, funded through debt of INR50 million and the balance
through internal accruals. The first batch of students has been
admitted for the academic year 2011-12. The society, through its
technical college, is offering graduate and postgraduate level
degree courses in technology (five streams; 300 seats), computer
applications (120 seats) and business administration (120 seats).
The graduate and postgraduate level courses offered by GGSESTC
have been approved by the All India Council for Technical
Education, and GGSESTC is affiliated to Vinoda Bhave University,
Jharkhand.

For 2010-11, GGSES reported, on a provisional basis, a profit
after tax (PAT) of INR45.9 million on operating revenue of
INR155.7 million; the society reported a PAT of INR36.9 million
on operating revenue of INR127.3 million for 2009-10.


HITECH LITHO: CRISIL Assigns 'B+' Rating to INR51.9MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hitech Litho Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               11.5       CRISIL B+/Stable (Assigned)

   Proposed Long-Term      20.4       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Cash Credit             20         CRISIL B+/Stable (Assigned)

   Letter of Credit        10         CRISIL A4 (Assigned)

The ratings reflect Hitech's small scale of operations due to
start-up nature, working-capital-intensive nature of activity,
and susceptibility of the company's profitability to volatility
in raw material prices and to intense competition in the printing
inks industry. These rating weaknesses are partially offset by
the benefits that Hitech derives from the extensive industry
experience of promoters, and moderate financial risk profile
marked by low gearing and healthy debt protection metrics.

For arriving at its rating, CRISIL has treated Hitech's unsecured
loans of INR14.7 million outstanding as on March 31, 2012,
extended by the promoters, as neither debt nor equity. This is
because these unsecured loans are interest-free, and are
subordinated with the bank.

Outlook: Stable

CRISIL believes that Hitech will maintain its stable business
risk profile over the medium term, backed by its promoter's
extensive experience in the printing inks industry. The outlook
may be revised to 'Positive' in case there the company reports
significant and sustained improvement in its scale of operations,
while maintaining a comfortable capital structure. Conversely,
the outlook may be revised to 'Negative' if Hitech's financial
risk profile deteriorates, because of sharp decline in
profitability margins or revenues, or further deterioration in
its working capital cycle

                       About Hitech Litho

Hitech Litho Private Limited was incorporated in February 2011,
by Mr. Gyanrakash Srivastava and Mrs. Nitu Srivastava. The
company manufactures offset printing inks which find application
in the packaging industry. Hitech was set up to take over the
business of Hitech Coatings (HC), a proprietorship concern of Mr.
Birendrakant Srivastava (son of Mr. Gyanrakash Srivastava). HC
was engaged in the manufacturing and trading of printing inks and
adhesives since 2006. Hitech completed the takeover of HC's
business with effect from September 1, 2011.

The company is currently promoted by Mr. Birendrakant Srivastava,
along with his business acquaintances Mr. Manishkumar Ray. The
company has its manufacturing unit located at Sarigam, Gujarat,
with an installed capacity of 150 tonnes per month. Mr.
Birendrakant Srivastava oversees the day-to-day operations of the
company.

Hitech reported a profit after tax (PAT) of INR2.83 million on
net sales of INR130.9 million for 2011-12, on provisional basis
(refers to financial year, April 1 to March 31), against a PAT of
INR1.9 million on net sales of INR56.3 million for 2010-11.


INDIAN OVERSEAS: Moody's Assigns Rating to USD Senior Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to Indian
Overseas Bank's proposed USD senior notes drawdown from its US$1
billion Medium Term Note Programme through its Hong Kong branch.

The outlook for the rating is stable.

Ratings Rationale

The Baa3 rating is underpinned by IOB's: (1) moderate franchise
with dominance in Tamil Nadu, the southern part of India, and a
3% share in system deposits; (2) average financial fundamentals,
including asset quality, capital levels and profitability ratios,
which are in line with other Indian mid-sized public-sector
banks; and (3) close relationship with the government of India,
via the latter's 69.62% holding, and as evidenced by repeated
capital infusions into the bank.

