TCRAP_Public/120906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 6, 2012, Vol. 15, No. 178

                            Headlines


A U S T R A L I A

FORTESCUE METALS: Moody's Says 'Ba3' CFR Remains Under Review
PULSE PHARMACY: Owner Offers Bankruptcy Deal to Erase AUD72M Debt
* AUSTRALIA: Moody's Says Corporates Outlook Stable Overall


C H I N A

CHINA SKY ONE: Faces SEC Charges Over Inflating Financial Results
LONKING HOLDINGS: Moody's Confirms 'B1' CFR; Outlook Negative


H O N G  K O N G

AP ALPHA: Members' Final General Meeting Set for Oct. 3
B C S LIMITED: Creditors' Proofs of Debt Due Sept. 28
BYRNE CORPORATE: Creditors' Proofs of Debt Due Sept. 28
CHATER ACCESS: Commences Wind-Up Proceedings
CHINESE PROSPEROUS: Members' Final Meeting Set for Oct. 8

CREDITOR CO: Commences Wind-Up Proceedings
DEBT INSTRUMENT: Commences Wind-Up Proceedings
GRANBO INVESTMENT: Members' Final General Meeting Set for Oct. 5
HK CYBERGAMES: Placed Under Voluntary Wind-Up Proceedings
ISILON SYSTEMS: Creditors' Proofs of Debt Due Sept. 28

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Mini Bonds
NEWBROOKE LIMITED: Ying and Chan Step Down as Liquidators
NEW WELL: Court to Hear Wind-Up Petition on Oct. 31
PITALI LIMITED: Creditors' Proofs of Debt Due Oct. 1
READY GAIN: Court to Hear Wind-Up Petition on Oct. 24

RIGHT CORPORATION: Kong and Wu Step Down as Liquidators
TEAMARK TOYS: Creditors Get 10.54% Recovery on Claims
TECRISE DEVELOPMENT: Members' Final Meeting Set for Oct. 9
WELCOMEHOME 86: Members' Final General Meeting Set for Oct. 3
WONG KONG: Members' Final Meeting Set for Oct. 12


I N D I A

BHALOTIA AUTO: CRISIL Rates INR90MM Cash Credit at 'CRISIL BB-'
DALMIA TEA: CRISIL Upgrades Rating on INR480MM Loans to 'BB-'
DAYAKAR ENTERPRISES: CRISIL Puts 'B+' Rating on INR55MM Loans
EPITOME PETROCHEM: CRISIL Raises Rating on INR390MM Loans to 'B'
JAMPANA CONSTRUCTION: CRISIL Cuts Rating on INR60.9MM Loan to 'C'

LENZ CERAMIC: Delay in Loan Payment Cues CRISIL Junk Ratings
MAA SUBHALA: CRISIL Assigns 'B-' Rating to INR60MM Loans
MAMATA EXTRUSION: CRISIL Rates INR40MM Cash Credit at 'CRISIL B'
NALAGARH STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
N K TOWER: CRISIL Reaffirms 'BB' Rating on INR180MM Cash Credit

RAGHU EDUCATIONAL: CRISIL Puts 'B' Rating on INR160MM Loans
RHYTHM KNIT: CRISIL Rates INR30MM LT Loan at 'CRISIL B+'
RIDHI SIDHI: CRISIL Reaffirms 'B+' Rating on INR52.5MM Loans
SHRI AMBABAI: Delay in Loan Payment Cues Junk Ratings
VANDANA TRACTORS: CRISIL Puts 'B' Rating on INR175MM Loans

VAST INDIA: CRISIL Assigns 'B+' Rating to INR94MM Loans


I N D O N E S I A

BAKRIE TELECOM: IDX Suspends Shares as Bond Matures
KATARINA UTAMA: Delisted from IDX Over Funds Embezzlement


K O R E A

SSANGYONG ENG'G: Lenders Mull Equity Injection to Save Builder


N E W  Z E A L A N D

CRAFAR FARMS: Maori Trusts Seek High Court Ruling Over Sale
NORTH ISLAND MUSSEL: Placed in Receivership


X X X X X X X X

* Moody's Maintains Stable Outlook on Global Reinsurance Sector


                            - - - - -


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


FORTESCUE METALS: Moody's Says 'Ba3' CFR Remains Under Review
-------------------------------------------------------------
Moody's Investors Service has announced that it is continuing its
review for possible downgrade of the Ba3 corporate family rating
of Fortescue Metals Group Limited and the Ba3 senior unsecured
rating of FMG Resources (August 2006) Pty Ltd. Fortescue's
ratings were first placed on review for downgrade August 30,
2012.

Ratings Rationale

Moody's decision to keep the ratings on review for possible
downgrade follows the announcement by Fortescue that it will be
deferring project expenditures and cutting costs in response to
volatile market conditions and uncertainty around iron ore
prices. The company expects that the announced plans, which
include a deferral of the development of the Kings deposit at the
Solomon mining hub (around 40 million tonnes per annum 'mtpa'),
to bring capital expenditure savings of around US$1.6 billion
during the financial year ended June 30, 2013 (FY13). In addition
the company has announced plans to reduce operating costs by
around $300 million.

"Fortescue's ratings were placed on downward review last week due
to the considerable constraints on its liquidity profile and
covenants following the rapid and continuing decline in the iron
ore price to levels that are below our base case expectation,"
says Matthew Moore, a Moody's AVP -- Analyst.

"The successful implementation of announced initiatives to reduce
capital expenditure and operating costs, should alleviate some of
the liquidity and covenant pressure Fortescue is facing" says
Mr. Moore, adding "The impact of these initiatives on the
company's near term liquidity profile and ability to remain
within its covenants will depend on the timing in which the
announced reductions and cost savings are achieved, and the near
term price performance of iron ore".

As such, the review will continue to focus on 1) the company's
ability to achieve the announced reductions combined with any
plans for further reductions and/or delays to its cash
expenditures, 2) its plans and ability to secure additional non-
debt financing in order to maintain adequate liquidity to
continue to fund its operations while remaining within covenant
levels. The review will also consider any plans that Fortescue
may have to obtain covenant relief should the price environment
in the short-term remain at current depressed levels.

In addition, the review will consider the near-term performance
and outlook for iron ore prices. Moody's notes that a near-term
rebound in iron ore prices to around the US$115 to US$125 per
tonne level will substantially reduce concerns around liquidity
and covenant pressure.

Moody's recognizes that Fortescue's credit profile should improve
materially upon successful commissioning of the expansion
project, with production capacity expected to grow from 55mtpa to
155mtpa by mid next year. This will support a solid credit
profile over the medium to long term.

The principal methodology used in rating Fortescue Metals Group
Ltd. and FMG Resources (August 2006) Pty Ltd was the Global
Mining Industry Methodology published in May 2009.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


PULSE PHARMACY: Owner Offers Bankruptcy Deal to Erase AUD72M Debt
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that the owner of the
collapsed Pulse Pharmacy chain is offering a bankruptcy deal that
would see him pay AUD500,000 to erase more than AUD72 million of
debt just eight months after the chain collapsed.

The report says it's a deal that creditors won't be happy with.
According to the report, controlling trustee Jim Downey of Downey
& Co said in a correspondence they'll only be paid a "miniscule"
amount of four cents to the dollar.

SmartCompany relates that Rohan Aujard's fall into financial
despair comes just eight months after Pulse Pharmacy was placed
in receivership last December.  SmartCompany relates that PPB
were appointed over 12 stores, and only weeks after a property
company behind the chain was placed in administration as well.

According to the report, Mr. Aujard owes AUD72 million,
AUD45 million of which is owed to NAB and the rest based on
personal debts "incurred in the running of his business or by way
of personal guarantee given by him".

SmartCompany discloses that Mr. Aujard has to his name AUD475 in
cash, AUD30,000 in superannuation, AUD1,000 worth of personal
effects and a AUD150,000 interest in the remains of a pharmacy
business which isn't under NAB's control.  All up, his assets
total AUD181,475.  The rest of the money for the AUD500,000
payment will come from one or more third parties, the report
relays.

