TCRAP_Public/120920.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 20, 2012, Vol. 15, No. 188

                            Headlines


A U S T R A L I A

FORTESCUE METALS: Secures $4.5 Billion Lifeline
FORTESCUE METALS: Fitch Says New $4.5BB Facility Removes Pressure
FORTESCUE METALS: Moody's Reviews 'Ba3' CFR for Downgrade
NINE ENTERTAINMENT: Insiders Claims Receivership Talk Just Bluff
ON PRODUCT: Enters Into Administration; Seeks Debt Restructuring

PAPERLINX LIMITED: Chairman, Two Directors Step Down
WESTGEM: Owner Suffers Set Back in Receivership Case
* AUSTRALIA: Moody's Says Banks Can Withstand Unexpected Downturn


B A N G L A D E S H

* BANGLADESH: Moody's Says 'Ba3' Rating Outlook Stable


C H I N A

CHINA TEL GROUP: Issues Shares to Ironridge, Isaac and AO


H O N G  K O N G

832 LIMITED: Court Enters Wind-Up Order
3D-GOLD JEWELLERY: Court Enters Wind-Up Order
ACE STYLE: Court Enters Wind-Up Order
CSA ABSOLUTE: Blaauw and Lam Step Down as Liquidators
GOLDEN GENERAL: Court Enters Wind-Up Order

HIGH LINK: Court Enters Wind-Up Order
JIAN MAO: Court Enters Wind-Up Order
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
LUCKY FIRST: Court Enters Wind-Up Order
MUSE INTERIOR: Court Enters Wind-Up Order

PS EXIM: Court to Hear Wind-Up Petition on Oct. 3
SINO DYNASTY: Court Enters Wind-Up Order
SUPER ENERGY: Court Enters Wind-Up Order
VILLAWOOD DEVELOPMENTS: Lai and Yeung Appointed as Liquidators
YILI PLASTIC: Court to Hear Wind-Up Petition on Oct. 17

YING YUE: Court Enters Wind-Up Order


I N D I A

ANAND DIAGNOSTIC: CARE Rates INR7.58cr LT Loan at 'CARE BB+'
BALAR SYNTHETICS: CARE Assigns 'CARE BB' Rating to INR20.9cr Loan
BEJ CERAMIC: CARE Rates INR7.17cr LT Loan at 'CARE B+'
BHAGYODAY AGRO: CARE Assigns 'CARE B' Rating to INR8.40cr Loan
BHARAT PET: CARE Assigns 'CARE B+' Rating on INR8.13cr LT Loan

BHARAT PRODUCTS: CARE Rates INR12.5cr LT Loan at 'CARE B+'
CHANDRESH CABLES: CARE Rates INR18cr LT Loan at 'CARE BB'
CRP TECHNOLOGIES: CARE Rates INR19.05cr Loan at 'CARE BB+'
M.P.K. ISPAT: CARE Rates INR15cr LT Loan at 'CARE B+'
PANCHDEEP COTTON: CARE Reaffirms 'CARE B' Rating on INR13cr Loan

PANCHDEEP COTTON INDUSTRIES: CARE Reaffirms 'B' LT Rating
SYSCHEM INDIA: CARE Assigns 'CARE BB-' Rating to INR15.75cr Loan


J A P A N

ELPIDA MEMORY: US Court Bars Firm From Selling U.S. Assets


K O R E A

LIG GROUP: Prosecutors Raid Offices Over Fraud Charges


M O N G O L I A

* MONGOLIA: Moody's Says Spending Demands Weigh on Outlook


N E W  Z E A L A N D

CREDIT UNION: S&P Puts 'BB' Issuer Credit Rating on Watch Neg.


S I N G A P O R E


ITAI TECHNOLOGIES: Court Enters Wind-Up Order
JFT INVESTMENT: Creditors' Proofs of Debt Due Oct. 15
JSE INVESTMENT: Creditors' Proofs of Debt Due Oct. 15
KUTAI ETAM: Court Enters Wind-Up Order
MYCUBE.COM PTE.: Creditors' Meetings Set for Oct. 2

MYCUBE.COM PTE: Creditors' Proofs of Debt Due Oct. 2


                            - - - - -


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


FORTESCUE METALS: Secures $4.5 Billion Lifeline
-----------------------------------------------
Robb M. Stewart at The Wall Street Journal reports that Fortescue
Metals Group Ltd. bought more time to ride out slumping iron-ore
prices, securing up to US$4.5 billion to refinance its existing
debt and free the company from any immediate need to sell assets
to raise funds.

According to the Journal, the company said its new credit
facility has delayed the company's first debt repayment until
November 2015.  The Journal says the lending came without banking
covenants, which can set operating restrictions.  According to
the report, the sharp decline in iron-ore prices over the last
couple of months, had sparked fears among investors that
Fortescue might breach come of its loan covenants.

"We have acted decisively and comprehensively," the report quotes
Chief Executive Neville Power as saying in a conference call with
reporters.  The new facility means Fortescue can refinance all
its existing bank facilities and boost its liquidity.  "It is a
sledgehammer to crush an ant," Mr. Power, as cited by the
Journal, said.

The Journal notes that concerns over Fortescue's debt have
heightened as prices fell for industrial commodities including
iron ore, which is used in producing steel, amid Europe's debt
crisis and waning demand from China.

The Journal says Fortescue this month sold a power station that
supplies electricity to one of its mines in Western Australia
state for US$300 million.  According to the Journal, Mr. Power
said the sale of other assets is being considered and that the
company could bring in partners on operations or to invest in
assets such as infrastructure but that there is no immediate need
to raise cash.

Credit Suisse and J.P. Morgan underwrote the facility, which has
been secured against Fortescue's assets, the Journal discloses.
Stephen Pearce, chief financial officer of the Perth-based
company, declined to disclose the fees but said the overall cost
will be less than the roughly 7% at which Fortescue's unsecured
bonds trade, the Journal adds.

                        About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 14, 2012, Standard & Poor's Ratings Services placed its
'BB-' corporate credit and issue ratings on Australia-based
mining company Fortescue Metals Group Ltd. on CreditWatch with
negative implications. The recovery rating is affirmed at '4'.


FORTESCUE METALS: Fitch Says New $4.5BB Facility Removes Pressure
-----------------------------------------------------------------
Fitch Ratings says that Fortescue Metals Group Limited's
('BB+'/Negative) new USD4.5 billion debt facility has removed
immediate pressures on its credit profile.  However, the rating
remains on Negative Outlook until there is greater clarity on the
speed at which the company will be able to de-leverage once it
completes the capex to expand its production capacity to 155
million tonnes per annum.

The USD4.5bn five-year senior secured facility, which is fully
underwritten, will be used to refinance all of Fortescue's
existing bank facilities totalling USD3.6bn.  The refinancing
removes earnings-based maintenance covenants pertaining to
existing bank debt.  In addition, the facility improves
Fortescue's debt maturity profile and provides the company with
additional liquidity.

