TCRAP_Public/120919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 19, 2012, Vol. 15, No. 187

                            Headlines


A U S T R A L I A

ADELAIDE'S CROWN: Tropeano Buys Firm Out of Receivership
BELL GROUP: Banks Take Battle to High Court
NINE ENTERTAINMENT: Receivership Looms Amid Debt Covenant Test


C H I N A

BERKELEY COFFEE: Had $73,700 Net Loss in July 31 Quarter
CHINA FISHERY: Moody's Lowers CFR to 'B1'; Outlook Negative


H O N G  K O N G

ALEX TANG: Court to Hear Wind-Up Petition on Oct. 31
CHUN YU: Court to Hear Wind-Up Petition on Oct. 31
CHUNG PAK: Court to Hear ind-Up Petition on Oct. 31
DELUXE MALL: Court Enters Wind-Up Order
EASTERN OCEAN: Court to Hear Wind-Up Petition on Oct. 17

EXCELLENT INVESTMENT: Court to Hear Wind-Up Petition on Oct. 24
FORTRESS COMMODITIES: Court to Hear Wind-Up Petition on Nov. 7
GRAND YIELD: Court to Hear Wind-Up Petition on Oct. 24
INFINITI ADVANTAGE: Ho Wai Chi Steps Down as Liquidator
LUEN TAT: Creditors Get 100% Recovery on Claims


I N D I A

CALL EXPRESS: CRISIL Rates INR550MM Term Loan at 'CRISIL B'
CHANDI STEEL: ICRA Cuts Rating on INR23cr Loan to '[ICRA]B+'
EDEN TRANSPORT: CRISIL Rates INR97.8MM Loan at 'CRISIL D'
IDBI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance
INTERNATIONAL COIL: CRISIL Cuts Rating on INR150MM Loan to 'B+'

LINKSON COAL: ICRA Assigns '[ICRA]BB' Rating to INR45MM Loan
KALOKHE STONE: CRISIL Assigns 'D' Rating to INR52.8MM Loans
MAHESHWARI COAL: CRISIL Cuts Rating on INR146MM Loans to 'D'
P&R ENGINEERING: ICRA Upgrades Rating on INR29cr Loan to 'D'
SHALIMAR WORKS: CRISIL Rates INR7.5MM Cash Credit at 'CRISIL C'

TRIDENT AUTO: ICRA Reaffirms 'BB' Rating on INR6.46cr Loans
VINAYAK COTTON: CRISIL Assigns 'B+' Rating to INR80MM Loans


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: Confident on Telkom Bankruptcy Appeal


N E W  Z E A L A N D

CAIRNS GROUP: 25 Jobs Lost Following Receivership
NATIONAL FINANCE: Former Director Gets 10 Months Home Detention


S I N G A P O R E

ARETAE ECOVENTURES: Creditors' Meetings Set for Sept. 25
DONGFANG SHIPBUILDING: Creditors' Meetings Set for Oct. 1
DONGFANG SHIPBUILDING: Creditors' Proofs of Debt Due Oct. 1
FORESIGHT TECHNOLOGIES: Court Enters Wind-Up Order
INFOSEC PACIFIC: Creditors' Meetings Set for Sept. 26


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ADELAIDE'S CROWN: Tropeano Buys Firm Out of Receivership
--------------------------------------------------------
Nicholas Jones at ToneDeaf News reports that Adelaide's Crown &
Sceptre has been acquired by Tropeano Hospitality Group out of
receivership.

The pub went into receivership in July this year with estimated
debts of more than $1 million, facing financial woes over a sharp
drop in trade, the higher costs of labour, bills, liquor
licensing and input costs; with liquidators Macks Advisory
handling the receivership, according to ToneDeaf News.

The report notes that Tropeano Hospitality Group, owner of
Hindley St nightclub Red Square and string club The Palace,
bought the firm for an undisclosed sum.

ToneDeaf News relays that The Advertiser reported that director
of the hospitality group Antony Tropeano has confirmed the sale
but wouldn't go into specifics due to conditions in the contact,
although it is believed the purchase price for the pub is
unlikely to be enough to pay off the debt owed to secured
creditors, suppliers, bands, and of course the Australian Tax
Office.


BELL GROUP: Banks Take Battle to High Court
-------------------------------------------
Australian Associated Press reports that the banks involved in
Australia's most expensive and longest-running court case are
seeking to take their battle to the High Court.

AAP recounts that a consortium of 20 banks including Westpac and
Lloyd's TSB Bank last month lost an appeal in Western Australia's
Supreme Court against a 2008 ruling that ordered them to pay
about AUD1.58 billion to the liquidators of Bell Group, once
controlled by fallen tycoon Alan Bond.

In 199, the banks agreed to extend Bell Group's loans to allow
the company to restructure and remain afloat, and in exchange
were given guarantees and security over Bell Group's publishing
assets, shares in Bell Resources, and other minor assets, the
news agency relates.

At that time, Bell Group was on the brink of insolvency, APP
relates, and the banks were found by Justice Neville Owen to be
liable as knowing recipients of the company's trust property.

On August 17, the news agency relates, Acting Justices Malcolm
Lee, Douglas Drummond, and Christopher Carr decided that Justice
Owen's order would stand, save for several amendments and
additions.

