TCRAP_Public/120925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 25, 2012, Vol. 15, No. 191

                            Headlines


A U S T R A L I A

LEHMAN BROTHERS: Aussie Unit Liable For CDO Losses, Judge Rules
LIBERTY FUNDING: Moody's Assigns '(P)Ba2' Rating to Cl. D Notes
NUFARM AUSTRALIA: S&P Gives 'BB-' Rating on $300-Mil. Notes
STORM FINANCIAL: Banks "Motivated by Profits," ASIC Argues


C H I N A

CHINA HONGGIAO: Fitch Puts Rating on Sr. Unsecured Notes at 'BB'
CHINA SOUTH CITY: S&P Gives 'B' Rating on USD-Denominated Notes
CHINA TEL GROUP: To Issue 12.2-Mil. Common Shares to Contractors
CHINA TEL GROUP: Issues 6.29MM Shares to James Shaw, et al.


H O N G  K O N G

AHL DESIGN: Court Enters Wind-Up Order
CHEONG LUNG: Court Enters Wind-Up Order
ESSENTIAL ENGINEERING: Court Enters Wind-Up Order
FOUR SEA: Court Enters Wind-Up Order
JIAO MAO: Court Enters Wind-Up Order

LLS CREATION: Court Enters Wind-Up Order
OI WAH: Court Enters Wind-Up Order
RMJM HK: Court to Hear Wind-Up Petition on Oct. 10
SUNRIVER TECHNOLOGY: Court Enters Wind-Up Order
TAI LEE: Creditors' Proofs of Debt Due Oct. 5


I N D I A

ALAPATT JEWELLERY: ICRA Rates INR5cr Loan at '[ICRA]BB-'
ASSOCIATED HOTELS: ICRA Cuts Rating on INR15.76cr Loans to 'D'
BINJRAJKA STEEL: ICRA Rates INR10cr LT Loan '[ICRA]B+'
FAMOUS VITRIFIED: ICRA Puts '[ICRA]B' Rating on INR20cr Loans
GOEL EXIM: ICRA Reaffirms '[ICRA]BB-' Rating on INR50cr Loan

KANCHANA AUTO: ICRA Reaffirms 'BB' Rating on INR10.17cr Loan
MADHAVI OILS: ICRA Assigns '[ICRA]B+' Rating to INR7cr Loan
NAVASAKTHI TOWNSHIPS: ICRA Puts 'B+' Rating to INR15cr Loan
ONE POINT: ICRA Rates INR19.13cr Loan at '[ICRA]BB'
OSCAR CERAMICS: ICRA Puts '[ICRA]B+' Rating on INR4.85cr Loan

PEEKAY AGENCIES: ICRA Rates INR3cr Loan at '[ICRA]BB-'
PRIYANKA GEMS: ICRA Reaffirms 'B+' Rating on INR54.41cr Loan
RUCHI GLOBAL: ICRA Assigns '[ICRA]BB' Rating to INR9cr Loan
SHREE AMBE: ICRA Assigns 'BB+' Rating to INR7.15cr Loans


I N D O N E S I A

TELKOM: Unit's Bankruptcy Stirs Fears of Legal Abuses


J A P A N

GK MLOX3: Fitch Affirms Junk Rating on JPY1.78-Bil. Class D Notes
RENESAS ELECTRONICS: Japan Fund May Counter KKR Offer
* JAPAN: Moody's Sees Weak Prospects for Real Estate Sector
* JAPAN: Moody's Says China Dispute Has Negative Impact on Cos.


M A L A Y S I A

RHB BANK: Moody's Assigns 'D' BFSR; Outlook Stable


N E W  Z E A L A N D

BROADLANDS FINANCE: S&P Gives 'CCC/C' Issuer Credit Ratings
LDC FINANCE: High Court Appoints Interim Liquidators


S I N G A P O R E

AGV LTD: Court to Hear Wind-Up Petition Oct. 5
CLARITY SYSTEMS: Creditors' Proofs of Debt Due Oct. 19
CLOUD 9: Creditors Get 100% Recovery on Claims
ENCENTUATE PTE: Creditors' Proofs of Debt Due Oct. 19
EZIHOME PTE: Court to Hear Wind-Up Petition Oct. 5


S R I  L A N K A

PEOPLE'S LEASING: Fitch Assigns Issuer Default Rating at Low-B


X X X X X X X X

* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2012


                            - - - - -


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A U S T R A L I A
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LEHMAN BROTHERS: Aussie Unit Liable For CDO Losses, Judge Rules
---------------------------------------------------------------
Madeleine Coorey at AFP reports that three Australian councils on
Friday won their case against a Lehman Brothers subsidiary over
losses they incurred on complex investment products that crashed
during the global financial crisis.

According to AFP, the legal firm representing the councils said
the decision is seen as a test case as it follows the first full
trial into the conduct of an investment bank in relation to the
manufacture and distribution of the synthetic derivative
investments known as collateralized debt obligations (CDOs).

AFP says the class action for 72 councils, charities and churches
accused Lehman Brothers Australia, formerly Grange Securities, of
alleged misleading conduct, breach of fiduciary duty and
negligence in its marketing of CDOs.

In his decision, AFP relates, Federal Court Justice Steven Rares
said the products were essentially a "sophisticated bet" and had
high risks despite being portrayed as prudent and readily
redeemable for cash.

Justice Rares said the councils were told that if they were held
to maturity they would get their money back and that their high
credit ratings put them in the same "universe" as debts of the
AAA-rated Australian government.

"Grange also represented to the councils that the investments,
including synthetic CDOs that it recommended or made on their
behalves, were suitable for a conservative investment strategy,"
he said.

According to the news agency, Justice Rares said while each of the
three councils that led the case had different complaints, in
relation to two councils "Grange was negligent in recommending to
and advising" they made those investments.

Grange engaged in misleading and deceptive conduct when it
promoted CDOs to the councils as suitable investments and also
breached its fiduciary duties as a financial advisor to two
councils, Justice Rares, as cited by AFP, said.

"For these reasons, Grange is liable to compensate the councils
for their losses incurred as a result of their investments," the
report quotes Justice Rares as saying.

Justice Rares did not fix a figure on the compensation, saying the
parties would need to come together to discuss damages and he will
hear submissions on the matter in November, AFP adds.

The three councils -- Wingecarribee, Parkes and Swan City -- had
sought damages of up to AUD200 million (US$209 million) -- the
amount that all the claimants claimed to have lost on the risky
investments purchased before 2007, AFP discloses.

Most of the CDOs on which the councils lost money were bought from
Grange Securities before it was acquired by Lehman Brothers
Australia in 2007, the news agency adds.

                         About Lehman Brothers

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

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

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

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

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

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

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

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


LIBERTY FUNDING: Moody's Assigns '(P)Ba2' Rating to Cl. D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Liberty Funding Pty Ltd in respect of Liberty
Series 2012-1 Auto.

Issuer: Liberty Series 2012-1 Auto

   AUD108.75 million Class A Notes, Assigned (P)Aaa (sf);

   AUD22.50 million Class B Notes, Assigned (P)A1 (sf);

   AUD6.75 million Class C Notes, Assigned (P)Baa1 (sf);

   AUD8.25 million Class D Notes, Assigned (P)Ba2 (sf);

The AUD3.75 million Class E Notes are not rated by Moody's.

The subject transaction is an Australian ABS. It is a cash
securitization of auto loans extended to prime and non-conforming
consumer obligors located in Australia and secured by motor
vehicles. This is Liberty Financial's sixth auto ABS transaction.

Ratings Rationale

In broad terms Liberty Series 2012-1 Auto replicates structures
seen in previous transactions sponsored by Liberty Financial.
Notable features of the transaction include the presence of a
prefunding period, a credit reserve funded initially at 3% of the
outstanding note balance and the use of a two-tiered funding
structure.

The transaction includes a prefunding period, whereby Liberty
Funding will issue notes up to AUD150 million, based on the
initial pool of AUD113.85 million. During the three month
prefunding period Liberty will originate loans up to the
prefunding amount of AUD33.14 million, which will be sold into the
trust.

