TCRAP_Public/120921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 21, 2012, Vol. 15, No. 189



IMPALA TRUST NO. 1: S&P Rates Class F Notes 'B'
PRIME RETIREMENT: Judge May Be Asked to Step Aside from Case


FANTASIA HOLDINGS: S&P Gives 'B+' Rating to USD-Denominated Notes
LDK SOLAR: Incurs $254.3 Million Net Loss in Second Quarter

H O N G  K O N G

2BALLCANE LIMITED: Creditors' Proofs of Debt Due Sept. 28
CHEMISE INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 15
CITIPORT LIMITED: Members' Final General Meeting Set for Oct. 19
COLOR MATCH: Members' Meeting Set for Oct. 17
COMFORT RICH: Placed Under Voluntary Wind-Up Proceedings

COOKVILLE LIMITED: Members' Final Meeting Set for Oct. 16
CORNHILL DEVELOPMENT: Annual Meetings Set for Oct. 9
DUNRICH COLLECTION: Final General Meeting Set for Oct. 19
ELITE BUSINESS: Annual Meetings Set for Sept. 27
ELITE CHAIN: Commences Wind-Up Proceedings

ELTA (H.K.): Ip Kwun Ting Steps Down as Liquidator
ESEMAY INVESTMENT: Creditors' Proofs of Debt Due Oct. 15
FNT PURCHASING: Creditors' Proofs of Debt Due Oct. 15
FORTUNE BEST: Members' Meeting Set for Oct. 17
GENIUS LEGEND: Members' Meeting Set for Oct. 17


ASP SEALING: ICRA Reaffirms '[ICRA] B+' Rating on INR25cr Loans
CAPRICORN LOGISTICS: ICRA Places 'BB+' Rating on INR37cr Loans
DAVINDER SANDHU: ICRA Reaffirms 'BB+' Rating on INR33.98cr Loans
JAI LAXMI: ICRA Rates INR11cr Loan at '[ICRA]B-'

JAYACHITRA GARMENTS: ICRA Reaffirms 'BB' Rating on INR1.24cr Loan
MILKFOOD LIMITED: ICRA Reaffirms 'BB' Rating on INR73.04cr Loans
RUCHI ACRONI: ICRA Revises Rating on INR4cr Loan to '[ICRA]BB-'
SHREE DWARKADHISH: ICRA Assigns 'B' Rating to INR9.84cr Loans


ELPIDA MEMORY: Bondholders Want Info on "Unauthorized Deal"

N E W  Z E A L A N D

ATWAL AGRICULTURE: Placed Into Liquidation
BRIDGECORP: Receivership Fees Aggregate to $10 Million
CAPITAL + MERCHANT: Liquidator Sues BDO Spicers Over Work
LEMPRIERE HOLDINGS: Locks Up 75% Of New Zealand Wool Services
PROPERTY VENTURES: Henderson Denies Liquidators' Claims

SOUTHERN AQUA: Official Assignee Appointed as Liquidator


PRUDENTIALIFE PLANS: Placed in Receivership


QUANTUM MERUIT: Creditors' Proofs of Debt Due Oct. 26
RIEME HAIR: Court to Hear Wind-Up Petition Sept. 28
SINGAPORE BRITISH: Creditors' Proofs of Debt Due Oct. 14
TAI HENG: Court to Hear Wind-Up Petition Sept. 28
VAREWARE TRADING: Creditors Get 11.32504% Recovery on Claims


* Large Companies with Insolvent Balance Sheets

                            - - - - -


IMPALA TRUST NO. 1: S&P Rates Class F Notes 'B'
Standard & Poor's Ratings Services assigned its ratings to the
seven classes of auto, equipment, fixtures and fittings, and
medical practice loan-backed, floating-rate, pass-through notes
issued by Perpetual Trustee Co. Ltd. as trustee of IMPALA Trust
No. 1 - Sub Series 2012-1.

"The transaction is a securitization of fully and partially
amortizing Australian-dollar, auto-, equipment-, and fixtures-
and fittings-backed finance leases, commercial hire-purchase
agreements, goods mortgages, as well as practice loans offered to
health industry participants," S&P said.

The ratings reflect S&P's view of:

-- The creation of a new special-purpose subseries, coupled with
    the transaction's legal structure. The entity, IMPALA Trust
    No. 1 - Sub Series 2012-1, meets Standard & Poor's special-
    purpose entity criteria.

-- The credit support for each class of notes, which is provided
    in the form of subordination comprising 8.4% provided at
    'A-1+ (sf)' and 'AAA (sf)', 6.6% provided at 'AA (sf)', 5.0%
    provided at 'A (sf)', 3.6% provided at 'BBB (sf)', 2.8%
    provided at 'BB (sf)', and 2.2% provided at 'B (sf)'.

-- Liquidity support equal to A$2.5 million, which is 1.10% of
    the initial amount of the receivables. Subject to a floor
    amount of A$1.26 million, liquidity will be funded from note
    issuance at closing, and will be held in the liquidity
    account. Principal collections also may be used to meet
    short-term liquidity demands. A class of notes cannot draw
    down liquidity or principal if there is a charge off against
    that class of notes.

-- The condition that all contractual payments, including the
    residual or balloon payments, are an obligation of the
    borrower. As a result, the issuer is not exposed to any
    market-value risk associated with the sale of the autos,
    equipment, and fixtures and fittings (on performing loans),
    which is a risk that may be associated with other products,
    such as operating leases.

-- The benefit of a fixed-to-floating interest-rate swap
    provided by Australia and New Zealand Banking Group Ltd.
    (AA-/Stable/A-1+) to hedge the mismatch between the fixed-
    rate interest and rental payments on the receivables, and the
    floating-rate coupon payable on the notes.

"The class D, class E, and class F noteholders are entitled to
fully subordinated supplemental payment amounts, in addition to
their senior-rated interest payments. These payment amounts are
only payable if there are available funds remaining after all
items senior to them under the interest waterfall have been made.
As such, there could be insufficient funds available to meet
these payment amounts. Standard & Poor's 'BBB (sf)' rating on the
class D notes, 'BB (sf)' rating on the class E notes, and 'B
(sf)' rating on the class F notes only address the senior-rated
interest payments," S&P said.

The issuer has not informed Standard & Poor's (Australia) Pty
Ltd. whether the issuer is publicly disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar

The Standard and Poor's 17g-7 Disclosure Report in this credit
rating report is available at:

Class         Rating        Amount (mil. A$)
A1            A-1+ (sf)      50.00
A2            AAA (sf)      163.00
B             AA (sf)         4.20
C             A (sf)          3.80
D             BBB (sf)        3.13
E             BB (sf)         1.80
F             B (sf)          1.60
Seller        N.R.            5.00
N.R.--Not rated.