AAP reports that Freehills partner John Vaughan, acting for the
banks, said on Monday that they had filed an application for
special leave to the High Court.

Mr. Vaughan said the banks were confident they could make a
strong case, according to AAP.

                        About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.


NINE ENTERTAINMENT: Receivership Looms Amid Debt Covenant Test
--------------------------------------------------------------
Darren Davidson at The Australian Media reports that the
potential receivership of Nine Entertainment is now a real threat
amid a critical debt covenant test for the group at the end of
the month.

Sources said that CVC Asia Pacific and financiers have been
forced to all but abandon hope for a strategic buyer for Nine
Entertainment, according to The Australian Media.

Nine Entertainment is Australia's second-placed free-to-air
network.



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


BERKELEY COFFEE: Had $73,700 Net Loss in July 31 Quarter
--------------------------------------------------------
Berkeley Coffee & Tea, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $73,743 on $56,172 of revenue
for the three months ended July 31, 2012, compared with net
income of $10,979 on $49,030 of revenue for the same period of
the prior fiscal year.

The Company's balance sheet at July 31, 2012, showed
$4.68 million in total assets, $4.72 million in total
liabilities, and a shareholders' deficit of $39,087.

As reported in the TCR on Aug. 14, 2012, MaloneBailey, LLP, in
Houston, Texas, expressed substantial doubt about Berkeley Coffee
& Tea Inc.'s ability to continue as a going concern, following
the Company's results for the fiscal year ended April 30, 2012.
The independent auditors noted that the Company has suffered
recurring losses from operations.

A copy of the Form 10-Q is available at http://is.gd/ZQtj5D

Shanghai, China-based Berkeley Coffee & Tea Inc. was incorporated
on March 27, 2009, in the State of Nevada.  Berkeley Coffee
expects to generate revenue from the marketing and sale of green
coffee beans from Yunnan, China, into the United States.  It
plans to sell green bean coffee grown in China directly to coffee
wholesalers, coffee brokers and coffee roasters in the United
States.


CHINA FISHERY: Moody's Lowers CFR to 'B1'; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded China Fishery Group
Limited's corporate family rating and senior unsecured debt
rating to B1 from Ba3.

At the same time, Moody's has changed the rating outlook to
negative from stable.

Ratings Rationale

"The downgrade reflects the increasing level of regulatory risk
that China Fishery faces in its agreements to purchase fish from
Russian companies in the Russian North Pacific in view of the
current inquiry by the Federal Antimonopoly Service of the
Russian Federation," says Alan Gao, a Moody's Vice President and
Senior Analyst.

On 13 September 2012, China Fishery disclosed that it had
received an inquiry from the Antimonopoly Service on whether it
had stakes in Russian fishery companies. The Russian authorities
have strict requirements over foreign control in fishing
operations.


Moody's is concerned over whether the Russian authorities will
interpret China Fishery's agreements to buy fish from Russian
entities as actions towards establishing control over biological
resources in Russian waters without government approval.

Furthermore, if the authority considers that China Fishery has
breached any rules, the financial implications for the company
could be material, given that its Russian operations contribute
more than 50% of revenue and EBITDA.

The latest inquiry form the Russian authority also implies more
uncertainty in China Fishery's business model which positions it
at the single-B rating level.

At the same time, the B1 rating continues to reflect China
Fishery's long track record and leading market position in the
supply of Alaska Pollock from the North Pacific to the market. It
also reflects the slow improvement in its Peruvian fishmeal
production division.

Moody's considers that its credit ratings are constrained by (1)
the weakened state of operating cash flow, as a result of a large
increase in working capital; (2) increasing pressure on profit
margins, due to the rising cost of vessel operations; and (3) its
geographic concentration.

In addition, the ratings incorporate climate risk, and the
financially weak state of its parent, the Pacific Andes Group.

The negative outlook reflects the unpredictability of regulatory
measures in Russia and the resulting financial impact on China
Fishery.

Pressure for a rating downgrade would arise if (1) the Russian
authorities conclude that China Fishery's supply agreements
constitute actions towards acquiring control of biological
resources in Russian waters without government approval; (2)
China Fishery is forced to change its business model in Russia,
or charged with non-compliance and consequently incurs material
losses; and/or 3) the Russian authorities decide that the Pacific
Andes Group or its related companies -- including China Fishery -
- are engaged in activities that breach Russian regulations and
therefore could face material penalties.

Upgrade pressure is not likely, but the ratings outlook could
return to stable if (1) the Russian authorities conclude that
there are no irregularities or non-compliance issues in China
Fishery's current business model and that the company does not
suffer any financial loss, liquidity pressure, or loss of clients
during the inquiry.

The principal methodology used in rating China Fishery Group Ltd
was the Global Food - Protein and Agriculture Industry
Methodology published in September 2009.

China Fishery Group Ltd (CFG), listed in Singapore, is engaged
mainly in industrial fishery operation in North Pacific and
Peruvian waters. Its catches are processed on board and frozen,
packed, and delivered to market. It is 36% effectively owned by
Pacific Andes International Holdings Ltd (PAI), a Hong Kong-
listed integrated fish and seafood product processor.



