TCRAP_Public/121005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, October 5, 2012, Vol. 15, No. 199

                            Headlines


A U S T R A L I A

BASSET HOLDINGS: Franchisees Claim Former Owner Owes Them Money
NEWCASTLE COAL: Moody's Affirms 'Ba2' Senior Unsecured Rating
NINE ENTERTAINMENT: Threatens Receivership Unless Talks Resume
NORSEMAN GOLD: Appoints Administrator to Operating Subsidiary


H O N G  K O N G

HK WISDOM: Commences Wind-Up Proceedings
JUSTIN-MARKS MFG: Members' Final Meeting Set for Oct. 29
KEEVIL COMPANY: Members' Final Meeting Set for Oct. 29
KGC LIMITED: Creditors' First Meeting Set for Oct. 26
KRYSZEK INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 29

L & E PACKAGING: Ying and Chan Step Down as Liquidators
MONTANA TIMEPIECES: Annual Meetings Set for Oct. 18
MORAL WEALTH: Members' Final Meeting Set for Oct. 30
NEWGEN TELECOMS: Commences Wind-Up Proceedings
OMNI INTERNATIONAL: Annual Meetings Set for Oct. 18

PURE RICHES: Annual Meetings Set for Oct. 18
RBC SECRETARIES: Placed Under Voluntary Wind-Up Proceedings
REALTY GARDENS: Members' Final Meeting Set for Oct. 29
RVL PRINTED: Members' Final Meeting Set for Oct. 29
SHANGHAI KELANTAN: Members' Final Meeting Set for Oct. 31


I N D I A

ASSET CARS: CARE Rates INR18.04cr LT Loan at 'CARE BB-'
EM CEE CEE: CARE Assigns 'CARE BB-' Rating to INR9.59cr LT Loan
JAS INFRASTRUCTURE: CARE Cuts Rating on INR5,920cr Loan to 'BB+'
KINGFISHER AIRLINES: Talks Between Company and Pilots Fail
MEET ASSOCIATES: CARE Rates INR10.05cr LT Loan at 'CARE BB'

M.K. GROUP: CARE Rates INR38cr LT Loan at 'CARE BB-'
PHOENIX PROJECTS: CARE Assigns 'CARE BB' Rating to INR8.5cr Loan
PREET REALTORS: CARE Rates INR10cr LT Loan at 'CARE B+'
RAJASTHAN TRANSMISSION: CARE Puts 'B-' Rating on INR4.4cr Loan
RAMESHWAR COTTON: CARE Reaffirms 'CARE B' Rating on INR7cr Loan

RATHORE FREIGHT: CARE Cuts Rating on INR9.21cr Loan to 'CARE D'
SHREE SARASWATI: CARE Rates INR7.73cr LT Loan at 'CARE C'
VATIKA LTD: CARE Rates INR371.79cr LT Loan at 'CARE BB'
WALLED CITY: CARE Cuts Rating on INR14.74cr LT Loan to 'CARE D'


N E W  Z E A L A N D

MCVITTY PROPERTIES: Director Not Cooperating With Liquidators
SENTINEL VINEYARD: Ex-Owners Sue Bank, Receivers for Losses


P H I L I P P I N E S

RADIO PHILIPPINES: Woes Give San Miguel Window to Buy RPN
RADIO PHILIPPINES: Union Rejects Compensation Package


T A I W A N

BANK SINOPAC: Fitch Affirms Support Rating Floor at 'BB+'
PROMOS TECHNOLOGIES: To Lay Off 1,300 Employees; Shuts All Plants


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BASSET HOLDINGS: Franchisees Claim Former Owner Owes Them Money
---------------------------------------------------------------
SmartCompany reports that Bean Bar franchisees claim they are
owed money by Basset Holdings, the former owner of the Bean Bar
coffee chain which has collapsed into liquidation.

The head of Basset Holdings, former owner of the Bean Bar coffee
franchise, has denied claims that franchisees are owed money from
the business, which is now in liquidation, according to
SmartCompany.

The Bean Bar coffee chain continues to trade but SmartCompany
reported last week that the former franchise owner, Basset
Holdings, had become embroiled in Federal Court proceedings with
the Australian Tax Office over an outstanding tax debt which
resulted in the liquidation of the company.

Before Basset Holdings entered liquidation, a related company,
Bean Bar International, contracted to purchase the Bean Bar
business, the report relays.

According to SmartCompany, current and former franchisees claim
they are owed money by Basset Holdings and said there have been
"numerous complaints" to the Australian Competition and Consumer
Commission, Australian Securities and Investment Commission and
the Australian Tax Office about the franchisor.

Joe Minuzzo, a former Bean Bar franchisee, told SmartCompany the
complaints relate to Ron Basset and Basset Holding's non-
compliance with some franchise requirements.

SmartCompany relates that Mr. Minuzzo said there was a failure to
provide franchisees with copies of the marketing plan and that
rebates returned to the franchisor should have been attributed to
the benefit of the franchisees as stated in the franchise
agreement.

"All the franchisees have paid money into the marketing fund and
there has been no evidence of marketing," SmartCompany quotes Mr.
Minuzzo as saying.  "In all of the franchise agreements there has
never been a legitimate and certified copy of the marketing fund
provided to the franchises."

SmartCompany says Mr. Minuzzo claims each Bean Bar franchisee is
owed about AUD300 a month and estimates that he personally is
owed AUD100,000.

In May this year, Basset Holdings brought proceedings against the
ATO in the Federal Court but the proceedings were dismissed in
June, the report recalls.

Mr. Basset told SmartCompany the claims made by Mr. Minuzzo and
the other franchisees are incorrect.

According to the report, Mr. Basset said he expects the sale of
Basset Holdings to Bean Bar International to settle as early as
today, Oct. 5, and said he has plans to expand the Bean Bar
franchise interstate to New South Wales, Queensland and Western
Australia and internationally.

In July, the ATO commenced its own proceedings against Basset
Holdings in the Federal Court, which culminated in the winding up
of the company and appointment of Nick Cooper of BRI Ferrier as
liquidator, the report adds.


NEWCASTLE COAL: Moody's Affirms 'Ba2' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a (P)Baa3 rating with a
stable outlook to the proposed US$250 million of senior secured
notes to be issued by Newcastle Coal Infrastructure Group Pty Ltd
(NCIG). Moody's also has affirmed the existing Ba2 rating on the
senior unsecured notes issued by NCIG's parent company, NCIG
Holdings Pty Limited ('NCIGH'; together 'Group'), known as the "A
Class Hunter Infrastructure Term Redeemable Securities (HITRS)".
The rating outlook is stable.

