TCRAP_Public/120823.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

          Thursday, August 23, 2012, Vol. 15, No. 168

                            Headlines


A U S T R A L I A

GOOD IMPRESSIONS: Inks Merger Deal with Sydney Allen Printers
ONE NORTH: To Resume Trading After Creditors Approve DOCA
STORM FINANCIAL: Client Blasts CBA For Hiding Info on Losses


C H I N A

AMERICAN NANO: Had $12,500 Net Loss in June 30 Quarter
CHINA GREEN: Reports $811,291 Net Income in Second Quarter
CYBRDI INC: Had $154,700 Net Loss in Second Quarter


H O N G  K O N G

BOUSSARD & GAVAUDAN: Final General Meeting Set for Sept. 18
CHINA ROCKWAY: Annual Meetings Set for Aug. 29
CLEVER CHINA: Creditors' Proofs of Debt Due Sept. 14
COGNOS HK: Members' Final General Meeting Set for Sept. 21
COMFORT RICH: Creditors' Meeting Set for Sept. 6

CRC HARVEST: Members' Final Meeting Set for Sept. 18
FIRST VICTORY: Members' Final Meeting Set for Sept. 15
FORTUNA KNITS: Members' Final Meeting Set for Sept. 21
GLOBAL CHINESE: Members' Final Meeting Set for Sept. 27
GOODS TRANSPORT: Members' Final Meeting Set for Sept. 18


I N D I A

ARTEE ROADWAYS: CRISIL Cuts Rating on INR930MM Loan to 'BB'
CRESCENT GEMS: Delay in Loan Payment Cues CRISIL Junk Ratings
FRIENDLY AUTOMOTIVES: CRISIL Puts 'C' Rating on INR80MM Loans
FRIENDLY LOGISTICS: CRISIL Puts 'B+' Rating on INR142MM Loans
FRIENDLY MOTORS: CRISIL Puts 'B+' Rating on INR35.8MM Loans

HYDERABAD KARNATAKA: CRISIL Rates INR196MM Loan at 'CRISIL BB+'
KISAN AGRO: CRISIL Upgrades Rating on INR198MM Loan to 'B+'
KISAN PROTEINS: CRISIL Upgrades Rating on INR95MM Loan to 'B+'
METRO GOLD: CRISIL Rates INR36MM Term Loan at 'CRISIL B-'
SUBHA-SOUMYA COLD: Delay in Loan Payment Cues CRISIL Junk Ratings

VARUNANI MARKETING: CRISIL Rates INR90MM Loan at 'CRISIL B'


J A P A N

YAMADA SERVICER: JCR Affirms BB+/Stable Rating on Senior Debts


K O R E A

AXIS BANK: Fitch Assigns Support Rating Floor at 'BB+'


N E W  Z E A L A N D

CAPITAL + MERCHANT: SFO to Appeal Acquittal Verdict on 2 Execs
DOMINION FINANCE: Founder Says He's in Life or Death Decision


S I N G A P O R E

INTELLIGENT COMMUNICATION: Has $474,800 Net Loss in 2nd Quarter
ORIENTAL GLOBAL: Court Enters Wind-Up Order
SCHERING-PLOUGH TECH: Creditors' Proofs of Debt Due Sept. 12
SIN HENG: Creditors Get 100% Recovery on Claims


                            - - - - -


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


GOOD IMPRESSIONS: Inks Merger Deal with Sydney Allen Printers
-------------------------------------------------------------
Nick Bendel at ProPrint reports that collapsed printer Good
Impressions has confirmed it has a "handshake deal" to merge with
Sydney Allen Printers.

Good Impressions director Peter Edwards told ProPrint that Sydney
Allen was in the process of relocating from its Rydalmere site to
the Condell Park premises after the two companies agreed a
merger.

"We've got a handshake deal, but we haven't got around to writing
it all out," Mr. Edwards told ProPrint.

ProPrint says Good Impressions had been searching for such a
lifeline for three years, but called in the administrators in
March.  Mr. Edwards was said to be talking to suitors about a
partial or complete sale of the business in the last three years,
but to no avail.

According to the report, administrator John Vouris of Lawler
Partners said the company had been trading at a loss since 2009.
It managed to stay alive after finalizing a Deed of Company
Arrangement in May, under which the company is required to repay
AUD650,000 over 18 monthly installments, ProPrint relates.

Mr. Edwards, as cited by ProPrint, said he would be an employee
of the new company and that all 20 Good Impressions' staff had
also been offered jobs.

Good Impressions went into voluntary administration in March this
year.  John Vouris and Bradley Tonks at Lawler Partners were
appointed on March 5, 2012.   Major shareholder Peter Edwards
told ProPrint "a lack of volume [had] caused a cash crisis" that
had contributed to debts of more than AUD1.2 million.


ONE NORTH: To Resume Trading After Creditors Approve DOCA
---------------------------------------------------------
Brendan Swift at if.com.au reports that One North Entertainment
(formerly known as RGM Media) is expected to begin trading again
after creditors approved a deed of company arrangement (DOCA)
earlier this month.

if.com.au notes that One North, which sprang from the well-known
RGM talent agency business, listed on the Australian Securities
Exchange in 2010 after raising just over AUD4 million from
investors.  However, its ambitious plans to expand into film and
television production, initially centered around a sequel to surf
hit Point Break, foundered as it ran into financial difficulties.
It appointed a voluntary administrator on July 2, the report
says.

According to the report, voluntary administrators Lawler Draper
Dillon Chartered Accountants said the company's creditors
approved plans for the company to execute a DOCA -- an agreement
between the company and creditors aimed at reviving the business
or maximizing returns for creditors, on August 6.

