TCRAP_Public/121004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 4, 2012, Vol. 15, No. 198

                            Headlines


A U S T R A L I A

CMI INDUSTRIAL: To Close Ballarat Factory; 51 Jobs Affected
FORTESCUE METALS: Moody's Confirms 'Ba3' CFR; Outlook Negative
FORTESCUE METALS: S&P Gives 'BB+' Rating on $4.5BB Secured Debt
KEITH BOWDEN: Goes Into Voluntary Administration
NATIONAL ABS 2012-1M: S&P Rates $2-Mil. Class F Securities 'B'

NINE ENTERTAINMENT: Goldman Urges 'Consensual' Debt Restructuring
NUFARM AUSTRALIA: Moody's Rates US$325MM Sr. Unsec. Notes 'Ba3'
PAPERLINX LIMITED: Appoints Michael Barker as Chairman
RG146 TRAINING: Rising Competition Prompts Administration
SMART ABS 2012-4US: Fitch Assigns Rating on Several Note Classes

STORM FINANCIAL: Two Banks Defend Relationship With Storm
TORRENS TRUST: Fitch Affirms Rating on Eight Trust Classes


C H I N A

LEHMAN BROTHERS: China Unit Commences Liquidation Proceedings
LEHMAN BROTHERS: Pan Asian Commences Liquidation Proceedings


H O N G  K O N G

ALKAHN-HK LABELS: Members' Final Meeting Set for Oct. 29
AT&T (HK): Members' Final Meeting Set for Oct. 29
BELBET COMPANY: Seng and Wong Step Down as Liquidators
BOUSSARD & GAVAUDAN: Liu and Yen Step Down as Liquidators
CHINA GLOBAL: Annual Meetings Set for Oct. 18

CHINA LAND: Members' Final Meeting Set for Oct. 30
CHINA MERCHANTS: Creditors' Proofs of Debt Due Oct. 19
CHINESE INVESTMENT: Creditors' Proofs of Debt Due Oct. 19
CREDIT SUISSE: Philip Brendan Gilligan Steps Down as Liquidator
DAIWA INSTITUTE: Creditors' Proofs of Debt Due Oct. 26

DIADORA ASIA: Annual Meetings Set for Oct. 8
DYNACOME LIMITED: Creditors' Proofs of Debt Due Oct. 31
EDUCATOR CHEN: Members' Final Meeting Set for Oct. 31
EASTERN GROUP: Annual Meetings Set for Oct. 18
ETERNAL LINK: Members' Final Meeting Set for Oct. 30

EVER GROWTH: Creditors' Proofs of Debt Due Oct. 19
EXCEL GAINER: Annual Meetings Set for Oct. 18
GOGNOS HK: Chan and Ho Step Down as Liquidators
GOLDWISE LEATHERWARE: Creditors' First Meeting Set for Oct. 31
LEHMAN BROTHERS: HKMA Reports Progress of Minibond Cases

NEXTAR (HONG KONG): Creditors' Adjourned Meeting Set for Oct. 5


I N D I A

AJANTA PACKAGING: CRISIL Raises Rating on INR194.2MM Loan to 'B+'
BHARATH CEMENT: CRISIL Puts 'B+' Rating on INR100MM Loans
COUNT N DENIER: CRISIL Puts 'B+' Rating on INR100MM Loans
DASMESH MECHANICAL: CRISIL Puts 'B' Rating on INR180MM Loans
DUSHASAN JENA: CRISIL Puts 'B+' Rating on INR9.4MM Loans

EMDEE DIGITRONICS: CRISIL Puts 'B' Rating on INR53.5MM Loans
GOPAL COTTON: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
H. R. TIMBER: CRISIL Assigns 'CRISIL C' Rating to INR62MM Loans
KAMAKSHI LAMIPACK: CRISIL Puts 'B' Rating on INR127MM Loans
KEDIA ENTERPRISES: CRISIL Rates INR60MM Cash Credit at 'B+'

KISSAN POULTRY: CRISIL Assigns 'CRISIL B' Rating to INR75MM Loans
R. K. INTERNATIONAL: CRISIL Rates INR55MM Cash Credit at 'B-'
SOMNATH COTTON: CRISIL Rates INR85MM Cash Credit at 'CRISIL B'
SRI LAKSHMINARAYANA: CRISIL Rates INR100MM Loan at 'CRISIL B+'
TECHNO POWER: CRISIL Rates INR176.6MM Term Loan at 'CRISIL B'

VINSURA WINERY: Delay in Loan Payment Cues CRISIL Junk Ratings
WHITE HOUSE: Delay in Loan Payment Cues CRISIL Junk Ratings


I N D O N E S I A

BANK DANAMON: Fitch Keeps Rating on LT IDR at 'BB+'


J A P A N

eACCESS LTD: S&P Puts 'BB+' CCR on Watch on Merger With Softbank
SOFTBANK CORP: Moody's Reviews 'Ba3' Issuer Rating for Upgrade


N E W  Z E A L A N D

AORANGI SECURITIES: Uncertainty Continues for Fund Investors
AORANGI SECURITIES: HMF's Complexity Still Being Unravelled
DIXON CUBA: High Court to Hear Wind-up Petition on October 8
KOOKY FASHIONS: Fails to Attract Buyers; Liquidators Close Stores
NATIONAL FINANCE: Ludlow Appeals 5-Year Jail Sentence

ZINTEL GROUP: Shareholders Opt to Delist, Liquidate Firm


S I N G A P O R E

PETA MARINE: Court Enters Wind-Up Order
VANGUARD INVESTIGATION: Court Enters Wind-Up Order
VINCI PTE: Creditors Get 100% Recovery on Claims
ZHEN LIAN: Court to Hear Wind-Up Petition Oct. 12


T A I W A N

LEHMAN BROTHERS: Taiwan Commences Liquidation Proceedings


                            - - - - -


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


CMI INDUSTRIAL: To Close Ballarat Factory; 51 Jobs Affected
-----------------------------------------------------------
ABC News reports that CMI Industrial is closing its Ballarat
factory, with the loss of 51 jobs.

ABC says receivers McGrathNicol had been trying to sell the site
since the company went into liquidation in May, but was
unsuccessful in reaching a sale deal so the factory will close at
the end of November.

The Australian Manufacturing Workers Union's Leigh Diehm,
according to the report, said the company's fate is another
example of manufacturing jobs going offshore.  "Our fear is that
this machinery will be going overseas and unfortunately, the good
jobs that have been done in Ballarat for quite some years now
will be done overseas in India," ABC quotes Mr. Diehm as saying.

The Federal Government said it will guarantee the pay and
entitlements of all employees, ABC News adds.

As reported in the Troubled Company Reporter-Europe on April 30,
2012, SmartCompany reported that CMI Industrial entered
administration on April 27, 2012, putting 250 jobs at risk while
a further 1,800 Ford workers have been stood down days later.
According to the report, CMI's troubles began when the landlord
at its Campbellfield plant locked workers out earlier.  The
landlord is claiming a range of debts with unpaid rent being one
component, SmartCompany said.

                       About CMI Industrial

Headquartered in Brisbane, Australia, CMI Industrial manufactures
of a range of specialist components for the automotive, white
goods, transportation and water storage industries. It has
facilities in Melbourne (Campbellfield and West Footscray),
Ballarat and Horsham in Victoria and Toowoomba and Bundaberg in
Queensland.


FORTESCUE METALS: Moody's Confirms 'Ba3' CFR; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 corporate family
rating (CFR) of Fortescue Metals Group Limited.  At the same
time, Moody's has 1) downgraded the senior unsecured rating on
FMG Resources (2006) Pty Ltd (FMG) to B1 from Ba3, and 2)
assigned a (P)Ba1 rating to the proposed US$4.5 billion of Senior
Secured Term Loan Facility. The outlook on all ratings is
negative.

The rating actions on the CFR and senior unsecured rating
conclude a review for possible downgrade that was initiated on 30
August 2012 and follows the announcement by the company that the
lead arrangers have launched the distribution of the Term Loan
Facility into the U.S. institutional term loan market.

Moody's expects to assign a definitive rating on the Term Loan
Facility upon closing and review of the final documentation.

Ratings Rationale

"The confirmation of Fortescue's corporate rating reflects the
improvements to the company's liquidity profile following the
establishment of the proposed term loan facility, combined with
the various cost cutting initiatives and capital expenditure
deferrals announced by the company", says Matthew Moore, a
Moody's Assistant Vice President -- Analyst .

"With the additional liquidity provided by the facility and the
removal of earnings based covenants, which would have limited
Fortescue's ability to borrow to fund operations and growth
expenditures, we now expect that the company will have an
adequate liquidity buffer to fund its reduced investment needs
under a scenario where iron ore prices average around $95/t or
higher" Moore adds.

"The downgrade of the senior unsecured rating to B1 from Ba3
reflects the large amount of secured debt that will now rank
ahead of the senior unsecured notes in the capital structure, and
which will have a priority claim on essentially all assets of the
company", says Mr. Moore.

The (P)Ba1 rating on the new senior secured term loan facility
reflects the facilities' priority position in the capital
structure and the high expected recovery for the loan given
significant coverage provided by Fortescue's asset base that is
securing the loan.

"The negative outlook reflects Fortescue's high debt levels and
weak expected near term credit metrics for the rating in the
current price environment, the ongoing uncertainty around iron
ore fundamentals and prices, and the need for the company to
execute on its expansion plans in order to improve its credit
profile and financial metrics to levels appropriate for the
rating", Mr. Moore says.

