TCRAP_Public/120817.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 17, 2012, Vol. 15, No. 164



CEJAYS PROPERTIES: Ferrier Hodgson Appointed as Receivers
D&G HOISTS: Ferrier Hodgson Appointed as Administrators
FRAT HOUSE: Fashion Retailer Placed in Liquidation
PURE WATER: High Court Appoints Ferrier Hodgson as Liquidators
* AUSTRALIA: Moody's Says Sector Outlook on States Still Negative


SINO-FOREST: Files CCAA Plan of Compromise & Reorganization
UTSTARCOM INC: Incurs $2.4 Million Net Loss in Second Quarter

H O N G  K O N G

CREDIT AGRICOLE NOMINEES: Members' Final Meeting Set for Sept. 10
HAECO ATE: Creditors' Proofs of Debt Due Sept. 10
HK COLLEGE: Members' Final Meeting Set for Sept. 10
KA CHING: Members' Final Meeting Set for Sept. 11
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases

NEW TERRITORIES: Members' and Creditors Meetings Set for Sept. 21
NOBLE ART: Members' and Creditors Meetings Set for Sept. 21
OPTO SENSORS: Members' Final Meeting Set for Sept. 11
ROAD KING: 2012 Interim Results No Impact on Moody's Ba3 Ratings
STANLEY HO: Members' Final Meeting Set for Sept. 12

WORLD FAIR: Members' Final General Meeting Set for Sept. 10
XING QI: Members' Final Meeting Set for Sept. 11


AIROX NIGEN: CRISIL Cuts Rating on INR126.9MM Loans to 'BB'
SUJAN BARRE: CRISIL Upgrades Rating on INR75MM Loan to 'BB+'

UNION BANK OF INDIA: Moody's Assigns Rating to US$ Senior Notes
VIKRAM PVT: CRISIL Assigns 'B' Rating to INR131MM Loans
VISHNU COTTON: Delay in Loan Payment Cues CRISIL Junk Ratings


BUKIT MAKMUR: Moody's Withdraws 'Ba3' Corporate Family Rating
MNC SKY: S&P Raises Corp. Credit Rating to 'B+'; Outlook Stable

N E W  Z E A L A N D

SOUTHERN AQUA: Placed in Receivership


DCS ASSET: Fitch Affirms All Rating on Five Note Classes


CALIFORNIA WOW: Sued Over Unpaid Debt, Seeks Members Fee Increase


* Large Companies with Insolvent Balance Sheets

                            - - - - -


CEJAYS PROPERTIES: Ferrier Hodgson Appointed as Receivers
John Melluish and Peter Gothard of Ferrier Hodgson have been
appointed receivers and managers of Cejays Properties Pty Limited
on July 30, 2012, pursuant to the provisions of a fixed and
floating charge and real property mortgages in favor of Westpac
Banking Corporation.

"We have taken control of the Company's assets, including the
Property located in Level 2 91 George Street Parramatta," Ferrier
Hodgson said in a statement.

The Property consists of 5 individual lots which occupy the
entire second level of the building. The total building area is
349 metre square with the parking area being 75 metres square
giving a total strata area of 424 metres square.

"We are currently preparing the Property for sale and have
appointed Cushman & Wakefield as selling agents for the

The receivers may be reached at:

          John Melluish
          Peter Gothard
          Ferrier Hodgson
          Level 13, Grosvenor Place
          225 George Street
          Sydney, NSW 2000

D&G HOISTS: Ferrier Hodgson Appointed as Administrators
Andrew Saker and Martin Jones of Ferrier Hodgson were appointed
as joint and several administrators of D&G Hoists & Cranes Pty
Ltd on Aug. 10, 2012, pursuant to section 436A of the
Corporations Act 2001 (the Act).

The first creditors' meeting will be held on Aug. 22, 2012.

The administrators may be reached at:

          Andrew Saker
          Martin Jones
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St George's Terrace
          Perth, WA 6000

FRAT HOUSE: Fashion Retailer Placed in Liquidation
Cara Waters at SmartCompany reports that liquidators have been
appointed to fashion retailer Frat House, another victim of the
financial crisis gripping many retailers.

Raymond Sutcliffe was appointed as liquidator of the fashion
retailer last week and told SmartCompany some of the retailer's
stores have closed while others have been sold and will continue

Mr. Sutcliffe is in the process of organising a creditors'
meeting for August 24, the report notes.

"It's too early to say what caused [the liquidation] but the
global financial crisis in retail is one of the major causes,"
SmartCompany quotes Mr. Sutcliffe as saying.

SmartCompany notes that Mr. Sutcliffe is unable to say how many
staff have lost their jobs or how much debt Frat House is

All staff have been paid in full, but there are "a few major
creditors" along with a number of unsecured creditors, Mr.
Sutcliffe told SmartCompany.

The Frat House operates 10 stores in Victoria, New South Wales
and Queensland.

