TCRAP_Public/120829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, August 29, 2012, Vol. 15, No. 172

                            Headlines



A U S T R A L I A

AUSTRALIAN PROPERTY: ASIC Starts Civil Penalty Action Vs. Execs
FUEL VFX: In Administration, Cuts 100 Jobs
KAGARA LTD: Administrators Put Mine Projects Up for Sale
VIRAX PTY: Grant Thornton Appointed as Administrators
* Moody's Says Australian Energy Legislation Credit Negative


H O N G  K O N G

ADJECTIVE LIMITED: Kin and Agnew Step Down as Liquidators
BRINGTON ENGINEERING: Court Enters Wind-Up Order
CHIU KONG: Court Enters Wind-Up Order
DILLINGHAM CONSTRUCTION: Members' Final Meeting Set for Sept. 24
EXCEL CONCORD: Court Enters Wind-Up Order

IHC MOTION: Creditors' Proofs of Debt Due Sept. 7
JADE FIELD: Court Enters Wind-Up Order
KAM YUEN: Court Enters Wind-Up Order
KEEN YOUNG: Court Enters Wind-Up Order
KIMBER STAR: Court Enters Wind-Up Order

LUXMARK SHIPPING: Court Enters Wind-Up Order
MAINFIT DEVELOPMENT: Court Enters Wind-Up Order
NEW SHINE: Commences Wind-Up Proceedings
POWER MAX: Court Enters Wind-Up Order
ROAD KING: Moody's Downgrades CFR to 'B1'; Outlook Stable

SUNTON INTERNATIONAL: Court Enters Wind-Up Order


I N D I A

A.S. TRANSPORT: ICRA Assigns 'BB+' Rating to INR40cr LT Loan
IMECO LIMITED: Fitch Assigns 'D' National Long-Term Rating
INDORE TREASURE: Inadequate Info Cues Fitch to Affirm Rating
PAGRO FROZEN: Delays in Loan Payment Cues ICRA Junk Ratings
RASI GRAPHICS: CARE Places 'BB+' Rating on INR2.51cr LT Loan

RATHNA OFFSET: CARE Assigns 'BB+' Rating to INR2.51cr LT Loan
SCIENTECH TECHNO: ICRA Cuts Rating on INR8.5cr Loan to 'BB+'
SHIV STEEL: CARE Rates INR5.75cr LT Loan at 'CARE B+'
TVS INTERCONNECT: Delay in Loan Payment Cues ICRA Junk Ratings
VEPARSEVA HEALTHCARE: Delay in Loan Payment Cues Junk Ratings


K O R E A

* Moody's Upgrades 6 Korean Gov't-Related Financial Entities


P H I L I P P I N E S

VITARICH CORP: CA Junks Bid to Suspend Rehabilitation Process


S I N G A P O R E

SCA CREATIVE: Creditors Get 100% Recovery on Claims
TRIO ENERGY: Court to Hear Wind-Up Petition Sept. 7
VANDA TANKERS: Creditors' Meeting Set for Aug. 31
WOLF TECHNOLOGY: Court to Hear Wind-Up Petition Sept. 7


V I E T N A M

VIETNAM SHIPBUILDING: Former Execs Appeal Against Jail Sentences


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AUSTRALIAN PROPERTY: ASIC Starts Civil Penalty Action Vs. Execs
---------------------------------------------------------------
Australian Securities and Investment Commission has commenced
civil penalty proceedings in the Federal Court of Australia to
disqualify five former directors of Australian Property Custodian
Holdings Ltd from managing corporations.

ASIC will also ask the Court to impose pecuniary penalties on
each director.

ASIC alleges, among other things, that APCHL and its directors
failed to act in the best interests of the members of the Prime
Trust by:

   -- purporting to amend the Prime Trust constitution to provide
      for the payment to APCHL of a fee in the event that the
      units in the Prime Trust were listed on the Australian
      Securities Exchange (ASX); and

   -- directing APCHL to pay a listing fee of approximately
      AUD33 million out of scheme assets.

APCHL is the responsible entity (trustee management company) of
the Prime Retirement and Aged Care Property Trust, a managed
investment scheme which owns retirement villages in Queensland,
NSW and Victoria.

Central to ASIC's action is the duty of officers of responsible
entities to act in the best interest of the members of the scheme
and to refrain from making improper use of their position as an
officer to cause detriment to the members of the scheme.

ASIC is seeking declarations that the directors, in their
capacity as officers of APCHL (as the responsible entity of Prime
Trust) breached their duties owed to members of Prime Trust. The
defendants to ASIC's action are:

   1. Mr. William Lionel Lewski, a former director and company
      secretary;

   2. Mr. Mark Frederick Butler, a former director;

   3. Mr. Kim Jaques, a former director;

   4. Mr. Michael Richard Lewis Wooldridge, a former non-
      executive director; and

   5. Mr. Peter Clarke, a former director.

ASIC is also seeking declarations that APCHL breached it duties
under the Corporations Act 2001 in exercising its powers and
carrying out its duties as the responsible entity of Prime Trust.

On Oct. 18, 2010, voluntary administrators were appointed to
APCHL. On Nov. 23, 2011, Stirling Horne and Petr Vrescky of
Lawler Draper Dillon were appointed liquidators following the
creditors voting to place the company into liquidation.
Approximately 9,700 investors contributed over AUD500 million in
the Prime Trust.

The first hearing of the matter will be on Sept. 18, 2012.

On Aug. 3, 2007, the Prime Trust was listed for trade on the ASX.
Prior to listing, the board of APCHL passed resolutions enabling
the listing to take place.