The DOCA, if.com.au relates, is expected to be executed within 15
business days of a second and final meeting of creditors on
August 27.  Control of the company will then return to the
directors, who are then expected to take the necessary steps to
lift the ASX trading suspension, if.com.au relays.

The most valuable component of the business -- the talent agent
division -- has not formed part of the administration or the
DOCA.

One North Entertainment Limited, formerly known as RGM Media
Limited, provides media and artist agency services.


STORM FINANCIAL: Client Blasts CBA For Hiding Info on Losses
------------------------------------------------------------
Sean McArdle at The Courier-Mail reports that a prominent Storm
Financial victim has harshly condemned the Commonwealth Bank over
allegations that it knew investors would probably lose money
during the global economic crisis but kept the information
secret.

According to The Courier-Mail, Sunshine Coast police officer Sean
McArdle, who is one of the lead plaintiffs in a class-action
lawsuit against the bank, said he was "disgusted" and "sickened
to my stomach" to learn of the claim made Tuesday in the Federal
Court in Brisbane.

"I am absolutely appalled that a business that describes itself
as one of the four pillars of the community would show such utter
contempt for its own clients," the report quotes Mr. McArdle as
saying.

The Courier-Mail relates that Barrister Tony Morris, QC, who is
representing about 300 investors, told the court that it was
"only through sheer happenstance" that two crucial documents
allegedly outlining the policy were discovered recently among the
500,000 that formed the brief.

According to the report, Mr. Morris said he would be arguing
during the three-month trial starting on September 10 that the
bank had acted "unconscionably" by withholding the information.
He sought leave to amend his clients' statement of claim to
include allegations raised by the newly uncovered documents,
relays The Courier-Mail.

The Courier-Mail says the Commonwealth Bank has objected, arguing
there were "significant structural problems'' with how Mr. Morris
wanted to run his new case.  Both sides were ordered to try to
iron out any difficulties ahead of the trial, the report relays.

The Courier-Mail notes that the bank was among several lenders
who made high-risk margin loans to about 3,000 Storm clients, who
lost AUD3 billion when markets crashed in late 2008.

Class actions against the Commonwealth Bank and Macquarie Bank
will run in conjunction with an action brought by the Australian
Securities and Investments Commission.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no
longer absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AUD27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AUD51 million, plus a provision for
dividends of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.



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


AMERICAN NANO: Had $12,500 Net Loss in June 30 Quarter
------------------------------------------------------
American Nano Silicon Technologies, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $12,553 on $77,352
of revenues for the three months ended June 30, 2012, compared
with a net loss of $157,738 on $3.7 million of revenues for the
three months ended June 30, 2011.

For the nine months ended June 30, 2012, the Company had a net
loss of $1.2 million on $93,857 of revenues, compared with net
income of $2.9 million on $15.9 million of revenues for the nine
months ended June 30, 2011.

The Company did not generate any significant sales for the three
and nine months ended June 30, 2012.  According to the regulatory
filing, the lack of significant revenue in fiscal year 2012 was
due to the fact that when the Company moved its factory site
during the second half of fiscal year 2011 production was
completely suspended.  "Through the date of this report, the
equipment and production line in the new facility is still
undergoing adjustments."

The Company's balance sheet at June 30, 2012, showed $25.0
million in total assets, $10.0 million in total liabilities, and
stockholders' equity of $15.0 million.

The Company has a working capital deficiency of $4.9 million and
an accumulated deficit of $547,116.

As reported in the TCR on Jan. 17, 2012, Friedman LLP, in
Marlton, New Jersey, expressed substantial doubt about American
Nano Technologies' 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
suspended its operations in May 2011.  In addition, the Company
has suffered negative cash flows for the year ended Sept. 30,
2011, and has a net working capital deficiency as of Sept. 30,
2011.

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

                       http://is.gd/GeAkSg

Sichuan, China-based American Nano Silicon Technologies, Inc.,
was originally incorporated in the State of California on
Sept. 6, 1996 as CorpHQ, Inc.  The Company has been primarily
engaged in the business of manufacturing and distributing refined
consumer chemical products through its subsidiaries, Nanchong
Chunfei Nano-Silicon Technologies Co., Ltd. ("Nanchong Chunfei"),
Sichuan Chunfei Refined Chemicals Co., Ltd. ("Chunfei
Chemicals"), and Sichuan Hedi Veterinary Medicines Co., Ltd.


CHINA GREEN: Reports $811,291 Net Income in Second Quarter
----------------------------------------------------------
China Green Energy Industries, Inc., filed its quarterly report
on Form 10-Q, reporting net income of $811,291 on $10.9 million
of revenues for the three months ended June 30, 2012, compared
with a net loss of $18,447 on $7.9 million of revenues for the
same period last year.

For the six months ended June 30, 2012, the Company had net
income of $1.2 million on $19.7 million of revenues, compared
with a net loss of $340,075 on $11.2 million of revenues for the
same period of 2011.

The Company's balance sheet at June 30, 2012, showed $58.3
million in total assets, $53.4 million in total liabilities, and
stockholders' equity of $4.9 million.

The Company has a negative cash flow from operations of
$1,147,592 for the period ended June 30, 2012.

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

                       http://is.gd/I3X2I5

Located in Changzhou City, Jiangsu Province, China, China Green
Energy Industries, Inc., manufactures and distributes clean
technology-based consumer products, including light electric
vehicles, or LEVs, and cryogen-free refrigerators.  The Company
also manufactures and distributes network and High-Definition
Multimedia Interface, or HDMI, cables.

                           *     *     *

As reported in the TCR on April 23, PKF, in San Diego, Calif.,
expressed substantial doubt about China Green Energy's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2011.  The independent auditors
noted that the Company has experienced negative cash flows from
operations and is dependent upon future financing in order to
meet its planned operating activities.