PURE WATER: High Court Appoints Ferrier Hodgson as Liquidators
Darren Weaver of Ferrier Hodgson was appointed as the Official
Liquidator of Pure Water Corporation (Aust) Pty Ltd on July 31,
2012, pursuant to an order of the Supreme Court of South

Pure Water Corporation (Aust) Pty Ltd manufactured and installed
water filters and tanks. It ceased trading shortly prior to being
wound up.

The liquidator may be reached at:

          Darren Weaver
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St George's Terrace
          Perth, WA 6000

* AUSTRALIA: Moody's Says Sector Outlook on States Still Negative
Moody's Investors Service says that the sector outlook for
Australia's states and territories remains negative due to a
persistent trend of deficits and rising debt levels. While some
rating adjustments are likely, overall credit quality remains at
the upper end of the rating scale in view of the states' inherent
strong credit features.

Moody's detailed its latest analysis of economic and financial
trends in Australia's states and territories in a special
comment, "Sector Outlook for Australian States and Territories
Remains Negative." Moody's first assigned the negative outlook in
Jan 2010 in a special comment "Sub-Sovereign Outlook 2010", and
it applies to the sector as a whole, rather than individual

According to the report, economic fundamentals are supportive
with Australian growth outpacing that of most developed
countries, and they continue a record 21 years of economic

Nonetheless, there is unevenness in the economic performance
between regions in Australia, with the resource-dominated states
expanding strongly, while those with greater reliance on
manufacturing, tourism and education face negative pressures
related to the higher Australian dollar.

Looking ahead, deficits for the states and territories are
expected to widen in 2011/12 and remain elevated in 2012/13 as
revenue growth slows in line with the impact of changing
consumption patterns and higher savings rates on GST-backed
Commonwealth grants and the effects of a more volatile housing
sector. At the same time, current spending rates remain elevated,
and capital expenditures remain at record highs.

Moody's further notes that most states are planning to pull back
on expenditures as part of budgetary redress plans, but the
resolve of individual governments to carry through with these
plans varies.

The stock of debt at the states and territories has accumulated
sharply as cash deficits have widened, placing pressure on
ratings. Indebtedness has risen from previously low levels.
Indeed in 2007, a total of five of the seven jurisdictions held
debt to revenue ratios of below 60%, but by 2013, all are
projected to be over 60%, including some above 90%; comparatively
high compared to their peers. This rising trend is expected to

Despite potential for downward rating actions, inherent credit
features still support high ratings. These features include the
states' ample budget flexibility and a strong system of
Commonwealth transfers, which provides about 50% of income.

Moody's ratings for Australia's states and territories are: New
South Wales, Aaa, Stable; Victoria, Aaa, Stable; Queensland, Aa1,
Stable; South Australia, Aaa, Stable; Western Australia, Aaa,
Stable; Tasmania, Aaa, Stable; and the Northern Territory, Aa1,


SINO-FOREST: Files CCAA Plan of Compromise & Reorganization
Sino-Forest Corporation disclosed that in connection with its
creditor protection proceedings under the Companies' Creditors
Arrangement Act (Canada); it has filed with the Ontario Superior
Court of Justice a Plan of Compromise and Reorganization
concerning Sino-Forest.  Sino Forest intends to bring a motion
before the Court on Aug. 28, 2012, for an Order authorizing and
directing that a meeting of creditors in respect of the Plan be
held in either late September or early October, 2012.

The Plan is the result of extensive arm's length negotiations
between counsel to SFC, counsel to the Board, and the advisors to
an ad hoc group of the Company's noteholders.  The Monitor and
its counsel have also been involved throughout the course of
negotiations.  The Board of Directors of Sino-Forest believes
that the Plan represents the best available outcome in the
circumstances.  Sino-Forest is working to implement the Plan as
soon as possible so as to preserve and maximize the value of its

Consistent with the agreement with an ad hoc committee of its
noteholders (the "Initial Consenting Noteholders") disclosed by
Sino-Forest on March 30, 2012, the Plan provides for a
restructuring transaction (the "Restructuring Transaction") under
which Sino-Forest would transfer substantially all of its assets,
other than certain excluded assets, to a newly formed entity
("Newco") to be owned by the "Affected Creditors" of Sino-Forest.

The class of Affected Creditors includes Sino-Forest's current
noteholders and certain other creditors of Sino-Forest, and
excludes unaffected claims, equity claims, related indemnity
claims, subsidiary intercompany claims, and certain other claims.

The assets transferred to Newco pursuant to the Restructuring
Transaction would include all of the shares of the Company's
directly owned subsidiaries which own, directly or indirectly,
all of the business operations of the Company.  The assets
transferred to Newco would not include, among other things,
certain litigation claims of the Company against third parties
which would be transferred to a litigation trust to be
established to pursue such claims on behalf of the Affected
Creditors and certain other stakeholders, and cash in an amount
to be agreed to fund the Litigation Trust.