The proposed notes will be irrevocably and unconditionally
guaranteed by NCIGH and will be senior secured obligations
ranking pari passu with all existing and future unsubordinated
indebtedness and benefit from a first priority security interest
in substantially all of the Group's assets.

The provisional rating is based on draft documentation available
as of September 21, 2012. Moody's will remove the bond rating's
provisional status upon completion of the issuance and
satisfactory review of the final documentation.

The proceeds of issue of the notes will be principally used by
the Group to repay senior debt.

Ratings Rationale

"The ratings are supported by the Group's stable cash flows
derived from ship or pay agreements entered into with its shipper
shareholders and third party shippers for the entire terminal
capacity as well as the ability to pass all operating costs
(uncapped) and financing costs (up to a predetermined cap) on to
its shippers", says Matthew Moore, a Moody's Assistant Vice
President -- Analyst. "The rating is also supported by the
company's progress to date on its expansion activities", Moore
adds.

"This is balanced against the Group's highly leveraged capital
structure with limited equity and thin coverage ratios (when
balanced against all tiers of capital), the potential for
unexpected execution challenges and cost overruns as the company
expands the terminal export capacity and exposure to counterparty
risk of its shippers," adds Mr. Moore.

The (P)Baa3 rating on the senior secured notes issuance also
recognises the notes' priority position in the Group's capital
structure and the support provided by the secured creditors'
interest in substantially all of the Group's assets. The notes,
which are pari passu to the existing senior secured credit
facilities, are at the operating company level, are senior to the
remainder of the capital structure and have a priority claim on
the group's cash flow and assets.

In June 2012, NCIG achieved mechanical completion on second stage
of its expansion activities, which increases nominal capacity to
53mtpa. This was achieved around 3 months ahead schedule and,
with only minor works remaining, has a forecast final cost that
is expected to come in well below original budget estimates.

While demand growth and prices for thermal coal have been
softening throughout 2012 and the outlook remains uncertain,
NCIG's Ship or Pay arrangement with the shippers substantially
insulates the group from an unexpected drop in throughput volume,
subject to a level of counterparty risk.

The stable outlook on the notes reflects the expected stable cash
flow generation from the group's supportive commercial
arrangements with its shippers, the conservative contingencies
built into the expansion funding and the expectation that the
NCIG's users generally low cost production will continue despite
a weaker outlook for thermal coal demand and prices.

Given the Group's financial profile and execution risk around the
current expansions, Moody's does not foresee upward rating
momentum over the near term. Completion of the expansions and
continued track record of stable operations combined with
improvements in the company's financial profile could begin to
exert pressure on the ratings or outlook in the medium term.

The rating could face downward pressure if the existing headroom
in the financing cap deteriorates meaningfully or if major delays
or cost overruns associated with the terminal expansions occur.
The rating could also face downward pressure if there was a
substantial decrease in credit quality of the shareholder
shippers or a material weakening in demand for coal produced in
NCIG's catchment area.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.

NCIG Holdings Pty Limited (NCIGH) is owned by six substantial
coal producers ('shipper shareholders') operating coal fields in
New South Wales, Australia. NCIGH wholly owns Newcastle Coal
Infrastructure Group Pty Limited ('NCIG'; together 'the group'),
which holds the long term lease on the NCIG Coal Export Terminal
in Newcastle, New South Wales.

NCIG has a 35 year lease on the 172-hectare site on Kooragang
Island and the group began exporting coal in March 2010, from
Stage 1 of the terminal, which is now completed and has a nominal
capacity of 30 million tonnes per annum (mtpa). The second stage
of development, Stage 2AA, which increases nominal capacity of
the terminal to 53mtpa, began shipping coal in May 2012 and
achieved mechanical completion in June 2012. The company is in
the process undertaking the third stage of construction on the
facility, Stage 2F, which will increase total export capacity to
66mtpa.


NINE ENTERTAINMENT: Threatens Receivership Unless Talks Resume
--------------------------------------------------------------
Business Spectator notes that The Australian reported Nine
Entertainment Co directors have delivered an ultimatum to key
lenders, threatening to put the group into receivership if new
debt talks are not held within seven days.

Creditors have been scrambling to produce a solution that will
allow Nine to refinance its heavy debt load, according to
Business Spectator.

The Australian notes that the letter -- signed by Nine chairman
Peter Bush -- outlines the company's options, including
receivership, a scheme of arrangement and re-starting a sale
process if Nine's lenders do not re-start tense debt talks.

Business Spectator discloses that talks broke down when lenders
were unable to agree on a valuation of the Nine Entertainment
business.  An agreement on valuation is needed before the debt
can be restructured and equity allocated.

The report says three-quarters of Nine Entertainment's lenders
have to support whatever solution is proposed for restructuring
$2.2 billion in debt.  The sale of ACP Magazines to Bauer Media
Group reduced the company's debt load from $2.8 billion, the
report adds.


NORSEMAN GOLD: Appoints Administrator to Operating Subsidiary
-------------------------------------------------------------
Philip Whiterow at Proactiveinvestors.co.uk reports that
Norseman Gold Plc has appointed an administrator to its main
operating subsidiary CNGC after production problems at the
Norseman mine left it short of cash.

The appointment of the administrator will give Norseman a
five-week breathing space to deal with its suppliers and other
creditors, Proactiveinvestors.co.uk says.

According to the report, major shareholder Tulla Resources, the
vehicle of mining tycoon and executive chairman Kevin Maloney has
agreed to take on debts owed by Norseman to Red Kite group and
also agreed to indemnify the Administrator in relation to his
costs.  As a result, the report notes, Tulla now directly and
indirectly holds approximately AUD25 million in secured debt.

Proactiveinvestors.co.uk relates that Norseman's directors said
they propose to submit a deed of company arrangement for
consideration of creditors that will provide for the continuation
of the business of CNGC and control to be returned to them.

The miner added that while the agreement between Tulla and Red
Kite had resolved the immediate financial difficulties faced by
the company, its shares will continue to be suspended both in
Australia and on AIM while the administrator is in charge of
CNGC, according to Proactiveinvestors.co.uk.

Ron Dean-Willcocks of Dean-Willcocks Shepard who has been
appointed administrator to CNGC said he intends to continue to
run the Norseman Mine as a going concern, the report adds.