CYBRDI INC: Had $154,700 Net Loss in Second Quarter
---------------------------------------------------
Cybrdi, Inc., filed its quarterly report on Form 10-Q, reporting
a net loss of $154,728 on $112,407 of revenues for the three
months ended June 30, 2012, compared with a net loss of $137,996
on $123,419 of revenues for the same period last year.

For the six months ended June 30, 2012, the Company had a net
loss of $361,072 on $354,517 of revenues, compared with a net
loss of $326,695 on $237,230 of revenues for the corresponding
period in 2011.

The Company's balance sheet at June 30, 2012, showed $10.3
million in total assets, $5.6 million in total liabilities, and
stockholders' equity of $4.7 million.

The Company has incurred significant losses and has not
demonstrated the ability to generate sufficient cash flows from
operations to satisfy its liabilities and sustain operations. The
Company had an accumulated deficit of $2,740,390 and $2,447,643
as of June 30, 2012 and December 31, 2011, including net losses
of $292,747 and $273,526 for the six months ended June 30, 2012
and 2011, respectively. In addition, current liabilities exceeded
current assets by $3,211,515 and $2,931,175 at June 30, 2012 and
December 31, 2011, respectively. These matters raise substantial
doubt about the Company's ability to continue as a going concern.

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

                       http://is.gd/KgNDIY

Cybrdi, Inc., located in Xi'an, Shaanxi, People's Republic of
China, is holding company incorporated with 80% equity in
Chaoying Biotech, which is engaged in biotechnology
manufacturing, and research and development.  Through Chaoying
Biotech, Cybrdi also controls SD Chaoying, a cultural and
entertainment company, which is also developing a casino.

                           *     *     *

As reported in the TCR on April 23, 2012, KCCW Accountancy Corp.,
in Diamond Bar, California, expressed substantial doubt about
Cybrdi's ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011.  The
independent auditors noted that the Company has incurred
recurring losses, accumulated deficit, and working capital
deficit at Dec. 31, 2011, and 2010.



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


BOUSSARD & GAVAUDAN: Final General Meeting Set for Sept. 18
-----------------------------------------------------------
Members of Boussard & Gavaudan Asia Limited will hold their final
general meeting on Sept. 18, 2012, at 10:00 a.m., at 62/F, One
Island East, at 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CHINA ROCKWAY: Annual Meetings Set for Aug. 29
----------------------------------------------
Members and creditors of China Rockway Limited will hold their
annual meetings on Aug. 29, 2012, at 11:00 a.m., and 11:30 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, at 28 Yun
Ping Road, in Hong Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CLEVER CHINA: Creditors' Proofs of Debt Due Sept. 14
----------------------------------------------------
Creditors of Clever China Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 14, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 10, 2012.

The company's liquidator is:

         Mak Kay Lung Dantes
         Rooms 2101-3
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


COGNOS HK: Members' Final General Meeting Set for Sept. 21
----------------------------------------------------------
Members of Cognos Hong Kong Limited will hold their final general
meeting on Sept. 21, 2012, at 10:00 a.m., at 10/F, PCCW Tower,
Taikoo Place, at 979 King's Road, Quarry Bay, in Hong Kong.

At the meeting, Chan Wah Tip Michael and Ho Man Kei Keith, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


COMFORT RICH: Creditors' Meeting Set for Sept. 6
------------------------------------------------
Creditors of Comfort Rich Enterprises Limited will hold their
meeting on Sept. 6, 2012, at 10:30 a.m., for the purposes
provided for in Sections 228A, 241, 242, 243, 244, 251, 255A and
283 of the Companies Ordinance.

The meeting will be held at Rooms 2604-6, 26/F, CC Wu Building,
at 302-308 Hennessy Road, Wanchai, in Hong Kong.


CRC HARVEST: Members' Final Meeting Set for Sept. 18
----------------------------------------------------
Members of CRC Harvest Urban Development (HK) Co., Limited will
hold their final general meeting on Sept. 18, 2012, at
10:00 a.m., at 5th Floor, Jardine House, at 1 Connaught Place,
Central, in Hong Kong.

At the meeting, Tsui Kei Pang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FIRST VICTORY: Members' Final Meeting Set for Sept. 15
------------------------------------------------------
Members of First Victory Limited will hold their final meeting on
Sept. 15, 2012, at 10:00 a.m., at Room 1902, 19/F, Henan
Building, at 90-92 Jaffe Road, Wanchai, in Hong Kong.

At the meeting, Hue Yat Lun Sansom, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FORTUNA KNITS: Members' Final Meeting Set for Sept. 21
-------------------------------------------------------
Members of Fortuna Knits Limited will hold their final meeting on
Sept. 21, 2012, at 10:00 a.m., at Unit 501, 5/F, Mirror Tower, at
61 Mody Road, Tsimshatsui East, Kowloon, in Hong Kong.

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


GLOBAL CHINESE: Members' Final Meeting Set for Sept. 27
-------------------------------------------------------
Members of Global Chinese Aids Network Limited will hold their
final meeting on Sept. 27, 2012, at 11:30 a.m., at 17th Floor,
Shun Kwong Commercial Building, at No. 8 Des Voeux Road West,
Sheung Wan, in Hong Kong.

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


GOODS TRANSPORT: Members' Final Meeting Set for Sept. 18
--------------------------------------------------------
Members of Goods Transport Company Limited will hold their final
general meeting on Sept. 18, 2012, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

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



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


ARTEE ROADWAYS: CRISIL Cuts Rating on INR930MM Loan to 'BB'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Artee Roadways Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BBB/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              160      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB/Stable')

   Rupee Term Loan          770      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB/Stable')

The rating downgrade reflects CRISIL's belief that ARPL's
liquidity will remain stretched over the medium term because of
high extended credit availed by key clientele, a leading
cooperative milk federation and expected deterioration in ARPL's
financial risk profile.

