TCRAP_Public/120924.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

          Monday, September 24, 2012, Vol. 15, No. 190

                            Headlines


A U S T R A L I A

PAYLESS SHOES: Shoe Retailer Goes Into Administration


C H I N A

CHINA HONGQIAO: S&P Rates Senior Unsecured Notes 'BB-'


H O N G  K O N G

FANTASIA HOLDINGS: Moody's Rates Senior Unsecured Notes '(P)B2'
GEMDALE CORPORATION: FPC Deal No Impact on Moody's 'Ba1' CFR
GOLDEN COMMENCE: Members' Meeting Set for Oct. 17
GROUP INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 31
HOTUNG ENTERPRISES: Annual Meetings Set for Oct. 8

HWA SHAT: Creditors' Proofs of Debt Due Oct. 15
INTERNATIONAL (HK): Creditors' Proofs of Debt Due Oct. 15
JARDINE MOTORS: Creditors' Proofs of Debt Due Oct. 5
JUNE AGENTS: Annual Meetings Set for Oct. 9
KENTH LIMITED: Creditors' Proofs of Debt Due Oct. 13

KING ELEGANT: Members' Meeting Set for Oct. 17
MIDTOWN HOLDINGS: Annual Meetings Set for Oct. 9
NEW CHINA: Annual Meetings Set for Oct. 9
NEW CHINA HK: Annual Meetings Set for Oct. 9
NEW CHINA HK PROPERTIES: Annual Meetings Set for Oct. 9

NEW CHINA HK TRADING: Annual Meetings Set for Oct. 9
PROSPER LANE: Members' Meeting Set for Oct. 17
RR DONNELLEY: Members' Final Meeting Set for Oct. 16
SIGMA LOGISTICS: Creditors' Proofs of Debt Due Oct. 14
SMASHBOX HK: Wong and Wong Step Down as Liquidators

TONG LIN: Members' Final General Meeting Set for Oct. 19
WA LEE: Final Meetings Set for Oct. 25


I N D I A

AMAR PARTAP: CARE Rates INR12.44cr Longterm Loan at 'CARE BB-'
BENGAL TEA: CARE Assigns 'CARE BB+' Rating to INR110.10cr Loan
DASHMESH ROAD: CARE Places 'BB' Rating on INR17.33cr LT Loan
KAMAL SUITINGS: CARE Rates INR5.52cr LT Loan at 'CARE B'
KG DENIM: CARE Rates INR54cr Long-Term Loan at 'CARE C'

MILESTONE MERCANDISE: CARE Rates INR13cr LT Loan at 'CARE B'
RAJ RAJENDRA: CARE Rates INR18.15cr LT Loan at 'CARE BB+'
SHREE JAGDAMBA: CARE Puts 'CARE BB' Rating on INR7cr LT Loan
SUPER AGRI: CARE Assigns 'CARE BB+' Rating to INR22.47cr LT Loan
SURYA COTSPIN: CARE Rates INR6.3cr LT Loan at 'CARE BB-'


J A P A N

KANSAI URBAN: Moody's Cuts Financial Strength Rating to 'D-'
OLYMPUS CORP: Officially Agrees on Capital Tie-Up With Sony
SHARP CORP: Mulls LCD Tieup With Intel


M A L A Y S I A

POLYMER COMPOSITE: Placed Under Liquidation


N E W  Z E A L A N D

AOTEAROA COOLSTORES: Still Owes NZ$14MM at End of Receivership
PERPETUAL TRUST: High Court Winds Up Mortgage Fund
SOUTH CANTERBURY: Southbury Has NZ$700K in Cash, PwC Reports


S I N G A P O R E

FIVE STARS: Creditors' Proofs of Debt Due Oct. 19
METCOMP CO: Creditors' Proofs of Debt Due Oct. 19
MORGAN STANLEY: Creditors' Proofs of Debt Due Oct. 19
REFLECT GEOPHYSICAL: Court to Hear Wind-Up Petition on Oct. 5
WEE SIONG: Creditors' Proofs of Debt Due Oct. 19

YOKOGAWA MANAGEMENT: Creditors' Proofs of Debt Due Oct. 19


                            - - - - -


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


PAYLESS SHOES: Shoe Retailer Goes Into Administration
-----------------------------------------------------
Benjamin Millar at smh.com.au reports that Payless Shoes has gone
into administration, blaming the "extremely difficult retail
environment."

According to the report, insolvency company Jamieson Louttit &
Associates was called in earlier this month after the managing
director resigned, casting doubt over the future viability of
230 stores across Australia.

A move by Australian shoppers to online shopping and growth in
international sales are some of the factors forcing the company
into an urgent search for a buyer, the report relays.

smh.com.au says negotiations have already been underway with
landlords, who have been approached for rent reductions to stave
of store closures.

The report says Payless Shoes has also engaged Beam Business
Equity to try and find an industry buyer.

Deloitte spokeswoman Vessa Playfair confirmed company directors
called in Deloitte on Sept. 21 to handle the administration,
smh.com.au reports.

Payless Shoes is the largest independent shoe retailer in
Australia, operating 44 stores across Victoria.



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


CHINA HONGQIAO: S&P Rates Senior Unsecured Notes 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
the proposed issue of senior unsecured notes by China Hongqiao
Group Ltd. (BB/Stable/--; cnBBB-/--). "At the same time, we
assigned our 'cnBB+' Great China regional scale rating to the
proposed notes," S&P said.

"The rating is subject to our review of the final issuance
documentation. We expect Hongqiao, an aluminum producer, to use
the proceeds from the proposed notes for expansion of its
production scale, refinancing its debts, and for general
corporate purposes. The issue rating is one notch below its long-
term corporate credit rating to reflect the structural
subordination risk the offshore bondholders face in the event of
default, as we project the company's priority borrowings to
exceed 25% of total assets in the next two years, more than our
threshold of 15% for non-investment grade issuers," S&P said.

"The company's operating performance in first-half 2012 was in
line with our expectation. Its EBITDA margin was 35.8%, compared
with 38.2% in first-half 2011. The company's competitive low
production cost cushioned subdued aluminum prices," S&P said.

"Hongqiao owns thermal power stations and electricity
transmission grid. We expect its electricity generation capacity
will reach 2,730 MW by the end of 2012, which is about 58% of its
requirement and an increase from 55% in the first half. The
company continues to purchase electricity and alumina from Gaoxin
Aluminum and Electricity Corp. (unrated) at favorable terms.
Hongqiao's 2-million-ton alumina refining capacity went into
production in the first half, and we expect company will continue
to increase alumina production in 2013. Refining its own alumina
is less costly than buying from Gaoxin," S&P said.