At June 30, 2012, Fortescue had USD2.3bn cash and undrawn debt
capacity of USD1.9bn; it secured a further USD1.5bn capacity in
August 2012.  The new facility provides Fortescue with USD4.3bn
of funding headroom (compared with USD3.4bn prior to the new
facility) and its next major refinancing is not due until
November 2015.  The recent sale of the Solomon power station for
USD325m provides additional liquidity.

Nonetheless, the current downturn in iron ore prices and hence
lower operating cash flow means Fortescue will have to take on
additional debt to fund its capacity expansion.  Thus, the pace
of de-leveraging post capex completion will be slower than Fitch
had expected earlier this year and is reflected in the Negative
Outlook.

The Outlook may be revised to Stable once the refinancing is
completed and there is greater clarity that leverage will revert
to below 2.75x after the financial year ending June 2014.  Rating
factors include the impact of a previously announced capex delay,
the effectiveness of planned cost reductions and the possible
non-core asset or minority interest sales.

The new facility introduces material secured debt into
Fortescue's capital structure.  However, Fortescue's senior
unsecured rating of 'BB+' is unaffected as secured debt to
consolidated operating EBITDA is below 2.0x, and thus does not
materially prejudice recoveries for lower classes of debt.


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

Moody's decision to keep the ratings on review for possible
downgrade follows the announcement by Fortescue that it has
secured an underwritten commitment for a US$4.5 billion Senior
Secured Credit Facility. Proceeds from the facility will be used
to refinance all of the company's existing bank facilities of
around $3.5 billion and for general corporate purposes. Fortescue
stated that the new facilities have a 5-year maturity and do not
contain any maintenance covenants.

Ratings Rationale

The Ba3 corporate family rating could be confirmed at the
conclusion of the review, assuming 1) the US$4.5 billion facility
is finalized on the announced terms, 2) Fortescue will maintain
an adequate liquidity coverage to withstand further weakness in
iron ore prices as exhibited in recent weeks, and 3) there is
further clarity around plans for resuming the Kings Deposit
development, which was recently suspended. The rating
confirmation would also take into account Fortescue's ability to
achieve the recently-announced operating cost savings.

"The new credit facilities, combined with the absence of any
financial maintenance covenants, will substantially address the
liquidity challenges that have been facing Fortescue and that had
contributed to the placement of its ratings on review for
downgrade" says Matthew Moore, a Moody's AVP -- Analyst.

"In addition to removing concerns around covenant pressure, the
new facilities will provide around US$1.0 billion of additional
liquidity and extend out debt maturities" Moore says, adding
"With these new facilities, Fortescue's first debt maturity will
not be until November 2015".

On the other hand, the addition of significant secured debt as a
result of the announced transaction could result in a lower
senior unsecured rating, reflecting legal subordination. As such,
the $7.0 billion of outstanding senior unsecured Notes could be
lowered.

Moody's recognizes that Fortescue's financial profile should
improve upon successful commissioning of the expansion project,
with production capacity expected to grow from 55 million tons
per annum (mtpa) to 115 mtpa by mid next year. The successful
completion of this expansion will support a stronger credit
profile over the medium to long term. The ongoing credit profile
will also be supported by further clarity around medium to long
term growth initiatives.

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

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


NINE ENTERTAINMENT: Insiders Claims Receivership Talk Just Bluff
----------------------------------------------------------------
Business Spectator reports the Herald Sun said that Nine
Entertainment Co is unlikely to be placed in receivership as a
result of the continuing argument between the owners of the
television network, Goldman Sachs and hedge funds Apollo and
Oaktree.

Sources have told the newspaper that "common sense" will likely
prevail in the debate between the lenders and Nine owner CVC Asia
Pacific, according to Business Spectator.

Business Spectator relates that with hopes of finding a buyer for
the network all but gone, CVC has been left with only two
realistic outcomes: an agreement between Goldman Sachs and the
hedge funds, or receivership if Nine's management decides it is
not confident enough to sign off on the group's annual accounts
at the end of October or early November.

Business Spectator notes that CVC, Goldman and Nine management
are scrambling to restructure $2.8 billion worth debt, which must
be repaid or refinanced by February.

The report discloses that a source close to the situation told
the Herald Sun that talks between the groups were continuing.


ON PRODUCT: Enters Into Administration; Seeks Debt Restructuring
----------------------------------------------------------------
SmartCompany reports that On Product Publishing Group has entered
into administration, with the administrator blaming the high
costs of complying with worldwide legal and regulatory regimes.

On Product entered into administration earlier this month with
Kenneth Stout of Boutique Corporate Advisory appointed as
administrator, according to SmartCompany.

Mr. Stout told SmartCompany that On Product was seeking a deed of
company arrangement which will effectively postpone its
obligations when they are due and payable.

On Product Publishing Group is a marketing services business
which owns and developed the intellectual property rights to a
concept that combines publishing with consumer packaged goods by
enabling mini-magazines to be placed on bottles and packages.
The company uses Labelzine - a customised product label
containing a removable magazine - to attach the magazines. It
counts Coca-Cola and Tetra Pak amongst its big name clients.


PAPERLINX LIMITED: Chairman, Two Directors Step Down
----------------------------------------------------
smh.com.au reports that the chairman of embattled paper, sign and
display supplier PaperlinX Limited has quit the board, along with
two other directors.

The departure of the chairman and two directors from the loss-
making company follows that of PaperlinX chief executive Toby
Marchant in July, the report says.

PaperlinX said Chairman Harry Boon and non-executive directors
Lyndsey Cattermole and Anthony Clark had resigned from the board,
effective from September 28, according to smh.com.au.

"The company expects to make further announcements about
additional appointments to the board prior to the effective date
of the above resignations," PaperlinX said in a statement.

smh.com.au discloses that PaperlinX booked an annual loss of
AUD266.7 million for the year to June 30 after writing off the
value of its European operations.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.


WESTGEM: Owner Suffers Set Back in Receivership Case
----------------------------------------------------
Chris Zappone at smh.com.au reports that property developer Luke
Saraceni has suffered a legal setback today, with the Supreme
Court of Western Australia ruling that receivers had been
lawfully appointed to his Westgem Investments holding company in
January 2011.

Receivers KordaMentha welcomed the ruling in the long-running
case involving the $500 million Perth commercial property, Raine
Square, according to Smh.com.au.

"I hope today's decision will bring to an end Mr. Saraceni's
strategy of seeking to undermine the receivers," the report
quoted Mark Mentha, of corporate turnaround and restructure
advisory KordaMentha, as saying.

Mr. Saraceni, the sole director of Westgem, is seeking
compensation for what he claimed was an unjustified receivership
call on his group, the report notes.

