TCRAP_Public/120914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 14, 2012, Vol. 15, No. 184

                            Headlines


A U S T R A L I A

CHUNG GROUP: 50 Cavill Ave Building Placed in Receivership
F&J TOWNSEND: Ferrier Hodgson Appointed Receivers to Property
FORTESCUE METALS: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
NINE ENTERTAINMENT: Lenders Tap Kordamentha as Advisers


C H I N A

ALUMINUM CORP: S&P Cuts Stand-alone Credit Profile to 'bb-'
CHINA ZHENGTONG: S&P Affirms 'BB-' Corporate Credit Rating
KAISA GROUP: Moody's Raises Senior Unsecured Debt Rating to 'B1'
KAISA GROUP: S&P Affirms B+ Corp. Credit Rating; Outlook Negative


H O N G  K O N G

ASIA BUSINESS: Commences Wind-Up Proceedings
BARCLAYS CAPITAL: Members' Meeting Set for Oct. 8
DEAR GREEN: Creditors' Proofs of Debt Due Oct. 4
EVER STAR: Commences Wind-Up Proceedings
GROSVENOR INTERNATIONAL: Commences Wind-Up Proceedings

FOCUS MOTION: Kwok Lai Ngor Steps Down as Liquidator
LEADER TOYS: Commences Wind-Up Proceedings
LUCKY DRAGON: Creditors' Meeting Set for Sept. 14
NEW CREATION: Commences Wind-Up Proceedings
OMNIMEDIA GROUP: Creditors' Proofs of Debt Due Oct. 8


I N D I A

JAI AMBEY: CARE Rates INR24.87cr LT Loan at 'CARE B'
KARTHIK INDUCTIONS: CARE Puts 'B-' Rating on INR1.5cr LT Loan
KAVITA SALES: CARE Assigns 'CARE B+' Rating to INR6cr LT Loan
LINCON POLYMERS: CARE Assigns 'BB+' Rating to INR13.73cr Loan
NAGPUR PALLOTTINE: CARE Assigns 'B' Rating to INR18.24cr LT Loan

OMKAR COTTON: CARE Assigns 'CARE B+' Rating to INR7cr LT Loan
SHAKTI COTTON: CARE Rates INR9cr LT Loan at 'CARE B+'
S.K. INDUSTRIES: CARE Assigns 'CARE B+' Rating to INR7.9cr Loan
SRI SAKTHI: CARE Assigns 'CARE C' Rating to INR6.5cr LT Loan
TECHNO FAB: CARE Assigns 'CARE B' Rating to INR57.61cr Loan

WINDSOR EXPORTS: CARE Rates INR22.5cr LT Loan at 'CARE BB+'
YOGESHWAR COTTON: CARE Rates INR5cr LT Loan at 'CARE B+'


I N D O N E S I A

BERLIAN LAJU: Fitch Says 90-Day Extension Won't Affect Ratings


J A P A N

SHARP CORP: Plans to Cut Personnel Costs in Fiscal 2012


M A L A Y S I A

PRIME GLOBAL: Reports $205,577 Net Income in July 31 Quarter


N E W  Z E A L A N D

FISHER & PAYKEL: S&P Puts 'BB' Issuer Credit Rating on Watch Pos
SINGH SERVICES: IRD Placed Vineyard Contractor in Liquidation


S I N G A P O R E

SINGAPORE BRITISH: Placed in Voluntary Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CHUNG GROUP: 50 Cavill Ave Building Placed in Receivership
---------------------------------------------------------
Jenny Rogers & Denis Doherty at goldcoast.com.au report that once
the corporate base of choice on the Gold Coast, 50 Cavill Ave has
been placed in the hands of receivers.

goldcoast.com.au relates that the few tenants left in the Surfers
Paradise building received letters on Sept. 12 telling them that
receivers from Deloitte had been appointed to handle the assets
and affairs of the building.

According to the report, the receivers have taken control of six
companies associated with Albert Chung, a Brisbane-based
businessman, including Chung Gold Coast which holds 50 Cavill.

The report relates that Mr. Chung's property portfolio includes
the Seabank building in Southport and a Maryborough commercial
property, which are also in the hands of receivers.

His other Gold Coast holding, the Waterside East and West towers,
was recently sold to Gold Coast City Council for $32.5 million
and will become its new headquarters, says goldcoast.com.au.

In its letters to 50 Cavill Ave tenants, goldcoast.com.au
relates, Deloitte said it had begun an urgent assessment of the
Chung companies' financial position.

According to the report, Deloitte said it would arrange an urgent
health and safety inspection.

Deloitte partner John Greig said a secured creditor had been
working with the Chung Group for at least two years to
restructure its facilities and assist it through the after-
effects of the global financial crisis, the report relays.

The mortgage over 50 Cavill is held by Suncorp Metway, says
goldcoast.com.au.


F&J TOWNSEND: Ferrier Hodgson Appointed Receivers to Property
-------------------------------------------------------------
Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
receivers of a property owned by F&J Townsend Investments Pty
Limited on Sept. 7, 2012, pursuant to the provisions contained in
a registered security interest in favor of Bank of Western
Australia Limited.

Ferrier Hodgson said the appointment of receivers to the property
(1/37 Slade Road Bardwell Park NSW 2207) was a result of the
appointment of voluntary administrators to the Company by its
sole director on Aug. 21, 2012.

The receivers may be reached at:

         Morgan Kelly
         Ryan Eagle
         FERRIER HODGSON
         Level 13, Grosvenor Place
         225 George Street
         Sydney NSW 2000
         E-mail: ryan.eagle@fh.com.au
                 morgan.kelly@fh.com.au


FORTESCUE METALS: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and issue ratings on Australia-based mining company
Fortescue Metals Group Ltd. on CreditWatch with negative
implications. The recovery rating is affirmed at '4'.

"The CreditWatch placement reflects our view that Fortescue's
earnings for year ending June 30, 2013 would be much weaker than
expected due to the steep fall in iron ore prices since late July
2012," Standard & Poor's credit analyst May Zhong said. "Weaker
earnings will erode its financial metrics, putting financial
covenant pressure regarding its debt documents in the near term."

"The level of pressure is to a large degree dependent on near-
term iron ore prices; however, we think it is unlikely that
prices will recover sufficiently to alleviate covenant pressure.
We expect that Fortescue will take steps to mitigate the risks
concerning the covenants, and consider the timeliness of those
actions to be important," S&P said.

"Compared to its iron ore peers, Fortescue is more vulnerable to
a decline in iron ore prices due to its single-commodity
exposure. In addition, the drop in iron ore prices coincides with
the peak capital expenditure of its expansion to 115 metric tons
per annum (mtpa) of production capacity. In our opinion, a
successful execution of its expansion depends on continuing
strong iron ore prices, in particular for the next 18 to 24
months, in part because the company is partially reliant on cash
from operations to fund the expansion," S&P said.

Ms. Zhong added: "Should benchmark iron ore prices persist at
less than US$110 per ton for a period longer than to the end of
calendar year 2012, we believe this will place significant
financial covenant pressure in 2013. This price level will also
push its credit metrics to fall below levels commensurate for
the 'BB-' rating. Nonetheless, should benchmark iron ore prices
recover to, and sustain at, about US$130 per ton over the quarter
ending Dec. 31, 2012, it will alleviate the pressure on its
financial risk profile."

"To resolve the CreditWatch, we will assess the company's actions
to address the financial covenant pressure under its bank
documents, and their implications on Fortescue's access to
funding to complete the 115mtpa expansion. In addition, we will
review our forecasts of iron ore prices for the near and medium
terms, and how they would affect Fortescue's financial
performance. If the risks around covenant pressures or low iron
ore prices are not mitigated, the rating could go down by one
notch or more. We expect to resolve the CreditWatch within the
next 90 days," S&P said.


NINE ENTERTAINMENT: Lenders Tap Kordamentha as Advisers
-------------------------------------------------------
Richard Gluyas at The Australian reports that the two U.S. hedge
funds with a stranglehold on Nine Entertainment have retained
insolvency specialists KordaMentha ahead of a rugged round of
recapitalisation negotiations with other stakeholders in the
free-to-air television network.

The Australian relates that Apollo and Oaktree, which together
control more than $1 billion of Nine's $2.8 billion in senior
debt, have charged KordaMentha with looking over the network's
financial statements and advising on a range of restructuring
scenarios.

The Australian notes that the appointment, which officials at
KordaMentha declined to discuss, is a further sign that the Nine
situation is heating up, ahead of the senior debt's February
maturity.

It also follows briefings by Goldman Sachs to selected debt
holders this week on a proposal for a debt-for-equity swap that
has been generated with Nine's owner, CVC Asia Pacific, according
to The Australian.

Under the proposal, the report notes, Goldman funds owed $1
billion in mezzanine debt would emerge with a 30% equity stake in
Nine.

A small part of that would go to CVC, while the senior debt
holders dominated by Apollo and Oaktree would get the remaining
70 per cent, The Australian discloses.

