TCRAP_Public/120824.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 24, 2012, Vol. 15, No. 169

                            Headlines


A U S T R A L I A

BELL GROUP: Bank Losses Appeal, Ordered to Pay up to AUD3-Bil.
PATINACK FARM: Creditors Seeks Payment for AUD1-Mil. Debts


C H I N A

CENTRAL CHINA: Moody's Says 1st Half Yr Results Support 'Ba3' CFR
CHINA LIANSU: Moody's Says 1H2012 Results Support 'Ba2' Rating
CHINA TIANRUI: 1st Half Yr. Results No Impact on Moody's 'B1' CFR
COASTAL GREENLAND: Moody's Says Asset Sale Credit Positive
WEST CHINA: Moody's Reviews Ba3 Corp. Family Rating for Downgrade

YOU ON DEMAND: Has $4.2 Million Net Loss in Second Quarter


H O N G  K O N G

HARSON SHOES: Wong and Leung Step Down as Liquidators
MORODO (HONG KONG): Wong and Leung Step Down as Liquidators
P.I.C. ASSOCIATION: Wong and Leung Step Down as Liquidators
SAINT GOBAIN: Final Meeting Set for Sept. 17
SAVI TECHNOLOGY: Members' Final Meeting Set for Sept. 18

TEACH FOR HK: Members' Final Meeting Set for Sept. 20
TRI-TECH METALS: Members and Creditors Meetings Set for Aug. 29
TRUE KIN: Members' Final General Meeting Set for Sept. 21
UPGOOD ENTERPRISES: Annual Meetings Set for Sept. 11


I N D I A

AIR INDIA: AAI Still Won't Allow Lessors to Take Back Planes
AXIS BANK: Fitch Assigns Support Rating Floor at 'BB+'
CYTECH COATINGS: CRISIL Assigns 'B+' Rating to INR25MM Loans
GANESH MEDIA: CRISIL Rates INR150MM Cash Credit at 'B-'
IDBI BANK: Moody's Assigns Rating to Sr. Unsecured Bond Issuance

JAGDAMBA CEREALS: CRISIL Puts 'BB+' Rating on INR167.5MM Loans
PRATHYUSHA CHEMICALS: CRISIL Puts 'B-' Rating on INR110MM Loan
RAILONE PROJECTS: Fitch Raises National Longterm Rating to 'BB-'
SAI CHEMICALS: CRISIL Puts 'BB+' Rating on INR124.80MM Loans
STAR AQUA: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB-'

THANDIRAM TEXTILES: CRISIL Rates INR125MM Cash Credit at 'B'
TULIP TELECOM: Fitch  Lowers National LongTerm Rating to 'BB+'
UMARPUR RICE: Delay in Loan Payment Cues CRISIL Junk Ratings
VKS PROJECTS: CRISIL Rates INR91.2MM Loan at 'CRISIL BB'
VSB EDUCATIONAL: CRISIL Puts 'BB+' Rating on INR311MM Loans


I N D O N E S I A

* INDONESIA: Moody's Says Coal Producers Need to Control Costs


J A P A N

ELPIDA MEMORY: President to Step After Micron Deal Completed
SANKO STEAMSHIP: Resumes Buying Bunker From World Fuel


N E W  Z E A L A N D

GFNZ GROUP: S&P Cuts Issuer Credit Rating to 'CC'; Outlook Neg
MACLEAN COMPUTING: No Proof of Fraud in Asset Sale, SFO Says
SOHO SQUARE: Developer Declared Bankrupt


S I N G A P O R E

TRIO ENERGY: Court to Hear Wind-Up Petition on Sept. 7
VANGUARD INVESTIGATION: Court to Hear Wind-Up Petition on Aug. 31
YENURA PTE: Court Enters Wind-Up Order


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BELL GROUP: Bank Losses Appeal, Ordered to Pay up to AUD3-Bil.
--------------------------------------------------------------
Australian Associated Press reports that an appeal by a
consortium of banks that were ordered to pay about AUD1.58
billion to the liquidators of Bell Group, once controlled by
fallen tycoon Alan Bond, has not only failed but backfired.

AAP relates that Tony Woodings, acting for the Bell liquidators,
said the banks were now likely to pay between AUD2 billion and
AUD3 billion after the appeal judges said orders for monetary
relief in the preceding trial were incorrectly based on a
"deflated multiplier".

Acting Justices Malcolm Lee, Douglas Drummond, and Christopher
Carr were called back from retirement to hear the appeal in
Western Australia's Supreme Court, AAP relays.

The news agency notes that the other Court of Appeal judges were
not able to hear the matter because they were involved in the
Bell litigation before they became judges.

Justice Owen handed down his findings in October 2008, AAP
recounts, resulting in a historic order for a syndicate of 20
banks to pay about AUD1.58 billion to Bell Group liquidators.

The banks include Westpac, National Australia Bank, Commonwealth
Bank and international banks, including Lloyd's TSB Bank, the
report discloses.  They agreed in 1990 to extend Bell Group's
loans in an attempt to allow it to restructure and remain afloat,
and in exchange were given guarantees and security over Bell
Group's publishing assets, shares in Bell Resources Ltd and other
minor assets, the report notes.

AAP cites that Bell Group was at that time, on the brink of
insolvency and the banks were found by Justice Owen to be liable
as knowing recipients of the Bell Group's trust property.

According to the news agency, Justice Owen ordered the banks to
repay proceeds of the sale of the Bell Group assets together with
compound interest estimated at AUD1.2 billion -- a substantial
addition to the AUD265 million owed to the banks by the group in
late 1989.

AAP states that the banks had argued in the appeal that they
believed the Bell Group directors' opinion that refinancing was
in the best interests of the group; that the banks were not
knowing recipients of trust property; and that the award of
compound interest was not appropriate or just.

Bell Group liquidators cross-appealed, claiming the banks were
liable as knowing participants in alleged breaches of duty by
Bell Group directors and that the security transactions -- the
handing of assets to the banks -- were unconscionable bargains,
AAP says.

On Friday, Aug. 17, the court decided that orders made by
Justice Owen would stand, save for several amendments and
additions.

Mr. Wooding urged the banks to accept the ruling, considering
they may decide to attempt a further appeal in the High Court,
the report adds.

                          About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.


PATINACK FARM: Creditors Seeks Payment for AUD1-Mil. Debts
----------------------------------------------------------
Donna Page and Neil Goffet at smh.com.au report that dozens of
businesses, mostly small start-ups, are chasing debts totalling
more than AUD1 million from companies owned by Nathan Tinkler,
one of Australia's richest men.

Some people have been forced to re-mortgage their homes, while
others have had to increase overdrafts or sell their cars, the
report relates.

According to smh.com.au, Fairfax reported Aug. 20 that
Mr. Tinkler, who BRW estimates is worth AUD915 million, had
failed to meet superannuation payments for workers at his racing
company, Patinack Farm, since November.

In the past 10 months, smh.com.au relates, seven businesses have
successfully taken court action to recoup outstanding debts from
Patinack Farm and the building company Bolkm, the construction
arm of Mr. Tinkler's Buildev Group.

Others have employed debt collectors or negotiated to accept
Tinkler-company assets in lieu of payment, the report relays.

smh.com.au reports that Mitch Fraser's Maitland building firm,
Fraser Commercial, was placed in voluntary administration this
month, with Bolkm the main debtor.  At one stage, Bolkm owed the
company more than AUD200,000 but the debt is now down to
AUD33,000, according to smh.com.au.