Generally, the Plan provides for treatment of claims as described
in Schedule "A" to this press release.  Further information
regarding the treatment of claims and the other terms of the Plan
will be available in the Information Circular to be filed by the
Company, and in the Plan itself.

In order to be effective, the Plan must be approved by a majority
in number of Affected Creditors with proven claims, and two-
thirds in value of the proven claims held by the Affected
Creditors, in each case who vote on the Plan at the meeting of
Affected Creditors.  The Plan is also subject to the approval of
the Court.

In addition, the Plan is subject to numerous conditions precedent
which must be satisfactory to the Company and the Initial
Consenting Noteholders, as well as receipt of necessary
regulatory approvals in People's Republic of China and Canada,
and satisfactory due diligence confirmation on the part of the
Initial Consenting Noteholders.

                      About Sino-Forest Corp.

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

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

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

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

UTSTARCOM INC: Incurs $2.4 Million Net Loss in Second Quarter
UTStarcom Holdings Corp. reported a net loss of $2.45 million on
$56.46 million of net sales for the three months ended June 30,
2012, compared with net income of $11.27 million on $92.54
million of net sales for the same period a year ago.

The Company reported a net loss of $7.17 million on $103.12
million of net sales for the six months ended June 30, 2012,
compared with net income of $758,000 on $153.81 million of net
sales for the same period during the prior year.

The Company had income of $11.77 million in 2011, following a net
loss of $65.29 million in 2010, and a net loss of $225.70 million
in 2009.

The Company's balance sheet at June 30, 2012, showed $538.42
million in total assets, $285.15 million in total liabilities and
$253.27 million in total equity.

A copy of the press release is available for free at:


                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

H O N G  K O N G

CREDIT AGRICOLE NOMINEES: Members' Final Meeting Set for Sept. 10
Members of Credit Agricole Cheuvreux Nominees Limited will hold
their final meeting on Sept. 10, 2012, at 9:30 a.m., at 8/F,
Prince's Building, 10 Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property

HAECO ATE: Creditors' Proofs of Debt Due Sept. 10
Creditors of Haeco Ate Component Service Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 10, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 17, 2012.

The company's liquidators are:

         Mark Hayman
         Tang Kwok Kit
         80 South Perimeter Road
         Hong Kong International Airport
         Lantau, Hong Kong

HK COLLEGE: Members' Final Meeting Set for Sept. 10
Members of Hong Kong College of Liberal Arts Limited will hold
their final general meeting on Sept. 10, 2012, at 10:00 a.m., at
4/F, Central Tower, No. 28 Queen's Road Central, in Hong Kong.

At the meeting, Angus Hamish Forsyth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

KA CHING: Members' Final Meeting Set for Sept. 11
Members of Ka Ching Beauty Company Limited will hold their final
general meeting on Sept. 11, 2012, at 4:00 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

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
The Hong Kong Monetary Authority on Aug. 10 announced that
investigation of over 99% of a total of 21,866 Lehman-Brothers-
related complaint cases received has been completed.  These

     * 15,769 cases which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 3,475 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement

     * 2,529 cases which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after

     * 25 cases which are under disciplinary consideration after
       detailed investigation by the HKMA, of which proposed
       disciplinary notices are being prepared; and

     * 30 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary

Investigation work is underway for the remaining 36 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

NEW TERRITORIES: Members' and Creditors Meetings Set for Sept. 21
Members of New Territories West District Residents Association
Limited will hold their annual meeting on Aug. 31, 2012, at
4:30 p.m., at G/F, Wu Shan Road Community Hall, 101 Wu Shan Road,
Tuen Mun, in New Territories.

At the meeting, Lui King Wai, the company's liquidator, will give
a report on the company's wind-up proceedings and property

NOBLE ART: Members' and Creditors Meetings Set for Sept. 21
Members and creditors of Noble Art Limited will hold their annual
meetings on Sept. 21, 2012, at 2:30 p.m., and 2:45 p.m.,
respectively at Suite 2302, 23/F Seaview Commercial Building, 21
Connaught Road West, Sheung Wan, in Hong Kong.

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

OPTO SENSORS: Members' Final Meeting Set for Sept. 11
Members of Opto Sensors Hong Kong Limited will hold their final
general meeting on Sept. 11, 2012, at 8:00 a.m., at Room 1708
Dominion Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong.

At the meeting, Lau Hoi Ping Carol, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

ROAD KING: 2012 Interim Results No Impact on Moody's Ba3 Ratings
Moody's Investors Service says that Road King Infrastructure
Limited's 2012 interim results are broadly in line with Moody's
expectation, and have no immediate impact on its Ba3 issuer and
bond ratings.

The ratings outlook remains negative.

"Road King reported improved contract property sales but lower
book revenue in 1H 2012, which are within Moody's expectations,"
says Franco Leung, a Moody's Assistant Vice President and

Road King attained contracted sales of RMB4.7 billion for 1H
2012, up by around 95% year-on-year, and reflect the improved
sales strategy employed by the company.

