TCRAP_Public/120905.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, September 5, 2012, Vol. 15, No. 177

                            Headlines


A U S T R A L I A

HASTIE GROUP: Gordon Brothers Sold to Former Owners
OJAY: Lowe Lippmann Appointed as Administrators
STORM FINANCIAL: CBA Sues Storm Clients Over Unpaid Mortgage Loan


C H I N A

APOLLO SOLAR: Incurs $1.8-Mil. Second Quarter Operating Loss
BAOXIN AUTO: NCGA Acquisition No Impact on Moody's 'Ba3' CFR
CHINA MEDICAL: Seeks U.S. Recognition of Cayman Proceeding
CHINA SHANSHUI: S&P Revises Outlook on 'BB' CCR to Negative
CHINA TEL GROUP: To Issue 8.3-Mil. Common Shares to Contractors

EVERGRANDE REAL: Weak 1H Results Won't Affect Moody's 'B1' CFR
HOPSON DEV'T: 1H 2012 Results No Impact on Moody's 'Caa1' CFR
WINSWAY COKING: S&P Affirms 'B+' Corp. Credit Rating; Off Watch


H O N G  K O N G

ADVANCED INK: To Declare Final Dividend on Sept. 10
AMANDA WAKELEY: Chan and Chamberlain Step Down as Liquidators
AMERICANA INDUSTRIAL: Tong Steps Down as Liquidator
BARCLAYS CAPITAL: Chan and Chamberlain Step Down as Liquidators
BETTER WEALTH: Philip Brendan Gilligan Steps Down as Liquidator

CHINA WIN: Creditors Get 0.191% Recovery on Claims
CHUO MITSUI: Lai and Haughey Step Down as Liquidators
DAILY FINE: Contributories and Creditors to Meet on Sept. 19
FULL CREATION: Yu and Choi Appointed as Liquidators
G.T.C. HOLDINGS: Commences Wind-Up Proceedings

HANG YIP: Members' Final Meeting Set for Oct. 8
HCT METAL: Members' Final Meeting Set for Oct. 3
HHR SUMMIT: Commences Wind-Up Proceedings
HIGHGRADE DEVELOPMENT: Chan and Morrison Step Down as Liquidators
JENSON LIMITED: Chung Kit Ling Elaine Steps Down as Liquidator


I N D I A

ADITYA TEA: CARE Rates INR5cr Long-Term Loan at 'CARE B'
AKSHARA MOTORS: ICRA Assigns '[ICRA]BB-' Rating to INR25cr Loans
BHARAT UDYOG: ICRA Cuts Rating on INR55cr Loan to '[ICRA]B'
CHAKRAPANI VYAPAR: CARE Rates INR10cr LT Loan at 'CARE BB-'
DELTON CABLES: CARE Puts 'BB+' Rating on INR9.62cr LT Loan

GATI MOTORS: CARE Rates INR7.8cr LT Loan at 'CARE B+'
HITEK ENGINEERING: CARE Assigns 'BB+' Rating on INR10cr LT Loan
HOME BOUND: CARE Rates INR5.16cr LT Loan at 'CARE B+'
JAINSONS AGRO: CARE Assigns 'BB' Rating to INR1.10cr LT Loan
KALYAN SILKS: ICRA Reaffirms 'BB+' Rating on INR81.18cr Loans

KINGFISHER AIRLINES: Overdue Accounts Hit INR800CR at March
KINGFISHER AIRLINES: Lenders to Meet Today Over Loans
MARSONS LTD: Fitch Downgrades National Long-Term Rating to 'D'
NR AGARWAL: Fitch Downgrades National Long-Term Rating to 'B+'
REFORM FERRO: Delay in Loan Payment Cues CARE Junk Ratings

SHRI SIDDHI: CARE Assigns 'CARE BB' Rating to INR14.07cr LT Loan
YASH ACCOUNTING: Fitch Withdraws 'D' Rating on INR550-Mil. Loan


I N D O N E S I A

BANK INTERNASIONAL: Fitch Affirms Viability Rating at 'BB'


N E W  Z E A L A N D

ASTRA ENTERPRISES: Liquidator Denies NZ$80,000 Theft
CRAFAR FARMS: Maori May Challenge Court Ruling on Crafar Sale


S I N G A P O R E

PAPILLON INVESTMENT: Creditors' Proofs of Debt Due Sept. 30
RESOURCE GEOTECH: Creditors Get 15.25821% Recovery on Claims
SUPREME MACHINE: Court Enters Wind-Up Order
TRIPLE STAR: Creditors Get 0.28017% Recovery on Claims


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


HASTIE GROUP: Gordon Brothers Sold to Former Owners
---------------------------------------------------
Madeleine Heffernan at smh.com.au reports that an industrial
refrigeration systems company that was once part of the collapsed
Hastie Group empire has been sold to a former owner and the
company's management for an undisclosed sum.

The 95-year-old Gordon Brothers Industries business is based in
Victoria and has about 130 employees, the report notes.

According to the report, Gordon Brothers has been sold by
Hastie's receiver, McGrathNicol, almost four months after the
collapse of the once-sprawling engineering services company.

smh.com.au discloses that the final debt bill for Hastie was
about AUD600 million, including AUD500 million owed to the banks
that funded its acquisition binge.

"I am pleased to announce that, effective today [Sept. 4], the
trading assets of GBI have been sold to the GBI management team
and the former owner Mr. Ian Sleeth," Matthew Caddy of
McGrathNicol said in statement cited by smh.com.au.  Mr. Sleeth
sold the business to Hastie in 2006.

McGrathNicol said there was no update on its other businesses:
Spectrum Fire and Safety, Hastie Services or Austral
Refrigeration, the report adds.

                      About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were also appointed Receivers and Managers over a
limited number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


OJAY: Lowe Lippmann Appointed as Administrators
-----------------------------------------------
Cara Waters at SmartCompany reports that fashion retailer Ojay
has collapsed with David Coyne and Gideon Rathner of Lowe
Lippmann appointed as administrators.

Mr. Coyne told SmartCompany "it is still very early days in the
administration" and said at this stage he was unable to comment.

SmartCompany says Ojay reduced its prices by 40% last year but
this move was not enough to address the fashion retailer's
problems.

A spokesperson for Ojay said the business was not commenting at
this stage, according to SmartCompany.

David Gordon, retail specialist at WHK, told SmartCompany the
collapse was "very sad news" for the retail sector.

"Ojay were veterans of the apparel game in Australia, with a very
good reputation," the report quotes Mr. Gordon as saying.

Founded in 1976, Ojay is a fashion retailer.  It has stores in
Victoria, New South Wales, Queensland and Western Australia as
well as being sold in David Jones.


STORM FINANCIAL: CBA Sues Storm Clients Over Unpaid Mortgage Loan
-----------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that the Commonwealth
Bank has sued Storm Financial victims at the heart of a highly
anticipated court battle set to kick off next week.

In a move denounced as "deliberately intimidating", the bank
filed a cross claim in Federal Court in Brisbane against Sean and
Paula McArdle seeking to recover AUD1.21 million allegedly owing
from their mortgage and margin loans, according to The Courier-
Mail.

According to the report, the McArdles are one of two couples
serving as lead plaintiffs in a class action against the bank,
which provided high-risk margin loans to 3,000 Storm victims who
lost AUD3 billion when sharemarkets dived in late 2008.

The Courier-Mail relates that Mr. McArdle, a Sunshine Coast
police officer, lambasted the bank and vowed that the legal
action launched against him in mid-July had only strengthened his
determination to seek justice.

The Courier-Mail recalls that the bank granted a moratorium on
repayments for many Storm victims, including the McArdles,
following the collapse of the Townsville-based financial planning
firm in early 2009.  But the bank now alleges the McArdles failed
to pay AUD75,864 owing from their margin loan on May 31 and did
not make a AUD8,573 repayment on their home loan due on June 22.

The report notes that the couple secured a AUD1 million home loan
in early 2007. They also used more than AUD2 million of a
AUD3 million line of credit from the bank's subsidiary, Colonial
First State, as margin loans to invest with Storm.

The Courier-Mail reports that Brett Imlay, a senior associate
with the McArdle's law firm, Levitt Robinson, said the bank had
agreed not to seize the couple's home or actively pursue the
cross claim until after the class action case had been heard.
The report relates that Mr. Imlay accused the bank of "sabre
rattling" and said the cross claim was "definitely designed to
add pressure on the lead applicants in the lead up to the trial".

The Courier-Mail says Levitt Robinson's class actions against the
Commonwealth Bank and Macquarie Bank on behalf of about 650 Storm
victims will run in tandem with an action brought by the
Australian Securities and Investments Commission.

