TCRAP_Public/120926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 26, 2012, Vol. 15, No. 192

                            Headlines


A U S T R A L I A

CROWN & SCEPTRE: To Reopen After Sale to Tropeano Hospitality
GUNNS LTD: Set to Go Into Voluntary Administration
NATIONAL ABS: Fitch Assigns Rating on Two Note Classes at Low-B
NATIONAL ABS 2012-1M: S&P Assigns Prelim B Rating on Cl. F Secs.
O'ROSS HOTEL: Austpac Acquires Hotel Out of Receivership

WESTGEM INVESTMENT: Receivers to Put Raine Square Tower on Market


C H I N A

GREENTOWN CHINA: S&P Keeps 'CCC+' CCR on Watch Positive
HOPSON DEVELOPMENT: S&P Affirms 'B-' Corporate Credit Rating


H O N G  K O N G

ADNET ENTERPRISES: Members' Final Meeting Set for Oct. 16
AMERICAN TRIM: Members' Final Meeting Set for Oct. 15
AURORA FASHION: Wong Kwok Hong Timothy Steps Down as Liquidator
CARRIER COMFORT: Members' Final General Meeting Set for Oct. 16
CENTURY 21: Creditors' Proofs of Debt Due Oct. 9

CRONOS CONTAINERS: Members' Final Meeting Set for Oct. 16
ESAMSUNG GREATER: Commences Wind-Up Proceedings
ETERNAL RICH: Lau Cheuk Man Timothy Steps Down as Liquidator
FAIR RACE: Miao Liyan Steps Down as Liquidator
GOLDEN CARRIER: Members' Final Meeting Set for Oct. 16

GREAT KNIGHT: Members' Final General Meeting Set for Oct. 16
HALBIS CAPITAL: Commences Wind-Up Proceedings
HK COLLEGE: Lau Cheuk Man Timothy Steps Down as Liquidator
HONAM OVERSEAS: Members' Final Meeting Set for Oct. 16
KEI YAN: Commences Wind-Up Proceedings

KEI YAN: Lo Shui San Zue Steps Down as Liquidator
TITAN PETROCHEM: Wind Up Hearing Adjourned Until November 16


I N D I A

B. N. INDUSTRIES: CARE Rates INR16cr LT Loan at 'CARE B+'
CAPITAL RETREAT: CRISIL Assigns 'B-' Rating to INR450MM Loans
DADHEECH INFRA: CARE Rates INR12cr LT Loan at 'CARE B'
GURU NANAK: CRISIL Assigns 'B-' Rating to INR132.5MM Loans
JUPITER WAGONS: CARE Assigns 'CARE BB+' Rating to INR19cr Loan

MILLENNIUM AERO: CRISIL Puts 'B' Rating on INR60MM Loans
ORCHID INDUSTRIES: CRISIL Raises Rating on INR200MM Loan to 'B+'
RY MIDAS: CARE Assigns 'CARE B+' Rating to INR12cr LT Loan
SATYANARAYAN TEA: CARE Places 'B' Rating on INR24.5cr Loan
SHRI SANTKRUPA: CRISIL Assigns 'C' Rating to INR70MM Loans

SHRI VYANKTESHWARA: CARE Rates INR6.03cr Loan at 'CARE B+'
SUYASH UDYOG: CARE Assigns 'CARE B+' Rating to INR5cr LT Loan


I N D O N E S I A

TELKOMSEL: S&P Keeps 'BBB-' Rating Despite Bankruptcy Ruling


J A P A N

OLYMPUS CORP: Former Chairman Admits Fraud


M A L A Y S I A

TEXCHEM POLYMERS: Gets US$2.4MM Capital Infusion from Parent


N E W  Z E A L A N D

HARTLAND CONSTRUCTION: Funds Deficit at NZ$13 Million


P H I L I P P I N E S

PRUDENTIALIFE PLANS: Trust Fund Deficiency Hits PHP8.57 Billion


S I N G A P O R E

FLINSTONE MANUFACTURING: Court Enters Wind-Up Order
HYMICS HOLDINGS: Court Enters Wind-Up Order
LINE CONCEPTS: Court Enters Wind-Up Order
LONGAINS INVESTMENT: Court Enters Wind-Up Order
MERCHANT QUAY: Creditors' Proofs of Debt Due Oct. 21


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CROWN & SCEPTRE: To Reopen After Sale to Tropeano Hospitality
-------------------------------------------------------------
Adelaide Now reports that The Crown & Sceptre is expected to be
renovated and reopened under new ownership.

According to the report, Tropeano Hospitality Group, owner of
Hindley St venues The Palace and Red Square, has bought the
business from the liquidator, Macks Advisory, for an undisclosed
sum.

The King William St venue called last drinks in July with
estimated debts of more than $1 million.  Peter Macks, from Macks
Advisory, said at the time that a downturn in trade plus higher
labour, electricity, liquor and input costs had created mounting
debts for the 11-year-old business, which was owned by Andrew
McDowell.

Mr. Macks said previously the business had been on the market
after trading declined by 10% on the previous year, following
three lean years.  But the purchase price for the hotel was
unlikely to return much of the debt owed to secured creditors,
suppliers and the Tax Office.

Tropeano Hospitality Group director Antony Tropeano confirmed the
deal last week but would not give any more information because of
contract conditions.

The Crown & Sceptre is a popular bar and pokie-free music venue
based in Adelaide.


GUNNS LTD: Set to Go Into Voluntary Administration
--------------------------------------------------
Ben Butler at smh.com.au reports that Tasmanian forestry group
Gunns Ltd is to go into administration after banks led by the ANZ
pulled the plug on the loss-making company, placing more than
600 jobs at risk.

smh.com.au relates that the move makes more uncertain the fate of
its controversial AUD2 billion Bell Bay pulp mill, already under
a cloud after the company flagged in August it was no longer
certain to go ahead.

While the company yesterday told the ASX its board had decided to
put the company into voluntary administration, it has yet to name
the insolvency practitioner who will get the role, according to
smh.com.au.

Most of the large insolvency firms are said to have bid for the
long-anticipated job, including PPB, PwC, Ferrier Hodgson and
McGrath Nicol, smh.com.au reports.  However, Ferrier Hodgson is
believed to be out of the race.

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- is an hardwood and softwood forest
products company. It operates within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.


NATIONAL ABS: Fitch Assigns Rating on Two Note Classes at Low-B
---------------------------------------------------------------
Fitch Ratings has assigned National ABS Trust 2012-1M notes
expected ratings.  The transaction is a securitisation backed by
automotive and equipment lease receivables originated by Medfin
Australia Pty Limited, a wholly-owned subsidiary of National
Australia Bank Limited (NAB; 'AA-'/Stable/'F1+').