            Other Relevant Proceedings Involving APCHL

KordaMentha, one of the receivers and managers of APCHL, has
taken over conduct of proceedings commenced by the liquidators of
APCHL in the Supreme Court of Victoria. The proceedings relate to
the payment of a listing fee of approximately AUD33 million by
APCHL in its capacity as responsible entity of the Trust to
entities associated with Mr. Lewski in 2008.

The defendants to this proceeding include several former
directors of APCHL, associated entities of Mr. Lewski and
advisors of APCHL (including Madgwicks Lawyers).

ASIC has been monitoring this proceeding.

                Information To Assist Investors

Investors in the Prime Trust seeking information about the
affairs of APCHL and the Prime Trust should contact the
liquidators directly.

The liquidators have posted information in relation to the
administration and liquidation of APCHL and the Trust at
www.lawlerdd.com.au. The offices of Lawler Draper Dillon are
situated at level 12, 440 Collins Street, Melbourne Victoria,
3000.

As APCHL is currently in liquidation, it is the role of the
liquidators to investigate and report to creditors about the
company's affairs, realise the company's assets, enquire into the
failure of the company and possible offences by people involved
with the company and report them to ASIC and to distribute
proceeds of any realisation of the company's assets in accordance
with the priorities under the Corporations Act.


FUEL VFX: In Administration, Cuts 100 Jobs
------------------------------------------
The mumbrella.com.au reports that Fuel VFX has gone into
administration putting 100 jobs at risk.

"The company's directors have advised Jirsch Sutherland that,
being independent, the company has struggled to navigate the
downturn in work that is affecting many visual effects companies
worldwide at the moment," the report quoted unnamed
administrators as saying.

The report discloses that the voluntary administration process
has been called on by the directors as a way of preserving and
financially restructuring the business.

"In addition to the directors' financial restructuring attempts,
the administrators are seeking expressions of interest in the
business and assets of the company as a going concern," the
administrators added, the report notes.

                          About Fuel VFX

Fuel VFX specializes in computer generated animation, motion
design and post production. It is situated in Sydney.


KAGARA LTD: Administrators Put Mine Projects Up for Sale
--------------------------------------------------------
Australian Associated Press reports that the administrators of
Kagara Ltd are trying to sell parts of the business and
recapitalise the company.

According to the report, Taylor Woodings has appointed PCF
Capital Group to sell Kagara's north Queensland assets, which
include treatment facilities and a processing centre.

Rothschild Australia is handling the sale of Kagara's Admiral Bay
zinc, lead and silver project in Western Australia's north, the
report says.

"The administrators will now run a dual-track process, marketing
the assets for sale while continuing to consider any available
possibilities for a restructure of the group, including through a
recapitalisation via a DOCA (Deed of Company Arrangement),"
Taylor Woodings said in a statement cited by AAP.

Taylor Woodings has been trying to keep the company a going
concern, but Kagara cannot afford to keep operating its three
base metals mines, the report notes.

                        About Kagara Ltd

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin
James Olde and Stefan Dopking of Taylor Woodings were appointed
Joint and Several Administrators of Kagara Ltd and certain
subsidiaries on April 29, 2012.


VIRAX PTY: Grant Thornton Appointed as Administrators
-----------------------------------------------------
Cara Waters at SmartCompany reports that Virax Pty Ltd has
collapsed with Laurie Fitzgerald and Stephen Dixon of Grant
Thornton appointed as administrators last week.

SmartCompany says the company's board released a statement
announcing the appointment and signalling their intention to
attempt to salvage Virax.

"The board will be working with the administrators to ensure all
opportunities to restructure the company are explored," Virax
said in a statement.

Mr. Fitzgerald told SmartCompany that at this stage the
administrators were looking to explore opportunities.

"I'm meeting with the senior executives tomorrow with a view to
working towards some deed of company arrangement," the report
quotes Mr. Fitzgerald as saying.

"Virax is a biotech company and so involved in research and
development and, unfortunately, its revenues have not been
sufficient to sustain the research going on.

"Its projects and intellectual property are all long term; the
real issue is to get them into a position where they can be cash
generators," Mr. Fitzgerald told SmartCompany.

According to SmartCompay, Mr. Fitzgerald said the major creditors
are all note holders who are owed around AUD2.5 million and, in
the short term, Virax has "no revenue to speak of."

Virax Pty Ltd developed immunotherapies which boost the immune
system to treat diseases.


* Moody's Says Australian Energy Legislation Credit Negative
------------------------------------------------------------
Moody's Investors Service notes that draft changes to Australian
national energy legislation, as released by the Australian Energy
Market Commission (AEMC), would -- if implemented -- likely exert
a negative impact on the credit profiles of the Moody's-rated
regulated utility networks in Australia. However, Moody's does
not expect any rating actions as a result of the draft changes.

Under the draft changes, issued on August 23, a number of the
prescriptive aspects of the current regulatory framework would be
removed with the objective of creating greater flexibility for
the regulator in setting regulated revenues for utility networks.

From a credit perspective, the key draft amendments that would
likely have a notable impact on the networks include the removal
of sections which prescribe the mechanisms and benchmarks that
must be used in determining appropriate rates of return -- and
more specifically, the cost of debt -- for regulated utilities
operating in Australia.

Such changes include removing the direct reference to
Commonwealth Government bonds with maturities of 10 years as a
proxy for risk-free rates, reference to the capital asset-pricing
model in setting the return on equity, and the reference to a
specific corporate bond benchmark in setting the debt-risk
premium for electric transmission networks.

Moody's notes that while the proposed new regulatory framework
has the potential to provide better cost recovery for the
regulated utility sector -- especially during times when there is
higher volatility in the capital markets -- such benefits are
difficult to assess, given that the practical application of the
new rules by the regulator remain to be time tested. Under the
draft rules, the regulator will have more discretion to deviate
from a proposed benchmark when setting revenue, if it believes
such a benchmark does not reflect the actual prevailing cost of
capital.