Storm victims from across Australia were expected to converge on
Brisbane's Federal Court for the start of the three-month case on
Monday.  They could recover more than AUD1 billion if the court
decides in their favour. ASIC is expected to call more than 80
witnesses during the course of the trial, the report adds.

                       About Storm Financial

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.

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

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

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



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C H I N A
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APOLLO SOLAR: Incurs $1.8-Mil. Second Quarter Operating Loss
------------------------------------------------------------
Apollo Solar Energy, Inc., filed its quarterly report on Form 10-
Q, reporting net income of $812 on $988,346 of sales for the
three months ended June 30, 2012, compared with a net loss of
$431,385 on $2.9 million of sales for the corresponding period a
year ago.

For the six months ended June 30, 2012, the Company had a net
loss of $1.0 million on $2.9 million of sales, compared with a
net loss of $351,791 on $6.7 million of sales for the same period
of the prior year.

The Company had an operating loss for the three months ended
June 30, 2012, of $1.8 million, as compared to an operating loss
of $268,979 for the same period last year.  The Company had an
operating loss for the six months ended June 30, 2012, of
$2.6 million, as compared to an operating loss of $917,778 for
the six months ended June 30, 2011.

In 2009, the Company entered into a joint venture agreement,
pursuant to which it acquired a 35% interest for the contribution
of certain assets with a fair value of RMB49,980,000
(approximately $7.3 million) and debt of RMB37,170,000
(approximately $5.4 million).  According to the Company,
accounting standards require that it report a gain on the
difference between the initial cost of the investment and its
proportionate share of the fair value of the Joint Venture's net
equity.  "Accordingly, we recorded a gain of $2,040,651 during
the three and six months ended June 30, 2012."

The Company's balance sheet at June 30, 2012, showed $29.9
million in total assets, $11.2 million in total current
liabilities, and stockholders' equity of $18.7 million.

"The Company has negative working capital of $4,637,639, did not
generate cash from its operations, and has had operating losses
during past two years," the Company said in the filing.  "These
circumstances, among others, raise substantial doubt about the
Company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/UHYmgj

Apollo Solar Energy is a China-based vertically integrated
refiner of tellurium, or Te, and high-purity tellurium-based
metals for specific segments of the electronic materials market.
The Company's main expertise is in the production of Te-based
compounds used to produce thin-film solar cells, cell modules and
solar electronic products.  Tellurium, one of the rarest metallic
elements on earth, is produced as a by-product in the process of
processing copper and other metals.

The Company's refining operations are currently based in a
330,000 square foot facility in Chengdu, Sichuan Province, China.


BAOXIN AUTO: NCGA Acquisition No Impact on Moody's 'Ba3' CFR
------------------------------------------------------------
Moody's Investors Service says Baoxin Auto Group Limited's
acquisition of NCGA Holdings Limited will have no immediate
effect on Baoxin's Ba3 corporate family and provisional (P) Ba3
senior unsecured debt ratings.

The ratings outlook remains stable.

Ratings Rationale

"The acquisition is consistent with Baoxin's business strategy
and will strengthen its competitive position by increasing its
geographical footprint and diversifying its brand portfolio,"
says Jonathan Lee, a Moody's Vice President and Senior Analyst
and also International Lead Analyst for Baoxin.

NCGA's business complements Baoxin's as a China dealer for BMW
vehicles because the acquisition provides Baoxin with eight
additional BMW/Mini dealerships, two Jaguar and Land Rover
dealerships, a Porsche and a Volvo dealership.

Moreover, NCGA has large-scale operations in the northern and
western parts of China -- regions in which Baoxin has limited
presence hitherto. NCGA's annual sales of around RMB9 billion,
its long track record in dealing in BMW cars, and its operating
experiences in the after-sales services will also benefit Baoxin.

On August 30, Baoxin said that it had entered into an agreement
to acquire NCGA Holdings Limited for a total consideration of
US$305 million.

The consideration will be settled through cash (US$232.6
million); bonds (US$58.2 million); and shares (US$14.6 million).

The cash portion will be funded by internal resources and
external bank borrowings.

"The financial impact of the acquisition is manageable and the
deal will not significantly affect Baoxin's debt leverage,"says
Ping Luo, a Moody's Vice President and Senior Analyst and the
Lead Local Market Analyst for Baoxin.

Baoxin has adequate cash on hand to complete the transaction.
Moody's believes that Baoxin's debt/EBITDA will stay at around
3.0x-3.5x at end-2012. This ratio continues to support the
company's Ba3 corporate family rating.

Baoxin's 1H 2012 results are within Moody's expectations against
the backdrop of a softening domestic automobile market. In fact,
its 1H revenues increased 72.2% year-on-year to RMB9 billion
mainly through growth in existing stores, but also through new
stores added in 2H2011 and 1H2012. This strong growth reflects
Baoxin's market position in the luxury car dealership market in
Eastern China.

Like its industry peers, Baoxin's gross profit margin and EBITDA
margin in 1H 2012 suffered some deterioration to 8.3% and 6.6%
respectively from 9.9% and 7.0% in 1H 2011 because of the
pressure to unload inventory.

However, Moody's expects some improvement in Baoxin's
profitability in 2H 2012, as vehicle manufacturers are likely to
set lower sales targets, increase rebates, and introduce new
higher-margin BMW and Audi models.

Baoxin's inventory days-on-hand improved slightly to 41 days in
June from 43.7 days a year ago due to stronger control and
management of inventories. Its performance compares favorably
against the market average of around 54 days for dealerships
selling foreign cars.

The principal methodology used in rating Baoxin was the Global
Automotive Retailer Industry Methodology published in December
2009.

Incorporated in 1999 and listed on the Hong Kong Stock Exchange
in 2011, Baoxin is a luxury car dealership in China. It operated
33 stores and operated 12 brands of vehicles as of end-2011.
Headquartered in Shanghai, it has a presence in six east coast
regions and 14 cities. It has a strong footprint in Shanghai, as
well as in the provinces of Zhejiang and Jiangsu.


CHINA MEDICAL: Seeks U.S. Recognition of Cayman Proceeding
----------------------------------------------------------
China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate
money fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands.  Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding"

CMED's sole asset is its ownership of 100% of the shares of CMED
Technologies Ltd., a British Virgin Islands corporation.  CMED
Technologies is itself is a holding company for a group of BVI
and Hong Kong subsidiaries that, prior to February 2012, had 100%
ownership of three operating companies in the PRC that developed,
manufactured and marketed advanced medical technology.

Following entry of the winding up order, CMED has engaged in the
business of collecting its assets and preparing for an orderly
liquidation under the direction of the liquidators.  The Debtor
is estimated to have $100 million to $500 million in liabilities,
according to the Chapter 15 petition filed Aug. 31.

The liquidator claim that in the latter part of 2011, CMED's
former Chairman and Chief Executive Officer, Wu Xiaodong,
implemented a plan to divert value from CMED and its creditors by
causing CMED to default on notes in the aggregate principal
amount of $426 million and stripping CMED of its assets through
undisclosed, unauthorized and fraudulent transfers to his
associates and family members.

In February 2012, without any notice to shareholders or
creditors, Mr. Wu caused the transfer of 60% of the equity
ownership of the CMED Operating Companies to two PRC companies.
The consideration purportedly received by CMED appears to be
"grossly inadequate and far below the actual value of the
ownership interests," the liquidators claimed.

"Despite extensive searches by the Liquidators in the PRC, the
Liquidators have been unable to locate any of the funds
purportedly paid by the Transferee Companies or even to establish
that any of those funds ever reached CMED," the liquidators
admitted in court filings.

"To date, the Liquidators have been unable to locate any other
CMED assets anywhere in the world outside the Cayman Islands,"
the liquidators added.

Chapter 15 helps shield a foreign company from U.S. lawsuits and
creditor claims while the company continues the reorganization
process abroad.

CMED is subject to several lawsuits filed in the United States
District Court for the Southern District of New York, in which
the plaintiffs allege violations of the Securities Exchange Act
of 1934.  On April 2, 2012, the lawsuits were consolidated into
an action entitled In re CMED Securities Liquidation, 11 Civ.
9297 (KBF).  On June 1, 2012, CMED filed a motion to dismiss the
Securities Class Action. Briefing on the motion to dismiss the
Securities Class Action is to be completed on August 31, and the
court has scheduled a status conference in the action for
September 14.

CMED's unsecured debt includes $276 million in 4% senior
convertible notes due in 2013; and $150 million in 6.25%
convertible senior notes due in 2016; both governed by Cayman law
and mostly held by Americans.