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C H I N A
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CENTRAL CHINA: Moody's Says 1st Half Yr Results Support 'Ba3' CFR
-----------------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's ("CCRE") 1H 2012 results are in line with expectations,
and support its Ba3 corporate family rating and B1 senior
unsecured debt rating.

The ratings outlook remains stable.

"CCRE reported a 19.6% year-on-year growth in revenue to RMB3.0
billion in 1H 2012, reflecting its strong ability in delivering
on sales," says Jiming Zou, a Moody's Analyst.

Moody's expects CCRE will maintain stable revenue growth in 2012.
It achieved RMB5.1 billion of contract sales in 1H 2012, which is
equivalent to 13.6% year-on-year growth and contributed 57% of
its annual revenue target of RMB 9 billion.

"The change in product mix -- with a greater proportion of lower
average selling price ("ASP") products recognized during the
period -- reduced its gross margin and net profit margin to 35.5%
and 11.5% in 1H 2012 from 45.6% and 13.1% at the end of 2011,
respectively" says Mr. Zou, also lead analyst for CCRE.

Moody's expects a recovery in profit margins is unlikely in 2H
2012 because of the geographic diversification strategy adopted
by CCRE.

Apart from focusing on the three major cities in Henan, including
Zhengzhou, Luoyang and Kaifeng, CCRE has diversified its
operations to the third- and fourth-tiered cities in Henan. For
these cities, the properties sold show a lower ASP than the three
major cities.

The lower profit level translated into adjusted EBITDA interest
coverage of around 3.5x for the 12 months to June 30, 2012, but
which is still appropriate for its Ba3 rating.

CCRE has also maintained a disciplined approach in land
acquisitions. In the first seven months of 2012, it acquired 17
parcels of land in Henan for a total consideration of RMB1.2
billion. This amount is within the company's target of spending
RMB2.5 billion for the full year of 2012.

To preserve liquidity, CCRE issued SGD175 million in bonds and
arranged RMB900 million in trust financing in April 2012. This
increased its total debt level to RMB6.8 billion in 1H 2012 from
RMB5.3 billion at the end of 2011.

Thus, debt/capitalization (after Moody's adjustments) increased
to 61% -- which is weak for its current rating -- from 56%. But
Moody's notes that the maintenance of adequate liquidity in a
challenging market has assumed priority.

CCRE still has adequate liquidity as its cash on hand of RMB3.8
billion fully covers short-term maturing debt of RMB3.5 billion.

The principal methodology used in rating Central China Real
Estate Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Central China Real Estate Limited is a leading property developer
in Henan Province, China. Founded in 1992, it listed on the
Hong Kong Stock Exchange in June 2008.


CHINA LIANSU: Moody's Says 1H2012 Results Support 'Ba2' Rating
--------------------------------------------------------------
Moody's Investors Service says China Liansu Group Holdings
Limited's 1H 2012 results show strong performance, supporting its
current corporate family rating of Ba2.

The rating outlook remains stable.

"Despite a difficult operating environment and tight credit
conditions in China -- which have dampened demand in the property
and construction sectors -- Liansu performed well, which is
reflected in its 5.6% revenue growth to RMB4.8 billion in 1H 2012
year-on-year and an increase in its gross margin to 25.9% from
23.7%," says Franco Leung, a Moody's Assistant Vice President and
Analyst.

The results demonstrate the success of Liansu's business strategy
of expanding its sales network, which increased to 1,300
distributors from 1,200 in the previous year.

The expansion offers geographic diversification; offsetting the
decline in business in the first-tier cities by growing business
in the lower-tier cities.

Though Lainsu has penetrated into the lower-tier cities, the
economically strong region in southern China remains its core
revenue contributor, representing over 60% of its total revenue.

Liansu continues to benefit from the Chinese government's
policies: Its overall growth was mainly driven by a 9.1% increase
in sales volume of its diversified plastic products, supported by
the promotion of water conservation and affordable housing
projects under the government's 12th Five-Year Plan and the
company's wide geographic and product coverage.

This favorable long-term trend could continue.

But Moody's will continue to monitor any lagging effect from a
short-term reduced demand for plastic pipes from infrastructure
and construction projects.

"Liansu's quality trade receivables portfolio reflects its
prudent risk control which is important in an uncertain operating
environment," says Leung, who is also Moody's lead analyst for
Liansu.

Trade receivables days-on-hand were maintained at around 31 days.
Although impairment on receivables has increased slightly to
RMB6.7 million, it represents less than 0.2% of revenue.

Liansu's good sales execution and risk controls on trade
receivables have translated to a sound credit profile.

As of June 2012, Liansu's adjusted debt/ EBITDA at around 1.0x
and EBITDA/ interest at around 13x strongly supported its Ba2
rating.

Liansu also has good liquidity. Although its cash balance fell to
RMB1.4 billion as of June 2012 from RMB2.1 billion as of December
2011 due to capital expenditures on land and plant, Moody's
believes that the company's cash-on-hand and operating cash flow
can adequately cover its short-term debt and capital spending in
the next 12 months.

The principal methodology used in rating China Liansu Group
Holdings Limited was the Global Building Materials Industry
Methodology, published July 2009.

Founded in 1996 and listed on the Hong Kong Stock Exchange in
June 2010, China Liansu Group Holdings Ltd is one of the largest
plastic pipe and pipe fitting manufacturers in China. It has 14
major production facilities in 11 provinces. The company's
products are widely used in seven major areas, namely water
supply, drainage, power supply and telecommunications, gas
supply, agriculture, floor heating and fire prevention.


CHINA TIANRUI: 1st Half Yr. Results No Impact on Moody's 'B1' CFR
-----------------------------------------------------------------
Moody's Investors Service says China Tianrui Group Cement Company
Ltd's 1H 2012 results have no impact on the company's B1
corporate family rating and its provisional (P)B2 senior
unsecured rating.

The rating outlook remains stable.

Moody's had already factored in the weak sales of 1H 2012 into
the current ratings.

Tianrui registered 8.9% and 16% drops in sales and EBITDA in 1H
2012, mainly because of the fall -- by 1 million tonnes -- in
clinker sales to external clients from a year ago.

The decline was because of the government's austerity measures
and the slowdown in infrastructure projects and property
development.

While the company delivered less clinker to external cement
producers, it was able to contain the drop in average selling
prices of its cement products by 1.8% in 1H 2012.

At the same time, the company moderated its pace of capital
investment. As a result, Moody's estimates that Tianrui generated
around RMB200 million in free cash flow, which helped reduce net
debt by a similar amount in 1H 2012.

Based on Moody's calculation, Tianrui's credit metrics --
operating margin of 22%, EBITDA/Interest expenses at 4.4x, and
Debt/EBITDA at 2.7x for the last 12 months ending June 2012 - are
within expectations for its B1 corporate family rating.

Tianrui's liquidity position stays weak. Its cash balance of
RMB1.8 billion as of 30 June was inadequate to cover short-term
debt of RMB4.7 billion. The company needs to secure the support
of its banks to renew some of the bank facilities.

Meantime, it has issued domestic capital market debt and is
working on securing longer-term funding through issuing offshore
bonds.

The principal methodology used in rating China Tianrui Cement
Group Cement Company Ltd was the Global Building Materials
Industry Methodology published in July 2009.

Listed on the Hong Kong Stock Exchange in December 2011, China
Tianrui Cement Group Cement Company Ltd is the largest cement
producer in China's Henan and Liaoning provinces. The company had
an annual clinker and cement production capacity of 22.25 million
tons and 39.23 million tons, respectively, as of end-2011.