Norseman Gold plc -- http://www.norsemangoldplc.com/-- is
engaged in gold mining operation.  The Company operates in two
operating mines, which include the Harlequin high-grade
underground gold mine; and the North Royal Open Pit mine.



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


HK WISDOM: Commences Wind-Up Proceedings
----------------------------------------
Members of Hong Kong Wisdom Holding Limited, on Sept. 28, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lam Tin Faat
         Unit 2105, 21/F
         Exchange Tower
         33 Wang Chiu Road
         Kowloon Bay, Kowloon
         Hong Kong


JUSTIN-MARKS MFG: Members' Final Meeting Set for Oct. 29
--------------------------------------------------------
Members of Justin-Marks Manufacturing Limited will hold their
final meeting on Oct. 29, 2012, at 10:00 a.m., at 1/F, Justen
Centre, at 46 Wai Ching Street, Jordan, Kowloon, in Hong Kong.

At the meeting, Ting Sueh Chung Martin, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KEEVIL COMPANY: Members' Final Meeting Set for Oct. 29
------------------------------------------------------
Members of Keevil Company Limited will hold their final meeting
on Oct. 29, 2012, at 9:00 a.m., at 23rd Floor, Wheelock House, at
20 Pedder Street, in Hong Kong.

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


KGC LIMITED: Creditors' First Meeting Set for Oct. 26
-----------------------------------------------------
Creditors of KGC Limited will hold their meeting on Oct. 26,
2012, at 3:00 p.m., for the purposes provided for in Sections
241, 242, 243, and 244 of the Companies Ordinance.

The meeting will be held at Unit 511, 5/F, Tower 1, Silvercord,
at 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.


KRYSZEK INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 29
------------------------------------------------------------
Kryszek International Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by Oct. 29, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 22, 2012

The company's liquidator is:

         Zita Pui Fun Troughton
         Flat 2B, Bellevue Heights
         8 Tai Hang Drive
         Hong Kong


L & E PACKAGING: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
L & E Packaging Far East Limited on Sept. 19, 2012.


MONTANA TIMEPIECES: Annual Meetings Set for Oct. 18
---------------------------------------------------
Members and creditors of Montana Timepieces International Limited
will hold their annual meetings on Oct. 18, 2012, at 2:20 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.


MORAL WEALTH: Members' Final Meeting Set for Oct. 30
----------------------------------------------------
Members of Moral Wealth International Investment Limited will
hold their final general meeting on Oct. 30, 2012, at 3:30 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.


NEWGEN TELECOMS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Newgen Telecoms (HK) Co Limited, on Sept. 28, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lam Tin Faat
         Unit 2105, 21/F
         Exchange Tower
         33 Wang Chiu Road
         Kowloon Bay, Kowloon
         Hong Kong


OMNI INTERNATIONAL: Annual Meetings Set for Oct. 18
---------------------------------------------------
Members and creditors of Omni International Holdings Limited will
hold their annual meetings on Oct. 18, 2012, at 3:10 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.


PURE RICHES: Annual Meetings Set for Oct. 18
--------------------------------------------
Members and creditors of Pure Riches Industries Limited will hold
their annual meetings on Oct. 18, 2012, at 2:00 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.


RBC SECRETARIES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Sept. 21, 2012,
creditors of RBC Secretaries (Hong Kong) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


REALTY GARDENS: Members' Final Meeting Set for Oct. 29
------------------------------------------------------
Members of Realty Gardens Managers Limited will hold their final
meeting on Oct. 29, 2012, at 9:30 a.m., at 23rd Floor, Wheelock
House, at 20 Pedder Street, in Hong Kong.

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


RVL PRINTED: Members' Final Meeting Set for Oct. 29
---------------------------------------------------
Members of RVL Printed Label Far East 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.


SHANGHAI KELANTAN: Members' Final Meeting Set for Oct. 31
---------------------------------------------------------
Members of The Shanghai Kelantan Rubber Estates (1925) Limited
will hold their final meeting on Oct. 31, 2012, at 11:00 a.m., at
Offices 1612-17, Hollywood Plaza, at 610 Nathan Road, Kowloon, in
Hong Kong.

At the meeting, Lee Sik Wai Benjamin, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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


ASSET CARS: CARE Rates INR18.04cr LT Loan at 'CARE BB-'
-------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Asset
Cars Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     18.04       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Asset Cars Pvt.
Ltd. is constrained due to its strained financial risk profile
marked by low profitability margin and leveraged capital
structure along with concentration risk of dealing only the in
premium passenger vehicle segment and operations in a highly
competitive market.

The rating, however, derives strength from the entrepreneurial
experience of promoters, first mover advantage with integrated
nature of services, increasing demand for Jaguar-Land Rover
vehicles and favourable industry outlook in the medium term for
passenger vehicle segment.

Ability to improve its scale of operations and profitability by
establishing itself in the region would be the key rating
sensitivity.

Incorporated in 2011, ACPL is a part of the Asset group, promoted
by Mr. Parvinder Singh Vijan and Mrs. Inderjeet Kaur Vijan. Asset
group has interest in automobile dealership, education and event
management. The group consists of Asset Motors Pvt. Ltd. (Rated
'CARE BB-') an authorized dealer of Hyundai vehicles; Asset Auto
India Pvt. Ltd. (Rated 'CARE BB') an authorized dealer of Skoda
vehicles, Asset Education Centre Pvt. Ltd., Asset Centre for
Excellence Business School and ION Events Pvt. Ltd.

ACPL operates in Pune as an authorized dealer for the Jaguar and
Land Rover brands of passenger vehicles imported by Tata Motors
Limited. Being the second authorized dealer in the state,
ACPL is permitted to operate over the state of Maharashtra
(except Mumbai) and Goa. It deals in all 3 models of the brand
'Jaguar' and all 6 models of 'Land Rover' luxury vehicles. ACPL
operates with one showroom and workshop at Pune. The company was
awarded with 2nd highest 'Target Achievement' award from Jaguar
Land Rover (JLR) that too when the showroom and servicing
facility were under establishment in Q4FY12. The showroom and the
infrastructure facility is also recognized and ranked 2nd best in
India by JLR.


EM CEE CEE: CARE Assigns 'CARE BB-' Rating to INR9.59cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Em Cee Cee Sports Agencies Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.59       CARE BB- Assigned
   Short-term Bank Facilities     2.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Em Cee Cee Sports
Agencies Private Limited are primarily constrained by its small
scale of operations with low capitalization, highly leveraged
capital structure, moderate profitability margins and working
capital intensive nature of its business.

