TCRAP_Public/120827.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

           Monday, August 27, 2012, Vol. 15, No. 170

                            Headlines


A U S T R A L I A

AUSTRALIAN-CANADIAN OIL: Has $45,400 Net Loss in Second Quarter
AUSTRALIAN MUSIC: Receivers Mull Likely Sale of Assets
EDUCATION WORKS: Believed to be Insolvent Before Collapse
HILLSIDE MEATS: Livestock Shipping Buys Firm Out of Receivership


C H I N A

CHINA DU KANG: Files Complete Periodic Report for Second Quarter
CHINA FRUITS: Had Net Loss of $168,200 in Second Quarter
CHINA GREEN: Incurs $498,000 Net Loss in Second Quarter
CHINA HYDROELECTRIC: Reports $7.7-Mil. Net Income in 2nd Quarter
CHINA TEL GROUP: Incurs $3.6 Million Net Loss in Second Quarter

DECOR PRODUCTS: Reports $954,800 Net Income in Second Quarter
KAISA GROUP: Moody's Says Weak Results Won't Affect Low-B Ratings


H O N G  K O N G

EXCEL MASTER: Court to Hear Wind-Up Petition on Oct. 3
HIGH SPEED: Court to Hear Wind-Up Petition on Sept. 19
LEXUS INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3
LINK WISE: First Meetings Slated for Sept. 14
LONGMAY INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3

MARSHEL EXPORTS: Court to Hear Wind-Up Petition on Oct. 10
P & S DESIGN: Court to Hear Wind-Up Petition on Sept. 26
SHING KEE: Court to Hear Wind-Up Petition on Sept. 26
SUPER SPEED: Court to Hear Wind-Up Petition on Oct. 10
TAI YUEN: Court to Hear Wind-Up Petition on Oct. 17


I N D I A

ASHIT SHIPPING: ICRA Assigns 'BB+' Rating to INR14.64cr Loans
BAY FORGE: Fitch Downgrades National Long-Term Rating to 'B+'
GOOD LUCK: ICRA Rates INR30cr Fund Based Limits at '[ICRA]B'
KATHA MEDIATIX: Delays in Loan Payment Cues Junk Ratings
KEDAR METALS: ICRA Rates INR5cr Loan at '[ICRA]BB-'

LOGIX INFRATECH: ICRA Cuts Rating on INR156cr Loan to '[ICRA]BB'
MOUNTAIN STEELS: ICRA Rates INR8cr Fund-Based Loan at '[ICRA]B-'
NEELAM LINENS: ICRA Assigns '[ICRA] BB' Rating on INR24cr Loans
NIZAMABAD AGRO: ICRA Assigns '[ICRA] B' Rating to INR6.5cr Loan
QUALITY CONSTRUCTION: ICRA Rates INR5cr Loan at '[ICRA]BB-'

RAJURI STEELS: ICRA Assigns '[ICRA]BB-' Rating to INR33.5cr Loans
SEPAL TILES: ICRA Assigns '[ICRA]B' Rating  to INR10.05cr Loans
SRI GURU: ICRA Assigns '[ICRA]B' Rating to INR5.63cr Loans
TECHTRANS CONSTRUCTION: ICRA Put Junk Ratings on INR42.84cr Loans
V. THANGAVEL: Delays in Loan Payment Cues ICRA Junk Ratings

YKM ENTERTAINMENT: Fitch Assigns 'B(ind)' National LT Rating


J A P A N

HUMMINGBIRD SECURITISATION: S&P Keeps 'CCC' Series 2 Loan Rating


N E W  Z E A L A N D

NELSON BUILDING: Fitch Affirms Low-B IDRs; Outlook Stable
WAIRARAPA BUILDING: Fitch Affirms 'BB+' IDR; Outlook Stable


S I N G A P O R E

AVILA TANKERS: Creditors' Meeting Set for Aug. 31
BTB MANAGEMENT: Creditors Get 3.84236% Recovery on Claims
DARWIN INTERIOR: Creditors' Proofs of Debt Due Sept. 24
FM CONTRACTING: Creditors Get 89.896% Recovery on Claims
GALAXY SHIPPING: Creditors' Proofs of Debt Due Sept. 22


X X X X X X X X

* S&P 2012 Corporate Default Tally of 53 Matches Last Year's


                            - - - - -


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


AUSTRALIAN-CANADIAN OIL: Has $45,400 Net Loss in Second Quarter
---------------------------------------------------------------
In a regulatory 6-K filing dated Aug. 20, 2012, Australian-
Canadian Oil Royalties Ltd. filed with the U.S. Securities and
Exchange Commission its corporate information and financial
statements for the three and six months ended June 30, 2012, with
comparative statements for three and six months ended June 30,
2011.

The Company reported a net loss of US$45,438 on US$21,696 of
oil and gas revenues for the three months ended June 30, 2012,
compared with a net loss of US$118,648 on US$14,171 of oil and gas
revenues for the same period last year.

For the six months ended June 30, 2012, the Company reported a net
loss of US$115,316 on US$41,477 of oil and gas revenues, compared
with a net loss of US$ 159,619 on US$47,271 of oil and gas
revenues for the same period of 2011.

The Company's balance sheet at June 30, 2012, showed
US$10.7 million in total assets, US$3.5 million in total current
liabilities, and stockholders' equity of US$7.2 million.

"As of June 30, 2012, the Company has limited disposable cash and
its revenues are not sufficient to, and cannot be projected to,
cover operating expenses and expansion by the Company.  These
factors raise substantial doubt as to the ability of the Company
to continue as a going concern.  Management's plans include
attempting to raise funds from the public through a stock
offering, and attempting to acquire additional producing interests
in exchange for stock.  Management intends to make every effort to
identify and develop sources of funds.  There is no assurance that
Management will be successful. The Company could continue to
operate at subsistence levels pending development of funding
sources."

A copy of the corporate information and financial statements for
the three and six months ended June 30, 2012, is available for
free at http://is.gd/pfnu7T

                     About Australian-Canadian

Cisco, Texas-based Australian-Canadian Oil Royalties Ltd. was
incorporated in British Columbia, Canada, in April of 1997.  The
Company's strategy is three fold: (1) to seek overriding royalty
interests in oil and gas concessions within sedimentary basins in
Australia, (2) to explore and develop the oil and gas concessions
in Queensland, Australia in which it holds a working interest and
(3) to seek other Working Interests in oil and gas concessions
within sedimentary basins of Australia to promote oil and gas
exploration through seismic programs and drilling operations.

                           *     *     *

As reported in the TCR on April 16, 2012, KWCO, P.C., in Odessa,
Texas, expressed substantial doubt about Australian-Canadian Oil
Royalties' 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 suffered recurring
losses from operations and has limited capital resources.


AUSTRALIAN MUSIC: Receivers Mull Likely Sale of Assets
------------------------------------------------------
Australian Music Group Holdings Pty Ltd, trading as Allans + Billy
Hyde, was placed into receivership on August 23, 2012, following
the appointment of voluntary administrators.

Ferrier Hodgson partners James Stewart -- james.stewart@fh.com.au
-- and Brendan Richards -- Brendan.Richards@fh.com.au -- were
appointed receivers and managers over AMG and a number of
associated entities.  The appointment was made by the secured
creditor (Revere Capital Pty Ltd) and extends to AMG's wholesale
distribution importing business, trading as MusicLink and
Intermusic, which commenced in 1973 and supplies over 300
independent music retailers. It does not however include Stage
Systems, a backline hire company servicing the festivals and live
concerts market.

Mr. Stewart said the Group's decline in performance was impacted
by the decrease in consumer discretionary spending currently being
felt by many Australian retailers.  He said it would be business
as usual while the receivers look at the restructuring and
realization opportunities of the Group.

"Allans and Billy Hyde are two of the best known brands associated
with live music in this country holding in excess of 25% market
share in retail sales," Mr. Stewart said.  "We are immediately
calling for expressions of interest for a sale of the business as
a going concern."

Mr. Stewart said that employees will continue to be paid by the
Receivers and that it is expected that employee entitlements will
be covered under the Federal Government's General Employee
Entitlements and Redundancy Scheme (GEERS) if the business cannot
be sold as a going concern.

He also stated that due to the financial circumstance of the
Group, unfortunately, outstanding gift vouchers cannot be honored
and deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.

Existing lay-bys however will be met in accordance with their
terms and conditions.

                       About Allans + Billy Hyde

Allans + Billy Hyde -- http://www.allansbillyhyde.com.au/--
operates 25 stores across Australia plus four franchise stores.
There are 500 employees. The outlets specialize in the sale of
musical instruments, live music accessories and sheet music.

Allans Music began in the 1850s when Mr. Joseph Wilkie and Mr.
George Allan opened a music warehouse in Melbourne's Collins
Street.

Mr. Billy Hyde was a drum manufacturer who perfected of drum kits
in the 1950s and 1960s, opening his first store in Flemington in
1962.

Allans + Billy Hyde merged in July 2010.