PRIME RETIREMENT: Judge May Be Asked to Step Aside from Case
Ben Butler at reports that the judge hearing a case
brought by the Australian Securities and Investments Commission
against executives of the failed Prime Trust nursing home empire
may be asked to step aside from the case because she previously
acted against the group's founder.

According to the report, ASIC is seeking to ban from corporate
life directors of the company who ran the trust, including the
head of the Victorian government's Urban Renewal Authority, Peter
Clarke, and former federal health minister Michael Woodridge. relates that adding to the issues confronting Federal
Court judge Michelle Gordon, the ASIC case makes many of the same
allegations as a lawsuit being run in the Supreme Court by the
company's receivers, Australian Property Custodian Holdings.

In 2006, when she was a barrister, Justice Gordon acted for ASIC
in civil cases the watchdog brought against the Primelife group
over allegedly unregistered managed investment schemes, the
report recalls. notes that three of the 37 cases involved allegations
against Prime Trust's founder Bill Lewski, the Federal Court
heard.  "Your honor acted for the plaintiff [ASIC] against
Mr. Lewski in these proceedings," counsel for Mr Lewski, Peter
Bick, QC, said.

The report says Mr. Lewski is at the center of both cases because
they concern a AUD33 million "listing fee", paid to him following
the float of the trust in 2007.   ASIC alleges the directors of
APCH, including Mr. Clarke, Dr. Wooldridge and Mr. Lewski,
breached their duties as directors by approving the fee.

                         About Prime Trust

Prime Retirement and Aged Care Property Trust (ASX:PTN) -- is an Australia-based investment
company.  The principal activity of the Trust is to invest funds
in property, primarily retirement and aged care facilities.  Its
subsidiaries include APCH Aged Care Services Pty Ltd, Hibiscus RV
Properties Pty Ltd, APCH Investments Pty Ltd, Carlyle Villages
Pty Ltd and Lindfield RV Properties Pty Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2010, SmartCompany said ten retirement villages that are
owned by Prime Retirement and Aged Care Property Trust have been
placed in the hands of receivers after banks including National
Australia Bank and Suncorp Metway lost patience with the group.
Suncorp appointed receivers from Ernst & Young to Prime Trust's
retirement villages in Bundaberg, Mackay and Townsville.  This
triggered a swag of further appointments, with Craig Shepard and
Mark Korda of KordaMentha appointed to seven further villages,
including properties in Buderim, Nambour, Noosa and Linfield.
SmartCompany recalled shares in Prime Trust have been suspended
since early August, as the company tried to convince its
financiers it could restructure its operations and deal with
debts of about AUD275 million.  Receiver Craig Sheppard said the
properties, which are currently managed by Lend Lease Primelife,
would continue to operate as normal.

Stirling Horne and Petr Vrsecky of Lawler Draper Dillon were
appointed joint liquidators of Australian Property Custodian
Holdings Ltd., as Responsible Entity for The Prime Retirement &
Aged Care Property Trust following the second creditors meeting
on Nov. 23, 2011.  Messrs. Horned and Vrsecky previously were
appointed joint administrators of the Trust on Oct. 18, 2010.

On March 5, 2012, the liquidators commenced proceedings in the
Supreme Court of Victoria in relation to the payment of a listing
fee in the amount of AUD32,939,947 by APCHL in its capacity as
responsible entity of the Trust to entities associated with
William Lewski in 2008. One of the receivers and managers of
APCHL has now taken over conduct of the Listing Fee Proceeding
from the liquidators. The defendants to the Listing Fee
Proceeding include several former directors of APCHL, associated
entities of William Lewski and advisors of APCHL (including
Madgwicks).  ASIC is monitoring this proceeding.


FANTASIA HOLDINGS: S&P Gives 'B+' Rating to USD-Denominated Notes
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and its 'cnBB-' Greater China regional scale rating to a proposed
issue of U.S.-dollar-denominated senior unsecured notes by
Fantasia Holdings Group Co. Ltd. (BB-/Negative/--; cnBB/--). "The
rating is subject to our review of the final issuance
documentation," S&P said.

"The issue rating on Fantasia's proposed notes is one notch lower
than the corporate credit rating to reflect our opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default. In our view, the
company's ratio of priority borrowings to total assets will
remain above our notching threshold of 15% for speculative-grade
debt," S&P said.

"The rating on China-based property developer Fantasia reflects
the execution risk associated with the company's business
expansion. Fantasia's limited record in developing high-end
residential properties and its increasingly aggressive expansion
also constrain the rating. The company's product diversification,
increasing geographical coverage, low-cost land bank, established
market position in Chengdu, as well as its focused strategy and
reasonable financial management partly mitigate the above
weaknesses," S&P said.

"The negative rating outlook on Fantasia reflects our expectation
that the company's debt-funded expansion will be more aggressive
than before. The outlook also reflects uncertainty over
Fantasia's sales execution. The company's property sales could
slip due to continued policy tightening, including home purchase
restrictions, in China. We expect Fantasia to maintain
disciplined financial management and 'adequate' liquidity, as our
criteria define the term, while pursuing growth," S&P said.

LDK SOLAR: Incurs $254.3 Million Net Loss in Second Quarter
LDK Solar Co., Ltd., reported a net loss available to the
Company's shareholders of US$254.34 million on US$235.36 million
of net sales for the three months ended June 30, 2012, compared
with a net loss available to the Company's shareholders of
US$185.16 million on US$200.10 million of net sales for the sme
period a year ago.

The Company's balance sheet at June 30, 2012, showed US$6.40
billion in total assets, US$5.95 billion in total liabilities,
US$254.44 million in redeemable non-controlling interests and
US$192.17 million in total equity.

The Company ended the second quarter of fiscal 2012 with
US$296.2 million in cash and cash equivalents and US$523.4
million in short-term pledged bank deposits.

"For the second quarter of 2012, our revenue was within the
expected range as we saw wafer shipments increase sequentially,"
stated Xiaofeng Peng, Chairman and CEO of LDK Solar.  "Industry-
wide competition and demand constraints continued to drive price
declines across the entire solar supply chain and negatively
impacted our margins and profitability.

"Turning to the third quarter, our outlook remains cautious as we
expect to see continued near-term challenges facing our industry.
We remain closely focused on managing costs and operating
expenses through streamlining manufacturing operations, reducing
production costs and improving utilization.