The ratings, however, draw comfort from the experience of the
promoters and long track record of operations of ECCS with
established brand and wide marketing & distribution network in
the sports good industry.

Going forward, the ability of the company to increase its scale
of operation while improving its profitability margin and
effective working capital management along with the improvement
in solvency position would be the key rating sensitivities.

ECCS was incorporated in 1968 as a proprietorship firm by Mr
Janak Raj Mahajan (aged 63 years).  Later on in 1985, the firm
was converted to a private limited company. Currently, the
management comprises Mr. Janak Raj Mahajan, Mr. R. P. Mahajan,
Mr. Sham Sundar Gupta and Mr Satish Kumar.

The company is engaged in the manufacturing of sports goods and
has its manufacturing facilities at Jalandhar (Punjab) and Jammu.
The quality system and manufacturing processes of the company are
ISO 9001:2000 certified. In addition to this, the company was
awarded with 'State Productivity Award' in 1992, 'Best
Entrepreneur Award 95' and 'Outstanding Entrepreneurship Special
Recognition National Award 2010' among others.

The company sells its product under the known brand of JJ Jonex,
Yashika Eshquire and Karachi King. The product profile includes
skates, cricket equipment, boxing equipment, hockey equipment,
sports balls and many other items. The company sells its products
through distributors/dealers spread all over India and through
big retail chains.


JAS INFRASTRUCTURE: CARE Cuts Rating on INR5,920cr Loan to 'BB+'
----------------------------------------------------------------
CARE revises ratings to the bank facilities of JAS Infrastructure
And Power Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long term Bank Facilities     5,920      CARE BB+ Revised from
                                            CARE BBB

   * The rating is put on credit watch in light of uncertainties
     over the coal block allocations in light of investigation
     launched by investigation agencies.

Rating Rationale

The rating revision takes into account the uncertainties with
respect to the coal blocks as a result of investigation launched
by investigation agencies. The potential de-allocation of coal
blocks exposes the company to the risk of non availability of
fuel (coal) for its ongoing power plant project.

The ratings continue to be constrained by nascent stage of the
project, balance land acquisition, pending approval for operating
coal mines, absence of firm power off-take arrangement and equity
commitment required for the project However, the rating continues
to derive strength from promoter's experience in implementing and
operating power plants, majority of approvals being in place for
power plant and fixed time-fixed price nature of EPC contracts
for power plant.

The ability of the company to arrange for balance equity tie up
as well as complete the project in timely manner would be the key
rating sensitivities.

Further, CARE has placed the ratings on long term bank facilities
of JAS Infrastructure and Power Limited (JIPL) on Credit Watch.
CARE will monitor the ongoing developments and assess the
ability of the company to tie up for the fuel supply in an cost
effective manner in-case the coal mines are de-allocated.

Jas Infrastructure and Power Limited (JIPL), an SPV promoted by
the Abhijeet Group, is setting up a 1320 MW (2x660 MW)
supercritical coal based thermal power project in Siriya village,
Baunsi block of Banka district, Bihar state. Abhijeet Power
Limited (APL, rated CARE BBB/A3+), the group holding company for
coal based power generating assets, is the holding company of
JIPL. The group has prior experience of implementing power plants
and has total installed capacity of 322 MW. Besides, the group is
involved in setting up thermal power plants of total 1380 MW
capacities.

As on June 2012, the company has achieved 25.50% overall physical
progress as against planned physical progress of 24.00%.


KINGFISHER AIRLINES: Talks Between Company and Pilots Fail
----------------------------------------------------------
The Economic Times reports that Kingfisher Airlines Ltd's efforts
to resolve a labor dispute were dealt yet another blow after a
group of employees said negotiations in Delhi had "ended in
failure" because the Indian airline did not commit to paying
overdue salaries.

Kingfisher, once India's second largest airline, is more than
half a year behind on salary payments and has grounded its fleet
since Monday after a protest by engineers over the weekend turned
violent, according to the report.  Talks with employees in Mumbai
on Wednesday ended in a stalemate, ET relates.

"Employees demanded payment of long pending salary (seven months)
prior to resuming operations. All employees expressed their
keenness to resume work provided their dues are cleared
expeditiously," the group of unidentified employees in Delhi said
in a statement obtained by ET.

ET notes the shutdown has further dimmed the outlook for the
airline controlled by liquor baron Vijay Mallya. Kingfisher,
which has never turned a profit since its founding in 2005, is
saddled with $1.4 billion in debt, owed mostly to government
banks led by State Bank of India.

                       About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
now been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.


MEET ASSOCIATES: CARE Rates INR10.05cr LT Loan at 'CARE BB'
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Meet Associates Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.05      CARE BB Assigned
   Short-term Bank Facilities      0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Meet Associates
Pvt. Ltd. are primarily constrained by its small scale of
operations, low profitability margins in the dealership business
and leveraged capital structure. The ratings are further
constrained by increasing competitive intensity among the
dealers.

The ratings, however, take comfort from the experience of the
promoters of MAPL in the dealership business and multiple
dealerships of Mahindra & Mahindra Limited (tractor, two wheeler,
Light Commercial Vehicle & Passenger Vehicle) and Honda
Motorcycle & Scooter India Private Limited (two wheeler) reducing
dependence on any single product segment or manufacturer.

Going forward, the ability of the company to scale up its
operations and increasing its revenue mix from service and spare
income, thereby improving its profitability and solvency position
would remain the key rating sensitivities.

Incorporated in 2000 by Mr. Baldev Singh, Mr. Narendra Singh,
Mr. Devendra Singh and Mrs. Manjeet Kaur, MAPL is engaged in the
business of automobile dealership. The company operates as an
authorized 3S facility (Sales, Spares, Service) for vehicles of
Mahindra & Mahindra Ltd (M&M) and Honda Motorcycle and Scooter
India Pvt. Ltd (HMSI) for which details are as follows:
MAPL got its first dealership of M&M (tractors) at Sultanpur,
Uttar Pradesh, in 2001. The company was awarded dealership by
HMSI (two-wheeler) in 2003 at Moga (Punjab). Subsequently, in
2010, the company opened 3S facility for M&M (two-wheeler) at
Sultanpur, Uttar Pradesh. In April 2012, the company started the
operations of its fourth dealership of M&M (LCV & PV) at Amhat,
Uttar Pradesh. Currently, the company has four sales and service
centers in and around Uttar Pradesh and Punjab.