"We expect Hongqiao to generate negative free operating cash flow
of more than Chinese renminbi (RMB) 3.5 billion in the next two
years due to large capital expenditures for expansion. In our
view, Hongqiao's debt will rise in 2012 and 2013 as it continues
to seek expansion along the aluminum value chain and to further
increase its power generation facilities. Nevertheless, we
believe its cash balance (more than RMB6.5 billion as of June 30,
2012) and its good cash flow from operations, supported by its
low-cost position, would help to fund part of the capital
expenditures, therefore moderating the increase in leverage. We
forecast company operating cash flow of more than RMB6 billion in
2012. We believe its ratio of funds from operations to total
debts will be no less than 30% in the next 12 months," S&P said.

"The rating on Hongqiao reflects the company's high supplier and
customer concentration risk, its short operating track record,
and key-man risk. In addition, Hongqiao faces significant
negative free operating cash flow in the next few years as it
expands. These weaknesses are partly offset by the company's low-
cost position, proximity to its customer base, and the long-term
good demand prospects for aluminum products in China," S&P said.



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


FANTASIA HOLDINGS: Moody's Rates Senior Unsecured Notes '(P)B2'
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the USD senior unsecured notes proposed by Fantasia Holdings
Group Company Limited.

At the same time, Moody's has affirmed the B1 corporate family
rating and B2 senior unsecured debt rating on Fantasia's
outstanding notes.

The ratings outlook is stable.

The proceeds from the USD notes issuance will be used to fund
land acquisitions and development needs, refinance some of the
existing indebtedness and for general corporate purposes.

The provisional status of the USD notes will be removed once
Fantasia has issued the proposed USD notes on satisfactory terms
and conditions.

Ratings Rationale

"The issuance of new USD notes will strengthen Fantasia's funding
capacity and debt maturity profile for the purposes of managing
its property development projects and its delivery of presale
properties," says Jiming Zou, a Moody's Analyst.

The USD notes -- which will provide term funding -- will improve
Fantasia's liquidity. Its cash balance of RMB 1.4 billion as of
June 30, 2012 is not enough to cover its short-term debt of RMB
1.8 billion, although the company has been prudent in its land
purchases.

Additionally, the notes will provide funding for Fantasia's plan
(i) to secure contract sales of RMB3.8 billion in the second
half, in order to meet its 2012 contract sales target of RMB 7.2
billion; and (ii) to deliver RMB5.6 billion of book revenue for
the rest of 2012.

"While more debt will be added, Fantasia's debt leverage --
measured by debt/total capitalization of around 55% -- will
remain appropriate for its B1 rating," says Zou, also lead
analyst for Fantasia.

Fantasia has a track record of maintaining adequate interest
coverage -- around 4x from 2009 to 2011. Moody's expects interest
coverage to deteriorate to around 2.8x -- 2.9x for the next 12
months after the issuance of the USD notes. But such interest
coverage is still acceptable for its B1 rating level.

Fantasia's B1 corporate family rating continues to reflect its
established niche business model, which balances the development
of commercial and residential properties. This partly mitigates
the short-term impact on its performance of regulatory measures
for the residential sector in China.

Its rating also factors in its stable operating and financial
profile and disciplined financial management. It has an
established track record in Shenzhen and Chengdu, and has started
expanding to other regions.

However, the rating is constrained by geographic concentration
risk and the execution risk associated with the company's
expansion into new locations. The scale of its operations, land
bank and financial leverage, with debt/capitalization of around
50%-55%, are consistent with its single-B rated peers.

The stable outlook reflects Moody's expectations of continued
stability in Fantasia's financial profile, adequate liquidity,
and measured expansion strategy.

Upward pressure on its ratings could emerge if Fantasia can (1)
build up a track record in markets outside Chengdu and Shenzhen;
(2) consistently achieve its sales targets; (3) maintain strong
financial discipline, while implementing its growth strategy; and
4) maintain sound liquidity.

Moody's sees EBITDA/interest coverage consistently above 4-5x and
adjusted debt/capitalization below 45-50% on a sustained basis as
indications for a potential rating upgrade.

The ratings could be downgraded if (1) Fantasia's sales fell
significantly short of Moody's expectations; (2) the company
pursued aggressive land acquisitions or expansion activities that
pressure its liquidity; or (3) it failed to maintain a
disciplined approach to financial management.

Adjusted debt/capitalization consistently above 55-60% and
EBITDA/Interest coverage below 2.5x-3x would indicate a potential
rating downgrade.

The principal methodology used in rating Fantasia Holdings Group
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Fantasia Holdings Group Co., Limited, is a property developer
established in 1996 and listed on the Hong Kong Stock Exchange in
November 2009. As of June 2012, it had a land bank of 8.3 million
square meters of GFA (gross floor area) with land use rights,
mainly in Chengdu and the Pearl River Delta. It develops high-end
office buildings and residential properties, targeting small- and
medium-sized enterprises (SMEs) and affluent individuals.


GEMDALE CORPORATION: FPC Deal No Impact on Moody's 'Ba1' CFR
------------------------------------------------------------
Moody's Investors Service says that Gemdale Corporation's Ba1
corporate family rating, Famous Commercial Ltd's Ba3 corporate
family rating, and Gemdale International Holding Limited's Ba3
senior unsecured bond rating are unaffected by Famous' plan for a
major acquisition.

Famous, which is a wholly owned subsidiary of Gemdale
Corporation, plans to buy a 56.05% stake in Frasers Property
(China) Limited (FPC, unrated) for HK$1.65 billion.

The ratings outlook remains stable.

Moody's notes that the investment amount will increase to a
maximum of about HK$2.95 billion if all minority shareholders
accept Famous' general offer to take over FPC.

"The successful acquisition of FPC would help diversify Gemdale's
ability to access offshore equity markets for funding, and will
therefore improve its financial flexibility," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Gemdale is now just listed in China. With the acquisition of FPC,
Gemdale will be connected to the international equity investors.

The access to offshore equity funding will strengthen Famous
fund-raising role within Gemdale and which would provide
additional comfort to its offshore debt investors.

"Gemdale has adequate available financial resources to help
Famous acquire the 56.05% stake in FPC," says Mr. Tsang, who is
also the Lead Analyst for Famous and Gemdale.

Famous plans to complete the acquisition through a bridging loan
of HK$2.5 billion from Standard Chartered Bank. This loan would
subsequently be refinanced through Gemdale's internal resources
or through new bank loans.

As of June 30, Gemdale had cash of RMB19 billion, which can cover
its short-term debt of RMB12 billion, as well as the bridging
loan.

"The interim increase in debt from the acquisition will not
materially impact Gemdale's credit metrics," says Mr. Tsang.

Gemdale's debt capitalization ratio will increase to 57% from 55%
in June, as it will take on FPC's debt in addition to the
acquisition debt of HK$2.5 billion.

Gemdale's interest coverage will also be kept below 3.5x.