The report adds that CVC has opened up a data room, enabling
Nine's senior lenders to match up the Goldman proposal with the
network's financials.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2011, Bloomberg News related that Nine Entertainment Co.
dropped a proposal asking senior lenders to extend the maturity
of a AUD2.8 billion (US$2.9 billion) loan to 2015. CVC Capital
Partners Ltd. will continue talks with lenders, including Goldman
Sachs Group Inc., on a revised proposal to refinance the
Australian media company, one of the sources told Bloomberg.
According to Bloomberg, the Australian Financial Review reported
that Nine Entertainment was forced to scrap the plan after banks,
including Credit Agricole SA and BNP Paribas SA, sold their
portion of the loans to hedge funds, which are seeking to take
control of the media company.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.



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C H I N A
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ALUMINUM CORP: S&P Cuts Stand-alone Credit Profile to 'bb-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered the foreign currency
long-term corporate credit rating on Aluminum Corp. of China to
'BBB-' from 'BBB'. The outlook is negative. "We also lowered our
long-term Greater China regional scale rating on the company to
'cnBBB+' from 'cnA-'," S&P said.

"We downgraded Chalco because we don't expect the weak conditions
in the aluminum industry to improve quickly. We anticipate that
the company's financial risk profile, which has already
deteriorated more than we had anticipated, will remain muted over
the next three quarters," said Standard & Poor's credit analyst
Jian Cheng. "Chalco's competitive position has also deteriorated
and demand remains lackluster. This has resulted in lower
profitability for the company, particularly since it is not a
low-cost producer."

"We lowered Chalco's stand-alone credit profile (SACP) to 'bb-'
from 'bb'. The SACP reflects the company's 'satisfactory'
business risk profile and its 'highly leveraged' financial risk
profile, as our criteria define these terms."

"We do not expect demand in the aluminum industry to recover
quickly. In addition, oversupply and high electricity costs will
continue to erode Chalco's profitability over the next 12 months.
Nevertheless, Chalco could benefit from lowering production,
improving efficiency, and relocating its high-energy consuming
aluminum facilities to western China. Any favorable policy
changes will also benefit the company," S&P said.

"The rating on Chalco includes a three-notch uplift over the SACP
to reflect our expectation of a 'high likelihood' that the
company will receive extraordinary timely and sufficient support
from the government of China (AA-/Stable/A-1+; cnAAA/cnA-1+), in
the event of financial distress," S&P said.

"The government's decision to increase electricity prices by an
average Chinese renminbi (RMB) 0.03 yuan per kilowatt in December
2011 significantly affected Chalco's performance. The company's
energy consumption is extremely high with electricity costs
accounting for about 40% of its aluminum production cost. Weak
demand and lower selling prices also contributed to Chalco's poor
performance in the first half of 2012. Low aluminum prices and
high production costs have resulted in losses for about 60% of
Chinese aluminum producers in the first half of this year. We do
not expect this situation to change significantly in the
remaining part of the year," S&P said.

Chalco benefits from its integrated operations and a strong
market position. The company controls more than 30% of China's
alumina market and over 30% of the aluminum market (through its
trading segment).

"The negative outlook reflects our view that the aluminum
industry in China and globally will take time to recover from its
current low prices and installed overcapacity," said Mr. Cheng.
"We don't expect Chalco's operating performance to materially
improve over the next year. We believe the company's performance
may deteriorate further if demand remains soft and electricity
costs stay at the current level."

"We may lower the rating if: (1) industry conditions remain weak
in the second half of 2013 with no visibility on recovery; (2)
Chalco's business risk profile deteriorates due to lower
operating efficiency; (3) ongoing or extraordinary support from
the government appears to wane; or (4) banks signal a cutback on
providing loans to the company. A downgrade trigger could be
EBITDA interest coverage falling below 1.0X and staying there for
more than two quarters," S&P said.

"The rating upside potential is limited. However, we could revise
the outlook to stable if the industry recovers and Chalco's
profitability improves because of higher operating efficiency,
such that EBITDA interest coverage is 1.5x for a prolonged
period," S&P said.


CHINA ZHENGTONG: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
China-based auto retailer China Zhengtong Auto Services Holding
Ltd. to stable from positive. "At the same time, we affirmed the
'BB-' long-term corporate credit rating and the 'cnBB+' long-term
Greater China regional scale rating on the company," S&P said.

"We revised the rating outlook to reflect our expectation that
the margin for Zhengtong's new-car sales could remain low over
the next six to 12 months and its leverage may be higher than we
previously expected over the next year," said Standard & Poor's
credit analyst Frank Lu. "Nevertheless, we believe continued
sales growth and an increasing contribution to profit from after-
sales services will underpin the affirmed rating."

"New-car sales margins are likely to remain muted because the
slowdown in the Chinese economy is affecting growth in automobile
demand and stiff competition among auto dealers has led to price
cuts. The gross margin of new-car sales dropped to 5.5% in the
first half of 2012 from 7.5% in the same period a year earlier.
We expect the tight operating conditions to keep the margin under
pressure despite the rollout of new models and better-managed
supply from manufacturers."

"As a result of these conditions, in our base case, we estimate
Zhengtong's total EBITDA margin will fall to about 6.2% next year
from 7% in 2011. In the first half of 2012, the EBITDA margin
dropped to 6% following the decline in the gross margin of new-
car sales," S&P said.

"The margin decline is likely to be softened by after-sales
services, which are a stable and high-margin business line.
Zhengtong's after-sales gross margin increased to 45% in the
first six months of 2012 from 43.5% in the same period a year
earlier, and contributed 39.7% of its total gross profit compared
with 29.2% a year earlier," S&P said.

"Leverage is likely to rise because of the company's large
working capital needs and continued expansion over the next year.
Zhengtong may continue to increase its inventory and open new
stores. In our base case, we estimate the company's debt-to-
EBITDA ratio will rise to about 3.2x-3.6x in 2012-2013 from 2.9x
in 2011, after consolidating the full-year sales of Top Globe, a
China-based car dealer that Zhengtong acquired in December 2011.
We also expect the ratio of debt to total capital to rise to
about 49% from 43% over the same period," S&P said.

"In the first half of 2012, the company's mostly debt-funded
working capital expenditure for inventory rose more rapidly than
we expected to Chinese renminbi (RMB) 4.33 billion from RMB3.24
billion, pushing up the debt-to-capital ratio to 47.5%. The
inventory build-up was attributable to oversupply and the
ramping-up period for new stores. Zhengtong has opened five new
stores so far this year and plans to open another three by the
end of the Year," S&P said.

"We affirmed the rating to reflect Zhengtong's aggressive growth
appetite and the execution risk associated with its expansion and
integration of acquisitions. The rating also reflects the
company's exposure to the highly competitive and fragmented auto-
retail market in China. Tempering these risks are Zhengtong's
established market position in China, its low operating cost
structure, and the high growth potential for the high-end car
retail market in China," S&P said.

"The stable outlook reflects our expectation that Zhengtong's
credit strength may weaken modestly over the next year. We expect
the company's profit margin to remain compressed and leverage to
increase moderately in the next 12 months," said Mr. Lu.

"We may lower the rating if the growth in Zhengtong's new-car
sales or profit margin is materially below our expectation and
working capital outflow continues to increase more rapidly than
we expected. The debt-to-EBITDA ratio would rise to more than
4.0x without any sign of improvement to indicate such a trend.
This could happen if industry growth slows down significantly or
competition among dealers rises substantially. More aggressive
expansion than we currently expect could also weigh on the
rating," S&P said.

"The rating upside for the next 12 months is limited, in our
view. We could raise the rating if Zhengtong can achieve
satisfactory sales growth, maintain or improve its gross margin
and capital structure, and be disciplined toward financial and
working capital management," S&P said.


KAISA GROUP: Moody's Raises Senior Unsecured Debt Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service has upgraded Kaisa Group Holdings Ltd's
senior unsecured debt rating to B1 from B2, and has assigned a B1
rating to its proposed USD bond issuance.

At the same time, Moody's has affirmed Kaisa's B1 corporate
family rating.

The outlook for all ratings is negative.

Ratings Rationale

The proposed USD bonds are intended to refinance Kaisa's other
offshore debt and fund the development of its property projects.

"The proposed USD bonds will improve the company's debt maturity
profile," says Franco Leung, a Moody's Assistant Vice President
and Analyst.

Kaisa has about RMB4.3 billion in offshore debt maturing in 2014
and about RMB4.1 billion maturing in 2015. The proposed USD bonds
will reduce the debt maturity concentration in these years.

"Moreover, the bonds will improve Kaisa's liquidity, which will
in turn help the company operate through the challenging bank
credit conditions prevalent in China," says Mr. Leung, who is
also the lead analyst for Kaisa.

Kaisa had cash of RMB3.9 billion as of June 30, 2012, which well
covers its short-term debt of RMB1.1 billion. The issue of the
USD bonds will enhance its repayment ability.