  -- AUD75m Class A1 notes: 'F1+(EXP)sf'
  -- AUD202.5m Class A2 notes: 'AAA(EXP)sf'; Outlook Stable
  -- AUD6m Class B notes: 'AA(EXP)sf'; Outlook Stable
  -- AUD4.5m Class C notes: 'A(EXP)sf'; Outlook Stable
  -- AUD3m Class D notes: 'BBB(EXP)sf'; Outlook Stable
  -- AUD1.8m Class E notes: 'BB(EXP)sf'; Outlook Stable
  -- AUD1.5m Class F notes: 'B(EXP)sf'; Outlook Stable
  -- AUD5.7m Class G notes: not rated

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The notes will be issued by Perpetual Corporate Trust Limited as
trustee for National ABS Trust 2012-1M.  The latter is a legally
distinct trust established pursuant to a master trust and general
security deed.

"National ABS Trust 2012-1M marks the sixth public automotive and
equipment lease receivable-backed securitisation by Medfin and
first public securitisation since 2004," said Ben Newey, Director
in Fitch's Structured Finance team.  "Although the portfolio
comprises automotive and equipment lease receivables concentrated
in the Australian healthcare industry, it is well diversified by
profession and geography"

The expected ratings of the Class A notes are based on the
quality of the collateral; the 7.5% credit enhancement provided
by the subordinate Class B, C, D, E, F and G notes and excess
spread.   They also reflect a liquidity reserve account sized at
1% of the aggregate amount of the notes at closing; the interest
rate swap arrangement the trustee has entered into with National
Australia Bank Limited ('AA-'/Stable/'F1+'); and Medfin Australia
Pty Limited's lease underwriting and servicing capabilities.

The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels but including the credit enhancement
provided by each class of notes' respective subordinate notes.

As of July 31, 2012, Medfin's representative collateral portfolio
consists of 7,937 leases totalling AUD297m with an average
contract size of AUD37,420.  The pool comprises chattel
mortgages, hire purchase and lease receivables backed by motor
vehicles (50%), medical equipment (19.7%), dental equipment
(12.8%) and furniture and fittings (17.2%) from healthcare
professionals across the country.

The portfolio consists of amortising principal and interest
leases with varying balloon amounts payable at maturity, and has
a weighted average balloon payment of 29.9% of the current lease
balance.  The main medical profession exposures in the
transaction pool include specialists (30.1%); dentists (22.7%);
doctors (21.4%); and pharmacists (4.8%). More than 90% of both
doctors and dentists in the portfolio have greater than three
years of private practise experience.

Historical gross loss rates by quarterly vintage on equipment
leases range between 0% to 0.75% for automotive leases and from
0.1% to 1.75% for equipment lease.

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding presale report entitled "National ABS Trust
2012-1M", available on www.fitchratings.com or by clicking on the
above link.  Included in a corresponding presale appendix is a
description of the representations, warranties, and enforcement
mechanisms.


NATIONAL ABS 2012-1M: S&P Assigns Prelim B Rating on Cl. F Secs.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to seven classes of asset-backed securities (ABS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for National
ABS Trust 2012-1M (see list). National ABS Trust 2012-1M is a
securitization of motor vehicle and equipment-backed receivables
originated by National Australia Bank Ltd. (NAB; AA-/Stable/A-1+)
via its Medfin Australia Pty. Ltd. distribution channel.

The preliminary ratings reflect:

-- S&P'v view of the credit risk of the underlying receivables
    Portfolio.

-- The issuer's capacity to pay interest to the noteholders in
    full on each interest payment date, and to repay principal in
    full no later than the final maturity date, according to the
    terms and conditions of the notes.

-- S&P's expectation that the credit support for each class of
    notes is sufficient to withstand the stresses S&P applies.

-- The liquidity support provided for the transaction in the
    form of an amortizing liquidity reserve, which is equal to
    1.0% of the initial invested amount of the notes and subject
    to a floor of A$300,000, and the ability to use principal
    collections to meet short-term liquidity demands.

-- The track record and industry experience of the originator
    and servicer, NAB.

-- That all contract payments, including the residual or balloon
    payments, are an obligation of the borrower. As a result, the
    issuer is not exposed to any market-value risk associated
    with the sale of the motor vehicles (on performing
    receivables).  This is a risk that may be associated with
    other products, such as operating leases.

-- The benefit of a fixed-to-floating interest-rate swap
    provided by NAB to hedge the mismatch between the fixed-rate
    payments on the receivables and the floating-rate coupon
    payable on the notes.

-- In the case of the 'A-1+ (sf)' rating on the class A1 notes,
    Standard & Poor's expectation that, under a zero-prepayment
    rate and 'AAA' stress-case scenario, the principal passed
    through from the performing loans will be sufficient to repay
    this tranche by its legal final maturity date of Sept. 16,
    2013.

The issuer has informed Standard & Poor's (Australia) Pty Limited
that relevant information about the structured finance
instruments that are subject to this rating report will remain
non-public.

                STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

      http://standardandpoorsdisclosure-17g7.com/991.pdf

PRELIMINARY RATINGS ASSIGNED
Class        Rating         Amount (mil. A$)
A1           A-1+ (sf)      75.0
A2           AAA (sf)       202.5
B            AA (sf)        6.0
C            A (sf)         4.5
D            BBB (sf)       3.0
E            BB (sf)        1.8
F            B (sf)         1.5
G            N.R.           5.7
N.R.--Not rated.


O'ROSS HOTEL: Austpac Acquires Hotel Out of Receivership
--------------------------------------------------------
ABC News reports that it is hoped the re-opening of the historic
Man O'Ross Hotel will be a boost for Tasmania's northern
midlands.

The hotel has been closed for more than three months after going
to receivership, according to ABC News.

The report notes that the hotel has been bought by Victorian
company Austpac Hotels and Resorts which will re-employ most of
the former staff.

The report notes that the company's managing director Erik Stuebe
says it is exciting for the community.

"We've just finished last week rehiring all of the staff who were
previously associated, just from the manager down . . . .
They're very excited to be back and the business of cleaning and
restocking is in full swing for the next few days. . . ," the
report quoted Mr. Stuebe as saying.


WESTGEM INVESTMENT: Receivers to Put Raine Square Tower on Market
-----------------------------------------------------------------
Neale Prior at The West Australian reports that insolvency
accountants at KordaMentha are planning to put the new Raine
Square tower up for sale early next year after developer Luke
Saraceni failed in his legal bid to kick them out as receivers.

In what is an early favorite to be Perth's biggest commercial
property sale for 2013, The West Australian relates, the
Bankwest-appointed receivers are expected to put a price tag of
about AUD500 million on the 57,000sqm office and retail complex
abutting Murray, William and Wellington streets.