"However, its 1H 2012 profit before tax dropped by around 15% to
HKD572 million compared to the same period last year, and which
was mainly due to lower RMB-related exchange and property
revaluation gains," says Leung.

The company's EBITDA margin has been maintained at around 29%
owing to improved profitability of its property business, but its
adjusted EBITDA/interest coverage dropped below 3.0x.

Moody's expects the company's interest coverage to remain under
pressure at around 3.0x, as reflected in its current negative
ratings outlook.

Toll road revenues slightly declined as affected by the downturn
of the steel industry and some surface improvement works.

But Moody's expects the recent changes in government policies on
toll roads to have limited impact on Road King.

Road King redeemed its USD150 million floating-rate guaranteed
notes in May 2012. As a result, the company's adjusted
debt/capitalization dropped to around 48% as of June 2012.

Road King has maintained good liquidity by employing a cautious
approach in its land acquisitions and by improving its property
sales performance.

As of June 2012, it had a cash balance of about HKD4.2 billion,
compared with around HKD3.4 billion as of December 2011.

Moody's will continue to monitor the rollout of Road King's
contracted sales in 2012, as well as the profitability of its
project sales.

Road King's ratings could be under pressure for downgrade if (1)
it fails to achieve its sales target in 2012; (2) is unable to
maintain its adjusted EBITDA margin over 25%; (3) cash receipts
from its toll road businesses significantly and steadily fall
short of Moody's expectations; or (4) it is unable to maintain
its interest coverage above 3.0x.

The principal methodology used in rating Road King Infrastructure
was the Global Homebuilding Industry Methodology published in
March 2009.

Established in 1994, Road King Infrastructure Limited is a Hong
Kong-listed company with investments in toll roads as well as
investment projects in China.

STANLEY HO: Members' Final Meeting Set for Sept. 12
Members of Stanley Ho Foundation Limited will hold their final
meeting on Sept. 12, 2012, at 12:00 p.m., at 15/F, China
Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central,
in Hong Kong.

At the meeting, Lam Kam Chan, the company's liquidator, will give
a report on the company's wind-up proceedings and property

WORLD FAIR: Members' Final General Meeting Set for Sept. 10
Members of World Fair Technology Holdings Limited will hold their
final general meeting on Sept. 10, 2012, at 11:00 a.m., at Suites
2601-2, 26/F, Tower 2, Nina Tower, 8 Yeung Uk Road, TWTL 353,
Tsuen Wan, New Territories, in Hong Kong.

At the meeting, Ching Pui Yi, the company's liquidator, will give
a report on the company's wind-up proceedings and property

XING QI: Members' Final Meeting Set for Sept. 11
Members of Xing Qi Shu Hua Hui Limited will hold their final
general meeting on Sept. 11, 2012, at 5:00 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


AIROX NIGEN: CRISIL Cuts Rating on INR126.9MM Loans to 'BB'
CRISIL has downgraded its rating on the long-term bank facilities
of Airox Nigen Equipments Pvt Ltd to 'CRISIL BB/Stable' from
'CRISIL BB+/Stable'; the rating on the company's short-term bank
facilities has been reaffirmed at 'CRISIL A4+.

   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          100       CRISIL A4+ (Reaffirmed)

   Cash Credit              80       CRISIL BB/Stable (Downgraded
                                     from CRISIL BB+/Stable)

   Proposed Short-Term       2.1     CRISIL A4+ (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan          39.4     CRISIL BB/Stable Downgraded
                                      from CRISIL BB+/Stable)

   Standby Line of Credit    7.5     CRISIL BB/Stable (Downgraded
                                     from CRISIL BB+/Stable)

The downgrade reflects the pressure on ANEPL's business risk
profile backed by cancellation of orders because of slowdown in
the power sector, and stretch in the company's working capital
requirements with gross current asset days at 186 as against the
expected levels of 140 because of stretch in receivables. The
downgrade also reflects deterioration in ANEPL's liquidity marked
by high bank limit utilization at 95 per cent (including ad hoc
facilities utilisation) over the 12 months ended June 30, 2012.
ANEPL's bank lines have been highly utilised, mainly because of
debt funding of the company's large working capital requirements.

The ratings continue to reflect the extensive experience of
ANEPL's promoter in the compressed air and gas equipment
business. This rating strength is partially offset by the
company's large working capital requirements, and average
financial risk profile marked by a modest net worth.

Outlook: Stable

CRISIL believes that ANEPL will continue to benefit over the
medium term from its established customer relationships and its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case the company achieves significantly
higher-than-expected improvement in its scale of operations and
profitability, while it maintains its current financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ANEPL reports pressure on its scale of operations or
profitability, or if there is further stretch in its working
capital cycle, leading to deterioration in its business and
financial risk profiles.