COASTAL GREENLAND: Moody's Says Asset Sale Credit Positive
----------------------------------------------------------
Moody's Investors Service says the sale of Coastal Greenland
Limited's (Caa1 negative) equity interests in Shanghai Fenghwa
for approximately RMB452 million is credit positive.

"The asset disposal by Coastal Greenland Limited will alleviate
its tight liquidity situation," says Franco Leung, a Moody's
Assistant Vice President and Analyst.

Shanghai Fenghwa, listed on the Shanghai Stock Exchange, is a
property development and investment company in China.

Following the share sale, Shanghai Fenghwa will cease to be an
associated company of Coastal Greenland.

Coastal Greenland has tight liquidity and high refinancing risk
over the near term.

Its cash balance of around HKD2.5 billion at the end of March
2012 is insufficient to cover its short-term debt of around HKD5
billion, although Moody's noted from the company that some of the
debts have been extended.

The company has USD129 million in senior unsecured notes due
November 2012.

"Coastal Greenland needs to rely on further asset disposals to
raise funds for its relatively large refinancing needs in the
near term," adds Leung, who is also the lead analyst for Coastal
Greenland.

As of March 31, 2012, Coastal Greenland had a book value of
HKD1.65 billion in investment properties as well as HKD6 billion
in properties under development, some of which could be divested
to raise funds.

However, the monetization of its investment properties as well as
properties under development will depend on market conditions and
could be deeply discounted from their projected price levels.

In addition, the tight credit availability and the challenging
conditions of the property market could lengthen the disposal
process.

The principal methodology used in rating Coastal Greenland
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Established in 1990 and listed on the Hong Kong Stock Exchange in
1997, Coastal Greenland Ltd (CGL) is a Chinese property developer
that is focused on developing residential and commercial
properties in China.


WEST CHINA: Moody's Reviews Ba3 Corp. Family Rating for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed West China Cement Limited's
(WCC) Ba3 corporate family and senior unsecured bond ratings
under review for downgrade.

Ratings Rationale

"Moody's is concerned that WCC's reducing cash balance will
constrain its ability to fund operations and defend against any
further adverse changes in its operating environment," says
Jiming Zou, a Moody's Analyst.

The company reported an unrestricted cash balance of RMB111
million as of June 2012, which is substantially down from the
RMB530 million recorded at end-2011, after it incurred large
capital expenditure for acquisitions and new capacities in the
first half of 2012.

"WCC's expanded scale of operation demands for more funding,
thereby exerting pressure on its ratings," adds Mr. Zou, who is
also lead analyst for WCC.

An improvement in WCC's liquidity will depend on its ability to
ramp up its production at the recently completed and acquired
cement facilities, which in turn will raise its working capital
needs.

In addition, WCC will need to fund RMB300 to RMB400 million of
capital expenditure by end-2012. This could result in continuous
weakness in liquidity or high debt leverage thereby exerting
pressure on its ratings.

WCC's credit metrics for the last twelve months ended June 2012
-- a decline in operating margin to 18.4%, a rise in debt/EBITDA
to 3.9x, a fall in EBITDA/interest to 3.4x -- are already weak
for its Ba3 rating.

Moody's will review WCC's (1) financial management especially
regarding liquidity; (2) access to additional funding sources
including local bank borrowings; (3) acquisition strategy and its
impact on capital structure; and (4) ability to ramp up
production and resultant cash flow generated.

Downgrade pressure could emerge if (1) there is no likelihood of
improvement in WCC's cash balance or financial flexibility; (2)
there is continuous pressure on its operating margins to below
20%; (3) there is a material loss in its core market share at
home; or (4) WCC makes ambitious acquisitions that could weaken
its credit metrics further.

EBITDA/interest expense of less than 4.0x, or debt/EBITDA ratio
of more than 4.0x on a sustained basis could also trigger a
downgrade.

The principal methodology used in rating West China Cement
Limited was the Global Building Materials Industry Methodology
published in July 2009.

Listed on the Hong Kong Stock Exchange in August 2010, West China
Cement is one of the leading cement producers in Shaanxi Province
of China. As of end-2011, the company's production capacity had
reached 16.2 million tons per annum. Most of the company's plants
are in southern Shaanxi Province where it has a dominant market
share. In addition, it is setting up a footprint in the Xinjiang
Autonomous Region, as evidenced by the acquisition of a
production facility in Hetian in May 2011 and the construction of
another cement plant in Yutian with an expected completion in
June 2012.


YOU ON DEMAND: Has $4.2 Million Net Loss in Second Quarter
----------------------------------------------------------
YOU On Demand Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $4.2 million on $2.3 million of
revenue for the three months ended June 30, 2012, compared with a
net loss of $5.8 million on $1.9 million of revenue for the same
period last year.

For the six months ended June 30, 2012, the Company had a net
loss of $9.0 million on $4.3 million of revenue, compared with a
net loss of $8.5 million on $3.6 million of revenue for the same
period in 2011.

The Company's balance sheet at June 30, 2012, showed $26.0
million in total assets, $14.3 million in total liabilities, $4.5
million of convertible redeemable preferred stock, and
stockholders' equity of $7.2 million.

"For the six months ended June 30, 2012, we had a net loss of
approximately $7,942,000 [attributable to YOU On Demand
shareholders} and we used cash for operations of approximately
$5,525,000.   We had a working capital deficit at June 30, 2012,
of approximately $3,141,000."

UHY LLP, in Albany, New York, expressed substantial doubt about
YOU On Demand'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
significant losses during 2011 and 2010 and has relied on debt
and equity financings to fund their operations.

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

                       http://is.gd/UF9jQe

New York, N.Y.-based YOU On Demand Holdings, Inc., operates in
the Chinese media segment, through its Chinese subsidiaries and
VIEs, (1) a business which provides integrated value-added
service solutions for the delivery of PPV, VOD, and enhanced
premium content for cable providers, (2) a cable broadband
business based in the Jinan region of China and (3) a television
program guide, newspaper and magazine publishing business based
in the Shandong region of China.



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


HARSON SHOES: Wong and Leung Step Down as Liquidators
-----------------------------------------------------
Wong Ming Lai and Leung Chung Yin stepped down as liquidators of
Harson Shoes International Company Limited.


MORODO (HONG KONG): Wong and Leung Step Down as Liquidators
-----------------------------------------------------------
Wong Ming Lai and Leung Chung Yin stepped down as liquidators of
Morodo (Hong Kong) Limited.


P.I.C. ASSOCIATION: Wong and Leung Step Down as Liquidators
-----------------------------------------------------------
Wong Ming Lai and Leung Chung Yin stepped down as liquidators of
P.I.C. Association Limited.


SAINT GOBAIN: Final Meeting Set for Sept. 17
--------------------------------------------
Members of Saint Gobain Pipelines Hong Kong Limited will hold
their final meeting on Sept. 17, 2012, at 11:00 a.m., at 7th
Floor, Alexandra House, at 18 Chater Road, Central, in Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


SAVI TECHNOLOGY: Members' Final Meeting Set for Sept. 18
--------------------------------------------------------
Members of Savi Technology (Hong Kong) 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.


TEACH FOR HK: Members' Final Meeting Set for Sept. 20
-----------------------------------------------------
Members of Teach for Hong Kong Foundation Limited will hold their
final meeting on Sept. 20, 2012, at 10:00 a.m., at Room 608, 6/F,
One Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Tse Tsat Kuen Jeff, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TRI-TECH METALS: Members and Creditors Meetings Set for Aug. 29
---------------------------------------------------------------
Members and creditors of Tri-Tech Metals Company Limited will
hold their meetings on Aug. 29, 2012, at 3:30 p.m., and 4:00
p.m., respectively at 25/F, Wing On Centre, at 111 Connaught Road
Central, in Hong Kong.