ARPL's debtor cycle has deteriorated with slower-than-expected
realisation from its key client. The company's debtor levels have
increased to estimated 217 days as on March 31, 2012 from 105
days, a year earlier. This has led to significant increase in
working capital requirements leading to near full utilisation of
bank limits and frequent overdrawals, reflecting its stretched
liquidity. Because of stretched liquidity, the company's creditor
levels have increased leading to high estimated total outside
liabilities to tangible net worth (TOL/TNW) ratio of 2.6 times as
on March 31, 2012 from less than 2 times, historically.

Moreover, CRISIL believes that ARPL's financial risk profile will
deteriorate over the medium term as the capital expenditure
(capex) programme of INR300 million will be majority debt-funded.
The debt proportion is expected to be about 65 per cent. The
capex will be to increase the fleet size by 75 vehicles. The
debt-funded capex is expected to deteriorate the company's
financial risk profile and the gearing is likely to deteriorate
to over 2.5 times over the medium term. CRISIL believes that
ARPL's financial risk profile will remain average over the medium
term marked by high gearing and average debt-protection metrics.

The rating reflects ARPL's established relationship with its key
customer and the company's established track record in the
logistics industry. These rating strengths are partially offset
by ARPL's working capital intensive operations, marked by high
debtor cycle and average financial risk profile marked by average
debt-protection metrics.

Outlook: Stable

CRISIL believes that ARPL will maintain its business risk profile
backed by established relationship with its key customer and
promoters' experience in the industry. However, the company's
financial risk profile will remain average marked by average
debt-protection metrics and large working capital requirements.
The outlook may be revised to 'Positive' in case of sustained
improvement in working capital cycle leading to improvement in
liquidity. The outlook may be revised to 'Negative' if there is
further elongation of working capital cycle or if the company
undertakes larger-than-expected debt-funded capex.

                      About Artee Roadways

Set up as a partnership concern in Anand (Gujarat) in 1982, ARPL
was incorporated as a private limited company in 2002. The
company transports (by road) refrigerated perishable goods, and
is managed by Mr. Deepak Shah who joined the family business in
1997.

For 2011-12 (refers to financial year, April 1 to March 31), ARPL
reported, on a provisional basis, a profit after tax (PAT) of
INR12.7 million on net sales of INR830.7 million; for 2010-11,
ARPL reported a PAT of INR11 million on net sales of INR750
million.


CRESCENT GEMS: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Crescent Gems LLP. The ratings reflect instances of
delay by Crescent in servicing its term debt; the delays have
been caused by the firm's initial stage of operations.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Term Loan                   60       CRISIL D (Assigned)
   Standby Line of Credit      2.3      CRISIL D (Assigned)
   Packing Credit              4.0      CRISIL D (Assigned)
   Post Shipment Credit       11.0      CRISIL D (Assigned)

Crescent is also exposed to offtake risks. The firm, however,
benefits from the resourceful background of its promoters.

Crescent Gems LLP is a limited liability partnership formed in
2010. The firm has set up manufacturing facility at Jaipur
special economic zone (SEZ) for manufacturing industrial
diamonds. Crescent was established as a limited liability
partnership by Mr. Gaurav Bardiya, Mr. Rajneesh Bhandari and Mr.
N. N. Bhandari. Prior to the establishment of the concern, the
partners have an experience in diversified industries which
includes real estate development, gem stones and civil
construction for more than a decade through various entities.

Crescent has set up a manufacturing facility at Jaipur SEZ with
processing capacity of ~200 carats per month. Commercial
operations have recently commenced in March 2012.


FRIENDLY AUTOMOTIVES: CRISIL Puts 'C' Rating on INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Friendly Automotives (India) Pvt Ltd. The ratings
reflect FAIPL's stretched liquidity, resulting from the start-up
nature of its operations.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Loan            40       CRISIL C (Assigned)
   Bank Guarantee            99       CRISIL A4 (Assigned)
   Cash Credit               40       CRISIL C (Assigned)

The ratings also factor in FAIPL's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics. The company, however, benefits from the extensive
experience of its promoters in the automobile dealership
business.

                    About Friendly Automotives

Incorporated in 2011, FAIPL is the sole authorised dealer for
automobiles manufactured by Porsche Cars India Pvt Ltd in
Bengaluru (Karnataka). The company is promoted and managed by Mr.
Yashodhar G Nayak and his son, Mr. Raghu Chaitanya Nayak.

Other companies owned by the promoters include Friendly Logistics
(India) Pvt Ltd (rated CRISIL B+/Stable) which provides freight
transportation services and Friendly Motors India Private Limited
(rated CRISIL B+/Stable/CRISIL A4) which is an authorised Maruti
Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+') dealer in
Mysore and Madikeri (Karnataka).

For 2011-12 (refers to financial year, April 1 to March 31),
FAIPL reported, on provisional basis, a loss of INR0.4 million on
net sales of INR122.0 million.


FRIENDLY LOGISTICS: CRISIL Puts 'B+' Rating on INR142MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Friendly Logistics (India) Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              130       CRISIL B+/Stable (Assigned)
   Long-Term Loan            12       CRISIL B+/Stable (Assigned)

The rating reflects FLIPL's average financial risk profile,
marked by highly leveraged capital structure and healthy debt
protection metrics, and exposure to intense competition in the
road freight transport industry resulting in modest scale of
operations. These rating weaknesses are partially offset by
FLIPL's established position in the road freight transport
business.