As such, the current track record for predictability and
stability in regard to the regulator's decision-making outcomes
would be less certain, as prescriptive mechanisms would be
replaced by a more flexible, but less prescriptive approach. The
new approach would rely on the exercise of regulatory discretion
within the established national energy objectives.

For these reasons, Moody's believes that the overall credit
implications of the draft rule changes would likely be negative.

Given the consultation process that will follow the proposed
changes and that more details surrounding the implementation of
the rule changes will be made available, Moody's does not expect
any rating actions as a result of the proposed changes. Moody's
will monitor the final determination, likely to be released in
November 2012 to gauge its credit impact on the regulated
utilities. Moody's will also be mindful of the issuers' responses
to manage the impact of the final determination within their
ratings.

Moody's notes the over-arching objectives in national energy
legislation, which include promoting efficient investments in the
national energy networks, will remain in place as governing
principles for how the regulator would exercise its discretionary
power under the final rules. Likewise, the "building block"
framework and the regulated asset base approach as the
underpinning basis for setting regulated returns are also
unchanged.



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


ADJECTIVE LIMITED: Kin and Agnew Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Adjective Limited on May 21, 2012.


BRINGTON ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 16, 2012, to
wind up the operations of Brington Engineering Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


CHIU KONG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 28, 2012, to
wind up the operations of Chiu Kong Nam Restaurant Groups
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


DILLINGHAM CONSTRUCTION: Members' Final Meeting Set for Sept. 24
----------------------------------------------------------------
Members of Dillingham Construction (HK) Limited will hold their
final meeting on Sept. 24, 2012, at 11:00 a.m., at Room D, 32/F,
Lippo Centre, Tower 1, 89 Queensway, in Hong Kong.

At the meeting, Chong Yiu Kam, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EXCEL CONCORD: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 24, 2012, to
wind up the operations of Excel Concord Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


IHC MOTION: Creditors' Proofs of Debt Due Sept. 7
-------------------------------------------------
Creditors of IHC Motion Control Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 7, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 16, 2012.

The company's liquidator is:

         Hans Pieter Slappendel
         Unit 1001, 10/F
         Infinitus Plaza
         199 Des Voeux Road
         Central, Hong Kong


JADE FIELD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Jade Field Holdings Limited.

The official receiver is Teresa S W Wong.


KAM YUEN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Kam Yuen Toys Manufactory Limited.

The official receiver is Teresa S W Wong.


KEEN YOUNG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Keen Young Limited.

The official receiver is Teresa S W Wong.


KIMBER STAR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 17, 2012, to
wind up the operations of Kimber Star Industrial Limited.

The company's liquidator is Yuen Tsz Chun Frank.


LUXMARK SHIPPING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Luxmark Shipping Limited.

The official receiver is Teresa S W Wong.


MAINFIT DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on July 5, 2012, to
wind up the operations of Mainfit Development Limited.

The company's liquidator is Yuen Tsz Chun Frank.


NEW SHINE: Commences Wind-Up Proceedings
----------------------------------------
Members of New Shine Corporation Limited, on Aug. 17, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chiu Wai Hon
         Unit 201, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


POWER MAX: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on July 25, 2012, to
wind up the operations of Power Max International Development
Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


ROAD KING: Moody's Downgrades CFR to 'B1'; Outlook Stable
---------------------------------------------------------
Moody's Investors Services has downgraded Road King
Infrastructure Limited's corporate family and senior unsecured
ratings to B1 from Ba3.

The outlook for both ratings is stable.

Ratings Rationale

"The downgrade has been driven by Moody's concern over the
ability of Road King to maintain its EBITDA margin in the range
of 25% - 30% over the next 2 years; a failure to do so would in
turn adversely affect its financial flexibility" says Franco
Leung, a Moody's Assistant Vice President and Analyst.

Road King reported an EBITDA margin of 29% in 1H 2012. But
Moody's expects that the company will have to respond to mass
market demand in a way that could reduce the margin to below the
current level and that of its Ba3 peers.

In such a situation, Road King would have to ramp up sales in a
challenging environment to maintain the target EBITDA amount so
as to make up for the loss in margins.

A slowdown in sales that results in interest cover below 2.5x
will greatly impair Road King's financial flexibility.

"Moreover, Moody's does not expect the cash flow from its toll
roads to increase materially in the next 12 - 18 months.  In
fact, such income -- which is seen as stable -- will diminish in
proportion to the increasing level of revenue from its property
development activities. Thus, the protection on interest coverage
from its toll road cash flows will fall below Moody's expectation
for the Ba3 rating," says Mr. Leung, who is also the lead analyst
for Road King.

Road King's B1 rating reflects its adequate level of liquidity
and its cautious strategy on replenishing its land bank.

At the same time, its ratings are constrained by its small scale
and short track record in growing its property business.

The stable outlook incorporates Road King's improved performance
in contract property sales and its proactive management of debt.

Upward rating pressure could emerge if Road King (1) meets its
sales targets; (2) its profit margin improves consistently, such
that EBITDA/ interest stays above 3x on a sustainable basis; and
(3) cash receipts from its toll road businesses remain stable and
continue to service a significant portion of its interest
expenses.

On the other hand, downward pressure could emerge if Road King
(1) fails to achieve its sales target, resulting in an impairment
of its liquidity position; (2) aggressively purchases land funded
by debt; or (3) is unable to maintain its interest coverage above
2.0x or debt to total capitalization below 60%.

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

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


SUNTON INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on June 25, 2012, to
wind up the operations of Sunton International Holdings Limited.

The company's liquidator is Yuen Tsz Chun Frank.