For FY11 (refers to the period April 1 to March 31), MAPL
achieved total operating income of INR25.26 crore with PBILDT and
PAT of INR0.80 crore and INR0.12 crore, respectively. For FY12
(based on the provisional results), MAPL achieved total operating
income of INR28.23 crore with PAT of INR0.18 crore.


M.K. GROUP: CARE Rates INR38cr LT Loan at 'CARE BB-'
----------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of M.K. Group.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       38.00     CARE BB- Assigned
   Short-term Bank Facilities      00.48     CARE A4

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

Rating Rationale

The ratings are primarily constrained by the nascent stage of
execution of the real estate development project under the Slum
Rehabilitation Authority (SRA) scheme along with the lack of
experience of the developer in executing the SRA project, high
funding risk with dependence on customer advances, high sales
risk as the project is yet to be launched for sales, constitution
of the entity as a partnership concern and cyclical nature of the
real estate industry.

The aforesaid constraints are partially offset by the strength
derived from the experienced partners in real estate industry and
their track record in the past.

The firm's ability to execute the project in a timely manner with
timely receipt of the customer advances and its ability to sell
the project space at envisaged prices are the key rating
sensitivities.

Established in 1998, the M. K. Group, a partnership firm is
engaged in the real estate business. The group has been involved
in construction, finance, investment services, pharmaceuticals
and hospitality through entities namely Ajmera Associates
Limited, International Financial Services Limited, Ajmera
Commodity and Derivatives Private Limited, Ajmera Pharmasure
Private Limited [Erstwhile Ajmera Trading and Impex Private
Limited] [CARE BB/A4] & Richie Rich Resorts Limited.

Presently, the firm is undertaking a project under an SRA scheme
with a total developable area of 3 lakh square feet (lsf) at
Kandivali (East), Mumbai. The project is envisaged to be executed
in two phases with only Phase-I of the project launched so far
and funding pattern for Phase-II is yet to be finalized. The firm
has plans to develop two 21-storied Towers and under slum
rehabilitation part (primarily part of Phase II), it involves
rehabilitation of 750 slum dwellers (75% of slum dwellers
have agreed) in two rehab buildings of 15 floors each.


PHOENIX PROJECTS: CARE Assigns 'CARE BB' Rating to INR8.5cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Phoenix Projects Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.50      CARE BB Assigned
   Long-term / Short-term         31.50      CARE BB / CARE A4
   Bank Facilities                           Assigned

Rating Rationale

The ratings assigned to the bank facilities of Phoenix Projects
Private Limited are mainly constrained on account of its working
capital intensive nature of operations along with stressed
liquidity position and its exposure to raw material price
fluctuations risk. The ratings are further constrained on account
of its fluctuating turnover, declining net profitability and cash
accruals and moderate debt coverage indicators.

The ratings, however, favorably take into account the wide
experience of the promoters in the infrastructure industry,
moderate order-book position and its long-standing relationship
with government, semi-government and private organisations.
The increase in the order-book position and consequent increase
in the scale of operations, improvement in profitability and
diversification in the new geographical areas remain the key
rating sensitivities.

Based in Rajkot (Gujarat), PPPL was incorporated in 1995 as a
proprietorship firm and was later converted to a private limited
company during 2002. Currently, PPPL is managed by Mr. Nanji
Kamaria, Managing Director, and Mr. Vimal Kasundra, Director, who
are also the promoters of the company. PPPL is engaged in the
development of water treatment plants and laying of drainage and
drinking water pipelines. PPPL has executed works for various
reputed public and private organizations in the states of
Gujarat, Rajasthan, Punjab, Delhi and Maharashtra. PPPL is
registered as a "AA class" (on the scale of AA to E-2, AA being
the highest) category contractor by Road & Building department
(R&B), Government of Gujarat (GoG) and also registered with
various other
government, semi-government and private organisations.

As per the provisional results for FY12 (refers to the period
April 1 to March 31), PPPL reported net profit of INR0.63 crore
on a total income of INR56.98 crore as compared with profit of
INR1.16 crore on a total operating income of INR37.86 crore
during FY11.


PREET REALTORS: CARE Rates INR10cr LT Loan at 'CARE B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Preet
Realtors Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Preet Realtors
Private Limited is primarily constrained by the limited track
record of executing large-sized real estate project, execution
risk associated with its on-going sole residential real estate
project, low booking status, exposure to the local demand-supply
dynamics and inherent risks associated with the real estate
industry.

The rating, however, draws comfort from the experience of the
promoters and the acquisition of the land and requisite project
approvals being obtained for the project.

Going forward, the ability to execute the project as per schedule
along with timely sale of the project space at envisaged prices
would remain the key rating sensitivity.

Preet Realtors Private Limited is a private limited company
incorporated in 2006. In October 2010, the company was taken over
by the present management comprising Mr. Narendra Maurya,
Mr. Arun Gupta, Mr. Anil Gupta and Mr. Mohit Maurya. The company
is in development of residential and commercial projects. The
group has completed the development of residential projects
comprising 1.45 lakh square feet (lsf) in the last 5 years in
Lucknow.

Currently, the company is executing a residential project viz.
"Rohit residency" in Lucknow (Uttar Pradesh). The total saleable
area of the project is 1.70 lakh square feet (lsf) and is
projected to be completed by December 2013.


RAJASTHAN TRANSMISSION: CARE Puts 'B-' Rating on INR4.4cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Rajasthan Transmission Wires Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.40      CARE B- Assigned
   Long-term / Short-term Bank     9.00      CARE B-/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rajasthan
Transmission Wires Private Limited are primarily constrained on
account of its smaller scale of operations with weak financial
risk profile marked by fluctuating turnover, thin profitability
margins, leveraged capital structure and weak debt coverage
indicators. The ratings are also constrained on account of
uncertainty associated with its tender driven business and
subdued financial risk profile of power distribution companies
which are the major customers of RTWPL.

The above-mentioned constraints far offset the benefits derived
from the vast experience of the promoters and established track
record of operations of the company.  The increase in scale of
operations with product and customer diversification, coupled
with improvement in profitability and capital structure are the
key rating sensitivities.

Jaipur, Rajasthan-based RTWPL was established in 1977 by Mr. R.
P. Jain. RTWPL is engaged in the manufacturing of All Aluminium
Conductors, All Aluminium Alloy Conductors, Aluminium Conductor
Steel Reinforced, Aluminium wires and various types of industrial
cables with an installed capacity of 6,000 kilometres as on
March 31, 2012.