According to the report, the way has been cleared for the sale
after Supreme Court judge Michael Corboy rejected a challenge to
the validity of Bankwest's security mortgages and charges over
the Raine Square development company Westgem Pty Ltd, which
Mr. Saraceni controlled with fellow developer Hossean Pourzand.

Mr. Saraceni also unsuccessfully challenged the financiers using
the disputed securities in January last year to appoint
KordaMentha partners as receivers to recover debts exceeding
AUD400 million, The West Australian relays.

The report notes that Justice Corboy's ruling came as Bankwest
settles into the recently-completed Raine Square building as the
anchor tenant and the receivers open the retail section, which
will include a Coles supermarket.

The West Australian says Mr. Saraceni has vigorously opposed the
receivership and, with the backing of litigation funder IMF
(Australia), has threatened a legal action claiming more than
$300 million over the bank's dealings with his companies.

According to the report, KordaMentha partner Mark Mentha said the
financiers would now pursue enforcement to get their cash back
and claimed the developer was "avoiding reality". "I hope today's
decision will bring an end to Mr. Saraceni's strategy of seeking
to undermine the receivers," the report quotes Mr. Mentha as
saying.

Westgem, a special purpose vehicle which owns Raine Square, was
placed into receivership last year by financiers Bankwest and
Bank of Scotland, after the company failed to make a AUD50
million repayment in December 2010.



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GREENTOWN CHINA: S&P Keeps 'CCC+' CCR on Watch Positive
-------------------------------------------------------
Standard & Poor's Ratings Services kept these ratings on China-
based property developer Greentown China Holdings Ltd. on
CreditWatch, where they were placed with positive implications on
June 11, 2012:

-- the 'CCC+' long-term corporate credit rating on Greentown;

-- the 'CCC' issue rating on the company's outstanding senior
    unsecured notes;

-- the 'cnCCC+' long-term Greater China regional scale rating on
    Greentown; and

-- the long-term 'cnCCC' Greater China regional scale rating on
    the company's notes.

"We kept the ratings on CreditWatch with positive implications to
reflect our uncertainty over the impact of a recent improvement
in Greentown's liquidity and its strategic alliances on its
growth strategy and leverage," said Standard & Poor's credit
analyst Frank Lu. "The company's liquidity pressure has eased
following the sale of equity and convertible securities to Hong
Kong-based Wharf (Holdings) Ltd. (not rated) and the disposal of
equity in nine projects to Sunac China Holdings Ltd. (BB-/Watch
Neg/--; cnBB+/Watch Neg)."

"We expect Greentown to continue to sell its projects to boost
liquidity in the rest of 2012. We also anticipate that the
company will further reduce its gearing with proceeds from asset
sales. The ratio of debt to EBITDA is likely to fall in the next
six months because of a significant increase in revenue from
recognition of presales in earlier years," S&P said.

"Greentown's contract sales in the first eight months of 2012
generally met our expectation. They were Chinese renminbi (RMB)
27.2 billion (or 68% of its full-year budget). However, the
company still has significant short-term debt and substantial
construction costs to meet. At the end of June 2012, Greentown
had as much as RMB18.5 billion borrowings due in 12 months
against unrestricted cash of RMB4.7 billion," S&P said.

"We aim to resolve the CreditWatch status within the next two
months after we have more clarity on Greentown's growth and
leverage strategy," said Mr. Lu.

"We may revise the outlook to stable or raise the rating by at
least one notch if we believe Greentown's liquidity improvement
will be sustainable and its leverage will stabilize," S&P said.


HOPSON DEVELOPMENT: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the long-term 'B-'
corporate credit rating on Chinese real estate developer Hopson
Development Holdings Ltd. The outlook is negative. "We also
affirmed the 'CCC+' issue rating on the company's senior
unsecured notes. At the same time, we lowered the long-term
Greater China regional scale rating on Hopson to 'cnB-' from
'cnB' and that on the notes to 'cnCCC+' from 'cnB-' to draw them
in line with the negative rating outlook on Hopson. We removed
all the ratings from CreditWatch, where they had been placed with
negative implications on May 31, 2012," S&P said.

"We affirmed the ratings to reflect our view that the immediate
refinancing risk for Hopson has reduced," said Standard & Poor's
credit analyst Bei Fu.

"We believe Hopson has secured sufficient funding to repay its
US$350 million offshore senior unsecured notes due November 2012.
Nevertheless, the company has large short-term debt due in 2013
and weak sales execution. As a result, we expect Hopson's
liquidity to be weak and its leverage to remain high over the
next 12 months," S&P said.

"Hopson is likely to repay its offshore notes mainly through
proceeds from asset disposals deposited in a non-resident account
in China; the remainder will come from dividend payments to
offshore investors. The company has obtained Chinese renminbi
(RMB) 1.7 billion in cash from asset disposals in 2012," S&P
said.

"In our view, Hopson's cash flow will remain weak for the next 12
months due to the company's significant short-term debt,
substantial construction costs, and weak sales execution. We see
limited prospects that the company's financial strength will
improve because we expect sales execution to remain weak. This is
because Hopson has not cut prices despite a weakened market.
Also, government policies, such as home purchase restrictions,
will continue to affect the company. During the first eight
months of 2012, Hopson achieved contract sales of RMB7.2 billion,
or 60% of the full-year sales budget that it had already revised
down," S&P said.

"The negative outlook reflects our expectation that Hopson's cash
flow will remain weak and its leverage will stay high in the next
12 months," said Ms. Fu. "We also anticipate that the company's
liquidity will be weak if its sales execution does not pick up
significantly."

"We may lower the rating if: (1) Hopson's property sales are
materially below our expectation; (2) the company cannot meet its
short-term obligations; or (3) its banking relationships
deteriorate, which could be reflected in a slowdown of onshore
loan drawdowns," S&P said.

"We could revise the outlook to stable if Hopson improves its
sales execution, reduces leverage, and its liquidity situation
improves," S&P said.



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


ADNET ENTERPRISES: Members' Final Meeting Set for Oct. 16
---------------------------------------------------------
Members of Adnet Enterprises Limited will hold their final
general meeting on Oct. 16, 2012, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


AMERICAN TRIM: Members' Final Meeting Set for Oct. 15
-----------------------------------------------------
Members of American Trim Products (Asia) Limited will hold their
final general meeting on Oct. 15, 2012, at 10:00 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


AURORA FASHION: Wong Kwok Hong Timothy Steps Down as Liquidator
---------------------------------------------------------------
Wong Kwok Hong stepped down as liquidator of Aurora Fashion
(Hong Kong) Limited on Sept. 14, 2012.