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


A.S. TRANSPORT: ICRA Assigns 'BB+' Rating to INR40cr LT Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB+' to the
INR32.00 crore1 fund based facilities and INR8.00 crore proposed
fund based facilities of A.S. Transport Private Limited. The
outlook on the long-term rating is stable. ICRA has also assigned
the short-term rating of '[ICRA]A4+' to the INR1.50 crore non-
fund based facilities and INR0.50 crore proposed non-fund based
facilities of ASTPL.

                            Amount
   Facilities              (INR Cr)         Ratings
   ----------              ---------        -------
   Long term-Fund based     32.00           [ICRA]BB+ assigned
   facilities

   Long term-Proposed        8.00           [ICRA]BB+ assigned
   fund based facilities

   Short term-Non-fund       1.50           [ICRA]A4+ assigned
   based facilities

   Short term-Proposed       0.50           [ICRA]A4+ assigned
   non-fund based facilities

The assigned ratings factor in the three decades of promoter's
experience in the business and the established relationship with
key customers. The rating also considers the asset-light business
model, which entails low capital expenditure. Further, the high
proportion of revenues derived from the consumer staples sectors,
which is relatively more resilient to economic downturn, factored
into the ratings. The rating considers the weak financial profile
characterized by moderately high gearing level owing to high
working capital intensity and low cash accruals due to thin
margins on account of high reliance on market vehicles. Further,
the high customer concentration, which exposes to risk of
customers shifting to other truck operators, and a moderate scale
of operations, which restricts pricing flexibility in a highly
fragmented market, impact the ratings.

Incorporated in 1981, ASTPL is a logistics player transporting
freight by trucks for various industries like FMCG companies,
beverages, and building materials. The Company has presence
across India through its 53 branches operates around 400 trucks
out of which 17 are owned and the rest hired from small truck
operators. ASTPL has a strong relationship with some of the major
customers, with relationship of around 30 years with its top
customer. The Company, which was initially transporting cargo for
FMCG players, has diversified in the last 15 years adding cement,
power and other industries. The promoter, Mr. Iqbal Rahman,
Chairman of the Company, has more than 30 years of experience in
the business and prior to the incorporation of ASTPL the business
was run as a proprietorship. ASTPL also has plans to enter into
the high margin over-dimensional cargo segment in the near term
to medium turn by augmenting its fleet capacity with trailers.

Recent Results

For the year 2011-12, ASTPL reported a net profit of INR2.9 crore
on an operating income of INR213.0 crore against a net profit of
INR1.6 crore on an operating income of INR209.6 crore during
2010-11.


IMECO LIMITED: Fitch Assigns 'D' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India-based IMECO Limited a National
Long-Term rating of 'Fitch D(ind)'.  IMECO manufactures critical
parts of boiler plants and few parts of railway coaches.

The ratings are constrained by IMECO's default on its fund-based
limits and the devolvement of its non-fund-based limits, both in
the 12 months ended July 2012, because of a significant increase
in its cash cycle to 501 days in FY12 (FY11: 157 days).

What Could Trigger A Rating Action?

Positive: Future developments that may lead to positive rating
action include timely debt servicing over the next two quarters.

In FY12, revenue declined to INR329m (FY11: INR978.8m) and EBITDA
margins narrowed to negative 6.1% (FY11: 1.0%) because of the
significant underuse of IMECO's manufacturing plant.

IMECO's manufacturing facility is located in Kharagpur (West
Bengal).  The company started commercial production in 1991.

Fitch has also assigned ratings to IMECO's bank loans as follows:

  -- INR290m fund-based limits: National Long-Term 'Fitch D(ind)'
  -- INR109.5m non-fund-based limits: National Short-Term 'Fitch
     D(ind)'


INDORE TREASURE: Inadequate Info Cues Fitch to Affirm Rating
------------------------------------------------------------
Fitch Ratings has migrated India-based real estate company Indore
Treasure Market City Pvt Ltd's National Long-Term 'Fitch B+(ind)'
rating with a Stable Outlook to the non-monitored category.  This
rating will now appear as 'Fitch B+(ind)nm' on the agency's
website. Fitch has also migrated ITMCPL's INR1,650m term loan to
National Long-Term 'Fitch B+(ind)nm' from 'Fitch B(ind)'.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of ITMCPL.  The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period.  However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


PAGRO FROZEN: Delays in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR30.0
Crore1 long term fund based limits of Pagro Frozen Foods Private
Limited. ICRA has also assigned a short term rating of '[ICRA]D'
to the INR0.75 Crore short term non fund based limits of the
company.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loan              20.00           [ICRA]D
   Cash Credit            10.00           [ICRA]D
   Crop Loan               0.75           [ICRA]D

The assigned rating reflects delays in debt servicing by PFFL.

PFFL's profit margins remain susceptible to seasonality of agro
products. ICRA notes that the growth in revenues is expected to
come from PFFL's own brand (Pagro) that would necessitate
investments by the company in its distribution network besides
promotion for penetration in a competitive market. Additionally,
an elongated working capital cycle on account of high inventory
has led to stretched liquidity position of the company. ICRA,
however, notes the long experience of promoters including their
past experience in running Pagro Foods Limited and the
established relationships with key consumers.

Pagro Frozen Foods (Pvt.) Ltd. was incorporated in 2007 for
setting up an integrated vegetables processing plant in Punjab.
The proposed project involves contract growing of vegetables
across 10,000 acres of land and processing around 15,000 MT of
vegetables to annually produce 12,000 MT of frozen vegetables and
3000 MT of French fries. These food products are proposed to be
supplied to both domestic as well as export markets. PFFL is
promoted by Mr. N.S. Brar and Mr. Pawaninder Singh Dhillon, who
have over two decades of experience in food processing and
contract farming. The promoters are also s managing a company in
same business namely Pagro Foods Limited for the past eight
years. They are joined by Mr. Satpal Khattar who is investing in
the new company through his investment arm, Khattar Holdings Pte
Limited. The commercial operations of the company started in
March 2012.