The Ba3 corporate family rating also continues to be supported by
the company's: 1) large scale operations and continuing
improvements in its production profile, 2) the significant
progress made to date on its expansion activities, 3) its
moderate-to-low cash costs relative to its peers, and 4) its
large long life high quality reserves base.

This is balanced against the company's: 1) limited operational,
geographic and product diversity,2) high debt levels resulting
from expansion activities, 3) exposure to volatile and uncertain
iron ore prices and demand, and 4) and the potential for
execution issues arising as it looks to complete its massive
expansion plans. The rating also reflects uncertainty around
future growth plans, including the resumption of the recently
delayed Kings development.

Assuming around a US$100/t iron ore price for the next 12 to 18
months, Moody's expects Fortescue's Debt-to-EBITDA to peak in
FY2013 at around 5.0x to 5.5x, which is outside of the tolerance
level for the rating. However, once production from the
expansions ramps up this should fall to below 4.0x, which is an
acceptable level for the rating.

Given Fortescue's single commodity focus it is very exposed to
swings in ore prices. If prices were to fall and be sustained at
the low levels seen in early September 2012, Fortescue's ability
to maintain an adequate liquidity buffer and improve credit
metrics in line with Moody's expectations would be extremely
challenged. Under this scenario, rebalancing its credit profile
and maintaining its ratings would likely require debt reduction
via asset sales and / or other forms of non-debt funding.

The term loan facility entered into by Fortescue is guaranteed
and secured by all of the assets of Fortescue and all of its
subsidiary guarantors under the senior unsecured notes. Moody's
considers the facility to be covenant light and does not expect
there to be any earnings based financial covenants. Proceeds from
the facility will be used to refinance the approximately US$3.6
billion of Fortescue's current credit facilities, to redeem the
unsecured notes issued to Leucadia National Corporation (around
US$715 million) and for general corporate purposes.

The rating could be downgraded if Fortescue experiences any major
delays or further cost overruns with its expansion activities,
which caused liquidity concerns and / or delays the expected
strengthen of the company's credit metrics. Ratings could also be
downgraded if iron ore prices drop materially from current levels
and are expected to be sustained at lower levels. Specifically,
the ratings could be downgraded if weaken Debt/EBITDA is greater
than 4.5x or FFO/Interest falls below 2.0x on a consistent basis.

Given the current negative outlook Moody's doesn't expect ratings
to experience positive pressure in the near to medium term.
However, ratings could be stabilized if Fortescue completes its
expansion activities on time and on budget and is able to reduce
leverage to more appropriate levels for the rating.

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

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


FORTESCUE METALS: S&P Gives 'BB+' Rating on $4.5BB Secured Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
rating to the proposed US$4.5 billion senior secured credit
facility to be issued by FMG Resources (August 2006) Pty Ltd.,
the funding arm of Australian iron ore mining company, Fortescue
Metals Group Ltd. (Fortescue, BB-/Negative/--). The rating is
subject to the terms and conditions of the final documents. "At
the same time, we have assigned a recovery rating of '1' on the
proposed facility. This indicates our expectations for a very
high recovery (90%-100%) in a simulated default scenario. The
facility is guaranteed by Fortescue," S&P said.

The proposed senior secured credit facility will be distributed
into the U.S. institutional term loan market and will rank ahead
of all other unsecured and unsubordinated debt. The net proceeds
of the facility will be used to refinance all existing bank
facilities, repayment of the Leucadia loan notes, and for general
corporate purposes.

"The 'BB-' rating on Fortescue reflects our view of the company's
aggressive growth strategy associated with the pace and the
funding approach of its expansion projects, limited product
diversity, and exposure to volatile commodity prices. These
weaknesses are partly offset by Fortescue's relatively long-life
reserves, and relatively low-cost and improving iron ore
production," S&P said.


KEITH BOWDEN: Goes Into Voluntary Administration
------------------------------------------------
Oonagh Reidy at Smart Office reports that Keith Bowden Electrical
has goes into voluntary administration.

"Owners Heather, Graeme and Trevor Bowden are disappointed that
it has become evident that the company cannot continue to trade,"
the company said in a statement obtained by the news agency.

The report notes that there is "no prospect" of selling the
business, which is a member of the Narta buying group.

Smart Office discloses that Tim Clifton of Clifton Hall has been
appointed voluntary administrator and will take control of the
company immediately.


NATIONAL ABS 2012-1M: S&P Rates $2-Mil. Class F Securities 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
classes of asset-backed securities (ABS) be issued by Perpetual
Corporate Trust Ltd. as trustee for National ABS Trust 2012-1M.
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 transaction size has increased to
AUD400 million from AUD300 million.

The ratings reflect:

-- S&P's 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 AUD300,000, and the ability to use principal
     collections to meet short-term liquidity demands.

-- The track record and industry experience of the originator
    and servicer, National Australia Bank Ltd. (NAB).

-- The fact 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,
    S&P's Ratings Services' 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

RATINGS ASSIGNED
Class     Rating       Amount
                     (mil. AUD)
A1        A-1+ (sf)    75.0
A2        AAA (sf)     295.0
B         AA (sf)      8.0
C         A (sf)       6.0
D         BBB (sf)     4.0
E         BB (sf)      2.4
F         B (sf)       2.0
G         N.R.         7.6


NINE ENTERTAINMENT: Goldman Urges 'Consensual' Debt Restructuring
-----------------------------------------------------------------
Gillian Tan at The Wall Street Journal reports that Goldman
Sachs-controlled mezzanine debt funds have written to Nine
Entertainment Co. and CVC Asia Pacific to reiterate the desire
for a consensual restructuring of the group's AUD3.8 billion
(US$3.9 billion) debt, a person familiar with the matter said.

Goldman and its funds owns almost AUD1 billion in mezzanine debt,
while the remaining AUD2.8 billion of senior debt maturing in
February 2013 is owned by hedge funds including Oaktree Capital
Group and Apollo Global Management, the Journal discloses.

According to the Journal, the letter from Goldman's lawyers
Freehills to Nine's lawyers Gilbert + Tobin was in response to a
letter from Nine's chairman Peter Bush received Tuesday.  The
Journal's source said Mr. Bush had stated the media group would
consider appointing Macquarie Capital to run an auction for the
entire company unless lenders facilitated a restructure within
the next week.

The Journal relates that Goldman, through Freehills, said Nine's
directors should act in the best interests of the company and its
shareholders.  The mezzanine debt holders offered to meet senior
lenders for further talks on the understanding that the meeting
will be on equal terms, the Journal's source said.

The report notes Goldman has proposed the conversion of its
mezzanine debt into a 30% equity stake in the new entity, which
will see CVC Asia Pacific's AUD1.9 billion of equity cease to
exist.  However, the senior lenders are offering warrants worth
up to 10% of any profit reaped from the future sale of Nine
Entertainment Co., the Journal says.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2011, Bloomberg News related that Nine Entertainment Co.
dropped a proposal asking senior lenders to extend the maturity
of a AUD2.8 billion (US$2.9 billion) loan to 2015. CVC Capital
Partners Ltd. will continue talks with lenders, including Goldman
Sachs Group Inc., on a revised proposal to refinance the
Australian media company, one of the sources told Bloomberg.
According to Bloomberg, the Australian Financial Review reported
that Nine Entertainment was forced to scrap the plan after banks,
including Credit Agricole SA and BNP Paribas SA, sold their
portion of the loans to hedge funds, which are seeking to take
control of the media company.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.


NUFARM AUSTRALIA: Moody's Rates US$325MM Sr. Unsec. Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
US$325 million 144A guaranteed senior unsecured notes issued by
Nufarm Australia Limited. The outlook on all ratings is stable.

Nufarm Australia Ltd is issuing:

US$325 million 6.375% p.a. Fixed Rate Notes due 15 October 2019.

The net proceeds will be used to repay existing indebtedness.

Ratings Rationale

The Notes, issued by Nufarm Australia, a wholly owned subsidiary
of Nufarm Limited, rank equally with all other senior unsecured
debt of the issuer. The issuance is guaranteed by Nufarm and
certain of its subsidiaries.

The definitive rating on this debt obligation confirms the
provisional rating assigned on September 21, 2012. The outlook on
the rating is stable.

The principal methodology used in rating Nufarm Australia Ltd was
the Global Chemical Industry Methodology published in December
2009.

Nufarm is a crop protection company which manufactures and sells
a range of crop protection products including herbicides,
insecticides and fungicides. Nufarm operates globally with crop
manufacturing / seeds facilities in 16 countries and marketing
operations in over 30 countries with a distribution reach
extending to more than 100 countries.


PAPERLINX LIMITED: Appoints Michael Barker as Chairman
------------------------------------------------------
Australian Associated Press reports that PaperlinX Limited has
appointed actuary and institutional investment manager
Michael Barker as its new chairman, as the company restructures.

Mr. Barker replaces Harry Boon who finished as chairman last
month after more than four years in the role, the report
discloses.

According to the news agency, Mr. Barker has held senior
executive positions across the institutional investment
management sector including NatWest Investment Management, County
NatWest Investment Management and Aetna Life and Casualty.  He
has also served as a non-executive director on a number of boards
in the financial and property sector and is currently a director
of Metlife Insurance.

AAP relates that Mr. Barker said that together with the rest of
the board and management, he would be focusing on the company's
restructuring and diversification plans to restore value for its
shareholders.

