TCRAP_Public/120918.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

          Tuesday, September 18, 2012, Vol. 15, No. 186

                            Headlines


A U S T R A L I A

BUILDEV GROUP: Mirvac Mulls Calling In Insolvency Expert
SECRET HILLS: In Receivership, Seeks Buyer
UNITED EDGE: Administrator's Probe Ongoing; Firm Maybe Insolvent


C H I N A

ROAD KING: Fitch Affirms 'BB-' Senior Unsecured Rating


H O N G  K O N G

JET PROFIT: Final Meetings Set for Oct. 10
JET SURPLUS: Final Meetings Set for Oct. 10
MACAO DRAGON: Annual Meetings Set for Oct. 18
MANAGEMENT RESOURCES: Members' Final Meeting Set for Oct. 8
SBI HOLDINGS: Final Meetings Set for Oct. 10

SHUN HING: Court to Hear Wind-Up Petition on Nov. 7
SUN KWONG: Creditors and Contributories to Meet on Sept. 25
TOP VIN: Court to Hear Wind-Up Petition on Oct. 17
UNIROSS BATTERIES: Creditors' Proofs of Debt Due Oct. 5
WAH TAT: Court to Hear ind-Up Petition on Sept. 26


I N D I A

ANEESH AHMAD: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan
BHAGWATI POWER: ICRA Reaffirms 'BB+' Rating on INR52.51cr Loans
DHAN STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR2cr Loan
EAST WEST FREIGHT: ICRA Reaffirms 'BB+' Rating on INR19.8cr Loan
ICICI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance

MAHESHWAR STEEL: ICRA Assigns '[ICRA]B' Rating to INR5.39cr Loans
METAL IMPACTS: ICRA Assigns 'BB' Rating to INR15.63cr Loans
REPROMEN OFFSET: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]B'
SHANDERS PROPERTIES: ICRA Rates INR25cr Loan at '[ICRA]BB'
SIDHI VINAYAK: ICRA Assigns 'BB' Rating to INR9.30cr Loans

SRI SRINIVASA: Delays in Loan Payment Cues ICRA Junk Ratings


I N D O N E S I A

BANK CENTRAL: Fitch Affirms Support Floor Rating at 'BB+'


J A P A N

CSC SERIES: Fitch Junks Rating on Three Bond Classes
PEGASUS FUNDING: S&P Withdraws 'D' Rating on Class B ABL
SHARP CORP: President Vows to Restore Profitability


N E W  Z E A L A N D

FONTERRA: Union to Mount Legal Action for LayOffs


S I N G A P O R E

MJC (SINGAPORE): Creditors Get 2.4% Recovery on Claims
OTI TERMINAL: Creditors' Proofs of Debt Due Oct. 12
PIPER'S PIES: Creditors Get 5.4% Recovery on Claims
PORRIMA SHIPPING: Creditors' Proofs of Debt Due Oct. 13
SENTAT TRADING: Court to Hear Wind-Up Petition Sept. 21

SIX CONTINENTS: Creditors' Proofs of Debt Due Oct. 12
T.E. FASTENERS: Creditors' Proofs of Debt Due Oct. 10


X X X X X X X X

* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2012


                            - - - - -


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


BUILDEV GROUP: Mirvac Mulls Calling In Insolvency Expert
--------------------------------------------------------
Business Spectator reports that Mirvac plans to tap insolvency
specialist Tony McGrath to help the property company recover
debts owed by mining entrepreneur Nathan Tinkler.

According to Business Spectator, The Australian Financial Review
reported that Mirvac is attempting to appoint Mr. McGrath,
chairman of McGrathNicol, to Mr. Tinkler's land purchasing group,
Ocean Street Holdings, and guarantor Buildev Group, which owe a
combined AUD17 million.

Separately, Business Spectator reports that Mr. Tinkler is said
to have moved to voluntarily deregister five of his other
companies -- apparently to simplify the structure of his
sprawling empire.

The companies, including Aston Aviation and Thoroughbred
Motorcycles, were all "dormant," a Tinkler spokesperson told The
Australian, the report relays.

The newspaper said Mr. Tinkler had also moved to wind up Hunter
Coal Holdings and Oceltip Enterprises, adds Business Spectator.


SECRET HILLS: In Receivership, Seeks Buyer
------------------------------------------
Nicola Trotman at Property Observer reports that Secret Hill
Farms has been listed for October 5 auctions under instructions
of Ernst & Young after falling into receivership.

Property Observer relates that the property was last sold in 2009
for $4.6 million to breeders John Doherty and Janette Gilchrist,
who expanded their breeding interests with the acquisition of the
then known Palmaday Stud.

The property which has been listed through Ray White Rural agents
Bruce Douglas, Des Cuffe and Andrew Thomson, includes a 1,400-
metre sand and grass training track, 40 stables, breeding barn
and horse hospital, according to Property Observer.

The report relates that another property owned by Secret Hill
Farms on Cryna Road is listed for auction on October 5 under
instruction from Ernst & Young receivers Justin Walsh and Philip
Campbell-Wilson.  Located at 423 Cryna Road, the 22-hectare
property sold for $1.05 million in July 2009, the report recalls.

Secret Hills is an 87-hectare Beaudesert thorough bred breeding
farm.


UNITED EDGE: Administrator's Probe Ongoing; Firm Maybe Insolvent
----------------------------------------------------------------
Kate McClymont at smh.com.au reports that the financial situation
of the disgraced union boss Michael Williamson is going from bad
to worse.  Not only has he lost his AUD400,000 a year union
salary, but now his company United Edge has gone bust after
losing its AUD1 million a year income stream from the union, the
report says.

United Edge, which has gone into administration, collected
AUD4.7 million from the troubled Health Services Union from
April 2008 to September 2011, smh.com.au discloses.

According to the report, the former union kingpin failed to
disclose in any of the union's annual reports that he was a
director and one-third owner of the company.

smh.com.au relates that the arrangement was never the subject of
a tender, there was no contract and United Edge charged triple
what the previous supplier charged.  On top of that, the report
notes, the company operated rent-free from the union's
headquarters in Pitt Street.

Adam Farnsworth from the insolvency firm Dean-Willcocks Shepard,
was appointed the company's administrator on September 7.  He
said his investigations were continuing but his preliminary view
was that the company was either insolvent or likely to become
insolvent, the report adds.

United Edge provides a software system that managed the union's
subscription base.



=========
C H I N A
=========


ROAD KING: Fitch Affirms 'BB-' Senior Unsecured Rating
------------------------------------------------------
Fitch Ratings has affirmed China-based Road King Infrastructure
Limited's Long-Term Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.  The agency has also affirmed the company's
senior unsecured rating at 'BB-'.