RASI GRAPHICS: CARE Places 'BB+' Rating on INR2.51cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Rasi Graphics Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.51       CARE BB+ Assigned
   Short-term Bank Facilities     0.30       CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rasi Graphics Pvt.
Ltd. are primarily constrained by its relatively small scale of
operations, concentration of revenues among a few clients and
modest financial risk profile characterized by low profitability
and cash accruals, low networth and moderately high overall
gearing. The ratings are further constrained by RGPL's presence
in the highly fragmented printing industry with intense
competition from a large number of unorganized players.

The ratings, however, derive strength from the vast experience of
the promoters in the printing industry, RGPL's established
operational track record and its long-standing relationship with
a number of reputed clients.

Going forward, the ability of the company to grow its size of
operations and diversify its client base will be a key rating
sensitivity. Furthermore, the ability of the company to improve
and sustain its profitability amidst intense competition and any
major capital expenditure in the future along with its funding
mix will also be key rating sensitivities.

RGPL is a Chennai-based company engaged in commercial web-offset
printing, pre-press (except designing) and post-press (i.e.
binding, lamination etc.) activities. RGPL was promoted by Mr. S.
Bharathi and his sons Mr. B. Raj Kumar, Mr. B. Ashok Kumar and
Mr. B. Suresh Kumar in the year 1993. RGPL is engaged in printing
orders for Textbooks, Magazines, Newspaper Supplements, Diaries
and also carries out printing orders on job-work basis (where the
client provides the raw material like papers/ink etc). RGPL has
installed three commercial web-offset printing machines with a
combined installed capacity to print 2,400 reams/day as of
July 25, 2012.

The promoters also own Rathna Offset Printers (ROP; rated 'CARE
BB+', 'CARE A4+'), established in 1968 and engaged in similar
business of printing with an installed capacity of 1,120
reams/day.


RATHNA OFFSET: CARE Assigns 'BB+' Rating to INR2.51cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Rathna Offset Printers.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.51       CARE BB+ Assigned
   Short-term Bank Facilities     0.15       CARE A4+ Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Rathna Offset
Printers are mainly constrained by ROP being a closely-held
family business with relatively small scale of operations and
modest financial risk profile characterized by stagnant revenues
during the past three years, low cash accruals and low networth.
The ratings also factor in ROP's presence in the highly
fragmented printing industry characterized by intense competition
from a large number of unorganized players. The ratings, however,
derive strength from the long experience of the partners in the
printing industry, ROP's established operational track record of
over four decades and long-standing relationship with a number of
reputed clients. The ratings also favorably factor in the firm's
comfortable debt-protection metrics as evidenced by the low
leverage and comfortable coverage indicators.

Going forward, the ability of the firm to grow its size of
operations by effectively utilising capacity amidst intense
competition and maintaining its healthy capital structure will be
a key rating sensitivity. Additionally, any major capital
expenditure in the future and its funding mix will also be a key
rating sensitivity.

ROP is a Chennai-based partnership firm engaged in sheet-fed
offset printing, pre-press (except designing) and post-press
(i.e. binding, lamination etc) activities. ROP was founded by Mr.
Rajlingham along with his brothers in 1968. During 1990, the
complete ownership of the firm was transferred to Mr S. Bharathi
(son of Mr. Rajlingham) and his family. Presently, the day-to-day
activities of the firm are managed by his sons Mr B. Raj Kumar,
Mr B. Ashok Kumar and Mr B. Suresh Kumar who are equal partners
in the firm.

ROP is engaged in executing printing orders for Textbooks,
Diaries, Magazines wrappers, Marketing kits etc. It also carries
out printing orders on job-work basis (wherein the client
provides the raw material like papers). ROP has 7 sheet-fed
offset printing machines with a combined installed capacity to
print 1,120 reams / day as of July 25, 2012.


SCIENTECH TECHNO: ICRA Cuts Rating on INR8.5cr Loan to 'BB+'
------------------------------------------------------------
ICRA has revised the ratings for INR9.6 Crore bank facilities of
Scientech Technologies Private Limited to "[ICRA]BB+ / [ICRA]A4+"
from "[ICRA]BBB-/[ICRA]A3". The outlook on the long term rating
is Stable.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Long Term Cash Credit      8.00       Revised from ICRA]BBB-
   Facilities                            (Stable) to [ICRA]BB+
                                         (Stable)

   Long Term Export Packing   0.50       Revised from [ICRA]BBB-
   Credit Facilities                     (Stable) to [ICRA]BB+
                                         (Stable)

   Short Term Facilities      0.50       Revised from [ICRA]A3
   (Non-fund based)                      to [ICRA]A4+

   Short Term Facilities      0.60       Revised from [ICRA]A3
   (Fund Based)                          to [ICRA]A4+

The rating revision takes into account significant reduction in
scale of operations in 2011-12 (revenue de-growth of 16.0%) and
weakness in operating margin partly due to increasing competition
in the industry besides increased preference for digital
oscilloscopes. The ratings also take into account the high
working capital intensity of business as well as obsolescence
risk as it primarily deals with analog oscilloscope devices,
while the demand is increasingly shifting towards digital
oscilloscope devices. The ratings, however, positively consider
the long experience of the promoters in the hardware industry,
the company's initiatives to diversify product offerings and its
comfortable financial risk profile, characterized with
comfortable capital structure and moderate coverage indicators.
The ability of STPL to register growth in its operating revenues
by scaling up business in education vertical amid the increasing
competitive intensity in the hardware products industry as well
as manage its working capital intensity would remain key rating
sensitivities going forward.