The products manufactured by the company find applications in
power transmission and distribution. The key clients of RTWPL are
State Electricity Boards (SEBs) as entire operating income was
generated through the sales made to SEBs. RTWPL manufactures
Indian Standards Institute (ISI) marked products certifying that
products conforms to a set of standards laid by the Bureau of
Indian Standards (BIS).

As against a net profit of INR0.09 crore on a total operating
income of INR31.25 crore in FY11 (refers to the period April 1 to
March 31), RTWPL reported a net profit of INR0.02 crore on a
total operating income of INR20.22 crore during FY12.


RAMESHWAR COTTON: CARE Reaffirms 'CARE B' Rating on INR7cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Rameshwar Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.00      CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Rameshwar Cotton
Industries (RCI) continues to remain constrained on account of
its small scale of operations with a weak financial risk profile
characterized by thin profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained on account of its constitution as a
partnership firm, its presence in the highly competitive and
fragmented cotton ginning industry with limited value addition,
volatility associated with raw material (cotton) prices and
exposure to changes in the government policy for cotton.

The rating, however, continues to derive strength from the wide
experience of the partners in the cotton ginning business and
proximity to the cotton-producing region of Gujarat.

RCI's ability to increase its scale of operations while managing
volatility associated with cotton prices and moving up the cotton
value chain coupled with improvement in its overall financial
risk profile are the key rating sensitivities.

Amreli-based RCI was formed in 2003 as a partnership firm by the
four members of Mashru family.  The firm is engaged in cotton
ginning, pressing and oil extraction business with an installed
capacity of 3,500 Metric Tonne (MT) of cotton bales and 250 MT of
oil extraction as on March 31, 2012. RCI also trades in agro-
commodities such as coriander powder, sesame seeds, cumin seeds,
turmeric and chilly.

RCI has reported net profit of INR0.02 crore on a total operating
income of INR39.27 crore during FY12 (refers to the period
April 1 to March 31) against net profit of INR0.02 crore on a
total
operating income of INR34.74 crore in FY11.


RATHORE FREIGHT: CARE Cuts Rating on INR9.21cr Loan to 'CARE D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Rathore Freight Carriers Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.21       CARE D Revised from
                                             CARE C

   Short-term Bank Facilities     0.04       CARE D Revised from
                                             CARE A4
Rating Rationale

The revision in the ratings assigned to the bank facilities of
Rathore Freight Carriers Private Limited is driven by delay in
the servicing of debt obligations by the company on account
of its stressed liquidity position due to elongated collection
period resulting from delay in the payment by one of its major
customers.

Rathore Freight Carriers Pvt. Ltd. was formed in the year 1993 by
Late Mr. Girdhari Singh Rathore and is engaged in the
transportation business. RFCPL discontinued its operations in
2002 after an earthquake in Gujarat and resumed again in November
2009. Currently, it is managed by Mr. Hanuwant Singh Rathore,
Managing Director, who manages the overall administration of the
company. The company has a fleet of 40 trailers engaged in
transport of steel coils, marbles and containers. All the
trailers are purchased from Ashok Leyland having load carrying
capacity of 49 tonnes each. The average age of the trailers is
2.5 years.

During FY12 (refers to the period April 1, 2011 to March 31,
2012), RFCPL reported total operating income of INR20.85 crore
and PAT of INR0.22 crore as against the total operating income of
INR20.87 crore and PAT of INR0.28 crore in FY11.


SHREE SARASWATI: CARE Rates INR7.73cr LT Loan at 'CARE C'
---------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Shree
Saraswati Education Sansthan.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.73      CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Saraswati
Education Sansthan is primarily constrained on account of
instances of delay in debt servicing in the past on account of
stressed liquidity position, presence in a highly regulated
education sector and financial risk profile marked by low surplus
and highly leveraged capital structure. The rating is also
constrained by the modest scale and short track record of
operation and proposed debt-funded capex.

The rating, however, favorably takes into account the rich
experience of the promoters and strong enrolment ratio in the
flagship courses offered by SSES.

The improvement in the liquidity position and the overall
financial risk profile through improvement in the enrolment ratio
of other courses will be the key rating sensitivities.

Mehsana (Gujarat)-based Shree Saraswati Education Sansthan was
constituted in 2008 by Mr. Mahadev Chaudhary under the Bombay
Public Charitable Trust Act, 1950. SSES runs two institutes
viz. Faculty of Engineering and Faculty of Management. The
college is affiliated to Gujarat Technological University (GTU)
and the courses are approved by All India Council for Technical
Studies (AICTE). In July 2009, the trust obtained the approval
from AICTE and GTU to commence graduate and post-graduate courses
in Engineering and Management. The engineering institute offers
courses in five streams: Mechanical, Electrical and Electronics,
Civil, Computer Science and Electronics and Communication.

During FY11 (refers to the period April 1 to March 31), SSES
reported net surplus of INR0.03 crore (FY10: INR0.03 crore) on a
total operating income of INR3.93 crore (FY10: INR2.33 crore).


VATIKA LTD: CARE Rates INR371.79cr LT Loan at 'CARE BB'
-------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Vatika
Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     371.79      CARE BB Assigned

Rating Rationale

The rating is constrained by the exposure of Vatika Limited to
project execution and funding risk with significant area under
development where construction cost is yet to be expensed;
concentration risk emanating from dependence of medium-term cash
flows on township project in Gurgaon, high gearing and modest
coverage parameters exposing Vatika to refinancing risk. The
rating also considers inherent risks associated with the real
estate sector.

The rating derives strength from the promoter's experience in the
real estate sector, majority of the land cost paid-for with
requisite approvals in-place for ongoing projects; location
advantage and good connectivity of its major township project in
terms of being located at NH-8 Gurgaon and reasonable bookings
status for the six ongoing projects.

Going forward, the ability of Vatika to timely execute and
deliver projects, the ability to achieve consistent growth in the
sales from new launches and to improve gearing levels shall be
the key rating sensitivities.

The preference capital issued to Private Equity (PE) investors in
2008 is compulsorily convertible into equity by December 2012, at
the same time, as per the shareholder agreement, the investor
shall have an option to seek buy-back of its stake by the
promoters or by the company. In case of such an eventuality on
the company, the measures to be adopted by Vatika might impact
the credit profile of the company.