The winding-up proceedings in the Cayman Islands were commenced
after the indenture trustee for the notes, at the direction of
holders of over 50% of the principal amount of the notes, filed
the winding-up petition June 15, 2012.  Mr. Krys and Cosimo
Borrelli were named liquidators.

Bloomberg News reports that the company's American depositary
receipts fell 68% to $3.50 in August following a two-week
suspension by the U.S. Securities and Exchange Commission, which
questioned information accuracy.  The shares fell 15% in over-
the-counter trading to $2.90 in New York Aug. 31.


CHINA SHANSHUI: S&P Revises Outlook on 'BB' CCR to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services had taken these rating actions
on two China-based cement manufacturers:

                              To               From

China Shanshui Cement
Group Ltd. (Shanshui)
  Corporate Credit Rating     BB/Negative/--   BB/Stable/--
  Greater China Regional
  Scale                       cnBB+/--         cnBBB-/--

West China Cement Ltd.
(WCC)
  Corporate Credit Rating     B+/Negative/--   BB-/Negative/--
  Greater China Regional
  Scale                       cnBB-/--         cnBB/--

"We affirmed the 'BB-' issue rating on Shanshui's outstanding
senior unsecured notes, and lowered our Greater China regional
scale issue rating on the notes to 'cnBB' from 'cnBB+'. We also
lowered our issue rating on WCC's senior secured notes to 'B+'
from 'BB-' and our Greater China regional scale issue rating on
the notes to 'cnBB-' from 'cnBB'," S&P said.

"We lowered the rating on WCC to reflect our view of the
company's weakened liquidity position, given its low cash balance
and high short-term debt," said Standard & Poor's credit analyst
Lawrence Lu.

"WCC's cash balance fell to Chinese renminbi (RMB) 173 million as
of June 30, 2012, from RMB560 million as of Dec. 31, 2011. The
decline was mainly due to higher-than-expected cash payments for
finalizing the acquisition of Shifeng Cement and for existing
capital expansion. WCC has about RMB1.25 billion in short-term
debt due within the next 12 months that it needs to continually
roll over. We believe that WCC has solid relationships with
onshore local banks. The company's track record demonstrates its
ability to roll over its short-term working capital loans.
Nonetheless, WCC's current liquidity position may require it to
cut back its capital expenditure in the second half of 2012 to
preserve cash. We expect the company's working capital
requirements to remain high," S&P said.

"In our view, lower cement prices in Shaanxi province have
allowed WCC to gain market share in rural areas from inefficient
producers. While we believe that the Shaanxi market is still in
the early stages of recovery from a price war, recovery could be
bumpy and uneven. We do not expect WCC's profit margin to improve
materially on a sustainable basis over the next 12 months.
Oversupply, uncertain demand, and intense competition remain
challenges in the Shaanxi cement market," S&P said.

"The negative outlook on WCC reflects the company's low cash
balance and its need to roll over its high short-term debt due in
the next 12 months. The outlook also reflects our expectation
that WCC's annual sales volume may fall short of our base-case
expectation and that its debt-to-EBITDA ratio may increase to
more than 4x and remain there," S&P said.

"We revised the outlook on Shanshui to reflect our view that the
company's high debt burden is unlikely to ease over the next six
to 12 months given challenging industry conditions," said Mr. Lu.

"The negative outlook reflects Shanshui's increasing debt amid
weaker cement industry conditions in Shandong province and the
company's still aggressive growth plans. In our view, Shanshui's
total debt is unlikely to drop materially over the next 12 months
from RMB14.6 billion as of June 30, 2012, due to the company's
increased working capital requirements and higher capital
expenditure," S&P said.

"We affirmed the rating largely to reflect Shanshui's
satisfactory operating performance and adequate liquidity amid
challenging industry conditions. The rating also reflects the
company's cash balance of about RMB4 billion as of June 30, 2012.
The company's operating performance in the first half of 2012 was
in line with our expectation. Sales contribution from Liaoning
province offset weaker sales and lower margins from Shanshui's
core market of Shandong," S&P said.

"Both of Shanshui's primary markets -- Liaoning and Shandong
provinces -- face oversupply. Liaoning, in China's northeastern
region, was one of very few markets in the country where cement
prices increased in the first half of 2012. This was mainly
because of lower production and not stronger demand. According to
data from Digital Cement, total cement production in the
northeast declined 9.42% in January-April 2012, over the same
period in 2011. However, we believe that going forward, companies
may find it difficult to maintain average selling prices at
current levels if demand does not pick up," S&P said.


CHINA TEL GROUP: To Issue 8.3-Mil. Common Shares to Contractors
---------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission a Form S-8 registering 8,354,081 shares of common
stock issuable to the Company's independent contractors.  The
proposed maximum aggregate offering price is $701,742.  A copy of
the Form S-8 prospectus is available for free at
http://is.gd/eI1QlD

                          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.

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.


EVERGRANDE REAL: Weak 1H Results Won't Affect Moody's 'B1' CFR
--------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's financial results for 1H 2012 are weak but will not
immediately affect its B1 corporate family rating and B2 senior
unsecured bond rating and negative outlook.

"The negative outlook already factors in the lower profit
margins, increased borrowings, and weakened financial metrics
that Evergrande reported for 1H 2012," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Gross margin fell to 28.6% in 1H 2012 from 35.1% a year ago,
despite a 15.5% growth in revenue, as the company cut prices to
stimulate sales during the market downturn in 2011.

In addition, Evergrande increased its borrowings in 1H to fund
its construction and land payments, as contract sales slowed in
1Q 2012. Its total on-balance sheet debt grew to RMB59.7 billion
as of June, from RMB51.7 billion as of December 2011.

Accordingly, its debt leverage -- in terms of adjusted
debt/capitalization -- rose to 65.8% as of June from 64.0% at
end-2011, and its EBITDA interest coverage dropped to 3.1x in 1H
from 3.9x in 2011.

These ratios continue to position Evergrande at the weaker end of
its B1 corporate family rating.

Evergrande's contract sales fell 15% year-on-year to RMB43.3
billion in its first 7 months of 2012, but remained within
Moody's expectation. The slow sales in 1Q account for much of the
deterioration. Still, Evergrande remains the largest high-yield
developer in terms of contract sales.

Its total cash (including restricted cash) declined to RMB24.7
billion in 1H from RMB28.2 billion in December 2011.

But Moody's expects Evergrande to continue generating
satisfactory contract sales in the coming 12 months and which
could result in operating cash flow of around RMB10 billion.

With this cash flow and cash on hand, Evergrande can address
estimated land payments of around RMB15 billion in the next 12
months and short-term debt of RMB19.9 billion as of June, which
has increased substantially from RMB10.2 billion as of December
2011.

Moody's will continue to monitor Evergrande's contract sales as
well as its liquidity and debt leverage position, and will
evaluate the impact of any positive developments to its rating
outlook.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China, with a standardized operating
model. Founded in 1996 in Guangzhou, the company has rapidly
expanded its business across the country over the past few years.
As of June 2012, it had a land bank of 142 million square meters
in gross floor area across 121 cities in China.


HOPSON DEV'T: 1H 2012 Results No Impact on Moody's 'Caa1' CFR
-------------------------------------------------------------
Moody's Investors Service says that Hopson Development Holdings
Limited's weak liquidity position in 1H 2012 continues to weigh
on its credit profile.

At the same time, Moody's had already considered such liquidity
risk in its current Caa1 corporate family and Caa2 senior
unsecured ratings with a negative outlook.

Therefore, the ratings are unaffected.

Hopson's liquidity position remained weak in 1H 2012 even though
its cash balance rose to HKD5.7 billion as of June 30, after its
sale of its BBMG shares for HKD2.1 billion. The company still
needs to raise additional funds in its offshore accounts apart
from the proceeds from selling BBMG shares to address the
repayment of US$350 million in senior unsecured notes due in
November 2012.

In addition, Hopson has other short-term debt -- totaling RMB11.1
billion -- which needs to be refinanced in the next 12 months.
During this time, the credit environment will remain tight for
property developers.

Moody's notes that Hopson improved on its sales execution in 1H
2012 when contracted sales registered a year-on-year increase of
12% to HKD7.1 billion. This amount also represents 49% of its
revised full-year contracted sales budget of HK14.6 billion. The
latter figure is down 20% from the original.

Hopson's current level of contracted sales is not enough to
address its large amount of maturing debt. It needs to generate
more liquidity through clearing more inventory.

Its completed properties and properties under development totaled
HKD62.7 billion as of June 30, 2012, or about six times its
annualized book revenue.

Hopson's weak sales has also translated into lower financial
flexibility. Its 1H 2012 adjusted EBITDA/Interest expense was
1.2x, unchanged from 1.1x in 2011.