Recent Results

The company reported Profit After Tax (PAT) of INR2.0 Crore on an
Operating Income (OI) of INR37.2 Crore during 2011-12 as per
provisional financials.

Scientech Technologies Private Limited was set up in 1983 as a
testing and measuring equipment manufacturing company, assumed
full flow of operations post 2001 when the current managing
director (Mr. Ambrish Kela) took over the reins subsequent to a
family settlement. The company with a turnover of INR45.1 crore
in 2010-11 currently has a portfolio of over 400 products in the
training & measuring and technical training equipment segments.
The company sells its products under brands viz. (i) Caddo: for
Testing and Measuring products like Oscilloscopes, Function
Generators and Power Supplies and (ii) Scientech: for other
products in Education, Healthcare and Software etc.


SHIV STEEL: CARE Rates INR5.75cr LT Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shiv Steel Industries.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities     5.75       'CARE B+' Assigned
   Short-term bank facility      2.00       'CARE A4' Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of M/s. Shiv Steel
industries are primarily constrained by its moderate scale of
operations coupled with short track record and its constitution
as a partnership firm. The ratings are further constrained by the
working capital intensive nature of operations, susceptibility to
volatility in prices of raw materials & intense competition due
to fragmented nature of industry. The ratings, however, derive
strength from the experience of the partners, various exemptions
and subsidies under government schemes and positive demand
outlook for the steel pipe industry in the medium term.

Ability to improve scale of operations along with improvement in
profitability while managing its working capital effectively
would be the key rating sensitivities.

M/s. Shiv Steel Industries was formed as a partnership firm in
November, 2005 by three partners; namely Shri Ratan Lal Bhati,
Smt Suman Bhati and Shri Ram Niwas Bhati belonging to Guwahati,
Assam for manufacturing of ERW (Electric Resistance Welded) pipes
and tubes. Over the years, the partnership firm was reconstituted
with subsequent admission and retirement of partners. Currently,
the firm is managed by Shri Ratan Lal Bhati and Smt. Rukmani Devi
Bhati and they are equal partners in the firm.

The firm manufactures mild steel pipes and tubes having
application in general engineering, factory shed, agricultural
equipment, furniture, electronics and others. The firms
manufacturing facility is located at Changsari (Assam) with an
installed capacity of 12,000 metric tonnes per annum (MTPA).
Apart from manufacturing, SSI is also involved in trading of
tubular poles.


TVS INTERCONNECT: Delay in Loan Payment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has revised rating assigned to the INR54 crore fund based
limits and INR40 crore non fund based limits of TVS Interconnect
Systems Limited from '[ICRA]BB' to '[ICRA]D'.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Fund Based Limits       54            [ICRA]BB to [ICRA]D
   Non Fund Based Limits   40            [ICRA]BB to [ICRA]D

The revision in the rating takes into account recent delays in
bank account servicing by TVSICS. Besides, the rating continues
to remain constrained by poor performance of various business
units of TVSICS and the weak financial profile of the company
characterized by losses and poor debt servicing indicators.
Further, the risk profile of the company is adversely impacted by
its significant repayment obligation in the near to medium term
and its exposure to foreign currency fluctuation risk on account
of its significant imports. However, ICRA notes that TVSICS draws
support from its parent, TV Sundram Iyengar & Sons Ltd and is
currently in the process of restructuring its debt profile and
business model.

TVSICS, established in the year 1999, is a wholly owned
subsidiary of TVS Sons. Starting as a supplier of networking and
telecom components, TVSICS diversified into networking and
telecommunications services in the year 2003. The company is
currently organized into three divisions namely, RF Components
Division - mainly involved in supplying of telecom infrastructure
components, Managed Services Division - engaged in providing
turnkey and O&M services to passive telecom infrastructure
players and telecom operators, and Networking Solutions Division
- engaged in providing system integration services. Currently,
the company is in the process of restructuring its business
model. During the eighteen months ending March 2011 the company
incurred net loss of INR70 crore on an operating income of
INR131 crore.


VEPARSEVA HEALTHCARE: Delay in Loan Payment Cues Junk Ratings
-------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR15.79 crore term
loan and INR1.50 crore proposed term loan of Veparseva Healthcare
Private Limited.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loan              15.79           [ICRA]D assigned
   Term Loan (proposed)    1.50           [ICRA]D assigned
   Credit Exposure Limit   0.24           [ICRA]D assigned

ICRA has also assigned an '[ICRA]D' rating to the INR0.24 crore
short term non fund based facility of VHPL. The assigned ratings
reflect VHPL's strained liquidity position as indicated by delays
in meeting term loan repayment obligations; weak financial
profile as reflected by adverse capital structure and poor debt
coverage indicators. The ratings also take into account the high
competitive intensity in the region with quite a few multi
specialty hospitals located in the vicinity. The ratings further
take into account the absence of corporate tie ups and
accreditation of hospital from external agencies resulting in
lower occupancy levels. ICRA, however, takes note of the long
experience of the promoters in healthcare sector through trading
of healthcare equipments with one of the promoters being a
practicing surgeon having vast experience in the field of
orthopedics as well as large catchment area with hospital being
located near the city centre.

Veparseva Healthcare Private Limited was incorporated in June
2007 and has set up a hospital by the name of 'Saviour Hospital'.
VHPL is promoted by three promoters including one practicing
doctor with other two promoters being involved in trading and
distribution of medical equipments. VHPL commenced providing
medical services from January 2011 onwards. However the hospital
has become fully operational from May 2012 and currently has 70
beds. The hospital is super specialty in nature offering tertiary
care services.

Recent Results:

For the year ended 31st March 2012, the company reported an
operating income of INR10.16 crore and profit after tax (PAT) of
INR0.12 crore.