The report notes Mr. Barker was only appointed to the PaperlinX
board on September 27, along with barrister Robert Kaye SC.

Paperlinx said at the time that as a direct result of Mr.
Barker's appointment, the previously announced resignations of
Mr. Boon and board members Lyndsey Cattermole and Anthony Clarke
were brought forward to take immediate effect, AAP relates.

Non-executive director Michael McConnell has also resigned and
will leave in November, the report discloses.

AAP adds PaperlinX has postponed its annual general meeting from
October 31 to November 15 due to the recent board changes.

                    About PaperlinX Limited

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

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

PaperlinX booked an annual loss of AUD266.7 million for the year
to June 30, 2012, after writing off the value of its European
operations, smh.com.au disclosed.


RG146 TRAINING: Rising Competition Prompts Administration
---------------------------------------------------------
SmartCompany reports that RG146 Training Australia has collapsed
into administration after struggling through the financial
crisis.

SmartCompany relates that Gideon Rathner and David Coyne of Lowe
Lippmann were appointed as administrators in August but last
week, RG146 entered into a scheme of arrangement.

According to SmartCompany, the Australian Financial Review
reports RG146's spokesperson Mark Sinclair apologised to
creditors and said the business "struggled to recover" from
losses following the global financial crisis.

Mr. Sinclair told the newspaper that losses of AUD657,000 in 2009
and increased competition in 2010-11 contributed to the problems
with the business, SmartCompany relays.

SmartCompany says Lowe Lippmann is the administrators.

RG146 Training Australia provides financial services education
courses and is a partner of the Association of Financial
Advisers.


SMART ABS 2012-4US: Fitch Assigns Rating on Several Note Classes
----------------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2012-4US Trust's
notes expected ratings.  The transaction is a securitisation
backed by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited (Macquarie Leasing).

  -- USD144m Class A-1 notes: 'F1+(EXP)sf'
  -- USD186m Class A-2 (a & b) notes: 'AAA(EXP)sf';
     Outlook Stable
  -- USD188m Class A-3 (a & b) notes: 'AAA(EXP)sf';
     Outlook Stable
  -- USD82m Class A-4 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
  -- AUD7.2m Class B notes: 'AA(EXP)sf'; Outlook Stable
  -- AUD23.89m Class C notes: 'A(EXP)sf'; Outlook Stable
  -- AUD16.36m Class D notes: 'BBB(EXP)sf'; Outlook Stable
  -- AUD14.73m Class E notes: 'BB(EXP)sf'; Outlook Stable
  -- AUD9.82m seller notes: not rated

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

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART ABS Series 2012-4US Trust.  The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

"This transaction marks Macquarie Leasing's third transaction
into the US market this year," said Courtney Miller, Analyst in
Fitch's Structured Finance team.

The expected ratings of the Class A notes are based on the
quality of the collateral; the 11% credit enhancement provided by
the subordinate Class B, C, D, and E notes, the unrated seller
notes and excess spread.  It also reflects the presence of 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 Macquarie Bank Ltd
('A'/Stable/'F1'); and Macquarie Leasing'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.

At the cut-off date, Macquarie Leasing's representative
collateral portfolio consisted of 39,840 leases totalling
AUD1,286m with an average size of AUD32,284.  The pool comprises
passenger and light commercial vehicle lease receivables from
Australian residents across the country, consisting of amortising
principal and interest leases with varying balloon amounts
payable at maturity.  The weighted average balloon payment for
the portfolio is 31.5% of the current lease balance.  The
majority of leases consist of novated contracts (61.9%), where
the lease is novated to the employer in salary packaging
arrangements.

"Lease receivables originated by Macquarie Leasing have continued
to perform well with the 30+days arrears tracking well below 1%.
This can be attributed to the portfolio's diversification across
various industries" said Ms Miller.  "Historical gross loss rates
by quarterly vintage on passenger vehicle and truck leases range
between 0.6% and 1.8%, and between 0.5% and 5%, respectively."

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding presale report entitled "SMART ABS Series 2012-
4US Trust", 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.


STORM FINANCIAL: Two Banks Defend Relationship With Storm
---------------------------------------------------------
Fraser Coast Chronicle reports that two banks have defended their
relationship with Storm Financial and argued a case against them
is weak and inaccurate.

According to the report, the Bank of Queensland and Macquarie
Bank have been accused of acting unconscionably and being
"knowingly concerned" in an unregistered managed investment
scheme.

Fraser Coast Chronicle notes the Australian Securities and
Investments Commission is pursuing the banks, and Storm, in a
trial in the Federal Court in Brisbane.

A class action against the banks, involving some of the hundreds
of investors who lost millions when Storm collapsed in 2008, is
running on the coat tails of this ASIC action, the report
relates.

The report says victims are arguing the banks acted
unconscionably when they lent millions of dollars to people
without considering whether they had the capacity to pay the
money back if the stock market crashed.

The banks have argued Storm was not running a managed investment
scheme and, therefore, they could not have been knowingly
involved, Fraser Coast Chronicle reports.

According to Fraser Coast Chronicle, Macquarie barrister John
Sheahan said on Thursday the Storm failure was well known but the
company did not collect money and did not manage people properly.

                       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.


TORRENS TRUST: Fitch Affirms Rating on Eight Trust Classes
----------------------------------------------------------
Fitch Ratings has affirmed eight classes from three Torrens
series - Series 2005-1 TORRENS Trust, Series 2005-3(E) TORRENS
Trust, and TORRENS Series 2006-1(E).

The transactions are securitisations of Australian conforming
residential mortgages originated by Bendigo and Adelaide Bank
Limited ('A-'/Stable/'F2').

The affirmations reflect Fitch's view that the available credit
enhancement available on the class A notes sufficient to support
the Class A notes at their current rating levels.

"Although 30+ and 90+ days arrears tend to be much higher than
Fitch's Dinkum indices, losses from the Torrens transactions have
remained low," said James Zanesi, Director in Fitch's Structured
Finance team.  "Losses not covered by lenders mortgage insurance
have increased over the last 12 months but are still within
Fitch's expectations."

As of 31 August 2012, the 30+ day delinquencies of the collateral
pools were 2.05% (Series 2005-1 TORRENS Trust), 2.1% (Series
2005-3(E) TORRENS Trust) and 2.43% (TORRENS Series 2006-1(E)).

Repayment rates have remained strong over the last year, within
the 20%-40% range.  Since closing, all senior notes have paid
down steadily, and credit enhancement levels for class A notes
have increased strongly. T he increases in credit enhancement
levels mean that the ratings of the senior notes are independent
of the ratings of the lenders' mortgage insurance providers, QBE
Lenders Mortgage Insurance Ltd (Insurer Financial Strength
Rating:

  -- 'AA-'/Outlook Stable) and Genworth Financial Mortgage
     Insurance Pty Ltd.

Series 2005-1 TORRENS Trust:

  -- AUD155.9m Class A-2 (ISIN AU300PTT7029) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD32m Class B (ISIN AU300PTT7037) affirmed at 'BBsf';
     Outlook Stable

Series 2005-3(E) TORRENS Trust:

  -- EUR67.3m Class A-1 (ISIN XS0232548593) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD74.2m Class A-2 (ISIN AU300PTTA018) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD62m Class B (ISIN AU300PTTA026) affirmed at 'BBsf';
     Outlook Stable

TORRENS Series 2006-1(E):

  -- EUR76.7m Class A-1 (ISIN XS0271943978) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD119.6m Class A-2 (ISIN AU3AB0000069) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD46.5m Class B (ISIN AU3AB0000077) affirmed at 'BBsf';
     Outlook Stable



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


LEHMAN BROTHERS: China Unit Commences Liquidation Proceedings
-------------------------------------------------------------
On Aug. 14, 2012, the sole shareholder of Lehman Brothers China
Investments Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Sept. 17, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Timothy Le Cornu
         Kenneth Krys
         KRyS Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237, Grand Cayman KY1-1205
         Cayman Islands

                       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.


LEHMAN BROTHERS: Pan Asian Commences Liquidation Proceedings
------------------------------------------------------------
On Aug. 14, 2012, the sole shareholder of Lehman Brothers Pan
Asian Investments Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Sept. 17, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Timothy Le Cornu
         Kenneth Krys
         KRyS Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237, Grand Cayman KY1-1205
         Cayman Islands

                       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.



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


ALKAHN-HK LABELS: Members' Final Meeting Set for Oct. 29
--------------------------------------------------------
Members of Alkahn-Hong Kong Labels Limited will hold their final
general meeting on Oct. 29, 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.


AT&T (HK): Members' Final Meeting Set for Oct. 29
-------------------------------------------------
Members of AT&T (Hong Kong) Limited will hold their final general
meeting on Oct. 29, 2012, at 10:00 a.m., at 5th Floor, Jardine
House, 1 Connaught Place, Central, in Hong Kong.

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


BELBET COMPANY: Seng and Wong Step Down as Liquidators
------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Belbet Company Limited on Sept. 20, 2012.


BOUSSARD & GAVAUDAN: Liu and Yen Step Down as Liquidators
---------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Boussard & Gavaudan Asia Limited on Sept. 18,
2012.


CHINA GLOBAL: Annual Meetings Set for Oct. 18
---------------------------------------------
Members and creditors of China Global (Hong Kong) Limited will
hold their annual meetings on Oct. 18, 2012, at 2:50 p.m., at the
offices of FTI Consulting, Level 22, The Center, at 99 Queen's
Road Central, Central, in Hong Kong.