Moody's will continue to monitor Hopson's efforts to improve its
liquidity position, including the monetization of its projects,
raising new debt or transmitting funds from onshore to offshore
to address the repayment of its USD-denominated notes in the near
future.

The principal methodology used in rating Hopson Development
Company Holdings Limited was the Global Homebuilding Industry
Methodology published in March 2009.

Hopson Development Company Holdings Limited is one of the largest
property developers in China, with a land bank of 31.9 million
square meters in gross floor area. Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.


WINSWAY COKING: S&P Affirms 'B+' Corp. Credit Rating; Off Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'B+' long-
term corporate credit rating on Winsway Coking Coal Holdings Ltd,
a China-based supplier of imported coking coal. The outlook is
negative. "We also affirmed our 'B+' issue rating on the
company's US$500 million senior unsecured notes. Standard &
Poor's also
lowered its Greater China regional scale ratings on Winsway and
on the company's notes to 'cnBB-' from 'cnBB'. All the ratings
were removed from CreditWatch, where they were placed with
negative implications on July 18, 2012," S&P said.

"Our rating actions reflect our view that Winsway's weak
profitability is likely to improve in the second half of 2012
because we expect a moderate recovery in the company's operating
conditions," said Standard & Poor's credit analyst Joe Poon.
"Winsway has cleared most of its high-cost inventory, and we see
a low likelihood that the company will incur further inventory
losses."

"Winsway's results for the first half of 2012 were substantially
weaker than our expectation. This was largely due to weakening
demand for coking coal and a sharp decline in coal prices that
led steel mills to re-negotiate supply contracts with the
company," S&P said.

"Winsway's inventory level improved after the company sold most
of its high-cost coal inventory. The sales boosted the company's
unrestricted cash to about US$300 million from a low of about
US$100 million after it acquired Canadian coal mining company
Grand Cache Corp. (GCC) in the first quarter of 2012," S&P said.

"We believe GCC will continue to dilute Winsway's profitability.
That's because GCC has a less competitive cost structure and
production at its coal mine is lower than Winsway's expectation.
GCC also has limited flexibility to adjust its costs as coal
prices decline," S&P said.

"Our rating does not factor a proposal by Aluminum Corp. of China
Ltd. (Chalco; foreign currency BBB/Negative/--; cnA-/--) to
acquire a controlling stake in Winsway. In our view, if the
transaction materializes, it could help Winsway to access
additional railway capacity and avoid a potential inventory
build-up. Moreover, Chalco's ownership may improve Winsway's
access to capital markets," S&P said.

"The negative rating outlook reflects our view that a strong
recovery in coking coal demand and prices is uncertain," said Mr.
Poon. "Winsway's credit protection measures are therefore likely
to remain weak for the rating over the next 12 months."

"We may lower the rating if: (1) Winsway's financial performance
does not improve in the next few quarters, such that its ratio of
total debt to EBITDA stays above 6.0x on a consistent basis; or
(2) GCC's business and financial performance deteriorates
further. The rating could also come under pressure if Winsway's
liquidity weakens further due to potential bond redemption.
Nevertheless, we believe that the risk of this is low."

"We could revise the outlook to stable if: (1) GCC ramps up its
coal production, significantly lowers its average production
costs, and returns to profit; and (2) Winsway improves its
profitability and financial strength, such that its ratio of
total debt to EBITDA returns to below 5x on a sustainable basis,"
S&P said.



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


ADVANCED INK: To Declare Final Dividend on Sept. 10
---------------------------------------------------
Advanced Ink & Coatings Limited, which is in liquidation, will
declare the first and final return to its contributories on or
after Sept. 10, 2012.

The company's liquidators are:

         Wong Kwok Man
         Alison Wong Lee Fung Ying
         43/F, The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


AMANDA WAKELEY: Chan and Chamberlain Step Down as Liquidators
-------------------------------------------------------------
Chan Wai Hing and Michael Chamberlain stepped down as liquidators
of Amanda Wakeley (Far East) Limited on Aug. 24, 2012.


AMERICANA INDUSTRIAL: Tong Steps Down as Liquidator
---------------------------------------------------
Tong Kwong Wah Jerry stepped down as liquidator of Americana
Industrial Company Limited on Aug. 24, 2012.


BARCLAYS CAPITAL: Chan and Chamberlain Step Down as Liquidators
---------------------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of
Barclays Capital Futures Hong Kong Limited on Aug. 31, 2012.


BETTER WEALTH: Philip Brendan Gilligan Steps Down as Liquidator
---------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Better
Wealth Development Limited on Aug. 27, 2012.


CHINA WIN: Creditors Get 0.191% Recovery on Claims
--------------------------------------------------
China Win Holdings Limited, which is in liquidation, declared the
first and final dividend to its creditors on Aug. 31, 2012.

The company paid 0.191% for ordinary claims.

The company's liquidator is Teresa S W Wong.


CHUO MITSUI: Lai and Haughey Step Down as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Chuo Mitsui Investments Hong Kong Limited on
Aug. 23, 2012.


DAILY FINE: Contributories and Creditors to Meet on Sept. 19
------------------------------------------------------------
Contributories and creditors of Daily Fine Industrial Limited
will hold their first meetings on Sept. 19, 2012, at 2:30 p.m.,
and 3:00 p.m., respectively at Units 511-512, 5/F, Tower 1,
Silvercord, at 30 Canton Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Ho Man Kit Horace and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FULL CREATION: Yu and Choi Appointed as Liquidators
---------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy on May 7, 2012, were
appointed as liquidators of Full Creation Development Limited.

The liquidators may be reached at:

          Yu Tak Yee Beryl
          Choi Tze Kit Sammy
          15/F, Empire Land Commercial Centre
          81-85 Lockhart Road
          Wanchai, Hong Kong


G.T.C. HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------
Members of G.T.C. Holdings Limited, on Aug. 24, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Ng Kwok Cheung Bernard
         Flat B, 16/F
         Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


HANG YIP: Members' Final Meeting Set for Oct. 8
-----------------------------------------------
Members of Hang Yip Construction Company Limited will hold their
final meeting on Oct. 8, 2012, at 11:00 a.m., at Room 2810, 28/F,
at 113 Argyle Street, in Kowloon.

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


HCT METAL: Members' Final Meeting Set for Oct. 3
------------------------------------------------
Members of HCT Metal Hong Kong Limited will hold their final
meeting on Oct. 3, 2012, at 4:00 p.m., at 6/F, Kwan Chart Tower,
at 6 Tonnochy Road, Wanchai, in Hong Kong.

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


HHR SUMMIT: Commences Wind-Up Proceedings
-----------------------------------------
Members of HHR Summit Fitness Center (HK) Limited, on Aug. 15,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


HIGHGRADE DEVELOPMENT: Chan and Morrison Step Down as Liquidators
-----------------------------------------------------------------
Chan Wai Hing and Kenneth Graeme Morrison stepped down as
liquidators of Highgrade Development Limited on
Aug. 23, 2012.


JENSON LIMITED: Chung Kit Ling Elaine Steps Down as Liquidator
--------------------------------------------------------------
Chung Kit Ling Elaine stepped down as liquidator of Jenson
Limited on Aug. 21, 2012



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


ADITYA TEA: CARE Rates INR5cr Long-Term Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Aditya Tea
Company.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or infusion of fund in the form of unsecured loans brought in by
the proprietor in addition to the financial performance and other
relevant business factors.

Rating Rationale

The rating assigned to the bank facilities of Aditya Tea Company
is constrained by its weak financial profile marked by the thin
profit margins and highly leveraged capital structure. The rating
is further constrained due to the constitution of the entity as a
proprietorship firm, seasonal nature of tea industry and stiff
competition due to the fragmented nature of the industry. The
above-mentioned constraints far outweigh the strengths derived
from the long experience of the proprietor in the tea trading
business and favorable industry outlook and strong demand.

The ability of the firm to improve its profitability margin along
with the improvement in the capital structure remains the key
rating sensitivity.

M/s Aditya Tea Company is a Jaipur-based proprietorship firm
established by Mr Vijay Kumar Bajaj in April 2005. ATC is engaged
in the trading of loose tea and also act as a commission agent.
ATC mainly deals in the trading of CTC (crush, tear, curl) tea
and orthodox tea. The firm is also an agent of Tata Global
Beverages Limited for their products since August 2007. Mr Vijay
Kumar Bajaj is the proprietor of ATC and the operations are
primarily managed by his son Mr. Ashok Kumar Bajaj.

As per the provisional results for FY12 (refers to the period
April 1 to March 31), ATC reported a profit after tax (PAT) of
INR0.10 crore against a turnover of INR54.32 crore, whereas in
FY11 (audited results), the company reported a PAT of INR0.15
crore against a turnover of INR57.31 crore.