"Moody's expects Kasia's debt leverage will remain within the B1
rating level after the issue of the proposed USD bonds," says
Mr. Leung.

After the issuance, Kaisa's debt leverage -- as measured by
adjusted debt to total capitalization -- will rise to the higher
end of 50-55% in the next 12-18 months. At the same time, such a
debt level would remain comparable to that of its B1 rated peers.

Kaisa has increased the use of offshore debt to fund its property
projects over the last two years. As a result, its onshore debt
declined to around 11% of total assets in June 2012 from about
15% in December 2011. As such, the risk of subordination has
fallen.

Moody's expects Kaisa to continue to rely on offshore borrowings
and maintain its secured and subsidiary debt at or below 15% of
total assets in the next few years. Accordingly, Moody's has
removed the notching from subordination risk.

Kaisa's B1 corporate family rating continues to reflect its track
record in developing property projects in major Chinese cities,
such as Shenzhen. It is also based on Kaisa's ability to purchase
land at low cost for redevelopment projects in Guangdong
Province. Meanwhile, its presence in cities beyond its home base
is developing.

On the other hand, Kaisa's rating is constrained by its rapid
expansion, and which has increased its execution risk and debt in
the past few years.

Kaisa's negative outlook reflects its weak credit metrics,
especially its level of interest coverage. Moody's expects
interest coverage will remain around 2.5x -- 3x in the next 1 - 2
years, a situation which limits its financial flexibility.

Downward rating pressure could emerge if: (1) the company's
contracted sales substantially fall short of that achieved in
2011; (2) its debt rises further as a result of aggressive
acquisitions; (3) there is a material decline in profitability to
the extent that EBITDA margin falls below 15%-20%; (4) its credit
metrics weaken, such that adjusted debt/capitalization exceeds
55%-60% and EBITDA/interest fails to recover to above 3x; or (5)
its liquidity weakens, with its cash slipping below 5% of total
assets.

Kaisa's ratings are unlikely to be upgraded in the near term,
given the negative outlook. However, the outlook could revert to
stable if the company demonstrates an improvement in its EBITDA,
such that its associated interest coverage position trends
towards 3x-3.5x. Also, the company has to maintain stable balance
sheet leverage, with an adjusted debt/capitalization ratio of
between 50% and 55%, and a reasonable level of liquidity, with
unrestricted cash of more than 10% of total assets.

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

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


KAISA GROUP: S&P Affirms B+ Corp. Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on China-based property developer, Kaisa
Group Holdings Ltd. The outlook is negative. "We also affirmed
our 'cnBB-' long-term Greater China regional scale rating on the
company. At the same time, we assigned our 'B+' issue rating and
'cnBB-' Greater China regional scale rating to Kaisa's proposed
issue of U.S. dollar-denominated senior unsecured notes. The
rating on the notes is subject to our review of the final
issuance documentation. We also affirmed the 'B+' issue rating
and 'cnBB-' Greater China regional scale rating on the company's
outstanding senior unsecured notes," S&P said.

"We affirmed the rating because we expect Kaisa's increasing
operating scale, low-cost land bank, and improving execution in
new markets to support its operating performance over the next 12
months at least," said Standard & Poor's credit analyst
Christopher Lee. "The company's aggressive debt-funded expansion,
weakening profitability, and limited consistency in financial
management temper these strengths. Kaisa's proposed notes issue
will increase its borrowings somewhat. However, a modest
improvement in the company's debt maturity profile offsets the
weakness."

"The growth in Kaisa's contract sales since 2011 reflects its
improving execution in new markets, in our view. The visibility
to Kaisa's sales execution for the next 12 months is fair as we
expect the property market to slowly improve due to easier credit
conditions," S&P said.

"In our base-case scenario, we expect Kaisa's adjusted debt-to-
EBITDA ratio to hover around 5x and its EBITDA interest coverage
ratio to be slightly above 2x in 2012-2013. These ratios could
deteriorate if property sales for 2012 decline from our base case
of about Chinese renminbi (RMB) 16 billion, or EBITDA margin is
less than 23%. We expect Kaisa's EBITDA margin to be about 23% in
2012, compared with 21.8% in 2011. We believe the company will
reduce its land acquisitions and other expenses to keep its
borrowings at less than RMB17 billion. We expect the company's
leverage for 2012-2013 to be somewhat high for the rating," S&P
said.

"The negative outlook reflects Kaisa's aggressive debt-funded
expansion and uncertainty over its property sales for the next 12
months," said Mr. Lee. "We expect home purchase restrictions to
affect sales of key projects--such as an urban redevelopment
project in Shenzhen--for the remainder of 2012. We expect Kaisa's
credit ratios to remain somewhat weak for the current rating in
the next 12 months."

"We may lower the rating if: (1) Kaisa's property sales or
margins are significantly lower than our projections and the
company's borrowings materially increase, such that its
contracted sales are less than RMB15 billion in 2012 and its
EBITDA interest coverage is below 2x; or (2) the company
increases land acquisitions such that its liquidity position
weakens," S&P said.

"We could revise the outlook to stable if Kaisa shows good
execution of its property sales and improves its leverage and
cash flow coverage. This could happen if the company meets its
property sales target, its EBITDA margin recovers, and its debt-
to-EBITDA ratio improves to less than 5x on a sustainable basis,"
S&P said.



================
H O N G  K O N G
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ASIA BUSINESS: Commences Wind-Up Proceedings
--------------------------------------------
Members of Asia Business Forms Limited, on Aug. 28, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


BARCLAYS CAPITAL: Members' Meeting Set for Oct. 8
-------------------------------------------------
Members of Barclays Capital Securities Asia Limited will hold a
meeting on Oct. 8, 2012, at 10:00 a.m., at 8/F, Prince's
Building, at 10 Chater Road, Central, in Hong Kong.

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


DEAR GREEN: Creditors' Proofs of Debt Due Oct. 4
------------------------------------------------
Creditors of Dear Green Environmental Foundation Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 4, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 7, 2012.

The company's liquidator is:

         Man Yun Wah
         Room 2105, 21/F
         Office Tower, Langham Place
         8 Argyle Street
         Mongkok, Kowloon
         Hong Kong


EVER STAR: Commences Wind-Up Proceedings
----------------------------------------
Members of Ever Star Garment Limited, on Aug. 29, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yang Kam Wing Vee Sin
         703, Hang Bong Commercial Centre
         28 Shanghai Street
         Kowloon


GROSVENOR INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------------
Members of Grosvenor International Development Limited, on
Aug. 28, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


FOCUS MOTION: Kwok Lai Ngor Steps Down as Liquidator
----------------------------------------------------
Kwok Lai Ngor stepped down as liquidator of Focus Motion
Investment Limited on Aug. 20, 2012.


LEADER TOYS: Commences Wind-Up Proceedings
------------------------------------------
Members of Leader Toys Industrial Factory Limited, on Aug. 28,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


LUCKY DRAGON: Creditors' Meeting Set for Sept. 14
-------------------------------------------------
Creditors of Lucky Dragon Boat (Belvedere) Restaurant Limited
will hold their first meeting on Sept. 14, 2012, at 3:00 p.m.,
for the purposes provided for in Sections 228A, 242, 243, 244 and
255A of the Companies Ordinance.

The meeting will be held at Meeting Room 6, 4/F, South Tower, 41
Salisbury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, in Hong
Kong.


NEW CREATION: Commences Wind-Up Proceedings
-------------------------------------------
Members of New Creation Garment Limited, on Aug. 29, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yang Kam Wing Vee Sin
         703, Hang Bong Commercial Centre
         28 Shanghai Street
         Kowloon


OMNIMEDIA GROUP: Creditors' Proofs of Debt Due Oct. 8
-----------------------------------------------------
Creditors of Omnimedia Group (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 8, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 15, 2012.

The company's liquidators are:

         Keung Ping Yin Raymond
         Room 313, Central Building
         Pedder Street
         Central, Hong Kong



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


JAI AMBEY: CARE Rates INR24.87cr LT Loan at 'CARE B'
----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' to the bank facilities of
Jai Ambey Iron & Steels Limited.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      24.87     CARE B Assigned
   Short-term Bank Facilities      3.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jai Ambey Iron &
Steels Limited are constrained by its short track record of
operations coupled with low capacity utilization and weak
financial risk profile marked by low profitability margins, high
overall gearing and weak liquidity position. The ratings are
further constrained due to customer concentration risk, presence
in a highly fragmented and competitive TMT bar industry. The
above-mentioned constraints far outweigh the strengths derived
from the long experience of the promoters in the iron and steel
industry, integrated manufacturing operations within the group
and favorable outlook for the construction and infrastructure
segments in India in the long term.

The ability of the company to utilize its installed capacity
efficiently along with the improvement in profit margin,
improving the liquidity and solvency profile remains the key
rating sensitivity.