The affirmation reflects Road King's strong housing presales in
H112 of CNY4.5bn, which are only CNY0.9bn below its 2011 sales.
This has resulted in net debt being reduced to HKD6bn in H112,
from HKD7.3bn in 2011.  Fitch expects the company to maintain its
strong presales performance in H212 and its leverage as measured
by net debt/net inventory to improve in 2012, from 41% in 2011.

Financial prudence is demonstrated in the company's effort to
strengthen its liquidity position in the face of a weakened
Chinese housing market.  The stronger presales were achieved
partly with price cuts, with the company's average selling price
(ASP) falling to CNY8,700 per square metre (sq m) in H112 from
CNY9,400 sq m in 2011 and CNY10,500 sq m in H111.  The strong
presales will likely mitigate the negative effects on its credit
metrics from the weaker profit margin of its homebuilding segment
and reduced toll road cash receipts.

The ratings continue to be constrained by Road King's small scale
in a highly volatile and cyclical Chinese property market.  Other
Fitch-rated Chinese homebuilders rated in the 'BB' category have
at least annual housing presales of CNY20bn. Stable cash income
from the toll roads on the other hand supports Road King's
ratings at their current level.  The company has also
demonstrated its ability to tap multiple funding sources,
allowing it to maintain higher financial flexibility than
similar-sized Chinese property companies.

Fitch expects Road King to make new land acquisitions to
replenish its land bank following the strong housing presales.
The higher presales it is achieving will also mean an increase in
the operating scale of its homebuilding operation and,
consequently, larger construction loans.  While this may result
in higher interest expenses, lower financing costs for onshore
loans may mitigate the increase in interest expenses.
Nevertheless, toll road cash flows may then cover less than 1.0x
of gross interest expenses.  This by itself should not affect the
credit profile unless the company scales back its toll road
business.

The Stable Outlook is supported by accelerating housing sales in
China.  For the first eight months of 2012, housing sales
totalled CNY2,838bn, up 2.3% year on year according to National
Bureau of Statistics of China.  This compares favourably with the
6.5% decline in H112 (CNY1,932bn) against H111.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- Weakened homebuilding operation from its current scale

  -- Adverse developments to China's regulations or economy
     resulting in material deterioration in operating performance

  -- Adjusted net debt/net inventory above 50%

  -- EBITDAR plus toll road cash flows/gross interest expense
     plus rent falling below 2.5x

  -- Annual toll road cash flows declining to less than 0.75x of
     gross interest expenses on a sustained basis

  -- A shift in strategy away from the toll road business
     resulting in sustained decline in toll road cash receipts

Positive: No positive rating action is likely over the next 12 to
18 months given the small operating scale of Road King's
homebuilding operation.



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


JET PROFIT: Final Meetings Set for Oct. 10
------------------------------------------
Members of Jet Profit Investment Development Limited will hold
their final meeting on Oct. 10, 2012, at 10:00 a.m., at Room
2109, China Resources Building, at 26 Harbour Road, Wanchai, in
Hong Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JET SURPLUS: Final Meetings Set for Oct. 10
-------------------------------------------
Members of Jet Surplus Holdings Limited will hold their final
meeting on Oct. 10, 2012, at 10:30 a.m., at Room 2109, China
Resources Building, at 26 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MACAO DRAGON: Annual Meetings Set for Oct. 18
---------------------------------------------
Members and creditors of Macao Dragon Company Limited will hold
their annual meetings on Oct. 18, 2012, at 2:30 p.m., and
3:00 p.m., respectively at Room 101, The Boys' and Girls' Clubs
Association of Hong Kong, at 3 Lockhart Road, Wanchai, in Hong
Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


MANAGEMENT RESOURCES: Members' Final Meeting Set for Oct. 8
-----------------------------------------------------------
Members of Management Resources International Limited will hold
their final general meeting on Oct. 8, 2012, at 11:00 a.m., at
23rd Floor, Wing Hang Finance Centre, at 60 Gloucester Road,
Wanchai, in Hong Kong.

At the meeting, Chan Pollynna Shui Kin, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SBI HOLDINGS: Final Meetings Set for Oct. 10
--------------------------------------------
Members and creditors of SBI Holdings Limited will hold their
final meetings on Oct. 10, 2012, at 11:00 a.m., at Room 2109,
China Resources Building, at 26 Harbour Road, Wanchai, in Hong
Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SHUN HING: Court to Hear Wind-Up Petition on Nov. 7
---------------------------------------------------
A petition to wind up the operations of Shun Hing Power &
Transmission Equipment Company Limited will be heard before the
High Court of Hong Kong on Nov. 7, 2012, at 9:30 a.m.

Sin Wai Kee, Ricky and Chan Wai Han filed the petition against
the company on Sept. 3, 2012.

The Petitioner's solicitors are:

          Cheung, Chan & Chung
          Unit 2402, 24th Floor
          No. 71 Des Voeux Road
          Central, Hong Kong


SUN KWONG: Creditors and Contributories to Meet on Sept. 25
-----------------------------------------------------------
Creditors and contributories of Sun Kwong Recreation Club Limited
will hold their first meetings on Sept. 25, 2012, at 2:00 p.m.,
and 2:30 p.m., respectively at Units 511-512, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

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


TOP VIN: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------
A petition to wind up the operations of Top Vin Company Limited
will be heard before the High Court of Hong Kong on Oct. 17,
2012, at 9:30 a.m.

Cheung Chu Mui filed the petition against the company on Aug. 14,
2012.

The Petitioner's solicitors are:

          Messrs. Leung, Tam & Wong
          Rooms 901-2, 9th Floor
          The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


UNIROSS BATTERIES: Creditors' Proofs of Debt Due Oct. 5
-------------------------------------------------------
Creditors of Uniross Batteries (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 5, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yuen Tsz Chun Frank
         Kennic Lai Hang Lui
         5th Floor, Ho Lee Commercial Building
         38-44 D' Aguilar Street
         Central, Hong Kong


WAH TAT: Court to Hear ind-Up Petition on Sept. 26
--------------------------------------------------
A petition to wind up the operations of Wah Tat Control
Engineering Company Limited will be heard before the High Court
of Hong Kong on Sept 26, 2012, at 9:30 a.m.

Custom Control Sensors, Inc. filed the petition against the
company on July 24, 2012.

The Petitioner's solicitors are:

          Stephenson Harwood
          35th Floor, Bank of China Tower
          No. 1 Garden Road
          Central, Hong Kong



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


ANEESH AHMAD: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR10.00 crore fund based bank limits of M/s Aneesh Ahmad Khan.
The outlook assigned to the long term rating is 'Stable'. ICRA
has also assigned a short-term rating of '[ICRA]A4' to the INR
3.00 crore non-fund based bank limits of AAK.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             ---------  -------
   Long-term Fund Based    10.00     [ICRA]BB- (Stable) Assigned
   Limits

   Short-term Non-Fund      3.00     [ICRA]A4 Assigned
   Based Limit

The assigned ratings take into account the firm's small scale of
operations with muted growth in revenue over the last three
years, and the weak capital structure because of debt funded
capital expenditure. The rating concerns also emanate from the
presence of liquidated damage clause in most of the contracts
making it critical to achieve the monthly mining quantities.
While assigning the rating, ICRA has also taken note of risks
associated with the partnership firm in terms of significant
withdrawal of capital by partners.