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


TRUE KIN: Members' Final General Meeting Set for Sept. 21
---------------------------------------------------------
Members of True Kin Development Limited will hold their final
general meeting on Sept. 21, 2012, at 11:00 a.m., at Suite 1803,
18th Floor Gloucester Tower, The Landmark, at 11 Pedder Street,
Central, in Hong Kong.

At the meeting, Leung Shu Yin William, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UPGOOD ENTERPRISES: Annual Meetings Set for Sept. 11
----------------------------------------------------
Creditors and members of Upgood Enterprises Limited will hold
their annual meetings on Sept. 11, 2012, at 10:00 a.m., and
10:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, at 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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I N D I A
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AIR INDIA: AAI Still Won't Allow Lessors to Take Back Planes
------------------------------------------------------------
The Times of India reports that state-run Airports Authority of
India (AAI) has stuck to its threat of not allowing Kingfisher's
aircraft lessors to repossess planes from the crisis-ridden
airline till it clears at least a part of the massive
INR290 crore dues.

TOI relates that a desperate lessor was able to take back two
planes parked at a south Indian airport only after the cash-
strapped airline managed to cough up INR1 crore to AAI.

"We have issued a final warning to the airline that now on no
aircraft will be allowed to leave India till the dues are
cleared. They have 40 planes of which 30 are leased and none of
them would be allowed to be repossessed. The desperation among
lessors, vendors and employees is reaching unsustainable levels,"
the report quotes a senior AAI official as saying.

According to the report, Centre for Asia Pacific Aviation India
head Kapil Kaul also warned on Monday that the airline may have
to do a temporary operational shutdown unless the management is
able to infuse funds.  "The airline needs INR3,000 crore
immediately, whether FDI by foreign airlines is cleared or not,"
Mr. Kaul, as cited by TOI, said.

                       About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


AXIS BANK: Fitch Assigns Support Rating Floor at 'BB+'
------------------------------------------------------
Fitch Ratings has assigned India-based Axis Bank Limited's (ABL)
USD250 million foreign currency senior unsecured notes a final
rating of 'BBB-'.  The notes are to be issued on August 28, 2012
by the bank's Dubai International Financial Centre branch under
its EUR2bn medium term notes (MTN) programme.

The assignment of the final rating follows the receipt of
documents conforming to information already received. The final
rating is in line with the expected rating assigned on 21 August
2012.

The tenor of the notes is five years.  This issuance is in
addition to the USD500m senior notes issued by the bank in March
2012 under its EUR2bn 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
represent direct, unsubordinated and senior unsecured obligations
of the bank, and 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-'
  -- USD750m 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)'


CYTECH COATINGS: CRISIL Assigns 'B+' Rating to INR25MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Cytech Coatings Private Limited.

                        Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 5       CRISIL B+/Stable (Assigned)
   Letter of Credit         40       CRISIL A4(Assigned)
   Foreign Bill             30       CRISIL A4(Assigned)
   Discounting
   Bank Guarantee           2        CRISIL A4(Assigned)
   Cash Credit             20        CRISIL B+/Stable(Assigned)

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

Outlook: Stable

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

                       About Cytech Coatings

Cytech was incorporated in April 2009; and commenced commercial
operations in July 2010. The company is promoted by Mr.
Birendrakant Srivastava and his business acquaintance Mr. Manish
B. Ray. Cytech is engaged in manufacturing of various printing
inks, resins, and adhesives which find application in the
packaging industry. The company has its manufacturing unit
located at Sarigam, Gujarat, with an installed capacity of 260
tonnes per month (tpm) (recently enhanced from 200 tpm in April
2012). Mr. Birendrakant Srivastava oversees the day-to-day
operations of the company.

Cytech reported a profit after tax (PAT) of INR3.3 million on net
sales of INR234.9 million for 2011-12, on provisional basis
(refers to financial year, April 1 to March 31), against a PAT of
INR0.2 million on net sales of INR87.4 million for 2010-11.


GANESH MEDIA: CRISIL Rates INR150MM Cash Credit at 'B-'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit bank facility of Ganesh Media Pvt Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            150       CRISIL B-/Stable

The rating reflects GMPL's below financial risk profile, marked
by modest net worth and weak debt protection metrics, its start-
up nature of operations and exposure to high degree of demand/
completion risks in the satellite rights trading business. These
rating weaknesses are partially offset by the benefits GMPL
derives from the extensive industry experience of the promoters.

Outlook: Stable

CRISIL believes that GMPL will continue to benefit from its
promoters extensive industry experience. The outlook may be
revised to positive in case of any greater than expected increase
in scale of operations and cash accruals, or in case of any large
equity infusion resulting in improvement in capital structure.
Conversely, the outlook may be revised to negative in case of any
significant deterioration in the company's liquidity resulting
from any large delay in sales of satellite rights or in case the
company undertakes any large debt funded capex resulting in
further deterioration in financial risk profile.

                        About Ganesh Media

Established in January 2012, Ganesh Media Pvt Ltd is engaged in
the business of trading of satellite rights for movies. The
company is promoted by Mr. Satya Vara Prasad and his friend Mr.
Venkat Chowdhary.


IDBI BANK: Moody's Assigns Rating to Sr. Unsecured Bond Issuance
----------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to IDBI Bank
Limited's proposed issuance of long-term senior unsecured notes
under its US$1.5 billion Medium Term Note (GMTN) program. The
long-term notes will be denominated in SGD and issued by the
Dubai International Financial Centre (DIFC) Branch, Dubai of IDBI
Bank.

Ratings Rationale

Moody's Investors Service has a standalone bank financial
strength rating (BFSR) of D- for IDBI Bank Limited, mapping to a
baseline credit assessment (BCA) of ba3 on the long-term scale.

Moody's believes that the probability of systemic support for
IDBI Bank is very high from the Indian government in an event of
a systemic crisis. The Indian government has in the past
supported Indian public sector banks, including IDBI Bank, by
infusing equity and providing liquidity support when required.
Therefore, the long-term local currency deposit and foreign
currency senior unsecured debt ratings receive a three-notch
rating uplift from its BCA.

The foreign currency senior unsecured debt rating at Baa3. The
bank's foreign currency deposit ratings of Baa3/P-3.

The other ratings of IDBI Bank are:

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of D-

Subordinate MTN Program (foreign currency) ratings of (P)Ba1

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba2

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

IDBI Bank Ltd, DIFC Branch

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Subordinate MTN Program (foreign currency) ratings of (P)Ba1

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba2

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

IDBI Bank, headquartered in Mumbai (India), had assets of
INR2,908 billion at March 2012.


JAGDAMBA CEREALS: CRISIL Puts 'BB+' Rating on INR167.5MM Loans
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jagdamba Cereals Udyog Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+'
from 'CRISIL BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           150       CRISIL BB+/Stable

   Proposed Long-Term     17.5     CRISIL BB+/Stable
   Bank Loan Facility

   Letter of Credit        2.5     CRISIL A4+

The downgrade reflects deterioration in JCUPL's financial risk
profile, particularly its gearing and liquidity, because of the
unprecedented lengthening of the company's working capital cycle.
With JCUPL's average inventory holding increasing to about 3
months from the earlier levels of about 1.5 months, the company's
reliance on external funds has increased. This has led to
deterioration in JCUPL's gearing to well over 1.5 times as on
March 31, 2012 from the earlier expectations of gearing of sub 1
time. CRISIL believes that JCUPL's financial risk profile will
remain constrained by weak profitability and working-capital-
intensive operations over the medium term.

