TCRAP_Public/121012.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 12, 2012, Vol. 15, No. 204



GUNNS LTD: Administrator Freezes AUD3 Million Bank Accounts
NAUTILUS MARINE GENERAL: Not Linked to Nautilus Insurance
OCTAVIAR LIMITED: Class Seeks Papers in KPMG Case
WRIGHTS FINE: Caterer Placed in Liquidation
*ASIC Cancels Sydney Liquidator's Registration


LONGFOR PROPERTIES: S&P Gives 'BB' Rating on Sr. Unsecured Notes
* Fitch Says US House Tags Huawei and ZTE as Threats to Security

H O N G  K O N G

ELEGANT HERO: Members' Final Meeting Set for Nov. 5
EQ MANAGEMENT: Creditors' Proofs of Debt Due Nov. 6
FANCY HERO: Placed Under Voluntary Wind-Up Proceedings
HONNIC INTERNATIONAL: Final Meetings Slated for Nov. 6
KING LAU: Lee King Yue Steps Down as Liquidator

LUXOR SERVICES: Sole Member' Final General Meeting Set for Nov. 6
MARIGOLD TRADING: Members' Final Meeting Set for Nov. 7
MEGA CHOICE: Members' Final General Meeting Set for Nov. 6
NGAN PO: Commences Wind-Up Proceedings
NORTH POLE: Creditors' Meeting Set for Oct. 12


ADVATECH CERA: CRISIL Puts 'B+' Rating on INR280MM Loans
AIR INDIA: Ministry Looks to Tweak INR74 Billion Bond Issue
CALCAST FERROUS: CRISIL Cuts Rating on INR58.5MM Loan to 'BB-'
C.L. ENG'G: CRISIL Assigns Junk Ratings to INR68MM Loans
DYNAMIX CHAINS: CRISIL Cuts Rating on INR378.5MM Loans to 'D'

GOLDEN APPARELS: CRISIL Assigns 'B' Rating to INR201.7MM Loans
K G PIPES: Weak Liquidity Cues CRISIL to Assigns Junk Ratings
SAIBABA SHIP: CRISIL Reaffirms 'BB+' Rating on INR30MM Loan

SMS SHIVNATH: CRISIL Upgrades Rating on INR2BB Loan to 'BB-'
UNION BANK OF INDIA: S&P Lowers Rating on Hybrid Issues to 'B+'


EACCESS LTD: Moody's Corrects October 2 Rating Release
JLOC 38: Fitch Affirms 'Dsf' Rating on JPY3.5-Bil. Notes


TRICOMM INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 2
VEPRO (SEA): Creditors' Proofs of Debt Due Oct. 19


* Moody's Says Asian Liquidity Stress Index Rose in September
* Large Companies with Insolvent Balance Sheets

                            - - - - -


GUNNS LTD: Administrator Freezes AUD3 Million Bank Accounts
Matthew Denholm at The Australian reports that bank accounts of
Gunns Ltd containing at least AUD3 million have been frozen and
measures taken to secure and forensically examine company
electronic data and records.

At Wednesday's first Gunns creditors' meeting, creditors
questioned administrators PPB Advisory on how much cash was left
in Gunns' bank accounts and who might have priority access.

The Australian understands administrator Daniel Bryant told the
more than 150 creditors that AUD3 million had so far been located
in a number of accounts and it had been frozen.

Attempts were still under way to determine whether the cash could
be linked with certain purposes or creditors, the report notes.

The Australian says some of the cash may be proceeds from
harvesting of plantations under managed investment schemes and
may by claimed by growers.

According to the Australian, creditors at the meeting, closed to
the media, also heard that action had been taken for the forensic
capture of electronic data and financial information held by
Gunns.  The Australian relates that Mr. Bryant told creditors
this could be used in any action to recover more money, and that
the administrators would examine whether or not the company had
traded while insolvent.

The Australian notes Gunns went into voluntary administration on
September 25 after its banking syndicate refused to allow any
more asset sale proceeds to be used for operating purposes.