CARRIER COMFORT: Members' Final General Meeting Set for Oct. 16
---------------------------------------------------------------
Members of Carrier Comfort Company Limited will hold their final
general meeting on Oct. 16, 2012, at 11:00 a.m., at 62/F, One
Island East, at 18 Westlands Road, Island East, in Hong Kong.

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


CENTURY 21: Creditors' Proofs of Debt Due Oct. 9
------------------------------------------------
Creditors of Century 21 Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 9, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Rajan Kishin Shahani
         801-3 Hollywood Commercial House
         3-5 Old Bailey Street
         Central, Hong Kong


CRONOS CONTAINERS: Members' Final Meeting Set for Oct. 16
---------------------------------------------------------
Members of Cronos Containers (Hong Kong) Limited will hold their
final general meeting on Oct. 16, 2012, at 10:00 a.m., at 905
Silvercord, Tower 2, at 30 Canton Road, Tsimshatsui, Kowloon, in
Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ESAMSUNG GREATER: Commences Wind-Up Proceedings
-----------------------------------------------
Members of eSamsung Greater China Co Limited, on Sept. 5, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Son Kwon Soo
         807-201 Ho, Suri Apt
         Sanbon Dong, Kunpo Si
         Kyunggi Do, Korea


ETERNAL RICH: Lau Cheuk Man Timothy Steps Down as Liquidator
------------------------------------------------------------
Lau Cheuk Man Timothy stepped down as liquidator of Eternal Rich
China Limited on Sept. 10, 2012.


FAIR RACE: Miao Liyan Steps Down as Liquidator
----------------------------------------------
Miao Liyan stepped down as liquidator of Fair Race Investment
Limited on Aug. 25, 2012.


GOLDEN CARRIER: Members' Final Meeting Set for Oct. 16
------------------------------------------------------
Members of Golden Carrier Limited will hold their final general
meeting on Oct. 16, 2012, at 10:00 a.m., at Unit 1103-1105, 11/F,
Tower 2, Ever Gain Plaza, at 88 Container Port Road, Kwai Chung,
in N.T.

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


GREAT KNIGHT: Members' Final General Meeting Set for Oct. 16
------------------------------------------------------------
Members of Great Knight Limited will hold their final general
meeting on Oct. 16, 2012, at 10:00 a.m., at Room 1001-1003, 10/F,
Manulife Provident Funds Place, at 345 Nathan Road, in Kowloon.

At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HALBIS CAPITAL: Commences Wind-Up Proceedings
---------------------------------------------
Members of Halbis Capital Management (Hong Kong) Limited, on
Sept. 7, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


HK COLLEGE: Lau Cheuk Man Timothy Steps Down as Liquidator
----------------------------------------------------------
Angus Hamish Forsyth stepped down as liquidator of Hong Kong
College of Liberal Arts Limited on Sept. 10, 2012.


HONAM OVERSEAS: Members' Final Meeting Set for Oct. 16
------------------------------------------------------
Members of Honam Overseas Holdings Limited will hold their final
meeting on Oct. 16, 2012, at 9:30 a.m., at 35th Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

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


KEI YAN: Commences Wind-Up Proceedings
--------------------------------------
Members of Kei Yan Charitable Foundation Limited, on Sept. 4,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lo Shui San Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road
         Kowloon, Hong Kong


KEI YAN: Lo Shui San Zue Steps Down as Liquidator
-------------------------------------------------
Lo Shui San Zue stepped down as liquidator of Kei Yan Charitable
Foundation Limited on Sept. 4, 2012.


TITAN PETROCHEM: Wind Up Hearing Adjourned Until November 16
------------------------------------------------------------
Ship & Bunker reports that Titan Petrochemicals Group Ltd. said
Wednesday the planned September 18, 2012 hearing of a winding up
petition brought against it by U.S. private equity firm Warburg
Pincus, LLC, entity Saturn Petrochemical Holdings Ltd has been
adjourned for a third time.

According to the report, Titan said the new hearing at the
Supreme Court of Bermuda is now scheduled for Nov. 16, 2012, with
the adjournment made by consent of SPHL as petitioner and Titan
as respondent.

Ship & Bunker relates that the petition to wind up Titan's
business was filed on July 5, 2012 with Warburg Pincus saying at
the time the firm was "insolvent and should be liquidated."

The report notes that the first hearing of the liquidation
petition was on Aug. 16, 2012 but the court adjourned the hearing
until Sept. 5, 2012 with a Titan company spokesman saying then
that the decision "recognizes the complexity of the situation and
diverse interests of all the parties involved."

That hearing was adjourned to Sept. 18, 2012 with SPHL's consent,
with SPHL's application to appoint joint provisional liquidators
also intended to be heard at that hearing, Ship & Bunker adds.

                       About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.



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I N D I A
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B. N. INDUSTRIES: CARE Rates INR16cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4'ratings to the bank
facilities of B. N. Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities    16.00        CARE B+ Assigned
   Short-term Bank Facilities    2.50        CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of B. N. Industries
are primarily constrained by its below average financial risk
profile characterized by relatively small scale of operations,
low and declining profitability, high leverage and moderately
stretched working capital cycle.

The ratings are further constrained by constitution of the entity
as a partnership concern with the customer and supplier
concentration risk.

The aforesaid constraints are partially offset by the strength
derived from the partners' extensive experience in the non-
ferrous industry along with their financial support in the past.

BNI's ability to improve its overall scale of operations and
financial risk profile is the key rating sensitivity.

B. N. Industries, a partnership firm established in 1991, was
promoted by Mr. Pawan Singhal, Mr. Animesh Singhal and Mr. Anil
Singhal for the manufacturing of brass ingots. Later in 1998, BNI
expanded into the manufacturing of zinc oxide and zinc powder.
Zinc oxide, which contributes majority of the revenue [60 % in
FY11 (refers to the period April 1 to March 31)] finds
application mainly in rubber, pharmaceuticals, paints and
ceramics. BNI's zinc products are sold under the brand name of
'Zinc+' (Zinc Plus).

During FY11, BNI sourced approximately 36% of key raw materials,
viz, zinc dross, zinc powder and brass scrap through imports(from
various countries viz. Qatar, Taiwan, Oman, etc) and balance from
domestic market. During the same period, exports (to Sri Lanka
and Taiwan) contributed approximately 13% of total income. BNI's
manufacturing plant is located at Bhimpore, Daman (U.T.), with a
cumulative annual capacity of 5,760 metric tonnes (MT) for
production of zinc oxide, brass ingots and zinc powder.


CAPITAL RETREAT: CRISIL Assigns 'B-' Rating to INR450MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Capital Retreat Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long-Term Loan        220      CRISIL B-/Stable (Assigned)
   Proposed Long-Term    230      CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The rating reflects CRPL's exposure to risks related to the
funding, implementation, and commercialisation of its on-going
five-star hotel construction project, and susceptibility to
economic downturns. These rating weaknesses are partially offset
by the entrepreneurial experience of CRPL's promoters.