Therefore, Moody's assessment that the probability of systemic
support for IOB, if needed, is very high, and results in a two-
notch lift in its global local currency deposit rating of Baa3
from its standalone rating of D/ba2.

The methodology used in this rating is Moody's Consolidated
Global Bank Rating Methodology published in June 2012.

Indian Overseas Bank, headquartered in Chennai, had assets of
INR2.2 trillion at March 2012.


INSTYLE EXPORTS: CRISIL Upgrades Rating on INR17.5MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Instyle Exports Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL C';
while reaffirming its short term ratings at 'CRISIL A4'.

                            Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Export Packing credit     552.5     CRISIL A4 (Reaffirmed)

   Bill Discounting          100.0     CRISIL A4 (Reaffirmed)

   Bank Guarantee              2.5     CRISIL A4 (Reaffirmed)

   Letter of Credit           20.0     CRISIL A4 (Reaffirmed)

   Term Loan                  17.5     CRISIL B-/Stable(Upgraded
                                       from 'CRISIL C')

The rating upgrade reflects Instyle's sufficient net cash
accruals vis-a-vis its repayment obligation in 2012-13 (refers to
financial year, April 1 to March 31). The company is in the
process of declining its reliance on the bank debts and has
partially reduced the same by fully repaying its loan against
property from Allahabad Bank and by reducing the utilisation of
its cash credit limits from Axis Bank during the first quarter of
2012-13 through infusion of unsecured loans by the promoter. The
company is selling two out of its nine manufacturing units to
reduce the excess capacities, and the consideration will be
primarily used towards paying off all the long-term bank loan
facilities over the next two to three months. The rating upgrade
also takes into account the expected improvement in Instyle's
financial risk profile on account of expected reduction in the
total debt levels over the medium term.

The ratings reflect Instyle's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and the
company's exposure to risks related to working-capital-intensive,
and small scale of, operations, and to volatility in foreign
exchange rates. These rating weaknesses are partially offset by
Instyle's established relationships with customers and its
promoter's extensive industry experience.

Outlook: Stable

CRISIL believes that Instyle's business risk profile would remain
stable in the near to medium term driven by its established
relationships with its key customers and its promoter's extensive
industry experience.. The outlook may be revised to 'Positive' in
case there is a significant improvement in the company's scale of
operations, along with sustained operating profitability, leading
to healthy accruals and improvement in its overall financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant deterioration in Instyle's operating margin,
leading to lower cash accruals, or if there is any unforeseen
material loss due to currency fluctuations.

                         About Instyle Exports

Instyle was incorporated by Mr. Ashok Logani in 1981. Mr. Logani
has an experience of over 30 years in this industry. M/s Instyle
Exports; which was also incorporated by Mr. Logani in 1978 as a
proprietorship concern, was merged with Instyle on April 1, 2004.
Instyle manufactures and exports ladies garments, including
blouses, skirts, jackets, and trousers. Product specifications,
such as design, pattern, and raw material are customised to the
requirements of the customers. Instyle exports its products
mainly to European countries and the USA. Instyle has one
production facilities in Okhla (New Delhi) and four in Gurgaon
(Haryana). The company has a sample showroom at its corporate
office in Okhla (New Delhi) and Gurgaon and a storage unit in
Gurgaon.

For 2011-12, Instyle reported, on a provisional basis, a profit
after tax (PAT) of INR5.4 million on net sales of INR1176.6
million; the company reported a PAT of INR24.6 million on net
sales of INR1278.4 million for 2010-11.