Under a bankruptcy agreement, SmartCompany relates, Mr. Downey
said the return for creditors would be nothing.  But under a
personal insolvency agreement, the return would by 0.44%.

But in the letter to creditors, Mr. Downey said they should give
"serious consideration" to the proposal, as it "offers the best
chance of a return," the report adds.

                     About Pulse Pharmacy

Pulse Pharmacy -- http://www.pulsepharmacy.com.au/-- operates
pharmacy stores across Australia.

The TCR-AP, citing SmartCompany, reported on Nov. 14, 2011, that
David McEvoy and Daniel Bryant of PPB Advisory were appointed as
receivers and managers of Pulse Pharmacy Pty Ltd, the property
company behind the Pulse Pharmac chain, as the National Australia
Bank (NAB) is organizing a new financing arrangement.  PPB said
that the receivership will only affect this entity and not the
retail stores, which will continue to trade as normal.

Pulse, which holds the leases for approximately 40 pharmacies
nationwide that operate under its banner, was then placed into
administration on November 8 last year, The Australian disclosed.

In December 2011, Messrs. McEvoy and Bryant were also appointed
as receivers and managers over 12 pharmacies owned by founder
Rohan Aujard.


* AUSTRALIA: Moody's Says Corporates Outlook Stable Overall
-----------------------------------------------------------
Moody's Investors Service says that the outlook for Australian
corporates is stable over the next 12-18 months, but the sector
will also be characterized by overall low growth, variability
across sectors in terms of performance and manageable refinancing
risk.

"We maintain a stable outlook on the key sectors in which
Australian-rated issuers operate, with the exception of the base-
metals sector, which has a negative outlook as prices are likely
to exhibit further weakness," says Ian Lewis, a Moody's Vice
President and Senior Credit Officer.

"Currently, most of the stable outlooks have no bias towards a
positive or negative direction, except the airlines sector, which
faces ongoing operating challenges. In addition, while the retail
sector remains stable overall, the discretionary segment faces
ongoing challenges and is negative," says Mr. Lewis.

Lewis was speaking on the release of Moody's "Australian
Corporate Sector Outlook, Stable Outlook Overall But Low Growth
And Weak Commodity Prices Present Challenges." The report covers
REITs; telecoms; retail and consumer; airlines; metals and
mining; oil and gas, E&P; and building and construction.

A key part of the outlook is the expectation that the divergence
between the resources sector, which has been outperforming
everything else, and non-resources sectors will narrow, as the
rate of revenue growth declines for resources issuers.

Within the resources sector itself, margins will remain solid for
the major miners, while non-investment grade companies with
higher cash costs face material pressure as output prices fall.

Meanwhile, companies that directly service the resources sector
should experience favourable conditions, as demand for their
services should remain solid on the back of adequate resources
volumes, though down from a year ago.

On the other hand, the non-resources sector as a whole will
continue to grow in the low single digits, given weak business
conditions and consumer sentiment.

"Weak consumer and business confidence and a strong AUD, which
makes imports relatively more competitive and exports relatively
more expensive, will impact the non-resources sector. In
addition, the movement of the labor force, attracted by the high
wages in the resources sector, has added to the pressures faced
by the sluggish non-resources sector," says Mr. Lewis. "We expect
low and uneven profitability to be the overriding trend in the
non-resources sector, while costs for key inputs like fuel, oil
and energy will remain high, and will put further pressure on
margins."

For the corporate sector as a whole, refinancing risk is
manageable, despite the heightened uncertainty in credit markets.
The rated corporate sector has approximately AUD28 billion
maturing in the next two years, which is around 23% of the
sector's debt. Barring a freeze in credit markets, the report
says that this amount should be adequately refinanced when it
falls due, especially given the sector's predominantly
investment-grade rating profile and good liquidity.

High-yield miners, in particular, have experienced considerable
liquidity pressure however due to challenges with project
implementation and volatile commodity prices.



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C H I N A
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CHINA SKY ONE: Faces SEC Charges Over Inflating Financial Results
-----------------------------------------------------------------
The Securities and Exchange Commission charged a China-based
company and its chief executive with fraud for recording fake
sales of a weight loss product to inflate revenues in the
company's financial statements by millions of dollars.

The SEC alleges that China Sky One Medical Inc. falsely stated in
2007 annual and quarterly reports that it had entered into a
strategic distribution agreement with a Malaysian company that
would become the "exclusive" distributor of CSKI's "slim patch"
in Malaysia and generate $1 million per month in sales.  However,
the company never actually entered into any such agreement.  CSKI
instead created approximately $19.8 million in phony export sales
to Malaysia that were recorded as revenue in its financial
results for 2007 and 2008.  CEO Yan-qing Liu certified the
overstated financial results, which appear in CSKI's financial
statements through 2010 and continue to impact the company's
retained earnings on its balance sheet.

"Accurate and reliable financial reporting is the bedrock of our
capital markets, and CSKI blatantly defrauded investors by
fabricating sales and overstating its financial results," said
John M. McCoy III, Associate Director of the SEC's Los Angeles
Regional Office

According to the SEC's complaint filed in U.S. District Court for
the Central District of California, CSKI is based Harbin, China.
In addition to weight loss patches, the company produces and
sells sprays, ointments, and other Chinese traditional pain
relief and health and beauty products.  CSKI became a public
company trading on the U.S. markets through a reverse merger in
May 2006.

The SEC alleges that after CSKI devised the purported strategic
distribution agreement with Takasima Industries -- which is a
Malaysian fitness equipment manufacturer and retailer -- CSKI
went on to falsely report export sales to Malaysia of more than
$12.2 million for 2007, which constituted 25% of its total
revenues.  CSKI then falsely recorded $7.5 million (8.2% of total
revenues) in such sales for 2008.  Virtually all of CSKI's
reported sales to Malaysia via Takasima were bogus.  Takasima
only purchased $167,542 in slim patches from CSKI in 2007, and
none in 2008.  And it never entered into any distribution
agreement with CSKI and never undertook -- much less satisfied --
any minimum purchase commitment.

According to the SEC's complaint, CSKI also falsely claimed in
its public filings that its top two customers for 2007 were sales
agents for Takasima.  CSKI identified those customers as Ningbo
Yuehua International Trading Company and Guangzhou Xinghe
International Trading Company, which collectively accounted for
the phony 25% of CSKI's total revenues for 2007.  CSKI claimed
that all of these purported sales to Ningbo Yuehua and Guangzhou
Xinghe went through Takasima, while in fact Takasima never had
any relationship with these two entities.

CSKI and Liu are charged with violating Section 17(a) of the
Securities Act of 1933, Section 10(b) of the Securities Exchange
Act of 1934 and Rule 10b-5, and various Exchange Act provisions
including corporate reporting, recordkeeping, internal controls,
and false statements to auditors.

The SEC's complaint seeks financial penalties against CSKI and
Liu as well as disgorgement of ill-gotten gains by Liu, who
personally benefited from the overstated financial statements
through the company's 2008 private placement of securities.  The
SEC also seeks to have Liu reimburse CSKI for certain incentive-
based compensation he received during the period affected by the
fraud pursuant to Section 304 of the Sarbanes-Oxley Act, and to
have Liu barred from acting as an officer or director of a public
company.  The SEC also seeks to have CSKI and Liu permanently
enjoined from future violations of these provisions of the
federal securities laws.

In addition to the court action, the SEC instituted
administrative proceedings to determine whether to revoke or
suspend registration of CSKI's securities due to the company's
failure to file its annual report for 2011 or any quarterly
reports for 2012.

The SEC's investigation, which is continuing, has been conducted
by Junling Ma, Rhoda Chang, and Marshall S. Sprung of the SEC's
Los Angeles Regional Office.  The SEC's Cross Border Working
Group -- which focuses on U.S. companies with substantial foreign
operations -- and the SEC's Office of International Affairs
assisted in the investigation.  The SEC's litigation will be led
by David Van Havermaat.


LONKING HOLDINGS: Moody's Confirms 'B1' CFR; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has confirmed Lonking Holdings
Limited's B1 corporate family and senior unsecured ratings, after
the company substantially repaid its US$168 million (RMB1.1
billion) convertible bonds.