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


CHINA LAND: Members' Final Meeting Set for Oct. 30
--------------------------------------------------
Members of China Land Group Limited will hold their final general
meeting on Oct. 30, 2012, at 3:00 p.m., at 10/F, Allied Kajima
Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


CHINA MERCHANTS: Creditors' Proofs of Debt Due Oct. 19
------------------------------------------------------
Creditors of China Merchants Investments (H.K.) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 19, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Ruby Mun Yee Leung
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


CHINESE INVESTMENT: Creditors' Proofs of Debt Due Oct. 19
---------------------------------------------------------
Creditors of Chinese Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 19, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ruby Mun Yee Leung
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


CREDIT SUISSE: Philip Brendan Gilligan Steps Down as Liquidator
---------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Credit
Suisse Solution Partners (Hong Kong) Limited on Sept. 24, 2012.


DAIWA INSTITUTE: Creditors' Proofs of Debt Due Oct. 26
------------------------------------------------------
Creditors of Daiwa Institute of Research (Hong Kong) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Oct. 26, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 18, 2012.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


DIADORA ASIA: Annual Meetings Set for Oct. 8
--------------------------------------------
Members and creditors of Diadora Asia Pacific Limited will hold
their annual meetings on Oct. 8, 2012, at 2:30 p.m., and 3:00
p.m., respectively at the offices of FTI Consulting, Level 22,
The Center, at 99 Queen's Road Central, Central, in Hong Kong.

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


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

The company commenced wind-up proceedings on Sept. 20, 2012.

The company's liquidator is:

         Chiu Siu Kwan
         Rm. 1321, Leighton Centre
         77 Leighton Road
         Causeway Bay, Hong Kong


EDUCATOR CHEN: Members' Final Meeting Set for Oct. 31
-----------------------------------------------------
Members of Educator Chen Zan-Yi's Book Giving Limited will hold
their final general meeting on Oct. 31, 2012, at 3:00 p.m., at
Flat B, 7/F, On Hing Building, at 1 On Hing Terrace, Central, in
Hong Kong.

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


EASTERN GROUP: Annual Meetings Set for Oct. 18
----------------------------------------------
Members and creditors of Eastern Group (Asia) Limited will hold
their annual meetings on Oct. 18, 2012, at 2:30 p.m., at the
offices of FTI Consulting, Level 22, The Center, at 99 Queen's
Road Central, Central, in Hong Kong.

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


ETERNAL LINK: Members' Final Meeting Set for Oct. 30
----------------------------------------------------
Members of Eternal Link Corporation Limited will hold their final
meeting on Oct. 30, 2012, at 11:30 a.m., at Flat B, 16/F, Empire
Land Commercial Centre, at 81-85 Lockhart Road, Wanchai, in
Hong Kong.

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


EVER GROWTH: Creditors' Proofs of Debt Due Oct. 19
--------------------------------------------------
Creditors of Ever Growth Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 19, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ruby Mun Yee Leung
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


EXCEL GAINER: Annual Meetings Set for Oct. 18
---------------------------------------------
Members and creditors of Excel Gainer Limited will hold their
annual meetings on Oct. 18, 2012, at 3:00 p.m., at the offices of
FTI Consulting, Level 22, The Center, at 99 Queen's Road Central,
Central, in Hong Kong.

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


GOGNOS HK: Chan and Ho Step Down as Liquidators
-----------------------------------------------
Chan Wah Tip Michael and Ho Man Kei Keith stepped down as
liquidators of Gognos Hong Kong Limited on Sept. 21, 2012.


GOLDWISE LEATHERWARE: Creditors' First Meeting Set for Oct. 31
--------------------------------------------------------------
Creditors of Goldwise Leatherware (MGF.) Company Limited will
hold their first meeting on Oct. 31, 2012, at 11:30 a.m., for the
purposes provided for in Sections 241, 242, 243, and 244 of the
Companies Ordinance.

The meeting will be held at Room 1605, Cheung Fung Industrial
Building, at 23-39 Pak Tin Par Street, Tsuen Wan, in Hong Kong.


LEHMAN BROTHERS: HKMA Reports Progress of Minibond Cases
--------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Sept. 28 that
investigation of over 99% of a total of 21,868 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

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

     * 3,480 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,528 cases which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

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

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

Investigation work is underway for the remaining 34 cases.

The above shows that other than a small number of outstanding
cases some of which have been lodged recently, the handling of
all Lehman-Brothers-related complaints was basically completed
with 88% of the complaints resolved and the remaining 12% closed
because of insufficient evidence or grounds.  With the majority
of Lehman-Brothers-related complaints already completed, HKMA has
started to deploy resources to accelerate the handling of other
non-Lehman-Brothers-related banking complaints.

To provide a broader perspective on banking complaints, HKMA will
report the progress of its handling of all enforcement cases
(including both Lehman-Brothers-related and other non-Lehman-
Brothers-related banking complaints as well as other cases
referred by its banking departments and other regulators) on a
monthly basis, starting from October 2012.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/S6PTtu

                       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.


NEXTAR (HONG KONG): Creditors' Adjourned Meeting Set for Oct. 5
---------------------------------------------------------------
Creditors of Nextar (Hong Kong) Limited will hold their adjourned
meeting on Oct. 5, 2012, at 10:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at 29/F, Caroline Centre, Lee Gardens
Two, at 28 Yun Ping Road, in Hong Kong.



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


AJANTA PACKAGING: CRISIL Raises Rating on INR194.2MM Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Ajanta Packaging to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
and has reaffirmed its rating on the firm's export performance
guarantee facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            38        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Export Performance     25        CRISIL A4
   Guarantee

   Proposed Long-Term     28.6      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Rupee Term Loan       127.6      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects improvement in Ajanta's liquidity, driven by
shortening in its working capital cycle. Ajanta has renegotiated
terms with its customers and has been efficient in stocking
inventory, which has led to a reduction in its adjusted gross
current assets to less than 175 days of sales as on March 31,
2012 from earlier levels of about 200 days of sales. Ajanta's
working capital cycle is not expected to increase, ensuring that
its liquidity does not deteriorate, over the medium term.

The ratings reflect Ajanta's small scale of operations and
customer concentration. These rating weaknesses are partially
offset by the experience of Ajanta's promoter-partners in the
packaging industry, and the firm's moderate financial risk
profile marked by comfortable gearing and adequate debt
protection metrics.

Outlook: Stable

CRISIL believes that Ajanta will continue to benefit from its
established relationships with its customers and suppliers and
its improved working capital management over the medium term. The
outlook may be revised to 'Positive' if Ajanta's cash accruals
are substantially higher than expected or if it infuses long-term
funds to shore up its liquidity further. Conversely, the outlook
may be revised to 'Negative' if there is a stretch in Ajanta's
working capital cycle, a decline in its profitability, or
weakening in its capital structure because of unexpected, debt-
funded capital expenditure.

Ajanta was established in 2000 as a partnership firm by Mr.
Chandan Khanna and Mr. Vikas Khanna. The firm manufactures
pressure-sensitive labels using technologies such as leather
press, flexo, offset, and screen printing. Ajanta's manufacturing
units are in Baddi (Himachal Pradesh) and Daman.


BHARATH CEMENT: CRISIL Puts 'B+' Rating on INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Bharath Cement Products [BCP-RMC; part of
the Bharat group).

                            Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Cash Credit/ Overdraft     95      CRISIL B+/Stable (Assigned)
   facility

   Proposed Long Term Bank      5     CRISIL B+/Stable (Assigned)
   Loan Facility

The rating reflects the Bharat group's average financial risk
profile, marked by small net worth and high gearing, small scale
of operations with regional concentration, and susceptibility to
demand from the end-user industry. These rating weaknesses are
partially offset by the extensive industry experience of the
Bharat group's proprietor and established relations with
customers and suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BCP-RMC, Bharat Blue Metal, Bharat
Cement Products, and BT Nagaraj Strong Crusher Works, together
referred to as the Bharat group. This is because all these
entities have a common management and strong business and
financial linkages.

Outlook: Stable

CRISIL believes that the Bharat group will continue to benefit
over the medium term from its proprietor's extensive industry
experience and increased capacities. The outlook may be revised
to 'Positive' in case the group scales up its operations
significantly while maintaining its profitability, leading to
better-than-expected cash accruals, or if there is improvement in
capital structure driven by significant infusion of fresh capital
by the proprietor. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals or
larger-than-expected working capital requirements and large debt-
funded capital expenditure, leading to weakening in its financial
risk profile.

BCP-RMC was set up in August 2008 by Mr. B T Nagaraj. The firm
manufactures ready-mix concrete (RMC). BCP-RMC is a part of the
Bharat group, which comprises other proprietorship firms set up
by Mr. B T Nagaraj. These entities are primarily engaged in stone
crushing and manufacturing of hollow bricks.


COUNT N DENIER: CRISIL Puts 'B+' Rating on INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Count N Denier Yarns Pvt Ltd.

                        Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term      96.7     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Term Loan                3.3     CRISIL B+/Stable (Assigned)

The rating reflects CDYPL's modest scale of operations in the
intensely competitive textile trading space, and below-average
financial risk profile because of large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the company's promoter in the textiles
industry.