OLYMPUS MOTORS: CRISIL Cuts Rating on INR125MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Olympus Motors Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Stable/CRISIL A3'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       125        CRISIL A4+ (Downgraded from
                                   CRISIL A3)

   Cash Credit          125        CRISIL BB+/Stable (Downgraded
                                   from CRISIL BBB-/Stable)

The downgrade reflects CRISIL's belief that OMPL's financial risk
profile will remain under pressure over the medium term because
of the company's low profitability and weak capital structure.
Over the past five years, OMPL has incurred substantial losses,
which have led to full erosion of its net worth. Although its
revenues have exhibited good growth of 37.5 per cent in 2011-12
(refers to financial year, April 1 to March 31), its high
interest cost because of huge debt levels has resulted in its net
losses. CRISIL believes that OMPL will take some time to generate
sizeable cash accruals. Nevertheless, CRISIL believes that the
company will continue to receive support from its parent,
Automotive Manufacturers Pvt Ltd (AMPL; rated 'CRISIL A-
/Stable/CRISIL A2+'), in case of exigencies.

The ratings reflect OMPL's limited scale of operations, and weak
financial risk profile marked by a high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the strong financial and operational support that the company
receives from its parent.

Outlook: Stable

CRISIL believes that OMPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with its principal. CRISIL, however,
believes that OMPL's financial risk profile will remain
constrained by adverse capital structure and low cash accruals.
The outlook may be revised to 'Positive' if the company improves
its capital structure, most likely through infusion of more
equity capital, and if it achieves better-than-expected
profitability. Conversely, the outlook may be revised to
'Negative' in case OMPL reports lower-than-expected revenues and
profitability, or increase in its working capital requirements.
Also, the rating of OMPL may be revised downwards in case of a
downgrade in the rating of AMPL.

                      About Olympus Motors

OMPL, incorporated in September 2007, is a wholly owned
subsidiary of AMPL. OMPL is engaged in sales and servicing of
vehicles of Audi AG at Hyderabad (Andhra Pradesh). AMPL is an
authorised vehicle dealer for Ashok Leyland Ltd (rated 'CRISIL
AA-/Stable/CRISIL A1+'), Mahindra & Mahindra Ltd (rated 'CRISIL
AA+/Stable/CRISIL /A1+'), and Maruti Suzuki India Ltd (rated
'CRISIL AAA/Stable/CRISIL /A1+') in Maharashtra, Andhra Pradesh,
and Gujarat.

For 2011-12, OMPL reported a net loss of INR41.93 million on
provisional basis (net loss of INR15.2 million for the previous
year) on net sales of INR1.07 billion (net sales of INR0.77
billion for the previous year).


OSL AUTOMOTIVES: CRISIL Assigns 'BB' Rating to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of OSL Automotives Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            50       CRISIL BB/Stable (Assigned)
   Channel Financing     150       CRISIL BB/Stable (Assigned)

The rating reflects the benefits that OAPL derives from its
promoters' industry experience, its established relationship with
Tata Motors Ltd (TML) and its low exposure to debtor and
inventory risk. These rating strengths are partially offset by
OAPL's weak financial risk profile, marked by a small net worth,
a high gearing, and weak debt protection metrics, and modest
scale of operations with low profitability.

Outlook: Stable

CRISIL believes that OAPL will continue to benefit over the
medium term from its promoters' industry experience and from its
established relationship with TML. The outlook may be revised to
'Positive' in case OAPL reports significant improvement in its
financial risk profile, driven by higher-than-expected cash
accruals or equity infusion, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case the company reports further pressure on its liquidity,
resulting from lower-than-expected cash accruals, or larger-than-
expected working capital requirements or debt-funded capital
expenditure.

                       About OSL Automotives

OAPL is an authorised dealer for the entire range of commercial
vehicles of TML in three districts of West Bengal, namely,
Jalpaiguri, Cooch Behar, and Darjeeling. The company operates
three 3S (sales-service-spares) showrooms (owned) and five sales
showroom (rented) across its dealership area. OAPL derives over
95 per cent of its revenues from sale of vehicles and the rest
from sale of spares, servicing, and other miscellaneous sources.
Amongst the revenues from sale of vehicles, over 60 per cent are
derived from sale of light commercial vehicles and the rest from
sale of heavy commercial vehicles. OAPL commenced its operations
in 2007 and is part of the OSL group, which is promoted by Mr. Om
Prakash Goyal and his family.