Smh.co.au recalls that Westgem, a special purpose vehicle which
owns Raine Square, was placed into receivership by financiers
Bankwest and Bank of Scotland, after the company failed to make a
$50 million repayment in December 2010.

The report discloses that the West Australian reported that Mr.
Saraceni planned to continue to pursue legal action against the
receivers.  Mr. Saraceni holds 51% of Westgem's shares along with
commercial property investor Hossean Pourzand, the report relays.

Bankwest, whose headquarters are located in Raine Square,
welcomed the outcome, saying it was "keen to put the distraction
of these particular legal proceedings behind them so they can
focus on the completion and sale of the projects," the report
adds.


* AUSTRALIA: Moody's Says Banks Can Withstand Unexpected Downturn
-----------------------------------------------------------------
Moody's Investors Service says Australia's major banks are well
positioned to withstand significant loan losses from any
unanticipated economic downturn, save one which caused losses
unparalleled in the Australian context.

"Strong profitability and capital levels, together with solid
asset quality, have positioned the major banks well for an
unexpected economic downturn, including one where losses would be
equivalent in size to those experienced during Australia's last
recession from 1991 to 1993," says Ilya Serov, a Moody's Vice
President and Senior Credit Officer.

Serov is the author of a new report titled, "Assessing the
Vulnerability of Australian Banks to a Downturn in the Housing
Sector".

"In our view, the banks would only be materially impacted - and
therefore would need to raise significant amounts of capital - in
a highly adverse scenario, wherein losses incurred are of a size
unprecedented in the Australian context," says Serov.

"Such a scenario would be characterised by housing losses many
times greater than those ever historically experienced. In
addition, such a scenario would require loan losses from
corporate and other lending books similar in magnitude to those
experienced by US banks from 2008 to 2011," continues Serov.
"Such a scenario would represent in all likelihood an extremely
severe economic recession."

This scenario contrasts with Moody's base case macroeconomic
forecast, which assumes GDP growth in the 2.5-3.5% range in 2012
and 3-4% in 2013, with unemployment in the 5-6% range, thereby
highlighting the low level of risk -- in Moody's view -- that the
highly stressed scenario would eventuate.

"However, the banks' continued exposure to offshore wholesale
funding -- though much improved -- remains a key risk with the
potential for even a mild downturn to lead to funding stress. In
such a situation, a loss of investor confidence is the key
vulnerability for the banks' creditworthiness," says Serov.

Moody's also notes in the report that the impact on the regional
banks would be more pronounced under all stress scenarios.
Compared to the major banks, the portfolios of regional banks
have a higher percentage of low documentation loans and are less
geographically diversified, leading to higher credit losses in
the event of an economic downturn.

The major rated Australian banks are: Australia and New Zealand
Banking Group, Commonwealth Bank of Australia, National Australia
Bank, and Westpac Banking Corporation.

The rated regional banks are Bank of Queensland, Bendigo and
Adelaide Bank, and Suncorp-Metway Limited.



===================
B A N G L A D E S H
===================


* BANGLADESH: Moody's Says 'Ba3' Rating Outlook Stable
------------------------------------------------------
Moody's Investors Service says that the outlook for the
Government of Bangladesh's Ba3 foreign and local currency bond
ratings is stable.

Moody's sovereign ratings for Bangladesh's are based on low
levels of economic and institutional strength, as well as low-to-
moderate government financial strength, balanced against a low
susceptibility to event risk.

According to a new report titled, "Credit Analysis: Bangladesh,
Government of", while Bangladesh has achieved a track record for
macroeconomic stability over the past decade, GDP per capita
remains the lowest amongst all rated countries. Moreover, a
reliance on private consumption--supported by worker remittances-
-and a poorly diversified export sector leave the country
vulnerable to a further slowdown in global growth.

Since 2011, overheating pressures manifested themselves in rising
prices and a deterioration in the balance of payments. While
these have been contained recently, fundamental factors behind
the shock--such as infrastructure constraints in the power
sector--still need to be resolved in order to assure a
sustainable growth trajectory of around 7% per annum.

Bangladesh's rating is constrained by institutional weaknesses.
Notably, poor governance have constrained capacity improvements
and could be a risk to funding. However, conditionalities built
in to the IMF program that commenced in April 2012 bolsters the
outlook for reform.

The government's low to moderate financial strength reflects a
weak revenue base and structural pressures from subsidies, but
are offset by trend improvement in the debt trajectory,
relatively low debt service requirements, and ongoing efforts to
reform revenues. While deficits have remained manageable at 4-5%
of GDP, funding-related stresses in the past year contributed to
a greater dependence on domestic bank financing, which in turn
has fanned inflationary pressures and a mild crowding out of
private sector credit. However, continued access to low-cost,
long-term external financing limits exchange rate and sovereign
debt rollover risks.

While the contentious political landscape has dented investor
confidence, event risks are remote. This assessment reflects a
largely stable banking system, as well as the low likelihood that
future political developments would result in a sudden shift in
the policy framework.

Moody's report is an annual update to the markets and does not
constitute a rating action.



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


CHINA TEL GROUP: Issues Shares to Ironridge, Isaac and AO
---------------------------------------------------------
Since its most recent report filed on any of Forms 8-K, 10-K or
10-Q, VelaTel Global Communications, Inc., formerly known as
formerly known as China Tel Group Inc., has made sales of
unregistered securities, namely shares of the Company's Series A
common stock.  The Company filed a Form 8-K because the aggregate
number of Shares sold exceeds 5% of the total number of Shares
issued and outstanding as of the Company's latest filed Report,
on Form 10-Q filed on Aug. 20, 2012.

On Sept. 13, 2012, the Company issued 2,250,000 Shares to
Ironridge Global IV, Ltd.  The Second Issuance was pursuant to an
Order for Approval of Stipulation for Settlement of Claims
between the Company and Ironridge, in settlement of $1,367,693 of
accounts payable of the Company which Ironridge had purchased
from certain creditors of the Company, in an amount equal to the
Assigned Accounts, plus fees and costs.  Ironridge demonstrated
to the Company's satisfaction that it was entitled to an
Additional Issuance, and that following the Second Issuance
Ironridge will own less than 9.99% of the total shares then
outstanding.

On Sept. 13, 2012, the Company issued 1,153,961 Shares and
1,153,961 warrants to Isaac Organization, Inc., in partial
payment of a promissory note in the amount of $500,000 due
June 30, 2012. Each warrant has an exercise price of $0.0276 and
an exercise term of three years.  This sale of Shares resulted in
a principal reduction of $5,000 in notes payable of the Company,
and payment of accrued interest of $26,849.