This action concludes the rating review, which commenced on
June 26, 2012.

The ratings outlook is negative.

Ratings Rationale

"The near-term pressure on Lonking's liquidity from the repayment
of the convertible bonds has receded," says Jiming Zou, a Moody's
Analyst.

Lonking has borrowed a three-year offshore loan to repay USD156.7
million in convertible bonds that were put on 24 August. After
the repayment, Lonking can easily cover its remaining short-term
debt of about RMB600 million by using its cash balance of RMB1.6
billion as of June 30.

Lonking's B1 ratings continue to reflect its leading share in the
niche wheel-loader market.

Recently, slowing construction activities have weakened demand
for construction machinery; Lonking's 1H revenue dropped by
43.8%. Still, Moody's expects the company to maintain its market
position as one of the major players in the China market, with an
established product family and good customer access.

Lonking's B1 ratings also consider its track record of operating
through cycles and the long-term demand for construction
machinery in China from both the public and private sectors,
despite near-term disruptions. Infrastructure and property
investments, which drive demand for Lonking's products, remain
important components of China's economic growth.

In 1H, however, its EBITDA margin fell to 13.6% after the company
made price adjustments against the backdrop of severe
competition.

"The current level of profitability is low compared to its
average EBITDA margin of close to 20% during 2009-2011. The
company's focus on selling wheel loaders has also increased the
volatility of its profits," Zou adds.

Another challenge for Lonking is its deteriorating working
capital position, which has exposed it to inventory obsolescence
and doubtful receivable risks. Lonking liquidated its financing
lease receivables to ease its cash flow, and its accounts and
notes receivables increased to RMB4.2 billion in June, and which
is almost at the same level as its 1H sales of RMB4.7 billion.

Lonking's weak performance in 1H has put further pressure on its
B1 ratings. Its debt/EBITDA (including adjustments for repurchase
obligations) was close to 5.0x for the 12 months ended June,
compared to 3.1x in 2011.

Its operating performance is likely to remain weak for the rest
of 2012, given that reducing inventory requires time and buyers
have delayed investments in big-ticket orders. Thus, the negative
rating outlook remains unchanged.

Moody's expects management to accelerate cost savings and improve
working capital position to bring down debt leverage to below
4.0x-4.5x in 2013.

The negative outlook reflects Moody's view that Lonking will be
challenged by the difficult operating environment seen for the
next 12 months. Its sales and profitability will be under
pressure and its debt leverage is likely to remain high in the
short term. This scenario implies that financial risk for the
company has increased.

Upward rating pressure is unlikely, given the negative outlook.

However, the ratings could return to stable if Lonking: (1)
recovers its sales to at least RMB11 billion-RMB12 billion per
year; (2) improves its EBITDA margin to above 15%; (3) reduces
its accounts receivables collection period; and (4) keeps its
Debt/EBITDA below 4.0x-4.5x and EBITDA/Interest at around 3.0x --
3.5x, based on Moody's calculation.

On the other hand, downward rating pressure could be triggered
by: (1) a material loss in its share of the core wheel-loader
market; (2) continued weakness in sales; (3) an inability to
reverse weak profitability, such that EBITDA margin remains low
at 13% or below; and/or (4) its weak liquidity position, because
of slow-moving inventory or lengthening accounts receivable; (5)
debt/EBITDA not trending below 4.0x-4.5x in 2013 or interest
cover below 2.5x -- 3.0x.

The principal methodology used in rating Lonking was the "Global
Heavy Manufacturing Rating Methodology" published in November
2009.

Lonking Holdings Limited is one of the leading heavy machinery
suppliers in China. The company focuses on the production of
wheel loaders and excavators. Lonking also manufactures road
rollers, forklifts, and other types of construction machinery.
The company is one of the top manufacturers of wheel loaders in
China, commanding around one-fifth of the wheel-loader market
share.

Lonking has four manufacturing plants in Shanghai, Zhengzhou,
Fujian and Jiangxi, and the majority of its products supply the
domestic market. The company listed on the Hong Kong Stock
Exchange in 2005. It is 55.08% controlled by founder and
chairman, Li Xin Yan, and his wife.



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


AP ALPHA: Members' Final General Meeting Set for Oct. 3
-------------------------------------------------------
Members of AP Alpha Investments Limited will hold their final
general meeting on Oct. 3, 2012, at 3:00 p.m., at Suite 2208,
22nd Floor, Tower 1, Times Square, 1 Matheson Street, Causeway
Bay, in Hong Kong.

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


B C S LIMITED: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------
Creditors of B C S Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 27, 2012.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


BYRNE CORPORATE: Creditors' Proofs of Debt Due Sept. 28
-------------------------------------------------------
Creditors of Byrne Corporate Services Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 28, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 27, 2012.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


CHATER ACCESS: Commences Wind-Up Proceedings
--------------------------------------------
Sole Member of Chater Access Limited, on Aug. 17, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


CHINESE PROSPEROUS: Members' Final Meeting Set for Oct. 8
---------------------------------------------------------
Members of Chinese Prosperous International Limited will hold
their final meeting on Oct. 8, 2012, at 4:00 p.m., at Rm 2210,
22/F, Island Place Tower, at 510 King's Road, North Point, in
Hong Kong.

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


CREDITOR CO: Commences Wind-Up Proceedings
------------------------------------------
Members of Creditor Co Limited, on Aug. 21, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         20th Floor, Prince's Building
         Central, Hong Kong


DEBT INSTRUMENT: Commences Wind-Up Proceedings
----------------------------------------------
Members of Debt Instrument Transaction Supervisory Co Limited, on
Aug. 21, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         20th Floor, Prince's Building
         Central, Hong Kong


GRANBO INVESTMENT: Members' Final General Meeting Set for Oct. 5
----------------------------------------------------------------
Members of Granbo Investment Limited will hold their final
general meeting on Oct. 5, 2012, at 10:00 a.m., at Room 1410,
14/F, Harbour Centre, at 25 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Poon Wai Hung Richard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HK CYBERGAMES: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Aug. 25, 2012,
creditors of Hong Kong Cybergames Organization Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Lau Waiy Yung Alice
         Room 2402, 24/F
         101 King's Road
         Fortness Hill
         Hong Kong


ISILON SYSTEMS: Creditors' Proofs of Debt Due Sept. 28
------------------------------------------------------
Creditors of Isilon Systems Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 20, 2012.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Mini Bonds
-------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Aug. 31 that
investigation of over 99% of a total of 21,866 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

     * 15,769 cases which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 3,473 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,533 cases which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 25 cases which are under disciplinary consideration after
       detailed investigation by the HKMA, of which proposed
       disciplinary notices are being prepared; and

     * 30 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

Investigation work is underway for the remaining 34 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/9Mk2hm

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.


NEWBROOKE LIMITED: Ying and Chan Step Down as Liquidators
---------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Newbrooke Limited on Aug. 22, 2012.


NEW WELL: Court to Hear Wind-Up Petition on Oct. 31
---------------------------------------------------
A petition to wind up the operations of New Well Fortune Limited
will be heard before the High Court of Hong Kong on Oct. 31,
2012, at 9:30 a.m.

Colliers International Agency Limited filed the petition against
the company on Aug. 23, 2012.

The Petitioner's solicitors are:

          Chan & Young
          Unit 1205-6, 12th Floor
          Regent Centre, 88 Queen's Road
          Central, Hong Kong


PITALI LIMITED: Creditors' Proofs of Debt Due Oct. 1
----------------------------------------------------
Creditors of Pitali Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 1,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

         Ho Oi Suen
         Room 502, 5th Floor
         Hing Yip Commercial Centre
         272-284 Des Voeux Road
         Central, Hong Kong


READY GAIN: Court to Hear Wind-Up Petition on Oct. 24
-----------------------------------------------------
A petition to wind up the operations of Ready Gain Industrial
Limited will be heard before the High Court of Hong Kong on
Oct. 24, 2012, at 9:30 a.m.

China Nam Hoi Development Limited filed the petition against the
company on Aug. 21, 2012.