"We continue to believe that some markets such as China will
begin to see improved demand in the second half of this year and
expect growth opportunities in this market to continue to expand
over the next several years," concluded Mr. Peng.

A copy of the press release is available for free at:


                          About LDK Solar

LDK Solar Co., Ltd. -- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

H O N G  K O N G

2BALLCANE LIMITED: Creditors' Proofs of Debt Due Sept. 28
Creditors of 2Ballcane Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 28, 2012, to be included in the company's dividend

The company commenced wind-up proceedings on Sept. 10, 2012.

The company's liquidators are:

         Man Mo Leung
         Kenneth Graeme Morrison
         42/F, Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong

CHEMISE INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 15
Creditors of Chemise International Company Limited, 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 commenced wind-up proceedings on Sept. 10, 2012.

The company's liquidator is:

         Chen Min Chun
         2/F, Block C
         Startex Industrial Building
         14 Tai Yau Street
         San Po Kong, Kowloon
         Hong Kong

CITIPORT LIMITED: Members' Final General Meeting Set for Oct. 19
Members of Citiport Limited will hold their final general meeting
on Oct. 19, 2012, at 10:43 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property

COLOR MATCH: Members' Meeting Set for Oct. 17
Members of Color Match Limited will hold a meeting on Oct. 17,
2012, at 9:00 a.m., at 8th Floor, Prince's Building, at 10 Chater
Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

COMFORT RICH: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Sept. 6, 2012,
creditors of Comfort Rich Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lau Yip Leung
         Rooms 2604-06, 26/F
         CC Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong

COOKVILLE LIMITED: Members' Final Meeting Set for Oct. 16
Members of Cookville Limited will hold their final general
meeting on Oct. 16, 2012, at 11:00 a.m., at 14 Tai Hang Road,
2/F, in Hong Kong.

At the meeting, Fung Yan Yee and Fung Yan Tsan John, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.

CORNHILL DEVELOPMENT: Annual Meetings Set for Oct. 9
Members and creditors of Cornhill Development Limited will hold
their annual meetings on Oct. 9, 2012, at 10:00 a.m., and 11:00
a.m., respectively at 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

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

DUNRICH COLLECTION: Final General Meeting Set for Oct. 19
Members of Dunrich Collection Limited will hold their final
general meeting on Oct. 19, 2012, at 1:05 p.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property

ELITE BUSINESS: Annual Meetings Set for Sept. 27
Creditors and members of Elite Business Machines Manufacturing
Company Limited will hold their annual meetings on Sept. 27,
2012, at 10:00 a.m., and 10:30 a.m., respectively at 5th Floor,
Ho Lee Commercial Building, 38-44 D'Aguilar Steet, Central, in
Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

ELITE CHAIN: Commences Wind-Up Proceedings
Members of Elite Chain Development Limited, on Sept. 3, 2012,
passed a resolution to voluntarily wind up the company's

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255 Des Voeux Road
         Central, Sheung Wan
         Hong Kong

ELTA (H.K.): Ip Kwun Ting Steps Down as Liquidator
Ip Kwun Ting stepped down as liquidator of Elta (H.K.) Limited on
Sept. 4, 2012.

ESEMAY INVESTMENT: Creditors' Proofs of Debt Due Oct. 15
Creditors of Esemay Investment Limited, 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

The company commenced wind-up proceedings on Sept. 6, 2012.

The company's liquidator is:

         Lai Chiu Loong
         19th Floor, Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong

FNT PURCHASING: Creditors' Proofs of Debt Due Oct. 15
Creditors of FNT Purchasing Limited, 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

The company commenced wind-up proceedings on Sept. 10, 2012.

The company's liquidator is:

         Chen Min Chun
         2/F, Block A and B
         Tontex Industrial Building
         2-4 Sheung Hei Street
         San Po Kong, Kowloon
         Hong Kong

FORTUNE BEST: Members' Meeting Set for Oct. 17
Members of Fortune Best Investment Limited will hold a meeting on
Oct. 17, 2012, at 11:00 a.m., at 8th Floor, Prince's Building, at
10 Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

GENIUS LEGEND: Members' Meeting Set for Oct. 17
Members of Genius Legend Limited will hold a meeting on Oct. 17,
2012, at 10:00 a.m., at 8th Floor, Prince's Building, at 10
Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ASP SEALING: ICRA Reaffirms '[ICRA] B+' Rating on INR25cr Loans
ICRA has reaffirmed the ratings of the INR37 crore (enhanced from
INR16.5 crore) bank lines of ASP Sealing Products Limited at
'[ICRA]B+' on the long term scale, and at '[ICRA]A4' on the short
term scale.

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Long term fund based     11.00       [ICRA]B+ reaffirmed
   bank limits-cash credit

   Long term fund based     13.81       [ICRA]B+ reaffirmed
   bank limits-Term Loan
   Un-allocated              0.19       [ICRA]B+ reaffirmed

   Short term non-fund      12.00       [ICRA]A4 reaffirmed
   based bank limits

The reaffirmation of ratings takes into account the strong
position of the company in the domestic automotives rubber
profile segment, and moderate financial risk profile
characterised by satisfactory coverage indicators. ICRA notes
that a 2% stake in ASPL's Joint Venture, Kaufil Sealing
Technologies (Spain) has been acquired by Standard Profil
(Turkey) which is expected to provide better access to the
technology and greater leverage in marketing to International
OEMs. The ratings are constrained by the upcoming capacity
expansion which would be partially debt funded, the limited
headroom available in terms of available cash credit limits that
leads to tight liquidity, intensely competitive nature of the
industry, and limited bargaining power with customers (OEMs such
as Mahindra & Mahindra). Additionally the company is exposed to
supplier concentration risk owing to dependence on single vendor
for sourcing bulk of the raw material requirements.

The Company was incorporated in 1989 as Anand SAIAG Private
Limited. Thereafter in November 1994 it was converted to a
Limited Company and in August 1996 the name of the Company was
changed to ASP Sealing Products Limited (ASPL). ASPL was referred
to BIFR in 2004 and disciplined growth and equity infusion by the
promoters led to discharge from the purview of BIFR in August,
2007. It entered into a Joint Venture Agreement in September 2008
with Kaufil Sealing Technologies SA (Spain) (KST) wherein it
receives R&D, training and technology support from the latter.