The reserve account is initially funded at AUD4.5 million or 3% of
the aggregate initial note balance. The account traps excess
spread until it reaches 10% of the current outstanding note
balance. Once it reaches 10% it will amortize to remain at 10% of
the current outstanding balance of notes until it reaches a floor
of AUD2.25 million. The reserve account will be available to meet
losses on the loans and charge-offs against the notes. In
addition, it can also be used to cover any liquidity shortfalls
that remain uncovered after drawing on the liquidity reserve and
principal

Liberty has utilized a two-tier structure whereby the notes issued
by Secure Funding as trustee of the trust are initially subscribed
to by Liberty Funding, another Special Purpose Vehicle. Liberty
Funding will then issue notes (contemplated above), identical to
the notes they have subscribed to. Secure funding will pass
through all income in accordance with the income and principal
waterfalls it is governed by, with Liberty Funding distributing
funds to noteholders.

The pool includes a 19.88% exposure to non-conforming obligors,
albeit lower than in previous Liberty sponsored transactions. This
is change is reflective of Liberty's move towards originating
higher volumes to prime obligors. Moody's considers non-conforming
obligors to have a higher level of risk than prime obligors and
this is a negative feature of the transaction. At the same time,
the deal is exclusively backed 100% by cars, predominantly
passenger vehicles. Motor vehicles exhibit less pro-cyclical
default patterns and, on average, higher recovery rates.

In order to fund the purchase price of the portfolio, the Trust
will issue 5 classes of notes. The notes will be repaid on a
sequential basis in the initial stages until the subordination
percentage increases from the initial 27.5% to 55% (excluding
credit reserve) and during the tail end of the transaction. The
structure will follow a pro rata repayment profile, subject to
satisfaction of step down criteria. The Class E notes do not step
down.

The ratings are based on the credit enhancement provided by the
subordinated notes and the credit reserve, in total equal to 30.5%
for the Class A Notes.

Moody's base case assumptions are a default rate of 8.50% and a
recovery rate of 35%. These imply an expected (net) loss of 5.53%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 7.63% and 47%
respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

The V Score for this transaction is Medium/High, which is higher
than the score assigned for the Australian auto ABS sector - this
transaction has been benchmarked to the prime auto ABS sector,
given the majority of obligors have no current adverse credit
history, however the expected loss assumption is significantly
higher than the peer group. With regard to performance variability
Medium/High; while Moody's has been provided with detailed vintage
and individual default data for the 2000 to 2012 period, Liberty's
historical origination patterns differ significantly compared to
the pool composition -- the majority of loss vintages relate to
periods where origination was skewed towards non-conforming
obligors. Moody's observes that Australian auto ABS, and
specifically past Liberty transactions, have to date been
performing stably. With regards to legal and regulatory
uncertainty, Moody's assigns a medium due to the recent
introduction of the Personal Property Securities Act (PPSA) which
may lead to operational issues in the short term. Overall, the V
score of Medium/High indicates there is a higher possibility of
deviation in performance, relative to peer portfolios.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the expected
loss and the Aaa credit enhancement - differed. The analysis
assumes that the deal has not aged. Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of Liberty Series 2012-1 Auto, the model indicated
rating for the Class A Notes remains investment grade (6 notch
downgrade to A3) when the default rate rises to 12.75% and the
recovery rate is halved to 17.50%. The model indicated rating for
the Class B Notes drops 7 notches to Ba2 in the above scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


NUFARM AUSTRALIA: S&P Gives 'BB-' Rating on $300-Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
rating to Nufarm Australia Ltd.'s proposed US$300 million notes
issue. The rating is subject to the terms and conditions of the
final documents. "At the same time, we have assigned a recovery
rating of '5' on the proposed notes. This indicates our
expectations for modest recovery (10%-30%) should a default event
occur," S&P said.

"The proposed senior unsecured notes are to be guaranteed by
Nufarm Ltd. (BB/Stable/--) and will rank at least pari passu with
all other unsecured and unsubordinated debt. The net proceeds of
the bond issue are to be used to repay existing secured bank debt
facilities," S&P said.

"The 'BB' rating on Australia-based Nufarm Ltd., one of the
world's top-10 makers of crop-protection products (such as
herbicides, insecticides, and fungicides), reflects the company's
exposure to cyclical agribusiness sectors, with a strong earnings
bias to the second-half of the year. These weaknesses are
partially offset by our view of the company's solid position in
select global crop-protection markets, geographically-diverse
operations, and strategic alliances with key global players," S&P
said.


STORM FINANCIAL: Banks "Motivated by Profits," ASIC Argues
----------------------------------------------------------
The Australian Securities and Investments Commission told a court
that banks were "motivated by profits" when they involved
themselves in an unregistered financial scheme that cost investors
billions of dollars, Australian Associated Press reports.

The ASIC is pursuing two banks -- Macquarie Bank and the Bank of
Queensland -- over the collapse of Storm Financial, AAP says.

The news agency notes that Storm's clients, many of them retirees
and small investors, lost about AUD3.6 billion when the
Townsville-based financial services company folded in early 2009.

According to the news agency, ASIC lawyer Allan Myers QC opened
the case against the banks in the Federal Court in Brisbane on
Monday.

AAP relates that Mr. Myers gave details of how the financial
company grew by providing standardised advice that founder
Emmanuel Cassimatis described as a "T-model Ford production line."

AAP adds that Mr. Myers said Storm arranged for first-time
investors, most of them retirees, to borrow against their assets.
Storm would then effectively double-mortgage these assets by
investing the money in indexed funds and margin loans.

According to the report, Mr. Myers described the scheme as a
"well-oiled machine" which was "based on optimism about ever-
increasing values of listed shares".

"Once you were in the Storm system all you had to do was sit back
and relax and wait until you got richer," the report quotes
Mr. Myers said.  "What's the end? We all know the end. It's tears,
because having leveraged yourself, you expose yourself to market
volatility."

Mr. Myers, as cited by AAP, said ASIC wanted the court to declare
that the banks "were knowingly concerned in the operation of the
unregistered scheme" and were aware investors would lose their
money if the market crashed, as it did during the global financial
crisis.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no
longer absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AUD27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AUD51 million, plus a provision for
dividends of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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C H I N A
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CHINA HONGGIAO: Fitch Puts Rating on Sr. Unsecured Notes at 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned primary aluminium manufacturer China
Hongqiao Group Limited's (Hongqiao; 'BB'/Positive) proposed senior
unsecured notes an expected 'BB(EXP)' rating.

The final rating of the proposed notes is contingent upon the
receipt of documents conforming to information already received.
Net proceeds from the issue will mainly be used for the expansion
of production capacity, refinancing existing debt and general
corporate purposes.

Hongqiao's ratings are supported by its stable profitability and
cash generation, a result of its power and alumina cost advantages
over Chinese peers, and by its low financial leverage.  The
company generated EBITDA of CNY5,246 per ton during H112, compared
with CNY5,560 for the whole of 2011.  Financial leverage, as
measured by adjusted net debt /operating EBITDAR over the last 12
months, remained below 1.0x at end-H112.

The ratings are constrained by Hongqiao's operation concentration
in Shandong province.

The Positive Outlook reflects Fitch's expectation that Hongqiao's
cost advantages should improve further once the company has
secured long-term bauxite supply and reaches 70% electricity self-
sufficiency in 2013, up from less than 50% in 2011.

WHAT COULD TRIGGER A RATING ACTION?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- resolution of long term alumina supply issues in the wake of
     the Indonesian bauxite export ban announced in May 2012
  -- 70% electricity self-sufficiency rate
  -- financial leverage below 1.0x on a sustained basis

Negative: The current Rating Outlook is Positive.  As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating downgrade.


CHINA SOUTH CITY: S&P Gives 'B' Rating on USD-Denominated Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed issue of U.S.-dollar-denominated senior unsecured
notes by China South City Holdings Ltd. (CSC; B+/Stable/--; cnBB/-
-). "At the same time, we assigned our 'cnBB-' Greater China
regional scale rating to the proposed notes. The ratings are
subject to our review of the final issuance documentation. CSC
intends to use some of the bond proceeds for refinancing," S&P
said.