Outlook: Stable

CRISIL believes that CRPL will continue to benefit over the
medium term from its promoters' entrepreneurial experience and
its established relationship with its key stakeholders. The
outlook may be revised to 'Positive' if the company's cash flows
are more than expected, supported by earlier-than-expected
completion of its on-going hotel construction project, thereby
leading to improvement in its overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' if CRPL
delays in achieving financial closure for its project or in
rescheduling its existing term loan repayments or if there are
significant time and cost overruns in its on-going project,
thereby leading to weakening of its financial risk profile.

CRPL, established in 2002 as a private limited company, is
currently setting up a five-star hotel. It is promoted by a group
of key personnel and non-resident Indians from Kerala.


DADHEECH INFRA: CARE Rates INR12cr LT Loan at 'CARE B'
------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Dadheech Infrastructures Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     12.00       'CARE B' Assigned
   Short-term Bank Facilities     1.50       'CARE A4' Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dadheech
Infrastructures Pvt. Ltd is primarily constrained due to DIPL's
small size of operations, volatility in input prices, risk
associated with delay in project execution, working capital
intensive nature of operations and sluggish growth witnessed in
the construction industry.

The above mentioned constraints are partially offset by the
experience of the promoter and healthy order book position.
DIPL's ability to maintain a healthy order book, achieve
envisaged revenue and profit margin; its ability to execute
orders within stipulated time period and management of working
capital efficiently, are the key rating sensitivities.

Dadheech Infrastructures Pvt. Ltd. incorporated in March, 2007 by
Shri K.P.Sharma, Shri S.K.Sharma and Shri P.K.Sharma of Kolkata,
West Bengal is into execution of construction activities.
DIPL has tie-ups with RDB Realty & Infrastructure Ltd. and MBL
Infrastructures Ltd., for which it works as a sub-contractor. The
company is primarily into execution of government projects. The
company has executed projects in the states of West Bengal, Tamil
Nadu, Delhi, Orissa, Manipur and Bihar.

As per the audited results of FY12 (FY refers to period April 1
to March 31), DIPL reported PBILDT and PAT of INR5.5 crore
(INR4.6 crore in FY11) and INR1.6 crore (INR0.9 crore in FY11)
respectively on a total income of INR52.7 crore (INR48.3 crore in
FY11).


GURU NANAK: CRISIL Assigns 'B-' Rating to INR132.5MM Loans
----------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable' rating to the long-term
bank facilities of Guru Nanak Rice & General Mills.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100.0    CRISIL B-/Stable (Assigned)

   Term Loan              32.5    CRISIL B-/Stable (Assigned)

The rating reflects GNRGM's weak financial risk profile, marked
by a high gearing and weak debt protection metrics, small scale
of operations in the intensely competitive rice processing
industry, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
benefits that the firm derives from its promoters' extensive
experience and healthy growth prospects for the rice industry.

Outlook: Stable

CRISIL believes that GNRGM will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm improves its
financial risk profile, driven by more-than-expected net cash
accruals and infusion of funds by partners. Conversely, the
outlook may be revised to 'Negative' if GNRGM reports significant
deterioration in its liquidity or capital structure, or pressure
on its profitability.

GNRGM was established in 1981 as a proprietorship firm by
Mr. Bihari Lal Garg. It was reconstituted as a partnership in
2011 with Mr. Pradeep Kumar and Mr. Purshottam Dass as partners.
The firm is mainly engaged in milling and marketing of basmati as
well as non-basmati varieties such as parmal.

GNRGM reported a profit of INR0.34 million on net sales of INR376
million for 2011-12 (refers to financial year, April 1 to
March 31) against a profit of INR0.3 million on net sales of
INR270 million for 2010-11.


JUPITER WAGONS: CARE Assigns 'CARE BB+' Rating to INR19cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and CARE A4+' rating to the bank facility
of Jupiter Wagons Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term bank facilities     19.0        CARE BB+ Assigned
   Short term bank facilities    46.0        CARE A4+ Assigned

Rating Rationale

The above rating is constrained by small size of operation, short
track record of the company, single customer concentration risk,
foreign exchange fluctuation risk and working capital intensive
nature of business,. However, the rating draws strength from
experienced promoters, backward integration through group
company, comfortable order book position and satisfactory
financial position.

Maintaining satisfactory order book position, improvement in
liquidity position and sustainability of the profitability are
key rating sensitivities.

Jupiter Wagons Ltd, the flagship company of Jupiter Group,
Kolkata, is promoted by two brothers Shri Vivek Lohia and Shri
Vikash Lohia of Kolkata in 2006 to carry out wagon manufacturing
business. In 2008, JWL received approval from the "Research
Design and Standard Organisation'' of Indian Railways (IR) and
commenced its commercial production from November, 2008. It has
the manufacturing facility at Shahgung, Chinsurah, District
Hooghly and is well connected with the National Highway (NH-2).
It has the advantage of having foundry under one roof established
by another group company, Jupiter Alloys & Steel (I) Ltd.
(JASIL).

JWL earned PAT of INR6.5 crore on total income of INR126.4 crore
in FY12.


MILLENNIUM AERO: CRISIL Puts 'B' Rating on INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Millennium Aero Dynamics Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              45       CRISIL B/Stable (Assigned)

   Working Capital          15       CRISIL B/Stable (Assigned)
   Demand Loan

The rating reflects MADPL's modest scale of operations and
susceptibility of the revenue profile to off-take by end users in
the aviation and mining sectors.

This rating weakness is partially offset by extensive industry
experience of MADPL's promoters and established relationship with
its principals.

Outlook: Stable

CRISIL believes that Millennium Aero Dynamics Private Limited
will maintain its stable business risk profile over the medium
term, backed by its promoter's extensive experience in the
marketing and after sales support of various equipments used in
the aviation, marine, shipbuilding and mining industry. The
outlook may be revised to 'Positive' if the company reports a
significant growth in its revenues while maintaining its
profitability and capital structure. The outlook may be revised
to 'Negative' in case of a slowdown in the end-user industry,
thereby significantly impacting MADPL's revenue trajectory or
lengthening of its operating cycle affecting the financial risk
profile of the company.

MADPL, set up in 2000 by Mr. Milan Zatakia, an IIM-Ahmedabad
alumnus, is engaged in marketing of a variety of equipments used
in industry segments like aviation, marine & shipbuilding,
mining, medical & healthcare etc. MADPL represent more than 30
international principals like TLD, Combibox Systems, Oshkosh
Corporation, FCX Systems and RED Dot amongst others in India. It
also offers a range of consulting services for a variety of
aviation projects. The company also provides after sales services
for all the equipments it sells to the customers.