The Petitioner's solicitors are:

          Edward Ko & Company
          18th Floor, Yue Thai Commercial Building
          No. 128 Connaught Road
          Central, Hong Kong


RIGHT CORPORATION: Kong and Wu Step Down as Liquidators
-------------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred stepped down as
liquidators of Right Corporation Limited on Aug. 17, 2012.


TEAMARK TOYS: Creditors Get 10.54% Recovery on Claims
-----------------------------------------------------
Teamark Toys Limited, which is in liquidation, will declare the
first and final dividend to its creditors on Oct. 15, 2012.

The company will pay 10.54% for ordinary claims.

The company's liquidators are:

         Li Man Wai
         Wong Wai Ching
         Room 902, 9/F
         Fu Fai Commercial Centre
         27 Hillier Street
         Sheung Wan, Hong Kong


TECRISE DEVELOPMENT: Members' Final Meeting Set for Oct. 9
----------------------------------------------------------
Members of Tecrise Development Limited will hold their final
general meeting on Oct. 9, 2012, at 11:00 a.m., at 12A Hoi Phong
Road Central, Lei Yue Mun, Kowloon, in Hong Kong.

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


WELCOMEHOME 86: Members' Final General Meeting Set for Oct. 3
-------------------------------------------------------------
Members of WelcomeHome 86 (Holdings) Limited will hold their
final general meeting on Oct. 3, 2012, at 10:00 a.m., at Flat C,
4/F, Good Luck Industrial Building, at 105 How Ming Street, Kwun
Tong, Kowloon, in Hong Kong.

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


WONG KONG: Members' Final Meeting Set for Oct. 12
-------------------------------------------------
Members of Wong Kong Ha Wan Shan Association Limited will hold
their final general meeting on Oct. 12, 2012, at 11:00 a.m., at
Room 2611, 26 Floor, at 113 Argyle Street, Mongkok, Kowloon, in
Hong Kong.

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



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


BHALOTIA AUTO: CRISIL Rates INR90MM Cash Credit at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Bhalotia Auto Products Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4+ (Assigned)
   Cash Credit               90      CRISIL BB-/Stable (Assigned)

The ratings reflect the benefits that BAPPL derives from its
promoters' extensive industry experience, its established
relationship with its principal, the expected improvement in its
revenue diversity and, consequently, its scale of operations, and
its comfortable capital structure because of funding support from
its promoters. These rating strengths are partially offset by
BAPPL's weak debt protection metrics, limited bargaining power
with its principal, and exposure to intense competition in the
passenger cars dealership market. The ratings also factor in the
company's highly working-capital-intensive operations and
exposure to significant demand-related risks in the business of
manufacturing liquefied petroleum gas (LPG) cylinder
manufacturing.

Outlook: Stable

CRISIL believes that BAPPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automotive dealership business and its established relationship
with its principal. The outlook may be revised to 'Positive' if
BAPPL reports high-than-expected cash accruals, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if BAPPL's liquidity weakens because of
pressure revenue or profitability, or if fresh funding support
extended to its group entities.

                        About Bhalotia Auto

Bhalotia Auto Products Pvt Ltd was set up as a private limited
company in 1990 by Mr. Chandulal Agarwal and his sons, Mr. Ajay
Agarwal and Mr. Ashok Agrawal. The company is dealer for by
Mahindra & Mahindra Ltd (M&M) in Jamshedpur, Jharkhand. It also
manufactures bus and load bodies, fuel tanks, and brake drums. In
December 2011, BAPPL also became the sole dealer in Nissan
India's vehicles in Jharkhand. BAPPL has recently diversified
into LPG cylinder manufacturing.

BAPPL's profit after tax (PAT) and net sales are estimated at
INR5.1 million and INR603.6 million respectively for 2011-12; the
company reported a PAT of INR6.1 million on net sales of INR528
million for 2010-11.


DALMIA TEA: CRISIL Upgrades Rating on INR480MM Loans to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Dalmia
Tea Plantation & Industries Ltd (DTPIL; part of the MLD group) to
'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             147.0     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Long-Term Loan          227.5     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Bank Guarantee           10.0     CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long-Term      105.5     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Proposed Short-Term      10.0     CRISIL A4+ (Upgraded from
   Bank Loan Facility                'CRISIL A4')

The rating upgrade reflects the improvement in the MLD group's
overall liquidity, backed by higher-than-expected accruals in
2011-12 (refers to financial year, April 1 to March 31) post the
near completion of its capacity expansion programme. The group's
topline is estimated at INR1.7 billion for 2011-12 as against
INR1.01 billion in 2009-10; its operating profitability too
improved to about 18.5 per cent in 2011-12. Healthy accruals and
unsecured loans extended by the promoters have led to improved
liquidity. CRISIL believes that the MLD group will prudently
manage its incremental working capital requirements over the
medium term, thus ensuring that its liquidity remains unaffected.
The upgrade also reflects CRISIL's belief that the group will
maintain the improvement in its financial risk profile,
especially its capital structure, on the back of its stable
profitability and absence of any major debt-funded capital
expenditure (capex) plan over the medium term.

The ratings reflect the extensive industry experience of the MLD
group's promoters in the tea and high-density polyethylene (HDPE)
and polypropylene (PP) bags industries, and established
relationships with customers. These rating strengths are
partially offset by the MLD group's average financial risk
profile, marked by a high gearing and moderate debt protection
metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DLL, Bateli Tea Company Ltd (BTCL),
and Dalmia Tea Plantation and Industries Ltd (DTPIL), together
referred to as the MLD group. This is because BTCL has provided
corporate guarantee for the bank facilities of DLL and DTPIL,
while DLL and DTPIL have provided corporate guarantees for the
bank facilities of each other. Furthermore, the three companies
have a common treasury, Manish Co Pvt Ltd (MCPL; the non-banking
financial arm of the group), and are under a common management.
DLL also owns 26 per cent of the equity shares of BTCL and DTPIL.

CRISIL has treated a portion of the unsecured loans extended by
MCPL to the MLD group as equity. This is because the group's
promoters have shared an undertaking with CRISIL stating that
these unsecured loans will not be withdrawn from the group till
the full tenure of any of the group's current bank term debt
(till March 31, 2022). Furthermore, a letter of subrogation in
respect of unsecured loans has been given to the respective
bankers.

Outlook: Stable

CRISIL believes that the MLD group will benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the group's financial risk profile
improves significantly, driven by substantial equity infusion by
the promoters or higher-than-expected profitability. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
a large, debt-funded capex programme, or if its revenues or
profitability declines sharply, leading to weakening in its
financial risk profile.

                          About the Group

The MLD group is involved in diverse businesses. DLL manufactures
HDPE/PP bags for the cement and fertiliser industries, and BTCL
and DTPIL are engaged in plantation and processing of tea. The
operations of the group are looked after by a professional
management team; the board of directors is headed by Mr. G G
Dalmia.

Incorporated in 1972, DLL manufactures 0.5 million HDPE and PP
bags per day for packaging of cement and fertilisers. The company
also caters to the foodgrain, chemical, and sugar industries. It
has set up three wind-power projects for captive consumption.


DTPIL processes tea with installed capacity of 6 million
kilograms (kg) per annum. Its manufacturing unit is located in
Toong (West Bengal) and Merryview Tea Estate (West Bengal). DTPIL
has also set up a wind-power project and sells the power
generated to DLL.

BTCL is also engaged in plantation and processing of tea. The
company owns a tea garden, Bateli Tea Estate, in Darrang (Assam),
which is spread over 610 hectares, of which around 378 hectares
are currently under cultivation. It has manufacturing capacity of
1.4 million kg of black tea per annum. BTCL also operates a wind-
power project, and the power generated is sold to DLL.

For 2011-12, the MLD group reported, on provisional basis, a
profit after tax (PAT) of INR70 million on net sales of INR1,720
million; the group reported a PAT of INR35 million on net sales
of INR1,341 million for 2010-11.