"The issue rating 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, CSC's ratio of priority borrowings
to total assets is likely to remain above our notching threshold
of 15% for speculative-grade debt," S&P said.

"The rating on CSC reflects ongoing execution risk from the
company's aggressive expansion into new markets and its large
capital expenditure on new investments and project developments.
The rating also factors in potential financial volatility due to
project concentration risk and its exposure to the cyclical and
highly competitive real estate sector in China. Tempering these
weaknesses are CSC's established track record as a large-scale
trade center developer, its low-cost and expanded land bank, an
improving track record outside Shenzhen, and government support
for project development. CSC's small but growing rental income
provides additional support to the rating. We view the company's
business risk profile as 'weak' and its financial risk profile as
'aggressive,' as our criteria define those terms," S&P said.

"The stable outlook on the corporate credit rating reflects our
expectation that CSC's sales performance will continue to improve
in fiscal 2013 (ending March 31, 2013). An improvement would
provide a buffer for incremental borrowings. We expect CSC to
increase its recurring income from rental properties steadily over
the next 12 months--although at a slower pace than sales growth.
We anticipate that CSC can maintain 'adequate' liquidity while
pursuing aggressive growth over the next two years. We also expect
its credit ratios in fiscal 2013 to remain fairly stable," S&P
said.


CHINA TEL GROUP: To Issue 12.2-Mil. Common Shares to Contractors
----------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange Commission
a Form S-8 relating to the registration of 12,233,719 shares of
common stock issuable to independent contractors.  The proposed
maximum aggregate offering price is $486,901.  A copy of the Form
S-8 is available at http://is.gd/e5G8lY

                          About China Tel

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

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

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

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


CHINA TEL GROUP: Issues 6.29MM Shares to James Shaw, et al.
-----------------------------------------------------------
Since its most recent report filed on any of Forms 8-K, 10-K or
10-Q, VelaTel Global Communications, Inc., formerly known as
China Tel Group Inc., has made sales of unregistered securities,
namely shares of the Company's Series A common stock and shares of
the Company's Series B common stock.  The aggregate number of
Series A Shares and Series B Shares sold exceeds 5% of the total
number of Series A Shares and Series B Shares issued and
outstanding as of the Company's latest filed Report, on Form 8-K
filed on Sept. 14, 2012.

On Sept. 20, 2012, the Company issued 2,097,848 Series A Shares
and 2,097,848 warrants to each of James Shaw, Steven O. Smith and
Ann Stowell, for a total of 6,293,544 Shares and 6,293,544
warrants in partial payment of a line of credit promissory note of
up to $1,052,631 in favor of Weal Group, Inc., and partially
assigned to James Shaw, Steven O. Smith and Ann Stowell.  Each
warrant gives the holder the right to purchase one Series A Shares
at an exercise price of $0.0251 and with an exercise term of three
years.  This sale of Series A Shares resulted in a principal
reduction of $144,731 in notes payable of the Company, and payment
of accrued interest of $13,236.

On Sept. 20, 2012, the Company issued 8,000,000 Series B Shares to
Colin Tay, the Company's President.  Each Series B Share has the
right to cast ten votes for each action on which the Company's
shareholders have a right to vote, whereas each Series A Share has
the right to cast one vote.  The Company believes it is in its
best interests to maintain management voting control of the
Company, including avoidance of the expense of soliciting proxies
for corporate actions requiring shareholder approval.  Prior to
this issuance, there were 2,000,000 Series B Shares issued and
outstanding, all of which are beneficially owned or their voting
rights controlled via proxies held by various members of the
Company's management team.  The Company issued 8,000,000
additional Series B Shares to Colin Tay in order to maintain such
management voting control, taking into account the number of
Series A Shares currently issued and outstanding, as well as
additional Series A Shares the Company may issue in the future.
There was no financial consideration for the issuances of Series B
Shares to Colin Tay.  The Series B Shares do not participate in
any declared dividends.  The Series B Shares are redeemable on May
23, 2023 at par value of $0.001 per share.  The consent of 80% of
the holders of issued and outstanding Series B Shares is required
in order to sell, assign or transfer any of the Series B Shares.

In addition to the aforementioned sales of unregistered Shares,
the Company issued 12,233,719 registered Shares pursuant to a Form
S-8 Registration Statement filed on Sept. 19, 2012.

As of Sept. 20, 2012, and immediately following the issuances, the
Company has 43,481,826 shares of its Series A common stock
outstanding, with a par value of $0.001, and 6,000,000 shares of
its Series B common stock outstanding, with a par value of $0.001.

                          About China Tel

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

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

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

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


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


AHL DESIGN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2012, to
wind up the operations of AHL Design Workshop Limited.

The official receiver is Teresa S W Wong.


CHEONG LUNG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 3, 2012, to
wind up the operations of Cheong Lung Restaurant Design Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


ESSENTIAL ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2012, to
wind up the operations of Essential Engineering Limited.

The official receiver is Teresa S W Wong.


FOUR SEA: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Four Sea Culture Group Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


JIAO MAO: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Sept. 3, 2012, to
wind up the operations of Jiao Mao International Shipping Co.,
Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


LLS CREATION: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2012, to
wind up the operations of LLS Creation Limited.

The official receiver is Teresa S W Wong.


OI WAH: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2012, to
wind up the operations of Oi Wah Decoration Engineering Company
Limited.

The official receiver is Teresa S W Wong.


RMJM HK: Court to Hear Wind-Up Petition on Oct. 10
--------------------------------------------------
A petition to wind up the operations of RMJM Hong Kong Limited
will be heard before the High Court of Hong Kong on Oct. 10, 2012,
at 9:30 a.m.

Michael Triebswetter Landschaftsarchitekten Gbr filed the petition
against the company on July 30, 2012.

The Petitioner's solicitors are:

          Boase Cohen & Collins
          2303-7 Dominion Centre
          43-59 Queen's Road
          East, Hong Kong


SUNRIVER TECHNOLOGY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2012, to
wind up the operations of Sunriver Technology Company Limited.

The official receiver is Teresa S W Wong.


TAI LEE: Creditors' Proofs of Debt Due Oct. 5
---------------------------------------------
Creditors of Tai Lee Button Manufacturing Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 5, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kenny King Ching Tam
          Shum Lap Chi
          Room 908, 9/F
          Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


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


ALAPATT JEWELLERY: ICRA Rates INR5cr Loan at '[ICRA]BB-'
--------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB-' to the INR5.50
crore fund based facilities of Alapatt Jewellery.  The outlook on
the long-term rating is stable.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Fund based facilities     5.50       [ICRA]BB- (Stable)
   (long-term)                          assigned

The assigned rating factors in the experience of the promoters in
the jewellery retailing business spanning over two decades, the
established market presence in a prominent location in Cochin and
the healthy profit margins generated on account of a substantial
portion of sales derived from value added and diamond jewellery.
The rating is, however, constrained by the Firm's relatively small
scale of operations which restricts financial flexibility, the
intense competitive pressures prevalent in the highly fragmented
jewellery retail industry and the inherent susceptibility of the
industry's profitability to gold price fluctuations and foreign
exchange rates. The rating also factors in the presence of many
family owned entities under the name Alapatt which leads to brand
ambiguity and the significant geographical concentration risk with
a single showroom presence in Cochin (Kerala). The Firm's working
capital intensity is very high, characterized by large inventory
requirements (higher than industry average), which is reflected in
the high utilization levels of its cash credit facilities. The
rating also takes note of the recent decline in domestic gold
jewellery volumes on the back of unabated rise in gold prices.
However, the Firm is expected to benefit from the healthy long
term demand prospects for the jewellery retail industry in India.

Alapatt Jewellery is a partnership firm set up by Mr. Jose Alapatt
in Cochin (Kerala) in 1994. The Firm is currently engaged in the
business of gold and diamond jewellery retailing and operates with
single retail showroom (-15,000 square feet area) located in
Cochin. The Firm mainly procures bullion from Bank of Nova Scotia
and outsources jewellery manufacturing to local goldsmiths.

Recent Results

According to unaudited results, AJY reported net profit of INR3.4
crore on operating income of INR23.3 crore during 2011-12 as
against net profit of INR2.3 crore on operating income of INR19.0
crore during 2010-11.