AKSHARA MOTORS: ICRA Assigns '[ICRA]BB-' Rating to INR25cr Loans
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR12.45 crore term
loans, INR 10.0 crore existing long-term fund based facilities
and INR2.55 crore proposed long-term fund based facilities of
Akshara Motors Private Limited.  The outlook on the long-term
rating is stable.

                                 Amount
   Facilities                   (INR Cr)   Ratings
   ----------                   ---------  -------
   Term Loans                     12.45    [ICRA]BB- assigned
   Long-Term Fund Based Limits    10.00    [ICRA]BB- assigned
   Long-Term Fund Based Limits     2.55    [ICRA]BB- assigned
   (proposed)

The assigned rating takes into account the established promoter
background of the company having been present in the automobile
dealership business for more than twenty years; healthy market
position of Honda Siel Cars India Limited in the Indian passenger
car segment; high market share enjoyed by AMPL amongst other
HSCIL dealers in Bangalore despite being the last to commence
operations and healthy growth in the volumes witnessed by the
company on back of positive response to the entry level hatchback
Honda Brio introduced during 2011-12. However, the rating remains
constrained owing to the thin margins, weak bargaining power and
high working capital requirements characteristic of the
automobile dealership business, stretched financial profile of
AMPL with high gearing and weak coverage indicators, muted
performance of the company in 2011-12 largely on account of the
supply constraints faced by HSCIL due to the Thailand floods and
stiff competition faced by the company from other passenger car
dealers given the highly competitive environment in Indian
passenger car segment with aggressive model launches and
expansion of service network both by the existing OEMs and new
entrants. The company also remains exposed to the inherent
cyclicality of the automobile industry. Moreover, with weak
consumer sentiment and government's policy favoring diesel
vehicles (given the lack of a diesel vehicle in HSCIL's existing
portfolio), the growth outlook of AMPL remains weak in the near-
term.

Incorporated in 2007, Akshara Motors Private Limited is engaged
in passenger car dealership for Honda Siel Cars India Limited.
The company presently operates two showrooms (located at
Kanakapura and Mekhri Circle) and two workshops (located at
Kanakapura and Yeshwanthpur) in Bangalore. The showroom and
service outlet at Kanakapura is owned by the promoters, the
workshop at Yeshwanthpur is owned by AMPL and the sales outlet at
Mekhri circle has been taken on lease.

The company has been promoted by Mr. M.P. Shyam, who had started
his business with dealership for Kinetic Honda in 1991-92. Mr.
Shyam, an alumnus of RV College of Engineering (Bangalore), has
close to 20 years of experience in the auto dealership business.
The promoter Group currently also holds dealerships for other
passenger car OEMs, commercial vehicles and two-wheelers through
separate entities.


BHARAT UDYOG: ICRA Cuts Rating on INR55cr Loan to '[ICRA]B'
-----------------------------------------------------------
ICRA has revised the long term rating for the INR13.0 crore term
loans (revised from INR13.5 crore) and INR42.0 crore fund based
(enhanced from INR29.5 crore) bank facilities of Bharat Udyog
Limited to '[ICRA]B'. ICRA has also revised the rating for the
INR30.0 crore short term non-fund based (enhanced from
INR18.0 crore) bank facilities of BUL to '[ICRA]A4'. The ratings
were earlier suspended at [ICRA]BB+(stable) and [ICRA]A4+ on
March 2012.

                         Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Term Loans               13.0        [ICRA]B revised
   Fund Based Limits        42.0        [ICRA]B revised
   Non-Fund Based Limits    30.0        [ICRA]A4 revised

The financial profile of the company remains weak with stretched
liquidity at the consolidated level owing to the time and cost
overrun in the toll road BOT project being executed by SPV BUL
Infradevelopers Private Limited.  The financial profile remains
further constrained by corporate guarantees amounting to ~1.5
times its net-worth as on March 2012 extended to SPVBUL. The risk
of devolvement is however partially mitigated since toll
collection has started. The traffic currently remains lower than
expected but is expected to improve as the route provides a vital
connection between NH-3 (Mumbai-Agra highway) and NH-8 (Mumbai-
New Delhi highway). Going forward the significant funding
requirements of the SPV Swaraj Infrastructure Projects Limited
which is undertaking Truck Terminal Projects at Taloja, Waluj and
Latur are expected to continue to strain the financial profile at
the consolidated level in the medium term.

ICRA takes note of the long track record of the company in the
construction sector especially in roads, its established
relationship with government departments with whom it has
executed number of repeat orders in the past, and the long-
standing experience of the promoters in the construction
industry.

Bharat Udyog Limited, set up in 1993, is an infrastructure
development company. The Company's core area of operations is
infrastructure development in the field of roads and construction
(EPC and BOT projects), and processing and trading of Bitumen.
The company is also engaged in toll collection, sand quarrying on
a contract basis and has also executed one commercial mall
development project in Kolhapur on BOT basis.

BUL is promoted by Mr. Srichand Kukreja who started construction
business with Jaihind Construction Company in 1980 for executing
construction activities of smaller ticket size as a sub
contractor. He set up Jaihind Contractors Private Limited in 1988
and Swaraj Erectors Private Limited (SEPL) in 1993 to execute
infrastructure projects. BUL was incorporated in 1993 by merging
JCPL and SEPL. It was then known as Bharat Monetary Services
Private Limited and was intended to act as an NBFC for group
companies. The name was changed to BUL in 2001 and in 2002 all
the group companies were consolidated under BUL. All construction
activities are hence conducted under BUL. Mr. Srichand Kukreja
currently acts as the Chairman and Managing Director of BUL and
the company continues to remain closely held.


CHAKRAPANI VYAPAR: CARE Rates INR10cr LT Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Chakrapani Vyapar Pvt Ltd.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.00     CARE BB- Assigned

Rating Rationale

The rating of Chakrapani Vyapar Pvt Ltd reflects CVPL's modest
scale of operations, and below-average financial risk profile
marked by small net-worth base, thin profitability margins, high
gearing and low bargaining power due to trading of generic
product. Furthermore, the rating is also constrained on account
of susceptibility of profit margins due to inventory risk arising
out of changes in prices of plastic polymers which are directly
linked to crude oil price and foreign exchange fluctuations.

The ratings, however, favorably factor in the long experience of
the promoters in the plastic polymer trading industry.

CVPL's ability to increase the scale of operations along-with an
improvement in financial risk profile remains the key rating
sensitivities.

Chakrapani Vyapar Private Limited is promoted by Mr Alok Sethia
and Krishan Kumar Tibrewal. CVPL is engaged in the trading of
plastic raw materials and polymers. CVPL deals in domestic as
well as imported polymers.

On provisional basis, the company reported a total operating
income of INR223.64 crore and a profit after tax (PAT) of
INR0.48 crore in FY12 (refers to period April 1 to March 31) as
against a total income of INR137.30 crore and PAT of INR0.40
crore in FY11.


DELTON CABLES: CARE Puts 'BB+' Rating on INR9.62cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Delton Cables Ltd.

   Facilities                    (INR crore)    Ratings
   -----------                   -----------    -------
   Long-term Bank Facilities         9.62       CARE BB+ Initial
   Short-term Bank Facilities       21.60       CARE A4+ Initial
   Long/Short-term Bank Facilities  62.04       CARE BB+/CARE A4+
                                                Initial
Rating Rationale

The ratings of Delton Cables Ltd. are constrained due to the
moderate scale of operations, low net profit margins and highly
working-capital intensive nature of the operations. Furthermore,
the rating is also constrained by the inherent risk associated
with exposure to the volatility in raw material prices and
intense competition in the cable industry.

The company derives its strengths from the wide experience of
DCL's promoters in the cable industry, DCL's long track record of
operations with diversified and reputed clientele and its
comfortable order book position coupled with moderate capital
structure with minimum long-term debt.

Going forward, the ability of DCL to achieve growth in sales and
profitability in the wake of competitive industry scenario and
volatile raw material prices and improvement in the operating
cycle shall be the key rating sensitivities.

DCL was incorporated in 1964 as a private limited company for the
manufacturing of cables and switchgears. Subsequently, it was
converted into a public limited company in 1981. Currently, the
management is led by Mr. V.K. Gupta, Chairman & Managing
Director, and Mr. Vivek Gupta, Joint Managing Director.

The product range of the company includes control and
instrumentation cables, low tension (LT) Power cables, Railway
Signaling Cables, Jelly Filled Telecom Cables, Co-Axial cables
and Telephone cables, etc. Furthermore, the company diversified
its revenue base by entering into switchgears segment, including
MCBs, Isolator, Phase selector, etc. The manufacturing facilities
of the company are located at Faridabad and Dharuhera (Haryana),
Najafgarh (New Delhi) and Noida (U.P.).