JAISL is a closely held public limited company, incorporated in
January 2009. JAISL is promoted by Mr. Pawan Lila and Mrs. Sunita
Lila. JAISL is situated in five star MIDC industrial belt of
Kolhapur city of Maharashtra. It is engaged in the manufacturing
of Thermo-Mechanically Treated (TMT) steel bars and sells its
product under the brand name of "Axis 550". The company sells it
product to the traders, wholesalers and also to PWD contractors
in the states of Maharashtra, Goa, Kerala and Karnataka. JAISL is
an ISO 9001:2008 certified company. The company has an installed
for TMT bars manufacturing of 60,000 Metric Tonnes per annum
(MTPA).

As per the provisional results for FY12 (refers to the period
April 1 to March 31), JAISL reported a profit after tax (PAT) of
INR0.32 crore against a total income of INR44.18 crore, whereas
in FY11 (audited results), the company reported a PAT of INR0.07
crore against a total income of INR33.66 crore.


KARTHIK INDUCTIONS: CARE Puts 'B-' Rating on INR1.5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Karthik Inductions Limited.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       1.50     CARE B- Assigned
   Short-term Bank Facilities     12.25     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Karthik Inductions
Limited are primarily constrained by its modest scale of
operations, low capitalization and weak financial risk profile
characterized by low profitability margins, high leverage, weak
debt coverage indicators and stressed liquidity. The ratings of
KIL are further constrained by cyclical nature of the steel
industry, susceptibility of operating margins to volatility in
raw material prices and its linkage with a group company having a
weak financial risk profile.

The ratings derive strength from the experienced promoters and
management of KIL with an established track record.

The ability of KIL to improve the overall scale of operation and
financial risk profile, coupled with the improvement in the
financial risk profile of the group company are the key rating
sensitivities.

Incorporated in 1994, KIL is engaged in manufacturing mild steel
ingots and by-products, namely, runners and risers. KIL has a
manufacturing plant (leased) in Kundaim, Goa, with annual
capacity of 37,200 Metric Tonnes (MT), with a capacity
utilization of approximately 70% in the past years.

KIL procures majority of raw materials (sponge iron, pig iron and
MS scarp) from the domestic market. KIL primarily supplies to a
group company 'Rukminirma Steel Rollings Private Limited
(RSRPL), which contributed to approximately 95% to its total
income for the past years.

As per the provisional FY12 (refers to the period April 1 to
March 31), KIL posted total income of 72.69 crore (up by 11% vis-
a-vis FY11) and PAT of INR0.39 crore (up by 162% vis--vis FY11).


KAVITA SALES: CARE Assigns 'CARE B+' Rating to INR6cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kavita Sales Corporation.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities        6       CARE B+ Assigned
   Short-term Bank Facilities       3       CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor 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 proprietor in addition
to the financial performance and other relevant factors.

Rating Rationale

The ratings are primarily constrained by the small scale of
operations of Kavita Sales Corporation and its weak financial
risk profile marked by thin profitability margins, leveraged
capital structure and stretched collection period. The ratings
are further constrained on account its constitution as a
proprietorship firm and customer concentration risk. The ratings,
however, are underpinned by experienced proprietor & long track
record of the firm, growth in business operation and established
relationship with customers and suppliers.

The ability of the firm to increase its scale of operation and
improve its overall financial risk profile is the key rating
sensitivity.

Incorporated in 1980, KSC was established by Mr Saidas Malladi.
The firm is into trading of TMT bars, sponge iron, ingots and
billets used in construction, infrastructure, and automobile
industries.

The firm trades its products in the domestic market through
wholesalers, retailers, manufacturers and on consignment basis.

During FY11 (refers to the period April 1 to March 31), KSC
reported a total operating income of INR51.94 crore and a net
profit of INR0.27 crore. The firm achieved a turnover of INR42.22
crore for the period 9MFY12.


LINCON POLYMERS: CARE Assigns 'BB+' Rating to INR13.73cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Lincon Polymers Private Limited.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      13.73     CARE BB+ Assigned
   Short-term Bank Facilities     10.50     CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lincon Polymers
Private Limited are primarily constrained on account of its
modest scale of operations in the competitive packaging industry
and leveraged capital structure. The ratings are further
constrained on account of its presence in the highly fragmented
industry leading to low bargaining power, susceptibility of
margins to volatile raw material prices (being mainly derivatives
of crude oil) and exposure to exchange rate fluctuations.

The ratings, however, favorably take into account the vast
experience of the promoters, established track record of
operations, diversified product mix supplying to multiple
industries along with a diverse customer base in domestic and
international markets and growing income along with moderate
profitability.

LPPL's ability to improve its overall financial risk profile with
improvement in the scale of operations, efficient working capital
management and rationalization of debt levels remains the key
rating sensitivity.

Incorporated in the year 1996, Lincon Polymers Pvt. Ltd. (LPPL)
is engaged in the business of manufacturing and supply of
Flexible Intermediate Bulk Container (FIBC), packaging material
such as woven bags, sacks, covers made from high-density
polyethylene (HDPE), polypropylene (PP), Biaxially-Oriented
Polypropylene (BOPP) films, etc., with an installed capacity of
4,800 metric tons per annum (MTPA). LPPL is promoted by
Mr. Babubhai Patel and Mr. Pareshbhai Patel.

During FY11 (refers to the period April 1 to March 31), LPPL
reported a PAT of INR1.59 crore on a total operating income of
INR65.65 crore. During 9MFY12, LPPL reported a profit before tax
of INR1.18 crore on a total operating income of INR57.86 crore.


NAGPUR PALLOTTINE: CARE Assigns 'B' Rating to INR18.24cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and CARE A4 ratings to the bank facilities
of The Nagpur Pallottine Society.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      18.24     CARE B Assigned
   Short-term Bank Facilities      4.29     CARE A4 Assigned

Rating Rationale

The ratings are constrained by weak financial profile marked by
high gearing levels coupled with deficit reported during the past
resulting in low debt service coverage indicators, stressed
liquidity position, competition from more renowned Institutes in
and around Maharashtra and susceptibility to any adverse
regulatory changes.

However, the ratings derive strength from the experienced members
of Management Council, high enrollment ratio, well-developed
infrastructure facilities and increased demand for quality
technical education.

The ability of the Trust to expand its scale of operations,
improve its profitability and liquidity, attract experienced
faculty to its institute and adapt to the changes in the
regulatory scenario are the key rating sensitivities.

The Nagpur Pallotine Society is a part of the Society of the
Catholic Apostolate which is an international community founded
by St. Vincent Pallotti (1795-1850). TNPS was established on
January 1, 2003, and is registered under the Bombay Public Trust
Act, 1950. Father Augustine Varickakal is the Chairman and
President of the Society. TNPS manages one higher education
college, St. Vincent Pallotti College of Engineering &
Technology, established in FY05 and is located in Nagpur. The
college provides four-year full-time courses in the fields of
Mechanical Engineering, Electrical Engineering, Electronics &
Telecommunication Engineering, Computer Engineering and
Information Technology. In FY13, TNPS commenced Master in
Technology Course. The educational courses offered by the
institute of TNPS are recognized by the All India Council of
Technical Education (AICTE) and is affiliated to Nagpur
University.

The total capacity of the institute as on March 31, 2012, was
1,500 students with an enrollment ratio of 100%. TNPS reported a
surplus of INR1.13 crore on the total revenue of INR14.43 crore
in FY12 (provisional) (refers to the period April 1 to March 31).


OMKAR COTTON: CARE Assigns 'CARE B+' Rating to INR7cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Omkar
Cotton Industries.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       7        CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating 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 rating assigned to the bank facilities of Omkar Cotton
Industries (OCI) is primarily constrained on account of its small
scale of operations with a weak financial risk profile
characterized by thin profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained on account of its constitution as a
partnership firm, its presence in the highly competitive and
fragmented cotton ginning industry with limited value addition,
volatility associated with raw material (cotton) prices and
exposure to the changes in the government policy for cotton.

The above-mentioned constraints far offset the benefits derived
from the wide experience of the partners in the cotton ginning
business and proximity to the cotton-producing region of Gujarat.
OCI's ability to increase its scale of operations in light of
volatile cotton prices and rationalization of debt level would be
the key rating sensitivities.

OCI, based in Vijapur, Gujarat, is a partnership firm formed in
January 2007. OCI currently has 17 partners with an unequal
profit and loss sharing agreement among them. The firm is engaged
in
cotton ginning and pressing activities with an installed capacity
of 66,000 bales per annum and cottonseed crushing capacity of 840
Metric Tonnes per Annum (MTPA) as on March 31, 2012, at its
sole manufacturing facility located at Vijapur in the Mehsana
district, Gujarat. The firm generates its entire revenue from
domestic market. It has 24 ginning machines, one semi-automated
pressing machine and five oil expellers for crushing cottonseed.

During FY12 (refers to the period April 1 to March 31), OCI
reported total income of INR31.02 crore with a PAT of INR0.05
crore as against the total income of INR31.29 and PAT of INR0.05
crore during FY11.