The ratings reflect the benefits that JCUPL derives from its
established position in the wheat-based products market in West
Bengal and its promoter's extensive industry experience. These
rating strengths are partially offset by the company's below-
average financial risk profile, marked by a modest net worth, an
aggressive gearing and weak debt protection metrics, and working-
capital-intensive operations.

Outlook: Stable

CRISIL believes that JCUPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
reports substantially higher-than-expected accruals along with
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if JCUPL undertakes a large, debt-funded
capital expenditure (capex) programme, or reports further
lengthening of its working capital cycle, leading to weakening of
its financial risk profile.

                       About Jagdamba Cereals

JCUPL is part of the Jagdamba group, which is promoted by Mr.
Krishna Murari Choudhary. Mr. Krishna Murari Choudhary began
trading in rice, pulses and flour in 1988. In 2003, he forayed in
the food grains processing. Over the years, he has incorporated
three flour mills, one rice mill, and a polyfabs plant, all at
different locations.

JCUPL was set up by Mr. Krishna Murari Choudhary in 2005 at
Burdwan (West Bengal). The company manufactures wheat products
such as atta, maida, suji, and wheat bran. It has capacity of 300
tonnes per day. Other entities in the Jagdamba group include Jai
Maa Jagdamba Flour Pvt Ltd (rated 'CRISIL BB/Stable'), Anjanay
Rice Mills Pvt Ltd (rated 'CRISIL BB/Stable/CRISIL A4+'), and
Jagat Jagdamba Flour Pvt Ltd (rated 'CRISIL BB-/ Stable').

JCUPL reported, on a provisional basis, a profit after tax (PAT)
of INR1.85 million on net sales of INR767 million in 2011-12,
against a PAT of INR1.86 million on net sales of INR751 million
for 2010-11.


PRATHYUSHA CHEMICALS: CRISIL Puts 'B-' Rating on INR110MM Loan
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Prathyusha Chemicals and Fertilisers Ltd to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                    Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          49.0     CRISIL B-/Stable

   Term Loan            38.0     CRISIL B-/Stable

   Proposed Cash        23.0     CRISIL B-/Stable
   Credit Limit

   Letter of Credit    120.0     CRISIL A4

The rating upgrade reflects the timely servicing of debt by PCFL
since April 2012, because of improved liquidity. The company's
liquidity has improved mainly because of infusion of unsecured
loans by its promoters to meet its working capital requirements.

The ratings continue to reflect PCFL's below-average financial
risk profile marked by a modest net worth, a high gearing, and
weak debt protection metrics. This rating strength is partially
offset by the benefits that the company derives from the
extensive experience of its promoters in the fertiliser industry.

Outlook: Stable

CRISIL believes that PCFL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports
substantial and sustained improvement in its revenues and
profitability margins from the current levels. Conversely, the
outlook may be revised to 'Negative' if PCFL reports significant
deterioration in its capital structure because of larger-than-
expected working capital requirements or debt-funded capital
expenditure.

                      About Prathyusha Chemicals

PCFL was set up in 1999 in Vishakhapatnam (Andhra Pradesh) by a
group of entrepreneurs headed by Mr. A Visweswara Rao, the former
vice president of Coromandel International (formerly, Coromandel
Fertilisers Ltd). Coromandel Fertilisers Ltd owned 26 per cent of
PCFL's shares and was responsible for sales and marketing of
PCFL's products. In 2004, PCFL was referred to the Board for
Industrial and Financial Reconstruction (BIFR); in 2006, it was
categorised as a sick unit. In 2009, Mr. Y T Raja and associates,
the promoters of Jayalakshmi Fertilisers (was in a similar line
of business for a decade) , approached BIFR and took over PCFL.

PCFL manufactures single super phosphate, di calcium phosphate,
and nitrogen, phosphorous, and potassium granulated mixed
fertilisers.

PCFL reported a profit after tax (PAT) of INR4 million on net
sales of INR164 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR74 million for 2009-10.


RAILONE PROJECTS: Fitch Raises National Longterm Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded India-based Railone Projects Private
Limited's National Long-Term rating to 'Fitch BB-(ind)' from
'Fitch B+(ind)'.  The Outlook is Stable.

Railone is a Hyderabad-based company, involved in the
construction of railway infrastructure such as pre-stressed
concrete road and rail over bridges.  The upgrade reflects an
improvement in the company's operating EBITDA margins and strong
order-book position.  Operating EBITDA margins have improved to
15.5% in FY12 (FY11: 13%) due to a reduction in sub-contracting
to other construction companies and higher excavation revenue.
The company has an order-book of INR3579.7m as of 31 May 2012
(5.3x FY12 revenue) from the Indian railways which provides
revenue visibility for the next three years.  The ratings
continue to reflect comfortable credit metrics with leverage and
interest cover at around 1.7x and 2.8x respectively over the past
three years.

Railone's ratings are constrained by the increasing trend in the
working capital cycle to 39 days (FY11: 27 days) mainly due to an
increase in inventory days to 126 days (96.2 days).

What could trigger a rating action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- Sustained improvement in adjusted net leverage to less than
     1.5x on a sustained basis

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- Deterioration in adjusted net leverage to more than 4.0x
     on a sustained basis

In FY12, Railone's operating income was INR681m (FY11: INR600m)
and operating EBITDA was INR106m (INR78m).

Rating actions on Railone's bank facilities:

  -- INR150m fund-based working capital limits: Upgraded to
     National Long-Term 'Fitch BB-(ind)' from 'Fitch B+(ind)' and
     National Short-Term 'Fitch A4+(ind)' from 'Fitch A4(ind)'
  -- INR510m non-fund-based working capital limits: Upgraded to
     National Long-Term 'Fitch BB-(ind)' from 'Fitch B+(ind)' and
     National Short-Term 'Fitch A4+(ind)' from 'Fitch A4(ind)'
  -- INR15m term loans outstanding: Upgraded to National Long-
     Term 'Fitch BB-(ind)' from 'Fitch B+(ind)'


SAI CHEMICALS: CRISIL Puts 'BB+' Rating on INR124.80MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Sai Chemicals Private Ltd.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan           69.8      CRISIL BB+/Stable (Assigned)
   Cash Credit         55        CRISIL BB+/Stable (Assigned)
   Letter of Credit    25        CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SCPL's promoters
in the ferro alloy industry and above average financial risk
profile marked by low gearing and comfortable debt protection
indicators albeit on a modest networth base. These rating
strengths are partially offset by vulnerability of SCPL's margins
to fluctuations in input prices and to cyclicality in steel
industry.

Outlook: Stable

CRISIL believes that SCPL will benefit over the medium term from
its promoters' extensive experience in the industry. The outlook
may be revised to 'Positive' in case of significant improvement
in its scale of operations and profitability levels while
maintaining a healthy capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of significantly lower-than-expected revenues or
deterioration in operating margin or significant lengthening of
its working capital cycle, resulting in weakening of its
financial risk profile, particularly debt protection metrics.

                       About Sai Chemicals

Sai Chemicals, incorporated in 1989 by Mr. B.S. Sial is engaged
in manufacturing of silico-manganese. The company's manufacturing
facility is located in Bhilai (Chhattisgarh) with capacity of
10,800 tonnes per annum. The company also setup a thermal power
plant of 8 megawatts (MW) in 2008-09; most of the power generated
is used for captive consumption. Mr. Rahul Sial and Mr. Hemant
Sial, sons of Mr. B.S. Sial are also actively engaged in managing
the company.