The Company is engaged in the manufacturing of automotive
EPDM/PVC profiles and industrial hoses, and has two manufacturing
facilities located at Gajraulla (Uttar Pradesh) and Bara. ASPL's
product offering includes windshield rubbers, co-extruded
profiles/trims, flocked glass run channels, glazing rubbers,
building profiles and other similar products.

ASPL has a well diversified presence across business segments and
is managed by Mr. G.S.Anand, Chairman and Managing Director, who
has more than 15 years of experience in the industry and Mr.
Gurdeep Singh Anand and Mr. Rishipal Singh Anand.

Recent Results

The company reported net profit of INR4.75 crore on an operating
income of INR78.24 crore in FY12 as against net profit of
INR3.37 crore on an operating income of INR60.15 crore in FY11.

CAPRICORN LOGISTICS: ICRA Places 'BB+' Rating on INR37cr Loans
ICRA has assigned an '[ICRA]BB+' ratings to the INR17.00 crore,
long term loans, INR20.00 crore long term fund-based bank
facilities, INR23.00 crore proposed long term fund based limits
and INR7.00 crore long-term non-fund based facilities of
Capricorn Logistics Private Limited.  ICRA has also assigned an
'[ICRA]A4+' rating to the INR3.00 crore short term fund based
bank facilities of CLPL. The outlook on the long term rating is

   Facilities              (INR Cr)       Ratings
   ----------              ---------      -------
   Long- term loan            17.00       [ICRA]BB+ assigned

   Long-term, fund-based      20.00       [ICRA]BB+ assigned
   Long-term, non-fund         7.00       [ICRA]BB+ assigned
   based facilities

   Long- term proposed        23.00       [ICRA]BB+ assigned

   Short-term fund based       3.00       [ICRA]A4+ assigned

The rating favorably factors in the vast experience of the
promoters in the freight forwarding industry and the established
relationships with corporate customers, which drive the revenue
growth of the company. The customer portfolio of the company
includes reputed companies primarily in the electronic goods,
automobiles and telecom sectors including Siemens, Daimler,
Mercedes, Airtel, Idea Cellular etc. ICRA also notes that the
presence of the company across various countries, via its
subsidiary companies, in the USA, Germany, China, Dubai, Hong
Kong and Singapore enables CLPL to service customers based in
these locations and thereby expand its customer base. However,
the small scale of these subsidiary companies and relatively
nascent stage of operations restricts the freight rates obtained
by them and hence in many instances CLPL partners with other
local companies in these regions to obtain competitive freight
rates. Nonetheless, the well established relations of the company
with the airlines ensure that CLPL receives competitive freight
rates when compared to other smaller players for its exports.

The rating is however constrained by the highly fragmented nature
of the freight forwarding industry which is dominated by a large
section of unorganised players, which results in intense
competition and hence limits the profit margins. This coupled
with the corporate customer base of the company necessitates CLPL
to offer a high credit period to its customers in order to retain
them, which results in stretched receivables, further impacting
the liquidity of the company. The operations of the company are
also highly exposed to the movements in international trade and
with the current weak macro-economic environment are likely to
result in a slowdown in the company's revenues. As evident in
FY2011, CLPL's revenues were concentrated from the telecom sector
and adverse developments in the sector resulted in weakening of
revenues for the period. In addition, although the concentration
towards the telecom industry was reduced post FY2011, the company
continues to have a high customer concentration with the top
customer contributing to ~25% of the overall revenues for FY2012.
The company's ability to diversify its customer base will remain
key to sustainable growth in the future.

Capricorn Logistics Private Limited, incepted in 2001, is engaged
in providing air and ocean freight forwarding, contract
logistics, customs clearances and other supply chain management
services from its branches located across the country. CLPL has
32 branches in 23 cities across India and has 10 offices setup
across 6 countries primarily in the USA, Germany, China, Dubai,
Hong Kong and Singapore.

DAVINDER SANDHU: ICRA Reaffirms 'BB+' Rating on INR33.98cr Loans
ICRA has reaffirmed the rating of '[ICRA]BB+' to the INR3.73
crores1 term loan (enhanced from INR3.58 crores) and INR30.25
crore (enhanced from INR17.42 crores) fund-based limits of
Davinder Sandhu Impex Limited.  The outlook on the rating is
'Stable'. ICRA has also reaffirmed a rating of '[ICRA]A4+' to the
INR7.00 crores (enhanced from INR3.00 crores) non fund-based
limits of DSIL.

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund based limits       30.25        [ICRA]BB+ reaffirmed
   Term Loans               3.73        [ICRA]BB+ reaffirmed
   Non-fund based limits    7.00        [ICRA]A4+reaffirmed

The ratings reaffirmation takes into account the sustained
increase in the operating income of the company over the past two
years. Although ICRA has taken note of the decline in DSIL's
profitability due to reduction in export incentives and increased
competition in the garment export industry. Nonetheless ratings
continue to be supported by long and established presence of DSIL
in garment manufacturing under the brand name 'Sandhu', its
established relationship with customers resulting in repeat
orders and healthy rate of growth in operating income over the
past few years. The ratings also factor in DSIL's favorable
capital structure (gearing of 0.98 times as at March 2012) and
robust debt coverage indicators. The ratings continue to be
constrained by DSIL's small size of operations in comparison to
overall garment exports from India, high customer concentration
with the company consciously focusing on few credit worthy
customers for exports and geographical concentration as ~70% of
revenues come from Middle East. Moreover intense competition in
international garment industry limits the bargaining power of
garment exporters like DSIL. ICRA has also noted the
vulnerability of DSIL's profitability fluctuation in prices of
raw materials especially cotton yarn and foreign exchange risk on
export receivables.

Going forward the ability of the company to maintain future
revenue and profitability growth in an intensely competitive
industry and manage its working capital cycle effectively will be
the key rating sensitivities.

DSIL promoted by Mr. Baldev Singh Sandhu in 1993 is a Ludhiana
based garment exporter engaged in manufacturing of collared and
polo-neck T-shirts from yarn. DSIL is a Ludhiana based garment
exporter engaged in manufacturing of collared and polo-neck T-
shirts for export to the Middle East. DSIL has in-house
facilities for knitting, stitching, embroidery and embellishment
work. The company has its integrated manufacturing facility in
Ludhiana, Punjab. The shares of the company are held closely by
promoters and family. The company sells its garments under the
brand name 'Sandhu'.

Recent Results

For FY 2011, the company reported operating income of INR136.19
crore and PAT of INR4.82 crore as against operating income of
INR98.75 crores and PAT of INR6.49 crores in FY 2011.