EDUCATION WORKS: Believed to be Insolvent Before Collapse
---------------------------------------------------------
Sean Smith at The West Australian reports that administrators
believe Education Works Pty Ltd, trading under the names
Wooldridges, Elizabeth Richards, Jacaranda Educational Supplies,
World of Education and Fotoworks, was insolvent at least two
months before its collapse.  The administrators have recommended
the WA schools supplier to be wound up.

The West Australian relates that Grant Thornton's second creditors
report also confirmed there was little likelihood of the
administrators realising enough from the company's remnants to
cover the AUD1.7 million owed to its retrenched employees.

Once Wooldridges was in liquidation, the nearly 100 former staff
would be able to claim for payment of most of their entitlements
from the government-funded General Employee Entitlements and
Redundancy Scheme (GEERS), according to the report.

Also, liquidators would have the power to pursue a potential
insolvency trading action against Wooldridges' single director at
the time of its failure on July 25, The West Australian notes.

According to the report, Grant Thornton said it believed the
company was insolvent from at least May but it had been under
stress for much longer.

The West Australian notes that the company's losses blew out from
AUD362,000 in 2009-10 to AUD7.45 million for the 11 months to
May 31 when its net asset deficiency was nearly AUD27 million.

But administrators noted Wooldridges may have held out hope of
returning to solvency because it was talking to banks about
securing fresh funds.  Those hopes finally evaporated on July 25
when Macquarie Bank withdrew agreement to provide a AUD7 million
lifeline, the report relays.

Grant Thornton said it had more than 20 expressions of interest in
all or part of the Wooldridges business and remained in
negotiations, the report adds.

                       About Education Works

Education Works Pty Ltd, trading under the names Wooldridges,
Elizabeth Richards, Jacaranda Educational Supplies, World of
Education and Fotoworks, entered administration in July this year.
Andrew Sallway, Said Jahani, and Matthew Donnelly of Grant
Thornton have been appointed as administrators.

Education Works serves the primary and secondary school
market mainly in Western Australia, but also has a presence on
the east coast, providing textbooks, stationery and general
classroom needs.  Other companies in the group under
administration are:

   * Education Works Australia Pty Ltd
   * Wooldridges NSW Pty Ltd
   * Elizabeth Richards Pty Ltd
   * Wooldridges Australia Pty Ltd
   * Wooldridges Victoria Pty Ltd
   * World of Education Pty Ltd
   * Jacaranda Educational Supplies Pty Ltd

Wooldridges owes an estimated AUD55 million to more than 800
creditors, including schools, The West Australian discloses.


HILLSIDE MEATS: Livestock Shipping Buys Firm Out of Receivership
----------------------------------------------------------------
Owen Grieve at ABC News reports that a Western Australian
abattoir, Hillside Meats in Narrogin, could be operating again
within a few weeks.

ABC News relates that the business has been closed down for over
12 months with up to 80 staff having been stood down.

However, a Jordanian company, Livestock Shipping Services, which
has businesses within Australia, has purchased Hillside out of
receivership, the report relays.

ABC News says the new owners plan to start killing sheep and goats
to ship to the Middle East within a few weeks.

According to the report, former owner and operator Peter Trefort
said the new arrangements will be the best outcome for both his
family and the Narrogin and surrounding communities.

Farm Weekly disclosed that the processor went into voluntary
administration on November 13 last year and had appointed Derrick
Vickers and Kate Warwick, PricewaterhouseCoopers Australia (PwC),
as joint administrators for the company.



=========
C H I N A
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CHINA DU KANG: Files Complete Periodic Report for Second Quarter
----------------------------------------------------------------
China Du Kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission an amended Form 10-Q for the period ended
June 30, 2012.  The purpose of the amendment is to provide a
complete Form 10-Q with all required items in Parts I and II and,
pursuant to Rule 12b-15 under the Securities Exchange Act of 1934,
the certifications of its Chief Executive Office and Chief
Financial Officer.

An incomplete Form 10-Q containing only draft of the Company's
financial statements and notes was inadvertently filed by its
EDGAR agent on Aug. 14, 2012, instead of an NT 10-Q that was to be
submitted.

In its amended Form 10-Q, the Company reported net income of
$79,262 on $934,890 of total revenues for the three months ended
June 30, 2012, compared with a net loss of $260,112 on $501,577 of
total revenues for the same period during the prior year.

The Company reported net income $444,648 on $1.76 million of total
revenue for the six months ended June 30, 2012, compared with a
net loss of $460,540 on $1.21 million of total revenues for the
same perid a year ago.

The Company's balance sheet at June 30, 2012, showed $17.44
million in total assets, $7.45 million in total liabilities and
$9.98 million in total shareholders' equity.

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

                       http://is.gd/VnEZRw

                      About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged in
the business of production and distribution of distilled spirit
with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.

After auditing the 2011 financial statements, Keith K. Zhen, CPA,
in Brooklyn, New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the company incurred an operating loss for
each of the years in the two-year period ended  Dec. 31, 2011, and
as of Dec. 31, 2011, had an accumulated deficit.


CHINA FRUITS: Had Net Loss of $168,200 in Second Quarter
--------------------------------------------------------
China Fruits Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $168,198 on $598,827 of sales for the
three months ended June 30, 2012, compared with net income of
$1,427 on $492,718 of sales for the same period last year.
Government & other grant

For the six months ended June 30, 2012, the Company reported a net
loss of $248,647 on $1.6 million of sales, compared with a net
loss of $228,775 on $1.2 million of sales for the same period of
2011.

The increase in net loss by $169,625 during the three months ended
June 30, 2012, compared to the same period in 2011 was due to the
decrease in other income.  "As one of the showcases for modern
agriculture, we were awarded in total amount of $635,000 by the
government to set up cold chain logistics system for agricultural
products.  We recognize revenues according to the construction
process.  Accordingly, we had other income of $41,248 during the
second quarter of 2012, compared to other income of 207,630 during
the same period in 2011."

The increase in net loss by $19,872 during the six months ended
June 30, 2012, compared to the same period in 2011 was due
primarily to the increase in gross profits fully offset by the
increase in operating expenses, which was the results of increase
in selling expenses, such as advertising, shipping and handling,
and exhibition expenses.

The Company's balance sheet at June 30, 2012, showed $6.0 million
in total assets, $3.9 million in total liabilities, and
stockholders' equity of $2.1 million.

As of June 30, 2012, the Company had an accumulated deficit of
$2.2 million.

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

                       http://is.gd/WAAMQB

Located in Nan Feng County, Jiang Xi Province, China, China Fruits
Corp. is principally engaged in manufacturing, trading and
distributing fresh tangerine and other fresh fruits in the PRC.

                          *     *     *

As reported in the TCR on April 5, 2012, Lake & Associates CPA's
LLC, in Schaumburg, Ill., expressed substantial doubt about China
Fruits' ability to continue as a going concern, following the
Company's results for the year ended Dec. 31, 2011.  The
independent auditors noted that the Company has suffered
accumulated deficit and negative cash flow from operations.


CHINA GREEN: Incurs $498,000 Net Loss in Second Quarter
-------------------------------------------------------
China Green Creative, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $497,547 on $1.71 million of revenue for the three
months ended June 30, 2012, compared with a net loss of $43,135 on
$406,918 of revenue for the same period a year ago.

The Company reported net income of $546,944 on $2.39 million of
revenue for the six months ended June 30, 2012, compared with net
income of $69,262 on $1.12 million of revenue for the same peiod
during the prior year.

The Company's balance sheet at June 30, 2012, showed $5.43 million
in total assets, $7.43 million in total liabilities and a $2
million total stockholders' deficit.

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

                        http://is.gd/fCtek5

                         About China Green

China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.

After auditing the 2011 results, Madsen & Associates CPA's, Inc.,
in Salt Lake City, Utah, expressed substantial doubt about China
Green Creative's ability to continue as a going concern.  The
independent auditor noted that the Company does not have the
necessary working capital to service its debt and for its planned
activity.

The Company reported a net loss of $344,901 on $1.93 million of
revenues for 2011, compared with a net loss of $3.35 million on
$2.78 million of revenues for 2010.


CHINA HYDROELECTRIC: Reports $7.7-Mil. Net Income in 2nd Quarter
----------------------------------------------------------------
China Hydroelectric Corporation announced Thursday its financial
results for the three and six months ended June 30, 2012.

"Management is very pleased with the Company's record consolidated
net revenue, gross profit, operating income and EBITDA for the
second quarter of 2012, as well on a year to date basis, with all
of our power projects fully functioning in accordance with design.
Our operating results were boosted by the above average
precipitation experienced in Fujian and Zhejiang provinces, which
amounted to 131% and 114% of average precipitation, respectively.
We also received higher tariffs for some of our power projects in
the second quarter.  These results are in sharp contrast to those
for the three and six months of 2011 when precipitation levels in
all four provinces where we have power projects were materially
below historical average levels," stated Mr. John D. Kuhns,
Chairman and Chief Executive Officer.