The Australian relates that while the banks, owed AUD526 million,
are secured creditors, other creditors -- plantation scheme
investors and growers, logging and other contractors, and
employees-- will compete for any remaining funds after asset

Receiver KordaMentha is negotiating to sell the company's two
operating softwood sawmills, at Bell Bay in Tasmania and
Tarpeena, near Mount Gambier, in South Australia, according to
the report.

The Greens -- long-time critics of Gunns accused of playing a key
role in its downfall -- called on the company's banks to allow
Tasmanian creditors to be paid first, The Australian says.

The next creditors' meeting is expected next month, the report

                       About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) -- is an hardwood and softwood forest
products company. It operates within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia. Gunns Plantations Limited (GPL) is a Responsible
Entity that manages 21 registered agricultural Managed Investment
Schemes (MIS) on behalf of investors (growers).

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.

KordaMentha has also been appointed Receivers and Managers.

NAUTILUS MARINE GENERAL: Not Linked to Nautilus Insurance
Marine Business reports that the management of Nautilus Marine
Insurance Agency Pty Ltd confirmed that the boat insurance
company has no association whatsoever with Nautilus Marine
General Systems Pty Ltd, which is in liquidation.

Nautilus Marine General Systems Pty Ltd is a division of the
WA-based Columbus Group which operates in the maritime
engineering sector.  Nautilus Marine General Systems recently had
a Court-appointed liquidator installed.

"No-one wishes to see a company placed in liquidation," the
report quotes Lyndon Turner, CEO of Nautilus Marine Insurance
Agency, as saying.

"Because there is some similarity between our trading names, we
want to re-assure the market that we at Nautilus Marine are in
great shape and that there is no link between the companies."

"We want to confirm that there absolutely no connection between
us and Nautilus Marine General Systems Pty Ltd. We operate in a
different corporate sector, there is no common shareholding and
no common staff at any level," Mr. Turner said.

OCTAVIAR LIMITED: Class Seeks Papers in KPMG Case
Lisa Allen at The Australian reports that a class action against
KPMG, auditor of the MFS compliance plan, continues apace with
the plaintiffs seeking access to documents held by the MFS
liquidators, Bentleys.

The report notes IMF Australia is funding the action which is
being brought by Premium Income Fund unitholders and concerns a
series of related-party transactions that allegedly occurred
between 2006 and 2007.  The class action concerns $147.5 million
that it is alleged was utilized by MFS, now known as Octaviar
Limited, to improperly pay a September dividend in 2007 and to
repay a $103 million debt to funder Fortress, The Australian

"This could be a big step forward for PIF unitholders in that it
will give access to documentation that they haven't previously
been able to get access to," The Australian quotes Queensland
property sources as saying. "It is anticipated that the class
action claim is for more than $200 million."

The matter is listed for a further directions hearing in the
Federal Court on December 7, The Australian reports.

According to the report, the move follows a decision to reduce
the number of senior executives and directors once associated
with the MFS PIF legal action because of concerns over the
existence of insurance cover.

Subject to approval from PIF unitholders and the Federal Court,
the report says, IMF Australia proposes to discontinue the MFS
class action against nine individuals, including MFS founder
Michael King, former chief executive Craig White, former director
Paul Manka and its former fund manager Guy Hutchings.

"The proposed discontinuance will limit the likely substantial
costs of pursuing claims against the relevant respondents in
circumstances where any ultimate recovery against them is
doubtful because of questions concerning their ability to pay
compensation and the existence and extent of insurance cover
available to them," a notice issued to unitholders by IMF
Australia said.

The Australian notes the MFS class action will continue against
two KPMG partners, Andrea Waters and Michael Andrew, and other
KPMG partners because the firm was the auditor of the MFS
compliance plan.

The applicant, Mercedes Holdings, representing the PIF
unitholders, commenced the MFS class action in the Federal Court
in 2009, the report recalls.

The application for proposed discontinuance will be heard by the
Federal Court on November 6, The Australian adds.

                       About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.  The
directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and
Harwood as Voluntary Administrators.  Fortress Credit Corporation
(Australia) II Pty Ltd., one of Octaviar Limited's major
creditors, also appointed Stephen James Parbery and Anthony
Milton Sims of PPB Advisory as receivers and managers for

In December 2008, Octaviar's creditors voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited, and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in intercompany loans.