ICRA has assigned '[ICRA]B' rating to the INR6.75 crore term loan
facilities of Ignite Institute of Technology.

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Term loan facilities    6.75         [ICRA]B / assigned

The assigned rating considers the decade long experience of the
promoter in the field of education, healthy demand outlook for
higher education in India and favorable location of the campus
with proximity to the Coimbatore City, a major educational hub in
the country. The rating also considers the nascent stage of the
project (currently under construction with 40% completion) and
the risks associated with project implementation. Completion of
the project without any time / cost over-run and obtaining
necessary approvals from AICTE in a timely manner is critical for
the scheduled commencement. ICRA notes that the debt requirement
(~52% of total cost) for the project has been tied-up; however
the drawdown will depend on the status of completion of the
project. The rating, further takes into account the intense
competition prevalent in the education services industry and the
presence of established players in and around Coimbatore.

CMC Group of Institution is setting up an engineering college at
Theethipalayam Village in Coimbatore under the name Ignite
Institute of Technology. The CMC Group is managed by S I Nathan
Charitable Trust, promoted by Mr. S. I Nathan in 2001 and the
trustees being the promoter and family members. The institute is
planning to offer engineering courses in five specializations -
Civil Engineering (CE), Computer Science and Engineering,
Electrical and Electronics Engineering, Electronics and
Communication Engineering (ECE) and Mechanical Engineering (ME),
with a total capacity of 300 seats. The three other colleges
functioning under the Trust are Coimbatore Marine College,
Coimbatore Aeronautical College and Mangalore Marine College and

JAI LAXMI: ICRA Rates INR11cr Loan at '[ICRA]B-'
ICRA has assigned the long term rating of '[ICRA]B-' and short
term rating of '[ICRA]A4' to the INR13 Crore bank lines of
Jai Laxmi Metals Private Limited.

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund based limits       11.00        [ICRA]B- (assigned)
   Non Fund based limits    2.00        [ICRA]A4 (assigned)

Rating Rationale

ICRA's rating is constrained by moderate size of the company and
limited forward or back ward integration of the company in
commoditized steel ingot manufacturing industry. The rating is
also constrained by relatively moderate capacity utilization over
last few months due to power problems faced around the
manufacturing plant of the company, its impact on the
profitability, and the leveraged balance sheet as the plant has
started operations only last year. While the power problem in the
region is expected to continue for some-time, company's interest
and debt repayment requirement remain relatively high. Further
ICRA notes that power problem coupled with cash flow
stabilization issues in the initial days had also resulted in
delays in timely servicing of debt repayment by the company in
the past. At the same time the rating favorably factors in
relatively long experience of the promoter in the steel industry,
support provided by the promoter in terms of infusion of
unsecured loans for operations and proximity of the plant to both
demand centers and raw material supply centers. Improved capacity
utilization of the company and stabilization of the working
capital cycle, resulting in improved liquidity are the key rating
sensitivity factors.

Jai Laxmi Metals Private Limited is promoted Mr. Pradeep Agarwal
and family. Its manufacturing plant is located in Hindupur in
Anantpur district of Andhra Pradesh and company manufactures
steel ingots. It operates a 7 MT induction furnace and started
operations in December 2011. In FY2012, It reported INR7.68 Cr
Operating Income (provisional).

JAYACHITRA GARMENTS: ICRA Reaffirms 'BB' Rating on INR1.24cr Loan
ICRA has re-affirmed the long-term rating of '[ICRA]BB'
outstanding on the Rs.1.24 crore1 term loan facilities of
Jayachitra Garments.  ICRA has also re-affirmed the short-term
rating of '[ICRA]A4' outstanding on the INR10.18 crore fund based
facilities and INR0.12 crore non-fund based facilities of the
entity. The Outlook on the long term rating is stable.

   Facilities              (INR Cr)       Ratings
   ----------              ---------      -------
   Term loan facilities        1.24       [ICRA]BB reaffirmed
   Fund based facilities      10.18       [ICRA]A4 / reaffirmed
   Non-fund based facilities   0.12       [ICRA]A4 / reaffirmed

The re-affirmation of the ratings factors in the experience of
the promoters in the industry and the entity's healthy
relationship with some of the larger garment retailers in Canada
and EU which are expected to support the business prospects. The
ratings also positively factor in the entity's recent efforts to
broad-base its clientele, aimed at reducing its present high
geographic concentration risks. The ratings, however, take into
account, the entity's small scale of operations which restrict
scale economies and the intense competition from low-cost
countries which restricts pricing flexibility. The recent decline
in revenues on account of lower off-take from a key customer
reinforces the high customer concentration risk to the entity's
revenues. The entity's financial profile also continues to remain
stretched, characterized by relatively weak coverage indicators
and stretched capital structure on account of recent debt funded
capex. Ability to broad base clientele and scale up operations
(as reflected in recent order book growth), while sustaining
margins amidst rising input cost pressures would be critical to
improve the financial profile and debt protection metrics.

Jayachitra Garments, a partnership firm established in 1990, is
engaged in the manufacturing and exports of kids wear, women's
top & night wear to retailers located in Canada, USA and the
European Union (EU). The entity was primarily undertaking job
work for garment exporters located at Tiruppur, Tamil Nadu during
the initial stages of business. Subsequently, in the late 1990's,
the entity had commenced garment exports to various aggregators
of larger retailers. With a view to integrate its operation and
scale up its margins, the firm had also set up a embroidery &
printing unit and commenced in-house knitting operations since

Recent Results

According to un-audited results, for the financial year 2011-12,
the entity reported net profit of INR1.0 crore on an operating
income of INR26.3 crore as against a net profit of INR1.1 crore
on an operating income of INR34.0 crore during the financial year

ICRA has assigned a long-term rating of '[ICRA]B+' to INR5.0
crore1 fund based facilities of Meghraj International.

   Facilities              (INR Cr)       Ratings
   ----------              ---------      -------
   Working Capital Limits    5.0          [ICRA]B+ assigned

The assigned rating factors in MI's moderate scale of operations
owing to its limited track record of operations in the guar split
manufacturing business; highly competitive and fragmented nature
of the industry which limits the pricing flexibility of the
industry participants; and vulnerability to high volatility in
guar seed and guar gum prices. These factors further coupled with
relatively low value additive nature of work have resulted in
modest profitability indicators for the firm. The rating also
takes into account the firm's exposure to foreign exchange risk
on account of its presence in the export market; agro-climatic
risks related to guar seed production; and customer concentration
risk as majority of the sales are being done to a single
customer. ICRA however draws comfort from the long experience of
the promoters in the business; positive demand outlook for guar
gum in the export market primarily for drilling applications in
the oil and gas industry and the firm's favorable location in
Haryana, which is one of the major guar producing states in the

Incorporated in the year 2010, Meghraj International is a
partnership firm, engaged in the processing of guar beans to
manufacture guar splits. The firm has been promoted by Mr. Ramesh
Jindal and his son, Mr. Ashish Jindal with equal capital
contribution. MI's manufacturing facility is located in Hisar,
Haryana with an installed capacity to manufacture up to 73,000
quintals per annum (QPA) of guar splits.