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


ALEX TANG: Court to Hear Wind-Up Petition on Oct. 31
----------------------------------------------------
A petition to wind up the operations of Alex Tang Limited will be
heard before the High Court of Hong Kong on Oct. 31, 2012, at
9:30 a.m.

Global Cheer Limited filed the petition against the company on
Aug. 17, 2012.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower 2, Tsuen Wan
          New Territories


CHUN YU: Court to Hear Wind-Up Petition on Oct. 31
--------------------------------------------------
A petition to wind up the operations of Chun Yu Management
Company Limited will be heard before the High Court of Hong Kong
on Oct. 24, 2012, at 9:30 a.m.

Champion Transportation Company Limited filed the petition
against the company on Aug. 21, 2012.

The Petitioner's solicitors are:

          Y.C. Lee, Pang, Kwok & Ip
          1006, Shui On Centre
          6-8 Harbour Road
          Hong Kong


CHUNG PAK: Court to Hear ind-Up Petition on Oct. 31
---------------------------------------------------
A petition to wind up the operations of Chung Pak Investment
Limited will be heard before the High Court of Hong Kong on
Oct. 31, 2012, at 9:30 a.m.

Ip Kam Wah filed the petition against the company on Aug. 28,
2012.

The Petitioner's solicitors are:

          Robertsons
          57th Floor, The Center
          99 Queen's Road
          Central, Hong Kong


DELUXE MALL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 8, 2012, to
wind up the operations of Deluxe Mall Limited.

The company's liquidator is Lau Siu Hung.


EASTERN OCEAN: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------------
A petition to wind up the operations of Eastern Ocean
International Co. Limited will be heard before the High Court of
Hong Kong on Oct. 17, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Aug. 9, 2012.

The Petitioner's solicitors are:

          K.W. Ng & Co
          11/F, Wings Building
          110 Queen's Road
          Central, Hong Kong


EXCELLENT INVESTMENT: Court to Hear Wind-Up Petition on Oct. 24
--------------------------------------------------------
A petition to wind up the operations of Excellent Investment
(Group) Limited will be heard before the High Court of Hong Kong
on Oct. 24, 2012, at 9:30 a.m.

Savills (Hong Kong) Limited filed the petition against the
company on Aug. 14, 2012.

The Petitioner's solicitors are:

          Messrs. C.C. Lee & Co
          6th Floor, On Lok Yuen Building
          No. 25 Des Voeux Road
          Central, Hong Kong


FORTRESS COMMODITIES: Court to Hear Wind-Up Petition on Nov. 7
--------------------------------------------------------------
A petition to wind up the operations of Fortress Commodities
Limited will be heard before the High Court of Hong Kong on
Nov. 7, 2012, at 9:30 a.m.

Cementia Trading Ag filed the petition against the company on
Aug. 24, 2012.

The Petitioner's solicitors are:

          Clyde & Co
          58th Floor, Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


GRAND YIELD: Court to Hear Wind-Up Petition on Oct. 24
------------------------------------------------------
A petition to wind up the operations of Grand Yield International
Trading Limited will be heard before the High Court of Hong Kong
on Oct. 24, 2012, at 9:30 a.m.

Savills (Hong Kong) Limited filed the petition against the
company on Aug. 14, 2012.

The Petitioner's solicitors are:

          Messrs. C.C. Lee & Co
          6th Floor, On Lok Yuen Building
          No. 25 Des Voeux Road
          Central, Hong Kong


INFINITI ADVANTAGE: Ho Wai Chi Steps Down as Liquidator
-------------------------------------------------------
Ho Wai Chi stepped down as liquidator of Infiniti Advantage
Limited on August 23, 2012.


LUEN TAT: Creditors Get 100% Recovery on Claims
-----------------------------------------------
Luen Tat Watch Band Manufacturer Limited, which is in
liquidation, will declare dividend to its creditors on Oct. 8,
2012.

The company will pay 100% for preferential and ordinary claims.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong



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


CALL EXPRESS: CRISIL Rates INR550MM Term Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Call Express Construction (India) Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Proposed Term Loan     550     CRISIL B/Stable (Assigned)

The rating reflects CECPL's exposure to risks related to funding
and implementation risks of its on-going real estate residential
project in Chennai (Tamil Nadu), and vulnerability to economic
cycles. These rating weaknesses are partially offset by the
industry experience of CECPL's promoters.

Outlook: Stable

CRISIL believes that CECPL will continue to benefit over the
medium term from its promoter's experience in real estate
development in Chennai. The outlook may be revised to 'Positive'
if the company reports strong growth in cash flows, most likely
because of earlier-than-expected completion of projects and
receipt of advances, and more-than-expected sales realisations
from the ongoing residential properties. Conversely, the outlook
may be revised to 'Negative' if there are significant delays in
the completion of the ongoing projects or receipt of payments
from customers, or in case the company undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Established in 2006, CECPL is currently developing a residential
real estate project at Chennai. The company is promoted by Mr.
P.K. Ramesh and Mr. S.Ravindranathan.


CHANDI STEEL: ICRA Cuts Rating on INR23cr Loan to '[ICRA]B+'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR10.00 crore cash credit and INR13.80 crore bank guarantee of
Chandi Steel Industries Limited, from '[ICRA]BB' to '[ICRA]B+').
ICRA has re-affirmed the short term rating assigned to the
INR9.00 crore non-fund based bank facilities of CSIL at [ICRA]A4.