On Sept. 13, 2012, the Company issued 928,309 Shares and 928,309
warrants to America Orient, LLC, in partial payment of a
promissory note in the amount of $500,000 due May 31, 2012, in
favor of Isaac and assigned to America Orient.  Each warrant has
an exercise price of $ 0.0299 and an exercise term of three
years.  This sale of Shares resulted in a principal reduction of
$25,000 in notes payable of the Company, and payment of accrued
interest of $2,756.

In addition, the Company issued 8,354,081 registered Shares
pursuant to a Form S-8 Registration Statement filed on Aug. 30,
2012.

As of Sept. 13, 2012, the Company has 24,954,563 shares of its
Series A common stock outstanding, with a par value of $0.001,
and 199,999,999 shares of its Series B common stock outstanding,
with a par value of $0.001.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.

The Company's balance sheet at June 30, 2012, showed $15.91
million in total assets, $20.01 million in total liabilities and
a $4.09 million total stockholders' deficiency.



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


832 LIMITED: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Sept. 5, 2012, to
wind up the operations of 832 Limited.

The official receiver is Teresa S W Wong.


3D-GOLD JEWELLERY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Sept. 3, 2012, to
wind up the operations of 3D-Gold Jewellery Holdings Limited.

The official receiver is Teresa S W Wong.


ACE STYLE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 29, 2012, to
wind up the operations of Ace Style Intimate Apparel Limited.

The company's liquidator is Lau Siu Hung.


CSA ABSOLUTE: Blaauw and Lam Step Down as Liquidators
-----------------------------------------------------
Jan G W Blaauw and Lam Hok Chung Rainier stepped down as
liquidators of CSA Absolute Return Fund Limited on Aug. 8, 2012.


GOLDEN GENERAL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 6, 2012, to
wind up the operations of Golden General Corporation Limited.

The company's liquidator is Lau Siu Hung.


HIGH LINK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 4, 2012, to
wind up the operations of High Link Technology Limited.

The company's liquidator is Lau Siu Hung.


JIAN MAO: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Aug. 29, 2012, to
wind up the operations of Jian Mao Shipping & Trading Co.
Limited.

The company's liquidator is Lau Siu Hung.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Sept. 7 that
investigation of over 99% of a total of 21,867 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

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

     * 3,474 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

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

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

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

Investigation work is underway for the remaining 35 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/wHK40v

                       About Lehman Brothers

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

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

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

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

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

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

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

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


LUCKY FIRST: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Sept. 5, 2012, to
wind up the operations of Lucky First Industries Limited.

The official receiver is Teresa S W Wong.


MUSE INTERIOR: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Sept. 3, 2012, to
wind up the operations of Muse Interior Design Gallery Limited.

The company's liquidator is Lau Siu Hung.


PS EXIM: Court to Hear Wind-Up Petition on Oct. 3
-------------------------------------------------
A petition to wind up the operations of PS Exim (HK) Limited will
be heard before the High Court of Hong Kong on Oct. 3, 2012, at
9:30 a.m.

Pointer Investment (Hong Kong) Limited filed the petition against
the company on July 30, 2012.

The Petitioner's solicitors are:

          Reed Smith Richards Butler
          20th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


SINO DYNASTY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Sino Dynasty Development Limited.

The company's liquidator is Lau Siu Hung.


SUPER ENERGY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 26, 2012, to
wind up the operations of Super Energy International Limited.

The company's liquidator is Lau Siu Hung.


VILLAWOOD DEVELOPMENTS: Lai and Yeung Appointed as Liquidators
--------------------------------------------------------------
Lai Kar Yan Derek and Yeung Lui Ming Edmund on Aug. 6, 2012, were
appointed as liquidators of Villawood Developments Limited.

The liquidators may be reached at:

          Lai Kar Yan Derek
          Yeung Lui Ming Edmund
          35/F, One Pacific Place
          88 Queensway, Hong Kong


YILI PLASTIC: Court to Hear Wind-Up Petition on Oct. 17
-------------------------------------------------------
A petition to wind up the operations of Yili Plastic (Hong Kong)
Company Limited will be heard before the High Court of Hong Kong
on Oct. 17, 2012, at 9:30 a.m.

Tse Wing Kwong Wallace filed the petition against the company on
Aug. 15, 2012.


YING YUE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on July 26, 2012, to
wind up the operations of Ying Yue Construction Engineering Co.
Limited.

The company's liquidator is Lau Siu Hung.



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


ANAND DIAGNOSTIC: CARE Rates INR7.58cr LT Loan at 'CARE BB+'
------------------------------------------------------------
CARE assigns 'CARE BB+' to the bank facilities of Anand
Diagnostic Laboratory.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       7.58     CARE BB+ Assigned

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

Rating Rationale

The rating is primarily constrained on account of the small scale
of operations of Anand Diagnostic Laboratory (ADL) along with its
constitution as a partnership firm, geographical concentration of
its operations and intense competition in the medical diagnostics
service industry with high level of fragmentation and presence of
unorganized players. The rating, however, draws strength from
established track record and experience of the partners, growing
turnover with healthy profit margins, favorable capital
structure, satisfactory debt coverage indicators and favorable
demand prospects. Increase in the scale of operations amidst
intense competition in the industry and sustaining healthy profit
margins and capital structure is the key rating sensitivity.

Anand Diagnostic Laboratory was incorporated in 1974 as a
proprietorship concern by Dr. Ramaprasad and was converted to a
partnership firm in 1993. It is engaged in providing medical
diagnostic services viz. blood test, urine test, lipid profile
test, Ultrasound, X-ray, TMT, etc. Besides, it also provides
certain other services viz. home collection services, preventive
care services and medical research services. ADL operates in
South India only and has branches located at several places in
Bangalore and one in Mangalore.

The partners, Dr. Ramaprasad, Dr Jayaram and Dr Sujayprasad are
qualified medical practitioners associated with the industry for
the last 30-40 years.

During FY11 (refers to the period April 1 to March 31), ADL
reported a total operating income of INR17.09 crore (FY10
INR 13.72 crore) and a PAT of INR2.23 crore (FY10,
INR1.88 crore).  Based on the provisional results for FY12, ADL
reported a total operating income of INR20.96 crore and a PAT of
INR2.33 crore.


BALAR SYNTHETICS: CARE Assigns 'CARE BB' Rating to INR20.9cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Balar Synthetics Pvt Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-Term Bank Facilities     20.90      CARE BB Assigned
   Long-Term / Short-Term         0.10      CARE BB/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings are primarily constrained by the presence of Balar
Synthetics Private Limited in the highly fragmented & competitive
synthetic fabric manufacturing industry with limited value
addition and working capital intensive nature of operations. The
ratings are further constrained by BSPL's financial risk profile
marked by low profitability and leveraged capital structure.

The ratings, however, draw strength from the wide experience of
the promoters in the synthetic fabric manufacturing industry,
locational advantage by the way of proximity to raw material as
well as customers and Government support through Technology
Upgradation Fund Scheme.  BSPL's ability to increase its scale of
operations and profitability with improvement in capital
structure and efficient management of working capital are the key
rating sensitivities.