During FY12 (refers to the period April 1 to March 31), DCL
achieved a total operating income of INR141.96 crore with a PAT
of INR1.81 crore as against a total operating income of INR126.05
crore with a PAT of INR0.97 crore during FY11.


GATI MOTORS: CARE Rates INR7.8cr LT Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Gati
Motors Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities       7.8       'CARE B+' Assigned

Rating Rationale

The rating assigned to the bank facilities of Gati Motors Pvt.
Ltd. are primarily constrained by its modest scale of operations
coupled with short track record and its limited geographical
presence. The rating is further constrained due to its limited
bargaining power with principal automobile manufacturer, intense
competition, working capital intensive nature of business and
project implementation risk. The rating, however, derive strength
from the vast experience of the promoter in auto dealership
business, its association with an established company in the
domestic commercial vehicle industry - TATA Motors Ltd and the
favorable industry scenario in the long term.

Ability to increase scale of operations along with improvement in
profit margins and timely completion of the construction work of
showroom at Burdwan without any cost overrun will be the key
rating sensitivities.

GMPL was incorporated in September, 2007 by Late Shri Ajit Kumar
Banerjee and his son Shri Partha Priya Banerjee belonging to
Durgapur, West Bengal. The company is an authorized dealer for
Light & Intermediate Commercial Vehicles (LCV/ICV) of TML for
Birbhum and Burdwan district of West Bengal. The company started
its commercial operations in April, 2008 after getting letter of
commencement from TML. It offers LCV/ICVs of TML through its
showroom equipped with 3-S facilities (Sales, Service and Spare-
parts) at Durgapur and Burdwan along with six selling outlets in
the adjoining areas to cover the entire districts.

In FY11 (refers to the period from April 2010 to March 2011),
GMPL reported a PBILDT of INR1.0 crore and a PAT of INR0.2 crore
on a total operating income of INR46.5 crore. Further, as per
provisional results for FY12, the firm has achieved a total
operating income of INR53.3 crore.


HITEK ENGINEERING: CARE Assigns 'BB+' Rating on INR10cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank
facilities of Hitek Engineering Services.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10        CARE BB+ Assigned
   Short-term Bank Facilities      20        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 the 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 Hitek Engineering
Services are primarily constrained by its relatively small scale
and working capital intensive nature of its business operations
marked by an elongated working capital cycle on the back of high
receivables. The ratings are further constrained by constitution
of the entity as a partnership concern along with the exposure to
customer and industry concentration risk.

The aforesaid constraints are partially offset by the strength
derived from the firm's long and established track record, the
partner's extensive experience in the business, satisfactory
order-book position with reputed clientele, healthy profitability
margins and comfortable capital structure.

The ability of HES to achieve the envisaged sales along with
maintaining the current profitability margin and favorable
capital structure, timely execution of ongoing contracts, the
ability to successfully bid for new contracts and the efficient
management of its working capital cycle are the key rating
sensitivities.

Established in 1985, Hitek Engineering Services is engaged in the
business of undertaking and executing contracts of design,
delivery, fabrication, erection, testing and commissioning of
fire detection and protection systems. The firm majorly caters to
the companies in the power sector (approximately 70% of the total
income in FY12) and petrochemical industry (approximately 20% of
total income in FY12). HES had an order book of around
INR59 crore as on July 31, 2012.


HOME BOUND: CARE Rates INR5.16cr LT Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Home
Bound Travels Pvt Ltd.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.16      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Home Bound Travels
Pvt. Ltd. is constrained by its small scale of operations, highly
leveraged capital structure and fluctuating profitability margin,
which is susceptible to fluctuating fuel prices and maintenance
charges of the buses. The rating, however, does derive strength
from steady growth in the income due to synergies with the
group's established presence in the education sector.

The increase in the scale of operations and maintaining its
healthy profit margins along with the rationalization of debt
levels would be the key rating sensitivities.

Incorporated in 2007, HBTPL is promoted by Dr Sadhna Kapoor, who
also holds the secretarial position in Ayushmati Education and
Social Society. AESS is one of the largest education societies in
central India, with nearly 75 colleges running under its
umbrella.

HBTPL commenced operation in 2007 to support the group activity
of AESS through transportation business. Presently, the company
has 71 buses that provide transportation services to the students
of AESS and RKDF Institute of science and Technology (RDDF
group), Madhya Pradesh. AEES and RKDF group takes advance fees
from the students on monthly, half-yearly and yearly basis, which
vary as per the increase or decrease in operating cost
(petrol/diesel, maintenance cost etc.).

As per the provisional results for FY12 (refers to the period
April 1 to March 31), HBTPL reported a PAT of INR1.01 crore
against a turnover of INR3.5 crore, whereas in FY11 (audited
results), the company reported a PAT of INR-0.59 crore against a
turnover of INR2.27 crore.


JAINSONS AGRO: CARE Assigns 'BB' Rating to INR1.10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Jainsons Agro Chem Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     1.10        CARE BB Assigned
   Short-term Bank Facilities   10.35        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 Jainsons Agro Chem
Industries are primarily constrained on account of its short
track record of the operations, its presence in a highly
fragmented industry, susceptibility of operating margins to the
volatility associated with key raw material prices and foreign
exchange fluctuation, impact of government regulations and its
constitution as a partnership firm.

The ratings, however, favorably take into account the wide
experience of the partners, healthy growth in turnover and
favorable capital structure, proximity to the raw material source
and positive demand outlook of guar gum and its derivatives.

The improvement in the operating margins through efficient
management of raw material and foreign exchange fluctuations and
maintaining its favorable capital structure are the key rating
sensitivities.

JACI is a Jodhpur-based partnership firm formed in 2007. It is
engaged in the business of processing guar gum powder from guar
splits with an installed capacity of 8,400 Metric Tonnes per
Annum (MTPA) for processing guar gum powder as on March 31, 2012.

Exports constitute almost 90% of the total revenue of JACI during
the last two years ended FY12 (refers to the period April 1 to
March 31). The firm supplies its products mainly to Germany, USA,
Singapore, South Korea and South Africa.

As against a net profit of INR0.15 crore on a total operating
income of INR10.69 crore in FY11, JACI reported a net profit of
INR1.88 crore on a total operating income of INR88.63 crore
during FY12.


KALYAN SILKS: ICRA Reaffirms 'BB+' Rating on INR81.18cr Loans
-------------------------------------------------------------
ICRA has re-affirmed the rating outstanding on the INR26.43 crore
term loan facilities and INR54.75 crore fund based facilities of
Kalyan Silks Trichur Private Limited at '[ICRA]BB+'.  The outlook
on the rating is stable.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Term loans               26.43      [ICRA]BB+
   Fund-based limits        54.75      [ICRA]BB+

The re-affirmation of rating considers the established brand
presence of "Kalyan Silks" in the textile retail market of Kerala
where it commands healthy market position, integrated nature of
operations with presence across retail as well as wholesale
operations providing scale economics and cost advantages in
procurement, improving geographical diversification with steady
growth in revenues across major textile markets of Kerala and
launch of owned brands across product categories which are likely
to support volumes and margins going forward. The rating
continues to remain constrained by the stretched financial
profile characterized by high levels of gearing and TOL/TNW for
the company at 2.3 times and 3.9 times respectively as on March
2012. The same is on account of the recent capital expenditure
towards opening of new showrooms and the high working capital
requirements in the business (funded through a mixture of debt
and equity); with the proposed expenditure to further expand its
reach, leverage levels of KSTPL are expected to remain stretched
in the medium term. The rating also factors in the thin margins
inherent in the business on account of trading nature of
operations, intense competition in the market and continuous
marketing initiatives undertaken by the company and exposure of
earnings to fluctuations in raw material prices which exhibit
significant volatility.

Kalyan Silks Trichur Private Limited, promoted by Mr. T S
Pattabiraman, is a leading textile retail player in Kerala. The
company is a part of the Kalyan group, which has been existent in
the Kerala market for over 100 years. KSTPL started as a
wholesale distributor of textile products and subsequently
ventured into retailing with showroom in Thrissur. Over the
years, the company has expanded into other markets in Kerala
where it currently operates retail showrooms spread across six
markets. The company also operates in the wholesale distribution
of textile products which constitutes about 15% of total
revenues.


KINGFISHER AIRLINES: Overdue Accounts Hit INR800CR at March
-----------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd has now
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of March,
2012, the report says.