Recent Results

For FY2012, the MI has achieved an operating income of INR80.5
crore and a net profit of INR2.0 crore.

MILKFOOD LIMITED: ICRA Reaffirms 'BB' Rating on INR73.04cr Loans
ICRA has reaffirmed the long term rating to INR53.38 crore fund
based limits (including term loans) and Rs.19.66 crore
unallocated amount of Milkfood Limited at '[ICRA]BB'.  The
outlook on long-term rating is stable. ICRA has also reaffirmed
the short-term rating at '[ICRA]A4' to INR1.5 crore non-fund
based limits of the company. ICRA has reaffirmed 'MB+' rating for
INR5.0 crore fixed deposit programme of MFL.

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund based limits       53.38         [ICRA]BB reaffirmed
   Unallocated limits      19.66         [ICRA]BB reaffirmed
   Non-fund based limits    1.50         [ICRA]A4, reaffirmed
   Fixed Deposits           5.00         MB+, reaffirmed

The reaffirmation of MFL's ratings factors in the marginal
improvement in financial profile of the company led by better
operating profitability (operating profit margins increased from
3.6% in 2010-11 to 5.7% in 2011-12) due to higher realisations of
ghee as well as milk powder and lower milk procurement costs. The
operating income of MFL witnessed de-growth in 2011-12 due to
lower milk processing volumes. The volume of milk powder sold
during 2011-12 declined sharply by 35% due to up-gradation
requirements of manufacturing plants by some of its large
customers. MFL faces high seasonality in terms of milk
procurement as the production of milk in Northern States is
highly skewed towards second half of the year. Approximately 75%
of MFL's revenues are generated during flush season (Oct-Mar).
The ratings are also constrained by the modest financial profile
of the company as reflected by gearing of 2.7x, interest coverage
ratio of 1.5x and Total Debt/OPBDITA of 4.9x for 2011-12. The
ratings, however, continue to derive comfort from the company's
established brand in the milk food segment and growing demand for
its products. Going forward, improvement in MFL's operating
profit margin, capital structure, and milk processing volumes
would be the key rating sensitivity.

                      About Milkfood Limited

Incorporated in 1973, Milkfood Limited is engaged in the
manufacture and marketing of milk products. It is promoted by
Karamjit Jaiswal, of the Jaiswal family, who have business
interests in alcoholic beverages, malted foods, plastic and glass
bottling. The company manufactures pure ghee, skimmed and whole
milk powder, casein and whey powder. Pure ghee and skimmed milk
powder are marketed under the brand name 'Milkfood'. Located at
Bahadurgarh and Moradabad in Uttar Pradesh, the manufacturing
units have a combined milk handling capacity of 10 lac litres per

Recent Results

MFL achieved 44% growth in topline with total income of INR80.75
crore in Q1 2012-13 over Q1 2011-12. The company earned PBDIT of
INR3.28 crore in Q1 2012-13 compared to loss before depreciation
and interest of INR1.32 crore in Q1 2011-12.

RUCHI ACRONI: ICRA Revises Rating on INR4cr Loan to '[ICRA]BB-'
ICRA has revised the rating assigned for INR4.00 crore fund-based
limits of Ruchi Acroni Industries Limited to '[ICRA]BB-' from
'[ICRA]BB'.  The rating carries a stable outlook. ICRA has
reaffirmed the rating assigned to INR96.00 crore non-fund-based
limits of RAIL at '[ICRA]A4'.

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund Based Limits        4.0         [ICRA]BB- (Revised)
   Non-Fund Based Limits   96.0         [ICRA]A4 (Reaffirmed)

The revision in rating takes into account the decline in RAIL's
profitability, which coupled with increase in its total debt has
resulted in deterioration of its debt coverage indicators. The
rating continues to be constrained by company's low operating
margins, intensely competitive nature of the business and
vulnerability of the company's cash flows to fluctuations in
exchange rates and commodity prices.  The ratings, however,
derives comfort from the long track record of promoters in the
steel and agricultural commodities' trading business, the
company's diversified client base and product portfolio and its
association with a strong promoter group

Going forward, the ability of the company to improve its
profitability and consequently the debt protection indicators
will be the key rating sensitive factors.

                       About Ruchi Acroni

Established in 1979, Ruchi Acroni Industries Limited is engaged
in the business of trading in steel items and agricultural
commodities. RAIL is a trading arm of Ruchi Group and is a
closely held company promoted by Mr. Kailash Shahra and his
family members. RAIL is primarily involved in the trading of
steel, edible oil, soya products, soyabean, wheat, pulses,
chemicals and other agro/ non-agro commodities. Ruchi Group is a
reputed industrial conglomerate in India with interests in
businesses ranging from steel to food products. The Group is
actively involved in soya processing, edible oils, dairy
products, cold rolled sheets and coils, galvanized sheets and
coils and a host of other activities.

Recent Results

As per the provisional financial statements of 2011-12, Ruchi
Acroni Industries Limited reported operating income of INR678.45
crore and net profit of INR0.53 crore.

SHREE DWARKADHISH: ICRA Assigns 'B' Rating to INR9.84cr Loans
ICRA has assigned the '[ICRA]B' rating to INR9.84 crore long term
fund based limits of Shree Dwarkadhish Ginning & Pressing Private

   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Cash Credit Limit       5.00         [ICRA]B assigned
   Term Loan Limit         0.84         [ICRA]B assigned
   Proposed Limit          4.00         [ICRA]B assigned

The assigned rating reflects SDGPPL's modest scale of operations
and weak financial profile given the debt funded takeover and
losses which has resulted in an adverse capital structure as well
as weak debt protection metrics. Further, the liquidity position
of the company has remained stretched as evident from full
utilization of cash credit facility. ICRA also factors in the
high competitive intensity due to fragmented industry structure
leading to low profitability; and vulnerability of margins to
adverse movement in raw material prices which are subject to
seasonality and crop harvest. ICRA also takes notes of the recent
announcement by Government of India to increase the MSP (Minimum
Support Price) for raw cotton which may result in high production
cost and subsequently squeezing the margin to some degree.