The ratings however reflect the track record of the firm in
overburden (OB) removal and coal mining services, entry barriers
for new players on account of stringent technical and financial
qualification criteria and positive outlook for the coal mining
sector due to the significant capacity additions proposed in the
sector. The ratings also factor in the moderate financial profile
characterized by reasonable profitability margins and debt
service indicators.

                          About Aneesh Ahmad

M/s Aneesh Ahmad Khan was established in the year 1994 and is
engaged in the business of overburden removal and coal excavation
contract works. The firm was established by eight partners
belonging to the same family. The firm's operations are majorly
concentrated in coal mining areas of Madhya Pradesh, primarily in
the district of Chhindwara.

Recent Results

AAK has recorded a net profit of INR 1.07 crore on an operating
income of INR 23.29 crore for the year ending March 31, 2011 and
a net profit of INR 1.70 crore on an operating income of INR22.70
crore as per the provisional figures for the year ending
March 31, 2012.


BHAGWATI POWER: ICRA Reaffirms 'BB+' Rating on INR52.51cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR35.51 crore term loan (reduced from INR 36.15 crore) and the
INR17.00 crore fund-based bank facilities (increased from
INR13.00 crore) of Bhagwati Power & Steel Ltd.  The outlook on
the long-term rating is 'stable'. ICRA has also reaffirmed the
'[ICRA]A4+' rating assigned to the INR10.00 crore non-fund based
bank facilities (increased from INR2.00 crore) of BPSL.

                          Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans             35.51    [ICRA]BB+ (Stable) reaffirmed
   Cash Credit            17.00    [ICRA]BB+ (Stable) reaffirmed
   Non-Fund Based Limits  10.00    [ICRA]A4+ reaffirmed

The ratings take into account the long track record of the
promoters of BPSL in the steel sector; significant growth in
BPSL's turnover and profits in 2011-12 on partly on account of
increase in sponge iron prices and partly revenues from newly
commissioned CPP and income from sale of power generated at a low
cost from the newly commissioned 10 mega watt (MW) captive power
plant (CPP), which is likely to contribute significantly to the
profitability of the company. The ratings are, however,
constrained by the cyclicality associated with the steel
industry, which is likely to keep the profitability and cash
flows volatile in future; absence of coal supply linkage and
tightness in the coal availability situation may increase
dependence on costlier coal for the CPP, which in turn would
result in higher cost of power generation, thereby affecting
profitability and its high working capital intensity of
operations, which has an adverse impact on the liquidity
position. ICRA notes that BPSL plans to invest in a steel melting
shop (SMS) in the short to medium term. ICRA believes that if
such an investment is funded by a fresh debt, it could adversely
impact BPSL's capital structure and liquidity position going
forward.

BPSL has its production facilities of sponge iron and power
located at Raipur, Chattisgarh. While the sponge iron facility
was commissioned in 2005-06, the 10 mega watt (MW) CPP was
commissioned in September 2011. The capacity ultilisation of the
sponge iron unit has remained stable at around 60% during 2010-11
and 2011-12. The plant load factor (PLF) of CPP during September
2011 to March 2012 was around 35%. Out of the 10 MW capacity of
CPP, 4 MW is based on waste heat recovery boiler (WHRB), while
the balance is based on fuel bed combustion (FBC). The company
has applied for a coal supply linkage for FBC unit of CPP to
South Eastern Coalfields Limited (SECL). Currently, the company
is supplying around 90% of its power generation to Chattisgarh
State Power Distribution Company Limited as per the power
purchase agreement (PPA) signed between the two. The company
plans to either commission a SMS or acquire such facility to
consume 51% of the power internally and become eligible for open
access. However, the proposal is in the conceptual stage and
details for the same have not been finalised.


DHAN STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR2cr Loan
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR2.00 crore
fund based facility of Dhan Steels Private Limited. The outlook
on the long term rating is stable. ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR18.00 crore short term non fund based
limits of the DSPL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Cash Credit             2.00      [ICRA]BB (Stable) reaffirmed
   Letter of credit       18.00      [ICRA]A4 reaffirmed

The ratings continue to be constrained by DSPL's relatively
modest scale of operations, thin profit margins given the low
value addition and intense competitive pressure and its
vulnerability to adverse fluctuations in scrap prices and foreign
currency exchange rates ; ICRA also notes that the operations
remain exposed to cyclicality inherent in the ship breaking
business and environmental regulations while obtaining requisite
approvals prior to commencement of ship breaking in a timely
manner remains crucial. However, the ratings favorably factor in
the established presence of DSPL in the

Dhan Steels Pvt Ltd was incorporated in 1990, when it started
ship breaking operations. The company has its office at Bhavnagar
and ship breaking yard at Alang in Gujarat. The company
demolished 13 vessels for the period till 2003. From 2003 to
2008, the company had stopped its operations on account of
uneconomic market conditions, but resumed operations in 2009.
DSPL currently operates from Plot No. 112 at Sosiya Ship breaking
Yard, Bhavnagar. The size of the plot is 30m x 45m (1350sq. mts).

Recent Results

During 2011-12 , DSPL reported an operating income of INR41.00
crore and profit before tax of INR0.57 crore as against an
operating income of INR19.91 crore and profit after tax of
INR0.28 crore during 2010-11.


EAST WEST FREIGHT: ICRA Reaffirms 'BB+' Rating on INR19.8cr Loan
----------------------------------------------------------------
The ratings on the INR 19.80 crore, long term, fund-based bank
facilities of East West Freight Carriers Limited has been
reaffirmed at '[ICRA]BB+'.  ICRA has also reaffirmed the short
term ratings of '[ICRA]A4+' on the INR 0.10 crore short term non-
fund based bank facilities of EWFCL. The outlook on long term
rating is stable.