Nonetheless, Moody's expects that Gemdale's increased sales and
retained earnings in 2H 2012 will lower its debt leverage.

On the other hand, Famous' debt leverage will increase to over
85% and its EBITDA interest coverage will fall to 1.5x-2.5x after
the acquisition.

Its B2 standalone credit profile already reflects its weak
financial metrics, which are offset by the strong funding support
from Gemdale.

The principal methodology used in rating Gemdale and Famous was
the Global Homebuilding Industry Methodology published in March
2009.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It was founded
in 1988 and was 100% indirectly owned by the government of Futian
district in Shenzhen.

Gemdale began its property development business in Shenzhen in
1993 and has progressively expanded its business to cover the six
major regions across the country over the past 20 years.
Currently, it has a land bank of 17.1 million sqm in gross floor
area in 20 cities.

Incorporated in Hong Kong in 1995, Famous is a wholly-owned
subsidiary of Gemdale Corporation. It was initially established
as a sales office in Hong Kong to sell Gemdale's property
projects to overseas customers. It was eventually developed as an
offshore holding company housing some of Gemdale's property
projects in China. It also serves as a funding vehicle in the
overseas market.


GOLDEN COMMENCE: Members' Meeting Set for Oct. 17
-------------------------------------------------
Members of Golden Commence Limited will hold a meeting on
Oct. 17, 2012, at 10:30 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.


GROUP INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------------
Creditors of Group International Trading Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 3, 2012.

The company's liquidators are:

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


HOTUNG ENTERPRISES: Annual Meetings Set for Oct. 8
--------------------------------------------------
Members and creditors of Hotung Enterprises Limited will hold
their annual meetings on Oct. 8, 2012, at 10:30 a.m., and
11:30 a.m., respectively at Room 2109, China Resources Building,
at 26 Harbour Road, Wanchai, in Hong Kong.

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


HWA SHAT: Creditors' Proofs of Debt Due Oct. 15
-----------------------------------------------
Creditors of HWA Shat 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. 12, 2012.

The company's liquidator is:

         Lin Sun Ching Andrew
         5/F, Milo's Industrial Building
         2-10 Tai Yuen Street
         Kwai Chung, N.T.


INTERNATIONAL (HK): Creditors' Proofs of Debt Due Oct. 15
---------------------------------------------------------
Creditors of International (Hong Kong) Antique & Unique Mineral
Collectors Association 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. 6, 2012.

The company's liquidator is:

         Lau Cheuk Man Timothy
         Unit 9, 17/F Citicorp Centre
         18 Whitfield Road
         Causeway Bay, Hong Kong


JARDINE MOTORS: Creditors' Proofs of Debt Due Oct. 5
----------------------------------------------------
Creditors of Jardine Motors (China) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 5, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 3, 2012.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


JUNE AGENTS: Annual Meetings Set for Oct. 9
-------------------------------------------
Members and creditors of June Agents Limited will hold their
annual meetings on Oct. 9, 2012, at 4:00 p.m., and 4:30 a.m.,
respectively at Suite 1704, 17th Floor, at 625 King's Road, North
Point, in Hong Kong.

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


KENTH LIMITED: Creditors' Proofs of Debt Due Oct. 13
----------------------------------------------------
Creditors of Kenth Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Oct. 13, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Dieter Charles Pasewaldt
         603 West 50th Street
         New York, NY 10019
         USA


KING ELEGANT: Members' Meeting Set for Oct. 17
----------------------------------------------
Members of King Elegant Holdings Limited will hold a meeting on
Oct. 17, 2012, at 9:30 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.


MIDTOWN HOLDINGS: Annual Meetings Set for Oct. 9
------------------------------------------------
Members and creditors of Midtown Holdings Limited will hold their
annual meetings on Oct. 9, 2012, at 5:00 p.m., and 5:30 a.m.,
respectively at Suite 1704, 17th Floor, at 625 King's Road, North
Point, in Hong Kong.

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


NEW CHINA: Annual Meetings Set for Oct. 9
-----------------------------------------
Members and creditors of The New China Hong Kong Advertising
Limited will hold their annual meetings on Oct. 9, 2012, at
10:00 a.m., and 10:30 a.m., respectively at Suite 1704, 17th
Floor, at 625 King's Road, North Point, in Hong Kong.

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


NEW CHINA HK: Annual Meetings Set for Oct. 9
--------------------------------------------
Members and creditors of The New China Hong Kong Asset Management
Limited will hold their annual meetings on Oct. 9, 2012, at
11:00 a.m., and 11:30 a.m., respectively at Suite 1704, 17th
Floor, at 625 King's Road, North Point, in Hong Kong.

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


NEW CHINA HK PROPERTIES: Annual Meetings Set for Oct. 9
-------------------------------------------------------
Members and creditors of The New China Hong Kong Properties
Limited will hold their annual meetings on Oct. 9, 2012, at
2:00 p.m., and 2:30 p.m., respectively at Suite 1704, 17th Floor,
at 625 King's Road, North Point, in Hong Kong.

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


NEW CHINA HK TRADING: Annual Meetings Set for Oct. 9
----------------------------------------------------
Members and creditors of The New China Hong Kong Trading
(Beijing) Limited will hold their annual meetings on Oct. 9,
2012, at 3:00 p.m., and 3:30 p.m., respectively at Suite 1704,
17th Floor, at 625 King's Road, North Point, in Hong Kong.

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


PROSPER LANE: Members' Meeting Set for Oct. 17
----------------------------------------------
Members of Prosper Lane Limited will hold a meeting on Oct. 17,
2012, at 11:30 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.


RR DONNELLEY: Members' Final Meeting Set for Oct. 16
----------------------------------------------------
Members of RR Donnelley (Hong Kong) Limited will hold their final
general meeting on Oct. 16, 2012, at 2:30 p.m., at 29th Floor,
Caroline Centre, Lee Gardens Two, at 28 Yun Ping Road, in Hong
Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SIGMA LOGISTICS: Creditors' Proofs of Debt Due Oct. 14
------------------------------------------------------
Creditors of Sigma Logistics Limited, 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 commenced wind-up proceedings on Sept. 14, 2012.

The company's liquidator is:

         Li Mei Sze
         Chun Hoi Commercial Building
         688-690 Shanghai Street
         Mongkok, Kowloon
         Hong Kong


SMASHBOX HK: Wong and Wong Step Down as Liquidators
---------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as
liquidators of Smashbox Hong Kong Limited on Sept. 7, 2012.


TONG LIN: Members' Final General Meeting Set for Oct. 19
--------------------------------------------------------
Members of Tong Lin (H.K.) Co. Limited will hold their final
general meeting on Oct. 19, 2012, at 11:00 a.m., at Room 1902,
19/F., Henan Building, at 90-92 Jaffe Road, Wanchai, in Hong
Kong.