BSPL is promoted by Mr. Suresh Kumar Jain & Mr. Rajesh Jain in
1996 at the Textile City of India, Bhilwara. The company is
engaged in weaving of synthetic fabrics from polyester viscous
(PV) yarn
which are primarily used for the manufacturing of suitings.
Initially the company had started its weaving operations with 36
looms which over the period of time has grown to 140 sulzer looms
(Automatic Weaving Machines). BSPL has its sole manufacturing
facilities located at Bhilwara with an installed capacity of 1.40
crore meter per annum (MPA) to produce grey and finished
synthetic fabrics as on March 31, 2012. The company sells most of
the manufactured grey fabric in the local market of Bhilwara
through nine agents. Further, BSPL markets finished fabric
through network of 26 agents in the local market as well as in
the Southern part of India.

During FY12 (as per audited results; refers to the period April 1
to March 31), BSPL reported a total operating income of INR89.54
crore (FY11: INR77.91 crore) and Profit After Tax (PAT) of
INR0.72 crore (FY11: INR0.60crore). As per provisional results
for Q1FY13, BSPL achieved total operating income of INR25crore.


BEJ CERAMIC: CARE Rates INR7.17cr LT Loan at 'CARE B+'
------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of BEJ ceramic.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      7.17      CARE B+ Assigned
   Short-term Bank Facilities     1.00      CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Bej Ceramic (BEJ)
are primarily constrained on account of the delay in the
completion of project, leveraged capital structure and its
presence in highly fragmented ceramic tiles industry. The ratings
are further constrained due to the susceptibility of operating
margins to raw material price fluctuations and demand linkages
with the real estate sector.

These constraints far outweigh the benefits derived from the
partners' experience in the ceramic tiles industry coupled with
the presence in ceramic tile hub with easy access to raw
materials.

BEJ's ability to achieve envisaged level of sales and profit
margins in the highly competitive ceramic tiles industry are the
key rating sensitivities.

Established in April 2011 as a partnership firm, BEJ, based in
Morbi (Gujarat), is owned and managed by seven active partners.
In February 2012, BEJ completed a green-field project to
manufacture glazed ceramic floor tiles with an installed capacity
of 30,000 metric tonnes per annum (MTPA). The total cost of the
project was INR9.27 crore, which was financed with a debt
equity ratio of 1.72 times. BEJ has set up a project based on the
latest single firing new roller kiln technology in which both
wall and floor tiles can be manufactured.


BHAGYODAY AGRO: CARE Assigns 'CARE B' Rating to INR8.40cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bhagyoday
Agro Industries.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      8.40      CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm as on
March 31, 2012. The ratings may undergo change in case of the
withdrawal of capital or the unsecured loans brought in by the
partners in addition to the financial performance and other
relevant factors.

Rating Rationale

The rating is constrained by the relatively small scale of
operations of Bhagyoday Agro Industries in the competitive and
fragmented cotton ginning industry, strained financial risk
profile indicated by thin profit margins along with leveraged
capital structure, fluctuations and seasonality associated with
cotton availability and impact of government policies related to
cotton. The rating, however, derives strength from the
experienced management and the strategic location of the unit in
the cotton growing areas of Maharashtra.

The ability of the firm to increase the scale of operations,
improve its profitability margins and manage working capital
cycle is the key rating sensitivity.

BAI was setup in January 2009, by Mr. Shantilal Pahade and his
wife Mrs. Anita Pahade as a partnership firm in the profit
sharing ratio of 70:30. BAI is engaged in the business of cotton
ginning and pressing. The processing unit of BAI is located in
Vaijapur, Aurangabad, with an installed capacity of 126 metric
tonnes per annum (MTPA) for cotton seeds and 7,650 MTPA for
cotton bales as on March 31, 2012. The firm utilizes
approximately 75% of its annual installed capacity and operates
for 180 days (October to May) during the year which is the raw
material
season.

During FY11 (refers to the period April 1 to March 31) BAI earned
a PAT of INR0.20 crore on a total income of INR35.95 crore as
against a PAT of INR0.10 crore on a total income of INR8.61 crore
in FY10.  As per the provisional results, BAI registered a PAT of
INR0.43 crore on a total income of INR 34.34 crore.


BHARAT PET: CARE Assigns 'CARE B+' Rating on INR8.13cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bharat Pet Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      8.13      CARE B+ Assigned
   Short-term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bharat PET Ltd.
are primarily constrained by its small scale of operations
coupled with declining total operating income, working capital
intensive nature of operations, highly fragmented PET
(Polyethylene Terephthalate) containers industry, volatility in
raw material prices and fortunes linked to the pesticides
industry. The ratings however, do get support from the long-
standing industry experience of the promoters, reputed and large
client base, direct selling to established clients and moderate
overall gearing.

Going forward, the company's ability to increase its scale of
operations along with the improvement in the profitability
margins and effective working capital management are the key
sensitivities.

BPET was incorporated as a public limited company in 1998 by
Mr. Subhash Chandra Gupta, Mrs. Meena Gupta and Mr. Deepak Gupta,
and all of them have been with the company since its inception.

The company is engaged in the manufacturing and supplying of
plastic bottles specifically used for storing agro-based
chemicals like pesticides, insecticides, etc. It manufactures PET
bottles in different sizes, ranging from 100 ml size to 10
litres. BPET has its manufacturing facility setup in Peera Garhi
(New Delhi), with an installed capacity to produce 5 crore pieces
per annum. The promoters have also promoted Bharat Product
Limited engaged in the manufacturing of tin containers for
storing agro-based chemicals.

For FY11 (refers to the period April 1 to March 31), BPET
achieved  total operating income of INR24.73 crore with a PAT of
INR0.10 crore. As per the provisional results of FY12, BPL has
achieved a total operating income of INR20.72 crore.


BHARAT PRODUCTS: CARE Rates INR12.5cr LT Loan at 'CARE B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bharat
Products Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      12.50     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Bharat Products
Ltd. is constrained by its small scale of operations with modest
profitability margins, working capital intensive nature of the
operations resulting in a long operating cycle, intense
competition in the packaging industry due to low entry barriers
and fortunes linked to the pesticides industries. The rating,
however, is supported by the long-standing industry experience of
the promoters, reputed and large client base and moderate
leverage.

Going forward, the company's ability to increase its scale of
operations along with the improvement in profitability margins
and effective working capital management are the key
sensitivities.