                             Amount
   Facilities               (INR cr)     Ratings
   ----------               --------     -------
   Fund Based Limits          10.00      [ICRA]B+ downgraded
   (Cash Credit)

   Non Fund Based Limits      13.80      [ICRA]B+ downgraded
   (Bank Guarantee)

   Non-Fund Based Limits       9.00      [ICRA]A4 reaffirmed
   (Letter of Credit &
   Bank Guarantee)

The revision of the long term rating primarily reflect the
financial difficulties being faced by Jai Balaji Industries
Limited, the flagship company of the group, which could impact
the group's overall liquidity position and financial flexibility.
The ratings also take into consideration the weak financial
profile of CSIL as reflected by the deterioration of the interest
coverage ratio and high total outside liabilities to tangible net
worth (TOL/TNW). The ratings continue to be impacted by the
cyclicality inherent in the steel business, which is passing
through a difficult phase at present, small scale of operations,
which are non-integrated in nature, and exposure to high client
concentration risks as more than two-third of the company's sales
during 2011-12 were derived from the top five clients. The
ratings, however, favorably factor in the experience of the
promoters in the steel industry and the strategic location of the
manufacturing unit that is in close proximity to raw material
sources and key customers.

CSIL, was incorporated in 1978 as Chandi Steel Industries Pvt.
Ltd. by the promoters of a partnership concern, Haryana Steel
Corporation. The company re-rolls semi-finished steel (mild steel
alloy and non alloy billets/ ingots) into long products (mild
steel alloy and non alloy bars, rounds, squares and flats). The
promoters of the Jai Balaji Group purchased the company in 1993,
and subsequently converted the entity to its current form in
November 2003 by listing CSIL on the Calcutta Stock Exchange
Association Limited. CSIL's re-rolling plant is located on Belur
Road in Howrah, West Bengal, and has an effective capacity of
16,500 MTPA.

Recent Results

The company reported a net profit of INR0.71 crore on an
operating income of INR88.49 crore in 2011-12. During the first
quarter of 2012-13, the company has reported a net profit of
INR1.15 crore (unaudited) on an operating income of INR16.42
crore (unaudited).


EDEN TRANSPORT: CRISIL Rates INR97.8MM Loan at 'CRISIL D'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Eden Transport Pvt Ltd.  The rating reflects
instances of delay by ETPL in servicing its debt; the delays were
because of the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             97.8      CRISIL D (Assigned)

ETPL also has a weak financial risk profile, owing to operating
losses, and a small scale of operations. Moreover, it has a
limited track record, and is exposed to risks related to its
initial phase of operations. However, ETPL benefits from the
large funding support it receives from its promoters.

ETPL, incorporated in 2010 and promoted by Mr. Sachidanandan Rai
and Mr. Niranjan Rai, provides passenger bus transport services
in Bihar. At present the company has 118 buses, including 78
buses operating only within Patna city limits and 40 inter-city
buses operating from Patna to cities in the Chapra and Siwan
belts.


IDBI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance
-------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to IDBI Bank
Limited (IDBI Bank)'s proposed issuance of long-term senior
unsecured notes under its US$ 1.5 billion Medium Term Note (GMTN)
program. The long-term notes will be denominated in USD and
issued by the Dubai International Financial Centre (DIFC) Branch,
Dubai of IDBI Bank.

Ratings Rationale

Moody's Investors Service has a standalone bank financial
strength rating (BFSR) of D- for IDBI Bank Limited, mapping to a
baseline credit assessment (BCA) of ba3 on the long-term scale.

Moody's believes that the probability of systemic support for
IDBI Bank is very high from the Indian government in an event of
a systemic crisis. The Indian government has in the past
supported Indian public sector banks, including IDBI Bank, by
infusing equity and providing liquidity support when required.
Therefore, the long-term local currency deposit and foreign
currency senior unsecured debt ratings receive a three-notch
rating uplift from its BCA.

The foreign currency senior unsecured debt rating at Baa3. The
bank's foreign currency deposit ratings of Baa3/P-3.

The other ratings of IDBI Bank are:

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of D-

Subordinate MTN Program (foreign currency) ratings of (P)Ba1

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba2

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

IDBI Bank Ltd, DIFC Branch

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Subordinate MTN Program (foreign currency) ratings of (P)Ba1

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba2

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

IDBI Bank, headquartered in Mumbai (India), had assets of
INR2,908 billion at March 2012.


INTERNATIONAL COIL: CRISIL Cuts Rating on INR150MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
International Coil Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISILBB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        38.5     CRISIL A4 (Downgraded from
                                  CRISIL A4+)

   Cash Credit          150.0     CRISIL B+/Stable (Downgraded
                                  from CRISIL BB+/Stable)

   Letter of Credit      37.5     CRISIL A4 (Downgraded from
                                  CRISIL A4+)

The downgrade reflects significant deterioration in ICL's
financial risk profile, particularly its liquidity. The company's
liquidity has come under pressure because of its weaker-than-
expected operating performance over 2010-11 (refers to financial
year, April 1 to March 31) and 2011-12, and substantially
increased debt levels due to large working capital requirements
and capital expenditure (capex).