Outlook: Stable

CRISIL believes that FLIPL will continue to benefit over the
medium term from its promoter's extensive experience in the road
freight transport segment and its established tie-ups with its
clientele. The outlook may be revised to 'Positive' if the
company reports more-than-expected growth in revenues, supported
by improvement in its working capital management, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if FLIPL's debt protection
metrics and capital structure weaken because of a decline in
profitability margins or larger-than-expected debt-funded capital
expenditure plan.

                       About Friendly Logistics

FLIPL was originally set up in the 1980s as a partnership firm by
Mr. Yashodhar G Nayak; the firm was reconstituted as a private
limited company in August 2002. FLIPL provides freight
transportation services to the automobiles, engineering, and
steel industries.

Other companies owned by the promoters include Friendly Motors
India Private Limited (rated CRISIL B+/Stable/CRISIL A4) which is
the authorised Maruti Suzuki India Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+') dealer in Mysore and Madikeri
(Karnataka), and Friendly Automotives (India) Pvt Ltd (rated
CRISIL C/CRISIL A4) which is the sole authorised dealer for
automobiles manufactured by Porsche Cars India Pvt Ltd in
Bengaluru (Karnataka).

For 2011-12 (refers to financial year, April 1 to March 31),
FLIPL reported, on provisional basis, a profit after tax (PAT) of
INR20.8 million on net sales of INR701.7 million; the company
reported a PAT of INR4.1 million on net sales of INR487.0 million
for 2010-11.


FRIENDLY MOTORS: CRISIL Puts 'B+' Rating on INR35.8MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the long-term bank facilities of Friendly Motors (India) Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan           10.8      CRISIL B+/Stable (Assigned)
   Cash Credit              25.0      CRISIL B+/Stable (Assigned)
   Inventory Funding       100.0      CRISIL A4 (Assigned)
   Facility

The rating reflects FMIPL's average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics, and exposure to risk
related to revenue concentration and intense competition in the
automobile dealership industry. These rating weaknesses are
partially offset by FMIPL's established position in the
automobile dealership market for Maruti Suzuki India Ltd (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+') in Mysore (Karnataka).

Outlook: Stable

CRISIL believes that FMIPL will continue to benefit over the
medium term from its established position in the automobile
dealership market in Mysore and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if FMIPL's
volumes and operating margin improve substantially or in case of
any significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if FMIPL's
market share declines, thereby significantly impacting its
revenues and profitability, or if it undertakes any large, debt-
funded capital expenditure programme, thereby weakening its
capital structure and cash accruals.

                       About Friendly Motors

Incorporated in 2006, FMIPL is one of the two authorised MSIL
dealers in Mysore, and the sole authorised MSIL dealer in
Madikeri (Karnataka). The company is promoted and managed by Mr.
Yashodhar G Nayak and his son, Mr. Raghu Chaitanya Nayak.

Other companies owned by the promoters include Friendly Logistics
(India) Pvt Ltd (rated CRISIL B+/Stable) which provides freight
transportation services, and Friendly Automotives (India) Pvt Ltd
(FAIPL) which is the sole authorised dealer for automobiles
manufactured by Porsche Cars India Pvt Ltd in Bengaluru
(Karnataka).

For 2011-12 (refers to financial year, April 1 to March 31),
FMIPL reported, on provisional basis, a profit after tax (PAT) of
INR3.6 million on net sales of INR851.9 million; the company
reported a PAT of INR4.1 million on net sales of INR822.4 million
for 2010-11.


HYDERABAD KARNATAKA: CRISIL Rates INR196MM Loan at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Hyderabad Karnataka Education Society.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Term Loan       196       CRISIL BB+/Stable
(Assigned)

The rating reflects the benefits that HKE derives from its
established regional presence in Karnataka, supported by its
diverse course offerings and long standing presence; the rating
also factors in the society's healthy financial risk profile,
marked by healthy capital structure and debt protection metrics.
These rating strengths are partially offset by HKE's
susceptibility to adverse regulatory changes and to intense
competition in the education segment.

Outlook: Stable

CRISIL believes that HKE will continue to benefit over the medium
term from its established track record in the Karnataka region.
The outlook may be revised to 'Positive' if the society
significantly scales up its operations and reports sustainable
improvement in its profitability, resulting in higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if HKE undertakes a larger-than-expected, debt-funded
capital expenditure programme, or if in case regulatory or legal
issues negatively impact its educational institutions thereby
leading to deterioration in its financial risk profile.

HKE was set up in 1958 by the late Shri Mahadevappa Rampure. The
society currently runs various graduate, post-graduate and
schools in Karnataka.

For 2011-12 (refers to financial year, April 1 to March 31),
HKE's deficit (excess of expenditure over income) and income are
estimated at INR46 million and INR1035 million, respectively,
against a deficit of INR67 million on an income of INR930 million
during 2010-11.


KISAN AGRO: CRISIL Upgrades Rating on INR198MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Kisan Agro Product Industries (KAPI; part of the Kisan group)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            170      CRISIL B+/Stable (Upgraded
                                   from CRISIL B/Stable)

   Standby Line of         28      CRISIL B+/Stable (Upgraded
   Credit                          from CRISIL B/Stable)

The rating upgrade reflects the improvement in the Kisan group's
financial risk profile. The group's gearing improved during 2011-
12 (refers to financial year, April 1 to March 31), along with
its net worth. In addition, the promoters have infused additional
capital thus further strengthening the financial risk profile.
Furthermore, the group's working capital cycle also showed an
improvement led by the management's decision of offering limited
credit period to its customers. The improved working capital
cycle led to low utilization of the bank lines; CRISIL believes
that the group will continue to maintain its improved working
capital cycle going forward.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KAPI and Kisan Proteins Pvt Ltd
(KPPL), collectively referred to as the Kisan group. This is
because both the entities have a common management, operational
synergies, and fungible cash flows.