Net income attributable to China Hydroelectric Corporation
shareholders and ordinary shareholders was $7.7 million in the
second quarter of 2012 compared to net loss of $1.4 million in the
same period in 2011 principally due to more favorable hydrological
factors.

Revenues, net of value added taxes, from continuing operations for
the three months ended June 30, 2012, were $33.9 million, an
increase of 72%, or $14.2 million, from $19.7 million for the
three months ended June 30, 2011.  This increase was due
principally to better than average hydrological conditions in
Zhejiang and Fujian provinces in the current quarter compared to
the prior year quarter and a higher effective tariff rate due to
the mix of revenue from the respective provinces.

Net income attributable to China Hydroelectric Corporation
shareholders and ordinary shareholders was $8.5 million in the six
months ended June 30, 2012 compared to net loss of $7.0 million in
the same period in 2011 principally due to a gain from the sale of
the Yuanping hydroelectric power project and more favorable
hydrological factors.

Revenues, net of value added taxes, from continuing operations for
the six months ended June 30, 2012, were $56.4 million, an
increase of 84%, or $25.7 million, from $30.7 million for the six
months ended June 30, 2011.  This increase was due principally to
better than average hydrological conditions in Zhejiang and Fujian
provinces in the current period compared to the prior year period
and a higher effective tariff rate due to the mix of revenue from
the respective provinces.

The Company's balance sheet at June 30, 2012, showed
$791.9 million in total assets, $390.6 million in total
liabilities, and shareholders' equity of $401.3 million.

"As of June 30, 2012, we had a working capital deficiency of
$127.5 million (compared to $138.7 million at Dec. 31, 2011).
Given the use of leverage to finance acquisitions and the
construction of power projects, the Company will normally be in a
working capital deficiency position.  We continue to seek to raise
funds through various means, including, among other things,
additional asset sales, borrowings from banks and other non-
financial institutions.  However, although management remains
hopeful that additional liquidity can be secured, our ability to
obtain additional funding necessary to meet our debt obligations,
whether through bank borrowings or otherwise, cannot be assured.
While the Company continues to focus on addressing its liquidity
issues, the Company's liquidity condition raises substantial doubt
about its ability to remain a going concern."

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

                       http://is.gd/Qhv6Ma

Beijing, China-based China Hydroelectric Corporation (NYSE: CHC,
CHCWS) is an owner and operator of small hydroelectric power
projects in the People's Republic of China.  Through its
geographically diverse portfolio of operating assets, the Company
generates and sells electric power to local power grids.  The
Company currently owns 26 operating hydropower stations in China
with total installed capacity of 547.8 MW, of which it acquired 22
operating stations and constructed four.  These hydroelectric
power projects are located in four provinces: Zhejiang, Fujian,
Yunnan and Sichuan.


CHINA TEL GROUP: Incurs $3.6 Million Net Loss in Second Quarter
---------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $3.60
million on $921,260 of revenue for the three months ended June 30,
2012, compared with a net loss of $2.40 million on $168,734 of
revenue for the same period during the previous year.

The Company reported a net loss of $5.47 million on $1.08 million
of revenue for the six months ended June 30, 2012, compared with a
net loss of $10.74 million on $373,105 of revenue for the same
period a year ago.

The Company's balance sheet at June 30, 2012, showed
$15.91 million in total assets, $20.01 million in total
liabilities and a $4.09 million total stockholders' deficiency.

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

                        http://is.gd/CGLeSf

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has incurred a net loss for the
year ended Dec. 31, 2011, cumulative losses of $254 million since
inception, a negative working capital of $16.4 million and a
stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.


DECOR PRODUCTS: Reports $954,800 Net Income in Second Quarter
-------------------------------------------------------------
Decor Products International, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income of US$954,826 on US$5.81 million of net
revenues for the three months ended June 30, 2012, compared with
net income of US$1.06 million on US$5.80 million of net revenues
for the same period a year ago.

The Company reported net income of US$1.35 million on US$9.63
million of net revenues for the six months ended June 30, 2012,
compared with net income of US$1.71 million on US$10.84 million of
net revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2012, showed US$45.83
million in total assets, US$10.73 million in total liabilities and
US$35.09 million in total stockholders' equity.

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

                        http://is.gd/dRjdzf

                       About Decor Products

Decor Products International, Inc., through its subsidiaries,
mainly engages in the manufacture and sale of furniture decorative
paper and related products in the People's Republic of China.  The
Company is headquartered in Chang'an Town, Dongguan, Guangdong
Province, between Shenzhen and Guangzhou in southern China.

After auditing the financial statements for the year ended
Dec. 31, 2011, HKCMCPA Company Limited, in Hong Kong, China, noted
that the Company has made default in repayment of convertible
notes and promissory notes that raise substantial doubt about its
ability to continue as a going concern.


KAISA GROUP: Moody's Says Weak Results Won't Affect Low-B Ratings
-----------------------------------------------------------------
Moody's Investors Service says that Kaisa Group Holdings Ltd's
weaker-than-expected financial results for 1H2012 will not impact
its B1 corporate family rating and B2 senior unsecured rating.

The ratings outlook remains negative.

"We expect Kaisa's revenue will significantly improve in 2H2012,
but its EBITDA margin will decline from the levels seen in
1H2012," says Franco Leung, a Moody's Assistant Vice President and
Analyst.

Kaisa reported a 38% year-on-year drop in revenue to RMB2.3
billion in 1H2012, while its gross profit margin rose to 48.2%
from 33.4%.

Moody's notes from the company that it plans to deliver around
RMB9 billion in properties in 2H2012.

At the same time, the company achieved contracted sales of RMB7.9
billion in the first seven months of 2012, equivalent to 48% of
its annual target of RMB16.5 billion. The 7-month figure is in
line with Moody's expectations.

"Moody's expects the company's sales and EBITDA will improve with
its implementation of a sales strategy that focuses on mass-market
products and increases development activities beyond Shenzhen,
Chengdu and Jiangyin. The sales contribution from these three
cities declined to 33% of the total in 1H2012 from 68% in 1H2011"
says Mr. Leung.

In such a situation, Kaisa's credit metrics -- interest coverage
of 2.5-3x and adjusted debt/capitalization at 50-55% -- will still
be weakly positioned within the B1 rating level.

Kaisa has been active in land acquisitions which increased its
land bank in 1H2012 to around 23.9 million square meters, adequate
for the company's development projects in the coming five years.

Moody's notes that the eight land parcels bought so far in 2012
have cost RMB2.7 billion. Kaisa has adequate liquidity from its
cash balance -- RMB3.9 billion as of June 2012 -- and operating
cash flow to cover the relevant land payments.

Kaisa raised USD120 million in an exchangeable 27-month loan in
May 2012. While it reduces the level of debt maturing in 12
months, more debt will need to be refinanced in 2 -- 3 years.

The principal methodology used in rating Kaisa was the Global
Homebuilding Industry Methodology, published March 2009.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. As of June 2012, the company was 62.4% owned by the
founder and his family members. As of June 2012, Kaisa had a land
bank of around 23.9 million square meters in gross floor area
located in the Pearl River and Yangtze River deltas, Bohai Rim,
and central and western China.



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


EXCEL MASTER: Court to Hear Wind-Up Petition on Oct. 3
------------------------------------------------------
A petition to wind up the operations of Excel Master Limited will
be heard before the High Court of Hong Kong on Oct. 3, 2012, at
9:30 a.m.

Cheung Lai Man filed the petition against the company on July 30,
2012.


HIGH SPEED: Court to Hear Wind-Up Petition on Sept. 19
------------------------------------------------------
A petition to wind up the operations of High Speed Metal & Plastic
Products Manufacturing Company Limited will be heard before the
High Court of Hong Kong on Sept. 19, 2012, at 9:30 a.m.

Cheung Wai Man filed the petition against the company on July 17,
2012.

The Petitioner's solicitors are:

          Alvan Liu & Partners
          Rooms 701-4, 7/F
          Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


LEXUS INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3
-------------------------------------------------------------
A petition to wind up the operations of Lexus International
Limited will be heard before the High Court of Hong Kong on
Oct. 3, 2012, at 9:30 a.m.

Lam Sui Wang filed the petition against the company on Aug. 1,
2012.


LINK WISE: First Meetings Slated for Sept. 14
---------------------------------------------
Creditors and contributories of Link Wise Furniture Company Ltd
will hold their first meetings on Sept. 14, 2012, at 3:00 p.m.,
and 3:30 p.m., respectively at Room 10, 16/F, Parklane Centre, 25
Kin Wing Street, Tuen Mun, N.T., in Hong Kong.

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


LONGMAY INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3
---------------------------------------------------------------
A petition to wind up the operations of Longmay International
Limited will be heard before the High Court of Hong Kong on
Oct. 3, 2012, at 9:30 a.m.

Mount Eastern Holdings (Hong Kong) Co. Limited filed the petition
against the company on Aug. 1, 2012.