                         Amount
   Facilities           (INR Cr)   Ratings
   ----------           ---------  -------
   Long-term fund        11.00     [ICRA]BB+(Stable) reaffirmed
   based facilities

   Long-term fund based   8.45     [ICRA]BB+(Stable) reaffirmed
   proposed facilities

   Long-term Standby
   Line of Credit         0.35     ICRA]BB+(Stable) reaffirmed

   Short-term, non-fund   0.10     [ICRA]A4+ reaffirmed
   based facilities

The rating favorably factors in the vast experience of the
promoters in the freight forwarding industry and the established
relationships with airline companies, which aid the company in
getting competitive freight rates from them. However, the
company's revenues remain vulnerable to international trade from
India and the trade operations of its customers, as evident in
FY2012 wherein the growth in turnover remained muted. In
addition, the large portion of the customer base comprising of
sub-agents further restricts the profit margins of the company.
Nonetheless, the diversified customer base mitigates the company
from customer concentration risk. In addition, this also
mitigates the exposure of the company towards any individual
industry. ICRA also notes the comprehensive freight forwarding
services provided by EWFCL, which aids the company to provide a
single stop solution for its customers, thereby boosting
relations with them which help retaining the customers for the
future. However, the freight forwarding industry is highly
fragmented and is dominated by a large segment of unorganized
players, which limit the bargaining power of the company.
Further, in order to retain its customers the company is required
to offer a stretched credit period, which results in a stretched
liquidity for the company. EWFCL is planning to undertake a
capital expenditure in FY2013, to consolidate the corporate
office. This is likely to stretch the otherwise moderate coverage
indicators and also limit the net profit margins. However,
promoter support in terms of equity infusion, as witnessed in the
past, could provide comfort to an extent

East West Freight Carriers Limited was incepted in 1976 by its
promoter, Mr. Mohammed Shafi and was later incorporated as a
private limited company in 1979. EWFCL is a non-asset based
logistics company that provides air and ocean freight forwarding,
contract logistics, customs clearances and other supply chain
management services from its branches located across the country.
The company functions primarily as a third party logistics
provider for air and ocean freight and also carries a MTO licence
for functioning as a NVOCC (Non Vessel Operating Common Carrier)
agent. The company provides mainly door to door, airport-door,
door-airport and airport-airport service. EWFCL is affiliated
with the relevant industrial bodies such as IATA, CHA etc to aid
in its operations.


ICICI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance
--------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to ICICI
Bank Limited's, acting through its Singapore branch, proposed
issuance of CNH denominated senior unsecured notes under its US$
5 billion Global Medium Term Note (GMTN) program. The bonds will
have a 3 year maturity and will be listed on the Singapore Stock
Exchange ("SGX-ST").

Ratings Rationale

Moody's Investors Service has a standalone bank financial
strength rating (BFSR) of D+ for ICICI Bank Limited, mapping to a
baseline credit assessment (BCA) of baa3 on the long-term scale.

The ratings capture the bank's solid franchise as the second
largest commercial bank in India as well as its strong
capitalization, liquidity, and earnings profile. The ratings also
reflect the bank's high borrower concentration in the form of its
mandatory government securities portfolio, its weaker asset
quality when compared to its Indian private sector peer banks and
the difficult operating environment currently prevailing in
India, including the intense competition it faces in its domestic
markets.

Moody's believes that the probability of systemic support for
ICICI Bank is very high, given its sizeable retail deposit
franchise and its importance to the national payments system as
India's second largest commercial bank. Therefore, the long-term
local currency deposit and foreign currency senior unsecured debt
ratings receive a one-notch rating uplift from its BCA.

The foreign currency senior unsecured debt rating at Baa2 is at
the same level as the foreign currency debt ceiling for India.
The bank's foreign currency deposit ratings of Baa3/P-3 are
constrained by the sovereign ceiling.

The other ratings of ICICI Bank are:

  Baa2 foreign currency long-term senior unsecured debt rating

  (P)Baa2 foreign currency long-term senior unsecured debt
  program rating

  Baa2 long-term local currency bank deposit rating

  Prime-2 short-term local currency bank deposit rating

  Baa3 long-term foreign-currency deposit rating

  Prime-3 short-term foreign currency bank deposit rating

  Baa3 foreign currency subordinated debt rating

  (P)Baa3 foreign currency subordinated debt program rating

  Ba1 foreign currency junior subordinated debt rating

  (P)Ba1 foreign currency junior subordinated debt program rating

  Ba3 (hyb) foreign currency hybrid tier 1 debt rating

All ratings carry stable outlooks.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

ICICI Bank, headquartered in Mumbai (India), had assets of
INR4,722 billion at March 2012.


MAHESHWAR STEEL: ICRA Assigns '[ICRA]B' Rating to INR5.39cr Loans
-----------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR4.00 crore cash
credit facility and INR1.39 crore term loans of Maheshwar Steel &
Metals.

                            Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loans               1.39      [ICRA]B assigned
   Cash Credit              4.00      [ICRA]B assigned

The assigned rating is constrained by MSM's limited track record;
modest size of operations; limited profitability on account of
low value add nature of the business coupled with highly
competitive intensity and fragmented nature of steel re-rolling
industry and weak financial profile of the firm characterized by
high gearing and weak coverage indicators. The rating is further
constrained on account of exposure of firm's profitability to
adverse fluctuations in prices of key raw materials which may not
be passed on to the customers adequately. ICRA also notes that
MSM is a partnership firm and any significant withdrawals from
the capital account would adversely impact its net worth and
thereby the capital structure.

The rating, however, favorably factors in the long experience of
promoters in steel re-rolling industry by way of involvement in
another partnership firm which is engaged in similar line of
business and its diversified customer base.

Company Profile Maheshwar Steel & Metals (MSM) was incorporated
in the year 2010 as a partnership firm and is engaged in the
manufacturing of MS angles and MS channels from MS Ingots. The
manufacturing facility (steel rolling mill) of the firm is
located in Vijapur district of Gujarat, with an annual installed
capacity of 15000 MT (Metric Tonnes).

Recent Results

For the year ended on March 31, 2012, the firm has reported an
operating income of INR25.01 crore and a net loss of INR0.03
crore as against an operating income of INR 4.83 crore and a net
loss of INR0.25 crore for FY 11.


METAL IMPACTS: ICRA Assigns 'BB' Rating to INR15.63cr Loans
-----------------------------------------------------------
ICRA has assigned a long- term rating of '[ICRA]BB' to the
INR15.63 Cr fund based limits as well as a short -term rating of
'[ICRA]A4' to the INR6.35 Cr non-fund based limits of
Metal Impacts Private Ltd. The outlook on the long-term rating is
Stable.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Long term Loan          4.13       [ICRA]BB (Assigned)

   Long term Fund         11.00       [ICRA]BB (Assigned)
   based limits

   Unallocated Fund        0.50       [ICRA]BB (Assigned)
   based limits

   Short term Non-Fund     6.00       [ICRA]A4 (Assigned)
   limits

   Unallocated Non-Fund    0.35       [ICRA]A4 (Assigned
   based limits

Rating Rationale

The ratings take into consideration the highly competitive and
fragmented nature of the aluminium aerosol can industry, marked
by presence of a few strong players domestically and threat of
imports which has translated into thin profitability of the
company. The ratings also take into consideration the high
working capital intensity of the business on account of the high
inventory levels that the company is required to maintain, which
has led to a stretched liquidity profile as indicated by full
utilization of working capital limits. This, along with the
sizeable capital expenditure undertaken in last few years, has
translated into high gearing and moderate debt coverage
indicators for the company. However, the rating is supported by
the long track record of operations of the company, its
established market presence, and the reputed client base which
includes players such as Wipro Consumer Care and Godrej and the
limited exposure it has to raw material price fluctuations. ICRA
notes that while the company has undertaken substantial capital
expenditure to ramp up its capacity, growth in revenue and
profitability from the same remains to be seen.