SHAKTI COTTON: CARE Rates INR9cr LT Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shakti Cotton Industries.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       9        CARE B+ Assigned
   Short-term Bank Facilities      3        CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Shakti Cotton
Industries are constrained mainly on account of its small scale
of operations with a weak financial risk profile characterized by
thin profitability margins, leveraged capital structure and weak
debt coverage indicators. The ratings are further constrained on
account of its constitution as partnership firm, its presence in
the highly competitive and fragmented cotton ginning industry
with limited value addition, volatility associated with raw
material (cotton) prices and exposure to changes in the
government policy for cotton.

The above-mentioned constraints far offset the benefits derived
from the wide experience of the partners in the cotton ginning
business and its proximity to cotton-producing region of Gujarat.
SCI's ability to increase its scale of operations in light of
volatile cotton prices and rationalization of debt level remains
the key rating sensitivity.

Vijapur (Gujarat)-based SCI is a partnership firm formed in 1998.
SCI currently has seven partners with an unequal profit and loss
sharing agreement among them. The firm is primarily engaged in
cotton ginning and pressing activities with an installed capacity
of 5,100 Metric Tonnes per Annum (MTPA) for cotton bales and
6,120 MTPA of cotton seeds as on March 31, 2012, at its sole
manufacturing facility located at Vijapur. It is also engaged in
seed crushing activity. It has installed 30 ginning machines, one
semi-automated pressing machine and 6 oil expellers.


S.K. INDUSTRIES: CARE Assigns 'CARE B+' Rating to INR7.9cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of S.K. Industries.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      7.90      CARE B+ Assigned
   Short-term Bank Facilities     0.10      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 S. K. Industries
are constrained on account of its weak financial risk profile
characterized by very thin profitability leading to low cash
accruals & highly stressed debt coverage indicators and
susceptibility of its margins to volatile raw material prices.
The ratings are further constrained on account of its
constitution as a partnership firm, presence in a highly
fragmented and competitive edible oil refining industry having
limited value addition, dependence on agro-climatic conditions
and seasonality associated with the availability of agriculture
commodities.

The ratings, however, favorably take into account the vast
experience of the partners, diversified product and client base,
proximity to raw material source and steady demand outlook for
the edible oil industry.

SKI's ability to improve its overall financial profile with
improvement in profitability along with ensuring prudent working
capital management remains the key rating sensitivity.

Formed in 1979, SKI is a partnership firm managed by Mr
Bipinchandra Patel and Mr. Vinodbhai Patel with unequal profit-
loss sharing ratio in addition to four other partners viz
Thakarshibhai Patel, Ms. Lilaben Patel, Mr. Mukeshbhai Patel and
Mr. D.H. Bhadja. SKI is engaged in the business of oil extraction
and refining from groundnut and castor seeds by solvent
extraction method, refining cotton seed oil and manufacturing of
de-oiled cakes (DOC) at its sole manufacturing facility located
in Junagadh, Gujarat. SKI derived around 71.65% revenue from
refining of cotton seed oil, 17.85% from groundnut de-oiled cakes
and the rest from groundnut and castor seed oil extraction during
FY12 (refers to the period April 1 to March 31). SKI had a
combined crushing capacity of 54,000 metric tonnes per annum
(mtpa), refining capacity of 25,200 mtpa and solvent extraction
capacity of 90,000 mtpa as on March 31, 2012. SKI markets its
products under the brand name 'Nirmal' in the states of Gujarat,
Rajasthan, Delhi, Kolkata, etc.


SRI SAKTHI: CARE Assigns 'CARE C' Rating to INR6.5cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Sri Sakthi
Educational Trust.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      6.58      CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Sakthi
Educational Trust is primarily constrained by the instances of
delay in debt servicing in the recent past due to the cash flow
mismatch arising out of the timing differences between the
receipts of fees and the term loan repayment obligations which
the trust was not able to manage. The rating is further
constrained by factors like significant decline in the enrolment
ratio during FY11 (refers to the period April 1 to March 31),
small scale of operations, high degree of regulation in the
education sector and growing competition among the educational
institutes in the region.

The rating, however, factors in the long track record of
operations and necessary approvals obtained from regulatory
bodies for its various courses. The ability of the trust to
improve its liquidity position and improvement in the enrolment
ratio in the midst of growing completion are the key rating
sensitivities.

Sri Sakthi Educational Trust was formed on September 6, 1996 at
Attur, Salem District, with Mrs Leelavathi Elayappan as the
Chairperson and 12 other members. The trust operates five
educational institutions, namely, Bharathiyar Arts & Science
College for Women, Bharathiyar Girls Higher Secondary School,
Bharathiyar Girls Teacher Training Institute, Bharathiyar College
of Education and Bharathiyar Institute of Engineering for Women.
These institutions offers courses in the varied fields of
graduate and post-graduate courses for art and science, Diploma
in Teacher Education, Master of Education, engineering and also
till higher secondary education. All the five institutions are
located at the campus Deviyakurichi, Salem district, Tamil Nadu.
The campus is well equipped with class rooms, library, internet
connectivity, laboratories, medical facilities, hostel for boys
and girls, transportation facility, etc.

During FY11, SSET reported a total operating income of INR9.55
crore and a surplus of INR0.58 crore. Furthermore, as per the
provisional FY12, it registered total revenue of INR11.05 crore
and a surplus of INR0.80 crore.


TECHNO FAB: CARE Assigns 'CARE B' Rating to INR57.61cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B/CARE A4' rating to the bank facilities of
Techno Fab Manufacturing Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      57.61     CARE B Assigned

   Long/Short-term Bank           31.00     CARE B/CARE A4
   Facilities                               Assigned

   Short-term Bank Facilities     32.50     CARE A4 Assigned

Rating Rationale

The ratings are constrained by the working capital intensive
nature of the operations leading to tight liquidity position of
the company, high overall gearing ratio, volatility in raw
material prices, high degree of revenue concentration and
dependency on the capex in steel & power sector. The ratings also
factor in long business experience of the promoters, satisfactory
order book position, impressive client portfolio and proven
project execution capabilities. Managing working capital
effectively and improving profitability along with the
scalability of operation are the key rating sensitivities.

TFML, promoted by the Singhania family of Kolkata, is engaged in
the fabrication and erection of mechanical and engineering
equipments along with turnkey project execution in consortium
with reputed companies at its three manufacturing facilities at
Howrah, Rourkela and Chennai. The unit at Rourkela is under a
lease agreement, while the other two units are owned by the
company.

The current promoters are Mr. Bihari Saran Singhania, Mr. Priya
Saran Singhania, Mr. Murari Mohan Singhania and Mr. Gobardhan
Singhania, all having about three decades of experience in
the fabrication business.

The company earned PAT of INR3.7 crore on total income of
INR122.8 crore in FY11 (referes to period from April 1 to
March 31). Based on the provisional results, TFML earned PAT of
INR4.2 crore on total income of INR142.9 crore in FY12.


WINDSOR EXPORTS: CARE Rates INR22.5cr LT Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities
of Windsor Exports.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      22.50     CARE BB+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating 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 rating assigned to the bank facilities of Windsor Exports
(WEX) is primarily constrained by its customer and geographic
concentration, volatility associated with raw material prices and
exposure to foreign exchange fluctuation risk. Furthermore, the
constitution of the entity as a partnership firm also constrains
the rating.

The rating, however, does draw comfort from vast experience of
the promoters, growth in operations coupled with improvement in
profitability margins, low gearing, healthy coverage indicators
and improving operating cycle of the firm.

Going forward, the ability of the firm to timely execute its
expansion plans while continuing its relationship with its key
customers and managing risk of volatility in raw material and
foreign currency would be the key rating sensitivities. Any
increase in debt at more than the envisaged levels either for
capex or working capital needs would also be a key rating
sensitivity.

WEX, a partnership firm formed in 1996, is engaged in the trading
and manufacturing of auto components. WEX is a family-managed
firm with Mr. Munish Gupta, Mr. Sachin Singhal, and Mr. Aman
Singhal as partners. WEX has a manufacturing unit in Gurgaon,
Haryana for the production of hydraulic pumps. The firm derives
revenue from three sources - manufacturing of auto components
(hydraulic pumps), trading of auto components and by sale of wind
energy. In FY10 (refers to the period April 1 to March 31), the
firm invested in a 1.5 megawatt windmill in Gujarat.


YOGESHWAR COTTON: CARE Rates INR5cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Yogeshwar
Cotton Industries.

                                Amount
   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 partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Yogeshwar Cotton
Industries is constrained mainly on account of its small scale of
operations with a weak financial risk profile characterized by
thin profitability margins, leveraged capital structure and weak
debt coverage indicators. The rating is further constrained on
account of its constitution as a partnership firm, its presence
in the highly competitive and fragmented cotton ginning industry
with limited value addition, volatility associated with raw
material (cotton) prices and exposure to changes in the
government policy for cotton.