The Petitioner's solicitors are:

          Reed Smith Richards Butler
          20th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


MARSHEL EXPORTS: Court to Hear Wind-Up Petition on Oct. 10
----------------------------------------------------------
A petition to wind up the operations of Marshel Exports Limited
will be heard before the High Court of Hong Kong on Oct. 10, 2012,
at 9:30 a.m.

Messrs. Damien Shea & Co. on behalf of the 1st Petitioner, Tai
Wealthy Electronics (HK) Limited filed the petition against the
company on Aug. 3, 2012.

The Petitioner's solicitors are:

          Damien Shea & Co
          23rd Floor, Oxford Commercial Building
          494 Nathan Road
          Kowloon, Hong Kong


P & S DESIGN: Court to Hear Wind-Up Petition on Sept. 26
--------------------------------------------------------
A petition to wind up the operations of P & S Design Consultants
Limited will be heard before the High Court of Hong Kong on
Sept. 26, 2012, at 9:30 a.m.

Tsin Wai Yip filed the petition against the company on July 17,
2012.

The Petitioner's solicitors are:

          Rita Law & Co.
          Units 707-08, 7/F
          Nan Fung Tower
          173 Des Voeux Road


SHING KEE: Court to Hear Wind-Up Petition on Sept. 26
-----------------------------------------------------
A petition to wind up the operations of Shing Kee Warehouse &
Distribution (HK) Co., Limited will be heard before the High Court
of Hong Kong on Sept. 26, 2012, at 9:30 a.m.

Leung Yuk Fong filed the petition against the company on July 16,
2012.

The Petitioner's solicitors are:

          Rita Law & Co.
          Units 707-08, 7/F
          Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


SUPER SPEED: Court to Hear Wind-Up Petition on Oct. 10
------------------------------------------------------
A petition to wind up the operations of Super Speed Limited will
be heard before the High Court of Hong Kong on Oct. 10, 2012, at
9:30 a.m.

Messrs. Damien Shea & Co. on behalf of the 1st Petitioner, Tai
Wealthy Electronics (HK) Limited filed the petition against the
company on Aug. 3, 2012.

The Petitioner's solicitors are:

          Damien Shea & Co
          23rd Floor, Oxford Commercial Building
          494 Nathan Road
          Kowloon, Hong Kong


TAI YUEN: Court to Hear Wind-Up Petition on Oct. 17
---------------------------------------------------
A petition to wind up the operations of Tai Yuen Riding Centre
Company Limited will be heard before the High Court of Hong Kong
on Oct. 17, 2012, at 9:30 a.m.

Lei Hio filed the petition against the company on Aug. 9, 2012.

The Petitioner's solicitors are:

          Gary Lau & Partners
          Unit 701, 7th Floor
          Golden Centre
          188 Des Voeux Road
          Central, Hong Kong



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I N D I A
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ASHIT SHIPPING: ICRA Assigns 'BB+' Rating to INR14.64cr Loans
-------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR7.79 crore
term loans and the INR6.85 crore overdraft facility of Ashit
Shipping Services Private Limited.  The outlook on the long term
rating is 'Stable'.

                       Amount
   Facilities         (INR Cr)   Ratings
   ----------         ---------  -------
   Term Loan            7.79     [ICRA]BB+ (Stable) assigned
   Overdraft Facility   6.85     [ICRA]BB+ (Stable) assigned

The assigned rating is constrained by ASSPL's modest scale of
operations and risks arising from its dependence on single
industry. The rating is further constrained by intense competition
which exerts pressure on margins. The rating also takes into
account vulnerability of profitability to rise in freight and
labour cost and adverse movements in foreign exchange rates.

The rating, however, favorably factors in the promoters'
significant experience and company's established track record in
material handling and logistic industry; it's long standing
relationship with clients and comfortable capital structure and
debt protection metrics.

Incorporated in 1988 by Mr. Ashit Parikh and Mr. Mayank Parikh,
Ashit Shipping Services Private Limited provide carrying and
forwarding and cargo handling services to importers in the Gujarat
region. ASSPL utilizes the Customs House Agent license held by a
group company, M/s A. Jashvantray & Co., in order to carry out its
operations. The company also has two windmills of capacity 600 KW
and 1250 KW installed in 2006-07 and 2009-10 respectively.

Recent Results

During FY 2012, the company reported net loss of INR0.63 crore on
an operating income of INR15.74 crore as against profit after tax
of INR1.73 crore on an operating income of INR17.09 crore during
FY 2011.


BAY FORGE: Fitch Downgrades National Long-Term Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded India-based Bay Forge Ltd's National
Long-Term Rating to 'Fitch B+(ind)' from 'Fitch BB+(ind)'.  The
Outlook is Stable.  The company manufactures open die forgings and
large seamless rings.

The downgrade reflects the greater-than-expected deterioration in
BFL's operating performance during the last two years -- 15 months
ended 31 March 2011 (FY11) and 12 months ended 31 March 2012 (FY12
provisional results).  While EBITDA margins improved to 3.2% in
FY12 (FY11: 0.5%), interest coverage remained low at 0.2x, cash
flow from operations worsened to negative INR414m (FY11: negative
INR232m), and financial leverage remained high at 27.1x.  The
company has attributed the poor operational performance to
intensifying competition and rising input costs.

The ratings factor in the financial support extended by the parent
-- Fomas Group -- in FY12 through funds by augmenting BFL's share
capital by INR801m.  This along with an increase in bank lines has
enabled the company to meet its operational deficits and also to
prepay its term loans to reduce interest obligations.
Expansionary capex is mostly complete for the medium term; only
maintenance capex of INR15m is expected.  The Stable Outlook
reflects Fitch's expectation that the parent would continue to
provide financial support as and when needed.

The ratings are constrained by the small size of BFL's order book
(INR590m at end-FY12, about 46% of FY12 revenue), increasing
competition from both domestic and international companies, and
the sluggish pace of recovery of the global economy.  Fitch notes
that stagnant revenue and margin pressures could lead to a
stressed liquidity position. The company aims to increase its
presence in the large rings division (20% of revenue) by catering
to the South East Asian markets with group support.

WHAT COULD TRIGGER A RATING ACTION?
Negative: Future developments that may lead to negative rating
action include continued significant deterioration in BFL's
operational performance.

Positive: Future developments that may lead to positive rating
action include interest coverage improving to at least 1.25x.

BFL is a 99% subsidiary of Fomas Group of Italy. T he company was
set up in 1996 to cater to the India's demand for speciality
forgings.  Its present installed capacity is 9,004 mtpa.  Fomas
Group (consolidated 2011 revenue: EUR387m) is a medium Italian
open-die forging organisation that caters to the global demand for
speciality forgings.

Rating actions on BFL:

  -- INR676m long-term loans: National Long-Term 'Fitch BB+(ind)'
     rating withdrawn as the loans have been paid off
  -- INR1,161m working capital facilities (enhanced from
     INR815m): downgraded to National Long-Term 'Fitch B+(ind)'
     from 'Fitch BB+(ind)' and National Short-Term 'Fitch
     A4(ind)' from 'Fitch A4+(ind)'
  -- INR450m non-fund-based working capital facilities (reduced
     from INR500m): downgraded to National Short-Term 'Fitch
     A4(ind)' from 'Fitch A4+(ind)'


GOOD LUCK: ICRA Rates INR30cr Fund Based Limits at '[ICRA]B'
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR30.00
crore1 fund based facilities of Good Luck capital Pvt. Ltd. ICRA
has also assigned an '[ICRA]A4' rating to the INR10.00 crore non
fund based limits of GLCPL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Fund based Limits       30.00     [ICRA]B assigned
   Non Fund based Limits   10.00     [ICRA]A4 assigned

The rating takes into account the highly competitive nature of the
industry, which coupled with the low value additive nature of the
business has led to modest profitability for the company in the
past. Moreover, the company remains exposed to cyclicality in the
steel industry since the entire price variation risk is borne by
the company. The ratings also factor high debt levels which has
resulted in high gearing levels in the past (5.30 times as on 31st
March 2012). This coupled with modest profitability has resulted
into low debt protection metrics of the company (NCA/TD of 1% and
Interest coverage ratio of 1.06 times in FY12). Nevertheless,
ratings derive some comfort from the significant increase in
operating income of the company (CAGR of ~177%) in the last one
year, long of experience of the proprietor in steel trading,
established supplier and customer base and comfortable working
capital intensity supported by low inventory levels in the past.

Established in the year 2004 Good Luck Capital Pvt. Ltd. with the
head office in Ghaziabad is engaged in the trading ferrous scrap,
stainless steel and domestic coal. The company is promoted by Mr.
Sunil Kumar Garg, Mr Shyam Aggarwal and Mr. Ashish Garg. The
company has its warehouses in Ghaziabad, UP Boarder and Mumbai.
The company operates the business under the brand name "Good Luck
Traders".

Recent Results

The firm reported a net profit after tax of INR0.32 crore on an
operating income of INR169.89 crore in FY2012 as against net
profit of INR0.31 crore on an operating income of INR61.31 crore
in FY2011.