BPL (formerly known as Bharat Product Private Limited), was
incorporated by Mr. S. N. Gupta and Mr. Subash Chandra Gupta in
March 1993 as a private limited company. It was subsequently
converted into a public limited company in October 1993.
BPL is a manufacturer and supplier of tin containers, used
specifically for storing agro-based chemicals like pesticides,
insecticides, crop saving material, etc. The company manufactures
tin containers in different sizes, ranging from 100 ml to 10
litres. The company sells directly to its corporate customers and
does not sell through any intermediaries. BPL has its
manufacturing facilities setup in Nangloi (New Delhi) with an
installed capacity to produce 3 crore pieces of tin containers
per annum. The promoters have also promoted Bharat Pet Limited,
which is engaged in the manufacturing of plastic containers for
storing agro-based chemicals.

For FY11 (refers to the period April 1 to March 31), BPL achieved
a total operating income of INR28.19 crore with a PAT of INR0.52
crore.


CHANDRESH CABLES: CARE Rates INR18cr LT Loan at 'CARE BB'
---------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Chandresh Cables Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      18.00     CARE BB Assigned

   Long-term/Short-term Bank       2.00     CARE BB/CARE A4
   Facilities                               Assigned

   Short-term Bank Facilities      2.00     CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of the financial
risk profile of Chandresh Cables Ltd. marked by thin profit
margins, leveraged capital structure and weak debt protection
indicators. The ratings are further constrained by susceptibility
of profit margins to raw material price fluctuations, working
capital intensive nature of business operations and stiff
competition from organized players.

These constraints outweigh the benefits derived from the
promoters' experience in the cable industry, long track record of
operations and reputed and diversified customer base. CCL's
ability to increase its scale of operations with diversification
of product portfolio and improvement in the profitability and
capital structure are the key rating sensitivities.

CCL, promoted by Mr. Khimraj Balar, was originally incorporated
in December 1981 as Baakra Cables Ltd., and subsequently, the
name of the company was changed to CCL in October 1989. CCL is
engaged in the manufacturing of industrial and housing power
cables and wires. CCL manufactures Low Tension (LT) polyvinyl
chloride (PVC) aluminium cables, copper cables, flexible
cables, flat cables, cross linked polyethylene (XLPE) cables and
housing wires under its registered brand name of 'AVOCAB'.

Cables and wires manufactured by CCL are mainly used in heavy
industries such as power, oil and gas, mining and engineering and
indoor applications for wiring in houses, which are in compliance
with standards as specified by Bureau of Indian Standards (BIS)
and ISO 9001:2008. CCL operates from its sole manufacturing
facility located in Kalol (Gujarat), which has an installed
capacity to manufacture 15,000 kms of power cables and wires and
caters to Gujarat, Maharashtra, Karnataka and Rajasthan.
CCL is a part of the 'Chandresh Group', which includes group
companies such as Anik Synthetics Pvt. Ltd. (manufacturer of
synthetic cloths), Chandresh Finance Ltd. (engaged in providing
long term finance to industries and marketing organizations),
M/s. Sunder Overseas (export and import of various chemicals) and
Chandresh Marketing Pvt. Ltd. (engaged in the marketing of
communication products such as mobile instruments).

As against a net profit of INR0.59 crore on a total operating
income of INR62.88 crore in FY10 (refers to the period April 1 to
March 31), CCL reported a net profit of INR0.45 crore on a total
operating income of INR72.23 crore during FY11.


CRP TECHNOLOGIES: CARE Rates INR19.05cr Loan at 'CARE BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of CRP
Technologies (India) Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     19.05      'CARE BB+' Assigned

Rating Rationale

The rating assigned to the bank facilities of CRP Technologies
(India) Limited is primarily constrained by its modest, albeit
growing, scale of operations, working capital intensive nature of
business, leveraged capital structure and its presence in a
fragmented and competitive industry.

The aforesaid constraints are partially offset by strength
derived from experienced and qualified management, growth in
operations in past, moderately healthy profitability margin, wide
services
offerings & diversified user base and established relationship
with reputed corporate clients.

Improvement in the capital structure, achieving envisaged sales &
maintaining the profitability margins along with its ability to
successfully establish new services are the key rating
sensitivities.

Incorporated in 2000 as a private limited company, CRP
Technologies (India) Limited in the initial years of its
operation (2000-2005) was involved only in the business of
providing credit verification service to the insurance companies.
Over the years, CRP diversified into various other services viz.
HR services (background checks, exit interviews and others),
insurance services (claim investigation & settlement, fraud
verification) and database services (employee database & captive
education database). Later towards the end of FY11, the company
started a new service of providing Contactibility to the
insurance companies in its insurance services vertical. In the
year 2012, the company started another service called 'Managed
Branches'. In this service CRP facilitates the clients to open up
branches by providing infrastructure, manpower and support
activities.

The company's total operating income grew by 123% in FY12 vis--
vis FY11 and the PAT decreased to 7.37% during FY12 from 10.21%
during FY11.


M.P.K. ISPAT: CARE Rates INR15cr LT Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of M.P.K.
ISPAT (I) PVT LTD.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating is primarily constrained on account of the
implementation and stabilization risk associated with the on-
going debt-funded Greenfield project of MPK Ispat (I) Pvt. Ltd.
(MPKL). The rating is further constrained by the susceptibility
of operating margins to volatile raw material prices and foreign
currency fluctuations and high degree of competition in the
fragmented and cyclical domestic steel industry.

The aforesaid constraints are partially offset by strengths
derived from the promoters' experience in steel manufacturing
business, backward integration for group and favorable industry
prospects.

The company's ability to successfully implement and stabilize its
ongoing project without any time and cost overrun is the key
rating sensitivity.

MPK Ispat (India) Private Limited, a part of the MPK group, was
incorporated in 2010. As a backward integration initiative, the
MPK group (engaged in the manufacturing of structural steel &
iron products, since 1996 through three group companies), through
MPKL, is setting up a mild steel (MS) billet manufacturing plant
with a capacity of 29,700 metric tonnes per annum (MTPA) at
RIICO, Bagru (Rajasthan). The total cost of the project is
envisaged at INR23.08 crore, being funded by sanctioned term loan
of INR15 crore, equity of INR7.70 crore and remaining through
unsecured loans from the promoters.

As on August 14, 2012, the company has already spent INR18.48
crore funded towards the project, funded through term loan of
INR10.56 crore, creditors for capital goods of INR1.50 crore,
vehicle loan of INR0.06 crore and balance through the promoter's
contribution.


PANCHDEEP COTTON: CARE Reaffirms 'CARE B' Rating on INR13cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Panchdeep Cotton Industries.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       13       CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Panchdeep Cotton
Industries (PCI) continue to remain constrained by its below
average financial risk profile marked by low and fluctuating
profitability margins, leveraged capital structure and weak debt
protection indicators. The rating is further constrained on
account of its constitution as a partnership firm, its presence
in highly competitive and fragmented cotton ginning industry with
limited value addition, volatility associated with raw material
(Cotton) prices and exposure to the change in government policy
for cotton.