SCPL reported a provisional profit after tax (PAT) of INR1.54
million on net sales of INR341 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.9
million on net sales of INR347 million for 2010-11.


STAR AQUA: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit bank facility of Star Aqua International Pvt. Ltd. (part
of the Star group).

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

The rating reflects the extensive experience of Star group's
promoters in the seafood industry and its healthy operating
efficiencies aided by its fully integrated nature of operations
for processing of seafood. These rating strengths are partially
offset by the below-average financial profile marked by high
gearing and weak debt protection metrics and its working-capital-
intensive operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SAIPL with its group entities Star
Agro Marine Exports Pvt. Ltd. and Star Organic Foods Inc,
collectively referred to as the Star group. This is because all
the three group entities have a common management and have
significant operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the star group will continue to benefit over
the medium term from its promoter's extensive experience in the
seafood industry and healthy demand for Indian shrimps in the
global market. The outlook may be revised to 'Positive' if the
group's business risk profile improves considerably owing to
increased scale of operations, improved margins, and healthy
realizations. Conversely, the outlook may be revised to
'Negative' if the group undertakes a 'larger than expected' debt-
funded capital expenditure (capex) programme, or if the group's
revenues and operating profitability is adversely impacted on
account of volatility in forex rates leading to weakening in its
financial risk profile.

                       About the Group

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
consists of Star Agro Marine Exports Pvt. Ltd., Star Aqua
International Pvt. Ltd. and Star Organic Foods Inc. The group
carries out end-to-end activities involved in export of Vannamei
variety of shrimps from India.

Star Group, on a consolidated basis, is estimated to report a
profit after tax (PAT) of INR12.1 million on net sales of
INR925 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a PAT of INR6.4 million on net sales of
INR1.19 billion for 2010-11.


THANDIRAM TEXTILES: CRISIL Rates INR125MM Cash Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Thandiram Textiles Pvt Ltd.

                        Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            125        CRISIL B/Stable
   Letter of Credit       125        CRISIL A4

The ratings reflect TTPL's modest scale of operations and limited
pricing flexibility in an industry vulnerable to commodity price
fluctuations and adverse regulatory changes. These rating
weaknesses are, however, partially offset by TTPL's promoters'
extensive experience in the yarn trading industry, established
customer base, and tie-ups with suppliers.

Outlook: Stable

CRISIL believes that the TTPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its established relationships with suppliers and
customers. The outlook may be revised to 'Positive' if TTPL
increases its scale of operations while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in the
company's revenues or profitability or if its capital structure
deteriorates on account of large incremental working capital
requirements.

                      About Thandiram Textiles

TTPL, incorporated in 1995, is a Mumbai-based importer and
supplier of exclusive yarn and grey fabrics, catering to the
textile and apparel industries.

TTPL is promoted by Mr. Rajesh Jain and Mr. Praveen Jain.
Currently, the directors of TTPL are Mr. Rajesh Jain, his son,
Mr. Mohit Jain, and his wife, Mrs. Seema Jain. Day-to-day
operations are managed by the directors.

The main products offered by the company are polyester close
virgin fabric and recycled yarn (made from the fiber generated
from plastic pet bottles).


TULIP TELECOM: Fitch  Lowers National LongTerm Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Tulip Telecom Limited's
National Long-Term rating to 'Fitch BB+(ind)' from 'Fitch A-
(ind)'.  Fitch has also downgraded Tulip's INR1.25bn non-
convertible debentures to National Long-Term 'Fitch BB+(ind)'
from 'Fitch A-(ind)'.  All the ratings are on Rating Watch
Negative (RWN).

The downgrade reflects Tulip's inability to tie up adequate funds
for redeeming its USD97m outstanding foreign currency convertible
bonds (FCCBs), due on 26 August 2012 at a premium of 44.506%.
Total outflow for FCCB redemption will be USD145m.  The company
has so far arranged INR4bn (USD72m) through rupee debt and
internal accruals, and has received firm commitments of USD50m
towards the subscription of a fresh FCCB issuance.  The fresh
FCCB issue would be conditional upon the company depositing the
balance amount through a bank debt into an escrow account
initiated specifically for redeeming the existing FCCBs.

The company needs to immediately make arrangements for the
remaining amount.  Fitch will resolve the RWN once Tulip ties up
sufficient funding for redeeming FCCBs in a timely manner and
details of the funding arrangement and its impact on the credit
profile of the company are available.

Other ratings concerns include the significant increase in
Tulip's financial leverage (adjusted net debt/EBITDAR), subdued
revenue growth and an expected increase in competition in the
corporate data connectivity (CDC) industry.

Financial leverage in the 12 months ended March 2012 increased to
3.6x from 2.3x in FY11 because of a higher-than-expected increase
in gross debt to INR27.5bn from INR17.8bn due to large capex and
investments and higher working capital requirements.  Revenue
growth in Q4FY12 and Q5FY12 was subdued at 3.7% and 9.6%,
respectively, compared with the 19.3% growth during Q1FY12-
Q3FY12, while EBITDA margin were 25.6% and 26.8%, respectively,
compared with 28.7% during the same period.  The company has
changed its financial year ending to September, effective from
2012.  Therefore, FY12 will mean 18 months ended September 2012.
Revenue growth is likely to remain subdued over the short- to
medium-term in view of the weak economic environment and high
competitive pressures.

Fitch expects Tulip to face competition from existing telecom
operators and the roll-out of broadband wireless access services.
Telecom operators facing a maturing voice market would most
likely start focusing on the broadband market, including CDC.
Tulip also faces regulatory challenges in the form of a
possibility of imposition of license fees on its unlicensed
3.3Ghz spectrum and revenue sharing of its internet service
provider business.  The company may also need to raise more debt
to fund its capex plans.

The ratings, however, continue to draw support from Tulip's
extensive network coverage within India.  Its 9,000km fibre
network covers over 300 cities, and its wireless network provides
last-mile connectivity in over 2,000 locations.  The ratings also
reflect Tulip's leadership position in the multi-protocol label
switching virtual private network segment.  Fitch expects the
company's upcoming data centre facility to drive its revenue and
profit growth in the medium-term.

Established in 1992, Tulip is an end-to-end data connectivity
services provider.  Its business segments -- data connectivity
solutions, managed services and network integration -- provide
data services, IT infrastructure and network solutions to
enterprise clients and government entities.  In the 12 months
ended March 2012, Tulip generated revenue of INR27.1bn (FY11:
INR23.5bn) and earned a net profit of INR3.1bn (margin: 11.4%),
same as the FY11 profit of INR3.1bn (margin: 13.0%).


UMARPUR RICE: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Umarpur Rice Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan            23.40      CRISIL D (Assigned)
   Term Loan             7.70      CRISIL D (Assigned)
   Term Loan             6.90      CRISIL D (Assigned)
   Bank Guarantee        2.00      CRISIL D (Assigned)
   Cash Credit          90.00      CRISIL D (Assigned)

The ratings reflect the instances of delay by URMPL in servicing
its term loans; the delays have been caused by the cash flow mis-
match in the company.

URMPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and modest scale of
operations in the intensely competitive rice milling industry.
The company, however, benefits from its promoters' extensive
industry experience.

URMPL, incorporated in 2006, manufactures par-boiled rice. The
Kolkata (West Bengal)-based company was taken over by the present
promoters in October 2011. The day-to-day activities of the
company are being managed by Mr. Abhijit Halder.

URMPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR400 million for 2011-12 (refers to financial year,
April 1 to March 31), against a net loss of INR24.1 million on
net sales of INR55.9 million for 2010-11.