MADPL is also engaged in fabrication work of submarines and ships
for the Indian Navy and various other shipyards across India. In
2011, it acquired a stake in a company engaged in heavy
fabrication, C4 Fabricators Private Limited, based out of Kochi,
Kerala. C4 undertakes onsite fabrication for a number of
shipyards at Mumbai and Kochi like Hindustan Shipyard Ltd.,
Cochin Shipyard Ltd., Mazagon Dock Ltd. etc.

MADPL has offices in Mumbai, Bangalore and also at airports in
Delhi, Hyderabad, Chennai and Thiruvananthapuram.

MADPL reported a profit after tax (PAT) of INR5.09 million
(provisional figures) on operating income of INR150.6 million for
2011-12 (refers to financial year, April 1 to March 31), as
against a PAT of INR12.83 million on operating income of INR163.7
million for 2010-11.


ORCHID INDUSTRIES: CRISIL Raises Rating on INR200MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Orchid Industries Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           140      CRISIL B+/Stable (Upgraded from
                                  CRISIL B/Stable)

   Proposed Long-Term     16.8    CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             CRISIL B/Stable)

   Term Loan              43.2    CRISIL B+/Stable (Upgraded from
                                  CRISIL B/Stable)

The rating upgrade reflects sustainable improvement in OIPL's
liquidity, backed by an improved working capital cycle, stable
accruals, and profit from sale of assets, which enabled the
company to reduce its debt burden by continuously prepaying its
debt obligations. The average debtors' period has reduced to
around 60 days as on June 30, 2012, from 100 days as on March 31,
2012, while the company is able to manage extended credit period
from its vendors of up to 60 days, as compared to cash payments
done earlier. The company has been able to sustain its operating
margin of 14 percent on stable year-on-year topline growth of 7
per cent. It has been able to realize profits of around INR13.9
million from its sale of assets (land pieces) which has helped it
prepay its term loan obligations till December 2012. CRISIL
believes that OIPL management will continue to follow a
conservative debt policy over the medium term.

The rating reflects OIPL's large working capital cycle and its
presence in the intensively competitive embroidery and laces
segment. These rating weaknesses are partially offset by
promoters' extensive experience and established relationships
with customers and suppliers in the embroidery and laces
industry.

Outlook: Stable

CRISIL believes that OIPL will continue to benefit over the
medium term from its established market position and its
promoters' extensive experience in the embroidery industry. The
outlook may be revised to 'Positive' in case of a significant
improvement in the company's working capital cycle, thereby
leading to sustainable improvement in its operating cash flows
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of a stretch in its receivables, leading to
pressures on liquidity.

                       About Orchid Industries

OIPL, incorporated in 2004, and promoted by the Baid family,
manufactures torchon/bobbin lace, embroidered fabrics and laces,
and braided and crocheted laces. These products are used in a
broad range of garments, apparels, and home furnishings. The
company also undertakes embroidery assignments on job-work basis.

For 2011-12 (refers to financial year, April 1 to March 31), OIPL
reported a profit after tax (PAT) of INR15.05 million on net
sales of INR445.58 million; the company reported a PAT of INR4.47
million on net sales of INR416.73 million for 2010-11.


RY MIDAS: CARE Assigns 'CARE B+' Rating to INR12cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of RY Midas Alluminiums Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     12          CARE B+ Assigned
   Short-term Bank Facilities     7          CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of RY Midas
Alluminiums Private Limited are primarily constrained by its
presence in a highly fragmented metal industry with limited value
addition and weak financial risk profile marked by low
profitability and leveraged capital structure.

The ratings are further constrained on account of the
vulnerability of profitability to fluctuations in raw material
prices and foreign exchange rate coupled with high customer
concentration risk.

The above-mentioned constraints are partially offset by the
strengths derived from the promoter's experience of more than two
decades in metal trading business, established manufacturing
facilities and favourable demand scenario for end use industry.
RMAPL's ability to improve the scale of operations and
profitability amidst high competition prevailing in metal scrap
trading business and diversification of the customer base are the
key rating sensitivities.

RMAPL, incorporated in October 2006, is promoted by Mr. Jagdish
Chandra Shah. The company is engaged in the manufacturing of
aluminium ingots, cubes, notch bars, shots, etc. along with
trading of copper scrap, iron scrap and mud waste. The products
manufactured by RMAPL is used as deoxidation agent during steel
making process. The manufacturing plant of RMAPL is located at
Kathwada, Ahmedabad, having an installed capacity of 2,500 Metric
Tonnes Per Annum (MTPA) as on March 31, 2012.

During FY12 (as per the provisional results; refers to the period
April 1 to March 31), RMAPL reported a total operating income of
INR75.94 crore and a Profit After Tax (PAT) of INR0.32 crore as
compared with total operating income of INR43.47 crore and a PAT
of INR0.13 crore in FY11 (A).


SATYANARAYAN TEA: CARE Places 'B' Rating on INR24.5cr Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Satyanarayan Tea Company Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities    24.50        CARE B Assigned
   Short-term Bank Facilities    8.75        CARE A4 Assigned

Rating Rationale

The above ratings are constrained by the small scale of
operations of Satyanarayan Tea Company Pvt. Ltd, inadequate
backward integration, low profitability margins, high leverage
ratios and inherent susceptibility of the tea industry to the
vagaries of nature. The aforesaid ratings, however, draw strength
from the experience of the promoters, proximity of the unit to
raw material sources and improving capacity utilization with
reasonable recovery rate. Improving profitability, effective
management of working capital and enlarging scope of backward
integration are the key rating sensitivities.

STCPL was promoted by Mr. Saharia and Mr. Kanoi of Assam in 1938
and was engaged in the manufacturing and trading of tea. However,
it was subsequently taken over by the Kolkata-based
Limtex group in FY05 (refers to period from April 01, 2004 to
Mar.31, 2005) and since then, the company is under the aegis of
Mr. Gopal Poddar, the promoter-Director of the Limtex group. Over
the years, the company increased its tea processing capacity, in
phases to 5.8 million kgpa CTC (crush, tear and curl) tea.

STCPL achieved PAT (after deferred tax) of INR1.3 crore (Rs.1.2
crore in FY11) on a total income of INR90.5 crore (Rs.66 crore in
FY11) in FY12.


SHRI SANTKRUPA: CRISIL Assigns 'C' Rating to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Shri Santkrupa Cotton Industries.  The rating
reflects the instances of delays by SSCI in servicing its debt;
the delays have been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              14      CRISIL C (Assigned)
   Cash Credit            50      CRISIL C (Assigned)
   Proposed Long-Term      6      CRISIL C (Assigned)
   Bank Loan Facility

SSCI has weak financial risk profile, marked by a small net
worth, a high gearing, and weak debt protection metrics. SSCI's
scale of operations is also modest. The company, however,
benefits from its promoters' extensive experience in the cotton
ginning industry.