Over the past two years, ICL's revenues grew at a subdued rate
and its operating profitability declined substantially. Despite
its focus on manufacturing operations, the company's business
risk profile deteriorated mainly driven by lower project income
(commission and balance-of-plant income) mostly because of the
sluggish demand. Also, ICL's working capital cycle has been
stretched, with gross current assets rising sharply to 268 days
as on March 31, 2012, from 155 days as on March 31, 2010.
Furthermore, over the past two years, the company had a total
capex of more than INR250 million, and is still required to spend
about INR190 million until the end of 2013-14. ICL's increasing
working capital requirements, low cash accruals, and ongoing
capex with no significant infusion of fresh funds by the
promoters, have led to deterioration in the company's liquidity.
CRISIL believes that ICL's liquidity will remain constrained over
the medium term because of modest expected cash accruals,
scheduled debt repayments, and funds required for capex.

The ratings reflect ICL's average financial risk profile, marked
by it average capital structure and debt protection metrics,
modest scale of operations, reducing commission income impacting
profitability, and working-capital-intensive operations. These
weaknesses are partially offset by ICL's strong technical
expertise in manufacturing heat-exchange and heat-transfer
systems, and its established track record in the heating,
ventilation, and air-conditioning (HVAC) industry, which has
enabled the company to build a reputed clientele.

Outlook: Stable

CRISIL believes that ICL will continue to benefit from its
established market position in the HVAC industry over the medium
term. The outlook may be revised to 'Positive' if ICL increases
its scale of operations and improves its profitability, leading
to higher-than-expected cash accruals. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile, especially its liquidity, deteriorates further, most
likely because of larger-than-expected working capital
requirements or low cash accruals.

ICL, incorporated in July 2004, is promoted by Mr. Sucha Singh
and his sons, Mr. Paramjeet Singh and Mr. Amardeep Singh. ICL
manufactures heat-exchange coils, heat-transfer systems, such as
air-cooled fluid coolers, used for cooling all type of engines
producing power, coils for refrigeration systems used in cold
storage and freezing units. ICL has two manufacturing units - one
near Gurgaon (Haryana), and the other at Mayapuri, New Delhi. Its
operations are centred in Gurgaon (Corporate office) and its
registered office in Delhi, with six sales offices across India,
at Ahmedabad (Gujarat), Bengaluru (Karnataka), Chennai, Gurgaon,
Jallandhar (Punjab), and Mumbai.

ICL also has tie-ups with - BROAD, China, Ruhn Power and Harbin,
China, for supplying cooling systems mostly to upcoming power
plants in India. The company earns fixed commission on supply, as
well as balance-of-plant work for the contracts undertaken by
these associates.

For 2011-12, ICL reported a net profit of INR24.5 million on a
total operating income of INR1.05 billion, against a net profit
of INR46.3 million on a total operating income of INR989 million
for the previous year.


LINKSON COAL: ICRA Assigns '[ICRA]BB' Rating to INR45MM Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR45.00 crore
fund-based bank facilities of Linkson Coal & Minerals Private
Limited.  The outlook on the long-term rating is 'stable'. ICRA
has also assigned an '[ICRA]A4' rating to the INR10.00 crore
short-term non-fund based bank facilities of LCMPL, which is a
sub-limit of the INR45.00 crore fund-based bank facility.

                             Amount
   Facilities               (INR cr)    Ratings
   ----------               --------    -------
   Long-term, Fund-based      45.00    [ICRA]BB (Stable) assigned
   Limits

   Short-term, Letter of      10.00    [ICRA]A4 assigned
   Credit Sub- Limits

The ratings take into account the long experience of the
promoters in the coal trading business; healthy growth in
operating income during last 3 years driven by growing domestic
demand for coal and mining operations of the company, which once
stabilised, are expected to improve operating profile in the
medium to long term. However, the ratings are constrained by the
intensely competitive nature of coal trading industry and limited
value addition in trading business, both of which lead to thin
profitability; aggressive capital structure and weak coverage
indicators of the company; increasing working capital intensity
of the business due to large credit period offered to the
customers and significant client concentration risk as top five
customers contribute to about 74% of the company's revenue in
2010-11.

Incorporated in 1997, LCMPL is part of the Linkson Group, which
is promoted by Mr. Yashwant Sangla. Linkson Group has interests
in trading of coal, fabrication and galvanization of steel and
mining. LCMPL is involved in trading of various grades of coal
mainly in central India. Apart from coal trading, the company has
also been engaged in dolomite mining in the state of Madhya
Pradesh since 2011 and it has also been allocated dolomite and
limestone mines in Maharashtra, which is yet to be developed by
the company due to pending clearances.

Recent Results

As per provisional results for 2011-12, LCMPL reported a profit
after tax (PAT) of Rs.3.51 crore on an operating income of
INR362.05 crore as compared to a PAT of INR3.13 crore on an
operating income of Rs.286.44 crore in 2010-11.