At the meeting, Tsang Kwok Fai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


WA LEE: Final Meetings Set for Oct. 25
--------------------------------------
Members and creditors of Wa Lee Finance Company Limited will hold
their final meetings on Oct. 25, 2012, at 3:00 p.m., and 3:15
p.m., respectively at Room 3511, 35th Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.

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



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


AMAR PARTAP: CARE Rates INR12.44cr Longterm Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Amar
Partap Steels Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     12.44       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Amar Partap Steels
Private Limited is constrained by its financial risk profile
marked by thin and fluctuating profitability margins, moderately
leveraged capital structure and stressed debt coverage
indicators. The rating is further constrained by APSPL's exposure
to volatility in raw material prices and its presence in highly
fragmented and competitive Thermo Mechanically Treated (TMT) bar
segment.

The rating, however, derives strength from extensive experience
of the promoters in the steel business and established marketing
and distribution network which aided the company to scale-up its
operations.

APSPL's ability to improve its profitability margins in light of
volatile steel prices and efficient working capital management
will remain the key rating sensitivity.

Jaipur-based APSPL was incorporated as a private limited company
in 2004 by Mr. Jaswant Singh and his family members. APSPL was
primarily engaged in the manufacturing of mild steel (MS) ingots.
Subsequently, it set up a re-rolling mill in 2010 and commenced
manufacturing of TMT Bars. It had a total installed capacity of
30,000 Metric Tonnes per Annum (MTPA) for Steel Ingots and 75,000
MTPA for TMT Bars as on March 31, 2012. The manufacturing unit of
APSPL is located at Jaipur in the state of Rajasthan. TMT bars
manufactured by APSPL are sold under the brand name of 'AMCO
TMT'. The company's unit is ISO 9001:2008 certified.

As per the provisional result of FY12 (refers to the period
April 1 to March 31), APSPL has reported total operating income
of INR94.42 crore as against INR57.20 crore in FY11. It has
reported a PAT of INR0.35 crore during FY12 as compared with
INR0.19 crore during FY11.


BENGAL TEA: CARE Assigns 'CARE BB+' Rating to INR110.10cr Loan
--------------------------------------------------------------
CARE assigns CARE BB+ and CARE A4+ ratings to the bank facilities
of Bengal Tea & Fabrics Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     110.10      CARE BB+ Assigned
   Short-term Bank Facilities      8.50      CARE A4+ Assigned

Rating Rationale

The ratings are primarily constrained on account of the adverse
performance of the textile division of Bengal Tea & Fabrics Ltd
in FY12 (refers to the period April 1 to March 31) due to high
volatility in cotton prices leading to cash losses, although the
performance has improved in Q1FY13. The ratings are further
constrained due to its high leverage, labor intensive operations
of its tea division, susceptibility of both divisions to rainfall
and weather conditions, and presence in an intensely competitive
and cyclical textile industry.

The ratings, however, favorably take into account the vast
experience of its promoters, presence in the diverse businesses
of textile and tea and stable performance of its tea division
with favorable demand scenario.

BTFL's ability to improve the performance of its textile division
by managing the risk associated with volatile raw material prices
and realizing envisaged operational efficiencies from its ongoing
modernization project in the division, maintaining stable
performance of its tea division, efficient management of its
working capital and improvement in its capital structure would be
the key rating sensitivities.

Incorporated in the year 1983 as BTFL, the company is promoted by
Late Shree B. D. Kanoria. In 1985, BTFL took over Bengal Tea &
Industries Ltd. which was earlier known as Bengal Tea
Company Limited.  Earlier in 1970 and 1976, BTCL had taken over
The Asarwa Mills Ltd. and Ananda Assam Tea Company Ltd
respectively. Thus, BTFL has presence in two divisions, viz.
Textile and Tea.

The textile division comprises a composite yarn and cloth mill
called Asarwa Mills located at Ahmedabad with an installed
capacity of 43,152 spindles for yarn manufacturing and 63 looms
for fabric as on March 31, 2012. In the tea division, BTFL owns
three tea estates, having plantation area of around 626 hectares
located in upper Assam. It produces around 20 lakh kilogram (kg)
of tea per annum including 4 lakh kgs from outsourcing. The
company processes Green Tea leaves at its plant located at Ananda
Tea Estate and sells Black Tea.


DASHMESH ROAD: CARE Places 'BB' Rating on INR17.33cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating on Dashmesh Road
Construction Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Fund-based Bank      17.33      CARE BB Assigned
   Facilities-Term Loan

   Short-term Non-fund Based       0.25      CARE A4 Assigned
   Bank Facilities - BG / LC

Rating Rationale

The assigned ratings are tempered due to revenue risk associated
with toll-based road projects, low debt-coverage indicators in
the medium term and exposure to interest rate risk.

The assigned ratings favorably factor in successful completion
and operation of road project eliminating project implementation-
related risks.

The company's ability to achieve projected cash flow through toll
collections and support from parent company in case of shortfall
in cash flow are the key rating sensitivities.

Dashmesh Road Construction Pvt. Ltd. is a special purpose vehicle
(SPV) set up for widening, strengthening and operating the 39.85
km road stretch in Taluka Muktainagar, District Jalgaon,
Maharahstra on Build, Operate and Transfer (BOT) basis.

DCPL is a wholly-owned subsidiary of BNC Power Projects Limited
(BNC, rated CARE BBB- / CARE A3). Promoted by Mr. Bhagwat N.
Chaudhari, BNC is engaged in erection and commissioning of power
transmission lines and substation projects, testing of electrical
equipments, live line / hot line and offline maintenance on an
Engineering, Procurement and Construction (EPC) basis. DCPL was
acquired on June 15, 2006 from the Chhabra group owned by Mr Ajit
Munshiram Chhabra.

DCPL reported a total operating income of INR4.92 crore in FY11
[refers to period April 1 to March 31] against INR4.00 crore in
FY10. The company earned Profit after Tax of INR0.52 crore in
FY11 vis-a-vis INR0.48 crore earned in FY10.


KAMAL SUITINGS: CARE Rates INR5.52cr LT Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Kamal Suitings Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     5.52        CARE B Assigned
   Short-term Bank Facilities    1.00        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kamal Suitings
Private Limited are constrained mainly on account of its small
scale of operations, presence in the highly competitive and
fragmented synthetic fabric industry and limited presence in the
textile value chain resulting in thin profitability margins. The
ratings are further constrained on account of its leveraged
capital structure and stressed liquidity position coupled with
the susceptibility of profit margins to the volatile raw material
prices.

The ratings, however, favorably take into account the rich
experience of the promoters in the synthetic fabrics industry and
its presence in the textile cluster of Bhilwara (Rajasthan).

Increase in the scale of operations and improvement in the
overall financial risk profile with effective management of the
working capital in light of volatile raw material prices and
intense industry competition remains the key rating sensitivity.