Outlook: Stable

CRISIL believes that CDYPL will continue to benefit over the
medium term from its promoter's extensive experience in the
textiles industry. The outlook may be revised to 'Positive' if
the company significantly improves its scale of operations, while
it maintains its profitability and improves its financial risk
profile. Conversely, the outlook maybe revised to 'Negative' if
CDYPL's profitability is constrained, most likely because of
intense industry competition, or if its working capital
requirements increase significantly, thereby leading to pressure
on its financial risk profile, particularly its liquidity.

CDYPL was set up in 2008 by Mr. Anil Agrawal. It trades in cotton
yarn and grey fabrics. The company also undertakes jobwork for
doubling of yarn.

For 2011-12 (refers to financial year, April 1 to March 31),
CDYPL's profit after tax (PAT) is estimated at INR3.2 million on
an operating income of INR252.1 million, as compared to a PAT of
INR0.3 million on an operating income of INR162.9 million for
2010-11.


DASMESH MECHANICAL: CRISIL Puts 'B' Rating on INR180MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dasmesh Mechanical Works.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         50        CRISIL B/ Stable (Assigned)
   Term Loan          130        CRISIL B/ Stable (Assigned)

The rating reflects DMW's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, working-
capital-intensive operations, and exposure to intense competition
in the highly fragmented agricultural implements industry. These
rating weaknesses are partially offset by the extensive industry
experience of DMW's proprietor.

Outlook: Stable

CRISIL believes that DMW will benefit over the medium term from
the extensive industry experience of its proprietor. The outlook
may be revised to 'Positive' if the firm reports significantly
higher-than-expected revenue growth with sustained margins, and
manages its working capital efficiently, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in DMW's
revenues and profitability, or if its liquidity weakens due to
incremental working capital requirements or delay in project
execution, leading to deterioration in its financial risk
profile.

DMW was set up in 1972 as a proprietorship firm by Mr. Sawaranjit
Singh. The firm manufactures tractor-mounted agricultural
implements such as seed drills, rotary tillers, double-notched
coulters, and straw reapers. Its manufacturing facility at
Amargarh (Punjab).

DMW reported, on a provisional basis, a profit after tax (PAT) of
INR3.3 million on net sales of INR492.1 million for 2011-12
(refers to financial year, April 1 to March 31); it had reported
a PAT of INR2.5 million on net sales of INR412.9 million for
2010-11.


DUSHASAN JENA: CRISIL Puts 'B+' Rating on INR9.4MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M/s Dushasan Jena.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan            7.4       CRISIL B+/Stable (Assigned)
   Cash Credit          2.0       CRISIL B+/Stable (Assigned)
   Bank Guarantee      40.0       CRISIL A4 (Assigned)

The ratings reflect DJ's small scale of operations in the
fragmented and competitive logistics industry, high customer
concentration, and below-average financial risk profile marked by
small net worth and high gearing. These rating weaknesses are
partially offset by the benefits that DJ derives from the
experience of its promoters in the freight transportation and
handling business, its established customer relationships and its
moderate operating efficiencies.

Outlook: Stable

CRISIL believes that DJ will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if there is a substantial increase
in DJ's scale of operations, while the firm maintains its
profitability, leading to more-than-expected cash accruals.
Conversely, the outlook may be revised 'Negative' if the firm's
financial risk profile weakens further, caused most likely by
weakening in liquidity because of larger-than-expected working
capital requirements or by less-than-expected cash accruals or if
it undertakes any large debt-funded capital expenditure
programme.

                         About Dushasan Jena

DJ was established as a partnership firm during 1985 by members
of Jena family, based in Cuttack, Orissa. DJ has been in the
handling and transportation business since its inception.
Currently, DJ is operating as a consignment agent for Steel
Authority of India Ltd (SAIL). Furthermore, the firm provides
handling services to J M Baxi & Company. DJ has a fleet of around
10 trailers, 5 trucks, 4 cranes and crawlers.

DJ's profit after tax (PAT) and net income are estimated at
INR2.2 million and INR39.8 million respectively for 2011-12
(refers to financial year, April 1 to March 31); the firm
reported a PAT of INR3.5 million on net income of INR 37.05
million for 2010-11.


EMDEE DIGITRONICS: CRISIL Puts 'B' Rating on INR53.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Emdee Digitronics Pvt. Ltd.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------              ---------   -------
   Proposed Long-Term         36.5     CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee             36.5     CRISIL A4 (Assigned)

   Cash Credit                17.0     CRISIL B/Stable (Assigned)

The ratings reflect EDPL's modest scale of operations and
susceptibility of EDPL's top-line to government policies for
timely execution of projects and payments. These weaknesses are
partially offset by the established presence of the company in e-
governance business.

Outlook: Stable

CRISIL believes that EDPL will continue to benefit from its
promoters' extensive experience in the e-governance segment. The
outlook may be revised to 'Positive' if it reports more-than-
expected growth in revenues and margins, and improved debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company's debt protection metrics deteriorate
because of lower-than-expected growth in revenues and margins,
larger-than-expected debt-funded capex, or a significant stretch
in working capital cycle.

                         About Techno Power

Emdee Digitronics Private Limited a private limited company
incorporated in 2004 is engaged in providing various services
like IT facility management services, data processing, data
conversion, system integration mainly for manpower deployment for
e-Governance activities of Central, State Government. The key
promoter & managing director, Mr. Malay Das looks after day-to-
day operations of the company. The company's registered office is
in Kolkata, West Bengal.

EDPL reported profit after tax (PAT) of INR 23.7 million on net
sales of INR225 million for 2011-12 (refers to financial year,
April 1 to March 31), as against PAT of INR5.79 million on net
sales of INR90 million for 2010-11.


GOPAL COTTON: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Gopal Cotton Industries.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          70.00     CRISIL B+/Stable (Assigned)

The rating reflects GCI's small scale of operations in the
intensely competitive cotton industry, and the firm's weak
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by GCI's partners' long track record in the cotton industry and
the firm's proximity to cotton-growing belts.

Outlook: Stable

CRISIL believes that GCI will continue to benefit over the medium
term from its promoter-partners' extensive industry experience.
The outlook may be revised to 'Positive' if GCI's scale of
operations increases substantially, along with sustained
improvement in its profitability, or if its capital structure
improves, driven most likely by equity infusion or larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates
further, caused most likely by an increase in its working capital
requirements, decline in cash accruals or any unexpected debt-
funded capital expenditure, or if any regulatory change adversely
affects its operations.

                          About Gopal Cotton

Formed in 2006, GCI is a partnership firm of Bhavnagar (Gujarat)-
based Mr. Sanjay Herma, Mr. Mahendra Herma, Mr. Vallabhbhai
Herma, Mr. Popatbhai Herma, Mr. Miteshbhai Vadhel and Mr.
Bhupatbhai Vadhel. The firm is in the business of cotton ginning
and pressing.

GCI reported a book profit of INR0.2 million on net sales of
INR445 million for 2011-12 (refers to financial year, April 1 to
March 31), against a book profit of INR0.2 million on net sales
of INR560 million for 2010-11.


H. R. TIMBER: CRISIL Assigns 'CRISIL C' Rating to INR62MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C\CRISIL A4' ratings to the bank
facilities of H. R. Timber House.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             22        CRISIL C (Assigned)
   Cash Credit           40        CRISIL C (Assigned)
   Letter of Credit     218        CRISIL A4 (Assigned)

The ratings reflect the consistent devolvement in HRTH's letter
of credit facility due to weak liquidity and higher liability due
to unhedged letter of credit. The rating also factors in the
firm's weak financial risk profile, marked by a high gearing and
weak interest coverage ratio, working capital-intensive
operations, and exposure to fluctuations in foreign exchange
rates. These rating weaknesses are partially offset by the
extensive experience of HRTH's promoters in the timber trading
and processing industry.

HRTH saws and trades in imported timber. The firm was set up as a
proprietary firm by Mr. Satish Gupta; it was reconstituted as a
partnership firm in 2000. HRTH imports timber from African
countries, such as Ghana, Nigeria, and Ivory Coast, and Asian
countries, such as Malaysia and Indonesia, and sells it to
customers in Gujarat, Maharashtra, and Haryana. HRTH has three
saw mills, of which, it uses two on lease.

For 2010-11 (refers to financial year, April 1 to March 31), HRTH
reported net profit of INR0.6 million on net sales of INR314.2
million, against net loss of INR0.6 million on net sales of
INR246.9 million for 2009-10. For 2011-12, the firm's net sales
are estimated to be INR501.2 million.


KAMAKSHI LAMIPACK: CRISIL Puts 'B' Rating on INR127MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Kamakshi Lamipack Pvt Ltd.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long-Term Loan         77       CRISIL B/Stable (Assigned)
   Bank Guarantee         25       CRISIL A4 (Assigned)
   Cash Credit            50       CRISIL B/Stable (Assigned)

The ratings reflect KLPL's below-average financial risk profile,
marked by high gearing, modest scale of operations, and
susceptibility to intense competition in the flexible packaging
industry. These rating weaknesses are partially offset by KLPL's
established regional position in the flexible packaging industry,
aided by its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that KLPL will benefit over the medium term from
the extensive industry experience of its promoters and
established relationships with key customers. The outlook may be
revised to 'Positive' if KLPL improves its capacity utilisation
and capital structure, while maintaining its profitability,
thereby leading to improved financial risk profile. Conversely,
the outlook may be revised to 'Negative' if KLPL's relationship
with its key customers weakens, resulting in a decline in
revenues and operating profitability, or if the company
undertakes a significant debt-funded capex programme, further
deteriorating its financial risk profile.