The Vatika group was incorporated in 1986 and is promoted by Mr
Anil Bhalla. The group is engaged in real estate development,
including commercial, residential and hospitality sectors and
operates primarily through Vatika Limited and Vatika Hotels
Private Limited.  Vatika Limited is the flagship company of the
group and all the real estate projects are developed by the
company. As on June 30, 2012, the group has a land bank of 1,668
acres primarily in Gurgaon. Vatika's wholly-owned subsidiary,
VHPL (CARE BBB-), has set-up a five-star deluxe hotel in Gurgaon
under the brand-name, 'Westin', and also operates facilities
management, restaurants and business centre verticals of the
group.

During FY12 (refers to the period April 1 to March 31; Audited),
Vatika achieved a PAT of INR60 crore (INR80 crore) on a total
income of INR855 crore (INR905 crore).


WALLED CITY: CARE Cuts Rating on INR14.74cr LT Loan to 'CARE D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Walled
City Hotels Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.74      CARE D Revised from
                                             CARE C

Rating Rationale

The revision in the rating reflects delay in debt servicing by
Walled City Hotels Private Limited on account of its stressed
liquidity position due to low cash accruals from operations and
high debt repayment obligation.

WCPL was incorporated in 2007 by Mr. Nikhilendra Singh and
Mr. Dhananjay Singh to carry out the hotel business at Jodhpur,
Rajasthan. WCPL operates a 39-room heritage hotel, which includes
28 luxury rooms, four garden rooms and seven suites. The hotel
comprises three restored 18th century buildings combined with the
four new buildings designed by the Delhi-based architects. The
hotel has two restaurants that can accommodate 60 people. Other
amenities in the hotel include spa facility, swimming pool, bar
and transportation facilities. Hotel property became fully
operational since October 2010. It reported Average Room Revenue
(ARR) of INR14,047 with 28% occupancy during FY12 (refers to the
period April 1 to March 31).

During FY12, WCPL reported operating income of INR8.62 crore with
a PAT of INR0.70 crore. During FY12, WCPL reported operating
income of INR8.62 (Rs.5.80 crore for FY11) crore with a PAT
of INR0.70 crore (net loss of INR0.25 crore for FY11).



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


MCVITTY PROPERTIES: Director Not Cooperating With Liquidators
-------------------------------------------------------------
stuff.co.nz reports that the winding up of Robert McVitty's
farming enterprises has hit a snag, with the Manawatu farmer not
co-operating with liquidators.

McVitty Properties Ltd, which Mr. McVitty directed, is in
receivership and liquidation.

But no progress has been made on the liquidation of the company,
according to the latest liquidators' report from Grant Thornton
obtained by stuff.co.nz.

stuff.co.nz says no property had been sold and liquidators were
still looking over financial records. However, they had sent a
questionnaire to Mr. McVitty about the company, and he was
required to fill it in and return it.

"To date, we have not received a response," the report, signed
off by David Ruscoe, noted.

                       About McVitty Properties

McVitty Properties Ltd was a dairy farming company owned by
controversial Manawatu farmer Robert McVitty.

PricewaterhouseCoopers partners Maurice Noone and John Fisk were
appointed receivers of McVitty Properties Ltd on March 18,
2010.  The company owed NZ$43.1 million to secured creditor BNZ.

McVitty Properties was put into liquidation in April 2012 with
Richard Simpson and David Ruscoe of Grant Thornton appointed as
appointed as the liquidator.

Mr. McVitty's other farming company, Patoka Dairies, is still in
receivership but not in liquidation.


SENTINEL VINEYARD: Ex-Owners Sue Bank, Receivers for Losses
-----------------------------------------------------------
The Marlborough Express reports the embattled former owners of
Sentinel Vineyard Partnership are taking legal action against the
receivers and WestPac Bank employees to recoup ongoing losses.

The Express relates that Sentinel Vineyard owned by Marlborough
couple Lynette and Neil Berry was put into receivership in March
2011, just before harvest.

Since then the Berrys have lost their Wrekin Rd home and
vineyard, while Mr. Berry battles terminal prostate cancer, the
report relates.

The Express notes the receivers, BDO Chartered Accountants, gave
notice of receivership ceasing on September 19.

According to the report, Lynette Berry did not want to talk about
the receivership, but said they are prepared to take the matter
further.

"The receivership has ceased and the ongoing losses caused by the
receiver and Westpac employees are sought, action will be taken,"
the report quotes Ms. Berry as saying. "I believe justice will be
done."

The couple moved from the Wrekin Rd property in March and is
still living in Blenheim.

The Express says the Berrys have always claimed their financial
problems started because Westpac Bank didn't understand how
viticulture worked.

The company's assets, which included a three-bedroom house and
14-hectare vineyard on Wrekin Rd, valued at NZ$1,325,000, were
put into receivership in March 2011, the report discloses.

The Express relates that the property failed to attract any bids
at a mortgagee auction in June last year.

Quotable Value records show the receivers sold the property for
NZ$750,000 on November 11, the report adds.



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


RADIO PHILIPPINES: Woes Give San Miguel Window to Buy RPN
---------------------------------------------------------
The Manila Standard reports that the impending demise of state-
controlled Radio Philippines Network Inc. is giving the fledgling
telecommunications business of conglomerate San Miguel Corp. a
shot in the arm.

The Standard relates that San Miguel has made its intention known
to acquire a broadcasting company to complement its
telecommunications business. It has started negotiations to
purchase a "significant" stake in Solar Entertainment Corp.,
owned by the family of chairman William Tieng and younger brother
Wilson, the report relays.

According to the Standard, San Miguel president Ramon Ang earlier
disclosed that the conglomerate would join any bidding if the
state decided to finally auction its broadcasting assets,
including Radio Philippines Network Inc., operator of television
station Channel 9.  Mr. Ang may not wait that long, the report
notes.

The Standard says San Miguel may soon conclude talks to buy into
Solar, giving the conglomerate an indirect stake in RPN.  Solar
owns 34% of RPN after converting its advances in the beleaguered
television station into equity, the report discloses.

Radio Philippines Network (RPN 9) is owned by Solar, Far East
Managers and Investors Inc. and the Philippine government.  It
currently operates seven TV stations and 11 radio stations.


RADIO PHILIPPINES: Union Rejects Compensation Package
-----------------------------------------------------
The Manila Standard reports that union members of Radio
Philippines Network Inc. on Tuesday rejected the compensation
package offered by the management.