Metal Impacts Private Limited was established in 1978 in
Bangalore, Karnataka and is a manufacturer of aluminium
containers and cans. The company supplies aluminium aerosol cans
to the likes of Godrej, CavinKare and Wipro Consumer Care. It
also produces aluminium pesticide bottles, easy open ends and
other metal packaging items. The company is being managed by the
promoter, Mr. S. Lakshminarayan. MIPL has recorded an operating
income of INR92.00 Cr in FY12 with a net profit of INR0.52 Cr
(provisional).


REPROMEN OFFSET: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]B'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR4.2 crore term
loans and INR5.0 crore long-term fund based facilities of
Repromen Offset Printers Private Limited from '[ICRA]B+' to
'[ICRA]B'.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Term Loans              4.2         Revised from [ICRA]B+ to
                                       [ICRA]B

   Long-Term Fund Based    5.0         Revised from [ICRA]B+ to
   Limits                              [ICRA]B

The downward revision in the rating takes into account weak
performance of the company in 2011-12 with decline in demand from
the user industries and deterioration in the financial risk
profile as reflected from increase in gearing, weakening of
coverage indicators and reduction in cash accruals. During
2011-12, the company undertook significant debt-funded capital
expenditure to relocate its existing facility from a leased
building to owned space on the outskirts of city. The ratings
also continue to remain constrained with high competitive
intensity of the printing industry owing to low entry barriers,
increasing usage of electronic media posing a threat to the
industry, concentration of the company's revenues on the
relatively volatile commercial printing and susceptibility of the
company's margins to increase in raw material prices owing to
largely fixed price contracts. In addition, ROPPL also has
significant dues from one of its Group entities for educational
books previously supplied to Tamil Nadu government through the
entity. The ratings, however, derive comfort from the company's
reputed client base and ability to offer integrated services
including content creation, designing, pre-printing operations,
printing and post printing operations.

Repromen Offset Printers Private Limited was promoted by Mr. V
Parmeswaran, a former employee of the advertising agency James
Walter Thompson having worked for over three decades in the
company. Mr. Parmeswaran had started business activities in 1970s
and entered into the printing field in 1980s starting ROPPL in
1985. Besides ROPPL, Mr. Parmeswaran is also the promoter of
Repromen Offset Printers Madras Private Limited, a printing
company based out of Chennai. The business at both the companies
is currently managed by the second and third generation. Besides
the printing business, the promoters also have two franchisees of
Australian Company Cartridge World. ROPPL is presently managed by
Mr. V. Krishnamoorthy, brother of Mr. V Parmeswaran. Mr. Dilip
Param and Mr. Dipak Parameswaran, sons of Mr. V Parmeswaran are
also involved in the business. The company is mainly present in
commercial offset printing and educational text book publishing
business. Commercial offset printing remains the mainstay for the
company with its products comprising brochures, leaflets,
posters, calendars, direct mailers, magazines, promotional
material, etc. The company caters to a number of reputed
corporate clients like Bharti Enterprises, Nokia India, Reliance
Communications, Idea Cellular, Aircel, Oxford University Press,
Cambridge University Press, Tata McGraw Hill, etc.

Recent Results

As per unaudited results for 2011-12, the company's operating
income stood at INR 21.5 crore with a net loss of INR 0.3 crore
as against an operating income of INR 25.7 crore and Profit After
Tax (PAT) of INR 0.5 crore for 2011-12.


SHANDERS PROPERTIES: ICRA Rates INR25cr Loan at '[ICRA]BB'
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR 25
crore fund based facilities of Shanders Properties Private
Limited. The outlook on the long-term rating is 'Stable'.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Fund Based Limits         25.00       [ICRA]BB (Stable)

The rating takes into account the satisfactory initial market
response for SPPL's ongoing residential project 'Shanders
Dwellington', an affordable apartment project, as indicated by
healthy bookings witnessed in first quarter of its launch. In
addition, the project is expected to benefit from the project's
good location in proximity to Electronic City and its good
accessibility to major parts of the city through elevated
expressway, NICE road and upcoming peripheral ring road. However,
the rating is constrained by SPPL's high execution risk given the
initial stage of the project development, large size of the total
development plan of SPPL and significant dependence on its in-
house execution team. Further, the project is a part of SPPL's
significant development plan of 3.62 msf and will have
operational as well as financial linkages with the entire
project. This along with pending debt tie-up for the project and
significant dependence on customer advances for project funding
increases the financial risk of SPPL. The rating further takes
into account SPPL's sensitivity to external factors such as
variability in raw material prices, increase in competition in
affordable housing segment, prevailing high interest rates and
weakening of economic conditions. Going forward, the company's
ability to maintain its sales volumes with better realisation and
healthy collection efficiency in competitive and sluggish market
environment would be the key sensitivity factors.

Incorporated in 2010, SPPL was promoted as an SPV by Mossrock
India Infrastructure (Cyprus) Finance Company and Brixstone
Realty Private Limited by contributing equity of INR95.5 crore in
89:11 ratio. The company has acquired total 60 acre of land
completed its land by buying 40 acre of land and entering into
Joint Development Agreement (JDA) for 20 acre of land. The entire
land parcels are in Anekal area in proximity to Electronic City
Phase II and near SDW project. The company plans to develop 3.62
msf of saleable area (SBA) over this 60 acre of land, wherein
SPPL's share will be 3.11 msf of SBA. The total project cost for
the entire development envisaged by the company is INR546.3
crore. Shanders Group through its group company, BRPL, will be
the Project Development Manager.

Shanders Dwellington is the first residential project envisaged
by the company on 3.5 acre of land as a part of the total
development plan of 60 acre of land. The project is located at
Anekal, Bangalore and about 100 meters from peripheral ring road
in proximity to Electronics City phase II, Hosur Road. It offers
2 bedroom (BR) and 3 BR apartments of size ranging between 800
square feet (sft) to 1350 sft totalling 348 apartments. The
structure comprise of 2 block of 6 buildings with 7 floors each.
The project is developed by SPPL on a joint development basis, by
virtue of which SPPL will get 65% of the total built-up area
(BUA) of 4 lakh sft. The project development commenced in
Jun'2012 and is expected to be completed in 36 months i.e.
May'2015.