                        About Airox Nigen

ANEPL was set up in 1994 by Mr. Anil Agarwal. It manufactures
compressed air and gas equipment, which include hydrogen plants,
nitrogen pumps, and air-driers. The company has three
manufacturing facilities in Gujarat. ANEPL's equipment is used
primarily in the packaging, pharmaceutical and textile
industries, and in power plants. The company also offers after-
sales services and spare parts to its existing clients. In 2010-
11 (refers to financial year, April 1 to March 31), ANEPL
expanded its manufacturing capacity by setting up a plant in
Rewari (Haryana) at a cost of INR43.3 million, which was funded
through debt of INR30 million and promoter's contribution and
internal accruals for the rest.

ANEPL's profit after tax (PAT) is estimated at INR14.83 million
on net sales of INR510.77 million for 2011-12, against a PAT of
INR12.06 million on net sales of INR160.41 million for 2010-11.

CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dinesh Engineers Pvt Ltd.

   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           80        CRISIL A4 (Assigned)
   Overdraft Facility       30        CRISIL B+/Stable (Assigned)

The ratings reflect DEPL's modest scale of operations in a highly
fragmented, and competitive telecom infrastructure industry,
working-capital-intensive operations, and small and stagnant
revenues. These rating weaknesses are partially offset by the
benefits that the company derives from the experience of its
promoters in the telecom infrastructure industry, which has
helped build the company's long-standing relationships, resulting
in repeat orders from, its clients.

Outlook: Stable

CRISIL believes that DEPL will maintain its business risk
profile, supported by promoters' extensive industry experience
and established relationships with its customers. The outlook may
be revised to 'Positive' if DEPL strengthens its business risk
profile, most likely by increasing revenues and improving
profitability significantly, while maintaining comfortable
capital structure and improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if DEPL's
revenues and profitability decline significantly, there are
considerable delays in realisation of receivables, or if the
company undertakes larger-than-expected, debt-funded capital
expenditure programme, thereby weakening its financial risk
profile, especially liquidity.

                       About Dinesh Engineers

DEPL, a Mumbai-based company, is a contractor and turnkey
operator for telecom infrastructure projects. It was established
as Dinesh Associates in 1990 and was reconstituted as a company
in 2006. The company is promoted by Mr. Dinesh KK and his wife,
Mrs. Shasikala Dinesh.

DEPL reported a profit after tax (PAT) of INR16.9 million on net
sales of INR304.1 million for 2010-11 (refers to financial year,
April 1 to March 31) as against a PAT of INR10.4 million on net
sales of INR306.9 million for 2009-10

CRISIL has downgraded its ratings on the bank facilities of
Kamdhenu Commercial (India) Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'. The downgrade reflects instances
of delay by KCIPL in servicing its debt and devolvement of letter
of credit; the irregularities have been caused by the company's
weak liquidity.

   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             300.0      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Letter of Credit        350.0      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Letter of       50.0      CRISIL D (Downgraded from
   Credit                             'CRISIL A4+')

KCIPL also has a below-average financial risk profile, marked by
a small net worth and weak debt protection metrics, exposure to
intense competition in the edible oil industry, and short track
record of operations. These rating weaknesses are partially
offset by the extensive industry experience of KCIPL's promoters.

Set up in 2010, KCIPL trades in edible oils, including sunflower
oil, soybean oil, rice bran oil, and palm oil. The company was
set up by Mr. Naresh Kumar Agarwal and his family members. KCIPL
commenced operations in 2010-11 (refers to financial year,
April 1 to March 31).

CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shree Ram Builders (part of the Mehta group).

   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long-Term       300        CRISIL B/Stable
   Bank Loan Facility

The rating reflects the Mehta group's exposure to risks related
to implementation and sale ability of its ongoing projects and
susceptibility to cyclicality and risks inherent in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of the group's partners' in
the real estate sector.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of SRB and Jayshree Builders. The entities
are together referred to as the Mehta group. This is because both
the entities have common management, promoters, a common brand
name, and fungible cash flows.

Outlook: Stable

CRISIL believes that the Mehta group will maintain its credit
risk profile, backed by the extensive experience of its partners
in the real estate sector, over the medium term. The outlook may
be revised to 'Positive' if the Mehta group receives more-than-
expected customer advances for the ongoing projects, thereby
substantially improving its overall liquidity. Conversely, the
outlook may be revised to 'Negative' if the firm faces time or
cost overruns in its projects and reports less-than-expected sale

                          About the Group

SRB and Jayshree Builders are two partnership firms, which are
engaged in real-estate development in Central Mumbai region
(Thane, Kalyan, and Kalwa). Jayshree Builders was established by
Mr. Ramesh Mehta in 1978 to undertake construction activities. In
the 1980s, Mr. Ramesh Mehta also established SRB. Mr. Ramesh
Mehta's was joined by his two sons, Mr. Deepak Mehta and Mr.
Ketan Mehta, in 1985 and 1993, respectively.