DAYAKAR ENTERPRISES: CRISIL Puts 'B+' Rating on INR55MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Dayakar Enterprises.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL B+/Stable (Assigned)
   Proposed Long-Term        5       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects DE's low operating profitability and exposure
to risks related to unfavorable government regulations; the
rating also factors in the firm's below-average financial risk
profile marked by small net worth and weak interest coverage.
These rating weaknesses are partially offset by the extensive
industry experience of DE's promoter in tobacco industry.

Outlook: Stable

CRISIL believes that DE will continue to benefit over the medium
term from its established relationships with its customers and
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm's scale of operations and
profitability improve significantly, while improving the capital
structure. Conversely, the outlook may be revised to 'Negative'
if DE's financial risk profile deteriorates, most likely because
of a decline in the firm's profitability or sales, or if DE
undertakes a large, debt-funded capital expenditure programme
over and above expected or in case of significant stretch in
working capital cycle.

                        About Dayakar Enterprises

Dayakar Enterprises was set up as a proprietorship firm in 1996
in Tanguturu, Andhra Pradesh. It is promoted by Mr. Raj Shekar.
The firm trades in two varieties of tobacco, namely, Virginia
flue-cured and Burley.

DE reported a profit after tax (PAT) of INR1.3 million on net
sales of INR257.6 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1.0 million on net
sales of INR250.5 million for 2010-11.


EPITOME PETROCHEM: CRISIL Raises Rating on INR390MM Loans to 'B'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Epitome Petrochemical Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B-/Stable' while reaffirming the short-term ratings at
'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL B/Stable (Upgraded
                                     from CRISIL B-/Stable)

   Letter of credit &        30      CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Long-Term Loan           220      CRISIL B/Stable (Upgraded
                                     from CRISIL B-/Stable)

   Proposed Long-Term        70      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from CRISIL B-/Stable)

The rating upgrade reflects CRISIL's belief that EPPL will
maintain its improved liquidity due to equity infusion of INR100
million in 2011-12 (refers to the financial year, April 1 to
March 31) in the form of share application money. Despite
shortfall in cash accruals in 2011-12, infusion of promoters'
funds has aided in timely payment of term debt obligations.
CRISIL believes that EPPL's accruals will be sufficient, although
with limited cushion, as against its term debt repayments in
2012-13. However, the company's cash credit limit remains highly
utilised at an average of 92 per cent for 12 months through June
2012. CRISIL believes that EPPL's gearing will remain moderate at
below 2 times while the share application money is expected to be
converted to equity capital over the near term.

The ratings also reflect EPPL's weak financial risk profile,
marked by weak debt-protection metrics and working-capital-
intensive operations. These rating weaknesses are partially
offset by the funding support that EPPL receives from its
promoters, and the competitive advantage it enjoys because of its
plant's strategic location.

Outlook: Stable

CRISIL believes that EPPL will maintain its business risk
profile, back by its established relationship with key customers.
However, the company's financial risk profile is expected to
remain constrained by its weak debt-protection metrics and large
working capital requirements. The outlook may be revised to
'Positive' if EPPL significantly improves its operating margins
resulting in improvement in its debt-protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company generates lesser-than-expected revenues, or if its
profitability declines, materially or if there is withdrawal of
share application money.

                     About Epitome Petrochemical

EPPL, promoted by members of Baid family, was incorporated in
2007, and commenced commercial production of polyethylene
terephthalate (PET) preforms in January 2009. It manufactures PET
preforms for carbonated soft drink bottlers.

For 2011-12, EPPL is estimated to report a profit after tax of
INR10 million on net sales of INR591.3 million; for 2010-11, the
company reported a net loss of INR9.4 million on net sales of
INR375 million.


JAMPANA CONSTRUCTION: CRISIL Cuts Rating on INR60.9MM Loan to 'C'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jampana Construction Pvt Ltd to 'CRISIL C/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           140      CRISIL A4 (Downgraded from
                                     CRISIL A4+)

   Cash Credit               50      CRISIL C (Downgraded from
                                     CRISIL BB/Stable)

   Term Loan                 10.9    CRISIL C (Downgraded from
                                     CRISIL BB/Stable)

The rating downgrade reflects instances of delay by JCPL in
servicing its term debt; the delays have been caused by its weak
liquidity. The company's liquidity is weak because of its large
working capital requirements. There have been instances of delay
in collection of receivables from the clients, which has
pressurised its working capital management and liquidity. JCPL's
average bank limit utilisation was around 89 per cent for the 12
months ended March 2012.

The ratings reflect JCPL's large working capital requirements,
customer and regional concentration in its revenue profile, risks
related to tender-based nature of business and exposure to
volatility in raw material prices. These rating strengths are,
however, partially offset by JCPL's promoters' extensive industry
experience, established regional market position, healthy order
book, and moderate financial risk profile.

Incorporated in 2003, JCPL implements civil construction and
infrastructure development projects, primarily in Karnataka and
Andhra Pradesh.

JCPL reported a net profit of INR87.2 million on an operating
income of INR2024.3 million in 2011-12, against a net profit of
INR54.8 million on an operating income of INR1428.7 million for
2010-11.


LENZ CERAMIC: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lenz
Ceramic Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            9       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              50       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan               130       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects the instances of delay by LCPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity. The delays have ranged from 10 to 15
days. LCPL has weak liquidity because of its large working
capital requirements. The company requires large working capital
mainly because of its rising book debts and finished goods
inventory levels on account of the strain on the ceramic tiles
industry due to a slowdown in the real estate sector. CRISIL
believes that LCPL's liquidity will remain weak over the medium
term because of intense market competition and offtake-related
risks, considering the increasing fresh capacities in the
industry and expected slowdown in the real estate sector.

LCPL also has a below-average financial risk profile, marked by
average debt protection metrics and a high gearing. However, the
company benefits from its promoter's extensive experience in the
ceramics tiles industry.

LCPL, incorporated on February 26, 2010, is promoted by Mr.
Jayendra Sanja. The company mainly manufactures vitrified tiles
in dimensions of 24x24 inches. In May 2012, it began
manufacturing glazed vitrified tiles (a high-end product) in
similar dimensions; its manufacturing facility is at Morbi
(Gujarat).


MAA SUBHALA: CRISIL Assigns 'B-' Rating to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Maa Subhala Cold Storage Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------             ---------   -------
   Working Capital          1.90      CRISIL B-/Stable (Assigned)
   Term Loan

   Term Loan                6.00      CRISIL B-/Stable (Assigned)

   Cash Credit             38.50      CRISIL B-/Stable (Assigned)

   Cash Credit              6.70      CRISIL B-/Stable (Assigned)

   Proposed Long-Term       6.90     CRISIL B-/Stable (Assigned)
   Bank  Loan Facility

The rating reflects MSCSPL's weak financial risk profile and its
exposure to highly regulated and intensely competitive cold
storage industry in West Bengal. These rating weaknesses are
partially offset by the benefits that the company derives from
its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that MSCSPL will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage industry. The outlook may be revised to 'Positive' in
case of efficient management of farmer financing by MSCSPL, or if
the company significantly scales up its operations and increases
its profitability, or improves its capital structure, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case MSCSPL's liquidity is
constrained by delays in repayments by farmers, or by lower-than-
expected cash accruals or any significant debt-funded capital
expenditure.

                         About Maa Subhala

Maa Subhala Cold Storage Pvt Ltd was incorporated in 2003 to
provide cold storage facilities to potato farmers and traders.
The company is promoted by Mr. Asit Manna and Mr. Banamali Manna;
its facility is in Paschim Medinipur district (West Bengal).


MAMATA EXTRUSION: CRISIL Rates INR40MM Cash Credit at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank
facilities of Mamata Extrusion Systems Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              40.0     CRISIL B/Stable (Assigned)
   Bank Guarantee           24.50    CRISIL A4 (Assigned)

The ratings reflect MESPL's volatile operating margin, and small
scale of operations with large working capital requirements.
These rating weaknesses are partially offset by the benefits that
MBEPL derives from its promoters' extensive experience in the
engineering industry.