SIDHI VINAYAK: ICRA Assigns 'BB' Rating to INR9.30cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR 0.80 crore term
loan and INR 8.50 crore cash credit bank limits of Sidhi Vinayak
Metcom Limited.  The outlook on the long term rating is Stable.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Fund Based Limits-         0.80     [ICRA]BB (Stable) assigned
   Term Loan

   Fund Based Limits-         8.50     [ICRA]BB (Stable) assigned
   Cash Credit

The assigned rating takes into account the experience of SVML's
promoters in the steel industry and location of the company's
manufacturing unit in proximity to raw material sources that
reduces freight costs. Further, regular equity infusion by the
promoters has kept the capital structure of the company at a low
level. However, the rating is constrained by SVML's relatively
small scale of current operations and a high working capital
intensive nature of operations, which in turn impacts its
liquidity position. ICRA also notes that the current weakness and
inherent cyclicality in the steel industry are likely to impact
the profitability and cash flows of the company. Such risk is
further accentuated by the lack of vertical integration and
limited value addition in the stand alone sponge iron
manufacturing business of SVML.

Incorporated in 2004, SVML is engaged in the manufacturing of
sponge iron. The company has two sponge iron kilns with a total
installed capacity of 60,000 TPA. The manufacturing facility of
the company is located at the Saraikela district in Jharkhand.

Recent Results

In 2011-12, the company reported a net profit of INR 0.20 crore
on an operating income of INR 41.31 crore as compared to a net
profit of INR 0.41 crore on an operating income of INR 28.90
crore in 2010-11.


SRI SRINIVASA: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has revised the long-term rating to '[ICRA]D' from
'[ICRA]B+' for INR102.18 crore (enhanced from INR62.58 crore)
fund based and INR2.07 crore (enhanced from INR1.67 crore) non-
fund based limits of Sri Srinivasa Spintex (India) Limited.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Long term fund based      102.18    [ICRA]D revised from
   Limits                              [ICRA]B+

   Long term non-fund          2.07    [ICRA]D revised from
   based limits                        [ICRA]B+

The revision in rating primarily factors in the recent delays in
debt servicing following stretched liquidity condition on account
of continuous debt funded capex amidst deteriorated financial
risk profile. In addition to the increased gearing levels,
coverage indicators deteriorated as a result of dip in
profitability on account of steep correction in the yarn prices
during H1 FY12. The rating further factors in the irregular power
scenario in the state of Andhra Pradesh (AP) and the likely
adverse impact on the operations in the absence of 100% power
back facility. ICRA notes that the commoditized nature of the
product in the highly fragmented spinning industry limits the
company's ability to pass on the hike in input costs. However,
the rating favourably factors in 40% growth in operating income
from INR59.75 crore in FY11 to INR83.55 crore in FY12 backed by
improved sales volume; operational efficiencies derived from
recent vintage of plant and machinery and proximity to a major
cotton growing area and lower power tariffs in the state with
fiscal incentives offered by the AP state government. Timely debt
servicing would however be the key rating driver over the near
term.

Sri Srinivasa Spintex (India) Limited, incorporated in July 2006,
is primarily engaged in producing cotton yarn of medium counts
viz. 32s, 40s, etc. Based at Tadepalligudem in West Godavari
district of Andhra Pradesh, SSSIL started commercial production
of yarn in August 2008 with 4,000 spindles which was increased
gradually to 18,000 spindles in January 2009 to 42,840 spindles
in January 2011 and 55,440 spindles in June 2012.

Recent Results

As per provisional results, in FY12, SSSIL has reported operating
income of INR83.55 crore with operating profit margin of 13.94%
and net profit margin of 0.29%.



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


BANK CENTRAL: Fitch Affirms Support Floor Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Bank Central Asia
Tbk's Long-Term Issuer Default Rating and National Long-Term
Rating at 'BBB-' and 'AAA(idn)', respectively, with Stable
Outlook.  At the same time, Fitch has also affirmed PT BCA
Finance's (BCAF) National Long-Term rating at 'AA+(idn)' with
Stable Outlook.

BCA's ratings reflect its demonstrated track record of strong
financial performance, relative to rated domestic peers, through
economic cycles.  The Stable Outlook reflects Fitch's
expectations that the bank's will be able to maintain its healthy
profitability and capital position, without significantly
compromising its strong asset quality.  Upward rating prospects
are limited because BCA's IDR and Viability ratings are among the
highest of its rated domestic peers and it National Rating is
already the highest possible on National scale.

BCAF's ratings underline strong support from and its linkages
with BCA.  They take into account its strategic importance to BCA
in expanding its business in Indonesia's fast-growing consumer
lending market.  A weakening of perceived support from BCA is
likely to lead to changes to BCAF's ratings.  Its subordinated
debt rating is rated two notches below BCAF's rating of
'AA+(idn)', comprising one notch for loss severity and one notch
for non-performance risk.

Fitch expects BCA's profitability to be underpinned by strong
fee-based income and low funding costs. Strong loan growth in the
last two years and a challenging global economy outlook could
lead to an increase in non-performing loans in 2013.  The likely
deterioration in asset quality nevertheless should be manageable,
given the bank's strong credit risk management and rather
diversified credit portfolio.  Its strong profitability and high
provision cover should continue to provide buffer against more
challenging economic conditions.

Fitch expects BCA to remain well capitalised with low impairment
risk.  BCA's Tier 1 and total capital adequacy ratios improved to
13.9% and 15.1%, respectively, as of end-June 2012, from 12% and
13.3% at end-December 2011, due to strong earnings generation.

Fitch expects BCAF's earnings to remain satisfactory, underpinned
by strong contribution from non-interest income and manageable
asset quality.  The impact of tightened minimum down payment is
unlikely to be material as BCAF focuses on new car financing with
high down payments.

Established in 1957, BCA is the third-largest bank in Indonesia
with 11% of total system assets at end-H112.