SSCI was setup in 1997 as a partnership firm by Mr. Onkarappa
Todkar and Late Mr. Manmohan Singh Juneja. The current partners
of the firm are Akash Fundkar, Harbanssingh Juneja,
Karamjeetsingh Juneja and Onkarappa Todkar. The firm processes
raw cotton (kappas) into cotton bales and cotton seeds and caters
to domestic markets. Furthermore, the firm also has a crushing
unit to extract De-Oiled Cake (D.O.C.) and oil from cotton seeds.
The firm's unit is based in Khamgaon, Maharashtra.

SSCI reported a profit after tax (PAT) of INR2.4 million on sales
of INR201.2 million for 2011-12, against a PAT of INR1.3 million
on sales of INR110.9 million for 2010-11.


SHRI VYANKTESHWARA: CARE Rates INR6.03cr Loan at 'CARE B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Vyankteshwara Metalliks.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     6.03        CARE B+ Assigned

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

Rating Rationale

The rating is constrained by the relatively small scale of
operations of Shri Vyankteshwara Metalliks in the competitive and
fragmented auto component industry, customer concentration risk,
constitution as a proprietorship firm and weak financial risk
profile characterized by highly leveraged capital structure along
with weak liquidity and debt coverage indicators. The rating,
however, does find some support from the experienced proprietor
and association with reputed client base along with steady growth
in the turnover achieved in the past.

The ability of the firm to increase the scale of operations along
with the improvement in profitability and capital structure is
the key rating sensitivity.

Mr. Dharmendra R. Bellani, an engineer by qualification,
incorporated Shri Vyankteshwara Metalliks in 2004 as a
proprietorship concern. SVM is engaged in the manufacturing of
Graded Cast Iron (CI), Spheroidal Graphite (SG) iron, steel
casting and metal machined components. The firm is supplying its
products to various reputed customers like Force Motors Ltd., JCB
India Ltd., etc. SVM procures its raw material from the local
suppliers in Kolhapur like Magna Industries, Supriya Traders,
Ashapura International and Shiv Alloys. The raw material used by
SVM is pig iron, MS scrap, CI iron, CI boring and bentonite. The
firm has also set up a plant for manufacturing of resin coated
sand in FY11. During FY11 (refers to the period April 1 to
March 31), SVM earned a PAT of INR0.31 crore on a total income of
INR16.71 crore as against a PAT of INR0.27crore on a total income
of INR8.02 crore in FY10.


SUYASH UDYOG: CARE Assigns 'CARE B+' Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Suyash
Udyog Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5          CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Suyash Udyog
Private Limited (SUPL) is constrained by limited track record and
relatively small scale of its operations and financial risk
profile marked by high overall gearing and losses incurred
leading to erosion of net worth. The rating is further
constrained by the risk associated with the seasonal availability
of raw materials.

The rating, however, derives strength from the experienced
promoters, operational benefits derived from being a part of the
Gita group and the strategic location of the plant in terms of
proximity to raw material and government incentives. The rating
further derives strength from the flexibility in the production
process and stable industry prospects in the medium term.

The ability of the company to enhance its scale of operations
along with improvement in its profitability margins is the key
rating sensitivity.

Suyash Udyog Private Limited was incorporated in the 1997 as
Prime Wires & Bars Private Limited and was later rechristened as
SUPL in the year 2003. SUPL is an associate unit of the Gita
group promoted by Mr. Brij Tapadiya Mr Ajay Tapadiya, Mr. Natraj
Ladda and Mr. Yash Tapadiya. It is engaged in the manufacturing
of biomass briquettes since FY09 (refers to the period April 1 to
March 31) before which it was undertaking construction contracts
that continued up till FY11. SUPL is headquartered in Pune, while
its manufacturing facility is located at Kishanpur, Kichha in the
state of Uttrakhand with an installed capacity of 12,000 metric
tonne per annum (MTPA) as on March 31, 2012.

SUPL reported a net loss of INR0.33 crore on net sales of INR3.17
crore as per the provisional results for FY12. In FY11, SUPL
reported a net loss of INR0.69 crore on net sales of INR3.62
crore.



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


TELKOMSEL: S&P Keeps 'BBB-' Rating Despite Bankruptcy Ruling
------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'BBB-' long-
term corporate credit rating on Indonesia-based wireless operator
PT Telekomunikasi Selular (Telkomsel). The outlook is stable.

"We affirmed the rating because we expect Telkomsel to meet all
its debt obligations on time and anticipate that the company's
operating performance will not materially deteriorate over the
next three months. This is despite the Central Jakarta District
Court declaring the company bankrupt," said Standard & Poor's
credit analyst Mehul Sukkawala. "We assume Telkomsel will win its
appeal to reverse the bankruptcy ruling in the Supreme Court
considering the company's financial strength and the fact that
the disputed amount is small."

The court's bankruptcy ruling was based on a petition filed by PT
Prima Jaya Informatika (not rated). Telkomsel and Prima Jaya
Informatika had a dispute over a two-year contract to distribute
prepaid credit and subscriber identity module (SIM) cards
resulting in a potential claim of merely Indonesian rupiah
(IDR) 5.3 billion.

"As per our rating definition, a 'D' rating is assigned upon the
filing of a bankruptcy petition or the taking of similar action
if payments on a financial obligation are jeopardized. However,
we believe Telkomsel continues to have support from its lenders,
equipment vendors, and banks, and we do not expect these entities
to ask for an immediate repayment of their obligations. Also,
we believe the company has the financial strength and willingness
to meet all its obligations. The bankruptcy petition therefore
does not jeopardize the payment of the company's financial
obligations, in our opinion," S&P said.

"Telkomsel's free operating cash flows remain strong, in our
view. The company's cash flows were more than IDR4 trillion each
quarter for the past four quarters. It has IDR4 trillion of cash
and cash equivalent as of June 30, 2012. Telkomsel's financial
position also remains strong with a debt-to-EBITDA ratio of less
than 0.5x and assets of more than IDR55 trillion. The company
also continues to maintain its dominant market position in the
Indonesian wireless market and strong margins," S&P said.

"The stable outlook reflects our assumption that Telkomsel will
win the appeal and our expectation that the company will continue
to meet all its obligations," said Mr. Sukkawala. "The outlook
also reflects our expectation that the company will maintain its
strong market and financial positions despite the court ruling."