VKS PROJECTS: CRISIL Rates INR91.2MM Loan at 'CRISIL BB'
--------------------------------------------------------
CRISIL's rating on the bank facility of VKS Projects Ltd
continues to reflect VKS's healthy financial risk profile, marked
by its moderate net worth, comfortable gearing post its initial
public offer (IPO), and healthy debt protection metrics, and its
established track record in the engineering, procurement, and
construction (EPC) business.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            91.2      CRISIL BB/Stable

These rating strengths are partially offset by VKS's limited
revenue visibility, working-capital-intensive operations, and
susceptibility to risks related to its tender-driven EPC
business.

Outlook: Stable

CRISIL believes that VKS will maintain its healthy financial risk
profile over the medium term, backed by its comfortable capital
structure. The outlook may be revised to 'Positive' if VKS
sustains its current scale of operations without any impact on
its capital structure. Conversely, the outlook may be revised to
'Negative' if the company's working capital cycle deteriorates or
it contracts more-than-expected debt to fund its capital
expenditure, leading to weakening in its financial risk profile.

                         About VKS Projects

VKS Projects was set up in 1998 as VKS Projects Pvt Ltd
(erstwhile, Chaitaniya Contractors and Engineers Pvt Ltd) and was
reconstituted as a public limited company in November 2010. VKS
recently concluded its INR550 million IPO and is listed on the
Bombay Stock Exchange and the National Stock Exchange. The
company undertakes various construction activities and projects
as an EPC contractor, getting direct or sub-contract projects for
design, construction, fabrication, and erection of various parts
of industrial and other allied work for infrastructure projects
including civil construction and earth-work.

For 2010-11 (refers to financial year, April 1 to March 31), the
company reported a PAT of INR31.6 million on net sales of
INR596.8 million, against a PAT of 20.0 million on net sales of
INR302.3 million for 2009-10.


VSB EDUCATIONAL: CRISIL Puts 'BB+' Rating on INR311MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of VSB Educational Trust.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Proposed Long-Term         37.5      CRISIL BB+/Stable
   Bank Loan Facility

   Cash Credit                10        CRISIL BB+/Stable

   Long-Term Loan            272.5      CRISIL BB+/Stable

The rating reflects VSB's long track record in the education
sector, its above-average financial risk profile marked by a
healthy gearing and comfortable debt protection metrics. These
rating strengths are partially offset by VSB's small scale of
operations, revenue concentration risks, and susceptibility of
the trust's operations to adverse regulatory changes.

Outlook: Stable

CRISIL believes that VSB will continue to benefit over the medium
term from its efficient cash flow management and its established
track record in the education sector. The outlook may be revised
to 'Positive' if the trust increases its scale of operations
substantially, most likely by increasing the number of courses it
offers, or by diversifying its geographical reach without
significantly impacting its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if VSB undertakes any
larger-than-expected debt-funded capital expenditure programme
resulting in deterioration in financial risk profile or faces any
adverse regulatory changes, or in case of deterioration in its
cash flow management impacting its liquidity.

VSB, set up in 2000, operates two engineering colleges in Tamil
Nadu. The day to day operations of the trust are managed by Mr.
V.S. Balaswamy (trustee) and his son, Mr. B Vijay.

VSB reported a surplus of INR23 million on an income of INR142
million for 2010-11 (refers to financial year, April 1 to
March 31), against a surplus of INR20 million on an income of
INR126 million for 2009-10.



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


* INDONESIA: Moody's Says Coal Producers Need to Control Costs
--------------------------------------------------------------
Moody's Investors Service says that Indonesian mining companies
need to keep their costs under control in order to retain their
status as the world's lowest-cost thermal coal producers.

"In the prevailing environment, we expect production costs to
rise 5%-15% in 2012, and this trend will further pressure
operating margins," says Simon Wong, a Moody's Vice President and
Senior Analysts. "Operating margins are already sensitive to
price declines resulting from elevated production cost levels and
greater exposure to index-linked coal contracts and spot sales."

Wong was speaking on the release of a Moody's report, "Indonesian
Coal Miners' Resilience Tested If Prices Remain Low." The report
follows Moody's negative rating actions on August 17 on three
Indonesian coal producers.

"Looking ahead, coal producers need to preserve their capital and
liquidity by rationalizing their capex plans as coal prices are
not expected to recover to their recent peak of USD130 per ton in
early 2011 any time soon" says Mr. Wong.

"Moody's expects the Newcastle thermal coal price, the benchmark
seaborne coal price in Asia, to average around $90-$95 per ton in
2012 and that there won't be a meaningful rebound in 2013 unless
the demand and supply balance improves," adds Mr. Wong.

The report also says that Moody's expects coal import by China to
slow substantially in the second half of this year. Half of
China's thermal coal imports come from Indonesia, and Moody's-
rated issuers have varying degrees of exposure to China.

The report further notes that the increased debt burden of the
rated Indonesian coal producers is a negative rating driver while
coal prices remain weak. Their outstanding debt rose 28% in 2009-
11 because of debt-funded capacity expansions, acquisitions and
enhancements to their vertical integration.

The report can be found at http://is.gd/oo7x6D



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


ELPIDA MEMORY: President to Step After Micron Deal Completed
------------------------------------------------------------
Japan Times Online reports that Elpida Memory Inc. President
Yukio Sakamoto plans to resign when the failed chipmaker becomes
a wholly owned unit of U.S. peer Micron Technology Inc. next
spring for business rehabilitation, sources said Wednesday.

According to the report, sources said Micron Technology is now
discussing whether Sakamoto's successor should be chosen from
within the U.S. company or from Elpida.

Elpida successfully expanded its market share after Sakamoto, 64,
took the helm in November 2002, but its business deteriorated due
to the global economic downturn in September 2008. Elpida filed
for bankruptcy protection last February.

When a so-called debtor-in-possession method was adopted for
Elpida's rehabilitation, Mr. Sakamoto was allowed to stay on and
to also serve as a bankruptcy trustee to help it work out a
turnaround program, according to Japan Times Online.

The rehabilitation program, featuring financial assistance
totaling JPY200 billion from Micron Technology, was submitted to
the Tokyo District Court on Tuesday.

Meanwhile, Japan Times Online relates, Elpida's creditors have
demanded that management's responsibility for the bankruptcy be
clarified.

                         About Elpida Memory

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

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

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


SANKO STEAMSHIP: Resumes Buying Bunker From World Fuel
------------------------------------------------------
Platts reports that Sanko Steamship, or Sanko Line, which has
filed for bankruptcy, said it will resume buying bunker fuel from
World Fuel Services following an agreement that the supplier will
not arrest any Sanko Line vessels.

It was not stated when the agreement was signed, or for how long
the bunker fuel supplier had suspended selling fuel to Sanko
Line, Platts relates.

According to the report, the shipping company source said World
Fuel had arrested a vessel operated by Sanko Line after the
shipping company filed for bankruptcy on July 2 as it was
concerned the bankrupt shipping company would not be able to pay
for its fuel purchases.

Under the new agreement signed with World Fuel, it has also been
mandated that the bunker supplier shall not arrest any Sanko
vessels, Platts' source said.  "One of the major terms of this
agreement [with World Fuel], is that World Fuel Services
undertakes not to arrest any vessel operated by Sanko and to
resume supplying fuel to Sanko," the statement said.

"Accordingly, Sanko will be able to provide more ensured and
stable shipping operation services because the economical and
stable procurement of fuels will be ensured by the agreement with
WFS."