RAIGARH COAL: CRISIL Rates INR75MM LT Loan at 'CRISIL BB+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facility of Raigarh Coal Benefication Private limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long-Term Loan        75.00      CRISIL BB+/Stable (Assigned)

The rating reflects small scale of operations along with low
entry barriers in the industry resulting in intense competition,
aggressive capex plan which is expected to deteriorate the
gearing, and debt protection metrics over the medium term. These
weaknesses are partially offset by RCBL's promoters' extensive
industry experience and the company's established market
position.

Outlook: Stable

CRISIL believes that RCBL will continue to benefit over the
medium term from the extensive experience of its promoters in
this line of business. CRISIL, however, believes that RCBL's
financial risk profile is expected to be constrained by the
company's high gearing owing to the debt-funded capex plan and
its large working capital requirements. The outlook may be
revised to 'Positive' in case RCBL's financial risk profile
improves significantly, most likely because of capital infusion
by the promoters' and better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case the company's profitability or revenues
decline or if there is a stretch in the company's working capital
cycle, resulting in lower-than-expected cash accruals, or if its
expansion plan is funded by larger-than-expected debt-funded
capital expenditure (capex), leading to deterioration of its
financial risk profile.

                          About Raigarh Coal

Raigarh Coal Benefication Private Limited was incorporated in
2005 by Mr. Bharat Agrawal as promoter director. The company set-
up a coal washery unit in 2007 and the commercial operations
commenced in May2009. The company is primarily engaged in the
beneficiation of coal through resizing, washing and beneficiation
of raw coal by using Heavy media cyclone technology. The total
capacity of the plant is 1.5 million tonnes per annum (MTPA) of
non-coking coal beneficiation. The plant is located in Raigarh,
Chhattisgarh. RCBL proposes to lay a 2 Km long railway siding by
April 2013. The company has received all the clearances from the
railway authorities. The total cost of the project is proposed to
be INR 200 million to be funded in a debt to equity ratio of
75:25.

RCBL reported a provisional profit after tax (PAT) of INR1.9
million on provisional net sales of INR207.5 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR 1.3 million on net sales of INR165.2 million for 2010-11.


SHIV JYOTI: CRISIL Puts 'CRISIL B-' Rating on INR90MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shiv Jyoti Furnace Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                40        CRISIL B-/Stable (Assigned)

   Proposed Long-Term       20        CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              30        CRISIL B-/Stable (Assigned)

   Letter of Credit         10        CRISIL A4 (Assigned)

The ratings reflect pressure on SJFPL's business risk profile
because of its expected small scale of operations, and the
nascent stage of its operations, which is expected to keep its
debt protection metrics weak and financial flexibility low over
the medium term. Also, its operating margin is susceptible to raw
material price volatility and intense market competition. These
rating weaknesses are partially offset by SJFPL's promoters'
extensive experience in the steel industry.

Outlook: Stable

CRISIL believes that SJFPL will continue to benefit from its
promoters' extensive experience in the steel industry. The
outlook may be revised to 'Positive' if SJFPL stabilises its
recently started operations, resulting in higher-than expected
order inflow and profitability. Conversely the outlook may be
revised to 'Negative' in case the company's cash accruals are
insufficient to meet its maturing repayment obligations, most
likely caused by lower-than-expected increase in operating margin
or sub-optimum capacity utilisation.

                        About Shiv Jyoti

Incorporated in 2010, Shiv Jyoti Furnace Pvt Ltd is promoted by
Mr.Harikishan Goel, Mr. Dheeraj Kaushik and Mr. Ranveer Yadav.
The company manufactures mild-steel ingots. Its manufacturing
facilities are in Abu Road (Rajasthan) and have a combined
capacity of about 22,000 tonnes per anumn. SJFPL's operations
began in March 2012.