KATHA MEDIATIX: Delays in Loan Payment Cues Junk Ratings
--------------------------------------------------------
The rating assigned to the INR15.00 crore long-term, fund-based
facilities of Katha Mediatix India Limited has been revised to
'[ICRA]D' from '[ICRA]BBB-'.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Long-term, fund-based    15.00     Revised to [ICRA]D from
   Facilities                         [ICRA]BBB- (Stable)

The rating revision takes into account recent delays in debt
servicing by the company on its working capital limits, reflecting
liquidity pressures.

Katha Mediatix India Limited, erstwhile Kathaa Mediatix India
Limited, was incorporated in 1986 as an out-of-home (OOH) media
buying agency based out of Kolkata. The company was founded by the
current Chairman and Managing Director, Mr. Krishnendu Sen, and
post the equity infusion from external investors, the promoters
currently hold 51% stake in the company. It is currently
headquartered in Mumbai with six branches and 30 representative
offices across India, along with an office in London, with plans
to expand reach to New York and Hong Kong in the current year.

Recent Results

For the twelve months ending March 31, 2011, Katha reported profit
after tax (PAT) of INR8.0 crore on an operating income of INR83.4
crore as compared to a PAT of INR2.0 crore on an operating income
of INR56.1 crore for the twelve months ending March 31, 2010.


KEDAR METALS: ICRA Rates INR5cr Loan at '[ICRA]BB-'
---------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR5.0 crore fund-
based bank facilities of Kedar Metals Private Limited. The outlook
on the long-term rating is 'stable'. ICRA has also assigned an
'[ICRA]A4' rating to the INR7.0 crore fund-based and the
INR2.0 crore non-fund based bank facilities of KMPL. Out of the
total short-term fund-based bank facility of INR7.0 crore,
INR2.0 crore is a sub-limit of the INR5.0 crore long-term fund-
based bank facility.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund-based limits        5.0      [ICRA]BB- (Stable) assigned
   (Cash Credit)

   Fund-based limits        5.0      [ICRA]A4 assigned
   (Bill Discounting)

   Fund-based limits       (2.0)     [ICRA]A4 assigned
   (Packing Credit)

   Non-fund based limits    2.0      [ICRA]A4 assigned
   (Letters of Credit)

The assigned ratings take into account the extensive experience of
the promoters of KMPL in the lead oxide manufacturing business;
geographical diversification through exports, which also acts as a
natural hedge against imports; diversified customer base of the
company and secure payment terms with most of the customers, which
partly mitigate counterparty credit risks to an extent. ICRA also
notes that KMPL is one of the large lead oxide producers in India
and its exposure to price risks remains low, given the low
inventory levels maintained by the company and a significant share
of job-work activity in its total sales. The ratings are, however,
constrained by the small scale of operations of KMPL at an
absolute level and thin profitability as a result of intensely
competitive nature of lead oxide industry and limited value
addition involved in the business. The ratings also take into
consideration nominal profits, cash accruals and weak coverage
indicators of KMPL and increased working capital intensity of its
operations in 2011-12, which adversely impacts liquidity position.

Established in 1992 by Mr. Dilip and Mr. Jitesh Muni, KMPL is
engaged in manufacture of lead oxides namely litharge (yellow),
red lead (red) and grey oxide. KMPL is a part of Kedar Group,
which includes two other companies namely Kailash Metachem Pvt Ltd
and Bliss International Pvt Ltd. KMPL's manufacturing plant is
located at Daman with an installed capacity of about 3600 metric
tabi per annum. Lead oxides manufactured by KMPL find application
in the manufacture of PVC tabilizers, paints, pigments and driers,
ceramics, lead acid storage batteries etc.

Recent Results

As per the provisional financials for 2011-12, KMPL registered a
profit after tax (PAT) of INR0.33 crore on the back of net sales
of INR28.3 crore as against a PAT of INR0.11 crore on the back of
INR27.5 crore in 2010-11.


LOGIX INFRATECH: ICRA Cuts Rating on INR156cr Loan to '[ICRA]BB'
----------------------------------------------------------------
ICRA has downgraded the long term rating of Logix Infratech
Private Limited from '[ICRA]BBB-' to '[ICRA]BB' for INR156.0 crore
term loans. The long term rating carries a 'stable' outlook.

                       Amount
   Facilities         (INR Cr)    Ratings
   ----------         ---------   -------
   Term Loans           156.00    [ICRA]BB (stable) (Downgraded)

The rating revision reflects slow sales progress in LIPL's ongoing
project which has resulted in increased market and funding risks
for the project. The rating also factors in company's reduced
financial flexibility on account of significant advancement of
loans and advances to its associate companies against fixed price
raw material supplies. While ICRA notes the purpose of such
transaction is to mitigate the cost overrun risk, it exposes the
project to the risk of delays in construction progress in the
event of time lag in the supply of contracted raw materials.
Further, the rating continues to be constrained by the limited
track record of Logix group in the residential segment which along
with the fact that the project is in the construction phase leads
to execution risks. Moreover, considering the significant supply
expected in the area surrounding LIPL's project, the company
remains exposed to market risk for its un-booked area which can
increase the funding requirement of the project as the balance
construction cost is to be largely met from customer advances. The
rating, however, derives support from the established track record
of LIPL's promoter's in the real estate sector in Noida (Uttar
Pradesh) region and low approval risk for the project being
executed. Going forward, LIPL's ability to improve its sales
momentum, ensure timely supply of raw materials from the group
companies, expedite the pace of project construction, as well as
ensure timely collections would be the key rating sensitivities.

Logix Infratech Private Limited is a Special Purpose Vehicle (SPV)
incorporated with the purpose of developing an affordable group
housing admeasuring 25 acres in the Sector-143, Noida, Uttar
Pradesh. The SPV is a part of the Logix Group which has
constructed built up area (BUA) of more than 4 million sq.ft in
the past. The group is promoted by Mr. Shakti Nath who is also the
Managing Director in LIPL. The group housing project has been
named "Blossom Greens" and the land for the said project has been
purchased from the Noida Authority. The shareholders in the SPV
are majorly Logix group companies apart from ICICI Prudential AMC
Limited which is the FDI partner in the project. The Floor Area
Ratio (FAR) approved from the group housing is 275% which will
result in -41 lakh sq.ft of built up area (including basement
area) and -37 lakh sq.ft of saleable area.


MOUNTAIN STEELS: ICRA Rates INR8cr Fund-Based Loan at '[ICRA]B-'
----------------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating to the INR8.00 crores1 fund
based bank facilities of Mountain Steels (Pvt.) Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund-Based Limits       8.00     [ICRA]B- assigned

The assigned rating is constrained by the modest operating
position of the company in the Thermo-mechanically treated (TMT)
bars manufacturing business as reflected by relatively small scale
of operations and average capacity utilization in the past. The
rating is also constrained by low value additive nature of the
business which coupled with high competitive pressures in the
steel industry has resulted in modest profitability for the
company. Further, the financial flexibility of the company is low
as reflected in high working capital limit utilization and weak
debt protection indicators. The rating, however, derives comfort
from the long track record of promoters in the steel business,
cost savings due to backward integration into manufacturing of MS
Ingots and a positive demand outlook in the long run, given the
large planned expenditure on infrastructure and construction
sectors. Going forward, the company's ability to maintain adequate
margins in an intensely competitive industry and manage its
working capital cycle effectively will be the key rating drivers.

Mountain Steels (Pvt.) Limited was incorporated as Nikhanj Foods
Products Ltd. in 1986 for manufacturing of food products. The name
of the company was changed to MSPL in 2003. Since then the company
is involved in manufacturing of Thermo-mechanically treated (TMT)
bars from Ingots. The company produces ingots in house and the
entire ingots produced are consumed in house for the manufacturing
of TMT bars. The TMT bars manufactured by MSPL are sold under the
Brand Name 'Sarmesh Saria'. The company has a rolling mill with an
installed capacity of 35,000 M.T.P.A to manufacture TMT Bars and
an induction furnace with an installed capacity of 20,000 MTPA for
in gots.

Recent Results:

As per the provisional results, MSPL reported a net profit of
INR0.02 crore on an operating income of INR58.45 crore for the
year ended March 31, 2012 as against a net profit of INR0.07 crore
on an operating income of INR52.51 crore for the year ended
March 31, 2011 (audited results).


NEELAM LINENS: ICRA Assigns '[ICRA] BB' Rating on INR24cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR12.00
crore1 fund based bank limits of Neelam Linens & Garments (India)
Private Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR0.50 crore non-fund based bank limits of
NLGIPL. The outlook assigned to the long term rating is "Stable".