WRIGHTS FINE: Caterer Placed in Liquidation
Australian Hospitality Magazine reports that the Canberra
catering business of long time hospitality operator Fiona Wright
has been ordered to be placed into administration and wound up.

According to the report, the Supreme Court this week made the
order and appointed Kazar Slaven as liquidator of the business
that includes Ten and A Half Catering and Wrights Fine Foods.

Ms. Wright has confirmed through a statement that she had been
hit with an "unexpected" outstanding payroll tax bill that she
had been working with the Revenue Office and the Tax Office to
repay, Hospitality Magazine relays.

She indicated that the outcome was related to her contract with
the National Gallery of Australia, the report relays.

"An administrator has been appointed and all arms of this
catering company have been liquidated, even though such a
disastrous outcome for the company and staff could easily have
been avoided if the gallery had behaved in a different manner,"
the report quotes Ms. Wright as saying.  "We are seeking legal

Wrights Fine Foods is a catering company based in Canberra.

*ASIC Cancels Sydney Liquidator's Registration
The Australian Securities & Investments Commission has accepted
an enforceable undertaking from Sydney liquidator,
Geoffrey Turner, which prevents him from practicing as a
registered liquidator for life.  Mr. Turner presently practices
under the name, G S Turner & Co, from offices located in the
Sydney suburb of Hurstville.

Following an ASIC review of 60 external administrations of which
Mr. Turner was the appointed external administrator, ASIC formed
the view that Mr. Turner failed to properly carry out his duties
as a liquidator.

ASIC detected the matter through its proactive liquidator
compliance program which identifies issues concerning competence,
independence and improper gain for further investigation and
enforcement action, if required.

ASIC Senior Executive Leader on Insolvency Practitioners, Adrian
Brown, said registered liquidators were important gatekeepers
within the financial system who needed to take their
responsibilities seriously.

"Liquidators must ensure they act competently, and if that is
found wanting, we will not hesitate to take action to protect the
interests of creditors and the broader industry."

"Our proactive program of compliance visits for registered
liquidators continues and we will take appropriate steps against
those who don't meet their obligations," Mr Brown said.

The enforceable undertaking requires Mr. Turner to:

   * ask ASIC to cancel his registration as a liquidator within
     seven days of ASIC's acceptance of the EU. Mr. Turner has
     already complied with this requirement;

   * not ever re-apply for registration as a liquidator

   * not ever perform any duty or function which requires the
     person performing the duty or function to be registered as
     a liquidator; and

   * provide ASIC with documents and information from time to
     time for the purpose of assessing compliance with the terms
     of the EU.

ASIC is of the view that Mr. Turner:

   * failed significantly to comply with statutory reporting
     requirements and lodgements including:

     -- lodgement of six-monthly receipts and payments

     -- holding annual meetings of members and creditors or
        lodging a report with ASIC

     -- lodging reports of his investigations

     -- drawing up, signing and lodging minutes of meetings
        of creditors,

   * failed to validly fix or determine remuneration;

   * failed to make a declaration of relevant relationships
     and declaration of indemnities;

   * used the firm's trust account to bank receipts and make
     payments for external administrations;

   * failed to have adequate human resources to properly
     service his appointments;

   * failed to have appropriate operational procedures and
     manuals for conducting external administrations; and

   * unnecessarily delayed finalizing external administrations.

ASIC does not hold the above views for each and every one of the
60 external administrations involved.

Mr. Turner acknowledged that ASIC's views are reasonably held. In
doing so, Mr. Turner agreed that he failed to carry out or
perform adequately and properly the duties of a liquidator.

ASIC will make an application to the NSW Supreme Court for a new
liquidator to be appointed to nine of the 60 external
administrations reviewed.  The new liquidator will be required to
finalize those external administrations.  The remaining 51
external administrations have been inactive for over two years,
and ASIC is taking steps to finalize those external
administrations by deregistering those companies on the basis
there is no acting liquidator.