SHREE SIDDHIVINAYAKA: CRISIL Places 'C' Rating on INR125MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Shree Siddhivinayaka Agro Extractions Pvt Ltd. The
rating reflects instances of delay by SSAEPL in servicing its
term debt (not rated by CRISIL); the delays have been caused by
the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL C (Assigned)

   Proposed Cash         75         CRISIL C (Assigned)
   Credit Limit

The ratings also reflect SSAEPL 's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, small scale of operations in the highly
fragmented edible oil industry, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of SSAEPL's promoters.

Shree Siddhivinayaka Agro Extractions Pvt Ltd was established as
a private limited company in 1988, promoted by Mr. Purshottam
Pallod. It presently extracts and refines soyabean oil and
manufactures soyabean de-oiled cakes. Based in Hyderabad, the
company has its semi-integrated (extraction and refining)
manufacturing unit in Zaheerabad (Andhra Pradesh). The company
has an oil milling capacity of 150 tonnes per day (tpd) while the
refining capacity is 50 tpd.

For 2011-12 (refers to financial year, April 1 to March 31),
SSAEPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR574.5 million, against a PAT of INR0.6 million on net
sales of INR 465.3 million for 2010-11.


TECHNOFAB ENGINEERS: CRISIL Puts 'BB-' Rating on INR80MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Technofab Engineers.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             14.7       CRISIL BB-/Stable (Assigned)
   Cash Credit           40.0       CRISIL BB-/Stable (Assigned)
   Proposed Long-Term    25.3       CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects extensive experience of TE's promoters in
fabrication of transmission, telecom towers and sub-station
structures. This rating strength is partially offset by modest
scale of operations and susceptibility to intense competition in
transmission and telecom tower fabrication business and working
capital intensive nature of operations.

Outlook: Stable

CRISIL believes that TE will continue to benefit over the medium
term from its promoters' extensive experience in the fabrication
of transmission, telecom towers and sub-station structures. The
outlook may be revised to 'Positive' in case of substantially
improvement in the scale of operations and margins, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case
there is significant deterioration in its profitability or a
stretch in its working capital cycle or in case of debt-funded
capital expenditure, leading to weakening in its debt protection
metrics.

                      About Technofab Engineers

Established in 1991 by Mr. Chetan Lavania, as his proprietorship
concern, Technofab Engineers is engaged in manufacturing,
fabrication of transmission, telecom towers and sub-station
structures, etc. The concern's office is located at Nagpur,
Maharashtra.


TE reported a profit after tax (PAT) of INR4.7 million on net
sales of INR291.6 million for 2011-12 (refers to financial year,
April 1 to March 31) on provisional basis, as against a PAT of
INR 1.9 million on net sales of INR151.2 million for 2010-11.



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


BUMI RESOURCES: S&P Cuts Corporate Credit Rating to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Indonesia-based thermal coal producer
PT Bumi Resources Tbk. to 'BB-' from 'BB'. The outlook is
negative. "At the same time, we lowered the rating on the
company's guaranteed senior secured notes to 'BB-' from 'BB'. We
also lowered our long-term ASEAN regional scale rating on Bumi to
'axBB' from 'axBB+'," S&P said.

"We downgraded Bumi because we expect the company's ratio of
funds from operations (FFO) to debt to remain less than 12% over
next 12 months because of its weak cash flows and still-high
debt," S&P said.

"We expect Bumi's debt to remain at about US$4.5 billion with an
average cost of debt of more than 12% over the next 12 months at
least," said Standard & Poor's credit analyst Vishal Kulkarni.
"The company's plan to sell its non-coal assets to reduce debt
could take time and will be subject to elements beyond its
control, including market conditions and regulatory approvals.
Bumi could use the payments of receivables from PT Recapital
Asset Management and PT Bukit Mutiara to pay off debt, but these
amounts will not be large enough to materially lower debt."

"We believe Bumi's internal cash flows, the company's most likely
source of funds for repaying debt, will be limited over the next
12-18 months. This is predominantly because of still-high
production and financing costs and a slower-than-expected growth
in production. Bumi's gross profit per ton is broadly in line
with our expectations, despite the fall in coal prices since the
beginning of 2012 and still-high mining, fuel, and mining
contractor costs. The company's gross profit per ton of coal sold
declined to US$33 in the first quarter of 2012 as we had
expected, from US$39 in 2011," S&P said.