The list of rating actions is as follows:

BCA

  -- Long IDR affirmed at 'BBB-', Outlook Stable
  -- Short-Term IDR affirmed at 'F3'
  -- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
     Stable
  -- Support Rating affirmed at '3';
  -- Support Floor Rating affirmed at 'BB+'
  -- Viability Rating affirmed at 'bbb-'

BCAF

  -- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
     Stable
  -- National Short-term Rating affirmed at 'F1+(idn)'
     III/2010, IV/2011, tranche I/2012 bonds affirmed at 'AA+
     (idn)'
  -- Bond issuance programme I/2012 of IDR3.5trn affirmed at 'AA+
     (idn)'
  -- Subordinated bond I/2010 affirmed at 'AA-(idn)'



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


CSC SERIES: Fitch Junks Rating on Three Bond Classes
----------------------------------------------------
Fitch Ratings has downgraded CSC Series 1 GK's three classes of
bonds due November 2012 and affirmed the rest.  The transaction
is a Japanese multi-borrower type CMBS securitisation.  The
details of the rating actions are as follows:

  -- JPY0.4bn* Class B-2 bonds downgraded to 'CCsf' from 'CCCsf';
     Recovery Estimate 100%

  -- JPY0.4bn* Class B-3 bonds downgraded to 'CCsf' from 'CCCsf';
     Recovery Estimate 100%

  -- JPY3.2bn* Class C-2 bonds downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 60%

  -- JPY3.2bn* Class D-2 bonds affirmed at 'Csf'; Recovery
     Estimate 0%

  -- JPY0.4bn* Class E-2 bonds affirmed at 'Dsf'; Recovery
     Estimate 0%

  -- JPY0.3bn* Class E-3 bonds affirmed at 'Dsf'; Recovery
     Estimate 0%

  -- JPY0* Class F-3 bonds affirmed at 'Dsf'

  -- JPY0* Class G-3 bonds affirmed at 'Dsf'

*as of September 13, 2012

The downgrades of the class B-2 and B-3 bonds reflect Fitch's
view that interest on these classes will not be paid at legal
final maturity in November 2012.  However, principal proceeds
received from the underlying loan are sufficient to repay the
principal of these bonds in full.

The special servicing fee relating to the sale of the collateral
properties is large and likely to be deducted from the fund that
pays the interest on the bonds, rather than from the account
holding principal proceeds received from the underlying loan.
One property was sold after the August 2012 bond payment date,
the sales proceeds of which are sufficient to repay the principal
of the class B-2 and B-3 bonds in full.

The downgrade of the class C-2 bonds reflects Fitch's view that
principal loss on these bonds is inevitable as the workout
activity for the last remaining loan, which defaulted in November
2009, approaches its final phase.  Fitch believes that the sales
proceeds of the one remaining property backing this defaulted
loan are unlikely to be sufficient to redeem the class C-2 bonds
in full.

Class F-3 and G-3 bonds were written down to zero in February
2012 and Recovery Estimates for these bonds have not been
calculated since then.

At closing in December 2006, the bonds were backed by loans
extended to six borrowers, and secured by 72 properties.  The
transaction is now backed by one defaulted loan backed by one
property and sales proceeds from a sold property.


PEGASUS FUNDING: S&P Withdraws 'D' Rating on Class B ABL
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'D (sf)'
rating on the class B asset-backed loan (ABL) extended in
September 2006 under the Pegasus Funding transaction at the
transaction parties' request.

Real estate-backed loan receivables that were issued primarily to
small and midsize real estate companies back the ABLs extended
under this securitization transaction.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATING WITHDRAWN
Pegasus Funding
JPY120 billion ABLs (total initial extendable amount) due
December 2014
Class          Rating        Initial extendable amount
Class B        D (sf)        JPY28.1 bil.


SHARP CORP: President Vows to Restore Profitability
---------------------------------------------------
Japan Today reports that the head of Sharp Corp vowed on Friday
to restore profitability at the "reborn" electronics giant, just
days after it announced sweeping pay cuts to repair a bleeding
balance sheet.

According to the report, Sharp President Takashi Okuda said the
Osaka-based firm would book a net profit in the fiscal year
starting in April 2013, a marked reversal of the whopping
JPY250 billion loss it expects this year.

"Our top priority is to work together to overcome the current
difficulties," the report quotes Mr. Okudahe as saying in a
statement ahead of the firm's 100th anniversary at the weekend.

"I would like to use this occasion to vow the rebirth of a new
Sharp. We will make structural reforms at any cost as we aim to
achieve operating profit in the second-half of the fiscal 2012
and net profit in the fiscal 2013."

Japan Today relates that the maker of Aquos brand televisions
said Tuesday it would save about JPY14 billion by temporarily
slashing salaries for thousands of employees, from the factory
floor to the executive boardroom.

Sharp said the cuts, affecting employees in Japan, would be in
place until September next year, the report relays.  Bonuses for
some 27,500 employees in Japan would be halved, the report notes.

                       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.



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


FONTERRA: Union to Mount Legal Action for LayOffs
-------------------------------------------------
One News reports that the New Zealand Dairy Workers Union is
considering legal action against Fonterra after eight staff
members at the Waimate milk processing plant were given marching
orders.

It follows Fonterra's acquisition of the former New Zealand
Dairies operation, according to One News.

New Zealand Dairies was placed in receivership in May owing a
substantial amount to its supplier farmers, the report relates.

One News discloses that New Zealand Dairy Workers Union southern
organiser Murray Kerse said the union was looking at a case for
discrimination.

One News says that it is understood some of the workers were
former employees of Fonterra and overall that up to 20 workers
have been laid off.



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


MJC (SINGAPORE): Creditors Get 2.4% Recovery on Claims
------------------------------------------------------
MJC (Singapore) Pte Ltd declared the first and final dividend on
Sept. 11, 2012.

The company paid 2.4% to the received claims.


OTI TERMINAL: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
Creditors of OTI Terminal Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct.
12, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


PIPER'S PIES: Creditors Get 5.4% Recovery on Claims
---------------------------------------------------
Piper's Pies Pte Ltd declared the first and final dividend on
Sept. 14, 2012.

The company paid 5.4% to the received claims.

The company's liquidator is:

         Goh Ngiap Suan
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


PORRIMA SHIPPING: Creditors' Proofs of Debt Due Oct. 13
-------------------------------------------------------
Creditors of Porrima Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 13, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


SENTAT TRADING: Court to Hear Wind-Up Petition Sept. 21
-------------------------------------------------------
A petition to wind up the operations of Sentat Trading (S) Pte
Ltd will be heard before the High Court of Singapore on Sept. 21,
2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Aug. 29, 2012.