ASSOCIATED HOTELS: ICRA Cuts Rating on INR15.76cr Loans to 'D'
--------------------------------------------------------------
ICRA has revised downwards the long-term rating to '[ICRA]D' from
'[ICRA]B' for the INR13.76 crore term loans and INR1.00 crore fund
based bank facilities of Associated Hotels Private Limited. ICRA
has also revised downwards the short-term rating to '[ICRA]D' from
'[ICRA]A4' for the INR1.00 crore non-fund based bank facilities of
AHPL.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Term Loans                13.76      [ICRA]D downgraded
   Fund Based Limits          1.00      [ICRA]D downgraded
   Non-Fund Based Limits      1.00      [ICRA]D downgraded

The rating downgrade reflects delays in debt servicing by the
company, due to strained liquidity conditions. The company has a
moderate scale of operations with high concentration of revenues
towards the Ahmedabad hospitality market. The financial profile of
the company is weak characterized by large corporate guarantees
extended on behalf of its associate company and large cross
holdings/inter-linkages between the group companies. The hotel is
expected to face competitive pressure with the incremental supply
coming up in Ahmedabad especially with the entry of international
players with stronger brand and deeper resources.

Associated Hotels Private Limited, incorporated on May 31, 1988,
is a subsidiary of DB Hospitality Private Limited, the hospitality
arm of Dynamix Balwa Group. The company has multiple presence in
the hospitality space in Ahmedabad with it owning the 63 room 'Le
Meridien' in the city, and running Bica Lounge, Conwood Snacks
Counter and Conwood in-flight at Ahmedabad airport. While the
Airport business was started in 2007, the hotel was built in 1992-
93. It was started as Hotel Royal Balwas and was subsequently run
as Holiday Inn from 1996-2003 under a management contract with
InterContinental Hotels Group. AHPL then, in 2003, entered into a
management contract with Starwood Hotels & Resorts Worldwide Inc.
to operate the hotel under their European brand Le Meridien for a
ten year period ending 2013.

Recent Results

AHPL reported a net profit of INR0.9 crore in 2010-11 on an
operating income of INR14.5 crore. The same for 2011-12
(provisional) stood at a profit of INR0.2 crore on an operating
income of INR13.1 crore.


BINJRAJKA STEEL: ICRA Rates INR10cr LT Loan '[ICRA]B+'
------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR10.00 crore fund
based facilities of Binjrajka Steel Tubes Limited.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Long Term Fund Based       10.00      [ICRA]B+ assigned
   Limits

The assigned rating is constrained by BSTL's moderate financial
profile primarily characterized by moderate operating
profitability and moderate gearing levels, cyclical nature of the
steel industry, competitive threats from other players in the
industry and substitution risk from other pipe segments. Given the
expected growth in operations, the capital structure of the
company could deteriorate further on account of high working
capital debt as the operating profits, which have remained low
historically, could be insufficient to fund the increasing working
capital requirements. This could further lead to stretched cash
flows if adequate funds are not made available to support the
stated growth plans. The rating also factors in the high
geographic concentration in BSTL's operations. The rating however,
favorably factors in the long experience of BSTL's promoters in
the steel tubes manufacturing business, steady growth in operating
income in last 4 years and well established relationships with
suppliers and customers within the traders and wholesaler
community which ensures smooth supply of tubes and pipes. ICRA
also notes that limited raw material inventory keeps the company
isolated from the price risk resulting from adverse movement in
steel prices.

Binjrajka Steel Tubes Limited is a Hyderabad based company which
was initially incorporated as a SSI (small scale industry) in
1981. BSTL, which was converted into a public limited company in
1986, is involved into the manufacturing of pre galvanized mild
steel pipes and tubes, MS black pipes, square pipes, round pipes
and rectangular pipes within the ERW pipe segment. Since the time
of inception, the company has been promoted by the members of
Binjrajka family which includes Late Mr Govind Prasad Binjrajka
and his 4 sons.


FAMOUS VITRIFIED: ICRA Puts '[ICRA]B' Rating on INR20cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to INR6.00 crore fund-
based cash credit facility and INR14.00 crore term loan facility
of Famous Vitrified Private Limited.  The rating of '[ICRA]A4' has
also been assigned to the INR1.83 crore short-term non-fund based
facilities of FVPL.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------          ---------     -------
   Cash Credit            6.00       [ICRA]B assigned

   Term Loan             14.00       [ICRA]B assigned

   Bank Guarantee         1.75       [ICRA]A4 assigned

   CEL                    0.08       [ICRA]A4 assigned

The assigned ratings take into account FVPL's limited track record
of operations and weak financial indicators as reflected by net
losses, stretched capital structure, modest debt coverage
indicators and high working capital intensity. The ratings also
take note of the dependence of operations and cash flows of the
company on the performance of the real estate industry which is
the main consumer sector and exposure of profitability to
availability and increasing prices of natural gas with gas being
the major fuel. Further the ratings are constrained by highly
competitive business environment on account of presence of large
number of organized as well as unorganized players in the region
as well as import of ceramic tiles from China.

However, the ratings favorably factor in the long experience of
the key promoters in the ceramic industry and the location
advantage enjoyed by FVPL giving it easy access to raw material
sources.

Famous Vitrified Private Limited was incorporated in 2010 and is
promoted by Mr. Savji Sanaria, Mr. Ashwin Godhasara, Mr. Hiren
Kanani and Mr. Rajesh Patel. The company manufactures vitrified
tiles of size 605x605 mm with its current set of machineries. The
plant is located in Morbi, Gujarat and operates with an installed
capacity to manufacture 46,500 MTPA of tiles. The promoters are
associated with other concerns viz. Famous Ceramic Industries.,
M/s Uttam Ceramics Private Limited which are present in similar
line of business. Recent Results During FY 2012, FVPL reported net
losses of INR0.28 crore on an operating income of INR11.25 crore.


GOEL EXIM: ICRA Reaffirms '[ICRA]BB-' Rating on INR50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB-' assigned to INR50.0
Crore1 bank limits of Goel Exim India Private Limited. The Outlook
on the long-term rating is Stable.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Fund-Based limits          50.0     [ICRA]BB- (Stable)
                                       Reaffirmed

The reaffirmation of ratings factors in the established presence
of the promoters of the company in trading and distribution of
gold and gold jewellery and favorable demand growth prospects in
India in medium to long term. The ratings are, however,
constrained by highly competitive nature of the gold jewellery
industry characterized by many organized and unorganized players
resulting in low profitability margins; high geographical and
customer concentration risk; susceptibility of profitability to
adverse movement in gold prices; moderately high financial risk
profile characterized by moderate return indicators, high gearing
level and low coverage indicators; and tight liquidity position as
reflected in high utilization of working capital limits.
Significant increase in working capital intensity resulting in
deterioration of profitability and debt coverage metrics would be
a key rating sensitivity.

Goel Exim India Private Limited is a manufacturer, wholesaler and
trader of gold, diamonds and silver ornaments/jewellery. GEIPL has
a presence largely in gold jewellery, which contributes to more
than 90% of revenues. The company was incorporated in the year
2004. The company procures gold under the Metal Loan Scheme from
Bank of Nova Scotia.

GEIPL's customers are primarily wholesalers and retailers based in
New Delhi. GEIPL has acquired two partnership firms, namely, Shree
Ganpati Impex and Bhavya Gold with effect from 15 March 2010. The
previous directors of the company, Mr. Ashok Goel and Mr. Pravin
Gupta, continued to be the directors of Goel Exim (India) Private
Ltd. The partners of both the firms are shareholders of the
company.

Recent Results

Goel Exim India Private Limited reported a turnover of INR481.53
Crore and a net profit of INR3.06 Crore during financial year
2011-12. The company had reported a turnover of INR450.55 Crore
and a net profit of INR3.40 Crore during 2010-11.