The above-mentioned constraints far offset the benefits derived
from the wide experience of the partners in the cotton ginning
business and proximity to cotton-producing region of Gujarat.
YCI's ability to increase in scale of operations in light of
volatile cotton prices and rationalization of debt level remain
the key rating sensitivities.

Vijapur (Gujarat) based YCI is a partnership firm formed in April
2006. YCI currently has 11 partners with an unequal profit and
loss sharing agreement among them. The firm is engaged in
cotton ginning & pressing activity with an installed capacity of
6,000 Metric Tonnes Per Annum (MTPA) for cotton bales and 12,775
MTPA of cotton seeds as on March 31, 2012 at its sole
manufacturing facility located at Vijapur in Mehsana district
(Gujarat). It has installed 24 ginning machine and one automated
pressing machine.

During FY11 (refers to the period April 01 to March 31), YCI
reported total income of INR27.72 crore with a PAT of INR0.09
crore. As per provisional results for FY12, YCI achieved a total
income of INR34.34 and PAT of INR0.30 crore.



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


BERLIAN LAJU: Fitch Says 90-Day Extension Won't Affect Ratings
--------------------------------------------------------------
Fitch Ratings says Indonesia-based Berlian Laju Tanker Tbk's
ratings are not affected by a high court extension of its debt
restructuring process by 90 days.  Its Long-Term Foreign- and
Local-Currency Issuer Default Ratings are at 'RD' (Restricted
Default).

The ratings reflect the company's continued default of certain
debt instruments listed in its announcement on 27 February 2012
and its restructuring process.

As per the company's announcement on Aug. 22, 2012, the Singapore
High Court extended on July 2, 2012, protection for an additional
three months to certain operating subsidiaries of BLT to
facilitate the restructuring process. The extension was obtained
with the approval of major secured creditors.

Of its creditors, 96% (in value) on 15 August 2012 voted in
favour of an extension of the debt restructuring process driven
by the Indonesian judiciary to restructure BLT's liabilities.
This vote was sanctioned by the Central Jakarta District Court on
16 August 2012.  Hence BLT and its creditors have 90 days to work
towards a consensual restructuring plan.

BLT's USD400m senior unsecured notes due 2014, issued by BLT
Finance B.V. and guaranteed by BLT, are rated at 'C' with a
Recovery Rating of 'RR5'.  This is in line with Fitch's 'Recovery
Ratings and Notching Criteria for Nonfinancial Corporate Issuers'
dated Aug. 14, 2012.



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


SHARP CORP: Plans to Cut Personnel Costs in Fiscal 2012
-------------------------------------------------------
Kyodo News reports that Sharp Corp. plans to implement additional
restructuring measures to save JPY14 billion in personnel costs
in fiscal 2012 as part of its turnaround efforts.

Kyodo says the measures, announced Tuesday, include further cuts
in salaries, bonuses and fringe benefits for executives and rank-
and-file employees, after the company was hit hard by a slump in
sales of liquid crystal display television and LCD products.

According to the report, the company said it has asked its labor
union to agree to a 7% cut in the wages of rank-and-file
employees -- an increase from the currently agreed 2% -- for one
year starting next month and to accept bonuses in December this
year and June next year that are half the level paid this June.

The report relates that the company said management-level
employees will see their salaries reduced by 10% -- up from 5%
for one year from next month and have their bonuses cut in half.

                      About Sharp Corporation

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2012, Standard & Poor's Ratings Services lowered to
'BB+' its long-term corporate credit and senior unsecured debt
ratings on Sharp Corp. and its overseas subsidiaries, Sharp
Electronics Corp. and Sharp International Finance (U.K.) PLC. "At
the same time, we lowered our short-term ratings on the companies
to 'B' from 'A-2'. We kept Sharp's long- and short-term ratings
on CreditWatch with negative implications," S&P said.

"Sharp's liquidity position is weakening, in Standard & Poor's
view. Internal cash flow remains weak, and financial market
conditions for the company have deteriorated. The company has
forecast an expected JPY250 billion net loss for fiscal 2012
(ending March 31, 2013), exceeding its budgeted depreciation
expense of JPY200 billion. As of June 30, 2012, Sharp had a high
dependence on short-term borrowings. It had JPY336 billion in
short-term debt and JPY362 billion in commercial paper. In recent
weeks, the company has faced unfavorable financial market
conditions, as evidenced by a recent rise in spreads on credit
default swaps, which has added to its difficulty in issuing new
commercial paper. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Because its current liquidity needs exceed sources, we view
Sharp's liquidity position as 'less than adequate.' Under our
ratings criteria, we assign an issuer credit rating no higher
than 'BB+' to a company with 'less than adequate' liquidity," S&P
said.

The TCR-AP reported on Aug. 7, 2012, that Moody's Investors
Service downgraded its short-term ratings on Sharp Corporation
and its supported subsidiaries, Sharp International Finance (UK)
plc and Sharp Electronics Corporation, to Prime-3 from Prime-2.
The ratings remain under review for further downgrade. The rating
action reflects Moody's increasing concern that the company's
weak operating performance and additional restructuring costs
will continue to pressure its cash flow downwards, thereby
increasing its dependence on external sources for liquidity.



===============
M A L A Y S I A
===============


PRIME GLOBAL: Reports $205,577 Net Income in July 31 Quarter
------------------------------------------------------------
Prime Global Capital Group Incorporated filed its quarterly
report on Form 10-Q, reporting net income of $205,577 on $553,535
of revenues for the three months ended July 31, 2012, compared
with a net loss of $51,930 on $300,569 of revenues for the three
months ended July 31, 2011.

The Company reported net income of $486,896 on $1.4 million of
revenues for the nine months ended July 31, 2012, compared with
net income of $138,401 on $1.5 million of revenues for the nine
months ended July 31, 2011.

The Company's balance sheet at July 31, 2012, showed
$25.9 million in total assets, $6.8 million in total
liabilities, and stockholders' equity of $19.1 million.

According to the regulatory filing, the Company has committed and
contracted for the acquisition of Dunford Corporation Sdn. Bhd.
and the purchase of commercial buildings which are expected to be
completed in the next twelve months.  As of July 31, 2012, the
Company has approximately $2.3 million available cash balance,
which may not be sufficient to meet its working capital needs in
light of the $42.4 million required to consummate its
acquisitions in the coming months.  The Company plans to obtain
the required funding through an additional capital injection from
its shareholders or external financing.  However, there can be no
assurance that the Company will be able to obtain sufficient
funds to meet with its obligations on a timely basis.

"These factors raise substantial doubt about the Company's
ability to continue as a going concern."

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

                       http://is.gd/27YA6N

Kuala Lumpur, Malaysia-based Prime Global Capital Group
Incorporated, was incorporated in the State of Nevada on Jan. 26,
2009, under the name Home Touch Holding Company.  On Jan. 25,
2011, the Company changed its current name.

Currently, the Company, through its subsidiaries, is principally
engaged in the operation of a palm oil plantation, provision of
IT consulting and programming services, distribution of consumer
products and acquisition and development of commercial and
residential real estate properties in Malaysia.



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


FISHER & PAYKEL: S&P Puts 'BB' Issuer Credit Rating on Watch Pos
----------------------------------------------------------------
Standard & Poor's Rating Services said its 'BB' long-term issuer
credit rating on Fisher & Paykel Finance Ltd. have been placed on
CreditWatch with positive implications, following a takeover
notice received from Haier New Zealand Investment Holding Co.
Ltd. (Haier, not rated), an entity of Haier Electronics
Group Co. Ltd (Haier Electronics, not rated) of its parent
company, Fisher & Paykel Appliance Holdings Ltd.

On Sept. 11, 2012, F&PFL's ultimate parent company, F&PAH,
announced on the New Zealand Stock Exchange that Haier had
offered to purchase all of the shares in F&PAH that Haier does
not already hold. Haier has already entered into a lock-up
agreement with a large shareholder, taking its potential interest
to 37.46% -- closer to the 50% required for the offer to proceed.
The offer is also subject to regulatory consent. The NZ$1.20 cash
offer per share is at a significant premium to the pre-existing
share price. The F&PAHL's independent board is supportive of
Haier's offer on these bases:

-- The offer price must be within or above the valuation range,
    as determined by the independent advisor;

-- There is no superior alternative for F&PAHL and its
    shareholders; and

-- The terms and conditions of the offer being acceptable.

The events raise the likelihood of offer acceptance.

"Should the takeover offer succeed, our rating on F&PFL may be
raised to 'BB+', which would be a level consistent with the
stand-alone credit profile (SACP). This is because we believe
that the takeover is likely to result in an improvement in the
credit profile of F&PAHL. The rating on F&PFL is currently
constrained by our view that the company may only be rated up to
a limit better than the credit profile of its parent," S&P said.

"In our view, F&PFL is likely to remain a non-strategic
subsidiary of Haier Electronics. As a result, we do not expect
the rating on F&PFL to receive any uplift from parent support.
Additionally, we also consider that there is a small risk that
the takeover could result in the weakening of F&PFL's SACP, for
example due to Haier Electronics deciding to maintain a weaker
capitalization at F&PFL. Nevertheless, in our view, the risk of
such a development is remote, due to its potential impact on
F&PFL's business or any future divestiture plans," S&P said.