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


* Moody's Upgrades 6 Korean Gov't-Related Financial Entities
------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency long-
term senior unsecured debt ratings of six Korean government-
related financial institutions to Aa3 from A1.

The six entities are: Export-Import Bank of Korea (KEXIM),
Industrial Bank of Korea (IBK), Korea Finance Corporation (KoFC),
Korea Housing Finance Corporation (KHFC), Korea Development Bank
(KDB), and Korea Student Aid Foundation (KOSAF).

The outlook for all the ratings is stable.

The rating actions follow Moody's upgrade of Korea's sovereign
ratings to Aa3 from A1 on August 27, 2012.

Ratings Rationale

The foreign currency long-term senior unsecured debt ratings of
the six institutions were upgraded to Aa3 as Moody's expects the
government to support these entities in a timely manner, in the
event of need, given their strong linkage with the government.

These financial institutions are important policy arms of the
government and, as such, benefit from certain explicit government
support.

KEXIM, IBK, KoFC, and KHFC benefit from their individual
charters, which hold the government legally responsible for
replenishing deficits if their reserves are insufficient to cover
their annual losses. Although the deficit replenishment clause is
not as strong as a payment guarantee in terms of certainty of
debt repayment, Moody's takes comfort from the fact that the
government has in the past taken the initiative to provide them
with capital to maintain capital adequacy.

Moody's has upgraded KDB's long-term foreign currency senior
unsecured debt to Aa3 from A1, as Article 18-2 (1) of the KDB Act
requires the government to provide explicit guarantees for the
debt within the limit set by the National Assembly at the point
that the government sells any share in KDB Financial Group, the
parent of KDB. The rating has a stable outlook.

Moody's has also upgraded KDB's local and foreign currency long-
term deposits to Aa3 from A1, as the government will continue to
be responsible for replenishing the bank's capital if its
reserves are insufficient to cover annual losses under Article 44
of the KDB Act. The KDB Act will remain intact unless the
government's stake in KDB Financial Group drops below 50%. The
revised ratings continue to have a negative outlook, reflecting
the potential privatization of the bank, since deposits would not
benefit from these explicit guarantees that would be triggered by
a privatization.

For KOSAF, the government continues to provide guarantees for
most of its debt, which would significantly increase the
government's incentive to support unguaranteed debt instruments
due to the reputational risk to the government in the event of a
default by the institution.

The resultant ratings and actions are listed below:

KEXIM -- the foreign currency long-term senior unsecured debt of
A1 upgraded to Aa3; and foreign currency long-term senior
unsecured MTNs/senior unsecured shelf of (P)A1/(P)A1 upgraded to
(P)Aa3/(P)Aa3. The revised ratings all carry stable outlooks. All
other ratings were unaffected: foreign currency commercial paper
of Prime-1, and standalone credit profile of ba1.

IBK -- the foreign currency long-term senior unsecured
debt/deposit of A1/A1 upgraded to Aa3/Aa3, and foreign currency
long-term senior unsecured/subordinated/junior subordinated MTNs
of (P)A1/(P)A2/(P)A2 upgraded to (P)Aa3/(P)A1/(P)A1. The revised
ratings all carry stable outlooks. All other ratings were
unaffected, and carry stable outlooks: D+ BFSR, mapping to a
standalone credit profile of baa3, foreign currency short-term
deposit/commercial paper of Prime-1/Prime-1.

KDB -- the foreign currency long-term senior unsecured
debt/senior unsecured MTN/ senior unsecured shelf of
A1/(P)A1/(P)A1 upgraded to Aa3/(P)Aa3/(P)Aa3, and the local and
foreign currency long-term deposits ungraded to Aa3 from A1. The
revised ratings all carry stable outlooks, except the long-term
deposit ratings that continue to have negative outlooks. All
other ratings were unaffected: D BFSR, mapping to a standalone
credit profile of ba2, foreign and local currency short-term
deposits of Prime-1, and foreign currency commercial paper of
Prime-1.

KoFC -- the foreign currency long-term issuer of A1 upgraded to
Aa3, and foreign currency long-term senior unsecured debt/senior
unsecured MTN of A1/(P)A1 upgraded to Aa3/(P)Aa3. The revised
ratings all carry stable outlooks. All other ratings were
unaffected: foreign currency short-term issuer/commercial paper
of Prime-1/Prime-1, and standalone credit profile of ba1;

KHFC -- the foreign currency long-term issuer rating of A1
upgraded to Aa3. The revised rating carry stable outlook. All
other ratings were unaffected: foreign currency short-term issuer
rating of Prime-1, and standalone credit profile of ba1.

KOSAF -- the foreign currency long-term issuer rating of A1
upgraded to Aa3. The revised rating carry stable outlook. The
foreign currency short-term issuer rating of Prime-1 was
unaffected.

Principal Methodologies

The principal methodologies used in rating IBK and KDB was
Moody's Consolidated Global Bank Rating Methodology published in
June 2012. The principal methodology used in rating KEXIM, KoFC,
KHFC, and KOSAF was Government-Related Issuers: Methodology
Update published in July 2010.

All 6 entities are headquartered in Seoul. Below are details of
their assets as of December 31, 2011:

KEXIM: KRW55.1 trillion (USD47.6 billion); IBK: KRW186 trillion
(USD161 billion); KDB: KRW149 trillion (USD129 billion) on
consolidated basis; KOSAF: KRW6.2 trillion (USD5.4 billion);
KoFC: KRW62.7 trillion (USD54.4 billion) on unconsolidated basis;
and KHFC: KRW5.9 trillion (USD5.1 billion).



=====================
P H I L I P P I N E S
=====================


VITARICH CORP: CA Junks Bid to Suspend Rehabilitation Process
-------------------------------------------------------------
BusinessWorld Online reports that the Court of Appeals (CA) has
upheld a lower court's decision junking two foreign banks'
petition to suspend the rehabilitation program of debt-laden
Vitarich Corp.