KANCHANA AUTO: ICRA Reaffirms 'BB' Rating on INR10.17cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB' to the
INR8.30 crore fund based facilities and INR1.87 crore Term Loan of
Kanchana Automobiles Private Limited.  The outlook on the long-
term rating is 'Stable'.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Fund Based Limits           8.30      Reaffirmed at [ICRA]BB
                                          (Stable)

   Term Loan                   1.87      Reaffirmed at [ICRA]BB
                                          (Stable)

The rating reaffirmation takes into account KAPL's healthy revenue
growth in FY2012, its continued leading market position as an
authorised dealer of HMIL in the coastal Karnataka region (from
Karwar to Mangalore) and HMIL's second largest position in the
Indian passenger car segment. The rating is, however, constrained
by KAPL's stretched credit profile characterized by thin margin,
which is inherent in the automotive dealership business; high
gearing level and below moderate debt coverage indicators.
Further, the rating factors in KAPL's moderate scale of operation
and the increasing competitive intensity in its area of operation,
compounded with the entry of a new HMIL authorized dealer in
FY2011. The ability of KAPL to protect and grow its market share
amid the high competitive intensity as well as to manage its
working capital intensity would remain the key rating
sensitivities.

KAPL is the authorized dealer for HMI) for coastal Karnataka
region since 2006. It has sales and service outlets at Udupi,
Mangalore, Karwar, Puttur and Sirsi for Hyundai Passenger cars.
The promoters, Mr. Prasad Raj Kanchan, Chairman and Managing
Director, and Mrs. Sukanya Kanchan, are present in the automobile
sector in Mangalore for over 10 years through its dealership of
TVS Motors Co. Ltd. Detail of the company's outlets is provided in
the table below:

Recent Results

ITHPL has reported Profit After Tax (PAT) of INR0.2 crore on an
operating income of INR57.2 crore in FY2012 (provisional numbers)
as compared to PAT of INR0.2 crore on an OI of INR47.5 crore in
FY2011.


MADHAVI OILS: ICRA Assigns '[ICRA]B+' Rating to INR7cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for INR7.00
crore1 fund based limits of Madhavi Oils & Fats.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Fund based limits          7.00      [ICRA]B+ Assigned

The assigned rating is constrained by the intensely competitive
and fragmented nature of the edible-oil industry marked by
presence of numerous unorganized players, which, along with the
regulatory restrictions on pricing and absence of any retail brand
for the company; exert pressures on its pricing and profitability.
Further, the rating also takes into consideration the trend of
decline in operating income of the company, and its susceptibility
to policy risks affecting the availability of crude- which in turn
is exposed to climatic risks and international policies on
cultivation of palm.

The aforementioned concerns are partially offset by the long-
standing experience of the promoters in the industry and the
attractive demand prospects for the edible oil industry in India.
Further, the company has plans of vertical integration into
manufacturing of crude palm oil, which should improve the raw
material availability and the plant utilization levels.

Madhavi Oils & Fats was established in the year 2009 and is
involved in the Manufacturing & Marketing of edible oils like Rice
Bran Oil, Palm Oil, and Vanaspathi.

Recent Results

The company reported a net profit of INR0.41 crore during the FY
2012 and an operating income of INR31.08 crore as against a net
loss and operating income of INR0.16 crore and INR35.23 crore
respectively during FY 2011.


NAVASAKTHI TOWNSHIPS: ICRA Puts 'B+' Rating to INR15cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR15.0 crore term loans of Navasakthi Townships Developers
Private Limited.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Term Loans                15.00       [ICRA]B+ assigned

The rating assigned considers the high competitive intensity in
the real estate segment, the cyclicality in the industry which
exposes the company to demand risks, and the high dependence on
customer advances for funding the ongoing and planned projects.
ICRA notes that any downturns in sales bookings for the current
projects can adversely impact the cashflows and debt servicing
ability of the company. The rating also factors in the
vulnerability of profit margins to fluctuations in raw material
and labor costs, the moderate financial risk profile characterized
by fluctuating profitability and high gearing levels, and the high
working capital intensity on account of land purchases for ongoing
and planned projects. The rating, however, favorably considers the
longstanding experience and track record of the promoters in the
civil construction industry, the favorable response to the
company's first township project with over 490 villas, which has
been completed and handed over, and the significant progress
achieved on the ongoing projects, which have favorable demand
prospects.

Navasakthi Townships Developers Private Limited, incorporated in
2007, is engaged in the business of developing real estate
projects, mainly integrated township projects. The company is
promoted by Dr. K I Manirathinem and Ms M Usha. The promoters have
over two decades of experience in the construction field. The
first project undertaken by the company was the Anugraha Satellite
Township project at Cuddalore on the East Coast Road (ECR), which
consists of over 490 individual villas over 83 acres of land. All
the units in this township have been sold out and handed over; in
addition, the company is currently undertaking a second phase of
development with 120 more villas. NTDPL is also promoting a second
project (La France Villa) on the ECR in Pondicherry, which
consists of 473 villas spread over 60 acres of land. This project
is currently in the execution stage. In addition to these ongoing
projects, the company also has plans to develop townships in the
suburbs of Chennai city.


ONE POINT: ICRA Rates INR19.13cr Loan at '[ICRA]BB'
---------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the
INR19.13 crore non-fund based limits of One Point Realty Private
Limited.  The rating carries a Stable outlook.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Non-Fund Based Limits      19.13      [ICRA]BB (Stable)
                                         Assigned

The rating favorably factors in the adequate booking levels as
well as healthy customer advances for its project - One City
Rohtak, experience of the promoters in real estate sector and low
approval risks. The rating, however, is constrained by the
moderate market risk for the unsold area and ORPL's modest scale
of operations. Further, the rating also takes into account the
exposure to execution risk as part of the project cost is proposed
to be funded through customer advances, which are contingent on
the ability to maintain healthy sales as well as collection
efficiency. Going forward, ability to execute the project in
timely manner and maintain sales as well as collection efficiency
will be amongst the key rating sensitivities.

Established in June 2005 by Mr. Sunil Kumar Jain, One Point Realty
Private Limited (ORPL) is part of One Group. The company is
currently developing its maiden plotted development project One
City, Rohtak spread on a land parcel of 73.09 acre at Sector 37,
Rohtak, Haryana. The total project cost is envisaged at INR115
crore (approx). The company as on March 31, 2012 had spent around
38% of the total cost and been able to book around 42% of the
saleable plots.

Recent Results

For the period ending FY11-12 (April 2011-March 2012), the company
reported a profit of INR0.64 crore on an operating income of
INR16.85 crore as compared to INR0.11 crore on an operating income
of INR4.12 crore a year ago.


OSCAR CERAMICS: ICRA Puts '[ICRA]B+' Rating on INR4.85cr Loan
-------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to INR2.00 crore1 fund
based cash credit facility and INR2.85 crore term loan facility of
Oscar Ceramics.  A rating of '[ICRA]A4' has also been assigned to
INR0.45 crore short-term non-fund based facilities of OC.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Cash Credit Limit          2.00       [ICRA]B+ assigned
   Term Loans                 2.85       [ICRA]B+ assigned
   Bank Guarantee             0.45       [ICRA]A4 assigned
   Letter of Credit          (2.05)      [ICRA]A4 assigned

The ratings assigned take into account OC's small scale of
operation and weak financial profile as reflected by stagnant
operating income, high working capital intensity and stretched
liquidity. The ratings also take into consideration the
disadvantage arising from the single product portfolio as well as
intense competition with presence of large established organized
tile manufacturers and unorganized players. ICRA also notes the
dependence of operations and cash flows of the firm on the
performance of the real estate industry which is the main consumer
sector, and vulnerability of profitability to increasing prices of
gas and power.

The ratings however have favorably considered the experience of
the key promoters in the ceramic industry, location advantage
enjoyed by OC giving it easy access to raw material.

Oscar Ceramics is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 1999. OC
is managed by Mr. Dharmesh Patel and other partners. The plant has
an installed capacity to manufacture 11,250 MT of wall tiles p.a.
OC currently manufactures wall tiles of size 12" X 18", and 12" X
24". The firm has installed digital printing tiles manufacturing
machine imported from Spain in August, 2012 commercial production
from which is expected to start from end of September, 2012.

Recent Results

For the year ended March 31, 2012, OC reported an operating income
of INR6.41 crore and profit after tax of INR0.30 crore as against
an operating income of INR6.22 crore and a profit after tax of
INR0.47 crore during FY 2011.