Outlook: Stable

CRISIL believes that MESPL will continue to benefit over the
medium term from its established position in the blown film
machinery segment. The outlook may be revised to 'Positive' if
the company improves its operating margin on a sustained basis,
most likely because of increase in its revenues on the back of
increase in its capacity utilisation levels, and if it
efficiently manages its working capital. Conversely, the outlook
may be revised to 'Negative' if MESPL's working capital
requirements increase further, thereby constraining its liquidity
or if it is unable to maintain its operating margins due to
inability in passing the raw material price increases to its
customers.

MESPL, based in Ahmedabad, was incorporated in 1998 as Mamata
Brampton Engineering Pvt Ltd. and changed its name to the present
name in February 2012. The company manufactures 3 to 11 layer
blown film systems, which are used in the flexible packaging
industry.


NALAGARH STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Nalagarh
Steel Rolling Mill Pvt Ltd (NSRMPL; part of the Dev Bhumi group)
to 'CRISIL D' from 'CRISIL B-/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               175     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects the instances of delay by NSRMPL in
meeting its debt obligations. The delays have been caused by the
Dev Bhumi group's weak liquidity, marked by frequently overdrawn
bank limits.

The Dev Bhumi group also has a weak financial risk profile,
marked by a high gearing and weak debt protection metrics, and
geographical concentration in its revenue profile. Moreover, its
margins are susceptible to downturns in the end-user industry and
to volatility in steel prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NSRMPL, Dev Bhumi Steel (DBS), Shree
Kangra Steel Pvt Ltd (SKSPL), and Dev Bhumi Ispat (DBI). This is
because these entities, collectively referred to as the Dev Bhumi
group, are in similar lines of business and have strong
operational and financial linkages with each other. All the
entities have common promoters and the same management team.

                         About the Group

The Dev Bhumi group manufactures mild steel ingots, thermo-
mechanically-treated (TMT) bars, and structured steel products
such as angles, beams, channels, and flats. Its manufacturing
facility is in Nalagarh (Himachal Pradesh). The Dev Bhumi group
is a family-run business, promoted by Mr. Surendra Bansal. While
SKSPL and DBS manufacture mild-steel ingots, NSRMPL and DBI
manufacture TMT bars and structural products such as flats,
angles, and beams.

The Dev Bhumi group's profit after tax (PAT) is estimated at
INR31 million on net sales of INR1176 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR4.4
million on net sales of INR1021 million for 2009-10.


N K TOWER: CRISIL Reaffirms 'BB' Rating on INR180MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of N K Tower Pvt
Ltd continues to reflect the benefits that NKTPL derives from its
promoters' extensive experience in executing large projects in
the real estate business. This rating strength is partially
offset by the company's susceptibility to offtake risks
associated with its ongoing commercial project, Wood Square, and
vulnerability to cyclicality in the real estate sector.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          180      CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NKTPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
benefits from higher-than-expected offtake for its project,
resulting in robust cash inflows and liquidity. Conversely, the
outlook may be revised to 'Negative' if NKTPL is unable to
attract sufficient clients for its remaining commercial space or
if its lease contracts with its existing customers get cancelled.

Update

The total cost of NKTPL's project, Wood Square, is INR394.2
million. The same was partly financed through debt of INR180.3
million, which is due for repayment in September 2012. However,
it is likely that the entire debt of INR180.3 million will be met
over the near term through contribution by the company's
promoters. The implementation of NKTPL's 121,000-square-foot
commercial building, Wood Square, has been delayed by six months.
As per CRISIL's earlier estimates, the project was expected to be
completed by the end of March 2012; however, the company now
expects the project to become operational by October 2012.
Despite delays in implementation of Wood Square, the cost
structure of the same has remained in line with CRISIL's earlier
estimates. As on August 2012, NKTPL had incurred nearly 80 per
cent of the construction cost; it expects the commercial building
to become operational before October 2012. During 2011-12 (refers
to financial year, April 1 to March 31), there has not been any
significant increase in the lease rental tie up for the Wood
Square project. Out of the total saleable/leasable area of
121,000 square feet, around 29,000 square feet has been leased
out to Big Bazaar, the flagship retail chain of Future Group, on
revenue-sharing terms (3.5 per cent of the total sales of Big
Bazaar). NKTPL's management has indicated that it will be holding
on to the commercial space in Wood Square, until the occupation
of Big Bazaar; after which, it expects an increase the rental
rates in Wood Square.

                          About N K Tower

NKTPL, incorporated in 2003, is a wholly owned subsidiary of
Srijan Realty Ltd. NKTPL is developing a commercial property,
Wood Square, with saleable area of 121,000 million square feet in
collaboration with seven other companies, namely, RolCon Finvest
Pvt Ltd, KC Manufacturers (India) Pvt Ltd, Cosmic Asiana Pvt.
Ltd, Kedha Mercantile Pvt Ltd, Trammel Commercial Pvt Ltd,
Kelvindeck Properties Pvt Ltd, and Dhumaboti Griha Nirman Pvt
Ltd. The project is located on the outskirts of Kolkata on NSC
Bose Road at Narendarpur in PS Sonarpur (West Bengal).


RAGHU EDUCATIONAL: CRISIL Puts 'B' Rating on INR160MM Loans
-----------------------------------------------------------
CRISIL assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of the Raghu Educational Society.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B/Stable (Assigned)
   Long-Term Loan           140      CRISIL B/Stable (Assigned)

The rating reflects RES's average financial risk profile marked
by small net worth and healthy gearing, susceptibility to adverse
regulatory changes in the education sector, geographic
concentration in revenue profile. These rating weaknesses are
partially offset by RES's established regional presence in
Vishakhapatnam (Andhra Pradesh), supported by its promoters'
extensive experience, in the education segment.

Outlook: Stable

CRISIL believes that RES will maintain its established regional
presence in the education segment, supported by promoters'
industry experience, over the medium term. The outlook may be
revised to 'Positive' if RES increases its geographical
diversification or scales up its operations, without
significantly weakening its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the society
undertakes a larger-than-expected, debt-funded capital
expenditure programme, or if regulatory bodies withdraw their
approvals for the society's various courses.

RES, a society was established in 1996, and the overall
operations of the trust are being managed by its promoter
director Mr. Kalidindi Raghu. RES is engaged in running of a
number of schools, and graduate, post-graduate, and professional
colleges under the Raghu brand. Its schools and colleges are
located in and around Vishakhapatnam (Andhra Pradesh).

RES reported a surplus (excess of income over expenditure) of
INR40 million on net revenues of INR190 million for 2010-11
(refers to financial year, April 1 to March 31); it reported a
surplus of INR20 million on net revenues of INR150 million for
2009-10.


RHYTHM KNIT: CRISIL Rates INR30MM LT Loan at 'CRISIL B+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rhythm Knit India Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       30       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Foreign Bill Discounting 20       CRISIL A4 (Assigned)

   Packing Credit           20       CRISIL A4 (Assigned)

The ratings reflect RKIPL's average financial risk profile,
marked by a small net worth and average debt protection metrics,
although supported by low gearing. The ratings also factor in the
company's low operating margin and small scale of operations in a
highly fragmented industry. These rating weaknesses are partially
offset by the benefits that RKIPL derives from its promoters'
extensive industry experience and established relationships with
customers, and its low inventory requirements and comfortable
receivables cycle.

Outlook: Stable

CRISIL believes that RKIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while it improves its
profitability, thereby improving its cash accruals. Conversely,
the outlook may be revised to 'Negative' if RKIPL's financial
risk profile, particularly its liquidity, deteriorates, most
likely because of larger-than-expected working capital
requirements or debt-funded capital expenditure, or less-than-
expected cash accruals.

                          About Rhythm Knit

RKIPL was incorporated in 2010 to take over the business of the
promoters' proprietary firm, Rhythm Fashions. The company
acquired all assets and liabilities of Rhythm Fashions with
effect from April 2011. RKIPL manufactures and exports knitted
garments, mainly to Europe, the US, and Africa. The company has
its manufacturing facility at Tirupur (Tamil Nadu).