KSPL, based in Bhilwara (Rajasthan), was promoted by Mr. Naval
Kumar Gupta and Mr. Kamal Kishore Gupta in June 1993. During FY08
(refers to the period April 1 to March 31), KSPL was taken over
by the Tawani family by acquiring the controlling stake in the
company. Currently, KSPL is managed by Mr. Satyanarayan Tawani
and Mr. Kapil Maheshwari who collectively look after the overall
operations and take all the strategic decisions. KSPL is engaged
in the manufacturing of synthetics and cotton fabrics at its
manufacturing facility located in Bhilwara (Rajasthan), with an
installed capacity of 18 Lakh Meters Per Annum (LMPA) (36 Sulzer
Looms) for Synthetics and Cotton Fabrics as on March 31, 2012.
KSPL sells its products through the network of its agents
primarily spread in northern region of India under the brand name
'KSPL'.

During FY12, KSPL reported total income of INR28.79 crore with a
PAT of INR0.08 crore as against the total income of INR23.29 and
PAT of INR0.07 crore during FY11.


KG DENIM: CARE Rates INR54cr Long-Term Loan at 'CARE C'
-------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of KG Denim Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     54.00       CARE C Assigned
   Short-term Bank Facilities    99.59       CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the past instances of
delays in the servicing of debt obligations by KG Denim Ltd.
(KGDL), its strained liquidity position, losses till FY10 (refers
to the period April 1 to March 31) due to poor returns in home
textiles division, volatility in profit margins due to
fluctuation in raw material prices and foreign exchange
fluctuation, working capital intensive nature of operations, and
the cyclical nature of denim industry. The ratings, however, do
factor in KGDL's established presence in the denim business for
about two decades, the group's integrated presence in the textile
value chain, established clientele in domestic as well as export
markets and improvement in the performance in FY12.

Going forward, the ability of KGDL to regularize its debt
servicing track record, improve its liquidity position and
utilize its capacity more effectively will be the key rating
sensitivities.

KGDL was incorporated in the year 1992 by Mr. K. Govindaswamy
Naidu, founder of KG group, to manufacture denim fabric. The
company is now managed by his son Mr. K. G. Baalakrishnan,
Chairman and grandsons Mr. B. Sriramulu, Managing Director and
Mr. B. Srihari, Managing Director. The company entered into non-
denim business (processing cotton-based fabric and home textiles)
during FY07. As at the end of March 2011, KGDL had an installed
capacity of 160 looms which can process up to 21 mn meters of
denim fabric per annum at Coimbatore. KGDL also has a
cogeneration plant with a capacity to generate 3 megawatt (MW) of
power p.a. The denim business continues to be the major revenue
earner for the company.

KGDL has a wholly-owned subsidiary namely, Trigger Apparels Ltd.,
the retailing arm of the group which concentrates on denim
apparel manufacturing and retailing in the domestic market.

For the year ended March 2012, KGDL reported a PAT of INR7 cr on
a total income of INR403cr. For three months ended June 2012,
KGDL has reported PAT of INR2cr on a total income of INR115cr.


MILESTONE MERCANDISE: CARE Rates INR13cr LT Loan at 'CARE B'
------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Milestone
Mercandise Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities      13         'CARE B' Assigned

Rating Rationale

The ratings are constrained by Milestone Mercandise Pvt. Ltd.'s
strained liquidity position as evident from instances of
overdrawals. Moreover, the ratings are constrained by the
company's small size of operations, fixed margin business and no
pricing power coupled with dependence on UB Group. The ratings
also factor in highly regulated nature of the alcoholic beverages
industry which is subjected to high state taxes and moderate
entry barriers in the distribution segment.

Nonetheless, the ratings derive strength from the experience of
the promoters in beverage distribution industry and presence of
reputed brands and institutional customers in the company's
portfolio.

The ability of the company to effectively manage its working
capital and any change in policy by the Principals are the key
rating sensitivities.

Incorporated in 1996, Milestone Mercandise Pvt Ltd is engaged in
distribution of alcoholic & non-alcoholic beverages and is the
anchor distributor of the United Breweries Ltd. & Nashik
Vintners Pvt Ltd.  MMPL distributes prominent brands in beer,
IMFL and wine category to institutional customers in Mumbai & Goa
like star-graded hotels, clubs & pubs, high-end restaurants and
wholesalers.

Some of the popular brands in the company's portfolio include:
Kingfisher Draught and Lager Beer in pints and cans, Heineken
Beer, Asahi Beer, Sula Branded Wines, Four Seasons Wines, Hardy's
Wines (Australian), scotches such as Whyte and Mackay, Jura,
Dalmore, Black Dog and IMFL's like Antiquity, Royal Challenge,
Signature and McDowell's No. 1.

In FY11, nearly 54% of the company's revenue was generated from
the sale of Beer, around 38% from the sale of Wines & Spirits and
the remaining 1.8% from the sale of beverages. Approximately
96.7% of the revenue is generated from Mumbai region and rest
from the state of Goa.


RAJ RAJENDRA: CARE Rates INR18.15cr LT Loan at 'CARE BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of RAJ Rajendra Textile Exports Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      18.15       CARE BB+ Assigned
   Short-term Bank Facilities      1.00       CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the relatively modest scale of
operations of Raj Rajendra Textile Exports Ltd., moderately
stretched working capital cycle and modest profitability margin.
The ratings are further constrained by the susceptibility of
margins to volatility in raw material prices and foreign exchange
fluctuations and its operations in the highly competitive and
fragmented textile industry.

The ratings, however, do find support from the experience of the
promoters in the textile industry, established relationship with
the customers and moderate gearing levels.

RRTEL's ability to increase its scale of operations along with an
improvement in the financial risk profile and efficient
management of working capital cycle are the key rating
sensitivities.

Incorporated in 1977, RRTEL is mainly engaged in the
manufacturing of fabrics, primarily used for men's wear catering
to both domestic and export markets. RRTEL procures its entire
raw material predominantly from Rajasthan and generates
approximately 33% of the revenue from exports (mainly to Middle
East region and Egypt). Over the years, the company has expanded
its capacity from 44 looms (in 1987) to 170 looms as at end of
FY12 (refers to the period April to March). RRTEL had an
installed capacity of 8 lakh meters of fabrics per annum as on
March 31, 2012, with plant being located at Umbergoan and Palghar
(rented).

During FY12, RRTEL reported total operating income of INR77.38
crore and PAT of INR1.57 crore as against a total operating
income of INR71.97 crore and PAT of INR0.67 crore in FY11.
Furthermore, during Q1FY12, RRTEL posted total income of
INR15.69 crore and a PAT of INR0.47 crore.