The above-mentioned constraints far offset the benefits derived
from the wide experience of partners in the cotton ginning
business and proximity to the cotton producing region of Gujarat.
PCI's ability to improve its profitability margins with
rationalization of debt levels will remain the key rating
sensitivities.

PCI is a partnership firm constituted in 1997. The firm is
engaged in cotton ginning & pressing and cotton seed crushing.
The firm has an installed capacity of 23,000 Metric Tonnes per
Annum (MTPA) of cotton bales and 2,500 MTPA of cotton wash oil as
on March 31, 2012.

As against a PAT of INR1.32 crore on a total operating income of
INR88.73 crore in FY11 (refers to the period April 1 to
March 31), PCI earned a PAT of INR0.31 crore on a total operating
income of INR122.75 crore in FY12.


PANCHDEEP COTTON INDUSTRIES: CARE Reaffirms 'B' LT Rating
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Panchdeep Cotton Industries Pvt Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      11.31     CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Panchdeep Cotton
Industries Private Limited continues to remain constrained by its
weak financial risk profile marked by the losses during FY12,
leveraged capital structure and weak debt coverage indicators.
The rating is further constrained on account of its small scale
of operation, its presence in a highly competitive and fragmented
cotton ginning industry with limited value addition, volatility
associated with raw material (Cotton) prices and exposure to
change in the government policy for cotton.

The above-mentioned constraints far offset the benefits derived
from the wide experience of the promoters in the cotton ginning
business and proximity to the cotton producing region of Gujarat.
PCIPL's ability to improve its profitability margins in light of
volatile cotton prices along with the rationalization of debt
levels will remain the key rating sensitivities.

Incorporated in 2008, PCIPL is a private limited company promoted
by the family members of Mr. Zina Patel. PCIPL is engaged in
cotton ginning and pressing activity with an installed capacity
of
manufacturing 20,160 Metric Tonnes per Annum (MTPA) of cotton
bales and 38,475 MTPA of cotton seeds as on March 31, 2012 at its
sole manufacturing unit located in Gadhada, (District Bhavnagar,
Gujarat).

As against a PAT of INR0.74 crore on a total operating income of
INR42.76 crore in FY11 (refers to the period April 1 to
March 31), MVPL earned a PAT of INR0.67 crore on a total
operating income of INR45.23 crore in FY12.


SYSCHEM INDIA: CARE Assigns 'CARE BB-' Rating to INR15.75cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' rating to the bank
facilities of Syschem India Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      15.75     CARE BB- Assigned
   Short-term Bank Facilities      3.00     CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Syschem India
Limited are primarily constrained by its small scale of
operations, working capital intensive nature of its business,
high fragmentation and high level of competition in each product
line.
The ratings, however, does draw comfort from the experienced
promoters, moderate capital structure, long term contracts and
revenue visibility and multiple product lines.

Going forward, the ability of the company to increase its scale
of operation while improving its profitability margin,
stabilization of new product lines and effective working capital
management would be the key rating sensitivities.

Syschem India Limited was originally incorporated as a public
limited company under the name of Anil Pesticides Limited in
December, 1993. The name of the company was subsequently
changed to Syschem India Limited in December, 2001. There was
delay in the repayment of term loans and working capital loans by
previous management of the company before FY10. Previous
management repaid all the loans under One Time Settlement in FY10
and FY11. Subsequently, SIL was taken over by Allychem
Laboratories Private Limited, Allychem Securities Private Limited
and their promoters through an open offer. The takeover was
initiated on April 22, 2011, and was successfully completed on
August 31, 2011.

Currently the company is managed by Mr. Kushal Pal Singh, Mr.
Ranjan Jain, Mr. Jahmohan Arora and Mr. Rajesh Gupta, and is
engaged in the business of manufacturing of Active Pharmaceutical
Ingredient Intermediates, thinners, wood and paint finishes and
distillation of solvents.

For FY12 (A) (refers to the period April 1 to March 31), SIL
achieved total operating income of INR10.63 crore with PBILDT and
PAT of INR1.54 crore and INR0.34 crore, respectively.
As per provisional Q1FY13 results, SIL achieved total operating
income of INR2.49 crore with PBILDT and PAT of INR0.43 crore and
INR0.07 crore, respectively.



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


ELPIDA MEMORY: US Court Bars Firm From Selling U.S. Assets
----------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that a Delaware
bankruptcy judge on Tuesday agreed to exert more control over
Elpida Memory Inc.'s U.S. assets through the Japanese chipmaker's
Chapter 15 case, a victory for bondholders who claim the company
is selling too cheap in its $2.5 billion deal with Micron Inc.

At the request of U.S. bondholders owed nearly $300 million,
Elpida is now barred from selling or transferring any of the
company's U.S. assets without first giving the bondholders 21
days' notice or obtaining approval from the bankruptcy court,
according to Bankruptcy Law360.

Meanwhile, Reuters reports that a Japanese court has delayed its
ruling on two competing plans to restructure Elpida Memory, a
source with direct knowledge of the matter said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2012, Micron Technology, Inc., and the trustees for
Elpida Memory have signed a definitive sponsor agreement for
Micron to acquire and support Elpida.  The agreement has been
entered into in connection with Elpida's corporate reorganization
proceedings conducted under the jurisdiction of the Tokyo
District Court.

Under the agreement, JPY200 billion -- approximately US$2.5
billion assuming JPY80/US$ -- total consideration, less certain
reorganization proceeding expenses, will be used to satisfy the
reorganization claims of Elpida's secured and unsecured
creditors.  Micron will acquire 100% of the equity of Elpida for
JPY60 billion -- approximately US$750 million -- to be paid in
cash at closing. In addition, JPY140 billion -- approximately
US$1.75 billion -- in future annual installment payments through
2019 will be paid from cash flow generated from Micron's payment
for foundry services provided by Elpida, as a Micron subsidiary.

Reuters relates that a group of Elpida bondholders last month
submitted a restructuring plan to the Tokyo District Court after
disagreeing with a proposal drawn up by Elpida's court-appointed
administrator which endorses the deal with Micron.

A committee set up by the court to examine the two plans is
expected to make a recommendation by Sept. 28, Reuters' source
said, declining to be identified because the person is not
authorised to speak to the media.  The court will make a final
decision based on the recommendation.

Reuters says the court may endorse one of the plans or both.  All
of Elpida's creditors would get to vote in October, adds Reuters.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.

The Court entered an order recognizing foreign representatives
and foreign main proceeding on April 24, 2012.



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


LIG GROUP: Prosecutors Raid Offices Over Fraud Charges
------------------------------------------------------
Yonhap News Agency reports that prosecutors raided the offices of
LIG Group and its affiliate firms early Wednesday as part of an
investigation into allegations that the group chief and his
family members illegally issued multi-billion won of commercial
papers last year.