"The company's financial metrics are weaker than those of
similarly rated peers. We assess Bumi's liquidity as "adequate,"
as defined by our criteria. We expect the company's sources of
funds to exceed its uses by more than 1.5x in 2012, and be less
than 1.0x in 2013," S&P said.

"The negative outlook reflects our expectation that Bumi's
financial performance is likely to remain stretched for the
rating over the next 12 months in the absence of timely and
meaningful debt reduction," said Mr. Kulkarni. "We believe that
lower-than-expected production and profitability will exacerbate
the effects of the high interest burden on Bumi's cash flows over
the next 18 months at least."

"Our expectation that Bumi's ratio of FFO to debt will not
significantly improve in the next 12 months is a key
consideration for a possible downgrade. We could downgrade Bumi
if the company fails to reduce debt by at least US$500 million
(excluding accrued redemption premiums). We could also lower the
rating if the company engages in inter-company or related-party
transactions that weaken its cash generation capacity."

"We could revise the outlook to stable if Bumi's capital
structure and cash flow improve significantly. We believe this
could happen if the company reduces debt by US$500 million or
more and if production growth and profitability are better than
we currently expect. The outlook revision assumes that Bumi uses
its cash flow from any asset sales as well as its free operating
cash flow to reduce debt," S&P said.



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


ELPIDA MEMORY: Micron Takeover Offer Too Low, Bondholders Say
-------------------------------------------------------------
Takashi Amano and Naoko Fujimura at Bloomberg News report that
Elpida Memory Inc.'s bondholders told a Tokyo court that Micron
Technology Inc.'s takeover offer for the bankrupt Japanese
memory-chip maker is too low.

Bloomberg News relates that the bondholders said Elpida is worth
JPY300 billion ($3.8 billion), compared with Micron's proposed
JPY200-billion offer. The group, which represents 20
institutional investors, submitted its version of a revival plan
for the chipmaker, which includes offering JPY30 billion in
credit line, the group said.

The total amount of bonds held by the group is 100 billion yen as
of Aug. 13, a spokesman for the group who asked not to be
identified, citing policy, told Bloomberg News. That represents
72 percent of the JPY139 billion in bonds Elpida defaulted after
filing for bankruptcy, Bloomberg News.

The bondholders group, advised by Alvarez & Marsal and Crosspoint
Advisors, is seeking investors other than Micron, it said.  They
will ask the court to present their revival plan in a creditor
vote, which may be held in October, according to the statement
cited by Bloomberg News.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2012, Micron Technology, Inc., and the trustees for
Elpida Memory have signed a definitive sponsor agreement for
Micron to acquire and support Elpida.  The agreement has been
entered into in connection with Elpida's corporate reorganization
proceedings conducted under the jurisdiction of the Tokyo
District Court.

Under the agreement, JPY200 billion -- approximately US$2.5
billion assuming JPY80/US$ -- total consideration, less certain
reorganization proceeding expenses, will be used to satisfy the
reorganization claims of Elpida's secured and unsecured
creditors.  Micron will acquire 100% of the equity of Elpida for
JPY60 billion -- approximately US$750 million -- to be paid in
cash at closing. In addition, JPY140 billion -- approximately
US$1.75 billion -- in future annual installment payments through
2019 will be paid from cash flow generated from Micron's payment
for foundry services provided by Elpida, as a Micron subsidiary.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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


JACKLIE CONSTRUCTION: Creditors' Proofs of Debt Due Aug. 24
-----------------------------------------------------------
Creditors of Jacklie Construction Pte Ltd, which is in compulsory
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:

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


LEHMAN BROTHERS: Creditors Get 20% Recovery on Claims
-----------------------------------------------------
Lehman Brothers Investments Pte Ltd which is in creditors'
voluntary liquidation, declared the first interim dividend on
Aug. 7, 2012.