"Although less likely, if the takeover becomes likely to not
proceed then we are likely to affirm all ratings and remove F&PFL
from Credit Watch positive," S&P said.

"Standard & Poor's expects the Credit Watch to be resolved after
we review F&PAHL's credit profile following the completion of the
takeover process," S&P said.


SINGH SERVICES: IRD Placed Vineyard Contractor in Liquidation
-------------------------------------------------------------
The Marlborough Express reports that Blenheim vineyard contract
company Singh Services Ltd has been put in liquidation by Inland
Revenue.

The report relates that the New Zealand Companies Office website
shows Mrinal Sardana and Prubhjit Singh both of Blenheim are
directors.  Their company, which was first registered in
April 2005, was put in liquidation by order of the High Court in
Blenheim on August 20, the Marlborough Express relays.

According to the report, Lynda Smart and Keiran Horne, of the
Christchurch accounting firm HFK Ltd, are the appointed
accountants and are seeking any creditors holding a security
interest over the assets of Singh Services, by September 20, when
they will release their first report.

The company is separate from Singh Services (NZ) Ltd, which was
registered in 2008 and whose directors are also Prubhjit Singh,
Mrinal Sardana and Rajinder Kaur, all of Blenheim, the report
notes.



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


SINGAPORE BRITISH: Placed in Voluntary Liquidation
--------------------------------------------------
Kelli Dugan, Press-Register reports that Singapore Technologies
Aerospace announced on Sept. 10, 2012, the voluntary liquidation
of Singapore British Engineering, a joint venture between the
Asia Pacific engineering giant and BAE Systems.

According to the report, the 51%-owned subsidiary was created to
market BAE Systems' avionics and defense products in Singapore
and is being shed to help BAE better leverage ST Aerospace's
global influence and bolster growth, company officials stated in
a news release.

Press-Register relates that moving forward, existing SBE
contracts will be serviced by another ST Aerospace wholly-owned
subsidiary, STA Supplies, to ensure continual customer support.
The shift also opens doors for future collaborations between STA
Supplies and its new British counterpart.

Press-Register notes that the announcement comes just three days
after ST Aerospace, parent company of ST Aerospace Mobile,
announced a substantial restructuring of its Scandinavian
operations that is not expected to impact local operations
directly.

ST Aerospace Mobile employs about 1,500 personnel at Brookley
Aeroplex, where it maintains and overhauls large airplanes.



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


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

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


AUSTRALIA


AAT CORP LTD                 AAT             32.50    -13.46
ALTIUM LTD                   ALU             24.26     -3.62
ARASOR INTERNATI             ARR             19.21    -26.51
AUSTRALIAN ZI-PP            AZCCA            77.74     -2.57
AUSTRALIAN ZIRC              AZC             77.74     -2.57
BIRON APPAREL LT             BIC             19.71     -2.22
CLARITY OSS LTD              CYO             31.64     -5.75
CNPR GROUP                   CNP         15,483.44   -349.73
CWH RESOURCES LT             CWH             11.58     -2.08
MACQUARIE ATLAS              MQA          1,618.82   -941.02
MISSION NEWENER              MBT             22.05    -27.72
NATURAL FUEL LTD             NFL             19.38   -121.51
ORION GOLD NL                ORN             10.91     -0.31
RENISON CONSOLID             RSN             10.15    -22.74
RENISON CONSO-PP            RSNCL            10.15    -22.74
RIVERCITY MOTORW             RCY            386.88   -809.14
RUBICOR GROUP LT             RUB            101.62    -19.93
STERLING BIOFUEL             SBI             31.12     -7.52


CHINA

ANHUI GUOTONG-A              600444          68.75     -3.62
BAOCHENG INVESTM             600892          43.58     -3.69
CHANG JIANG-A                 520         1,412.23    -34.77
CHENGDE DALU -B              200160          35.08     -6.23
CHENGDU UNION-A               693            29.46    -22.21
CHINA KEJIAN-A                 35            66.74   -211.15
CONTEL CORP LTD              CTEL            56.09    -14.27
DONGXIN ELECTR-A             600691          12.55    -32.52
GUANGDONG ORIE-A             600988          14.90     -3.96
GUANGXIA YINCH-A              557            50.01    -43.40
HEBEI BAOSHUO -A             600155          96.92    -82.96
HEBEI JINNIU C-A             600722         235.37    -87.11
HUASU HOLDINGS-A              509            82.75    -17.69
HULUDAO ZINC-A                751         1,156.17    -23.29
HUNAN TIANYI-A                908            62.60     -2.60
JILIN PHARMACE-A              545            30.62     -6.29
JINCHENG PAPER-A              820           109.56   -102.63
QINGDAO YELLOW               600579         197.77    -67.23
SHANDONG DACHE-A             600882         202.38    -17.37
SHANDONG HELON-A              677           744.39   -185.49
SHANG BROAD-A                600608          42.10     -9.12
SHANXI GUANLU-A               831           293.26    -22.96
SHENZ CHINA BI-A               17            22.32   -267.45
SHENZ CHINA BI-B             200017          22.32   -267.45
SHENZ INTL ENT-A               56           269.35    -48.30
SHENZ INTL ENT-B             200056         269.35    -48.30
SHIJIAZHUANG D-A              958           198.77   -118.66
SICHUAN GOLDEN               600678         145.99    -95.15
TAIYUAN TIANLO-A             600234          66.34    -12.60
TIANJIN MARINE               600751          70.78    -89.40
TIANJIN MARINE-B             900938          70.78    -89.40
TIBET SUMMIT I-A             600338          83.03    -10.94
TOPSUN SCIENCE-A             600771         125.34   -111.50
WUHAN BOILER-B               200770         255.82   -182.03
WUHAN LINUO SOLA             600885         104.94    -25.18
XIAMEN OVERSEA-A             600870         269.06   -133.94
XIAN HONGSHENG-A             600817          15.72   -276.16
XINJIANG CHALK-A              972           672.72    -24.08
YANBIAN SHIXIA-A             600462          96.06   -134.10
YIBIN PAPER IN-A             600793         131.24     -4.84
YOUYUE INTERNATI             YYUE           102.82     -9.02
YUEYANG HENGLI-A              622            33.31    -25.77
ZHEJIANG GENUINE              156            47.53    -21.44


HONG KONG

ASIA COAL LTD                 835            20.25     -9.45
BEP INTL HLDGS L              2326           12.99     -0.37
BUILDMORE INTL                108            16.51    -47.88
CHINA HEALTHCARE              673            33.18    -15.21
CHINA OCEAN SHIP              651           408.06    -51.68
CHINA SEVEN STAR              245            90.25     -2.25
CYPRESS JADE                  875            38.61    -10.78
FIRST NTUL FOODS              1076           17.14    -56.90
FU JI FOOD & CAT              1175           73.43   -389.20
MELCOLOT LTD                  8198           39.21    -76.03
MITSUMARU EAST K              2358           24.72    -18.95
PALADIN LTD                   495           175.99    -12.97
PROVIEW INTL HLD              334           314.87   -294.85
SINO RESOURCES G              223            31.27    -28.33
SUNCORP TECH LTD              1063           11.78     -8.30
SUNLINK INTL HLD              2336           15.63    -36.91
SURFACE MOUNT                SMT             67.80    -28.72
U-RIGHT INTL HLD              627            14.80   -204.65


INDONESIA

APAC CITRA CENT              MYTX           195.46     -0.74
ARPENI PRATAMA               APOL           431.45   -194.55
ASIA PACIFIC                 POLY           369.69   -833.16
JAKARTA KYOEI ST             JKSW            30.22    -42.19
MATAHARI DEPT                LPPF           254.86   -270.94
MITRA INTERNATIO             MIRA         1,076.79   -446.64
MITRA RAJASA-RTS           MIRA-R2        1,076.79   -446.64
PANASIA FILAMENT             PAFI            30.93    -21.52
PANCA WIRATAMA               PWSI            31.13    -38.63
PRIMARINDO ASIA              BIMA            11.11    -20.32
SUMALINDO LESTAR             SULI           172.87    -10.96
TOKO GUNUNG AGUN             TKGA            12.02     -1.03
UNITEX TBK                   UNTX            15.41    -19.99