KALOKHE STONE: CRISIL Assigns 'D' Rating to INR52.8MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Kalokhe Stone Crusher. The rating reflects the
instances of delay by KSC in servicing its debt; the delays have
been caused by the firm's weak liquidity.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            5.0     CRISIL D (Assigned)
   Term Loan             47.8     CRISIL D (Assigned)

KSC also has a weak financial risk profile, marked by a small net
worth, a high gearing, and weak debt protection metrics, and a
modest scale of operations. Moreover, the firm also has a limited
track record and is exposed to risks related to the initial phase
of operations. However, KSC benefits from the funding support
that it receives from its promoters.

KSC, established in 2010, undertakes stone crushing sub-
contracting activities for companies that implement civil
construction projects, mainly road projects, and real estate
projects. The firm is owned by the Kalokhe family; its operations
are mainly handled by Mr. Sachin Kalokhe and Mr. Sandeep Kalokhe.
KSC commenced operations in July 2012.


MAHESHWARI COAL: CRISIL Cuts Rating on INR146MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Maheshwari Coal Beneficiation and Infrastructure Pvt Ltd to
'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         20      CRISIL D (Downgraded from
                                            'CRISIL A4')

   Cash Credit            60      CRISIL D (Downgraded from
                                           'CRISIL B+/Stable')

   Term Loan              66      CRISIL D (Downgraded from
                                           'CRISIL B+/Stable')

The downgrade reflects instances of delay by MCBI in servicing
the interest and principal obligations on its term loan; the
delays have been caused by the company's weak liquidity. MCBI has
weak liquidity because of delays in implementation of its railway
siding project. The company's railway siding project was expected
to become operational in August 2011; however, the same was
delayed because of delays in obtaining government clearances. As
on date, the government clearances are still pending.

MCBI also has a weak financial risk profile, marked by a small
net worth, weak debt protection metrics, and a low profitability.
Moreover, the company has a small scale of operations, and is
susceptible to intense competition in the coal trading business
and to risks related to project implementation. However, MCBI
benefits from its promoter's industry experience.

                        About Maheshwari Coal

MCBI, set up in 2006, trades in coal and undertakes washing of
coal at Bilaspur (Chhattisgarh). The company is being managed by
Mr. Anil Kumar Mundra.

MCBI reported a profit after tax (PAT) of INR0.03 million on net
sales of INR85 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.04 million on net
sales of INR67 million for 2009-10.


P&R ENGINEERING: ICRA Upgrades Rating on INR29cr Loan to 'D'
------------------------------------------------------------
ICRA has upgraded ratings for Rs29 crore term loans of P&R
Engineering Services Private Limited from '[ICRA]D' to '[ICRA]B-
'.

                           Amount
   Facilities             (INR cr)     Ratings
   ----------             --------     -------
   Fund Based Limits        29.00      [ICRA]B- upgraded from
                                       [ICRA]D

The revision in ratings takes into account the improvement in
debt servicing by the company, improved PLF (Plant Load Factor)
during the first 5 months of FY 2012-13 and also the benefit of
additional revenue stream in the form of REC benefit available to
the company. The rating also draws comfort from the limited
demand risks due to significant energy deficit in northern India,
upside potential in tariffs in the merchant route and receipt of
capital subsidy (50% amounting to Rs 1.97 crores) from Ministry
of New and Renewable Energy. Further, the counterparty credit
risks are also significantly mitigated as the company is selling
power through PTC, a financially strong entity.

Rating concerns emanate from the relatively high credit risk
profile of the company given the nascent stage of operations of
the company's hydel project in Brenwar, J&K, weak cash accruals
and the high gearing of the company. These factors have put
pressure on the liquidity position of the company in the past.
The rating also factors in hydrological risks as PRESPL is not
covered under deemed generation clause in case of factors like
shortage of water or loss of generation due to silting. Given
that the revenues of the company are linked to actual unit sales,
this exposes the company to risks of variable cash flows.
Further, given the seasonality of power production (and hence
cash flow generation), the cash flows of the company are likely
to remain volatile and this may result in liquidity mismatches.
Going forward, the ability of the company to meet the designed
performance parameters and availability of adequate water in the
catchment area will be key rating drivers.

P&R Engineering Services Pvt Ltd is promoted by the P&R Group to
develop, own and operate a 7.5 MW small hydro project in Jammu &
Kashmir, District Budgam. This is a run of the river type scheme
on Doodhganga, a tributary of Jhelum, which will utilize flows of
the river to harness approximately 204m of net head. As per the
provisional financials, the company has achieved an operating
income of INR7.25 crore and PAT of INR0.26 crore in FY 2011-12.


SHALIMAR WORKS: CRISIL Rates INR7.5MM Cash Credit at 'CRISIL C'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to The
Shalimar Works (1980) Ltd's bank facilities.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term      271.4    CRISIL A4 (Assigned)
   Bank Loan Facility

   Bank Guarantee           271.1    CRISIL A4 (Assigned)

   Cash Credit                7.5    CRISIL C (Assigned)

The ratings reflect delay by Shalimar Works in servicing of term
debt obligations for West Bengal Industrial Development
Corporation (not rated by CRISIL) and unsecured loan provided by
Government of West Bengal (not rated by CRISIL) owing to weak
liquidity. The company has a weak financial risk profile marked
by adverse capital structure and weak debt protection metrics,
and low operating efficiency. Moreover, it has a concentrated
customer profile. These rating weaknesses are partially offset by
the benefits which Shalimar Works may derive from its healthy
pipeline of orders.