According to the news agency, scores of prosecutors and
investigators searched several offices of LIG Group, LIG
Insurance Co. and LIG Engineering & Construction Co., as well as
the residences of group chief Koo Cha-won and his family members
engaged in running the affiliates located in Seoul earlier in the
day to confiscate accounting books, computer hard disks and other
relevant materials that would support the allegations.

In August last year, Yonhap recalls, the Seoul Central District
Prosecutors' Office launched an investigation into suspicions
that LIG Group Chairman Koo and his first son Bon-sang, among
other family members, were involved in issuing some
KRW24.2 billion (US$21.6 million) of commercial papers between
late February and early March in 2011 under the name of LIG E&C,
which was on the verge of coming under court receivership.

Yonhap notes that the construction firm filed for receivership on
March 21, 2011, after suffering financial difficulties caused by
the recession in local construction business and growing project
financing loans.



===============
M O N G O L I A
===============


* MONGOLIA: Moody's Says Spending Demands Weigh on Outlook
----------------------------------------------------------
Moody's Investors Service says that Mongolia's near-term fiscal
outlook is clouded by spending pressures which contribute to
macroeconomic volatility, although its long-term economic
prospects are bright.

Mongolia's B1 rating and stable outlook reflect Moody's
assessment of four factors: its "low" economic and institutional
strengths, "moderate" government financial strength, and "high"
susceptibility to risks from financial, economic, and political
events.

According to a new report titled, "Credit Analysis: Mongolia",
the rating is constrained by the country's susceptibility to
destabilizing boom-bust cycles stemming from: (1) an
undiversified economy based on mining and agriculture and which
is subject to the volatility in mineral prices and the occasional
extremely severe winters; and (2) pro-cyclical fiscal policies.

Mongolia's balance of payments remains vulnerable to swings in
commodity prices. Although the adoption of a flexible exchange-
rate policy will help contain macroeconomic imbalances from
emerging again, a loose fiscal policy in 2011 has added
inflationary pressures.

While real GDP grew 17.3% in 2011, surpassing the highs of 10.6%
in 2004 and 10.2% in 2007 during the country's previous boom
periods, economic momentum peaked in the first quarter of 2012.
Growth will likely moderate further this year because of the
downturn in key commodity prices and a tighter monetary policy.

On the other hand, the development of the massive copper deposits
in Oyu Tolgoi and the equally large coking coal deposits in Tavan
Tolgoi and elsewhere will be transformational for the Mongolian
economy.

The development of Oyu Tolgoi will depend on the establishment of
an interim electrical power transmission line from China, until
supply can be permanently put in place with a local power plant.

For the Tavan Tolgoi coking coal deposit to be utilized to its
complete potential, the construction of a rail line to the
Chinese border and another to be linked into the rail line
through Russia will be essential.

These deficiencies in transportation and power-supply
infrastructure constrain investment and, unless addressed, will
dampen economic growth prospects.

The resource-driven windfall also poses policy and political
challenges. Adherence to key provisions of the newly adopted
Fiscal Stability Law, key provisions of which will come into
force in 2013, will test the government's ability to anchor
finances against the tides of the global commodity cycle.

Moody's report is an annual update to the markets and does not
constitute a rating action.



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


CREDIT UNION: S&P Puts 'BB' Issuer Credit Rating on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Rating Services has placed its 'BB' long-term
issuer credit rating on New Zealand-based Credit Union North on
CreditWatch with negative implications. "At the same time, we
have affirmed the short-term rating at 'B'," S&P said.

"The CreditWatch placement on CUN's 'BB' rating reflects
heightened concern around the stability and future direction of
the credit union's business position," said credit analyst Andrew
Mayes. "Specifically, CUN's lending volumes--most notably its
personal lending--continue to contract, and we believe the credit
union will struggle to stabilise its business position in a
timely manner, particularly in-light of its relatively weaker
operating efficiency. CUN's higher operating cost structure  has,
in part, contributed to the credit union's higher reliance on fee
income compared to its peers, thus limiting its ability to
better-compete.  Progression of business initiatives has also
being slowed by board and management changes over the past year."

"In Standard & Poor's opinion, CUN's lending base remains under
pressure amid broader operating environment challenges and a
diluted member proposition.  Although we note the decline in
aggregate lending volumes has slowed in fiscal 2012, with the
credit union experiencing a further increase in mortgage lending
to record levels, its higher-returning personal lending
portfolio--considered by the credit union as integral to its
relevance with its member base--continues to contract at an
unhealthy pace (down a further 22% in 2012, from 34% in 2011),"
S&P said.

"We also believe CUN's still-high operating cost structure -- at
around 90% as measured by non-interest expense to operating
revenues -- limits the credit union's ability to implement
pricing strategies that could support new personal lending
volumes, without placing renewed pressure on its underlying
earnings. Having recently returned to profit on the back of lower
write-offs and a reduction in new provisioning, we believe CUN's
earnings experience will remain modest and volatile while it
operates under its current cost structure," S&P said.

"A CreditWatch negative listing by Standard & Poor's implies a
one-in-two likelihood that the rating may be lowered within the
next three months. The CreditWatch is expected to be resolved
after further discussions with CUN's current management around
plans and strategies to strengthen its longer-term business
prospects. The long-term issuer credit rating of 'BB' may be
lowered by one notch or more if we believe the credit union will
be unable to implement an effective approach to improve both its
competitiveness and business position," S&P said.



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


ITAI TECHNOLOGIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 7, 2012, to
wind up ITAI Technologies Pte Ltd's operations.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

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


JFT INVESTMENT: Creditors' Proofs of Debt Due Oct. 15
-----------------------------------------------------
Creditors of JFT Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 15, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


JSE INVESTMENT: Creditors' Proofs of Debt Due Oct. 15
-----------------------------------------------------
Creditors of JSE Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 15, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


KUTAI ETAM: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Aug. 31, 2012, to
wind up Kutai Etam Petroleum Pte Ltd's operations.

The company's liquidator is:

         Shee Ping Fatt
         65A Neil Road
         Singapore 088897


MYCUBE.COM PTE.: Creditors' Meetings Set for Oct. 2
---------------------------------------------------
MyCube.com Pte. Limited, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Oct. 2,
2012, at 3:00 p.m., at FTI Consulting (Singapore) Pte Ltd, 8
Shenton Way, #17-02A, AXA Tower, in Singapore 068811.

Agenda of the meeting includes:

   a. to pass a resolution for the formation of the committee of
      inspection to act with the Liquidator; and

   b. to nominate a maximum of five members by person or by proxy
      to form a committee.

The company's liquidator is:

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


MYCUBE.COM PTE: Creditors' Proofs of Debt Due Oct. 2
----------------------------------------------------
Creditors of MyCube.com Pte Limited, which is in liquidation, are
required to file their proofs of debt by Oct. 2, 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



                             *********

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

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

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


                            *********


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

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

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

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

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





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