RIDHI SIDHI: CRISIL Reaffirms 'B+' Rating on INR52.5MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ridhi Sidhi Iron &
Steel continue to reflect RSIS's weak financial risk profile,
marked by a small net worth, high levels of indebtedness (ratio
of total outside liabilities to tangible net worth), and weak
debt protection metrics; the ratings also factor in the
susceptibility of the firm's operating margin to volatility in
steel prices. These rating weaknesses are partially offset by the
benefits that RSIS derives from its promoters' extensive
experience in the steel industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            15      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       27.5    CRISIL A4 (Reaffirmed)

   Proposed Long-Term     37.5    CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RSIS will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
firm generates significantly higher-than-expected accruals,
thereby improving its overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case RSIS's working
capital cycle lengthens, thereby adversely affecting the firm's
liquidity.

                          About Ridhi Sidhi

Ridhi Sidhi Iron & Steel, set up in 2004, is a sole
proprietorship firm of Mr. Subodh Sanghvi. It trades in hot-
rolled coils, plates, and sheets in Maharashtra. The firm's day-
to-day operations are managed by Mr. Subodh Sanghvi and his sons,
Mr. Sohil Sanghvi and Mr. Mitul Sanghvi.

In 2011-12 (refers to financial year, April 1 to March 31), RSIS,
on provisional basis, recorded a profit before tax (PBT) of
INR1.1 million on net sales of INR230.6 million, against a PBT of
INR1 million on net sales of INR199.4 million for 2010-11.


SHRI AMBABAI: Delay in Loan Payment Cues Junk Ratings
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Shri Ambabai Talim Sanstha.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                86.5     CRISIL D (Assigned)

The rating reflects instances of delay by SATS in servicing its
term debt; the delays have been caused by the trust's weak
liquidity, resulting from delays in receiving government grants.
SATS has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. However,
the trust benefits from the extensive industry experience of its
trustees and management in the education industry.

SATS was established in 1901 in Miraj (Maharashtra) to offer
physical education. Over the years, the trust has set up a number
of educational institutes and schools: Lokmanya Tilak Sharirik
Shikshan Vidyalaya (1956), Sheth RV Gosaliya Jr. College of
Education (D.Ed College, 1968), Mahila Vikas Secondary Girls
School (1970), Degree College of Physical Education (B.P.Ed
College, 1984), M.P.Ed Course in Physical Education (1992), Bal
Sanskar Shikshan Mandir (Primary School, 2005), Diploma in
Pharmacy College (2006), Sanjay Bhokare Group of Institute's
(SBGI) Faculty of Engineering & Management (2009), and SBGI
Faculty of Polytechnic (2011).

The trust plans to start a master's programme in engineering from
2012-13.


VANDANA TRACTORS: CRISIL Puts 'B' Rating on INR175MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vandana Tractors Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              49       CRISIL B/Stable (Assigned)
   Proposed Long-Term      126       CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects VTPL's below-average financial risk profile,
marked by small net worth, high ratio of total outside
liabilities to tangible net worth (TOLTNW) and weak interest
coverage ratio. The company also has small scale of operations in
the highly competitive industry, and is exposed to significant
risks related to its ongoing/planned projects. These rating
weaknesses are partially offset by VTPL's promoters' extensive
experience in the distribution of material handling and heavy
equipment and established relationship with its principal.

Outlook: Stable

CRISIL believes that VTPL will continue to benefit from its
promoters' industry experience and established relationship with
its principal. The outlook may be revised to 'Positive' if VTPL
completes its ongoing project without any time or cost overrun,
while significantly improving its revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company faces significant time or cost overrun in its ongoing
project, if there is lower-than-expected increase in its sales
and profitability, or if its working capital requirements are
larger than expected.

                      About Vandana Tractors

Established in 1999, VTPL is promoted by Mr. Sukhdev Gohil and
his wife, Mrs. Usha Gohil. The company has three main businesses.
It is a channel partner for distribution of New Holland Tractors
(NHT) for Rajkot district and also Kalavad Tehsil of Jamnagar in
Gujarat (contributes 45 to 50 per cent of its revenues). It is
also a channel partner of Case Construction India (CCI) for
distribution of loader backhoe and vibrating compactors, which is
used in the mining and construction sectors, for the Saurashtra
region of Gujarat (except Bhavnagar district)-this business
contributes to 45 to 50 per cent of VTPL's revenues. VTPL also
sells loaders manufactured by its group entity, US Industries,
under the brand, Vandana-this segment contributes 5 to 10 per
cent of its revenues. VTPL is also currently planning to set up
its own loader-manufacturing capacity.


VAST INDIA: CRISIL Assigns 'B+' Rating to INR94MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vast India Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                23       CRISIL B+/Stable (Assigned)
   Proposed Long-Term       46       CRISIL B+/Stable (Assigned)
   Bank Loan Facility
   Bank Guarantee            5       CRISIL A4 (Assigned)
   Cash Credit              25       CRISIL B+/Stable (Assigned)

The ratings reflect VIPL's modest scale of operations in the
intensely competitive IT enabled services sector and
susceptibility of VIPL's operating cash flows to the receipt of
orders, timely execution of these projects and realisation of
receivables. These rating weaknesses are partially offset by the
extensive experience of promoters in the e-governance industry
and established track record in the IT enabled services sector.

Outlook: Stable

CRISIL believes that VIPL will continue to benefit from its
promoter's extensive experience in the IT enabled services sector
and its established track record in this sector. The outlook may
be revised to 'Positive' if VIPL increases its scale of
operations substantially, while maintaining its profitability and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the company's profitability declines or
if its capital structure weakens because of larger than expected
debt-funded capital expenditure leading to deterioration in its
financial risk profile.

                          About Vast India

VIPL was incorporated in 2000. VIPL is an IT service company with
prime focus on IT enabled services sector. VIPL is primarily a
software products and services provider which provides
comprehensive IT solutions and services, maintenance, systems
integration, and software development to government
organizations. VIPL also provides information technology-enabled
services, including scanning and digitization. Furthermore, VIPL
provides bulk printing services as well as trading of computers
to government agencies.

Mr. Vivek Chandel is the Managing Director of VIPL.

VIPL reported, on a provisional basis, a profit after tax (PAT)
of INR 8.1 million on net sales of INR 87.9 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR 3.7 million on net sales of INR57.4 million for 2010-11.



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


BAKRIE TELECOM: IDX Suspends Shares as Bond Matures
---------------------------------------------------
ANTARA News reports that the Indonesian Stock Exchange on Tuesday
suspended trading of the shares and bonds issued by PT Bakrie
Telecom Tbk.

The news agency relates that Saptono Adi Junarso, head of the
corporate evaluation division of BEI, said the suspension is
effective as from September 4 until further notice.

According to the report, Mr. Saptono said the BEI decided the
suspension after the telecommunication subsidiary of the Bakrie
Group failed to meet the deadline in repaying bond debt and
interest.

MNC Securities' chief researcher Edwin Sebayang said the Bakrie
Group is facing difficulty in settling the debts of one of its
big members, ANTARA News relays.

The problem besetting one big member could easily spread to other
members of the group, Mr. Sebayang, as cited by ANTARA news,
said.

Apparently he referred to Bumi Resources, Indonesia's largest
coal producer, which reported big potential loss in its half year
financial report.

Mr. Sabayang doubted that the group could immediately raise fund
to settle the bond debt.

"We hope that such case as having beset Bakrie Life would not
repeat itself in the group," Mr. Sebayang told ANTARA News.

                       About Bakrie Telecom

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of
Esia, Wifone, Wimode, EsiaTel and SLI Hemat 009.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2012, Fitch Ratings placed Indonesia-based PT Bakrie
Telecom's 'CCC' Long-Term Foreign- and Local-Currency Issuer
Default Ratings on Rating Watch Negative (RWN).  Its USD380m
senior unsecured bond -- rated 'CCC' -- has also been placed on
Negative Watch.  The Recovery Rating on the bond is 'RR4'.