Set up in 1982 by Mr. A L Chidambaram, KLPL is engaged in the
manufacture of flexible packaging materials.

KLPL reported a profit after tax (PAT) of INR0.4 million on an
operating income of INR321 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a net loss of
INR13 million on an operating income of INR242 million for 2010-
11.


KEDIA ENTERPRISES: CRISIL Rates INR60MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Kedia Enterprises Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           60         CRISIL B+/Stable (Assigned)

The rating reflects KEPL's susceptibility to fragmentation and
stiff competition in the steel trading business, and below-
average financial risk profile. These rating weaknesses are
partially offset by KEPL's promoters' industry experience in
steel trading business.

Outlook: Stable

CRISIL believes that KEPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' in case KEPL's
financial risk profile improves significantly, most likely
because of capital infusion and better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's profitability or revenues decline,
resulting in less-than-expected cash accruals, or the company
undertakes any larger-than-expected, debt-funded capital
expenditure programme.

KEPL was established in 2011 as a private limited company. It
trades in steel products, such as thermo-mechanically-treated
bars, angles, joints, and channels. It also trades in cement and
packing materials.


KISSAN POULTRY: CRISIL Assigns 'CRISIL B' Rating to INR75MM Loans
-----------------------------------------------------------------
CRISIL has assigned a 'CRISIL B/Stable' rating to the long-term
bank facilities of Kissan Poultry Farm.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           45.9       CRISIL B/Stable (Assigned)
   Term Loan             29.1       CRISIL B/Stable (Assigned)

The rating reflects the firm's below-average financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics. The rating also factors in KPF's modest scale
of operations, large working capital requirements, and the
vulnerability of its operating profitability to risks inherent in
the poultry industry. These rating weaknesses are partially
offset by the benefits the firm derives from its diversified
customer base and its proprietor's longstanding experience in the
industry.

CRISIL has treated KPF's unsecured loans of INR4.82 million from
the proprietor's friends and family, outstanding as on March 31,
2012, as neither debt nor equity. KPF is expected to retain these
unsecured loans for the duration that the bank debt remains
current.

Outlook: Stable

CRISIL believes that KPF will continue to benefit from its
proprietor's extensive experience in the poultry industry. The
outlook may be revised to 'Positive' if KPF significantly scales
up its operations while maintaining steady profitability; or if
strong cash accruals or sizeable capital infusions from the
proprietor strengthen the firm's capital structure. Conversely,
the outlook may be revised to 'Negative' if the firm's
profitability is lower than expected, or if its capital structure
weakens on account of large working capital requirements or debt-
funded capital expenditure.

KPF is a proprietorship firm set up in 1989 by Mr. Prakash Chand
Singhla in Singrur, Punjab. The firm is engaged in the poultry
industry.


R. K. INTERNATIONAL: CRISIL Rates INR55MM Cash Credit at 'B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of R. K. International.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B-/Stable (Assigned)

The rating reflects RKI's below-average financial risk profile,
marked by high gearing, its modest scale of operations in the
highly fragmented engineering industry, and large working capital
requirements. These rating weaknesses are partly offset by the
extensive industry experience of RKI's promoters.

Outlook: Stable

CRISIL believes that RKI will continue to benefit over the medium
term from its promoters' extensive experience in the engineering
industry. The outlook may be revised to 'Positive' if RKI reports
better-than-expected revenue growth or if its profitability
improves significantly, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of a slowdown in the industry or an increase
in competition, leading to deterioration in the firm's cash
accruals or if the firm contracts more debt than expected to fund
capital expenditure, or if the partners withdraw sizeable capital
from the firm, resulting in further deterioration in its
financial risk profile, particularly its liquidity.

Established in 2000 as a sole proprietorship concern by Mr. Rohit
Gambhir, RKI is in the business of design and fabrication of
industrial equipment.


SOMNATH COTTON: CRISIL Rates INR85MM Cash Credit at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Somnath Cotton Pvt Ltd.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          85       CRISIL B/Stable (Assigned)

The rating reflects the company's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and its
small scale of operations in the cotton industry. These rating
weaknesses are partially offset by benefits that SCPL derives
from its promoters' extensive experience in the cotton industry.

Outlook: Stable

CRISIL believes that Somnath Cotton Pvt Ltd will benefit over the
medium term, backed by its promoters' extensive experience in the
cotton industry. The outlook may be revised to 'Positive' if the
company's scale of operations improves significantly, coupled
with sustained improvement in its profitability or if its capital
structure improves, either by equity infusion or larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
further due to increased working capital borrowings, if the
company undertakes any large, debt-funded capital expenditure, or
in case of any adverse regulatory changes.

                        About Somnath Cotton

Incorporated in 2006, SCPL is promoted by Talaja (Gujarat)-based
Mr. Kababhai Madhabhai and his family members and friends. SCPL
is mainly engaged in ginning and pressing of cotton into bales as
well as cotton seed oil extraction.

SCPL reported a net profit of INR0.22 million on a net sales of
INR329.1 million for 2011-12 (refers to financial year, April 1
to March 31), as against a net profit of INR1.34 million on net
sales of INR402.8 million for 2010-11.


SRI LAKSHMINARAYANA: CRISIL Rates INR100MM Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Sri Lakshminarayana Rice Mill.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         100       CRISIL B+/Stable (Assigned)

The rating reflects SLRM's below-average financial risk profile,
marked by a highly leveraged capital structure and modest debt
protection metrics and its exposure to intense competition in the
fragmented rice milling industry. The rating also factors in the
susceptibility of the firm's operating margin to adverse changes
in government regulations. These rating weaknesses are partially
offset by the extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that SLRM will continue to benefit over the
medium term from the extensive experience of its partners in the
rice milling industry. The outlook may be revised to 'Positive'
if SLRM's revenues and profitability increase substantially in
addition to a sustainable improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if SLRM
undertakes aggressive debt-funded expansions or if the partners
withdraw capital from the firm, leading to further weakening in
its financial risk profile.

Set up in 1984 as a partnership firm, SLRM is engaged in milling
and processing of paddy into rice. The firm is promoted by Mr.
Lakshmi Narayana Setty and his son, Mr. Raghavendra Setty.

SLRM reported a profit after tax (PAT) of INR3.2 million on net
sales of INR311.2 million for 2011-12 (refers to financial year,
April 1 to March 31), as against PAT of INR2.7 million on net
sales of INR261.6 million for 2010-11.


TECHNO POWER: CRISIL Rates INR176.6MM Term Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Techno Power Enterprises Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        7.7        CRISIL A4 (Assigned)
   Term Loan           176.6        CRISIL B/Stable (Assigned)

The ratings reflect TPEPL's exposure to risks associated with
implementation of its ongoing warehouse project, its small scale
and working-capital-intensive operations, and high customer and
geographical concentration in its contract division. These rating
weaknesses are partially offset by the benefits that TPEPL
derives from its promoters' extensive industry experience, and
its above-average financial risk profile, marked by a moderate
net worth and a low gearing despite expected debt-funded capital
expenditure.

Outlook: Stable

CRISIL believes that TPEPL will continue to benefit over the
medium term from the extensive industry experience of, and
funding support from, its promoters. The outlook may be revised
to 'Positive' in case of significant improvement in the company's
scale of operations and profitability, resulting in higher-than-
expected cash accruals, along with efficient working capital
management and timely completion of its ongoing project within
the budgeted cost. Conversely, the outlook may be revised to
'Negative' if TPEPL's liquidity weakens, most likely because of
lower-than-expected cash accruals, any time or cost overrun in
the completion of its project, larger-than-expected working
capital requirements, or further debt-funded capital expenditure.

Incorporated in 2000, TPEPL undertakes upgrading and modernising
of existing power sub-stations and grids, and setting up of new
power stations and grids on a turnkey basis in Nagaland. The
entire business is tender-based, and TPEPL executes contracts
floated by the Nagaland government. The company is also currently
constructing a warehouse in Palwal (Haryana) under an agreement
with Haryana State Co-operative Supply and Marketing Federation
Limited (HAFED).


VINSURA WINERY: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vinsura Winery Pvt Ltd. The rating reflects
instances of delay by VWPL in servicing its debt; the delays have
been caused by the company's weak liquidity, due to its large
working capital requirements.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              27        CRISIL D (Assigned)
   Cash Credit            38        CRISIL D (Assigned)

VWPL has a weak financial risk profile, marked by a small net
worth and weak debt protection metrics, and working-capital-
intensive operations. Moreover, the company has a small scale of
operations in the intensely competitive wine industry, and is
exposed to risks relating to climatic conditions and changes in
government regulations. However, VWPL benefits from its
promoters' extensive experience in the wine industry.

VWPL manufactures wine, which it markets under the brand name
Vinsura. The company, incorporated in 2001, is promoted by Mr.
Kishor Changdeorao Holkar and Mr. Nitin Desai. It has its
manufacturing facilities at Nashik (Maharashtra), near the grape-
growing region; grapes are the major raw material for making
wine.


WHITE HOUSE: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of White House Tiles Pvt Ltd. The ratings reflect
instances of delay by WHTPL in servicing its debt. The delays
have been caused by the company's weak liquidity resulting from
short track record of operations and constrained profitability.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            170.7       CRISIL D (Assigned)

   Proposed Long-Term     3.9       CRISIL D (Assigned)
   Bank Loan Facility

   Letter of Credit       7.5       CRISIL D (Assigned)

   Bank Guarantee        17.9       CRISIL D (Assigned)

   Cash Credit           40.0       CRISIL D (Assigned)

WHTPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and short track of
operations constraining its profitability. These rating
weaknesses are partially offset by the strategic location of
WHTPL's plant providing easy access to raw materials.