SHREE JAGDAMBA: CARE Puts 'CARE BB' Rating on INR7cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Shree Jagdamba Coke Industries Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities     7.00        'CARE BB' Assigned
   Short-term bank facilities    5.00        'CARE A4' Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Jagdamba
Coke Industries Pvt Ltd are primarily constrained by its moderate
scale of operations, volatility in raw material and finished
goods prices coupled with stiff competition from organized and
unorganized sector players, working capital intensive nature of
its business and its dependence on the fortunes of steel
industry. The ratings, however, derive strength from the long
experience of the promoters in coal business, long track record
of operations, reputed clientele and strategic location of the
plant.

Ability to increase scale of operations along with improvement in
profitability while managing its working capital effectively
would be the key rating sensitivities.

SJCIPL was set up as a partnership firm in 1974 as Shree Jagdamba
Coke Manufacturing Enterprises, by five partners (Shri Durga
Prasad Agarwalla & his three sons and Shri Parasnath Sinha)
belonging to Dhanbad. Since inception, the company is engaged in
manufacturing of Low Ash Metallurgic Coke (LAMC) and other
varieties of hard coke at its manufacturing facilities located at
Govindpur, Dhanbad (with initial installed capacity of 28,000
MTPA). In June 1993, the firm was converted into a private
limited company and was rechristened as SJCIPL. Over the period,
the company gradually expanded its LAMC capacity to 94,000 MTPA,
has setup a coal washery (capacity - 200 tonnes per day) and also
commenced trading in coal and coke.

In FY11 (refers to the period from April 2010 to March 2011),
SJCIPL reported a PBILDT of INR5.5 crore and a PAT of INR2.7
crore on a total operating income of INR47.2 crore. Further, as
per provisional results for FY12, the firm has achieved a total
operating income of INR38.8 crore.


SUPER AGRI: CARE Assigns 'CARE BB+' Rating to INR22.47cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Super Agri Seeds P. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     22.47       CARE BB+ Assigned
   Short-term Bank Facilities     2.00       CARE A4 Assigned

Rating Rationale

The ratings of Super Agri Seeds P Ltd. are constrained by
relatively moderate scale of operation, dependence on the
vagaries of nature associated with agro-based industries,
stretched operating cycle with high reliance on working capital
borrowings, capital intensive nature of business with continuous
investment required in research & development and intense
competition from large domestic players. The ratings also factor
in the satisfactory experience of the promoter, investment by
private-equity fund during FY12, diversified product mix,
moderate profitability and satisfactory financial leverage. The
ability of the company to increase its scale of operations,
manage working capital effectively and withstand competition are
the key rating sensitivities.

Super Agri Seeds P. Ltd., belonging to Mr. Ravi Srinivas of
Hyderabad, was originally started as a partnership firm in 1998
and later converted into a Private Limited company in 2003.
SASPL is engaged in the production, processing and marketing of
hybrid and open pollinated seeds of various vegetable and field
crops. It, presently, has a product mix of 9 field crops (viz.
cotton, rice, corn, etc) and more than 20 vegetable crops.
Besides the promoter, India Agri Fund (a Private Equity Fund of
Rabo Bank) has invested in the company (in March, 2012) by
subscribing to Compulsorily Convertible Preference Shares (CCPS).

SASPL earned a PBILDT of INR13.1 crore [FY11 (refers to the
period April 1 to March 31) - INR7.3 crore] and a PAT (after
deferred tax) of INR7.2 crore (FY11 - INR4.2 crore) on a total
income of INR70.3 crore (FY11 - INR55.2 crore) in FY12
(Provisional).


SURYA COTSPIN: CARE Rates INR6.3cr LT Loan at 'CARE BB-'
--------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Surya
Cotspin Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     6.30        CARE BB-Assigned

Rating Rationale

The rating assigned to the bank facilities of Surya Cotspin
Limited is primarily constrained by its small scale of
operations, working capital intensive nature of business, raw
material price dependency on government policies and agro
climatic conditions, customer concentration risk and its presence
in a highly fragmented and competitive textile industry.

The rating, however, does draw comfort from the experienced
promoters and long track record of operations, moderate capital
structure and strategic location of the manufacturing plant.

Going forward, the ability of the company to profitably scale up
its operation while controlling input costs and effective working
capital utilization would be the key rating sensitivities.

Surya Cotspin Limited is a closely held public limited company
incorporated in October 1997, with the promoters and their
associates holding 100% of the equity. Mr. Madan Lal, Mr. Vijay
Garg, Mr. Mohan Lal, Mr. Surinder Garg and Mr. Parveen Bansal are
the promoters and active participants in management of the
company.

The company is engaged in the manufacturing of cotton yarn and
has installed capacity of 2,142 metric tons per annum (MTPA) of
cotton yarn at its manufacturing facility located at Samana,
Punjab.
SCL sells its finished products mainly to the manufacturers of
fabric (weaving units) and also to the traders of cotton yarn.
The major market for the company includes Delhi, Uttar Pradesh
(UP), Madhya Pradesh (MP) and Punjab.

For FY12 (provisional) (refers to the period April 1 to
March 31), SCL achieved total operating income of INR18.51 crore
with PBILDT and PAT of INR1.16 crore and INR0.04 crore,
respectively.



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


KANSAI URBAN: Moody's Cuts Financial Strength Rating to 'D-'
------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of Kansai Urban
Banking Corporation.  The outlook for all ratings is stable.

The affected ratings are:

  Long-term bank deposit rating (domestic and foreign currency):
  Downgraded to A3 from A2

  Senior unsecured shelf registration rating (domestic currency):
  Downgraded to (P)A3 from (P)A2

  Senior subordinated debt rating (domestic currency): Downgraded
  to Baa1 from A3

  Senior subordinated shelf registration rating (domestic
  currency): Downgraded to (P)Baa1 from (P)A3

  Junior subordinated debt rating (domestic currency): Downgraded
  to Baa2(hyb) from Baa1(hyb)

  Junior subordinated shelf registration rating (domestic
  currency): Downgraded to (P)Baa2 from (P)Baa1

  Short-term bank deposit rating (domestic and foreign currency):
  Downgraded to Prime-2 from Prime-1.

  Bank Financial Strength Rating: Downgraded to D- from D,
  mapping to a baseline credit assessment (BCA) of ba3 from ba2
  on the long-term scale.

Ratings Rationale

The downgrade of KUBCs ratings is based on the Moody's view that
earnings will remain constrained and the bank will not be able to
improve profitability to the higher levels achieved prior to the
global financial crisis, as previously anticipated. As a result,
internal capital generation will be weak and the current low
Tier 1 capital adequacy ratio is unlikely to improve.

The revised ratings also incorporate Moody's ongoing assumption
that the bank will receive a high level of support -- including
capital injections, if necessary -- from Sumitomo Mitsui Banking
Corporation (SMBC, Aa3 stable; C/a3 stable), its parent bank, in
the event of stress.