LONGFOR PROPERTIES: S&P Gives 'BB' Rating on Sr. Unsecured Notes
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to a proposed issue of U.S.-dollar-denominated seven-year senior
unsecured notes by Longfor Properties Co. Ltd. (BB+/Stable/--;
cnBBB+/--). "At the same time, we assigned our 'cnBBB' Greater
China regional scale rating to the proposed notes. The ratings
are subject to our review of the final issuance documentation.
Longfor intends to use the proceeds to finance existing and new
property projects, refinance certain existing indebtedness, and
for general corporate purposes," S&P said.

"The issue rating is one notch lower than the corporate credit
rating to reflect our opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of default. In our view, Longfor's ratio of priority
borrowings to total assets is likely to remain above our notching
threshold of 15% for speculative-grade debt," S&P said.

"The corporate credit rating on Longfor reflects the company's
rapid growth strategy and short track record as a large-scale
developer. In addition, Longfor is exposed to the high-end real
estate market in tier-one cities in China. This segment is
challenging because it is affected by government policies to cool
investment demand and housing prices. Nevertheless, in our view,
the company's good competitive position and strong execution
capability are likely to improve its financial performance
despite the uncertain outlook for China's real estate market.
While Longfor's results for the first six months of this year met
our expectation, its debt-to-capital ratio was higher than we had
anticipated, at 50%. The company's recent Hong Kong dollar 3
billion share placement will alleviate some of the pressure on
its capital structure, in our opinion," S&P said.

"The stable outlook on Longfor reflects our expectation that the
company can demonstrate conservative cash and debt management to
generate positive cash flow while pursuing high growth. In our
view, Longfor's good competitive position and strong execution
will help to maintain healthy sales and margin amid the deepening
market correction in 2012," S&P said.

* Fitch Says US House Tags Huawei and ZTE as Threats to Security
The decision by the US House Intelligence Committee to label
Huawei and ZTE as threats to US national security -- largely on
the premise of potential Chinese state influence -- underlines
once again the difficulties facing the Chinese telecom equipment
makers as they seek to expand across major developed markets.

Exposure to the US is quite small for both companies, at less
than 5% of total revenues, so the potential loss of US revenue is
unlikely to affect their operations significantly.  Yet a more
meaningful impact could arise if more countries decide to avoid
the Chinese manufacturers over alleged national security

Earlier this year, the Australian government decided to exclude
Huawei from participating in building the country's national
broadband network (NBN) due to concerns that it could impinge on
national security, despite assurances to the contrary.

ZTE responded to the US congressional committee report by
emphasizing its independence from state influence, the integrity
of its vendor-neutral network security systems, and how the value
of various telecom equipment components ZTE purchases from US
companies is significant compared with the revenue it derives
from the US.  The company also expressed disappointment that the
two Chinese equipment makers had alone been singled out, and how
the report failed to consider Western telecom equipment vendors
and their Chinese joint-venture manufacturing partners in its
assessment, given that the vast majority of telecom equipment in
place in the US is in fact manufactured in China.

ZTE is 31%-owned by Zhongxingxin Telecommunications Equipment
Co., Ltd, which in turn is 51%-owned by two stated-owned
entities.  The ownership structure of Huawei is not in the public
domain as the company remains a private concern.  Nevertheless,
according to various media reports, most of its shares are owned
by the company's employees -- including its founding shareholder,
Ren Zhengfei.

National security concerns are understandably an important
consideration when deploying mobile or fixed-line networks.  In
January, India's Department of Telecommunications warned of
potential security issues not just with the Chinese
manufacturers, but also with vendors from the US, Europe and
Japan, and hence emphasised the need for India to become more
self-sufficient in telecoms network technology.

Margins for the Chinese telecom equipment manufacturers are under
pressure, partly because they typically need to offer significant
discounts in order to win strategic orders from large network
operators in developed markets.  The extent of the discount
required is only likely to be greater for those markets where
supposed security concerns weigh against the Chinese exporters.
This is despite Fitch's view that the Chinese technology is
highly competitive and offers significant cost-savings.

In February, Fitch downgraded ZTE to 'BB-' from 'BB+' due to
deteriorating credit metrics -- including thin margins and
negative free cash flow.  This was after the company's push to
gain market share in Europe and North America had led to a fall
in operating profitability in 2011.