"We could downgrade Telkomsel if: (1) the bankruptcy ruling makes
it difficult for the company to meet its financial obligations
especially after a creditors meeting on Oct. 10, 2012; (2) we
lower the sovereign rating on Indonesia (BB+/Positive/B,
axBBB+/axA-2) prompting us to lower the Transfer &
Convertibility (T&C) risk assessment on the country; (3)
Indonesia's country risk heightens; or (4) Telkomsel's
shareholder initiatives, such as significant dividend payouts and
debt-funded investments, weaken its financial performance, such
that its debt-to-EBITDA ratio stays at about 2x on a sustained
basis," S&P said.

"We could upgrade Telkomsel if we raise our 'BBB-' T&C risk
assessment on Indonesia," S&P said.



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


OLYMPUS CORP: Former Chairman Admits Fraud
------------------------------------------
Bloomberg News reports that Olympus Corp.'s former Chairman
Tsuyoshi Kikukawa pleaded guilty to covering up losses at the
Japanese camera maker in an accounting fraud case that sparked
criticism of ineffective corporate governance in Japan.

"The entire responsibility lies with me," Bloomberg quotes
Mr. Kikukawa as saying in Tokyo District Court on September 25,
the trial's first day. "The action troubled shareholders,
business partners, employees and the public."

Bloomberg relates that Mr. Kikukawa, former Olympus Executive
Vice President Hisashi Mori and Hideo Yamada, a former auditing
officer, all pleaded guilty to using fraudulent takeover
transactions to hide losses for 13 years starting in the 1990s.
The executives face as much as 10 years in jail and JPY10 million
($128,000) in fines, Bloomberg relates citing a legal database
operated by the government.

According to Bloomberg, Olympus President Hiroyuki Sasa also
submitted a guilty plea for the company's role in the fraud.  The
camera and endoscope maker faces as much as JPY700 million in
fines for violating the rules, according to the government
database cited by Bloomberg.

                        About Olympus Corp.

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

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



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


TEXCHEM POLYMERS: Gets US$2.4MM Capital Infusion from Parent
------------------------------------------------------------
The Business Times reports that Texchem-Pack Holdings said it had
subscribed for an additional 6 million shares in Texchem Polymers
Sdn Bhd (TXPO) at MYR1 each, for a total consideration of
MYR6 million (US$2.4 million).

Based on its accounts as at Aug. 31, 2012, TXPO has a negative
net asset value of MYR5.20 million, owing to net accumulated
losses incurred, according to The Business Times.

The report notes that proceeds from the subscription will go
towards the unit's working capital.

The transaction brings Texchem's interest in TXPO to 16 million
shares, the report discloses.

Based in Malaysia, Texchem Polymers Sdn Bhd manufactures
specialty polymeric materials especially for packaging
applications. The firm is a member of Texchem Group.



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


HARTLAND CONSTRUCTION: Funds Deficit at NZ$13 Million
-----------------------------------------------------------
Otago Daily Times reports that liquidator's filings have revealed
that Hartland Construction Ltd owes creditors more than
NZ$1.6 million, with a deficiency in funds available to pay
creditors of almost NZ$1.3 million.

ODT says Hartland once held the G.J. Gardner Queenstown
franchise, until termination in January, and was initially placed
into voluntary administration in May, but following a creditors'
meeting in late-July it was placed in liquidation, overseen by
Auckland-based BWA Insolvency Ltd.

The report relates that Bryan Williams, in the liquidator's first
report to the Companies Office, said the company's affairs would
be investigated, but gave no indication at this stage where
respective creditors stood.

According to ODT, Mr. Williams said total claimants were owed
NZ$1.61 million and NZ$322,989 was available for distribution,
with a "total deficiency as against all claimants" of
NZ$1.29 million.

The report notes that Hartland's record of creditors was
$1.5 million, which had to be confirmed, and it was yet to be
determined if there was any income tax owed.

ODT states that Hartland was the seventh franchise-related
building company to have been in financial difficulties in Otago
during the past seven years, with several million dollars in
total owed to creditors.

Mr. Williams estimated the liquidation would be complete by July
next year, then Hartland would be removed from the Companies
Office register by about October, ODT adds.

Hartland Construction Limited was a Queenstown building company.
Hartland Construction, which held the local GJ Gardner franchise,
was placed into liquidation in June this year.  The firm owes
about 80 unsecured creditors NZ$1.5 million.



=====================
P H I L I P P I N E S
=====================


PRUDENTIALIFE PLANS: Trust Fund Deficiency Hits PHP8.57 Billion
---------------------------------------------------------------
Alvin Elchico at ABS-CBN News reports that planholders of
Prudentialife Plans Inc. are facing a bleak future as the company
nears liquidation of its remaining assets and what's left of its
deficient trust funds.  After failing to infuse fresh capital,
the Insurance Commission put the company under receivership, the
report says.

According to ABS-CBN News, IC spokesman Atty. John Apatan said
for educational plans, the trust fund deficiency has ballooned to
PHP8.57 billion and for the pension plans, the deficiency is at
PHP5.35 billion.  Only the life plan or memorial plan has an
excess of PHP72 million but its insurance premium reserve is also
deficient by PHP582 million, the report notes.

ABS-CBN News relates that Mr. Apatan said that for educational
planholders, in case of liquidation, they will only get a portion
of what they have contributed depending on the status of payment.
The same is true for pension plan holders as both their trust
funds are no longer enough to cover requirements of the
planholders, says ABS-CBN News.

But Mr. Apatan clarified that the company is still given 30 days
to find a white knight to infuse capital to the company.

Despite being placed under receivership, ABS-CBN News relates,
PPI said it still believes its rehabilitation plan called "Balik-
Bayad Program," which it filed with the IC last May 8, is still
the best program.  ABS-CBN News adds that the program would allow
all payments made on pension and education plans to be returned
to planholders, and would restore PPI's license as a life plan
company.

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



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


FLINSTONE MANUFACTURING: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Singapore entered an order on Sept. 14, 2012,
to wind up Flinstone Manufacturing Pte Ltd's operations.

Leopad Synergy Pte Ltd filed the petition against the company.

The company's liquidator is:

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


HYMICS HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 7, 2012, to
wind up Hymics Holdings (S) Pte Ltd's operations.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


LINE CONCEPTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 14, 2012,
to wind up Line Concepts Pte Ltd's operations.

Hock Tong Huat Pte Ltd filed the petition against the company.

The company's liquidator is:

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


LONGAINS INVESTMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Sept. 14, 2012,
to wind up Longains Investment Pte Ltd's operations.

Bank Julius Baer & Co Ltd filed the petition against the company.

The company's liquidators are:

         Messrs Kon Yin Tong
         Aw Eng Hai
         Foo Kon Tan Grant Thornton Llp
         47 Hill Street #05-01
         Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


MERCHANT QUAY: Creditors' Proofs of Debt Due Oct. 21
----------------------------------------------------
Creditors of Merchant Quay Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct.
21, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***