1. Weakened profitability with a recovery unlikely in 2-3 years

The bank has returned to profitability following losses in
FYE3/2011 and FYE3/2012, but at a much lower level than before
the global financial crisis.

Top-line profits have been negatively affected by a factor
common to all banks in Japan, namely lower policy interest
rates. In addition, there is a bank-specific factor, a decline
in the profits from its high-risk, high-return real estate loan
portfolio.

Credit costs have been declining from their peak, but are still
high when compared with pre-provision profits. In FYE3/2012, the
bank's credit costs (net provision of specific reserve for loan
losses) were JPY28.6 billion, or more than 100% of its JPY27.5
billion in pre-provision profits. However, this situation was
somewhat offset by reversals in general provisions.

As a result of the fall in top-line profits, combined with
declining, but still large credit costs from its real estate
exposures, bottom-line profits have also weakened.

Moody's does not believe that the bank's top-line profit will
increase, given low interest rates and the fall in its risk
appetite.

Moody's also expect the bank will continue to incur relatively
higher credit costs from in its real estate loan portfolio and,
as a result, do not expect bottom-line profits to improve
significantly.

2. Current weak capital adequacy -- improvement through profit
   accumulation difficult in coming 2-3 years

KUBC, unlike other rated banks in Japan, has not been able to
improve its capital adequacy ratio after the financial crisis
because of its weak earnings. Capital has not improved
significantly despite the parent bank's subscription to its
preferred security issuance in 2009. The aim of the issuance was
to strengthen its regulatory capital base.

As a result, the bank's Tier 1 ratio, which measured 5.18% at
end-June 2012 -- almost unchanged from 4.9% at end-March 2010 --
is one of the lowest for over 100 regional banks in Japan.
Furthermore, a large portion of the its Tier 1 capital consists
of lower quality deferred tax assets. These correspond to over a
third of its Tier 1 capital. Such a proportion is high for
Japanese banks.

After the call of its JPY12.5 billion in preferred securities
(counted as Tier 1 capital) in July, the ratio is estimated to
have fallen below 5%.

The bank's capital, both quality and quantity, is weak,
especially given its on-balance real estate exposures, which
will remain a source of credit costs.

Combined with its current low level of capital adequacy and
expected low level of retained earnings, the bank will not be
able to improve its capital levels through internal capital
generation.

Potential Rating Triggers

An upgrade is possible if the bank can sustain a Tier 1 ratio of
more than 7%. But, given the difficult operating environment
evident for most Japanese regional banks, the possibility of an
upgrade in the near future -- as a result of achieving this ratio
through profit growth -- is remote.

Factors that could result in a further downgrade include, but are
not limited to, the following: 1) A bottom-line annual loss, 2)
any development which indicates a weaker relationship with SMBC,
3) a downgrade of SMBC's deposits ratings, and 4) a downgrade of
Japan's sovereign rating.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology, published on July 6,
2012.

Kansai Urban Banking Corporation, headquartered in Osaka, is a
consolidated subsidiary of the Sumitomo Mitsui Banking
Corporation.


OLYMPUS CORP: Officially Agrees on Capital Tie-Up With Sony
-----------------------------------------------------------
Aki Fukuyama at The Asahi Shimbun reports that Olympus Corp. has
officially agreed with Sony Corp. for a capital tie-up that will
make the electronics giant the largest shareholder in the
struggling camera and medical equipment maker, sources said
Sept. 21.

Sony's injection of about JPY50 billion (US$625 million) will
give it a more than 10% stake in Olympus, the report relates.

Sony will also send a board member to the company, Asahi Shimbun
relates.

According to the report, the two firms also decided to set up a
joint company this year to develop and manufacture endoscopes and
to conclude a business tie-up in the camera business.  They will
consider cost-cutting measures, including a system to use common
parts, the sources said.

The capital and business tie-ups will be announced on Sept. 28,
Asahi Shimbun's sources added.

According to the Asahi Shimbun, sources said Olympus' capital
adequacy ratio dropped to as low as 2.2% at the end of June this
year.  With Sony's capital injection, however, the ratio will
exceed 10%, eliminating concerns about the management of Olympus,
which has been struggling since its accounting scandal was
revealed in 2011.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


SHARP CORP: Mulls LCD Tieup With Intel
--------------------------------------
The Japan Times Online reports that Sharp Corp. may form a
business tie-up with Intel Corp. over small and midsize liquid
crystal displays for smartphones and tablet computers, company
sources said Friday.

According to the report, the move comes as the cash-strapped
company's hoped-for accord with Hon Hai Precision Industry Co.
remains stuck as the Taiwanese firm seeks to revise the terms of
a planned capital tieup after Sharp's share price plummeted on
news of Sharp's first-quarter losses.

The Japan Times Online relates that although the Osaka-based
electronics giant produces small and midsize size LCD panels with
low energy consumption and high picture quality, demand remains
sluggish. Intel is also facing an uphill struggle with its
smartphone semiconductor business, the report relays.

The report adds the two companies are therefore studying ways to
cooperate in areas where they have the potential to expand sales,
the sources said.

Meanwhile, The Japan Times Online reports that Sharp denied a
report that it is discussing a possible capital alliance with
Intel.

According to the report, The Mainichi Shimbun reported in its
Friday edition that the struggling company is in talks with
Intel over forming a capital alliance valued at more than
JPY30 billion.

The Japan Times discloses that Sharp logged a record group net
loss of JPY376 billion in fiscal 2011 on slumping LCD TV and
panel sales and expects to remain in the red this business year.

To receive additional assistance from financial institutions,
Sharp is drawing up a restructuring plan to return to
profitability in the business year starting in April, including
asset sales and a substantial cut in its workforce, the report
notes.

                       About Sharp Corporation

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

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

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

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



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


POLYMER COMPOSITE: Placed Under Liquidation
-------------------------------------------
The Board of Directors of Hexagon Holdings Berhad announced on
Sept. 19, 2012, that Polymer Composite Asia (Liaoning) Co. Ltd
had been placed under liquidation pursuant to Article 180 of the
Companies Law of the People's Republic of China.

PCA Liaoning was incorporated in Northern China and is a
subsidiary of Polymer Composite Asia Sdn Bhd, which is a wholly
owned subsidiary of Hexagon Tower Sdn Bhd, a wholly owned
subsidiary of the Company.  PCASB acquired 51% equity interest of
PCA Liaoning on April 16, 2007, for a total consideration of
RMB2,550,000 (MYR1,140,000).

The liquidation will not have a material effect on the earnings
and net assets of the Hexagon Group for the financial period
ending Dec. 31, 2012.

None of the Directors or substantial shareholders of the Company
or persons connected to them has any interest, direct or
indirect, in the liquidation.