H O N G  K O N G

ELEGANT HERO: Members' Final Meeting Set for Nov. 5
Members of Elegant Hero Limited will hold their final meeting on
Nov. 5, 2012, at 10:00 a.m., at Unit 8/F, Infotech Centre, at 21
Hung To Road, Kwun Tong, Kowloon, in Hong Kong.

At the meeting, Wong Ka Ho, the company's liquidator, will give a
report on the company's wind-up proceedings and property

EQ MANAGEMENT: Creditors' Proofs of Debt Due Nov. 6
Creditors of EQ Management Services (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Nov. 6, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 25, 2012.

The company's liquidators are:

         Ng Kit Ying Zelinda
         Susana Jap
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong

FANCY HERO: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Sept. 28, 2012,
creditors of Fancy Hero Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Lam Yuet Ling Karen
         17/F, Yue Hing Building
         103 Hennessy Road
         Wanchai, Hong Kong

HONNIC INTERNATIONAL: Final Meetings Slated for Nov. 6
Contributories and creditors of Honnic International Technology
Limited will hold their final meetings on Nov. 6, 2012, at
9:00 a.m., and 9:15 a.m., respectively at Training Room B, The
Joint Professional Centre, Unit 1, G/F, The Center, 99 Queen's
Road Central, in Hong Kong.

At the meeting, Bernie Fuk Yuen Suen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

KING LAU: Lee King Yue Steps Down as Liquidator
Lee King Yue stepped down as liquidator of King Lau Development
Company Limited on April 12, 2012.

LUXOR SERVICES: Sole Member' Final General Meeting Set for Nov. 6
Sole Member of Luxor Services Limited will hold their final
general meeting on Nov. 6, 2012, at 3:00 p.m., at 14/F, South
China Building, 1-3 Wyndham Street, Central, in Hong Kong.

At the meeting, Wang Poey Foon Angela, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

MARIGOLD TRADING: Members' Final Meeting Set for Nov. 7
Members of Marigold Trading Limited will hold their final meeting
on Nov. 7, 2012, at Block D1, 9/F, Victorious Factory Building,
at 35 Tseuk Luk Street, San Po Kong, in Kowloon.

At the meeting, Lee Sui Lap, the company's liquidator, will give
a report on the company's wind-up proceedings and property

MEGA CHOICE: Members' Final General Meeting Set for Nov. 6
Members of Mega Choice Holdings Limited will hold their final
general meeting on Nov. 6, 2012, at 10:00 a.m., at 30/F, New
World Tower, 18 Queen's Road Central, in Hong Kong.

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

NGAN PO: Commences Wind-Up Proceedings
Members of Ngan Po Development Company Limited, on Sept. 28,
2012, passed a resolution to voluntarily wind up the company's

The company's liquidator is:

         Cheung Kwan Ho
         16/F, V Heun Building
         138 Queen's Road
         Central, Hong Kong

NORTH POLE: Creditors' Meeting Set for Oct. 12
Creditors of North Pole Limited will hold their meeting on
Oct. 12, 2012, at 10:30 a.m., for the purposes provided for in
Sections 243 of the Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, at 3 Lockhart Road, Wanchai, in
Hong Kong.


ADVATECH CERA: CRISIL Puts 'B+' Rating on INR280MM Loans
CRISIL has revoked the suspension of its ratings on the bank
facilities of Advatech Cera Tiles Ltd and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of
ACTL. The rating was previously 'Suspended' by CRISIL vide the
Rating Rationale dated April 9, 2012 since ACTL had not provided
necessary information required for a rating review. ACTL has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee          20         CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit            165         CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long-Term      49         CRISIL B+/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

   Term Loan               66         CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The ratings reflect the working-capital-intensive nature of
ACTL's operations, the modest scale of its operations in the
highly fragmented ceramics market and offtake risk associated
with its glazed vitrified tile project, on account of expected
slowdown in end-user industry. These rating weaknesses are
partially offset by ACTL's established distribution network and
established track record of promoters in the ceramics industry.