According to the report, the Vijay Mallya-promoted company has
defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

In addition, the airline, whose net worth has been completely
eroded by losses, owes INR539.4 crore as tax deducted at source
and INR19.8 crore service tax as the big "undisputed amounts".
Apart from this, it is disputing claims of INR97.3 crore as tax
deducted at source and almost INR195 crore as service tax and
there are cases pending before courts and tribunals, TOI relays.

TOI says the auditors' report also listed several other statutory
dues -- ranging from withholding taxes and fringe benefit tax --
that have not been regularly deposited with the authorities.  In
addition, TOI relates, the auditor said that at the end of March,
interest amounting to INR51 crore for calendar year 2011 was due
to debenture holders.

TOI notes that the auditor has said that the financial statements
have been prepared on a going concern basis despite the erosion
in net worth.  "The appropriateness of the said basis is
interalia dependent on the company's ability to infuse requisite
funds for meeting its obligations, rescheduling of debt and
resuming normal operations," the auditor, as cited by TOI, said.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.


KINGFISHER AIRLINES: Lenders to Meet Today Over Loans
-----------------------------------------------------
The Economic Times reports that the consortium of lenders to the
near-bankrupt Kingfisher Airlines Ltd. will meet today, Sept. 5,
to discuss the way forward with their exposure to the Vijay
Mallya-promoted carrier.

"We (the lenders and Kingfisher Airlines) will meet here on
Wednesday [Sept. 5]," SBI Chairman Pratip Chaudhuri told
reporters on the sidelines of a banking event held in India, ET
reports.

ET relates that as many as 17 banks, led by SBI, have exposure of
over INR7,000 crore in advances to the crippled carrier, which
has not been servicing its debt since January and not paying
salaries from March, forcing its pilots and engineers to strike
work several times in the past five months.

Apart from this huge debt, ET says, the private airline also has
an accumulated loss of over INR8,000 crore.  Since its launch in
May 2005, the carrier has not made profit.

According to ET, the meeting assumes significance in the wake of
last week's report by the industry analyst Centre for Asia
Pacific Aviation (CAPA), which cast doubts on the continuation of
the operations of the airline if it is unable to infuse at USD
600 million immediately.

"Kingfisher faces the prospect of an operational shutdown,
possibly temporarily, to allow it to restructure and re-organise.
A viable turnaround is unrealistic without a significant
recapitalisation of the airline," Capa, as cited by ET, said.

The agency said restructuring of the airline will require the
banks to take a significant hit as they have a huge exposure to
the ailing carrier, the report adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.


MARSONS LTD: Fitch Downgrades National Long-Term Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based power and distribution
transformers manufacturer Marsons Ltd's National Long-Term Rating
to 'Fitch D(ind)' from 'Fitch BB(ind)'.  The Outlook was
previously Stable.

The downgrade reflects Marsons' overutilisation of the fund-based
limits during the 12 months ended July 2012, reaching 24% on a
few instances.  The company also delayed interest payments on its
term loans during Q4FY12 and Q1FY13, though it has been making
timely principal repayments.

WHAT COULD TRIGGER A RATING ACTION?

Positive: Future developments that may lead to positive rating
action include timely repayment of principal and interest on term
loans and utilisation of working capital facilities within
sanctioned limits for two consecutive quarters.

Incorporated in 1957, Marsons manufactures power and distribution
transformers.  Provisional results for FY12 indicate revenue of
INR912.9m (FY11: INR1,057.1m) with an EBITDA of INR77.9m (FY11:
INR125.5m).

Fitch has also downgraded Marsons' bank loan ratings as follows:

  -- INR38.5m long-term loans (reduced from INR65.5m): downgraded
     to National Long-term 'Fitch D(ind)' from 'Fitch BB(ind)'
  -- INR180m fund-based limits: downgraded to National Long-Term
     'Fitch D(ind)' from 'Fitch BB(ind)'
  -- INR300m non-fund-based limits: downgraded to National Short-
     term 'Fitch D(ind)' from 'Fitch A4+(ind)'


NR AGARWAL: Fitch Downgrades National Long-Term Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based paper manufacturer NR
Agarwal Industries Ltd's National Long-Term rating to 'Fitch
B+(ind)' from 'Fitch BBB-(ind)'.  Fitch has also downgraded NRA's
bank loan ratings.  All the ratings have been placed on Rating
Watch Negative (RWN).

The downgrade reflects NRA's deteriorated credit metrics in FY12
(year end March) with financial leverage (total adjusted net
debt/operating EBITDA) increasing to 6.28x (FY11: 3.61x).  This
is a result of further delays by NRA in setting up its debt-
funded unit V manufacturing facility due to non-receipt of
environmental clearance and a significant decline in its EBITDA
margins (FY12: 6.62%, FY11: 10.45%) due to higher imported raw
material costs from a weak rupee.

The RWN reflects Fitch's view that NRA's credit profile could
worsen during H2FY13 if unit V does not begin commercial
operations.  The agency will monitor the progress of unit V and
seeks to resolve the RWN by Q4FY13.

WHAT COULD TRIGGER A RATING ACTION?
Negative: Future developments that may lead to negative rating
action include non-commercialization of the fifth unit in FY13
leading to liquidity pressures.

NRA, founded by Mr. NR Agarwal, manufactures various varieties of
paper. The company was incorporated as a public limited company
in December 1993 and currently has four operational manufacturing
facilities in Gujarat. The company currently manufactures duplex
board, newsprint, and writing & printing paper.

In FY12, revenue grew 5.58% yoy to INR4,925.97m. As on 31 March
2012, total debt was INR2,126m (FY11: INR1,814m).

Rating actions on NRA:

  -- National Long-Term rating downgraded to 'Fitch B+(ind)' from
     'Fitch BBB-(ind)'; placed on RWN
  -- INR1,607.5m term loans downgraded to National Long-Term
     'Fitch B+(ind)' from 'Fitch BBB-(ind)'; placed on RWN
  -- INR440m fund-based limits: downgraded to National Long-Term
     'Fitch B+(ind)' from 'Fitch BBB-(ind)'; placed on RWN
  -- INR352.5m non-fund-based limits: downgraded to National
     Short-Term 'Fitch A4(ind)' from 'Fitch A3(ind)'; placed on
     RWN


REFORM FERRO: Delay in Loan Payment Cues CARE Junk Ratings
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Reform
Ferro Cast Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     65.20       CARE D Assigned
   Short-term Bank Facilities     2.80       CARE D Assigned
   Long / Short- term Bank        2.00       CARE D Assigned
   Facilities

Rating Rationale

The aforesaid rating takes into account outstanding delays in
debt servicing by Reform Ferro Cast Pvt. Ltd.

Reform Ferro Cast Private Limited, promoted by Mr. Basant Saha
and Mr. Shakti Adhikary (of the Lord Ganesh group of Kolkata)
commenced operations in July 2008 by setting up a manufacturing
unit in Howrah, Kolkata, for the cast iron products. Later in May
2009, it ventured into the production of ductile iron products at
its existing premises. Over the years, the company increased its
capacity significantly by undertaking various capex programs and
currently the company has a state-of-the art manufacturing unit
with the total installed capacity being 50,400 mtpa for High Duty
Cast Iron and 13,685 mtpa for Ductile Iron.

RFCPL is an ISO 9001:2008 company and is also the holder of
Kitemark License. The product portfolio of RFCPL caters to
various sectors like automobiles, civic and engineering.

On total operating income of INR103.6 crore, RFCPL earned a
PBILDT of INR8.7 crore and reported a loss of INR3 crore in FY12
(refers to the period April 1, 2011 to March 31, 2012).


SHRI SIDDHI: CARE Assigns 'CARE BB' Rating to INR14.07cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Shri Siddhi Vinayak Trust.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.07      CARE BB Assigned
   Short-term Bank Facilities      0.34      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the limited track record of Shri
Siddhi Vinayak Trust in the education sector, competition from
more established players, project risk associated with the
construction of hostel & college building and the strained
financial profile of the trust indicated by low surplus margins
and stressed debt coverage indicators. The ratings, however, are
underpinned by experienced faculty and management of the trust,
three colleges offering various courses approved by the statutory
bodies and favorable demand prospects for education sector in
Uttar Pradesh.

The ability of SSVT to establish its institutes in the region in
light of competition from more established institutes, attract
students and retain experienced faculties is a key rating
sensitivity. Furthermore, the timely completion of its envisaged
projects along with the improvement in its financial profile
would also be key rating sensitivities.

Shri Siddhi Vinayak Trust was formed in December 2007, to
establish and operate various educational institutions. As of
March 31, 2011, the trust operated three colleges located at
Dohna
Peetam Rai, Nainital Road, Bareilly (U.P.), under the name of
Shri Siddhi Vinayak Group of Institutes offering three different
courses viz, B. Tech., MBA and Polytechnic. Mr. Anupam Kapoor is
the main trustee of SSVT, who is also associated in other
business with considerable experience in the trading of readymade
garments (sarees) through Shri Siddhi Vinayak Creations, a sister
concern of SSVT.