The Petitioner's solicitors are:

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


SIX CONTINENTS: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------------
Creditors of Six Continents Private Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 12, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


T.E. FASTENERS: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
Creditors of T.E. Fasteners Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Toh Chin Kiong
         c/o 58 Duchess Avenue
         #02-09 Duchess Crest
         Singapore 269200



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


* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2012
-------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----

  AUSTRALIA
  ---------

COM BK AUSTRALIA        1.50    04/19/22   AUD      70.32
EXPORT FIN & INS        0.50    06/15/20   NZD      73.29
MIDWEST VANADIUM       11.50    02/15/18   USD      58.91
MIDWEST VANADIUM       11.50    02/15/18   USD      59.00
MIRABELA NICKEL         8.75    04/15/18   USD      75.00
MIRABELA NICKEL         8.75    04/15/18   USD      72.38
NEW S WALES TREA        0.50    09/14/22   AUD      68.47
NEW S WALES TREA        0.50    10/07/22   AUD      68.28
NEW S WALES TREA        0.50    10/28/22   AUD      68.11
NEW S WALES TREA        0.50    11/18/22   AUD      68.78
NEW S WALES TREA        0.50    12/16/22   AUD      68.57
NEW S WALES TREA        0.50    02/02/23   AUD      68.21
NEW S WALES TREA        0.50    03/30/23   AUD      67.80
TREAS CORP VICT         0.50    08/25/22   AUD      68.86
TREAS CORP VICT         0.50    03/03/23   AUD      68.58
TREAS CORP VICT         0.50    11/12/30   AUD      50.59


CHINA
-----

CHINA GOVT BOND         4.86    08/10/14   CNY     104.19
CHINA GOVT BOND         1.64    12/15/33   CNY      68.45
AKSH OPTIFIBRE          1.00    02/05/13   USD      67.56
JCT LTD                 2.50    04/08/11   USD      20.00
JSL STAINLESS LT        0.50    12/24/19   USD      66.63
MASCON GLOBAL LT        2.00    12/28/12   USD      10.00
PRAKASH IND LTD         5.63    10/17/14   USD      68.51
PRAKASH IND LTD         5.25    04/30/15   USD      66.51
PYRAMID SAIMIRA         1.75    07/04/12   USD       1.00
REI AGRO                5.50    11/13/14   USD      68.33
REI AGRO                5.50    11/13/14   USD      68.33
SHIV-VANI OIL           5.00    08/17/15   USD      50.04
SUZLON ENERGY LT        5.00    04/13/16   USD      42.43


JAPAN
-----

EBARA CORP              1.30    09/30/13   JPY     100.09
ELPIDA MEMORY           2.03    03/22/12   JPY      14.50
ELPIDA MEMORY           2.10    11/29/12   JPY      14.50
ELPIDA MEMORY           2.29    12/07/12   JPY      14.50
ELPIDA MEMORY           0.50    10/26/15   JPY      14.00
ELPIDA MEMORY           0.70    08/01/16   JPY      15.13
JPN EXP HLD/DEBT        0.50    09/17/38   JPY      63.19
JPN EXP HLD/DEBT        0.50    03/18/39   JPY      63.05
KADOKAWA HLDGS          1.00    12/18/14   JPY     105.64
SHARP CORP              1.42    03/19/14   JPY      54.13
SHARP CORP              0.85    09/16/14   JPY      51.63
SHARP CORP              1.14    09/16/16   JPY      44.25
SHARP CORP              2.07    03/19/19   JPY      41.25
SHARP CORP              1.60    09/13/19   JPY      41.13
SOFTBANK CORP           1.50    03/31/13   JPY     150.34
TOKYO ELEC POWER        2.35    09/29/28   JPY      67.88
TOKYO ELEC POWER        2.40    11/28/28   JPY      69.13
TOKYO ELEC POWER        2.21    02/27/29   JPY      67.88
TOKYO ELEC POWER        2.11    12/10/29   JPY      66.25
TOKYO ELEC POWER        1.96    07/29/30   JPY      64.63
TOKYO ELEC POWER        2.37    05/28/40   JPY      62.00


MALAYSIA
--------

DUTALAND BHD            7.00    04/11/13   MYR       0.69


PHILIPPINES
-----------

BAYAN TELECOMMUN       13.50    07/15/49   USD      20.50
BAYAN TELECOMMUN       13.50    07/15/49   USD      20.50


SINGAPORE
---------

BAKRIE TELECOM         11.50    05/07/15   USD      58.00
BAKRIE TELECOM         11.50    05/07/15   USD      57.90
BLD INVESTMENT          8.63    03/23/15   USD      60.77
BLUE OCEAN             11.00    06/28/12   USD      37.75
BLUE OCEAN             11.00    06/28/12   USD      39.16
CAPITAMALLS ASIA        2.15    01/21/14   SGD      99.62
CAPITAMALLS ASIA        3.80    01/12/22   SGD     100.42
DAVOMAS INTL FIN       11.00    12/08/14   USD      28.63
DAVOMAS INTL FIN       11.00    12/08/14   USD      28.63
F&N TREASURY PTE        2.48    03/28/16   SGD     100.22


KOREA
-----

CN 1ST ABS              8.00    02/27/15   KRW      33.15
CN 1ST ABS              8.30    11/27/15   KRW      34.48
EXP-IMP BK KOREA        0.50    08/10/16   BRL      71.94
EXP-IMP BK KOREA        0.50    09/28/16   BRL      71.41
EXP-IMP BK KOREA        0.50    10/27/16   BRL      70.90
EXP-IMP BK KOREA        0.50    11/28/16   BRL      70.34
EXP-IMP BK KOREA        0.50    12/22/16   BRL      70.17
EXP-IMP BK KOREA        0.50    10/23/17   TRY      71.54
EXP-IMP BK KOREA        0.50    11/21/17   BRL      64.77
EXP-IMP BK KOREA        0.50    12/22/17   BRL      64.04
EXP-IMP BK KOREA        0.50    12/22/17   TRY      70.78
GREAT KO 3RD ABS       10.00    12/29/14   KRW      30.66
GYEONGGI MUTUAL         8.50    08/29/14   KRW      86.23
HYUNDAI SWISS BK        8.50    10/02/13   KRW      93.69
HYUNDAI SWISS BK        8.50    07/15/14   KRW      87.81
HYUNDAI SWISS BK        7.90    07/23/15   KRW      77.37
KIBO GRE 1ST ABS       10.00    01/25/15   KRW      30.54
SINBO 4TH ABS           8.00    08/18/14   KRW      30.14
SINBO 7TH ABS           8.00    09/22/14   KRW      29.90
SINBO CO 3RD ABS       10.00    09/29/14   KRW      30.66


SRI LANKA
---------

SRI LANKA GOVT          5.80    01/15/17   LKR      71.73
SRI LANKA GOVT          5.80    07/15/17   LKR      71.08
SRI LANKA GOVT          7.50    08/15/18   LKR      73.21
SRI LANKA GOVT          5.65    01/15/19   LKR      64.14
SRI LANKA GOVT          8.50    05/01/19   LKR      75.29
SRI LANKA GOVT          8.00    11/01/19   LKR      71.88
SRI LANKA GOVT          8.00    06/01/20   LKR      69.83
SRI LANKA GOVT          6.20    08/01/20   LKR      61.47
SRI LANKA GOVT          8.00    01/01/22   LKR      66.23
SRI LANKA GOVT          7.00    10/01/23   LKR      59.31
SRI LANKA GOVT          5.35    03/01/26   LKR      45.33
SRI LANKA GOVT          8.00    01/01/32   LKR      56.75


THAILAND
--------
BANGKOK LAND            4.50    10/13/03   USD       5.50



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***