Incorporated in 2007, WHTPL is based in Rajkot (Gujarat) and
manufactures vitrified tiles. The company is promoted by Mr.
Chunilal Bhanvadia and his family members. WHTPL started
commercial production in August 2011



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


BANK DANAMON: Fitch Keeps Rating on LT IDR at 'BB+'
---------------------------------------------------
Fitch Ratings is maintaining Indonesia-based Bank Danamon's
ratings, including its Long-Term Issuer Default Rating (IDR) of
'BB+' and its National Long-Term Rating of 'AA+(idn)', on Rating
Watch Positive (RWP).

The RWP is pending the proposed acquisition of Temasek Holdings'
67.4% stake in Danamon by DBS Group Holdings (DBSGH).  The
consummation of the takeover -- which has been delayed to
accommodate the introduction of the bank ownership rule in
Indonesia -- is still subject to regulatory approval, and hence
may take longer than three months.  Fitch expects to resolve the
RWP once there is greater clarity on the outcome and once the
agency has assessed the potential extraordinary support that
DBSGH could provide to Bank Danamon.

Should the proposed acquisition be unsuccessful, Fitch is likely
to affirm the ratings and assign a Stable Outlook, given Bank
Danamon's high capitalisation, moderate earnings, and modest non-
performing loans amid an uncertain global economic environment.

In April 2012, Fitch placed Bank Danamon on RWP to reflect the
positive impact on the bank's risk profile from the proposed
takeover by DBSGH, which has a stronger credit standing.

Danamon's full list of rating actions:

  -- Long-Term IDR of 'BB+' remains on RWP
  -- Short-Term IDR of 'B' remains on RWP
  -- National Long-Term Rating of 'AA+(idn)' remains on RWP
  -- Support Rating of '3' remains on RWP
  -- Viability Rating affirmed at 'bb+'



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


eACCESS LTD: S&P Puts 'BB+' CCR on Watch on Merger With Softbank
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating and 'BB' issue rating on eAccess Ltd. on
CreditWatch with positive implications following eAccess'
announcement that it will merge with Softbank Corp.
(BBB/Stable/--) by February 2013.

"The CreditWatch placement reflects our assessment that the
merger is likely to positively impact eAccess' business prospects
and financial risk profile. Competition in the Japanese mobile
market has been intensifying, backed by fast migration to
smartphones and high-speed communications technology, including
Long-Term Evolution (LTE) with full tethering functions. In our
view, competition is more severe for eAccess as a small mobile
carrier, even though the company has niche strengths in high-
speed connections and relatively ample network capacity, as well
as attractive rates. The company's 1.7 GHz spectrum, which is a
popular band for LTE, and is used by the iPhone5, is attractive
to Softbank as it will allow the company to acquire more new
subscriptions through mobile virtual network operator (MVNO)
contracts. In turn, eAccess will be able to secure more stable
cash flow from the MVNO business, in our view. We believe that
eAccess, on a stand-alone basis, will be able to reduce debt
gradually while increasing capital expenditures on LTE.
Nevertheless, we expect eAccess will likely enjoy both tangible
and intangible benefits to its financial management from becoming
part of the stronger Softbank group," S&P said.

"We have assessed eAccess' liquidity as adequate, as we have
viewed sources of liquidity at about 1.2x of uses. However, the
assessment has not included the impact of the merger and possible
implementation of change of control clauses. The company's EUR200
million 8.375% notes due April 1, 2018, and US$420 million 8.25%
notes due April 1, 2018, have change of control clauses, based on
which investors have the right to request eAccess to repurchase
the bonds. While we believe the company's annual free cash flow
of about JPY20 billion cannot fully meet the potential request of
the bond repurchases, we expect that being part of the Softbank
group will mitigate this risk," S&P said.

"In resolving the CreditWatch status, we will assess the impact
on eAccess' business prospects and benefits of becoming a 100%
owned subsidiary of the Softbank group. We will assess whether
the merger will affect the company's financial policy to focus on
repaying debt, as well as review Softbank's willingness to
support eAccess' financial standing. We will also monitor the
likelihood of bondholders exercising the change of control
clauses and review the company's ability to meet its obligations.
It is likely that we will raise the corporate credit rating on
eAccess to a level equal to that on Softbank, if we assess that
eAccess has become a core subsidiary of the Softbank group," S&P
said.


SOFTBANK CORP: Moody's Reviews 'Ba3' Issuer Rating for Upgrade
--------------------------------------------------------------
Moody's Japan K.K. has affirmed its Baa3 issuer rating on
SOFTBANK Corp. The rating outlook remains stable.

At the same time, Moody's has placed its Ba3 issuer rating and
the senior unsecured rating on review for upgrade.

The affirmation for SOFTBANK and review for eAccess was prompted
by a joint announcement on 1 October that they have agreed for
eAccess to become a wholly owned consolidated subsidiary of
SOFTBANK through an equity exchange.

The transaction is credit neutral for SOFTBANK as the estimated
acquisition cost will have a limited impact on its leverage as
measured by its adjusted debt-to-EBITDA ratio and adjusted EBITDA
margin.

On the other hand, the merger will be positive for the eAccess'
rating as the company will benefit from SOFTBANK's greater size,
higher adjusted EBITDA margins, and lower financial leverage.

The transaction is expected to close by the end of FYE3/2013,
pending approval from eAccess' shareholders and the relevant
regulatory authorities.

SOFTBANK is Japan's 3rd largest wireless operator and eAccess is
the 4th largest. The combined entity, on a proforma basis, will
become the 2nd largest wireless operator with 39.11 million (as
of August end 2012) subscribers. Upon completion of the
integration, eAccess will delist from the Tokyo Stock Exchange.

The main objective of the integration is to strengthen the
competitive strength of the combined entity in the wireless
business in Japan, particularly in the growing area of Long Term
Evolution (LTE), a high speed data service for mobile phones.

The integration is also expected to provide SOFTBANK with
business advantages, such as a larger network service and a more
efficient operating cost structure. Connectivity will improve as
customers will have access to both SOFTBANK's 2.1GHz and 900MHz
frequency and eAccess' 1.7GHz spectrum.

As of the end of FY3/2012, SOFTBANK had adjusted JPY2,598.3
billion of gross debt and JPY1,025.3 billion of adjusted EBITDA.
By contrast, eAccess had JPY225.8 billion of adjusted gross debt
and JPY60.3 billion of adjusted EBITDA. The combined pro-forma
debt of both companies will increase SOFTBANK's adjusted
debt/EBITDA to 2.60x from 2.53x.

Moody's notes that eAccess generated revenue of JPY204.7 billion
and adjusted EBITDA of JPY60.3 billion during FYE3/2012,
resulting in an adjusted EBITDA margin of 29.5%. While somewhat
below Softbank's adjusted EBITDA margin of 32.0%, its proforma
adjusted EBITDA margin remains close to 32%. Moody's considers
that operating synergies, when achieved, will provide an
opportunity for an improvement in this metric.

The total acquisition cost is estimated at around JPY180 billion,
based on a cost per share of JPY52,000 -- a premium of about 2.7x
above the closing price on 1 October.

The stable outlook on SOFTBANK's reflects Moody's view that the
company will maintain a financial profile appropriate for its
current rating over the next few years despite competitive market
conditions. Moody's anticipates SOFTBANK's adjusted EBITDA margin
at more than 30% in FYE3/2013.

SOFTBANK could face rating upward pressure if it continues to
improve its profitability and leverage on a sustained basis, such
that its adjusted EBITDA margin stays above 35% and adjusted
debt/EBITDA remains below 2.4x.

Another positive for the rating will be a capital structure with
a longer average borrowing term than is currently evident to
reduce the pressure on internally generated cash flow. In
addition, the company will need to demonstrate a trend of
continued excellent liquidity and access to the capital markets.

Negative rating pressure could emerge if SOFTBANK's adjusted
EBITDA margin falls below 30%, or if adjusted debt/EBITDA
deteriorates to greater than 2.75x in FYE3/2013. Any decision to
meaningfully reduce capital spending would be reviewed to assess
its impact on the company's competitive position. A significant
change in its position in the mobile communication market would
also lead to negative pressure, as would any significant
additional M&As, or share buybacks.

The principal methodology used in the ratings of these issuers
was "Global Telecommunications Industry", published on February
15, 2011, and available on www.moodys.co.jp.

SOFTBANK Corp, headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution and networking.

eAccess Ltd, headquartered in Tokyo, is a multi-service operator
for the asymmetric digital subscriber line (ADSL) business and
the mobile broadband business. Its share of the domestic
telecommunications market is marginal, although it has a strong
position in the mobile broad band segment.



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


AORANGI SECURITIES: Uncertainty Continues for Fund Investors
------------------------------------------------------------
The 12th report by the Grant Thornton statutory managers to
Aorangi Securities Limited investors, highlights how complex and
difficult the task of returning money to investors has become.
Aorangi is one of the funds caught up in the Hubbard financial
collapse.

"The court fixture to consider Mrs. Hubbard's claim that
NZ$60 million of the NZ$96 million of Aorangi assets were never
transferred to Aorangi's ownership and are therefore hers
personally and for her late husband's estate, is expected to
commence soon," the statutory managers said.