During FY11 (refers to the period April 1 to March 31), SSVT
registered a Surplus of INR0.21 crore on the total income of
INR5.38 crore.


YASH ACCOUNTING: Fitch Withdraws 'D' Rating on INR550-Mil. Loan
---------------------------------------------------------------
Fitch Ratings has withdrawn India-based building materials and
construction company Yash Accounting & E Services Pvt Ltd's
National Long-Term 'Fitch D(ind)' rating.  The agency has also
withdrawn the 'Fitch D(ind)' rating on Yash's INR550m term loan.
The National Long-Term rating has been withdrawn as it is no
longer considered by Fitch to be relevant to its coverage.  The
instrument rating has been withdrawn as the loan has been paid in
full.

Fitch will no longer provide ratings and analytical coverage of
Yash.



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


BANK INTERNASIONAL: Fitch Affirms Viability Rating at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed PT Bank Internasional Indonesia Tbk's
Long-Term Issuer Default Rating at 'BBB' and National Long-Term
rating at 'AAA(idn)' with Stable Outlook.

At the same time, the agency has assigned BII's proposed rupiah
senior unsecured bonds tranche II of up to IDR2trn with a
maturity of up to five years a 'AAA(idn)' rating, the same level
as its National Long-Term rating.  It has also assigned its
subordinated bonds tranche II of up to IDR1trn with a maturity of
up to 10 years a 'AA(idn)' rating, which is two notches below its
National Long-Term rating.  These notes are issued under the
bank's bond programme I/2011.

A full rating breakdown is provided below.

The ratings reflect strong support from its higher-rated parent
bank, Malayan Banking Berhad (Maybank; 'A-'/Stable) given its
strategic importance to the latter's regional portfolio.  The
Support Rating of '2' takes into account the bank's strong
integration with Maybank in key areas including credit policies,
risk management, operational and IT system.  The Viability Rating
of 'bb' reflects the bank's moderate financial position in terms
of asset quality, profitability and capital and also ordinary
support from its parent.

The subordinated debt rating is rated two notches below BII's
rating of 'AAA(idn)', comprising one notch for loss severity and
one notch for non-performance risk.

Maybank's long-term plan is to develop BII as one of its key
regional platforms to take advantage of Indonesia's growth
potential.  Maybank has been transferring its expertise to BII
with resulting synergies in many areas such as global
market/treasury, corporate banking activities, credit card,
wealth management, sharia banking, human capital, insurance and
risk management.

Asset quality has improved with non-performing loans (NPL)
decreasing to 2.1% at end-H112 (H111: 2.5%) due to loan growth
and benign economic conditions.  Fitch expects BII to maintain
reasonably sound asset quality, supported by its improved risk
management framework and active management involvement by
Maybank.

BII's return on assets (ROA) is lower than the industry average,
held back by its 65%-owned motorcycle financing subsidiary WOM
Finance.  Profitability from its core banking activity and the
automobile business under BII Finance improved as overall ROA
rose to 1.2% in H112 (2011: 0.8%).  In Fitch view, BII's
financial profile should be lifted by expected improvement in WOM
Finance's profitability in the next two or three years following
business growth and strengthened asset quality.

Its capital profile is only modest with a total capital adequacy
ratio of 12.56% at end-H112 and a Tier 1 ratio of 9.21%.  Fitch
believes that Maybank plans to inject capital into BII in H113 to
support its growth plan.  In Fitch's view, the bank has improved
its funding structure through bond issuance and continuous
efforts to increase the share of low-cost current and saving
accounts.

Established in 1959, BII is Indonesia's ninth-largest bank with a
2.6% share of system assets.

The ratings of Bank Internasional Indonesia Tbk are as follows:

  -- Long-Term IDR affirmed at 'BBB', Outlook Stable
  -- Short-Term IDR affirmed at 'F3'
  -- National Long-Term Rating affirmed at 'AAA(idn)', Outlook
     Stable
  -- Senior unsecured bond tranche II/2012 of up to IDR2trn
     assigned at 'AAA(idn)'
  -- Subordinated bond tranche II/2012 of up to IDR1trn assigned
     at 'AA(idn)'
  -- Senior debt programme I/2011 of IDR4trn affirmed at
     'AAA(idn)'
  -- Subordinated debt programme I/2011 of IDR2trn affirmed at
     'AA(idn)'
  -- Senior unsecured bond tranche I/2011 of IDR2trn affirmed at
     'AAA(idn)'
  -- Subordinated bond tranche I/2011 of IDR500bn affirmed at
     'AA(idn)'
  -- Subordinated bond I/2011 of IDR1.5trn affirmed at 'AA(idn)'
  -- Support Rating affirmed at '2'
  -- Viability Rating affirmed at 'bb'



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


ASTRA ENTERPRISES: Liquidator Denies NZ$80,000 Theft
----------------------------------------------------
Sally Kidson at stuff.co.nz reports that Nelson liquidator
Patrick Dean Norris stole NZ$80,000 that was deposited into one
of his company's accounts as part of a liquidation and spent it
on personal items, the Crown said.

stuff.co.nz relates that Mr. Norris said the money went on fees
associated with the liquidation.

He has denied one charge of theft as a person in a special
relationship, from a company, Astra Enterprises, the report
relays.

His trial before a judge only opened in the Nelson District Court
on Monday.

Mr. Norris was the sole director of Nelson based liquidation
company Norris Management Services Ltd, the report discloses.

According to the report, lawyer Garry Barkle, who is acting for
the Crown in the case, said in an opening statement that the
charge related to Norris' handling of Astra Enterprises Ltd.

The company went into receivership in 2008 and had NZ$80,960 in a
solicitor's trust account to pay a small number of creditors.

In 2009, the report recalls, Mr. Norris took over the liquidation
from Nelson accountant Christine Johnston. It was her first
liquidation.

Mr. Norris, who had has a number of tables covered with files and
folders, is representing himself in the trial, but has lawyer
Tony Bamford acting as his amicus or "friend of the court," the
report adds.


CRAFAR FARMS: Maori May Challenge Court Ruling on Crafar Sale
-------------------------------------------------------------
Andrea Fox at stuff.co.nz reports that Maori trusts are expected
to this week challenge a Court of Appeal decision clearing the
way for the sale of the Crafar farms to Chinese company Shanghai
Pengxin.

stuff.co.nz recalls that the court last month dismissed legal
challenges from a farmer group led by Sir Michael Fay and the
Tiroa E and Te Hape B Trusts to the long-running attempt by
Pengxin to buy the 16 North Island Crafar farms, which have been
in receivership for nearly three years.

According to the report, Mr. Fay has walked away from the fight,
but it is understood the trusts, which want to buy three farms in
the central North Island that they claim are ancestral land, will
go it alone in challenging the decision in court today, August 5.
It is possible the court may not accept the trusts have a case to
test.

The trusts represent Tu Wharetoa and Ngai Rereahu.

The report notes that Landcorp has been acting as Pengxin's
representative for the potential sale of the three farms to the
Maori trusts, which claimed Landcorp had offered to sell them for
NZ$66.5 million.

stuff.co.nz states that the purchase price for the 16 farms has
never been revealed by receivers KordaMentha, but is understood
to be around NZ$210 million.  Pengxin had hoped to have taken
ownership of the farming estate by spring, the report relays.

According to stuff.co.nz, Landcorp chief executive Chris Kelly
said providing there was no appeal to the Appeal Court ruling
this week, Pengxin would go unconditional.

Mr. Kelly said Pengxin would pay over the purchase money 30
working days after declaring the deal unconditional, unless it
settled earlier, stuff.co.nz adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.



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


PAPILLON INVESTMENT: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------------
Creditors of Papillon Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Teh Kwang Hwee
         c/o 1 Commonwealth Lane
         #07-32 One Commonwealth
         Singapore 149544


RESOURCE GEOTECH: Creditors Get 15.25821% Recovery on Claims
------------------------------------------------------------
Resource Geotech Pte Ltd declared the preferential dividend on
Aug. 21, 2012.

The company paid 15.25821% to the received claims.

The company's liquidator is:

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


SUPREME MACHINE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 17, 2012, to
wind up the operations of Supreme Machine Tools Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


TRIPLE STAR: Creditors Get 0.28017% Recovery on Claims
------------------------------------------------------
Triple Star Shipping & Trading Co. (Pte) Ltd declared the first
and final dividend on Aug. 21, 2012.

The company paid 0.28017% to the received claims.

The company's liquidator is:

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



===============
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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