BusinessWorld relates that in a 20-page decision dated July 31
and penned by Associate Justice Angelita A. Gagucatan, the CA's
10th division said it "cannot give credence to charges based on
mere suspicion" by Barclays Bank Plc. and Deutsche Bank AG London
that Vitarich could not implement the approved rehabilitation
plan.

"It was merely speculative on the part of petitioner-banks to put
forth the argument that Vitarich can no longer meet its
obligations," the CA, as cited by BusinessWorld, said.

According to the report, Barclays and Deutsche, two of the many
creditors of Vitarich, asked the appeals court to review a lower
court's February 2011 decision denying their petition seeking
termination of the listed animal feeds producer's rehabilitation
plan.

BusinessWorld notes that the two banks claimed that Vitarich had
"failed to achieve the desired targets or goals . . . [and]
itself had admitted that it could not implement the Approved
Rehabilitation Plan in accordance with its terms, conditions,
restrictions or assumptions."

BusinessWorld recalls that Vitarich in July 2010 had asked a
lower court to modify an approved rehabilitation plan, as
increases in fuel and wheat prices, stringent payment of terms
due to 2008 financial crisis, and typhoons Ondoy and Pepeng in
2009 made it "extremely difficult" to pay commitments.

Among the listed firm's request was to use PHP300-million
insurance "to restore destroyed production service facilities and
improve its laboratory"; allow infusion of money by a "White
Knight"; and eventual conversion of its Marilao Plant into a
mixed use residential and commercial development, BusinessWorld
relays.

Vitarich's petition, however, had prompted Barclays and Deutsche
to ask a lower court to terminate the rehabilitation plan, but
was denied, the report notes.

The CA sided with the lower court, who had ruled that the two
banks petition was "premature," adds BusinessWorld.

                        About Vitarich Corp.

Based in Bulacan, Philippines, Vitarich Corporation --
http://www.vitarich.com/-- is engaged in the manufacture and
distribution of various poultry products such as live and dressed
chicken, day-old chicks, and animal and aqua feeds.

Vitarich has been under corporate rehabilitation since 2006
because of difficulties in paying off PHP3.23 billion in loans to
various creditors, according to BusinessWorld Online.  The
company had blamed the Asian financial crisis of 1998 and the
avian flu outbreak in 2003 as the reasons behind its financial
woes.



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


SCA CREATIVE: Creditors Get 100% Recovery on Claims
---------------------------------------------------
SCA Creative Group Pte Ltd will declare the first and final
dividend on Aug. 31, 2012.

The company will pay 100% and 23.8% to the received claims.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


TRIO ENERGY: Court to Hear Wind-Up Petition 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 LLP
         36 Robinson Road
         #08-01/06 City House
         Singapore 068877


VANDA TANKERS: Creditors' Meeting Set for Aug. 31
-------------------------------------------------
Creditors of Vanda Tankers (S) Pte Ltd will hold a meeting on
Aug. 31, 2012, at 4:15 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.


WOLF TECHNOLOGY: Court to Hear Wind-Up Petition Sept. 7
-------------------------------------------------------
A petition to wind up the operations of Wolf Technology Pte Ltd
will be heard before the High Court of Singapore on Sept. 7,
2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Aug. 10, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910



=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: Former Execs Appeal Against Jail Sentences
----------------------------------------------------------------
Tuoitrenews reports that Vinashin Shipbuilding Industry Corp. ex-
officials in appeal against sentences for losses to the state
budget of VND910 billion (US$43.5-million).

Vinashin, a state-owned company founded in 1996, came to the
verge of bankruptcy in 2009 after accumulating an enormous debt
of over $4.11 billion. The government later introduced reforms to
get the embattled shipbuilder back on track.

According to the report, the Supreme People's Court opened the
hearing to consider the appeals of eight out of the nine
defendants who had been sentenced by the Hai Phong city people's
Court in March for "intentionally violating the State's economic
management regulations, which causes serious consequences".

Among the eight is Pham Thanh Binh, former Vinashin chairman, 59,
who has been sentenced to 20 years in prison. The others have
received sentences ranging from 10 and 19 years imprisonment,
Tuoitrenews discloses.

Tuoitrenews, citing the indictment, says Mr. Binh and his
accomplices disregarded State laws and regulations on investment,
management and use of State capital, causing a loss of VND469.5
billion in the purchase of the ship Hoa Sen ; VND316.5 billion in
the Red River thermal power plant project in Nam Dinh Province;
VND66.5 billion in the Cai Lan diesel thermal power plant in
Quang Ninh province; VND30.4 billion in the financial lease of
ship Binh Dinh Star ; and VND27.3 billion in the sale of the Bach
Dang Giang vessel.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.



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


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

Sept. 13-14, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual Complex Financial Restructuring Program
         Four Seasons Hotel, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 13-15, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Southwest Bankruptcy Conference
         Four Seasons Hotel, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 19-20, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      38th Annual Lawrence P. King and Charles Seligson
      Workshop on Bankruptcy & Business Reorganizations
         New York University School of Law, New York, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts & Bolts: Bankruptcy Fundamentals for
      Young and New Practitioners
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      32nd Annual Midwestern Bankruptcy Institute & Consumer
Forum
         Kansas City Marriott Downtown, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2012: Views from the Bench
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      5th Annual Chicago Consumer Bankruptcy Conference
         University of Chicago Gleacher Center, Chicago, Ill.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 18, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency & Restructuring Symposium
         Parco dei Principi Grand Hotel & Spa, Rome, Italy
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 26, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         San Diego Marriott Marquis and Marina, San Diego, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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