"If we are unsuccessful in these proceedings, this will have a
severe impact on returns to Aorangi investors."

The 12th report also details eight or more loans either in
dispute or at risk that the managers are actively negotiating to
recover.

"We estimate ultimate recoveries of third party loans at
approximately NZ$39 million.  Recoveries are dependent on market
conditions and in a number of instances on the outcome of legal
proceedings.

There are insufficient funds available to us to make a further
capital payment to investors at this time," confirmed the
statutory managers."

The statutory managers will be reporting next to investors at the
end of January 2013.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


AORANGI SECURITIES: HMF's Complexity Still Being Unravelled
-----------------------------------------------------------
The Hubbard Management Funds (HMF) statutory managers from Grant
Thornton reported on October 2, 2012, in their 12th Report to
investors that they are still implementing the High Court
directive made in June on how to distribute funds to investors.
There have been no further distributions in the meantime.

"We are required to review the records of each investor going
back some 20 years to establish cash deposits and withdrawals and
identify each investor's net cash position.  The Court's
directive is that the first step is for all investors to receive
back the amounts originally invested," said the Grant Thornton
statutory managers.

"Each investor will be given the opportunity to review and
confirm the accuracy of the data gathered and if they believe it
to be incomplete they will need to provide the missing
documentary evidence. When the position of each investor is
finally determined, we will take the remainder of the assets and
allocate them based on a formula which takes into account the
time investors have been in the fund and the returns on the NZX
across the periods involved.  This is a time consuming process."

More claims against the assets of Fund have come to light since
the last Report.  There are now claims of about NZ$7 million
against the portfolio value of around NZ$47 million.  The
Statutory Managers are working through these.

"Mrs. Hubbard and her family interests are contesting NZ$4.3
million of the NZ$7 million in dispute.  Another claim made by
ASB Bank for NZ$2.1 million will be determined by the Court later
this year.

A further complexity to reconcile is that the HMF accounts show
an investment in Aorangi of NZ$3.6 million but only NZ$0.470
million is recorded in the Aorangi accounts.  It appears that the
HMF figure is overstated but the reconciliation will be subject
to an independent review.  If this is the case, it will reduce
the value of the HMF portfolio."

The statutory managers will be reporting next to investors at the
end of January 2013.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


DIXON CUBA: High Court to Hear Wind-up Petition on October 8
------------------------------------------------------------
Kerry McBride at The Dominion Post reports that Dixon Cuba
Hospitality Ltd, the parent company of Wellington student bar The
Big Kumara, is facing liquidation.

The Inland Revenue Department applied to liquidate Dixon Cuba on
August 31 and the application will be heard in the High Court at
Wellington on October 8, the Post relates.

The report notes the company, which runs The Big Kumara in Dixon
St, is owned by Jonno Huntington, who bought the bar in 2009.

According to the Post, Mr. Huntington said he was trying to sell
the bar, which would remain open "in the immediate future".

"We have had offers but remain open to expressions of interest,"
the Post quotes Mr. Huntington as saying.

Inland Revenue's solicitor, Martyn Cherry, said he had not heard
from Mr. Huntington or anyone else from Dixon Cuba Hospitality
since lodging the application, the Post adds.

The Big Kumara, a regular hangout for university students and
younger drinkers, is known for its drinks deals and Orientation
Week parties.


KOOKY FASHIONS: Fails to Attract Buyers; Liquidators Close Stores
-----------------------------------------------------------------
Georgina Bond at NBR Online reports that liquidators have closed
the doors on homegrown womenswear retailer Kooky Fashions after
30 years in business.

According to NBR, Waterstone Insolvency said the 13 stores had
traded profitably since the owners placed it into liquidation in
June but it had been unable to find a buyer.

Thirty-six staff had lost their jobs after being employed on a
casual basis since liquidation, the report says.

NBR discloses that IRD had been paid NZ$130,147 in full and GSA
holder ANZ had been paid NZ$250,000.

As reported in the Troubled Company Reporter-Asia Pacific on
June 22, 2012, stuff.co.nz said Kooky Fashions has been placed
into liquidation.  A liquidators' report compiled by Waterstone
Insolvency's Damien Grant said the company's director Suzanne
Dunn attributed the failure to a downturn in the economy which
"expended the cash flow of the business".  ANZ National Bank
holds a general security agreement over the business, and along
with six other secured creditors is owed NZ$1.88 million.  All up
creditors are believed to be owed NZ$2.7 million with only
NZ$1.6 million of assets likely to be available to meet those
commitments, according to the report.

Kooky Fashions is a Kiwi-owned clothing chain with 14 stores
between Whangarei and Christchurch.  The company was formed in
2004 and is now owned by Suzanne, Jason and Anthony Dunn.


NATIONAL FINANCE: Ludlow Appeals 5-Year Jail Sentence
-----------------------------------------------------
The New Zealand Herald reports that jailed National Finance boss
Trevor Allan Ludlow is appealing his sentence on the grounds it
was "manifestly excessive" but has been denied bail to prepare
for the hearing.

The Herald notes Mr. Ludlow was convicted last year of six
charges of theft by a person in a special relationship and one of
false accounting in a case brought by the Serious Fraud Office.

He was sentenced by an Auckland District Court judge to five
years seven months in jail, the report relates.

But Mr. Ludlow is now appealing this sentence and has indicated
he may also appeal against the conviction, according to the
Herald.

While Mr. Ludlow believed he should be granted bail to get ready
for the appeal, the Court of Appeal's Justice Terence Arnold has
denied the application, the Herald reports.

"The onus is on Mr Ludlow to show cause why bail should be
granted. In my view, he has not done so...Mr Ludlow has not given
any indication of the basis for his argument that the sentence is
manifestly excessive. As a consequence, it is difficult to assess
the strength of the appeal," the report quotes Justice Arnold as
saying.

According to the judgement, Mr. Ludlow believes there is "a high
level of public interest in the appeal" and said he could not
prepare for it while incarcerated, the Herald adds.

                         About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


ZINTEL GROUP: Shareholders Opt to Delist, Liquidate Firm
--------------------------------------------------------
BusinessDesk reports that shareholders of Zintel voted in favor
of delisting and giving the board the power to call in
liquidators after the company sold all of its operating units and
resolved a legal dispute.

BusinessDesk says the vote was won on a show of hands at the
annual meeting in Auckland.  Liquidation required a change to the
company's constitution.

According to the report, the company resolved its last
outstanding issue with the announcement on Sept. 28, 2012, that
it had reached an amicable settlement with VeriFone that was
sparked by the loss of its exclusive deal with the US company.

BusinessDesk relates that Zintel on Friday announced the sale of
its Commit Services unit for NZ$1.13 million, the last operating
unit to be disposed of.  Zintel said the proceeds of that and the
settlement with VeriFone will list cash in bank to more than
NZ$22 million.

The report states that Zintel abandoned its growth strategy when
US companies VeriFone and Hypercom merged, with the result that
VeriFone terminated Zintel's exclusive distribution agreement,
dealing a "devastating" blow to the New Zealand's firm's Eftpos
business.

The other development was the sale of its Australian toll-free
calling business for NZ$15.3 million to Delaware-based j2 Global,
more than the Auckland-based company's entire market value at the
time, BusinessDesk adds.

Based in Auckland, New Zealand, Zintel Group Limited, through its
subsidiaries, provides a range of telecommunication services to
the business market in New Zealand. It offers mobile, 0800 and
0508 toll free, access and toll voice services, and data
solutions.



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


PETA MARINE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Sept. 18, 2012,
to wind up the operations of Peta Marine Services Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

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


VANGUARD INVESTIGATION: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on Sept. 14, 2012,
to wind up the operations of Vanguard Investigation and Security
Services Pte Ltd.

Neo Yeo Choon filed the petition against the company.

The company's liquidators are:

         Cosimo Borrelli
         Jason Aleksander Kardachi
         c/o Borrelli Walsh Pte Limited
         One Raffles Place Tower 2 #10-62
         Singapore 048616


VINCI PTE: Creditors Get 100% Recovery on Claims
------------------------------------------------
Vinci Pte Ltd, which in compulsory liquidation declared the first
and final dividend on Sept. 24, 2012.

The company paid 100% to the received claims.

The company's liquidator is:

         Jason Aleksander Kardachi
         c/o Borrelli Walsh Pte Limited
         One Raffles Place
         Tower 2, #10-62
         Singapore 048616


ZHEN LIAN: Court to Hear Wind-Up Petition Oct. 12
-------------------------------------------------
A petition to wind up the operations of Zhen Lian Sun Pte Ltd
will be heard before the High Court of Singapore on Oct. 12,
2012, at 10:00 a.m.

Hong Leong Finance Limited filed the petition against the company
on Sept. 17, 2012.

The Petitioner's solicitor is:

         Michael BB Ong & Co
         No. 10 Anson Road, #18-13
         International Plaza
         Singapore 079903



===========
T A I W A N
===========


LEHMAN BROTHERS: Taiwan Commences Liquidation Proceedings
---------------------------------------------------------
On Aug. 14, 2012, the sole shareholder of Lehman Brothers Taiwan
Investments Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Sept. 17, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Timothy Le Cornu
         Kenneth Krys
         KRyS Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237, Grand Cayman KY1-1205
         Cayman Islands

                       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.



                             *********

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

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

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


                            *********


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

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

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

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

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





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