INDIA

ABHISHEK CORPORA             ABSC            58.35    -14.51
AGRO DUTCH INDUS             ADF            105.49     -3.84
ALPS INDUS LTD               ALPI           215.85    -28.22
AMIT SPINNING                AMSP            16.21     -6.54
ARTSON ENGR                  ART             16.52     -3.14
ASHAPURA MINECHE             ASMN           167.68    -67.64
ASHIMA LTD                   ASHM            63.23    -48.94
ATV PROJECTS                 ATV             60.17    -54.25
BELLARY STEELS               BSAL           451.68   -108.50
BHAGHEERATHA ENG             BGEL            22.65    -28.20
BLUE BIRD INDIA              BIRD           122.02    -59.13
CAMBRIDGE TECHNO            CTECH            12.77     -7.96
CELEBRITY FASHIO             CFLI            27.59     -8.60
CFL CAPITAL FIN             CEATF            12.36    -49.56
CHESLIND TEXTILE             CTX             20.51     -0.03
COMPUTERSKILL                CPS             14.90     -7.56
CORE HEALTHCARE              CPAR           185.36   -241.91
DCM FINANCIAL SE            DCMFS            18.46     -9.46
DFL INFRASTRUCTU             DLFI            42.74     -6.49
DHARAMSI MORARJI             DMCC            21.44     -6.32
DIGJAM LTD                   DGJM            99.41    -22.59
DISH TV INDIA                DITV           517.02    -18.42
DISH TV INDI-SLB            DITV/S          517.02    -18.42
DUNCANS INDUS                DAI            122.76   -227.05
FIBERWEB INDIA               FWB             16.51     -7.98
GANESH BENZOPLST             GBP             49.24    -21.14
GOLDEN TOBACCO               GTO            109.72     -5.01
GSL INDIA LTD                GSL             29.86    -42.42
GUPTA SYNTHETICS            GUSYN            52.94     -0.50
HARYANA STEEL                HYSA            10.83     -5.91
HENKEL INDIA LTD             HNKL            69.07    -31.72
HINDUSTAN PHOTO              HPHT            74.44 -1,519.11
HINDUSTAN SYNTEX             HSYN            11.46     -5.39
HMT LTD                      HMT            133.66   -500.46
ICDS                         ICDS            13.30     -6.17
INDAGE RESTAURAN             IRL             15.11     -2.35
INTEGRAT FINANCE             IFC             49.83    -51.32
JCT ELECTRONICS              JCTE           104.55    -68.49
JD ORGOCHEM LTD              JDO             10.46     -1.60
JENSON & NIC LTD              JN             16.65    -75.51
JIK INDUS LTD                KFS             20.63     -5.62
JOG ENGINEERING              VMJ             50.08    -10.08
KALYANPUR CEMENT             KCEM            24.64    -38.69
KDL BIOTECH LTD              KOPD            14.66     -9.41
KERALA AYURVEDA              KERL            13.97     -1.69
KINGFISHER AIR               KAIR         1,782.32   -997.63
KINGFISHER A-SLB            KAIR/S        1,782.32   -997.63
KITPLY INDS LTD              KIT             37.68    -45.35
LLOYDS FINANCE               LYDF            14.71    -10.46
LLOYDS STEEL IND             LYDS           510.00    -48.98
LML LTD                      LML             65.26    -56.77
MADRAS FERTILIZE             MDF            143.14    -99.28
MAHA RASHTRA APE             MHAC            22.23    -15.85
MARKSANS PHARMA              MRKS           110.32    -14.04
MILTON PLASTICS              MILT            17.67    -51.22
MODERN DAIRIES               MRD             32.97     -3.87
MTZ POLYFILMS LT             TBE             31.94     -2.57
MURLI INDUSTRIES             MRLI           275.90    -20.19
MYSORE PAPER                 MSPM            97.02    -15.69
NATH PULP & PAP              NPPM            14.50     -0.63
NATL STAND INDI              NTSD            22.09     -0.73
NICCO CORP LTD               NICC            78.28     -4.14
NICCO UCO ALLIAN             NICU            25.42    -79.20
NK INDUS LTD                 NKI            141.35     -7.71
NRC LTD                      NTRY            73.10    -51.18
NUCHEM LTD                   NUC             24.72     -1.60
PANCHMAHAL STEEL             PMS             51.02     -0.33
PARASRAMPUR SYN              PPS             99.06   -307.14
PAREKH PLATINUM              PKPL            61.08    -88.85
PIONEER DISTILLE             PND             48.76     -1.44
PREMIER INDS LTD             PRMI            11.61     -6.09
QUADRANT TELEVEN             QDTV           188.57   -116.81
QUINTEGRA SOLUTI             QSL             16.76    -17.45
RAJ AGRO MILLS               RAM             10.21     -0.61
RATHI ISPAT LTD              RTIS            44.56     -3.93
RELIANCE MEDIAWO             RMW            425.22    -21.31
RELIANCE MED-SLB            RMW/S           425.22    -21.31
REMI METALS GUJA             RMM            101.32    -17.12
RENOWNED AUTO PR             RAP             14.12     -1.25
ROLLATAINERS LTD             RLT             22.97    -22.24
ROYAL CUSHION                RCVP            18.88    -81.42
SADHANA NITRO                SNC             17.08     -0.35
SANATHNAGAR ENTE             SNEL            39.67    -11.05
SAURASHTRA CEMEN             SRC             89.32     -6.92
SCOOTERS INDIA               SCTR            19.43    -10.78
SEN PET INDIA LT             SPEN            11.58    -26.67
SHAH ALLOYS LTD               SA            213.69    -39.95
SHALIMAR WIRES               SWRI            25.78    -38.78
SHAMKEN COTSYN               SHC             23.13     -6.17
SHAMKEN MULTIFAB             SHM             60.55    -13.26
SHAMKEN SPINNERS             SSP             42.18    -16.76
SHREE GANESH FOR             SGFO            35.96     -1.80
SHREE RAMA MULTI             SRMT            49.29    -25.47
SIDDHARTHA TUBES             SDT             75.90    -11.45
SOUTHERN PETROCH             SPET           210.98   -175.98
SPICEJET LTD                 SJET           386.76    -30.04
SQL STAR INTL                SQL             10.58     -3.28
STELCO STRIPS                STLS            14.90     -5.27
STI INDIA LTD                STIB            24.64     -0.44
STORE ONE RETAIL             SORI            15.48    -59.09
SUN PHARMA - RTS            SPADVR           16.81    -13.07
SUN PHARMA ADV              SPADV            16.81    -13.07
SUPER FORGINGS               SFS             16.31     -5.93
TAMILNADU JAI                TNJB            19.13     -2.69
TATA TELESERVICE             TTLS         1,311.30   -138.25
TATA TELE-SLB               TTLS/S        1,311.30   -138.25
TODAYS WRITING               TWPL            44.08     -5.32
TRIUMPH INTL                 OXIF            58.46    -14.18
TRIVENI GLASS                TRSG            24.23    -12.34
TUTICORIN ALKALI             TACF            20.48    -16.78
UNIFLEX CABLES               UFC             47.46     -7.49
UNIFLEX CABLES               UFCZ            47.46     -7.49
UNITED BREWERIES              UB          3,067.32   -137.09
UNIWORTH LTD                  WW            159.14   -146.31
UNIWORTH TEXTILE             FBW             21.44    -34.74
USHA INDIA LTD               USHA            12.06    -54.51
VANASTHALI TEXT              VTI             25.92     -0.15
VENTURA TEXTILES             VRTL            14.33     -1.91
VENUS SUGAR LTD               VS             11.06     -1.08
WIRE AND WIRELES             WNW            110.69    -14.26


JAPAN

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


KOREA

CHIN HUNG INT-2P              2787          571.91     -9.34
CHIN HUNG INTL                2780          571.91     -9.34
CHIN HUNG INT-PF              2785          571.91     -9.34
DAISHIN INFO                 20180          740.50   -158.45
DVS KOREA CO LTD             46400           17.40     -1.20
KOREA PACIFIC 05             93400           19.23     -3.67
KOREA PACIFIC 06             93410           11.56     -2.37
KOREA PACIFIC 07             99210           26.66     -7.95
NAMKWANG ENGINEE              1260          762.58    -56.69
ORIENT PREGEN IN             60910           19.33     -0.09


MALAYSIA

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


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

CYBER BAY CORP              CYBR             14.62   -102.98
FIL ESTATE CORP              FC              40.90    -15.77
FILSYN CORP A               FYN              23.11    -11.69
FILSYN CORP. B              FYNB             23.11    -11.69
GOTESCO LAND-A               GO              21.76    -19.21
GOTESCO LAND-B              GOB              21.76    -19.21
PICOP RESOURCES             PCP             105.66    -23.33
STENIEL MFG                 STN              21.07    -11.96
SWIFT FOODS INC             SFI              23.93     -0.12
UNIWIDE HOLDINGS             UW              50.36    -57.19
VICTORIAS MILL              VMC             164.26    -18.20


SINGAPORE

ADV SYSTEMS AUTO             ASA             16.02    -10.79
HL GLOBAL ENTERP             HLGE            81.65     -3.82
LINDETEVES-JACOB              LJ             25.10     -8.96
NEW LAKESIDE                 NLH             19.34     -5.25
SCIGEN LTD-CUFS              SIE             68.70    -42.35
SUNMOON FOOD COM            SMOON            19.33    -14.30
TT INTERNATIONAL             TTI            232.83    -79.27


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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