According to the report, Raymon Tomale Jr., president of RPN
Directors/Supervisors Union, said the management of RPN 9 was
offering only 15 days for every year of service, instead of one
whole month as originally signed under a collective bargaining
agreement.

The Standard notes the management on Monday announced a
retrenchment program affecting at least 200 employees.

"We cannot accept what is being offered to us, because it is
total disregard of our CBA. But we have ongoing talks with the
management. We hope to settle it immediately," Mr. Tomale, who is
also secretary-general of the National Alliance of Broadcast
Union Federation, told the Standard in a telephone interview.

The Standard relates that Mr. Tomale said if no "just
compensation" would be agreed upon between the union and the
management, the union, together with the Nabuf, would file a case
before the Labor Department.

"We will conduct a series of consultations with the management.
We are still operational until Nov. 15," Mr. Tomale, as cited by
the Standard, added.

Radio Philippines Network (RPN 9) is owned by Solar, Far East
Managers and Investors Inc. and the Philippine government.  It
currently operates seven TV stations and 11 radio stations.



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


BANK SINOPAC: Fitch Affirms Support Rating Floor at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Bank SinoPac's (BSP)
Issuer Default Rating (IDR) at 'BBB' and its parent SinoPac
Financial Holdings' (SPH) IDR at 'BBB-', both with Stable
Outlook.

The affirmation reflects the stable banking franchise of SinoPac
Group (SPH and its wholly-owned subsidiaries including BSP),
improved earnings at the banking subsidiary and continuing modest
leverage at the holding parent.  They also factor in the group's
comparably moderate internal capital generation in Asia Pacific
and volatile earnings at the securities subsidiary, SinoPac
Securities (SPS).  The Stable Outlook underlines Fitch's
expectation that the group will maintain its stable credit
profile and contain credit losses through the global economic
downturn.

Significant and sustainable improvement in risk-adjusted core
earnings and strengthening of capitalisation may benefit BSP's
ratings.  On the other hand, BSP's concentrated property-related
exposures may undermine ratings if the property market reverses
markedly.  Significant asset quality deterioration and weakening
capitalisation arising from aggressive growth in corporate
finance, particularly in association with China, may also lead to
a rating downgrade.  The ratings of SPH are mostly driven by the
credit profile of its principal operating subsidiary, BSP.

BSP regained its earnings momentum and posted annualised return
of equity of 11% for H112 versus 3.6% for 2011, due to easing
credit costs amid a benign credit cycle and clean-up of
problematic commercial real estate exposures at its U.S.
subsidiary, Far Eastern National Bank.  The bank's asset quality
accordingly improved; its 90-day non-performing loan (NPL) ratio
was 0.38% at end-H112, down from 0.47% at end 2011.  However,
Fitch expects earnings momentum for BSP to moderate in 2012-2013
as a weak economic outlook weighs on the bank's asset quality.

BSP's capitalisation remains moderate by regional comparison but
is, in Fitch's view, appropriate for its risk profile.  This,
coupled with its mildly improved provisioning, should assist the
bank in weathering moderate external shocks.  BSP's liquidity
profile should remain stable given its resilient deposit
franchise and adequate liquidity management.

Founded in 2002, SPH is a medium-sized bank holding company with
consolidated assets of TWD1.32trn at end-H112.  It provides
diversified financial services through its two major
subsidiaries, BSP and SPS, and five small subsidiaries in other
financial sectors. BSP has 129 branches and commanded a 3.57%
market share in deposits at end-H112.  Taiwan-based conglomerate,
Yong Foong Yu Group and its majority owner, Show Chung Ho,
through his investment vehicles, are the group's largest
shareholders and control six out of 12 board seats.

A Credit Update on SPH and a Credit Analysis on BSP will be
published shortly on www.fitchratings.com.

The rating actions are as follows:

BSP:

  -- Long-Term IDR: affirmed at 'BBB'; Outlook Stable
  -- Short-Term IDR: affirmed at 'F2'
  -- National Long-Term rating: affirmed at 'A+(twn)'; Outlook
     Stable
  -- National Short-Term rating: affirmed at 'F1+(twn)'
  -- Viability Rating: affirmed at 'bbb'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'

SPH:

  -- Long-Term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-Term IDR: affirmed at 'F3'
  -- National Long-Term rating: affirmed at 'A(twn)'; Outlook
     Stable
  -- National Short-Term rating: affirmed at 'F1(twn)'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '5'


PROMOS TECHNOLOGIES: To Lay Off 1,300 Employees; Shuts All Plants
-----------------------------------------------------------------
The Taipei Times reports that ProMOS Technologies Inc. plans to
lay off more than 1,300 employees to cope with a major
restructuring plan that includes shutting down all its factories,
according to a statement released by the administration of
Central Taiwan Science Park on October 3.

Taipei Times relates that the statement came after the Hsinchu
District Court gave the go-ahead to a request from ProMOS' major
creditor banks, Taiwan Cooperative Bank and Bank of Taiwan, to
launch a restructuring plan.

ProMOS plans to slash 1,360 workers, or about 94% of its overall
workforce, by the end of this year, according to the statement
cited by Taipei Times.

According to the report, the administration said it had received
the workforce adjustment program from the Hsinchu-based
chipmaker, which would include 1,200 job cuts at the company's
operations in central Taiwan and 200 job losses in Hsinchu.

The layoffs would pave the way for ProMOS to transform itself
into a chip designer from a chip manufacturer, Taipei Times
reports citing the Chinese-language Liberty Times (the Taipei
Times' sister paper).

Taipei Times relates that the paper said ProMOS was also seeking
to sell a 12-inch factory, the most valuable asset it owns, in
central Taiwan to repay bank loans totaling NT$57 billion
(US$1.95 billion), with Taiwan Semiconductor Manufacturing Co
among the potential buyers.

                       About ProMOS Technologies

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access
memories (SDRAMs), as well as the related import and export
businesses.  The Company provides 64 megabytes (Mb), 128 Mb and
256Mb SDRAMs, 128Mb, 256Mb and 512Mb double data rate (DDR)
SDRAMs and others.

The Troubled Company Reporter-Asia Pacific, citing the China
Economic News Service, reported on July 28, 2011, that
representatives from over 30 creditor banks have agreed in
principle to accept the deal of swapping half of the NT$57
billion that ProMOS owes them for equity as part of their bailout
terms for the financially struggling DRAM maker.  The agreement
makes ProMOS Taiwan's first DRAM maker bailed out on the debt-
for-equity term, CENS said.

ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES reported.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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