PEEKAY AGENCIES: ICRA Rates INR3cr Loan at '[ICRA]BB-'
------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.00 crore fund
based bank facilities of Peekay Agencies Private Limited.  The
outlook on the long term rating is stable. ICRA has also assigned
an '[ICRA]A4' rating to the INR2.50 crore fund based and INR3.00
crore non-fund based bank facilities of PAPL.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Fund Based Limit-Cash     3.00      [ICRA]BB-(Stable) assigned
   Credit

   Fund Based Limit-Bills
   Discounting               2.50      [ICRA]A4 assigned

   Non-Fund Based Limit-     3.00      [ICRA]A4 assigned
   Letter of Credit

The ratings take into account the experience of the promoters in
trading of chemicals, wide customer base and diversified product
portfolio which partially mitigates off-take risks and its
established relationship with suppliers which ensures regular
supply of traded chemicals. ICRA takes note of the stable revenue
derived by the company on account of being the sole distributor of
some of the reputed chemical manufacturers. The ratings, however,
also take into account the intense competition from organized and
unorganized players in the industry, PAPL's moderate scale of
current operations with low turnover and profits, notwithstanding
an increase in the last two years and its weak financial profile
characterized by high gearing and weak coverage indicators.
Susceptibility of PAPL's margins to fluctuations in exchange rates
and volatility in prices of chemicals have also been considered
while assigning the ratings.

Incorporated in 1989, PAPL is primarily engaged in the trading of
various chemicals. PAPL purchases chemicals from the domestic
market and also imports from various countries including Sweden,
Germany, Malaysia, China, Singapore, France and Belgium. The
company has three warehouses in Howrah, West Bengal.

Recent Results

The company reported a net profit of INR0.69 crore (provisional)
in 2011-12 on an operating income of INR62.14 crore (provisional),
as compared to a net profit of INR0.51 crore on an operating
income of INR52.05 crore during 2010-11.


PRIYANKA GEMS: ICRA Reaffirms 'B+' Rating on INR54.41cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR54.41 crore fund based limits of Priyanka Gems.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Fund Based Limits          54.41      [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the stretched
financial position of the firm as characterized by decline in
sales, low profitability levels and high working capital intensity
due to high debtor and inventory days. Along with raw material
price fluctuation risk, the margins of the firm are also exposed
to volatility in foreign exchange rates on account of export
dominated sales profile; however the risk is partially mitigated
through natural hedge provided by import of roughs as well as
forward covers taken by the firm. Further, fragmented nature of
the industry and intense competitive pressures from organized and
unorganized players limits the bargaining power of the firm. ICRA
however takes into account the long experience of the promoters in
the cut and polished diamond business along with the comfortable
capital structure of the firm. Being a partnership concern, the
capital structure of the firm would however remain exposed to the
quantum of capital additions and withdrawals by the partners.

Formed in 1978, Priyanka Gems is a partnership firm engaged in the
import of rough diamonds and export of Cut and Polished Diamonds
(CPDs). PG has a processing unit at Surat & sales office in Opera
House, Mumbai.

Recent Results

PG recorded a net profit of INR0.80 crore on an operating income
of INR142.49 crore for the year ending March 31, 2012
(provisional).


RUCHI GLOBAL: ICRA Assigns '[ICRA]BB' Rating to INR9cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating assigned for INR9.0 crore fund-
based limits of Ruchi Global Limited at '[ICRA]BB'.  The rating
carries a stable outlook. ICRA has also reaffirmed the rating
assigned to INR334.44 crore fund based and non-fund-based limits
(enhanced from INR270.4 crore) of RGL at '[ICRA]A4'.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based Limits        9         [ICRA]BB(Stable)
                                      (Reaffirmed)

   Fund and Non-Fund      334.44      [ICRA]A4 (Reaffirmed)
   Based Limits

The ratings reaffirmation take into account 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. The
ratings also factor in the improvement in RGL's capital structure
with the reduction in overall debt levels with the liquidation of
large portion of its inventory.  The ratings are however
constrained by decline in RGL's profitability in FY12 on account
of rupee depreciation as the company imports majority of the steel
products and also due to lower income from its investment
portfolio.. ICRA's ratings continue to factor in RGL's low
profitability, intensely competitive nature of the business and
vulnerability of the company's cash flows to fluctuations in
commodity prices, and exchange rates.

Going forward, the ability of the company to improve its
profitability and maintain it's the debt protection indicators
will be the key rating sensitive factors

Established in 1996, Ruchi Global Limited is engaged in the
business of trading in steel items and agricultural commodities.
RGL is a trading arm of Ruchi Group and is a closely held company
promoted by Mr. Kailash Shahra and his family members. RGL is
primarily involved in the trading of steel, edible oil, soya
products, soyabean, wheat, pulses, chemicals and other agro and
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
Global Limited reported operating income of INR1055.02 crore and
net profit of INR0.85 crore.


SHREE AMBE: ICRA Assigns 'BB+' Rating to INR7.15cr Loans
--------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR7.00 crore existing
long term fund based facilities and INR0.15 crore proposed long
term fund based facilities of Shree Ambe Food Products Private
Limited.  ICRA has also assigned '[ICRA]A4+' rating to the INR1.00
crore non fund based facilities of the Company. The outlook on the
long term rating is stable.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Long Term Fund Based       7.00       [ICRA]BB+ (Stable)
   Limits                                assigned

   Long Term Fund Based       0.15       [ICRA]BB+ (Stable)
   Limits (proposed)                     assigned

   Short Term Non Fund        1.00       [ICRA]A4+ assigned
   Based Limits

The assigned ratings take into account the promoters' long
standing experience in the wheat milling and processing industry,
diversified client base and established relationship with
institutional buyers and stable demand outlook with wheat based
products being an important part of the staple Indian diet. The
ratings also take into account SAFPPL's relatively moderate
capital structure (aided by equity infusion of INR1.0 crore by the
promoters into the business over the last two years) and funding
support from the much larger Group entity Ambe Agro Industries
Limited, engaged in similar business. The ratings are, however,
constrained by the Company's moderate scale of operations
restricting the operational and financial flexibility, low value
addition and highly fragmented structure of industry resulting in
thin operating margins, susceptibility to adverse government
regulations in terms of Minimum Support Price for purchasing raw
material (wheat) and vulnerability of raw material availability to
the agro-climatic conditions. In addition, the Company's cash
accruals also remain low resulting in weak debt protection
metrics.

Incorporated in 2005, Shree Ambe Food Products Private Limited is
engaged in the manufacturing of flour milling products - whole
wheat atta, maida, resultant atta, suji and bran from wheat. The
Company's milling unit, located at Hoskote (Bangalore) has a
grinding capacity of 33,000 tonnes per annum. The company has been
promoted by Mr. Bimal Kant Gupta and Mr. Nneeraj Agrawal. Besides
SAFPPL, the promoters also own another company named Ambe Agro
Industries Limited, which has two flour milling units in the state
of Bihar with a total grinding capacity of 350 tonnes per day.
Ambe Agro Industries Limited, which was incorporated in 1995,
reported an operating income of INR74.0 crore with a net profit of
INR0.4 crore for 2010-11.

Recent Results

As per the provisional results, the Company reported a profit
before tax and depreciation of INR0.6 crore on operating income of
INR47.6 crore during 2011-12 as against net profit (profit after
tax) of INR0.2 crore on operating income of INR43.3 crore during
2010-2011. Also, as per the provisional results, the Company
reported profit before tax and depreciation of INR0.6 crore on
operating income of INR14.2 crore during the first quarter of
2012-13.


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


TELKOM: Unit's Bankruptcy Stirs Fears of Legal Abuses
-----------------------------------------------------
Reuters reports that a court ruling that Indonesia's biggest
mobile phone operator, PT Telekomunikasi Indonesia, is bankrupt,
after not paying a disputed debt of just half a million dollars,
has revived concerns over flawed laws that invite abuse and can
trip up even highly profitable companies in Southeast Asia's
largest economy.