The rating reflects the Kisan group's lower profitability and
susceptibility to volatility in castor seed prices. These rating
weaknesses are partially offset by the benefits that the Kisan
group derives from its promoters' local market knowledge and
extensive industry experience.

Outlook: Stable

CRISIL believes that the Kisan group will continue to benefit
over the medium term from its healthy sales growth, long-standing
presence, and revenue diversity, resulting in stable cash flows.
The outlook may be revised to 'Positive' if the group improves
its operating margin and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the group undertakes any
larger-than-expected debt-funded capital expenditure programme,
or if its working capital requirements increase significantly
thus pressurising its financial risk profile.

                           About the Group

KAPI was set up as a partnership firm in 1995 by Mr. Raman Bhai
Patel, Mr. Manu Bhai Patel, Mrs. Hemaben Patel, and Mr. Shankar
Bhai Patel. It was set up to manufacture and market various
grades of castor oil and castor seed extracts. The firm primarily
caters to the overseas market, with just 20 per cent sales in the
domestic market. It has an expeller capacity of 60 tpd and
solvent capacity of 100 tpd at its unit in Palanpur (Gujarat).

KPPL was set up in 2005 to produce rapeseed extraction meal, and
has a solvent capacity of 250 tpd. KPPL also manufactures castor
oil, which it sells to KAPI; this accounts for around 20 per cent
of KPPL's total revenues. Around 75 per cent of the rapeseed
extraction meal produced is exported and the rest is sold in the
domestic market.


KISAN PROTEINS: CRISIL Upgrades Rating on INR95MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Kisan Proteins Pvt Ltd (part of the Kisan group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              95       CRISIL B+/Stable (Upgraded
                                     from CRISIL B/Stable)

The rating upgrade reflects the improvement in the Kisan group's
financial risk profile. The group's gearing improved during 2011-
12 (refers to financial year, April 1 to March 31), along with
its net worth. In addition, the promoters have infused additional
capital thus further strengthening the financial risk profile.
Furthermore, the group's working capital cycle also showed an
improvement led by the management's decision of offering limited
credit period to its customers. The improved working capital
cycle led to low utilization of the bank lines; CRISIL believes
that the group will continue to maintain its improved working
capital cycle going forward.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Kisan Agro Product Industries (KAPI)
and KPPL, collectively referred to as the Kisan group. This is
because both the entities have a common management, operational
synergies, and fungible cash flows.

The rating reflects the Kisan group's lower profitability and
susceptibility to volatility in castor seed prices. These rating
weaknesses are partially offset by the benefits that the Kisan
group derives from its promoters' local market knowledge and
extensive industry experience.

Outlook: Stable

CRISIL believes that the Kisan group will continue to benefit
over the medium term from its healthy sales growth, long-standing
presence, and revenue diversity, resulting in stable cash flows.
The outlook may be revised to 'Positive' if the group improves
its operating margin and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the group undertakes any
larger-than-expected debt-funded capital expenditure programme,
or if its working capital requirements increase significantly
thus pressurising its financial risk profile.

                         About the Group

KAPI was set up as a partnership firm in 1995 by Mr. Raman Bhai
Patel, Mr. Manu Bhai Patel, Mrs. Hemaben Patel, and Mr. Shankar
Bhai Patel. It was set up to manufacture and market various
grades of castor oil and castor seed extracts. The firm primarily
caters to the overseas market, with just 20 per cent sales in the
domestic market. It has an expeller capacity of 60 tpd and
solvent capacity of 100 tpd at its unit in Palanpur (Gujarat).

KPPL was set up in 2005 to produce rapeseed extraction meal, and
has a solvent capacity of 250 tpd. KPPL also manufactures castor
oil, which it sells to KAPI; this accounts for around 20 per cent
of KPPL's total revenues. Around 75 per cent of the rapeseed
extraction meal produced is exported and the rest is sold in the
domestic market.


METRO GOLD: CRISIL Rates INR36MM Term Loan at 'CRISIL B-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Metro Gold Textiles Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Foreign Discounting      60        CRISIL A4 (Assigned)
   Bill Purchase

   Term Loan                36        CRISIL B-/Stable

The ratings reflect MGTPL's weak financial risk profile marked by
small net worth, weak debt protection metrics and moderately high
gearing, which is expected to deteriorate further because of its
proposed, large, debt-funded capital expenditure (capex) plan for
the medium term. The ratings also factor in the company's small
scale of operations in an intensely competitive industry, its
customer concentration and moderately working-capital-intensive
operations. These rating weaknesses are partially offset by
extensive experience of MGTPL's promoters in the textile industry
and its established relationships with its customer and
suppliers.

Outlook: Stable

CRISIL believes MGTPL will continue to benefit from its
promoters' extensive experience in the textiles industry. The
outlook may be revised to 'Positive' if MGTPL's scale of
operations increase and its profitability improves considerably,
leading to more-than-expected cash accruals and a consequent
improvement in its liquidity and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile, especially liquidity, comes
under increased pressure, caused most likely by less-than-
expected cash accruals, large working capital requirements and
large debt-funded capex.