                                 Amount
   Facilities                   (INR Cr)   Ratings
   ----------                   --------   -------
   Fund Based Working Capital-    12.00    [ICRA]BB (Stable)
   Long term fund based limit               Assigned

   Export Packaging Credit-Long   12.00    [ICRA]BB (Stable)
   term fund based limits                   Assigned

   Export Bill discounts-Short     5.00    [ICRA]A4 Assigned
   term fund based limits

   Off Balance Sheet Forward       0.50    [ICRA]A4 Assigned
   Contract-Short term non-fund
   based limits

The assigned ratings of Neelam Linens & Garments (India) Private
Limited reflect the long standing experience of the promoters in
the home textile segment and established relationship of the
company with its customers resulting in repeat inflow of orders.
This is also reflected in the consistent growth in revenues at
Compounded Annual Growth Rate (CAGR) of 61.46% registered by
NLGIPL during the last three years.

However, the ratings are constrained by the company's stretched
liquidity profile resulting from the long inventory holding period
which results in high utilization of sanctioned bank limits and
moderate credit protection characterized by leveraged capital
structure and weak cash coverage indicators. The ratings are
further constrained by low profitability of the business owing to
low value addition in the process; limited product diversification
and competition from domestic and international players. Given
that 90% of the turnover is export based; profitability is exposed
to foreign exchange rate movements; however the risk is mitigated
to a certain extent by way of currency hedging through booking of
forward contracts.

                         About Neelam Linens

NLGIPL is a Mumbai based entity which was established by Mr.
Bhavin Kantilal Jethwa in 2003 as a proprietary concern. Later on,
in 2010, it was re-constituted as a private limited company under
the name Neelam Linen & Garments (India) Private Limited. During
its early period from 2003 to 2005, the company was engaged into
job work for home textile products such as bed sheets, towels,
pillow cover, curtains, etc. In 2005, the company ventured into
manufacturing and sale of similar home textile products with
commencement of its two plants at Bhiwandi near Mumbai. Presently,
NLGIPL supplies high end thread counts sheet sets, pillow cover
and towels.

Recent Results

As per the unaudited results of 2011-12; Neelam Linen & Garments
(India) Private Limited reported a Profit after tax (PAT) of
INR0.60 crore on an Operating Income (OI) of INR87.96 crore as
against a PAT of INR0.60 crore on an OI of INR67.37 crore in 2010-
11.


NIZAMABAD AGRO: ICRA Assigns '[ICRA] B' Rating to INR6.5cr Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR6.50 crore
fund based limits of Nizamabad Agro Private Limited. ICRA has also
assigned ratings of '[ICRA]B/[ICRA]A4' to INR1.50 crore
unallocated limits of NAPL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Fund based limits        6.50     [ICRA]B assigned
   Unallocated limits       1.50     [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by weak financial profile of
the company characterized by high gearing, low profitability and
weak debt coverage indicators and highly competitive nature of
industry. The ratings also take into account the susceptibility of
profitability and revenues to agro-climatic risks which impact the
availability of the paddy in adverse weather conditions. The
ratings however take comfort from the long track record of the
promoters in the rice mill business and easy availability of paddy
due to plant location in major paddy cultivating region of the
country. Further, favorable demand prospects of the industry with
India being the second largest producer and consumer of rice
internationally augurs well for the company.

Nizamabad Agro Private Limited is incorporated in the year 2002
and is engaged in the milling of paddy to produce raw and boiled
rice. The rice mill is located at Nizamabad district of Andhra
Pradesh. The installed capacity of the plant is 43200 (metric ton
per annum) MTPA. The company produces 100% sortex rice with 70%
being boiled variety and 30% being raw variety. NAPL sells its
products in the retail market primarily in Andhra Pradesh under
the brand name "Gopal".

Recent Results

As per the provisional results, the company recorded INR22.25
crore sales during FY12 and a PAT of INR0.08 crore.


QUALITY CONSTRUCTION: ICRA Rates INR5cr Loan at '[ICRA]BB-'
-----------------------------------------------------------
ICRA has assigned the '[ICRA]BB-' ratings to long-term non fund-
based limit of INR5.0 crore1 of M/s Quality Construction
Developers. ICRA has assigned Stable outlook to the long term
rating.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Non-fund based          5.0      [ICRA]BB-(Stable) Assigned
   (Letter of Guarantee)

The ratings assigned to Quality Construction Developers takes into
account the possession of all necessary approvals in regards to
the ongoing redevelopment project at Dombivali (East) and low
capital tied-up as all of its ongoing/upcoming projects are
redevelopment projects. Further, the ratings are supported by the
fact that existing and proposed debt towards ongoing and upcoming
project respectively are to be in the form of unsecured loans from
third parties having flexible repayment schedule. The ratings also
take comfort from Corporate Guarantee provided to the firm by the
group company - Quality Heightcon Private Limited (Rated at
[ICRA]BB+ (Stable)/A4+).

However, the ratings of the firm are constrained by the limited
experience of the group in real estate sector; execution risks in
the ongoing project at Dombivali given its initial stages of
development and exposure to funding risks as more than 50% of the
funding requirement remains to be met. Saleability of the project
is to remain crucial as nearly 43% of the project cost of the
ongoing project at Dombivali is to be funded through advances from
customers. Further, there are pending capital commitments towards
the purchase of Transferable Development Rights (TDR) and payment
to the society with which the firm has executed the redevelopment
agreement. It is noted that approval of the plan for the upcoming
projects remains to be obtained by the firm. Given that the entity
is a partnership firm; net-worth is subject to capital withdrawals
by the partners.

M/s Quality Construction Developers is a partnership firm of the
Mumbai-based 'Quality' Group promoted by Mr. Mahendra K Shah and
his family members. The firm is developing the first real estate
project of Quality group which is towards redevelopment of Nav
Dombivali Co-Op Housing Society Ltd. located at Dombivali (East).
Other upcoming redevelopment projects include the commercial
project at Chunabhatti (West) and residential projects at
Santacruz (West) & at Ghatkopar (East) in Mumbai.

The flagship company of the group -- Quality Heighton Private
Limited (Rated at [ICRA]BB+ (Stable)/A4+) which was founded in
1969, executes construction projects spanning into civil,
structural, plumbing, sanitation and finishing jobs. Over four
decades of its operations, the company has successfully executed
wide range of projects like construction of hospital building,
shopping mall, atomic reactors buildings, community hall,
educational complex and slum rehabilitation, and residential and
commercial buildings.


RAJURI STEELS: ICRA Assigns '[ICRA]BB-' Rating to INR33.5cr Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR23.50 crore term
loan facilities and INR10.00 cash credit facilities of Rajuri
Steels & Alloys Private Limited.  The outlook on the long term
rating is stable. ICRA has also assigned an '[ICRA]A4' rating to
the INR5.50 crore short term non fund based facilities of Rajuri
Steels & Alloys Private Limited.

                         Amount
   Facilities           (INR Cr)   Ratings
   ----------           ---------  -------
   Term Loan              23.50    [ICRA]BB- (Stable) assigned
   Cash Credit            10.00    [ICRA]BB- (Stable) assigned
   Non Fund Based          5.50    [ICRA]A4 assigned

The assigned ratings take into account established track record of
promoters in the steel & allied business with group operational
for more than 15 years, vertical integration of operations with
group companies engaged in manufacturing of MS billets and TMT
bars and strategic location of the project in coal rich Chandrapur
district along with centrally located from key iron ore mines. The
ratings are, however, constrained by the inherent risks of a
project company in terms of stabilization of operations and
absence of iron ore and coal linkages. Ensuring availability of
key raw materials at affordable prices will be critical for
capacity utilization and profitability. ICRA further notes that
the company has limited scale of operations in a commoditized
business and would remain vulnerable to the cyclicality associated
with the steel industry.

RSAPL is setting up a sponge iron manufacturing facility at Mul in
Chandrapur district (Maharashtra), with an annual capacity of
60,000 MT. RSAPL will act as backward integration for Jalna based
Rajuri group which is enaged in manufacturing MS Billets and TMT
bars.


SEPAL TILES: ICRA Assigns '[ICRA]B' Rating  to INR10.05cr Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR7.05 crore term
loans and INR3.00 crore fund based cash credit facility of Sepal
Tiles Private Limited. ICRA has also assigned an '[ICRA]A4' rating
to the INR1.00 crore short term non fund based facilities of STPL.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Cash Credit Limit       3.00     [ICRA]B assigned
   Term Loan Limit         7.05     [ICRA]B assigned
   Bank Guarantee          1.00     [ICRA]A4 assigned

The assigned ratings take into account the lack of track record of
the company's operations and execution risks associated with the
new project; modest scale of planned operations in relation to
other larger organized ceramic tile manufacturers, disadvantages
resulting from its single product portfolio of ceramic tiles and
the highly competitive business environment given the fragmented
nature of the tiles industry. The ratings also take into account
the vulnerability of STPL's profitability to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power.

The ratings, however, favorably consider the long experience of
the key promoters in the ceramic industry, established
distribution network of its group concerns and the location
advantage enjoyed by STPL giving it easy access to raw material.