The rating, however, favorably incorporates the long experience
of the promoters in cotton ginning business, additional revenue
derived from forward integration in crushing operation of
cottonseeds; and location advantage of the company providing easy
accessibility to raw cotton.

Shree Dwarkadhish Ginning & Pressing Pvt. Ltd. was incorporated
in April 2007 by Mr. Anil Kumar Ladva and Mr. Babubhai Kalasariya
with its plant location at Amreli, Gujarat. The ownership and
management of the company was taken over in FY 2010 by Mr. Arjan
M. Bhammar along with other 14 shareholders. It is currently
engaged in cotton ginning, pressing and crushing business with
eighteen ginning machines, one pressing machine and five
expellers. The installed capacity of the plant to produce
finished cotton and cottonseed oil is 3564 MTPA and 510 MTPA

Recent Results

For the year ended March 31, 2012, company has reported an
operating income of INR18.04 crore with a net loss of


ELPIDA MEMORY: Bondholders Want Info on "Unauthorized Deal"
Bloomberg News reports that Elpida Memory Inc. bondholders, who
are opposing a sale of the company to Micron Technology Inc.,
claimed the insolvent Japanese chipmaker made unauthorized
transactions and urged a U.S. bankruptcy court to let them be
publicly disclosed.

Bloomberg notes that the bondholders, claiming to represent
Japanese and international pension funds, have asked the court to
halt the planned sale of Tokyo-based Elpida to Micron for JPY200
billion as part of bankruptcy proceedings.

According to Bloomberg, Elpida sought to file a report under seal
about the proceedings in the Tokyo District Court, which is also
overseeing the company's bankruptcy.  Bloomberg says the report
was reviewed by lawyers in the U.S. and, according to the
bondholders, refers to the unauthorized transactions.  The group
gave no further details about the deals in a filing in U.S.
Bankruptcy Court in Delaware on Monday, Bloomberg says.

"The bondholders believe that the public disclosure of these
transactions is critical for stakeholders of Elpida to understand
and then exercise their rights," the group said in the filing.

Bloomberg adds that Elpida, in a Sept. 14 filing, asked for
permission to submit the report under seal, saying it includes
descriptions of agreements that have been approved in the
Japanese proceedings and which it intends to submit to the U.S.
court for approval.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- 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
JPY448 billion (US$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.

N E W  Z E A L A N D

ATWAL AGRICULTURE: Placed Into Liquidation
The Southland Times reports that three Southland companies have
been put into liquidation.

Paul Jenkins and Iain Nellies, of Insolvency Management Ltd, have
been appointed joint liquidators of ATWAL Agriculture Ltd,
Ruapuke Fisheries Ltd and Farming Contracting Ltd.

The first liquidators' report on all three is expected next
month, the Southland Times says.

BRIDGECORP: Receivership Fees Aggregate to $10 Million
Radio New Zealand reports that costs associated with the
receivership of Bridgecorp have topped $10 million.

The finance company collapsed in 2007, owing nearly $490 million
to 14,500 investors, according to Radio New Zealand.

The report relates that the receiver PricewaterhouseCoopers is
required to file six-monthly updates on the receivership.  Radio
New Zealand says the latest report relays that receivers' fees
for the past five years have reached $4.166 million, legal costs
are $4.92 million, while other professional services total
$1.42 million.

Since July 2007, the report recounts, PwC recovered $66 million
and repaid $16 million to secured debenture holders.

PwC, however, has reminded investors their return is likely to be
less than 10 cents in the dollar and is not hopeful of getting
much more, saying further returns are largely dependent upon
insurance and legal action, the report relays.

The report discloses that three Bridgecorp directors were jailed
after being prosecuted by the Financial Markets Authority and two
others sentenced to home detention.

PwC said it is continuing to investigate further legal action
against some of the directors.

CAPITAL + MERCHANT: Liquidator Sues BDO Spicers Over Work
Tim Hunter at reports that legal action has been
filed against auditor BDO Spicers over its work for Capital +
Merchant Finance.

According to the report, investors in CMF debentures are facing
100% losses totaling NZ$167 million and litigation is the only
hope of recovering some of their money.

The lawsuit was filed by the Official Assignee as liquidator of
CMF, the report notes.

BDO Spicers managing partner Craig Lamberton confirmed there was
legal action which would be defended, relays.

The report says the action comes almost five years after BDO
Spicers was criticised by Justice Rhys Harrison in a High Court
ruling allowing receivers to be appointed to the finance company.

In resisting receivership, notes, counsel for CMF
pointed to an audit opinion from BDO Spicers on Nov. 7, 2007.
According to, the opinion certified there had been no
material adverse change in circumstances, or event, since it
reported favorably on the company's position in March.

The auditor's November opinion came weeks after Ferrier Hodgson
had assessed the finance company's position as critical, the
report states. adds that Justice Harrison said the auditor had
access to the same core information as Ferrier Hodgson "and might
have been expected to conduct a similar exercise in the wake of
events since March 31, 2007".

"I have had independent cause to scrutinise CMF's financial
position over the past day or so. I am in no doubt that there
have been a number of material adverse events since March 31,
2007," the report quotes Justice Harrison as saying.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on Nov. 23, 2007, due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.

LEMPRIERE HOLDINGS: Locks Up 75% Of New Zealand Wool Services
The National Business Review reports that Lempriere Holdings has
locked up 75% of New Zealand Wool Services International,
scuttling a local joint venture's plan to create a national wool-
scouring monopoly.

WSI said that the Melbourne-based company bought 64% of the New
Zealand scourer out of receivership and entered into a lock-up
agreement with WSI managing director Michael Dwyer, four senior
employees and a retired employee for a further 11%, according to
The National Business Review.

The report relates that the Australian company will now make a
full takeover offer at 45 cents a share, valuing the scourer at
$31 million, a 22% premium to the last trading price of 37 cents.
The deal will require Overseas Investment Office approval,
according to the pre-bid agreements lodged with the stock

"Having a majority of its shares tied up in two companies in
receivership had meant a lengthy period of uncertainty for its
employees and customers . . . .  The board therefore welcomed the
prospect of a conclusion to the process," the report quoted WSI
Chairman Derek Kirke as saying.