                        About Metro Gold

MGTPL was incorporated in 1997 as Metro Silk Private Ltd,
promoted by Mr. Bhagwan Das Phulwani and his family members. The
company's name was changed to the current one in 2010-11 (refers
to financial year, April 1 to March 31). The company began
operations in 2005-06. Based in Bhilwara (Rajsthan), the company
is engaged in processing and exporting polyester-viscose-blended
fabrics. The company does not have any in-house manufacturing
facility and it outsources the entire processing activities
(weaving, finishing) to entities based in Bhilwara. The company
exports to two traders based in Dubai. MGTPL is in the process of
setting up an in-house weaving unit at Bhilwara, with capacity to
produce 0.25 million meters of fabric per month. After
completion, the unit's production will be able to meet 50 per
cent of MGTPL's weaving requirements.

For 2010-11, MGTPL reported a profit after tax (PAT) of INR1.3
million on net sales of INR302.1 million, against a PAT of INR0.5
million on net sales of INR135.4 million for 2009-10.


SUBHA-SOUMYA COLD: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISILD/ CRISILD' ratings to the bank
facilities of Subha-Soumya Cold Storage Pvt Ltd. The ratings
reflect instances of delay by SSCSPL in servicing the interest
component on its term debt. The delays have been caused by
stretched liquidity.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Working Capital Loan     6.00       CRISIL D (Assigned)
   Term Loan               50.00       CRISIL D (Assigned)
   Bank Guarantee           1.50       CRISIL D (Assigned)
   Cash Credit             42.50       CRISIL D (Assigned)

SSCSPL has a weak financial profile marked by modest net worth
and high gearing. The company is also exposed to stringent
regulations in the cold-storage industry in West Bengal. However,
SSCSPL benefits from its moderate business risk profile, marked
by its promoter's considerable experience in cold-storage
business and in potato trading.

                    About Subha-Soumya Cold

SSCSPL, was incorporated on May 28, 2011 by Mr. Kartick Ghosh.
The company began commercial operations in March 2012. It has a
cold-storage unit in Paschim Mednipur, West Bengal, with capacity
of 18,000 tonnes (2 chambers of 9000 tonnes each) for storing
potatoes. The promoter also trades in potatoes.


VARUNANI MARKETING: CRISIL Rates INR90MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facility of Varunani Marketing Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             90.00      CRISIL B/Stable (Assigned)

The rating reflects VMPL's below-average financial risk profile
marked by highly leveraged capital structure and weak debt
protection metrics, large working capital requirements and
susceptibility to regulatory risks in the Indian-made foreign
liquor (IMFL) segment. These rating weaknesses are partially
offset by the benefits that VMPL derives from the healthy demand
prospects for IMFL and established tie-up with Jagatjit
Industries Ltd.

Outlook: Stable

CRISIL believes that VMPL will benefit over the medium term from
the healthy demand prospects for IMFL in Andhra Pradesh (AP). The
outlook may be revised to 'Positive' if the company's financial
risk profile improves due to better capital structure or improved
working capital management. Conversely, the outlook may be
revised to 'Negative' if any regulatory changes adversely impact
the company's revenues and margins or if the company undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to further weakening in its financial risk profile.

                      About Varunani Marketing

Incorporated in 2007, VMPL was set up by Mr. T K Maheshwar Singh,
Mr. Chandra Reddy, Mr. Shankar Rao, and Mr. S Navin Rao. The
company started by sub-contracting on jobwork, the blending of
IMFL for Punjab-based company, JIL. It has also started blending
its own whiskey brand.

VMPL's profit after tax (PAT) and net sales are estimated at
INR2.8 million and INR509.9 million, respectively, for 2011-12;
the company reported a PAT of INR2.7 million on net sales of
INR329.6 million for 2010-11.



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


YAMADA SERVICER: JCR Affirms BB+/Stable Rating on Senior Debts
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) affirmed BB+/Stable rating
on senior debts of Yamada Servicer.

Rationale

Yamada Servicer Synthetic Office Co., Ltd., is an independent
servicer listed on the JASDAQ market. It offers wide-ranging and
a variety of real estate/claim management services such
as registration and survey in block through cooperation with
judicial scrivener corporations in its group.

The servicer business carries a high gross margin rate, but the
annual amounts of purchased receivables and collections tend to
fluctuate with the trend of the non-performing loan market
situation.

With increasing weight of the servicer business in the entire
operations, the Company continues to be required to stabilize
profitability by building operational bases that enable sustained
purchase of receivables as well as by controlling provision of
allowance for loan losses. In preparation for the exit strategies
concerning the SME Financing Facilitation Act, financial
institutions' bad loans are coming on the servicer market.

JCR said it will monitor whether the Company can take advantage
of such circumstances to gain revitalization, bulk sale and other
projects.



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


AXIS BANK: Fitch Assigns Support Rating Floor at 'BB+'
------------------------------------------------------
Fitch Ratings has assigned India-based Axis Bank Limited's
proposed foreign currency senior unsecured notes an expected
rating of 'BBB-(exp)'.  The final rating is contingent upon the
receipt of final documents conforming to information already
received.

The notes will be issued under ABL's EUR2 billion medium term
notes (MTN) programme.  The proposed issuance is in addition to
the USD500m senior notes issued by the bank in March 2012 under
the MTN programme.

The notes are rated at the same level as ABL's Long-Term Foreign
Currency Issuer Default Rating (LT FC IDR) of 'BBB-', as they
will constitute direct, unsubordinated and senior unsecured
obligations of the bank, and will rank equally with all its other
unsecured and unsubordinated obligations.

A full list of ABL's ratings is as follows:

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



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


CAPITAL + MERCHANT: SFO to Appeal Acquittal Verdict on 2 Execs
--------------------------------------------------------------
Matt Nippert at stuff.co.nz reports that the Serious Fraud Office
will appeal the "not guilty" verdicts against two former
directors of failed finance company Capital + Merchant.

stuff.co.nz recalls that Neal Nicholls and Wayne Douglas were
found not guilty following a trial in the Auckland High Court in
July over NZ$14.4 million in lending to a Palmerston North
student accommodation complex.