Outlook: Stable

CRISIL believes that ACTL will maintain its business risk
profile, over the medium term, backed by established distribution
network and extensive experience of promoters in the ceramics
industry. The outlook may be revised to 'Positive' if
stabilisation of the ongoing capital expenditure (capex) occurs
sooner than expected, leading to an increase in its scale of
operations and improvement in operating profitability, or if its
capital structure improves significantly, backed by equity
infusion from promoters. Conversely, the outlook may be revised
to 'Negative' in case of steep volatility in its sales and
profitability, which may adversely affect its cash accruals, or
if the company undertakes a larger-than-expected, debt-funded
capex programme, thereby adversely affecting its capital
structure and debt protection metrics, or if the incremental
working capital requirements of the company are larger than
expected, thereby putting pressure on ACTL's business and
financial risk profiles.

ACTL was incorporated in 2004, promoted by Mr. B T Patel, Mr.
Jagdish Rawal, and Mr. Baldeo Rawal at Mehsana (Gujarat). ACTL
manufactures porcelain-glazed floor tiles and recently set up a
capacity to manufacture glaze vitrified tiles.

ACTL reported a PAT of INR5.04 million on net sales of INR482.49
million for 2011-12 (refers to financial year, April 1 to
March 31) as against PAT of INR3.21 million on net sales of
INR363.11 million for 2010-11.

AIR INDIA: Ministry Looks to Tweak INR74 Billion Bond Issue
Santanu Choudhury at Dow Jones' Daily Bankruptcy Review reports
that India's civil aviation ministry is looking at ways to push
through state-run Air India Ltd.'s plan to sell 74 billion rupees
(US$1.41 billion) worth of bonds, which has been delayed because
of a lack of interest from merchant bankers.

                          About Air India

Air India Ltd -- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh

CALCAST FERROUS: CRISIL Cuts Rating on INR58.5MM Loan to 'BB-'
CRISIL has downgraded its long-term ratings on the bank
facilities of Calcast Ferrous Ltd (CFL; part of the Calspring
group) to 'CRISIL BB-/Stable' from 'CRISIL BB/Stable', while
reaffirming its rating on the short-term bank facilities at

   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Cash Credit             58.50    CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Bank Guarantee          40.00    CRISIL A4+ (Reaffirmed)

   Letter of Credit         5.00    CRISIL A4+ (Reaffirmed)

The downgrade reflects deterioration in the Calspring group's
liquidity, on account of increase in working capital requirements
and more-than-expected inter corporate borrowings. There has been
a stretch in the Calspring group's working capital cycle, as
reflected in the increase in its gross current asset (GCA) to 280
days of sales as on March 31, 2012 from 247 days of sales as on
March 31, 2011. The increase in working capital requirements has
been due to less-than-expected offtake from group company
Calcutta Springs Ltd's (CSL's) new unit in Bighati (West Bengal),
resulting in inventory build-up for the group during 2011-12
(refers to financial year, April 1 to March 31). Such incremental
working capital requirements had been met by additional inter-
corporate borrowings. CRISIL believes that the liquidity of the
Calspring group will remain weak until operations at the Bighati
unit stabilise, thus resulting in better-than-expected accruals.

The ratings reflect the benefits that the group derives from its
promoter's industry experience, its established market position,
and its wide product portfolio. These rating strengths are
partially offset by high customer concentration in the Calspring
group's revenues, large working capital requirements, and
susceptibility to intense industry competition.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CFL, CSL, and Calstar Steel Ltd (Cal
Steel). This is because these entities, together referred to as
the Calspring group, have a common management, cross holdings,
are in a similar line of operations, and share operational and
financial linkages with each other.

CRISIL has treated the preference capital infused by CSL of INR
74.9 million as part of equity capital for the calculation of
financial numbers on a specific undertaking from management
indicating that these are interest free in nature, are from
promoters and their group company and is expected to retain in
the business in the long term.