Incorporated in November 2011, Sepal Tiles Private Limited is a
ceramic tiles manufacturer with its plant located at Morbi,
Gujarat and currently having installed manufacturing capacity of
37,125 MTPA. The commercial production is expected to commence in
last week of August 2012. The company initially plans to
manufacture ceramic floor tiles of sizes 16" X 16" and 24" X 24".
STPL is promoted and managed by Mr. Lalit Patel, Mr. Dharmesh Dave
and other directors.


SRI GURU: ICRA Assigns '[ICRA]B' Rating to INR5.63cr Loans
----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR5.63 crore
fund based limits of Sri Guru Krupa Agro Industries. ICRA has also
assigned ratings of '[ICRA]B/[ICRA]A4' to INR6.37 crore
unallocated limits of SGKAI.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund based limits      5.63      [ICRA]B assigned
   Unallocated limits     6.37      [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by small scale of operations
and weak financial profile of the firm characterized by high
gearing, low profitability and weak debt coverage indicators. The
ratings are further constrained by risks inherent in a partnership
firm and profitability and revenues susceptible to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions. The ratings however take comfort from the long
track record of the promoters in the rice mill business and easy
availability of paddy due to plant location in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally augurs well for the
firm.

Founded in June 2011, Sri Guru Krupa Agro Industries is engaged in
the milling of paddy and produces raw and boiled rice. The rice
mill is located at Nizamabad district of Andhra Pradesh. The
installed capacity of the mill is 86400 MTPA. SGKAI sells its
products primarily to FCI and remaining is sold in the open market
in Gujarat, Maharashtra under the brand name GK. Recent Results As
per the provisional results, the company recorded INR18.10 crore
sales during FY12 and a PAT of INR0.10 crore. July


TECHTRANS CONSTRUCTION: ICRA Put Junk Ratings on INR42.84cr Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to INR1.16 crore fund based
facilities and INR41.68 crore non- fund based facilities of
Techtrans Construction India Private Limited.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Fund based limits        1.16     [ICRA]D Assigned
   Non fund based limits   41.68     [ICRA]D Assigned

The rating is constrained primarily by the recent delays in debt
servicing due to a strain on TCIPL's liquidity position on account
of running delays in implementation of its sole ongoing project
with associated cost overruns. ICRA notes that the ongoing delays
in execution of the Trichy-Karur project on account of
unavailability of Right of Way (continues to be pending as on
date) and changes in design/scope has resulted in a decline in
turnover, cost escalation and a dip in the profitability metrics
due to resource idling, besides straining the liquidity position.
While damages are being claimed from the client for the delayed
and incomplete handover of RoW, approvals for these are pending
along with those for the design/scope changes. ICRA also notes the
single project nature of the company as on date, with no orders on
hand other than the ongoing Trichy-Karur project which exposes the
company to cash flow mismatches, given the need to meet running
expenses and the likely lumpiness in cash recovery from the
Trichy-Karur project.

Comfort may however be drawn from the vast experience of one of
the promoters ? M/s Technic in the construction industry and
reduced execution risk as the project is in advanced stages of
completion (with 81% of the revised COD target completed) and
partial COD likely to be achieved by Sept, 2012. Timely debt
servicing would however be the key rating driver over the near
term.

Techtrans Construction India Private Limited was established in
the year 2007. It was part of Hyderabad based TSS Group which has
interests in Sodium Methoxide, Turnkey project consultancy among
others with a presence in eight countries. The company is jointly
promoted by TSS Projects & Industries Pvt. Ltd. of India (50%),
Technic Company of Islamic Republic of Iran (40%) and Mr. Majid
Khalil Khalili (10%). TCIPL is currently executing Trichy-Karur
project along with its joint venture partner Ksheerabd
Construction Private Limited. Out of the 82.2 km road stretch,
51.69 km stretch is being developed by TCIPL and the remaining
30.51 km is being developed by KCPL. The portion being executed by
TCIPL is equivalent to INR352.76 crore (including cost
escalation). Of this, INR159.86 crore (42%) is yet to be executed.
Partial COD for 32km stretch is expected to be achieved by
September 2012.


V. THANGAVEL: Delays in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR7.50
crore1 term loan facilities and the INR2.00 crore fund based
facilities of V. Thangavel & Sons Private Limited. ICRA has also
assigned the short term rating of '[ICRA]D' rating to the INR0.50
crore non-fund based facilities of VTSPL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Term Loan facilities     7.50     [ICRA]D assigned

   Long term Fund based     2.00     [ICRA]D assigned
   Facilities

   Short term Non-fund      0.50     [ICRA]D assigned
   based facilities

The ratings reflect the delays in debt servicing in the recent
past owing to the strained liquidity position of the company. Cash
flows of VTSPL have been strained on account of the high working
capital intensity in the business, characterized by stretched
receivables position. The small scale of operations with
considerable portion of revenues generated from trading and
intense competition in a highly fragmented industry structure with
minimal product differentiation limits the bargaining power and
pricing flexibility of the company, resulting in high working
capital intensity and exposing earnings to volatile raw material
prices. The promoters of VTSPL have considerable experience in the
textile industry and the company has an integrated presence across
the yarn and fabric segments lending stability to revenues and
margins to an extent.

VTSPL, incorporated in 2005, is primarily engaged in the trading
of yarn / fabric / garments and carrying out job work activities
in spinning and weaving sector. The Company is managing by Mr. V.
Thangavel, who has been engaged in yarn trading since 1982 and in
spinning since early 2000s. Currently, VTSPL operates with
capacity of 10,500 spindles and 12 looms.


YKM ENTERTAINMENT: Fitch Assigns 'B(ind)' National LT Rating
------------------------------------------------------------
Fitch Ratings has assigned India's YKM Entertainment & Hotels Pvt
Ltd a National Long-Term rating of 'Fitch B(ind)'.  The Outlook is
Stable. The agency has also assigned YEHPL's INR780m term loans a
National Long-Term 'Fitch B(ind)' rating.

The ratings reflect execution risks stemming from the company's
four-star hotel in Tirupati, which is undergoing construction and
interior works.

Timely completion of the project is a key requirement for
operational cash flows to meet term loan interest payments during
the financial year ending March 2014 and principal repayments
commencing from Q1FY15.

The ratings draw strength from the hotel's location advantage;
Tirupati is the world's second-largest pilgrimage centre and
demand for a star-category accommodation is high relative to
supply.  The ratings are also supported by the ability of YEHPL's
sponsors -- YKM Projects Pvt Ltd, Time Projects Pvt Ltd, Southern
Rocks and Minerals Pvt Ltd - to fund the project.

What could trigger a rating action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- delay in the project of more than six months leading to cost
     and time over-runs or delays in servicing financial
     obligations

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

  -- completion of project as per schedule
  -- minimum debt service coverage above 1.1x

Incorporated in 2009, YEHPL is implementing a four-star deluxe
hotel along with a wellness health spa and a convention centre at
Tirupati, Andhra Pradesh, at a total estimated cost of INR
1,302.5m.  The project cost is being funded by INR780m of term
debt and INR522.5m of sponsor contribution.  The combined
financials of the sponsors' existing businesses for FY12 indicate
an operating income of INR673.6m, EBITDA of INR167.08m, EBITDA
margin of 25%, and debt/EBITDA of 0.7x.

The hotel will be managed and operated by InterContinental Hotels
Group under the brand 'Holiday Inn'.  The hotel's operational
start date is likely to be the quarter ending September 2013
instead of the quarter ending June 2013.



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


HUMMINGBIRD SECURITISATION: S&P Keeps 'CCC' Series 2 Loan Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has kept its 'CCC (sf)' rating
on Hummingbird Securitisation Ltd.'s series 2 loan (Hummingbird 2
loan) synthetic collateralized debt obligation (CDO) transaction
on CreditWatch with positive implications, following Standard &
Poor's monthly review of synthetic CDO transactions. "We placed
the rating on CreditWatch positive on Aug. 6, 2012," S&P said.

"As part of our surveillance of rated synthetic CDO transactions,
we generally subject them to a review every month to determine
whether upgrades or downgrades are warranted. Typically, an
initial credit committee reviews synthetic CDO tranches at the
beginning of each month for potential CreditWatch placements and
removals. Then, later in the month, a second credit committee
reviews the tranches that are on CreditWatch for possible upgrades
or downgrades. The action reflects the results of the second
credit committee's review in August," S&P said.

"Since our review in early August, some of the reference entities
in the transaction's portfolio have undergone rating actions. As a
result, the transaction's synthetic rated overcollateralization
(SROC) level failed to meet our minimum required cushion at a
higher rating than the current rating as of the cutoff date for
the second credit committee. On the other hand, we project that
the transaction's SROC level will recover to a level that meets
the minimum required cushion for an upgrade by Nov. 6, 2012, the
deadline for a CreditWatch removal, assuming no further portfolio
rating migration will occur. As a result, we kept the rating on
Hummingbird 2 loan on CreditWatch positive," S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

RATING KEPT ON CREDITWATCH POSITIVE
Hummingbird Securitisation Ltd.
Series 2 loan
Class       Rating                 Loan amount
#2 Loan     CCC (sf)/Watch Pos     JPY3.0 bil.