The company paid 20% to the received claims.

The company's liquidator is:

         Chay Fook Yuen
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


LEHMAN BROTHERS FINANCE: Creditors Get 55% Recovery on Claims
-------------------------------------------------------------
Lehman Brothers Finance Asia Pte Ltd which is in creditors'
voluntary liquidation, declared the first interim dividend on
Aug. 10, 2012.

The company paid 55% to the received claims.

The company's liquidators are:

         Chay Fook Yuen,
         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Lehman Brothers Finance Asia Pte. Ltd.
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


LOVELY LAND: Creditors' Proofs of Debt Due Sept. 7
--------------------------------------------------
Creditors of Lovely Land Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by
Sept. 7, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chua Keng Khng
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


MF GLOBAL: Creditors' Proofs of Debt Due Aug. 21
------------------------------------------------
Creditors of MF Global Singapore Pte Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Aug. 21, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chay Fook Yuen
         Bob Yap Cheng Ghee
         Tay Puay Cheng
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581



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


TAISHIN INT'L: Fitch Assigns Support Rating Floor at 'BB+'
----------------------------------------------------------
Fitch Ratings says Taishin Financial Holdings Company, Ltd's
proposed all-cash acquisition of New York Life Insurance Taiwan
Corporation has no immediate impact on the ratings of the Taishin
group, including the non-operating holding company and its
subsidiaries.  The transaction is scheduled to be completed by
Q113, subject to regulatory approvals.

Fitch expects the acquisition to only slightly increase financial
leverage at the holding company level and have limited impact on
the group's financial profile.  New York Life Taiwan's asset size
(TWD78.7bn at end-Q112) only represents around 3% of Taishin
group's consolidated assets on a pro-forma basis.  Meanwhile, the
deeply discounted acquisition price (TWD100m or a mere 2% of New
York Life Taiwan's equity value as of end-Q112) mitigates the
potential negative impact arising from New York Life Taiwan's
legacy policies of high guaranteed rates.

New York Life Taiwan is one of the small life insurance companies
in Taiwan with around 0.5% market share in terms of total
premium.  The need for fresh capital arising from a negative
spread problem is largely mitigated by its relatively low
carrying cost of insurance liabilities compared with peers in
Taiwan.  Fitch views that the acquisition is likely to facilitate
the group's strategy of diversifying revenues and enhancing its
wealth management business.  Nonetheless, this may bring about
challenges including the stretching of management resources and a
potential cannibalisation of its well-developed bankassurance
sales through its existing open-platform insurance product
offering.

Taishin group's ratings are as follows:

Taishin Financial Holdings Company, Ltd:

  -- Long-Term Foreign Currency IDR 'BBB'; Outlook Stable
  -- Short-Term Foreign Currency IDR 'F3'
  -- National Long-Term Rating 'A+(twn)'; Outlook Stable
  -- National Short-Term Rating 'F1(twn)'
  -- Viability Rating 'bbb'
  -- Support Rating '5'
  -- Subordinated debt rating 'BBB+(twn)'

Taishin International Bank:

  -- Long-Term Foreign Currency IDR 'BBB+'; Outlook Stable
  -- Short-Term Foreign Currency IDR 'F2'
  -- National Long-Term Rating 'AA-(twn)'; Outlook Stable
  -- National Short-Term Rating 'F1+(twn)'
  -- Viability Rating 'bbb+'
  -- Support Rating '3'
  -- Support Rating Floor 'BB+'

Taishin Securities Co., Ltd:

  -- Long-Term Foreign Currency IDR 'BBB'; Outlook Stable
  -- Short-Term Foreign Currency IDR 'F3'
  -- National Long-Term Rating 'A+(twn)'; Outlook Stable
  -- National Short-Term Rating 'F1(twn)'



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


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

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

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
         The Helmsley Park Lane Hotel, New York City
            Contact: 1-240-629-3300

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

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

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



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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