Outlook: Stable

CRISIL believes that the Calspring group will continue to benefit
over the medium term from its established market position in the
railway track components segment and its promoters' industry
experience. The outlook may be revised to 'Positive' in case of
more-than-expected improvement in operating income and
profitability, or better working capital management, leading to
improvement in the group's financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the Calspring group
generates a lower-than-expected operating margin or its working
capital cycle lengthens or it undertakes a large, debt-funded
capital expenditure programme over the medium term, leading to
further deterioration in its financial risk profile.

The Calspring group was founded by Kolkata (West Bengal)-based
Mr. Tulsi Ram Agarwal. Incorporated in 1989, CSL is the flagship
company of the group. Subsequently, the promoter floated CFL and
Cal Steel in 1990s. The group has been manufacturing railway
track materials for Indian Railways (IR) for the past 25 years.
It supplies materials such as switches and crossings, switch
expansion joints, spring settling devices, SGCI inserts, elastic
rail clip Mk-III, fish plates and fish bolts, pre-stressed
monoblock concrete sleepers, ductile iron cast fittings, glass
filled nylon-66 insulating liners, grooved rubber sole plates,
lower and upper rubber washer, high capacity rubber buffer
springs, single piece louvre shutters, two piece glass shutters,
window assemblies, and composite modular toilets. The Calspring
group's day-to-day operations are managed by Mr. Tulsi Ram
Agarwal and his three sons. Cal Steel also has warehouse space of
0.2 million square feet, which is currently rented out to ITC Ltd
(rated CRISIL AAA/Stable/CRISIL A1+).

The Calspring group's manufacturing facility is in Alampur,
Uluberia, Bighati, Sandhipur, Howrah (all in West Bengal),
Girisola (Orissa), and Kanpur (Uttar Pradesh).

The Calspring group has reported a profit after tax (PAT) of
INR19.5 million on net sales of INR1381.1 million for 2011-12,
against a PAT of INR24.2 million on net sales of INR1139.0
million for 2010-11.

C.L. ENG'G: CRISIL Assigns Junk Ratings to INR68MM Loans
CRISIL has downgraded its ratings on the bank facilities of C.L.
Engineering Equipment (India) Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'. The downgrade reflects instances of
delay by CL Engineering in servicing its debt; the delays have
been caused by the company's weak liquidity.

   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          67.3      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Bank Guarantee        0.7      CRISIL D (Downgraded from
                                 'CRISIL A4')

CL Engineering also has a weak financial risk profile, marked by
a small net worth, a high gearing, and average debt protection
metrics. However, the company benefits from its promoters'
extensive experience in the construction equipment trading

CL Engineering was set up as a partnership firm in 2000 by
Mr. Aanam Venkata Ramana Reddy and family members; it was
reconstituted as a closely held private limited company in 2008.
The company trades in construction equipment manufactured by
Telco Construction Company Ltd.

DYNAMIX CHAINS: CRISIL Cuts Rating on INR378.5MM Loans to 'D'
CRISIL has downgraded its rating on the long-term bank facilities
of Dynamix Chains Manufacturing Pvt Ltd (Dynamix Chains; part of
the Dynamix group) to 'CRISIL D' from 'CRISIL B-/Stable', while
reaffirming its rating on the company's short-term facilities at

   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Packing Credit           120       CRISIL A4 (Reaffirmed)

   Post-Shipment Credit     132.5     CRISIL A4 (Reaffirmed)

   Proposed Long-Term       151.4     CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B-/Stable')

   Standby Letter of         97.5     CRISIL A4 (Reaffirmed)

   Term Loan                227.1     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade on the long term rating reflects delays by Dynamix
Chains in meeting its term loan obligations. These delays have
been caused by the company's weak liquidity, driven by large
receivables from the American subsidiary of the group, Jewel

The Dynamix group has a weak financial risk profile, marked by
high gearing and weak debt protection metrics. Besides, the group
has large working capital requirements, resulting in weak
liquidity, and there is geographical concentration in its revenue
profile. However, the Dynamix group has an established market
position in the jewellery industry, and sound manufacturing

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dynamix Chains, Say India Jewellers
Pvt Ltd (Say India; rated 'CRISIL A4'), Lily Jewellery Pvt Ltd
(Lily; 'CRISIL B-/Stable'), Yash Jewellery Pvt Ltd (Yash; 'CRISIL
D/CRISIL A4'), Rolly Jewellery Pvt Ltd (Rolly; 'CRISIL B-
/Stable/CRISIL A4'), Dania Oro Jewellery Pvt Ltd (Dania Oro;
'CRISIL B-/Stable/CRISIL A4'), Jewel America Inc (Jewel America),
and Barjon Inc (Barjon). This is because all these companies,
collectively referred to as the Dynamix group, are under a common
promoter group, in the same line of business, and have
operational inter-linkages and fungible cash flows.