Reuters says analysts and shareholders have brushed the decision
aside as one of the quirks of the country's legal system, saying
it is almost inevitable that it will be overturned when Telkomsel
appeals to the country's supreme court.

According to the report, the case has fuelled concerns among
lawyers, however, that the bankruptcy law is open to abuses --
such as forcing settlements to disputes that should be dealt with
elsewhere in the legal system -- and poses unnecessary risks for
enterprises.

"It's not a prudent and fair judgment. Every company has a loan or
debt that will sometimes be disputed," Reuters quotes Harjon
Sinaga, a partner at Lubis Ganie Surowidjojo law firm in Jakarta,
as saying.

Reuters reports that Telkomsel, a subsidiary of PT Telekomunikasi
Indonesia (Telkom), was taken to court by a prepay phone voucher
distributor, PT Prima Jaya, which alleged in a petition for a
bankruptcy declaration that the telecom giant still owed it IDR5.3
billion (US$555,700).

Reuters relates that Jakarta Commercial Court accepted the
petition and declared Telkomsel bankrupt on Sept. 14, despite the
company posting a first-half profit this year of US$770 million.

Under Indonesian law, Reuters notes, a company can be declared
bankrupt if it can be shown to have at least two creditors and the
debt owed to one of them is due and payable.  The strength of the
balance sheet is irrelevant.

Many investors were sanguine about the ruling, viewing a brief dip
in parent company Telkom's share price after the declaration as a
good chance to buy into the stock, Reuters adds.

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

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


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


GK MLOX3: Fitch Affirms Junk Rating on JPY1.78-Bil. Class D Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded GK MLOX3 class B notes due June 2015
and affirmed the rest.  The transaction is a Japanese multi-
borrower type CMBS securitisation.  The rating actions are as
follows:

  -- JPY1.4bn* Class B notes upgraded to 'Asf'' from 'BBB-sf'';
     Outlook Stable
  -- JPY2.6bn* Class C notes affirmed at 'Bsf''; Outlook Stable
  -- JPY1.78bn* Class D notes affirmed at 'CCsf''; Recovery
     Estimate revised to 35% from 45%

*as of Sept. 20, 2012

The upgrade of the class B notes reflects improved credit
enhancement following the substantial principal repayment of the
underlying loans.  Since the previous rating action in September
2011, two out of the then three remaining underlying loans were
repaid or recovered in full, and four of the 13 properties backing
the remaining defaulted loan have been sold.  All of these
contributed to a substantial repayment of the transaction, with
the class A fully redeemed in August 2012.

Fitch has revised downwards its net cash flow estimates for four
out of nine remaining collateral properties, reflecting the
collateral properties' recent weaker-than-expected performance.
However, this has been more than offset by the progress of the
repayment so far.

The class C notes also benefited moderately from the repayment of
the underlying loans, leading to today's affirmation of this
class.

Fitch assigned ratings to this transaction in September 2007.  The
transaction was initially a securitisation of five loans backed by
25 property trust beneficiary interests. It is currently backed by
one defaulted loan, which in turn is backed by nine properties.


RENESAS ELECTRONICS: Japan Fund May Counter KKR Offer
-----------------------------------------------------
Bloomberg News reports that Japanese state-backed fund may join
two of the nation's largest manufacturers in a bid for the
unprofitable chipmaker, Renesas Electronics Corp., countering an
offer from KKR & Co.

Japanese companies including Toyota Motor Corp. and Panasonic
Corp. may join with Innovation Network Corp. of Japan to invest
more than JPY100 billion ($1.3 billion) for a majority stake in
Renesas, a government official told Bloomberg.  The plan for the
Apple Inc. supplier was reported by the Nikkei newspaper
Sept. 22, Bloomberg says.

Bloomberg relates that an executive of the investment fund said
Sept. 22 that Innovation Network may offer financial support to
Renesas.  Renesas stock has declined 29% this year, Bloomberg
notes.

KKR, a New York-based private-equity firm, offered about
JPY100 billion to banks and the three main shareholders NEC Corp.
(6701), Hitachi Ltd. (6501) and Mitsubishi Electric Corp. (6503)
for control of Renesas, a person with knowledge of the matter said
last month, Bloomberg adds.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

Renesas, which has been unprofitable since it was established in
2010, last month announced a restructuring plan which included a
reduction of about 5,000 workers, or 12% of its workforce, in a
bid to turn around its bottom line.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.


* JAPAN: Moody's Sees Weak Prospects for Real Estate Sector
-----------------------------------------------------------
Moody's Japan K.K. says the credit worthiness of Japanese real
estate operating companies and real estate investment trusts (J-
REITs), as well as of CMBS deals, will remain weak in the medium
term, because cash flows from office buildings, which make up the
majority of their portfolios, will continue to decline.

In a new report titled, "Fundamentals of Japan's Real Estate
Sector," Moody's says the demand for office buildings in Tokyo
will remain lukewarm, owing to anemic economic growth, exacerbated
by oversupply. The latter will result from a build-up in inventory
in 2012.

In the non-Tokyo office market, vacancy rates have been
persistently high as a result of job cuts in manufacturing
industries. Therefore, rents are under pressure. Still, Moody's
expects the supply of new space to be stable in Sapporo, Nagoya
and Fukuoka.

Given the recent stability in cap rates, and the rise in occupancy
rates after a large drop in 2009-2010, the unrealized losses of J-
REITs have gradually decreased to around zero. However, Moody's is
concerned that appraisal values can exceed actually sales prices,
leading to mark-down risk for balance sheets.


* JAPAN: Moody's Says China Dispute Has Negative Impact on Cos.
---------------------------------------------------------------
Moody's Japan K.K. says that anti-Japanese demonstrations in China
-- triggered by a dispute between the two countries over ownership
of a group of islands in the East China Sea -- are likely to have
a short-term negative impact on selected Japanese companies
operating on the Mainland, but the longer-term effect is harder to
predict and likely to be of varying degrees.

The greatest impact to date has been -- as the media has widely
reported -- a sharp decline in sales of Japanese autos and
consumer electronics in China.

In addition, Japanese companies have also closed many of their
factories in China for a few days at the suggestion of the Chinese
authorities, but Moody's considers the lost production will be
limited and recoverable.

Of the two sectors most directly effected, the auto sector is
better positioned to sustain short-term declines in sales because
with the exception of Europe, auto sales have seen strong global
performance.

Among Japanese auto companies, Nissan Motor Co Ltd (A3, stable)
has the highest exposure to China, commanding a market share of
about 7% or 1.24 million units sold in 2011. Toyota Motor Corp
(Aa3, Negative) has a slightly lower share with sales of 801,000
units.

The Japanese consumer electronics industry, currently undergoing a
restructuring, is less well positioned to absorb declines in
sales. The three majors -- Panasonic Corporation (Baa1, stable),
Sony Corporation (Baa1, review for downgrade) and Sharp
Corporation (Not Prime) -- are more exposed to sales declines in
China. Based on the percentages of their sales in China in
FYE3/2012, Sharp is the most exposed (19.7% of consolidated
sales), then Panasonic (13.3%), and finally Sony (7.6%).

Generally, Moody's believes that insured and uninsured losses
because of the protests are expected to be limited. Most normal
insurance contracts exclude coverage of damage due to rioting, but
ultimately treatment will be based on what customers and insurers
had previously agreed.

Broadly, Moody's believes the short-term impact of the current
unrest will be limited.

However, over the longer term, the effect of rising anti-Japanese
sentiment on the Mainland on Japanese businesses is difficult to
determine. The possible implications -- in an extreme and
unanticipated scenario -- could include the loss of access to a
significant and growing market for Japanese manufactured goods, or
a reduction in the ability of Japanese manufacturers to locate
facilities in China.

The disputed islands are known in Japan as the Senkaku Islands and
as the Diaoyu Islands in China.


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


RHB BANK: Moody's Assigns 'D' BFSR; Outlook Stable
--------------------------------------------------
Moody's Investors Service has assigned an A3 rating to RHB Bank
Berhad's five-year USD-denominated senior unsecured fixed-rate
notes. The rating outlook is stable.