Shalimar Works was established by Turner Morrison Group of
Companies in late 1890s. In 1980, the erstwhile company was
liquidated and its assets were acquired by the Government of West
Bengal (GoWB) through incorporation of Shalimar Works under its
current name. Currently, the company is wholly owned by GoWB.
Shalimar Works is mainly in the business of ship-building and
repairing, and it is also in the general engineering and heavy
structural fabrication businesses.


TRIDENT AUTO: ICRA Reaffirms 'BB' Rating on INR6.46cr Loans
-----------------------------------------------------------
ICRA has re-affirmed the ratings for the INR12.06 Crore bank
facilities of Trident Auto Components Private Limited at
[ICRA]BB/ [ICRA]A4. The outlook on the long-term rating is
"Stable."

                           Amount
   Facilities             (INR cr)       Ratings
   ----------             --------       -------
   Term Loans               0.46         Rating reaffirmed at
                                         [ICRA]BB (Stable)

   Cash Credit              6.00         Rating reaffirmed at
                                         [ICRA]BB (Stable)

   Bank Guarantee           0.25         Rating reaffirmed at
                                         [ICRA]A4 Bill

   Discounting              5.00         Rating reaffirmed at
                                         [ICRA]A4

   Unallocated              0.35         [ICRA]BB (Stable);
                                         [ICRA]A4 Reaffirmed

The re-affirmation of ratings takes into account Trident's steady
business growth over the last few years, its demonstrated ability
in terms of securing repeat orders from the Indian Railways as
well as addition of new customers and consistently healthy
operating profit margin (OPM) recorded over the past. However,
the ratings are constrained by Trident's current moderate scale
of operations with operating income of INR46.9 crore reported in
2011-12, high customer concentration risk with majority of
supplies to two main customers and high working capital intensity
in the business owing to long receivable cycles.

Trident Auto Components Pvt. Ltd. had started its operation in
the year 2000 by entering into a JV with LML Limited to
manufacture shock absorbers. However, the business had to be
closed down eventually due to extraneous factors. In 2006, the
business was revived with manufacturing of engine components. The
company's primary operations include forging, machining and
fabrication of components. It manufactures and fabricates bogey
frames and several structural components for the Indian Railways,
besides structural components for the power plants for BHEL. At
present, the company's customer portfolio mainly includes BHEL
Trichy and DLW Varanasi. It has also recently started
manufacturing front panel of the wagon for DLW. Further, Trident
is in the process of initiating supplies to several new customers
in near future. Trident currently has four manufacturing
facilities located at Kanpur, two of which are owned and the
other two are leased.

Recent Results

As per the audited financial results for the year 2011-12,
Trident recorded an OI of INR46.9 Crore, Operating Profit Before
Depreciation, Interest, Tax and Amortization (OPBDITA) of INR7.3
Crore and Profit after Tax (PAT) of INR2.7 Crore.


VINAYAK COTTON: CRISIL Assigns 'B+' Rating to INR80MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vinayak Cotton Mills Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL B+/Stable (Assigned)
   Term Loan             50       CRISIL B+/Stable (Assigned)

The rating reflects VCMPL's expected deterioration in financial
risk profile due to large debt funded capital expenditure. The
rating also reflects VCMPL's small scale, and working-capital-
intensive nature, of operations and susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the benefits that VCMPL derives from the extensive
experience of its promoters in the textiles industry and the
funding support that it receives from them, and the company's
established relations with its customers.

Outlook: Stable

CRISIL believes that VCMPL will continue to benefit over the
medium term from its promoters' extensive experience in the
textiles industry and its established relations with its
customers. The outlook may be revised to 'Positive' in case the
company contracts less-than-expected debt to fund its capital
expenditure, leading to better-than-expected financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case VCMPL contracts more-than-expected debt to fund it capital
expenditure programme or incremental working capital
requirements, leading to weakening of its financial risk profile,
particularly its liquidity.

                        About Vinayak Cotton

VCMPL, incorporated in 2002, was formed by the amalgamation of
four firms: Aruna Mills, Pawan Textiles, Aruna Process, and
Marudhar Dime Industries. It processes cotton textiles on job-
work basis for manufacturers in Pali (Rajasthan).

VCMPL reported, on provisional basis, a profit after tax (PAT) of
INR1.6 million on net sales of INR170.5 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR1.1 million on net sales of INR153.2 million for 2010-11.



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


TELEKOMUNIKASI INDONESIA: Confident on Telkom Bankruptcy Appeal
---------------------------------------------------------------
The Jakarta Globe reports that State Enterprises Minister Dahlan
Iskan is confident that state-controlled telecommunications firm
Telekomunikasi Indonesia can settle a legal dispute between its
mobile phone subsidiary Telkomsel and a former partner that has
sought to have Telkomsel legally declared bankrupt.

"Telkom can appeal to a higher court. Telkom is a big company
that has qualified lawyers who are able to settle its legal
problems," the report quotes Mr. Dahlan as saying.

The Jakarta Globe recalls that Telkomsel management said last
week that it would appeal a bankruptcy ruling issued by the
Central Jakarta Commercial Court following a lawsuit initiated by
former partner Prima Jaya Informatika, a distributor of mobile
phone top-up vouchers and SIM cards.