SUJAN BARRE: CRISIL Upgrades Rating on INR75MM Loan to 'BB+'
CRISIL has upgraded its rating on the long-term bank facilities
of Sujan Barre Thomas Antivibration Systems Pvt Ltd to 'CRISIL
BB+/Stable' from 'CRISIL BB-/Stable' and has reaffirmed the
short-term rating at 'CRISIL A4+'.

   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               40       CRISIL BB+/Stable (Upgraded
                                      from CRISIL BB-/Stable)

   Letter of Credit          10       CRISIL A4+ (Reaffirmed)

   Rupee Term Loan           35       CRISIL BB+/Stable (Upgraded
                                      from CRISIL BB-/Stable)

The rating upgrade reflects CRISIL's belief that SBTPL will
maintain its improved business risk profile over the medium term,
supported by stabilisation of operations, healthy capacity
utilisation and moderate operating margin. SBTPL's revenues
increased by around 40 per cent to an estimated INR519 million in
2011-12 (refers to financial year, April 1 to March 31) on
account of increase in capacity utilisation and production of
high-value products. SBTPL has also started manufacturing metal-
bonded rubber products having higher realisations. Consequently,
its operating margin improved to an estimated 12 per cent in
2011-12 from 4 per cent in 2010-11. Driven by additions to the
product profile and increase in capacity utilisation, CRISIL
believes that SBTPL will sustain its operating margins at about
12 per cent over the medium term. The company is now a Tier-I
supplier for Mahindra & Mahindra Ltd's Mahindra XUV 500 (launched
in 2011-12), which has driven SBTPL's growth. A subdued demand in
passenger car vehicles segment is expected to moderate SBTPL's
growth. However, CRISIL believes that SBTPL's improvement in its
product profile driven by purchase of intellectual property from
its joint venture (JV) partner, Cooper Standard France will help
SBTPL to sustain its growth momentum.

The rating upgrade also factors in CRISIL's belief that SBTPL
will maintain its improved capital structure, backed by healthy
debt-protection metrics and low gearing. Healthy cash accruals,
arising from healthy operating margin, have resulted in an
improvement in its debt-protection metrics. Its estimated
interest coverage and net cash accruals to total debt ratios are
about 5 times for 2011-12 and 20 per cent for March 31, 2012
respectively. CRISIL believes that SBTPL will maintain the
improvement in its credit risk profile, supported by moderate
revenue growth and stable profitability.

The ratings reflect SBTPL's established customer profile and
technological expertise, promoters' established track record in
the automotive components industry, and above-average financial
risk profile marked by healthy debt-protection metrics. These
rating strengths are partially offset by SBTPL's exposure to
customer concentration risks, limited pricing flexibility and
susceptibility of its operating margin to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that SBTPL will continue to benefit from its
established clientele, promoters' established industry track
record, and above-average debt-protection metrics. The outlook
may be revised to 'Positive' if SBTPL registers higher-than-
expected revenue growth while maintaining its profitability and
debt-protection metrics. Conversely, the outlook may be revised
to 'Negative' if SBTPL undertakes a larger-than-expected, debt-
funded, capital expenditure programme, or if its profitability
declines materially, resulting in significant deterioration in
its debt-protection metrics.

                          About Sujan Barre

Incorporated in 2008, SBTPL manufactures anti-vibration
automotive components, which are used in four-wheeler vehicles.
SBTPL is a 50:50 JV between India-based Sujan group and the
France-based Cooper-Standard France, part of Cooper-Standard
Automotive group, USA. SBTPL has a manufacturing unit in Vasai,
near Mumbai. SBTPL supplies rubber-based automotive components
primarily to M&M.

For 2011-12, SBTPL reported, on provisional basis, a profit after
tax (PAT) of INR26.2 million on net sales of INR516 million; for
2010-11, the company reported a PAT of INR2.6 million on net
sales of INR369 million.

UNION BANK OF INDIA: Moody's Assigns Rating to US$ Senior Notes
Moody's Investors Service has assigned a Baa3 rating to Union
Bank of India's (UBI) proposed USD senior notes drawdown from its
US$2 billion Medium Term Note Programme through its Hong Kong

The outlook for the rating is stable.

Ratings Rationale

The Baa3 rating is underpinned by UBI's: (1) weaker financial
metrics particularly, its comparatively modest loss-absorption
cushion vis-a-vis a high level of troubled assets, but low
provision coverage; (2) modest profitability; and (3) franchise
among the top ten public sector banks in India by assets; and (4)
close relationship with the government of India, via the latter's
54.35% holding, and as evidenced by repeated capital infusions
into the bank.

Therefore, Moody's assessment that the probability of systemic
support for UBI, 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.

Union Bank of India, headquartered in Mumbai, had assets of
INR3.96 trillion at June 2012.

VIKRAM PVT: CRISIL Assigns 'B' Rating to INR131MM Loans
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vikram Pvt Ltd.