The SFO had alleged the loan should have been disclosed as
related party, the report relates.

stuff.co.nz notes that the verdict marked the sole courtroom
defeat for the SFO in its finance company prosecutions. "There
are important points of law that have significance not only to
this case, but also the ongoing finance company prosecutions,"
the report quotes SFO's outgoing chief executive Adam Feeley as
saying.

Messrs. Nicholls and Douglas, along with Owen Tallentire, were
found guilty in a separate trial over fraudulent transaction
totalling NZ$28 million, according to the report.

Nicholls and Douglas are scheduled to be sentenced on this matter
on August 31, the report discloses.

                       About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on Nov. 23, 2007, due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


DOMINION FINANCE: Founder Says He's in Life or Death Decision
-------------------------------------------------------------
Ian Steward at stuff.co.nz reports that the founder of Dominion
Finance said he has a stark choice -- pay for the drugs that are
keeping him alive and represent himself in court or pay for
lawyers and die within weeks.

Terence Butler, the founder of the failed finance company, has
terminal cancer, stuff.co.nz says.

According to stuff.co.nz, Mr. Butler appeared in the High Court
at Auckland Wednesday without a lawyer and walking with the help
of a cane.  Mr. Butler, according to the report, told Justice
Timothy Brewer he could either pay for barristers to defend the
allegations against him or pay for the drugs that are keeping him
alive.  "If I stop taking the drugs my life is measured in
weeks," the report quotes Mr. Butler as saying.

Justice Brewer, stuff.co.nz cites, said he understood Mr.
Butler's position but he wanted to ensure the accused was in a
position to defend himself.  The judge remanded Mr. Butler on
bail so he could read the material against him and begin
preparing his case, the report relays.

Mr. Butler, former company Director Robert Barry Whale, and
former Dominion Finance CEO Paul William Cropp, along with a
fourth person who is subject to a non-publication order, face
charges relating to failed finance companies Dominion Finance
Group Limited and North South Finance Limited, following an
investigation by the Serious Fraud Office.  Both companies were
wholly owned subsidiaries of NZX listed Dominion Finance Holdings
Limited.

The defendants are facing a combined total of 14 charges under the
Crimes Act of theft by a person in a special relationship. It is
alleged that between 2004 and 2008, the defendants participated in
unauthorized related party lending totalling over NZ$20 million,
in breach of the trust deeds entered into by DFG and North South.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



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


INTELLIGENT COMMUNICATION: Has $474,800 Net Loss in 2nd Quarter
---------------------------------------------------------------
Intelligent Communication Enterprise Corporation filed its
quarterly report on Form 10-Q, reporting a net loss of $474,836
on $107,915 of revenue for the three months ended June 30, 2012,
compared with net income of $2.4 million on $0 revenue for the
same period last year.

For the six months ended June 30, 2012, the Company had a net
loss of $670,203 on $107,915 of revenue, compared with net income
of $1.2 million on $0 revenue for the same period of 2011.

Results for the three and six month periods ended June 30, 2011,
includes income from discontinued operations of $4.4 million.

According to the regulatory filing, on May 10, 2011, the Company
completed the sale of two subsidiaries, ICE Mobile Sdn. Bhd. and
ICE Messaging Pte. Ltd., which comprised all of the Company's
messaging business (iCEmms) operations, assets, and liabilities.
Consideration received was $2.37 million in cash and return of
110 million shares of the Company's common stock, which had a
fair value of $2.75 million as of the closing date.  The buyer
had previously acquired the 110 million shares of the Company's
stock in a private transaction.  These 110 million shares have
been canceled and returned to the Company's authorized but
unissued shares.

The Company's balance sheet at June 30, 2012, showed $1.7 million
in total assets, $1.1 million in total current liabilities, and
stockholders' equity of $588,772.

"During the year ended Dec. 31, 2011, the Company sold its iCEmms
division, which was its only revenue-producing division.  The
Company used cash received from the sale of its iCEmms division
to retire debt and fund the iCEsync business, but the Company's
intention is to raise additional equity to finance the further
development of markets for its products and services until
positive cash flows can be generated from its operations.
However, the Company cannot assure that additional funds will be
available to the Company when required or on terms acceptable to
the Company, if at all.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern."

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

                       http://is.gd/JiZdPV

Singapore-based Intelligent Communication Enterprise Corporation
has continuing operations providing multimedia content and
integrated media services.  The iCEsync business using the
Modizo.com platform is distributing video content to website
visitors and attracting advertising revenue.

                           *     *     *

Peterson Sullivan LLP, in Seattle, Washington, expressed
substantial doubt about Intelligent Communication's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2011.  The independent auditors
noted that the Company has incurred losses, and has negative
working capital and an accumulated deficit at Dec. 31, 2011.


ORIENTAL GLOBAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 10, 2012, to
wind up the operations of Oriental Global Resources Pte Ltd.

LDH Sabulum I Co. Pte Ltd filed the petition against the company.

The company's liquidators are:

         Cosimo Borrelli
         Jason Kardachi
         One Raffles Place
         Tower 2 #10-62
         Singapore 048616


SCHERING-PLOUGH TECH: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------------------
Creditors of Schering-Plough Technologies Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Ee Meng Yen Angela
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower, 18th Floor
          Singapore 048583


SIN HENG: Creditors Get 100% Recovery on Claims
----------------------------------------------
Sin Heng Construction Co Pte Ltd declared the first and final
dividend on Aug. 17, 2010.

The company paid 100% for preferential and 2.2345% for ordinary
claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809



                             *********

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.


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

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

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

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

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





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