According to the report, Prima Jaya has accused the mobile phone
operator of having failed to fulfill its contractual obligations
and sought a declaration of bankruptcy against Telkomsel.

The report relates that Mr. Dahlan said he had been apprised of
the conflict by members of Telkom's board of directors.  "I have
been informed of the matter but because this is a corporate
matter, I do not want to interfere and it should be settled
through legal corporate means," Mr. Dahlan, as cited by The
Globe, as saying.

The Jakarta Globe discloses that Telkomsel and Prima Jaya
established a partnership on June 1, 2011, for a period through
June 2013, in which Telkomsel agreed to provide vouchers and SIM
cards with a special sports theme to Prima Jaya.  But in June of
this year, a dispute arose when Telkomsel terminated the contract
because it claimed Prima Jaya had failed to meet agreed-upon
conditions.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.



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


CAIRNS GROUP: 25 Jobs Lost Following Receivership
-------------------------------------------------
stuff.co.nz reports that 25 jobs were terminated during the
receivership of companies involved with Palmerston North rubbish
and recycling firm Cairns Group.

According to the report, PricewaterhouseCoopers is the receiver
of Manawatu Transfer Station and Cairns Transport Ltd, both part
of the Cairns Group which was owned by Ash Cairns.

The two companies were put into receivership earlier this year to
try to pay off about NZ$4 million in debt, the report says.

Transfer stations in Palmerston North and Feilding were both
leased by Cairns Group, stuff.co.nz relays.

stuff.co.nz discloses that when PwC took control, there were
eight Cairns staff at the Feilding transfer station and 32
employed at the Palmerston North station.

The report relates that John Fisk from PwC said three former
Cairns staff had been offered work in Feilding by the new leasee
Smart Environmental, while 12 had been offered work in Palmerston
North by EnviroWaste.

"The rest are, unfortunately, unemployed," Mr. Fisk, as cited by
stuff.co.nz, said.

Almost all of Cairns Group's assets have been sold off as part of
the receivership, the report notes.


NATIONAL FINANCE: Former Director Gets 10 Months Home Detention
---------------------------------------------------------------
stuff.co.nz reports that former National Finance director
Carol Braithwaite has been sentenced to 10 months' home detention
and 300 hours' community work for misleading investors.

According to the report, Mr. Braithwaite was found guilty by a
jury in the High Court at Auckland in late July of making an
untrue statement in the failed finance company's 2005 prospectus.

The case was the first finance company prosecution to be heard
before a jury, rather than by a judge alone, stuff.co.nz relates.

stuff.co.nz states that Justice Pamela Andrews said her starting
point in sentencing Braithwaite was two years and eight months in
prison, but she had given her a discount based on her good
character and a letter Ms. Braithwaite sent to the court
expressing remorse.  Justice Andrews said Ms. Braithwaite had
also received a discount because she was the sole caregiver of an
autistic child, the report relays.

                     About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.



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


ARETAE ECOVENTURES: Creditors' Meetings Set for Sept. 25
--------------------------------------------------------
Aretae Ecoventures Limited, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Sept. 25,
2012, at 4:00 p.m., at 78 South Bridge Road #04-01 TKH Building,
in Singapore 058708.

Agenda of the meeting include:

   a. to receive a full statement of the company's affairs
      together with a List of Creditors and the estimated amount
      of their claims;

   b. to nominate Liquidator(s) or confirm members' nomination of
      Liquidator;

   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of winding up the Company; and

   d. discuss other business.


DONGFANG SHIPBUILDING: Creditors' Meetings Set for Oct. 1
---------------------------------------------------------
Dongfang Shipbuilding (Group) Company Limited, which is in
liquidation, will hold a meeting for its creditors on Oct. 1,
2012, at 11:00 a.m., at 8 Shenton Way, #17-02A, in Singapore
068811.

Agenda of the meeting include the appointment of a Committee of
Inspection.

The company's liquidator is:

         Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd
         #17-02A, 8 Shenton Way
         Singapore 068811


DONGFANG SHIPBUILDING: Creditors' Proofs of Debt Due Oct. 1
-----------------------------------------------------------
Creditors of Dongfang Shipbuilding (Group) Company Limited, which
is in liquidation, are required to file their proofs of debt by
Oct. 1, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd
         #17-02A, 8 Shenton Way
         Singapore 068811


FORESIGHT TECHNOLOGIES: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on Aug. 31, 2012, to
wind up Foresight Technologies (S) Pte Ltd's operations.

Dbs Bank Ltd filed the petition against the company.

The company's liquidator is:

         Messrs Mah Beng Weng
         c/o Charles Mah Advisory Pte Ltd
         102E Pasir Panjang Road
         #02-03 Citilink Complex
         Singapore 118529


INFOSEC PACIFIC: Creditors' Meetings Set for Sept. 26
-----------------------------------------------------
Infosec Pacific Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on Sept. 26, 2012, at 4:00 p.m., at 21
Merchant Road #07-02 Royal Merukh S.E.A. Building, in Singapore
058267.

Agenda of the meeting include:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 21 Merchant Road
         #05-01 Royal Merukh
         S.E.A. Building
         Singapore 058267



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


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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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