The other ratings of RHB Bank Berhad are:

-- D on its bank financial strength rating (BFSR), translates to
    a standalone credit assessment of ba2

-- A3/P-1 on its long-term/short-term foreign-currency deposits

-- (P)A3/(P)P-1 on its foreign-currency senior unsecured Medium
    term Note (MTN) programme

The outlook on RHB Bank Berhad's BFSR is positive. All its other
ratings are on a stable outlook.

Ratings Rationale

The USD-denominated notes will be issued pursuant to RHB Bank
Berhad's USD500 million Euro MTN programme for issuance of senior
debt instruments.

This issuance will be a drawdown subsequent to the issuance of
USD300 million senior notes on 11 May 2012 from the Euro MTN
programme.

The notes represent direct, senior, unsubordinated and unsecured
obligations of RHB Bank Berhad. As such, they will rank pari passu
with the bank's unsecured and unsubordinated obligations.

The rating was assigned on the condition that no material changes
are made to the draft terms and conditions of the notes reviewed
prior to the launch of the issuance.

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

RHB Bank Berhad is headquartered in Kuala Lumpur, and reported
total assets of MYR151 billion (approximately USD49 billion) at
end-June 2012.


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


BROADLANDS FINANCE: S&P Gives 'CCC/C' Issuer Credit Ratings
-----------------------------------------------------------
Standard & Poor's Rating Services assigned its 'CCC/C' issuer
credit ratings to New Zealand finance company Broadlands Finance
Ltd.  The rating outlook on BFL is negative.

"The rating reflects our view that BFL's funding and liquidity
position is vulnerable, and that its loan portfolio is high-risk
in nature. Withdrawing from the debenture market in October 2011
after a period of weakened investor investment and reinvestment
experience, the company has recently embarked on progressive
efforts to re-enter the debenture funding market in the next few
months, via the issuance of a new debenture prospectus. This
decision was underpinned by BFL's expectation that investors will
have an increased appetite for debenture securities at a time when
the yields on other retail deposit products are low, and after the
asset-quality and liquidity fall-out in the finance company sector
has abated," S&P said.

"Additionally, BFL has decided against actively seeking new
funding from a bank or the private investor market, as BFL has
found the availability of this funding to be limited and high-
cost. On this basis, we consider that although there is some
prospect that BFL may be successful in re-establishing a debenture
funding capability, there remains significant uncertainty around
the timing, level, and stability of funding that might be
secured," S&P said.

"The negative rating outlook reflects our view that BFL's
liquidity profile is vulnerable over the next six-to-12 months,"
said credit analyst Harry Hu.  "Currently BFL is reliant on cash
receipts from existing loans to meet maturing debenture
obligations. This reliance will be most notable over the next six
months as BFL seeks to pursue higher loan growth, which itself is
reliant on BFL's ability to mobilise new funding. A delay or lack
of success in securing new external funding by the end of calendar
2012 would escalate downward rating pressure and raise the
prospect that the business could be wound down by the current
shareholder. The rating could also be lowered if BFL were to
experience deterioration in its asset-quality experience to the
extent that it weakens its ability to meet its liquidity needs
beyond a six-month horizon."

"Stabilisation of the rating or upward rating prospects are not
expected until after BFL has demonstrated an ability to secure
new, stable, funding to support its ability to grow its business
base to a level whereby it becomes profitable and supportive to
the prospects of ongoing strong support from its shareholders into
the long term," S&P said.


LDC FINANCE: High Court Appoints Interim Liquidators
----------------------------------------------------
Blair Cunningham at NBR Online reports that LDC Finance has been
placed into liquidation.

NBR relates that creditor Janet Wilson applied last month to have
the company liquidated.  The company has been in receivership
since 2007, when PwC receivers Malcolm Hollis and John Fisk were
appointed, the report notes.

In Wellington High Court on Monday, NBR discloses, Associate Judge
John Matthews placed LDC Finance into liquidation and appointed
Iain Shephard and Heath Gair from Shephard Dunphy as liquidators.

According to the report, the liquidators were appointed interim
liquidators under court-ordered urgency after Messrs. Hollis and
Fisk announced late in July they would be stepping down as
receivers, citing conflict of interest issues.

On July 26, they sent a note to investors advising of the change
arising from court action between LDC Finance and associated
company Finance and Investments (F&I), NBR recounts.

NBR relates that the court action related to a series of dealings
between the two companies in 2006-07 which saw good F&I loans
swapped for worthless LDC shares.

In May, the report says Justice John Fogarty ruled the swaps
should not have been given approval and ordered more than
NZ$9 million be returned to those investors.  PwC was holding the
money at the time, NBR relays.

F&I investors used the judgment to launch a legal claim against
PwC over advice given to LDC directors, the report notes.

                        About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments.
Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
Receivers.

In July 2012, PricewaterhouseCoopers stood down as the company's
receivers.

Richard Simpson and David Ruscoe of Grant Thornton took over
receivership of LDC, stuff.co.nz disclosed citing PwC's letter to
investors.


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


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

Tan Kian Guan and Lim Kiam Kiam filed the petition against the
company on Sept. 13, 2012.

The Petitioner's solicitors are:

         Messrs Lee & Lee
         50 Raffles Place, #06-00
         Singapore Land Tower
         Singapore 048623


CLARITY SYSTEMS: Creditors' Proofs of Debt Due Oct. 19
------------------------------------------------------
Creditors of Clarity Systems (Asia Pacific) Pte Ltd, which is in
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 liquidators are:

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


CLOUD 9: Creditors Get 100% Recovery on Claims
----------------------------------------------
Cloud 9 Lifestyle Pte Ltd will declare first and final dividend
today, Sept. 25, 2012.

The company will pay 100% for preferential and 4.1104 for ordinary
claims.

The company's liquidators are:

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


ENCENTUATE PTE: Creditors' Proofs of Debt Due Oct. 19
-----------------------------------------------------
Creditors of Encentuate Pte Ltd, which is in 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 liquidators are:

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


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

Malayan Banking Berhad filed the petition against the company on
Sept. 13, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         No. 9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch Assigns Issuer Default Rating at Low-B
--------------------------------------------------------------
Fitch Ratings Lanka has assigned People's Leasing Company PLC's
(PLC, 'AA-(lka)'/Stable) proposed commercial paper issue of up to
LKR500m a National Short-Term 'F1+(lka)' rating.

The proposed notes will have a tenor of one year, and will be used
to finance the company's working capital requirements.

The rating reflects the potential extraordinary support from the
government ('BB-'/Stable) through PLC's state-owned parent,
People's Bank (PB; 'AA+(lka)'/Stable), in times of distress.  PB
owns 75% of PLC.  This is based on the strong linkages between PLC
and PB, the subsidiary's strategic importance to PB, as well as
the consequent reputation risk to the government if PLC were to
default on its financial obligations.

PB's capacity to support PLC is derived from the financial
capacity and propensity of the government of Sri Lanka, given the
bank's increasing role in Sri Lanka's post-war economic
development and its high systemic importance (18% of system assets
and deposits in 2011).

PLC is the largest non-bank financial institution in Sri Lanka by
advances, with a 21% share of the market at end-2011.  At end-June
2012, its total assets and post-tax profits stood at LKR96bn and
LKR720m respectively.

PLC's ratings:

  -- Long-Term Foreign Currency Issuer Default Rating: 'B+';
     Outlook Stable
  -- Long-Term Local Currency Issuer Default Rating: 'B+';
     Outlook Stable
  -- National Long-term Rating: 'AA-(lka)'; Outlook Stable
  -- LKR1.48bn outstanding senior unsecured redeemable
     debentures: 'AA-(lka)'
  -- LKR1.5bn outstanding rated commercial paper: 'F1+(lka)'
  -- Proposed commercial paper of up to LKR500m: 'F1+(lka)'


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


* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2012
-------------------------------------------------------

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

  AUSTRALIA
  ---------

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


CHINA
-----

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


JAPAN
-----

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


MALAYSIA
--------

DUTALAND BHD            7.00    04/11/13   MYR       0.69


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

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


SINGAPORE
---------

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


KOREA
-----

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


SRI LANKA
---------

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


THAILAND
--------

BANGKOK LAND            4.50    10/13/03   USD       5.50



                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, 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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