Sanko Line had filed a petition for starting reorganization
proceedings under the Japan's Corporate Reorganization Act with
the Tokyo District Court on July 2.  The Tokyo District Court
then issued an order to begin corporate reorganization
proceedings on July 23, Sanko Line said in a statement.

                      About Sanko Steamship

The Sanko Steamship Co. Ltd., which owns or operates 156 vessels,
on July 2, 2012, commenced bankruptcy reorganization proceedings
under the Corporate Reorganization Act of Japan before the Tokyo
District Court, Civil Department No. 8.  Hisashi Asafuji, in his
capacity as the representative director and foreign
representative of Sanko in the Japanese Proceeding, filed
parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 12-12815) in Manhattan on the same day.
Chiyoda-ku, Tokyo-based Sanko said assets on March 31, 2012, were
about $1 billion while debt totaled $947 million, mostly
unsecured.  The debt total doesn't include liabilities on
chartered vessels.

U.S. Bankruptcy Judge James M. Peck presides over the Chapter 15
case.  Daniel J. Guyder, Esq., at Allen & Overy LLP, represents
the foreign representative.



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


GFNZ GROUP: S&P Cuts Issuer Credit Rating to 'CC'; Outlook Neg
--------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term issuer
credit ratings on New Zealand finance company GFNZ Group Ltd. and
GFNZ's wholly owned insurance subsidiary, Quest Insurance Group
Ltd., to 'CC' from 'CCC-'. The ratings are removed from
CreditWatch with negative implications, where they were placed on
June 4, 2012. The outlook is negative.

"The rating action reflects our heightened concerns that GFNZ
could default in the next few months if it is unsuccessful in
securing new additional external funding, with the possibility of
default extending through the period to March 2013 if the receipt
of proceeds from planned funding initiatives is delayed," S&P
said.

"GFNZ announced on Aug. 14, 2012, that the four-for-one rights
issue--generating NZ$1.4 million in net proceeds--has been
deferred to at least October 2012, which adds to heightened
sensitivity around the finance company's ability to meet its debt
obligations in September 2012. Also deferred are other funding
initiatives that include the issuance of new debentures (GFNZ had
no debenture prospectus on issue since June 2011)," S&P said.

"Although debenture funding secured in early months was only
anticipated to be small amounts, delay on this more sustainable
source of funding further hampers our view of GFNZ's ability to
accumulate sufficient funds to meet future repayment needs and
support its business prospects," said Standard & Poor's credit
analyst Harry Hu.

"The negative outlook reflects GFNZ's ongoing funding and
liquidity challenges in meeting scheduled debt repayments,
including enduring delays and deferral of new funding sources
that increases the risk of default over the next six months," S&P
said.

"We believe that GFNZ would default on its credit if it failed to
secure new external funding as planned through August and
September 2012. Although there is some prospect that GFNZ will
secure additional funding to support its September 2012 repayment
obligations, this success would not itself support any upward
revision of the finance company's rating from the 'CC' level,"
said Mr. Hu.

"This view reflects our concern about GFNZ's ability to meet
substantial scheduled debenture repayments and bank-facility
reductions through to March 2013. Longer term, the GNFZ rating
could move upward if the company were successful in securing
sufficient funding to supports its ability to meet debt
obligations for a 12-month period."


MACLEAN COMPUTING: No Proof of Fraud in Asset Sale, SFO Says
------------------------------------------------------------
Computerworld reports that a preliminary investigation by the
Serious Fraud Office (SFO) has found there is no proof that fraud
occurred in the sale of the assets of liquidated company Maclean
Computing to Maclean Technology.

Since Computerworld reported on the Maclean Computing asset sale
last month, some have questioned the legality of such a move,
especially since it emerged that Maclean's unsecured creditors,
who are collectively owed NZ$953,000, are likely to remain
unpaid.

Computerworld has been told by the SFO that an "evaluation" of
the Maclean Computing liquidation was undertaken following a
complaint made last month.

Computerworld says that according to the SFO website, preliminary
work is conducted on all complaints to determine whether to
recommend it for further action -- which could result in a full
investigation.  In this case, the SFO said it found "no evidence
of serious or complex fraud" and no further action will be taken,
Computerworld reports.

"It did not meet the criteria for an SFO investigation," the
report quotes a spokesperson for the SFO as saying.

Maclean Computing was an Auckland-based IT company.  It had 50
staff and over 200 business customers.  The company went into
liquidation on July 13, 2012, with Waterstone Insolvency
appointed as liquidators.


SOHO SQUARE: Developer Declared Bankrupt
----------------------------------------
APNZ reports that Auckland developer Layne Kells, whose failed
businesses owe more than NZ$100 million, has been declared
bankrupt -- and the only asset owned by one of his liquidated
companies is a small coffee machine.

Mr. Kells, who was declared bankrupt last week, owes millions of
dollars because of his failed projects, including the NZ$250
million Soho Square development in Ponsonby, APNZ discloses.

The news agency relates that the majority of the money is owed by
different liquidated businesses, although the debt includes a
personal guarantee by Mr. Kells of AUD23 million to Fortress
Credit Corporation.

Fortress has been repaid NZ$16.6 million since the sale of the
doomed Ponsonby site but is still owed NZ$6.4 million, APNZ says.

According to APNZ, Mr. Kells' bankruptcy comes almost three years
after the failure of his ambitious Soho Square project, which
left a giant hole on the 1.3 hectare Ponsonby site he had hoped
to fill with dozens of retail shops, apartments and offices.

The Auckland businessman also has other liquidated companies that
owe most of their money to banks, the report notes.

APNZ says the Kells-owned Marlin Property Consultants was placed
into liquidation on March 16 with more than NZ$120,000 owed to
Inland Revenue.

APNZ relates that the liquidator's report on the business said
the company's sole asset was a small coffee machine -- a NZ$3,500
Jura S9 bought from Cafe Express in 2008.

Liquidator Simon Dalton said Mr. Kells' Gulf Harbour Marlin
company owed NZ$44 million to creditors, APNZ relates.

Land and properties, estimated to be valued about NZ$4 million,
are being sold to fund repayments to creditors, the news agency
adds.

The Soho Square development was put on the market last year after
developer Layne Kells's Soho-associated companies were put into
receivership in 2009, owing NZ$25 million to hedge fund Fortress
and about NZ$70 million to Strategic Finance, BusinessDay.co.nz
disclosed.



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


TRIO ENERGY: Court to Hear Wind-Up Petition on Sept. 7
------------------------------------------------------
A petition to wind up the operations of Trio Energy Resources Pte
Ltd will be heard before the High Court of Singapore on Sept. 7,
2012, at 10:00 a.m.

Chemoil International Pte Ltd filed the petition against the
company on Aug. 10, 2012.

The Petitioner's solicitors are:

          M/S Oon & Bazul
          36 Robinson Road
          #08-01/06 City House
          Singapore 068877


VANGUARD INVESTIGATION: Court to Hear Wind-Up Petition on Aug. 31
-----------------------------------------------------------------
A petition to wind up the operations of Vanguard Investigation
and Security Services Pte Ltd will be heard before the High Court
of Singapore on Aug. 31, 2012, at 10:00 a.m.

Superworld Electronics(S) Pte Ltd filed the petition against the
company on Aug. 8, 2012.

The Petitioner's solicitor is:

          Coleman Street Chambers LLC
          1 Coleman Street
          #07-10, The Adelphi
          Singapore 179803


YENURA PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Aug. 10, 2012, to
wind up the operations of Yenura Pte Ltd.

Koh & Choo Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

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



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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

NEW ZELAND

NZF GROUP LTD            NZF             142.71        -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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