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


AOTEAROA COOLSTORES: Still Owes NZ$14MM at End of Receivership
--------------------------------------------------------------
Jono Galuszka at stuff.co.nz reports that Aotearoa Coolstores
Ltd, a company formerly run by bankrupted businessman
Ken Thurston, still owes nearly NZ$14 million at the end of its
receivership.  But the chances of that money being paid back are
minimal as there are no assets left to sell, the report relates.

stuff.co.nz notes that Aotearoa Coolstores, a company based
around the meatworks facility in Longburn, was placed into
receivership two years ago.

The receivership -- run by Grant Thornton -- ended last week, but
the company is still in liquidation, stuff.co.nz says.

According to stuff.co.nz, the latest receiver's report, signed
off by David Ruscoe, states that all assets belonging to the
company have been sold.

But despite this, the company still owes ANZ Bank NZ$4.5 million
and South Canterbury Finance NZ$10 million, stuff.co.nz
discloses.

stuff.co.nz relates that South Canterbury Finance, which itself
went into receivership in 2010, was originally owed
NZ$13.9 million, but took control and sold land in Feilding owned
by Aotearoa Coolstores to pay off debts.

The sale of those properties netted SCF about NZ$3.9 million,
stuff.co.nz adds.

stuff.co.nz notes that final financial statements from the
receivership showed NZ$5,720,327 was made by receivers while they
were in charge of the company, including NZ$3.3 million from the
sale of property.  However, they managed to spend NZ$5,720,328
during the receivership -- NZ$1 more than what they earned.  The
amount included $3.4 million in payments to secured creditors,
stuff.co.nz adds.

According to stuff.co.nz, Inland Revenue had lodged a claim for
about NZ$544,000 in unpaid taxes, as well as outstanding
Kiwisaver, student loan and child support payments.  It is
unclear from the report if this was paid back or not.

The report said there would be no money to pay any of the
unsecured creditors, stuff.co.nz reports.

Aotearoa Coolstores was placed into liquidation on August 12,
2010, over a NZ$130,501 debt to GA Services.


PERPETUAL TRUST: High Court Winds Up Mortgage Fund
--------------------------------------------------
Michael Berry at stuff.co.nz reports that Perpetual Trust's
"illiquid" mortgage fund has been ordered terminated by the High
Court in Auckland.

stuff.co.nz relates that Justice Paul Heath ordered Perpetual
Trust, the wealth management arm of NZX-listed Pyne Gould
Corporation, to wind up its mortgage fund and pay for the costs
of doing so with its own money.

The fund remains frozen, as it has since July when the court
ordered a moratorium on it, the report notes.

By September 11, redemption requests for almost a third of the
mortgage fund units -- worth an estimated NZ$18.3 million -- had
been received from 437 investors.

According to the report, Adam Holloway, lawyer for the fund's
statutory supervisor, Trustees Executors, said the mortgage fund
was illiquid, needed to be wound up and investors may be left
with less than NZ$1 for each unit.

Mr. Holloway said the court needed to amend the fund's deed
documents because they no longer protected investors' interests,
stuff.co.nz adds.

The report says Justice Heath agreed and said the statutory
supervisor had good reason to be uneasy about the situation.

"There was an ample foundation for the statutory supervisor's
view. It flowed from the nature of the Torchlight loan, the
circumstances in which it was made and Perpetual's denial that
the loan was made in breach of the deeds and offer documents."

Based in New Zealand Perpetual Trust Limited --
http://www.perpetual.co.nz/-- provides trustee and financial
advice, services, and solutions. Perpetual Trust is a subsidiary
of Pyne Gould Corp.


SOUTH CANTERBURY: Southbury Has NZ$700K in Cash, PwC Reports
------------------------------------------------------------
BusinessDesk reports that Southbury Group, the primary holding
company for the empire of deceased Timaru businessman Allan
Hubbard, only has NZ$700,000 in cash, according to the first
liquidator's report.

BusinessDesk relates that liquidators John Fisk and David
Bridgman of PricewaterhouseCoopers said the group's investments
in other companies and loans with a book value of NZ$195 million
are "likely to be of negligible value."  The group owes some
NZ$83 million to the now-defunct South Canterbury Finance,
referred to as FCS Loans.

"The company was placed into liquidation as the final step in the
insolvency process of the South Canterbury Finance group of
companies," the liquidators, as cited by BusinessDesk, said.

The liquidators were appointed last month after satisfying the
High Court that a potential conflict of interest, where Jean
Hubbard, Allan Hubbard's widow, engaged PwC for advice, wouldn't
be a problem, according to BusinessDesk.

In June, BusinessDesk recounts, Jean Hubbard engaged PwC to
undertake an independent valuation for a proposed asset sale
where she and her husband's estate were shareholders.

In a sworn affidavit attached to the report, Mr. Fisk said the
valuation was limited in scope, was being conducted by a separate
team based in Auckland, and didn't relate to Southbury in any
way, BusinessDesk notes.

"I do not believe that there is any potential prejudice to
Southbury or its creditors, shareholders or directors, by virtue
of the valuation PwC is undertaking for Mrs. Hubbard,"
BusinessDesk quotes Mr. Fisk as saying.

Mr. Fisk and Mr. Bridgman are also acting as liquidators for
eight other South Canterbury Finance-related companies, the
report adds.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


FIVE STARS: Creditors' Proofs of Debt Due Oct. 19
-------------------------------------------------
Creditors of Five Stars Dairy Ingredients Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 19, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


METCOMP CO: Creditors' Proofs of Debt Due Oct. 19
-------------------------------------------------
Creditors of Metcomp Co (Singapore) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 19, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


MORGAN STANLEY: Creditors' Proofs of Debt Due Oct. 19
-----------------------------------------------------
Creditors of Morgan Stanley Equity Trading (Singapore) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Oct. 19, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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


REFLECT GEOPHYSICAL: Court to Hear Wind-Up Petition on Oct. 5
-------------------------------------------------------------
A petition to wind up the operations of Reflect Geophysical Pte
Ltd will be heard before the High Court of Singapore on Oct. 5,
2012, at 10:00 a.m.

World Fuel Services (Singapore) Pte Ltd filed the petition
against the company on Sept. 7, 2012.

The Petitioner's solicitors are:

          AsiaLegal LLC
          8 Robinson Road
          #08-00 ASO Building
          Singapore 048544


WEE SIONG: Creditors' Proofs of Debt Due Oct. 19
------------------------------------------------
Creditors of Wee Siong Engineering Services Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 5, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates
          Corporate Advisory & Recoveries
          Equity Plaza 20 Cecil Street #12-02
          Singapore 049705


YOKOGAWA MANAGEMENT: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------------
Creditors of Yokogawa Management Services Singapore Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Oct. 19, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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



                             *********

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.

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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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