The RWN reflects heightened liquidity risk associated with the
repayment of its IDR650bn bond, due 4 September 2012, and ongoing
finance lease obligations. At end-March 2012, BTEL's liquid
assets comprised only IDR215bn unrestricted cash and equivalents
and the company has yet to secure sufficient committed additional
funds. At end-March 2012, BTEL breached the 5.0x EBITDA/interest
cover covenant on its IDR650bn bond.  Fitch believes that new
equity is the most likely source of new funding.  This is because
of BTEL's low rating headroom for new debt, particularly as its
weak financial performance is threatening the USD bond covenant
of 4.75x debt/last 12-month EBITDA.


KATARINA UTAMA: Delisted from IDX Over Funds Embezzlement
---------------------------------------------------------
ANTARA News reports that the Indonesia Stock Exchange said it has
decided to cancel the status of PT Katarina Utama Tbk as a listed
company on BEI.

The decision will be effective in October, Umi Kulsum, head of
corporate valuation division of BEI said on Sunday, according to
ANTARA News.

The news agency relates that Ms. Umi said that starting
October 1, the name of RINA will be scrapped and it no longer has
obligations as a listed company.

Mr. Umi said the company is facing financial problem and showed
no indication that it could recover from its problem, the report
relays.

ANTARA News recalls that last year the company was in problem
that its management staff, all Malaysians, allegedly misused
funds it raised from initial public offering, inflated assets and
manipulated financial report audited in 2009.

Corporate Valuation Director of BEI Hoesen said the management is
suspected of embezzling Rp29.6 billion of Rp33.6 billion it
raised from the share sales, the news agency adds.

Based in Indonesia, PT Katarina Utama Tbk provides trading and
management consultancy services in telecommunication,
installation, testing and commissioning services for various
product and telecommunications equipment.



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


SSANGYONG ENG'G: Lenders Mull Equity Injection to Save Builder
--------------------------------------------------------------
The Korea Herald reports that Ssangyong Engineering and
Construction's largest shareholder, Korea Asset Management Corp.,
and creditor banks are mulling huge equity injection to keep
ailing builder afloat.

According to the report, the company's shareholders and creditors
are making all-out efforts to keep the financially troubled
Ssangyong Engineering above water.

The Korea Herald relates that after four failed attempts to find
a new owner this year, South Korea's 13th largest builder is at
risk of bankruptcy, running out of cash to pay back huge debts.

The report notes that the company has to pay about KRW100 billion
($88 million) in corporate bonds and commercial paper within the
year, including a KRW52 billion debt due today, September 6.

As it is unlikely the builder can repay the debt with its own
money, KAMCO and five creditor banks last week started discussing
liquidity support worth about KRW200 billion, the report recalls.

Their talks, however, are proceeding with difficulty as KAMCO and
creditors are at odds over the specific plans, such as how much
individual organizations share the support funds, the Korea
Herald notes.

In the latest bidding last month, the report recalls, the
preferred E-Land Group gave up purchasing the builder, citing the
high price being offered by KAMCO and the prolonged slump in the
construction industry.

The largest shareholder proposed selling its 50.07% stake for
KRW90 billion and issuing new shares worth KRW150 billion via a
third-party allotment.

"Without liquidity support, we may not be able to continue our
ongoing building projects. But if our largest shareholder and
creditors reach an agreement, there would be no problem in
normalizing management," the report quotes a company official as
saying.

South Korea-based Ssangyong Engineering & Construction Co., Ltd.
provides civil engineering and architecture related services.

Following the 1997-98 Asian financial crisis, Ssangyong E&C and
other Ssangyong Group units fell into deep financial trouble
under mounting debts, The Korea Herald discloses.  KAMCO and
other creditors injected capital to rescue the builder in return
for company shares in 1999.



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


CRAFAR FARMS: Maori Trusts Seek High Court Ruling Over Sale
-----------------------------------------------------------
Radio New Zealand reports that two Maori trusts have applied to
the Supreme Court for leave to challenge the sale of 16 North
Island farms formerly owned by the Crafar family which are in
receivership.

Radio NZ discloses that the groups are the Tiroa E and Te Hape B
trusts, which are part of the south Waikato iwi Ngai Rereahu.

They had wanted to buy the 16 farms, totalling 7892 hectares, but
lost to Chinese company Shanghai Pengxin, the report notes.

Radio NZ relates that the groups challenged approval of the sale
in the Court of Appeal along with Sir Michael Fay, but lost
decisively.

According to the report, Sir Michael has since walked away, but
the trusts are pressing on, saying some issues were not dealt
with by the court and some which were considered were mishandled.

An official at the Supreme Court said the applicants have 20 days
to produce submissions and the respondents have 15 days to reply,
Radio NZ relays.

Judges will then decide whether the case has enough merit to
proceed, the report adds.

Radio NZ said the farms, formerly owned by the Crafar family, are
in receivership and have been conditionally sold to a company
backed by a huge conglomerate, the Shanghai Pengxin Group.

                         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.


NORTH ISLAND MUSSEL: Placed in Receivership
-------------------------------------------
BusinessDesk reports that North Island Mussel Processors is being
placed in receivership after the owner of its one-third
shareholder, Greenshell Investments, failed to pay NZ$1.2 million
in processing fees and associated debt.

BusinessDesk says North Island Mussel made the headlines in 2009
when it adopted the world's first automated mussel-opening
machine at its Tauranga plant -- a NZ$23 million expansion that
was opened by Prime Minister John Key.

Listed fishing company Sanford and Sealord Group, which own the
remaining two-thirds of North Island Mussel, will work with the
receivers "to see if mussel processing operations can commence
once the new Coromandel mussel season starts in mid-October this
year and to protect the jobs of 20 full time staff and 200
additional workers employed on a seasonal basis," the report
relates citing a statement from Sanford.

According to the report, Sanford managing director Eric Barratt
said the receivership will not have a material effect on
Sanford's financial results or banking covenants.

North Island Mussel is a toll processor for its shareholders, who
export Greenshell mussels.



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


* Moody's Maintains Stable Outlook on Global Reinsurance Sector
---------------------------------------------------------------
The outlook for the global reinsurance industry remains stable,
says Moody's Investor Services in a new Industry Outlook
published on Sept. 4. The stable outlook expresses Moody's
expectations for the fundamental credit conditions in the
industry over the next 12 to 18 months. The outlook factors in
the industry's resilience as well as improvements in underwriting
and risk management, augmented by a possible pickup in demand due
to tougher, impending regulations and rate hardening in some
primary insurance markets.

The new report, "Global Reinsurance Outlook", is now available on
www.moodys.com. Moody's subscribers can access this report via
the link provided at the end of this press release.

"Reinsurers have already emerged from the second worst year for
insured disaster losses with more capital than they had at the
start of 2011," said Kevin Lee, senior credit officer at Moody's.
They also emerged with tighter underwriting and better risk
management. At the same time, long-awaited hardening in some
primary insurance lines is laying the foundation for reinsurance
rate stability. However, Moody's notes that a large disaster,
faltering primary rates or worsening of the global economy could
place downward pressure on the industry's stability.

Over time, a key challenge for the industry is competitive
convergence, which is making it harder for reinsurers to create
distinct strategies. Dwindling prospects in casualty and life
reinsurance and low interest rates are steering reinsurers and
new capital toward catastrophe (cat) risk. Meanwhile, the ongoing
shift from direct distribution to broker intermediation is making
it easier for new entrants to compete.

Cyclical and secular factors are also driving a new wave of
capital into reinsurance and cat risk. Despite ample capacity in
the industry, around $6 billion of new capital in various formats
has entered the sector since 2011, raising the amount of
alternative capital in the industry to $34 billion. Overall,
Moody's finds this new capital to be credit negative for
incumbent reinsurers, particularly when the industry has adequate
capital as it does today, as excess capital tends to drive down
revenues and margins.

On the upside, this new capital shows investors are still
interested in reinsurance even though they may not be interested
in reinsurance stocks, which for the most part have traded below
book value for nearly four years. In a stress scenario, new
capital, no matter what form it takes, can be a saving grace for
wounded reinsurers. Reinsurers who find it hard to recapitalise
in equity markets may still be able to find partners for
sidecars, which will allow them to keep writing business and
maintain a franchise.



                             *********

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.





                 *** End of Transmission ***