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


NELSON BUILDING: Fitch Affirms Low-B IDRs; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Nelson Building Society's Long-Term and
Short-Term Issuer Default Ratings (IDRs) at 'BB+' and 'B'
respectively.  The Outlook on the Long-Term IDR is Stable.

The affirmation of NBS's IDRs, Viability Rating and Stable Outlook
reflect its good funding and liquidity position, sound asset
quality and healthy pre-impairment operating profitability.  The
ratings take also into consideration NBS's small absolute capital
size and limited ability to increase capital, especially in light
of growth trends and geographic and large loan concentrations.

NBS's funding and liquidity positions strengthened in the
financial year ending 31 March 2012 (FY12).  Moreover, at FYE12
the society had no wholesale funding and a loan book fully funded
by customer deposits.  NBS benefits from strong customer loyalty
which supports high term deposit roll-over rates and a healthy on-
balance sheet liquidity position.  Fitch considers the asset
quality of NBS's liquid assets to be strong.

NBS's asset quality has improved and at FYE12 the society had no
impaired loans and past due loans had declined 27% to NZD1.4m.
However, Fitch notes that the society remains exposed to
geographic and large loan concentrations although this is somewhat
mitigated by a conservative underwriting approach.

Pre-impairment operating profit remained healthy in FY12 and Fitch
expects the controlled expansion of the business will continue to
support sound levels of operating revenues.  Competition in the
mortgage market has however intensified and could pressure further
positive development of the society's net interest margin.

Negative rating action could occur if the society's single name
concentration increases or NBS fails to manage its expansion in a
controlled manner, leading to an unexpected deterioration in asset
quality.  Weaker capitalisation on a un-risk weighted basis and
damage to the society's reputation and franchise could result in a
ratings downgrade. Moreover, this could impact deposits and
threaten NBS's good funding position.

Positive rating action is unlikely due to NBS's absolute small
capital base, limited franchise as well as its geographic and
large loan concentrations.

NBS's Support Rating and Support Rating Floor reflect its small
market share in New Zealand as it accounted for less than 1% of
the country's deposits and loans at end-2011.  The Support Rating
and the Support Rating Floor are potentially sensitive to any
change in assumptions around the propensity or ability of the
New Zealand government to provide timely support to NBS.  This
might arise if the government's financial position is weakened and
reflected in a multi-notch downgrade of the country's Long-Term
IDR. However, Fitch views this scenario to be fairly unlikely.

The rating actions are as follows:

Nelson Building Society

  -- Long-Term IDR affirmed at 'BB+'; Outlook Stable
  -- Short-Term IDR affirmed at 'B'
  -- Local Currency Long-Term IDR affirmed at 'BB+'; Outlook
     Stable
  -- Local Currency Short-Term IDR affirmed at 'B'
  -- Viability Rating affirmed at 'bb+'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'


WAIRARAPA BUILDING: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Wairarapa Building Society's Long-Term
and Short-Term Issuer Default Ratings (IDRs) at 'BB+' and 'B'
respectively.  The Outlook on the Long-Term IDR is Stable.  At the
same time, the agency has affirmed WBS's Viability Rating (VR) at
'bb+', Support Rating at '4' and Support Rating Floor at 'B'.

The affirmation of WBS's ratings and Stable Outlook reflect WBS's
sound asset quality, good funding, adequate capitalisation and
acceptable on-balance sheet liquidity.  The ratings also take into
consideration WBS's limited franchise and financial flexibility.

Fitch notes that WBS's capitalisation, asset quality and operating
performance improved during the year ending 31 March 2012 (FY12).
Moreover, the society's funding and liquidity positions remained
healthy.  WBS had no impaired loans at FYE12 and past due loans
were well secured by low loan to value ratios.  However, WBS is
exposed to some large loans relative to the size of the
institution although a historically prudent underwriting approach
does help mitigate this risk.

Capitalisation as measured by the tangible common equity/tangible
asset ratio improved to 15% at FYE12 (FYE11: 14%) following a
reduction in the loan book and growth in retained earnings. Fitch
views WBS's high capital ratios relative to peers as appropriate
due to loan concentrations and limited ability to access capital.

WBS's loan book is fully funded by customer deposits and although
only 1% of the society's deposits had a maturity beyond 12 months,
roll over rates have averaged around 90% and funding is adequately
diversified by instruments and maturities for an institution of
its size.  WBS's liquidity position is supported by NZD10.3m of
cash and liquid investments in addition to committed facilities
totalling NZD18m.

WBS's pre-impairment profits strengthened during FY12 following
lower write downs in the society's property investment portfolio
and falling exposure to hedging costs.  Fitch expects operating
performance to strengthen in FY13 as WBS could still benefit from
asset re-pricing and reduced hedging costs.  However, a low credit
growth environment and well capitalised banking system are
increasing competition among lenders for loans and more onerous
regulatory (liquidity) requirements for retail deposits.

A ratings upgrade is unlikely as WBS's ratings are constrained by
geographic concentration, in addition to high large-loan exposure
and a small absolute capital base.  An unexpected decline in asset
quality leading to an erosion of capital would have a negative
impact on WBS's ratings.  Moreover, if this caused reputational
damage, weakened the franchise and impacted funding, WBS's ratings
would likely be downgraded.

WBS' Support Rating and Support Rating Floor reflect the society's
small market share in New Zealand.  The Support Rating is
potentially sensitive to any change in assumptions around the
propensity or ability of the New Zealand sovereign to provide
timely support to the society.  This might arise if New Zealand's
financial position is weakened and reflected in a multi-notch
downgrade of the country's Long-Term IDR. However, Fitch views
this scenario to be fairly unlikely.

The rating actions are as follows:

Wairarapa Building Society:

  -- Long-Term IDR affirmed at 'BB+'; Outlook Stable
  -- Short-Term IDR affirmed at 'B'
  -- Local Currency Long-Term IDR affirmed at 'BB+'; Outlook
     Stable
  -- Local Currency Short-Term IDR affirmed at 'B'
  -- Viability Rating affirmed at 'bb+'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'



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


AVILA TANKERS: Creditors' Meeting Set for Aug. 31
-------------------------------------------------
Creditors of Avila Tankers (S) Pte Ltd will hold a meeting on
Aug. 31, 2012, at 3:00 p.m., at 6 Shenton Way, #32-00 DBS Building
Tower Two, in Singapore 068809.

At the meeting, Lim Loo Khoon, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


BTB MANAGEMENT: Creditors Get 3.84236% Recovery on Claims
-----------------------------------------------------
BTB Management Services Pte Ltd declared the first and final
dividend on Aug. 21, 2012.

The company paid 3.84236% to the received claims.

The company's liquidator is:

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


DARWIN INTERIOR: Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------------
Creditors of Darwin Interior Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Sept. 24, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          VICTOR GOH
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


FM CONTRACTING: Creditors Get 89.896% Recovery on Claims
--------------------------------------------------------
FM Contracting Services Private Limited will declare the first and
final dividend on Aug. 31, 2012.

The company will pay 89.896% to the received claims.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


GALAXY SHIPPING: Creditors' Proofs of Debt Due Sept. 22
-------------------------------------------------------
Creditors of Galaxy Shipping Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Sept. 22, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809



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


* S&P 2012 Corporate Default Tally of 53 Matches Last Year's
------------------------------------------------------------
Earlier last week, the 2012 global corporate default tally
increased to 53 -- the same count as the full-year 2011 total --
after Standard & Poor's Ratings Services lowered its corporate
credit rating on U.S. long-term acute care hospital operator
LifeCare Holdings Inc. to 'D', said an article published Aug. 23
by Standard & Poor's Global Fixed Income Research, titled "The
2012 Global Corporate Default Count Now Matches the Year-End 2011
Total."

The rating action followed the company's missed interest payment
on its $119.3 million outstanding senior subordinated notes. By
region, 29 of the 53 defaulters were based in the U.S., 14 in the
emerging markets, seven in Europe, and three in the other
developed region (Australia, Canada, Japan, and New Zealand).  In
comparison, the 2011 total (through Aug. 22) was 27, with 18 based
in the U.S., two in the emerging markets, two in Europe, and five
in the other developed region.

So far this year, bankruptcy filings accounted for 15 defaults,
missed payments for 15; distressed exchanges for 10, and eight
were confidential.  The remaining five entities defaulted for
various other reasons. In 2011, 21 issuers defaulted because of
missed interest or principal payments, and 13 because of
bankruptcy filings -- both of which were among the top reasons for
defaults in 2010.  Distressed exchanges -- another top reason for
default in 2010 -- followed with 11 defaults in 2011.  Of the
remaining defaults, two issuers failed to finalize refinancing on
bank loans, two were subject to regulatory action, one had its
banking license revoked by its country's central bank, one was
appointed a receiver, and two were confidential.



                             *********

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.

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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
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                 *** End of Transmission ***