   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long-Term       13         CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee           10         CRISIL A4 (Assigned)

   Cash Credit             118         CRISIL B/Stable (Assigned)

The ratings reflect VPL's large working capital requirements and
exposure to stabilisation- and implementation-related risks
associated with its planned projects. These rating strengths are
partially offset by the experience of VPL's promoters in related

Outlook: Stable

CRISIL believes that VPL will continue to benefit over the medium
term from the experience of its promoters in related industry.
The outlook may be revised to 'Positive' if VPL completes its
proposed capital expenditure (capex) sooner than expected or
improves its capital structure significantly, backed by fresh
capital infusion by the promoters, or generates more-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if VPL faces any substantial time or cost overrun in
its proposed capex, or generates less-than-expected cash
accruals, leading to weakening in its liquidity.

                              About Vikram Pvt

VPL was incorporated in 2000. The company manufactures sponge
iron at its unit in Lahunipara (Orissa). It also engages in
opportunistic trading in steel products, such as structural and
torque steel. VPL's day-to-day operations are managed by Mr.
Dibyaranjan Behera.

VISHNU COTTON: Delay in Loan Payment Cues CRISIL Junk Ratings
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vishnu Cotton Mills Ltd. The ratings reflect
instances of delay by VCML in servicing its debt; the delays have
been caused by the company's weak liquidity.

   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan               74.4        CRISIL D (Assigned)

   Proposed Short-Term     30.0        CRISIL D (Assigned)
   Bank Loan Facility

   Proposed Long-Term      90.6        CRISIL D (Assigned)
   Bank Loan Facility

   Cash Credit             72.0        CRISIL D (Assigned)

   Cash Credit             48.0        CRISIL D (Assigned)

   Letter of Credit        31.0        CRISIL D (Assigned)

VCML also has a weak capital structure, marked by small net worth
and high gearing. The ratings also factor in the susceptibility
of the company's profitability to volatility in cotton prices.
These rating weaknesses are partially offset by the extensive
experience of VCML's promoters in the spinning industry.

Vishnu Cotton Mills Ltd, incorporated in 1994, manufactures
cotton yarn and is also engaged in fabric dyeing. VCML's day-to-
day operations are looked after by its managing director, Mr.
Pran Krishna Dey.


BUKIT MAKMUR: Moody's Withdraws 'Ba3' Corporate Family Rating
Moody's Investors Service has withdrawn the Ba3 corporate family
rating of PT Bukit Makmur Mandiri Utama's due to business

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Buma is wholly owned by PT Delta Dunia Makmur Tbk, which is in
turn 40% owned by a consortium led by Northstar. Buma, Delta's
principal asset, is one of Indonesia's leading mining services
contractors providing full-mining services for many of the
largest coal mine companies in Indonesia.

MNC SKY: S&P Raises Corp. Credit Rating to 'B+'; Outlook Stable
Standard & Poor's Ratings Services raised its foreign currency
long-term corporate credit rating on Indonesia-based pay-TV
operator PT MNC Sky Vision to 'B+' from 'B'.

"At the same time, Standard & Poor's raised its issue rating on
the US$165 million 12.75% senior secured notes due November 2015
to 'B+' from 'B'. Aerospace Satellite Corp. Holding BV, a
special-purpose finance vehicle fully owned by MSV, issued these
notes. MSV, PT Mediacitra Indostar, and Aerospace Satellite Corp.
BV unconditionally and irrevocably guarantee the notes," S&P

"We raised our rating on MSV to reflect our expectation that the
company will sustain the improvement in its financial performance
over the next two years," said Standard & Poor's credit analyst
Xavier Jean. "An IPO in July this year and a better-than-expected
operating performance will underpin the company's financial
performance, in our view."

"We revised our assessment of MSV's financial risk profile to
'significant' from 'highly leveraged,' as defined in our
criteria," S&P said.

"We believe MSV's capital structure and funding flexibility have
improved following the IPO. In Standard & Poor's view, the
company does not need incremental debt for our estimate of its
capital spending plan over the next two years at least," Mr. Jean

"The stable outlook reflects our expectation that MSV's operating
performance will remain strong through 2013, resulting in
negative free operating cash flows bottoming out in 2012. We also
expect the company's financial risk profile to improve, with a
debt-to-EBITDA ratio below 1.5x and a debt-to-debt-plus-equity
ratio of less than 40% by the end of 2013," S&P said.

"An upgrade is less likely at this stage, given MSV's 'weak'
business risk profile, single-satellite concentration risks, and
high capital spending plan. However, we could raise the rating if
MSV improves its scale further through a successful execution of
its growth strategy. An upgrade would hinge on the absence of
intercompany or related-party transactions that weaken MSV's
credit profile and on the credit profile of the company's major
shareholder, PT Global Mediacom Tbk. (not rated) remaining stable
or improving," S&P said.

"We could lower the rating if we expect MSV's debt-to-EBITDA
ratio to increase beyond 3x on a sustained basis. We believe this
could materialize if the company's revenue growth is below 5%
with a gross margin (excluding depreciation) of less than 30% or
its annual capital spending is significantly higher than our
expectation and requires more debt-funding," S&P said.