The National Business Review notes that Lempriere's successful
bid for the 64% stake owned by Allan Hubbard-related companies
Woolpak Holdings and Plum Duff ends a bid by Cavalier Wool
Holdings to build a national wool-scouring monopoly.

The report relays that the joint venture between Cavalier Corp,
Direct Capital Investments and the Accident Compensation Corp won
Commerce Commission authorization to build a monopoly and had the
decision upheld in the High Court after carpet maker Godfrey
Hirst opposed the move.

Mr. Kirke said that the board will seek an independent report
once it formally receives a takeover offer before making a
recommendation to shareholders on whether to accept, the report

Lempriere owns specialist merino wool merchant The Merino Co,
with businesses in the US, Argentina and South Africa, and is one
of the world's major suppliers of fine wool to European, Japanese
and American fashion houses.  The 150-year-old Australian company
has been held in the same family for five generations, with
William Lempriere the current managing director.

PROPERTY VENTURES: Henderson Denies Liquidators' Claims
Michael Berry at The Press reports that property developer
and Property Ventures owner Dave Henderson said a liquidator's
claims that he used money from a 2008 Christchurch City Council
property deal to pay creditors is "absolute nonsense".

In 2008, Mr. Henderson sold five inner city properties to the
council for NZ$17 million.

Property Ventures is the parent of a web of interconnected
companies owned or controlled by Mr. Henderson, who was declared
bankrupt in November 2010, The Press discloses.

Property Ventures liquidator Robert Walker told The Press about
NZ$2.5 million was left over from the council property deal after
paying off mortgages on the properties and that was put into
Property Ventures and used to pay creditors likely to try and
wind up the company.

On Sept. 18, The Press relates, the High Court in Christchurch,
at the request of Mr. Walker, ordered British supplier Gullwing
to refund a US$68,500 (NZ$82,880) payment made by Property
Ventures in February 2009.

Associate Judge Rob Osborne ruled the payment had been made at a
time when Property Ventures could not meet its due debts, making
the transaction unfair to other creditors, according to The

Gullwing did not defend the transaction, the report adds.

Mr. Henderson claimed Mr. Walker has misled The Press, saying the
liquidator had the documents showing that the money had actually
come from a finance company through a loan facility already in
place for the development of a building.

The council property deal had been settled about seven months
before the Gullwing transaction, Mr. Henderson, as cited by The
Press, said.

                       About Property Ventures

New Zealand-based Property Ventures Limited -- was a real estate
development and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 8, 2010, Allied Farmers Investments Ltd placed Property
Ventures Ltd into the hands of receiver Grant Thornton in an
attempt to recover a loan to Five Mile Holdings Limited (In
Receivership).  The loan was guaranteed by Property Ventures.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including Christchurch property developer, David Henderson.  The
company has interests in more than 30 subsidiaries, including
those associated with Hotel So, and the South of Lichfield
entertainment and retail precinct in Christchurch.

SOUTHERN AQUA: Official Assignee Appointed as Liquidator
The Southland Times reports that Southern Aqua Adventures Ltd has
been put into liquidation.

Official Assignee, Insolvency and Trustee Service has been
appointed liquidator, the report says.  The liquidator's first
report will be published next month.  In July this year, the
company was put into receivership, the report discloses.

Stephen Tubbs, chartered accountant, and Colin Gower, insolvency
practitioner, both of Christchurch, were appointed joint
receivers, the Southland Times discloses.  According to the
report, companies Office website records show Michael Lewis John
Haines, of Bluff, as a director of the company.

The Southland Times notes that the Southern Aqua was the same
dive firm that had a great white shark partially enter its shark
cage in February.

The company was also issued a detention notice by Maritime
New Zealand after breaching the safe ship management requirements
by not holding a certificate for its boat, Candice-Britt, the
Southland Times adds.


PRUDENTIALIFE PLANS: Placed in Receivership
Malaya Business Insight reports that Prudentialife Plans Inc. has
been placed in receivership by the Insurance Commission, which
says the continuance of the business would be "hazardous to its
present and future planholders."

"The Insurance Commission has decided that the conservatorship of
PPI be now terminated. We find that the only remaining option
under the law is to declare PPI under receivership," Insurance
Commissioner Emmanuel Dooc said in a directive dated Sept. 19,
2012 posted on the commission's Web site cited by Malaya.

"Since there is no clear intention on the part of the
stockholders of PPI to infuse additional capital or to submit
infusion plan to cure the company's huge financial deficiencies,
it is now very clear that PPI will remain insolvent.

"The Insurance Commission hereby orders PPI to desist from
transacting further business," the regulator said.

Malaya relates that the commission said PPI's proposal for
rehabilitating the company, as well as proposals filed by a group
of planholders known as the Batiles Group and a pre-need company
called Loyola Plans Consolidated Inc., were "not exhaustive

Prudential Life Plans Inc. -- is
a pre-need company.  The company offers life, pension and
education plans.  It has diversified into financial services,
non-life insurance, memorialization, real estate and travel and


QUANTUM MERUIT: Creditors' Proofs of Debt Due Oct. 26
Creditors of Quantum Meruit Consulting Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 16, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Heng Yeow Meng
         15 Hoe Chiang Road
         #12-02 Tower Fifteen
         Singapore 089316

RIEME HAIR: Court to Hear Wind-Up Petition Sept. 28
A petition to wind up the operations of Rieme Hair & Beauty
Training Centre Pte Ltd will be heard before the High Court of
Singapore on Sept. 28, 2012, at 10:00 a.m.

Hoong Kong Realty Pte Ltd filed the petition against the company
on Sept. 6, 2012.

The Petitioner's solicitor is:

         Belinda Ang Tang & Partners
         19 Carpenter Street #03-00
         Singapore 059908

SINGAPORE BRITISH: Creditors' Proofs of Debt Due Oct. 14
Creditors of Singapore British Engineering (Pte) Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 14, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809

TAI HENG: Court to Hear Wind-Up Petition Sept. 28
A petition to wind up the operations of Tai Heng Development
(Pte) Limited will be heard before the High Court of Singapore on
Sept. 28, 2012, at 10:00 a.m.

Lok Wing Cheong and Loke Seut Heng filed the petition against the
company on Sept. 5, 2012.

The Petitioner's solicitor is:

         Siva Sothi
         TJ Cheng Law Corporation
         23A Neil Road
         Singapore 088815

VAREWARE TRADING: Creditors Get 11.32504% Recovery on Claims
Vareware Trading Pte Ltd declared the first and final dividend on
Sept. 4, 2012.

The company paid 11.32504% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


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


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


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


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


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

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

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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