"We could also lower the rating if: (1) MSV's liquidity
deteriorates rapidly because of weaker operating performance; (2)
the company's operating cash flows weaken due to operating
problems with its satellite; (3) MSV engages in related-party
transactions that weaken its credit profile; or (4) we consider
the credit quality of PT Global Mediacom Tbk. to have materially
declined," S&P said.

N E W  Z E A L A N D

SOUTHERN AQUA: Placed in Receivership
The Southland Times reports that Bluff-based companies Southern
Aqua Adventures Ltd and Haines Holdings Ltd are in receivership.

Stephen Tubbs, chartered accountant, and Colin Gower, insolvency
practitioner, both of Christchurch, were appointed joint
receivers at the end of last month, The Southland Times relates.

According to the report, Mr. Tubbs said he could not comment on
the receivership because of privacy rules.  "It is not our policy
. . . to make public comment beyond our statutory duties to
provide reports to the Companies Office or communicate with

The first receivers report will be filed in about two months with
the Companies Office, the report notes.

The Southland Times says Companies Office website records showed
Michael Lewis John Haines, of Bluff, as a director in both


DCS ASSET: Fitch Affirms All Rating on Five Note Classes
Fitch Ratings has affirmed all rated classes of DCS Asset Funding
Pte. Ltd.  DCS is a securitisation of credit card and charge card
receivables in Singapore originated by Diners Club (Singapore)
Private Limited (Diners Singapore).  The rating actions are as

  -- SGD6m working capital facility due March 2014 affirmed
      at 'A-sf'; Outlook Stable;
  -- SGD100m class A1 fixed-rate notes due March 2016 affirmed at
     'A-sf', Outlook Stable;
  -- SGD29.8m class A2 floating-rate notes due March 2016
     affirmed at 'A-sf', Outlook Stable;
  -- SGD10.2m class B floating-rate notes due March 2016 affirmed
     at 'BBBsf', Outlook Stable;
  -- SGD8.5m class C floating-rate notes due March 2016 affirmed
     at 'BBsf', Outlook Stable;

The affirmations reflect Fitch's view that the performance of the
underlying assets has remained well within expectations, and that
credit enhancement is sufficient to support the current ratings.
The agency's forecast of continued economic growth and low
unemployment in Singapore is supportive of continued good asset
performance.  Fitch believes credit enhancement is sufficient,
based on the agency's conservative base case assumptions.  The
eligibility criteria and the early amortisation triggers also
provide structural protection to the transaction.

Delinquencies have been low with the highest three-month average
delinquency ratio (equivalent to 61-90 days past due) at 1.1%,
being well below the transaction trigger of 3%.  The three-month
average delinquency ratio declined to 0.8% in July 2012, from
1.1% in April 2012, following a temporary increase in Q112 due to
a temporary disruption in staffing in the servicing department as
a result of the implementation of a new card management system in
December 2011.  The three-month average default ratio stabilised
at 0.7% between May and July 2012, compared with the transaction
trigger of 2%.

The three-month average payment rate has been stable at around
21%-23% since closing; as at July 2012, this payment rate was
21%, versus the transaction trigger of 15%.  The three-month
average excess spread, after the absorption of defaults has been
healthy at an average of 1% since closing.


CALIFORNIA WOW: Sued Over Unpaid Debt, Seeks Members Fee Increase
----------------------------------------------------------------- reports that members of the California Wow
Xperience fitness club are irate over a letter asking for a
membership fee increase, even after the fitness club closed
several branches. The company is being sued in Bankruptcy court
for unpaid debts of THB76 million, the report says.

According to the report, the ailing fitness club has gradually
closed various branches, including the last remaining Siam
Paragon branch. relates that Mr. Jirachai Multhongroi,
Secretary-General of the Office of Consumer Protection (OCP),
said he has received more than 100 complaints from fitness club
members since late April.

As a result, the report states, the Consumer Protection Board
called the entrepreneur to negotiate.  At first, the company
welcomed canceled contracts by customers and was willing to pay
their damages.  But the company later wrote a request to the
Consumer Protection Board to allow them to stop receiving the
complaints for a while, because the company was currently in the
process of financial recovery.

After its recovery, California Wow plans to allow customers to
visit any branch, and to extend memberships beyond a year.

According to, the court confirmed that the
company had filed for reorganization, after a lawsuit by a
Bangkok bank in Bankruptcy Court, claiming unpaid debts of
THB75.78 million.

The next court hearing on the case is scheduled for August 18.  A
decision is expected to be finalized by September 2012.


* Large Companies with Insolvent Balance Sheets

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


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


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


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

                                           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


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


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


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


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


NZF GROUP LTD            NZF             142.71        -0.26


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


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


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


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

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


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

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

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

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

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

                 *** End of Transmission ***