The Dynamix group of companies is promoted by Mr. Pramod Goenka.
The group manufactures gold, silver, and diamond-studded
jewellery, which is mainly exported to the US and the UK.

Dynamix Chains was established in October 2007. It manufactures
specialised chains and pendants, which are exported to the US.
Say India, Lily, Dania Oro and Yash (set up in May 1995, February
2004, February 2006, and November 2006, respectively), export
diamond-studded gold jewellery, while Rolly (established in
January 2005) exports light-weight electro-form jewellery. Jewel
America, a leading jewellery wholesaler in the US, was acquired
by the group in February 2009. The group operates through 176
outlets in larger stores, such as Shoppers Stop and Lifestyle,
and through two standalone stores. All the sales are made through
Nascent Jewellery, which is the domestic subsidiary of the group.
The sales are made under the brands Nirvana and Viola.

Dynamix Chains, on a standalone basis, reported a net loss of
INR15.3 million on net sales of INR472 million for 2010-11
(refers to financial year, April 1 to March 31), against a profit
after tax of INR21 million on net sales of INR604.3 million for
the previous year.

GOLDEN APPARELS: CRISIL Assigns 'B' Rating to INR201.7MM Loans
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Golden Apparels Exports Private Limited.

   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan             139.0       CRISIL B/Stable (Assigned)

   Proposed Long-Term     20.7       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit            42.0       CRISIL B/Stable (Assigned)

   Bank Guarantee          2.5       CRISIL A4 (Assigned)

The ratings reflect expected deterioration in GAEPL's financial
risk profile due to the on-going debt-funded capital expenditure
programme and susceptibility of company's operating performance
to intense competition and volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of GAEPL's promoters in the home furnishing industry
and established customer relationship

Outlook: Stable

CRISIL believes that GAEPL will maintain its business risk
profile over the medium term, supported by its promoters'
experience in the home furnishing industry and established
customer relationship. The outlook may be revised to 'Positive'
if GAEPL scales up its operations significantly, while
maintaining or improving its profitability margins, leading to
improvement in cash accruals and consequently the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's operating margins or revenues decline or if its
capital structure weakens because of time or cost overruns in its
on-going project, or lengthening of its working capital cycle.

GAEPL was incorporated in 1995, by Mr. Bhupinder Chugh and Mrs.
Kavita Chugh. The company is engaged in processing of various
types of curtain cloths, sold under its brand name 'Golden'. The
company also undertakes printing and dyeing activity on job-work
basis in its processing unit located at Panipat (Haryana). Mr.
Vedprakash Chugh (brother of Mr. Bhupinder Chugh and husband of
Mrs. Savita Bhugh) oversees the day-to-day operations of the
company. The company is also currently setting up a polar
blanket/fleece manufacturing unit at Panipat.

GAEPL reported a profit after tax (PAT) of INR24.3 million on net
sales of INR202.8 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.5 million on net
sales of INR159.9 million for 2010-11.

CRISIL has downgraded its rating on the long-term bank facility
of Graphite Tradelink Pvt Ltd to 'CRISIL D' from 'CRISIL BB-

   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Cash Credit               60.0     CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects instances of delay by GTPL in servicing
its debt, and its consistently overdrawn cash credit facility for
more than 30 days, because of its weak liquidity. The company's
weak liquidity is driven by its increased working capital
requirements due to stretch in its receivables.

GTPL has a small scale of operations, with geographical and
customer concentration in its revenue profile. Furthermore, the
company has a weak financial risk profile, marked by a small
worth and weak debt protection metrics. However, GTPL benefits
from the extensive experience of its promoters in the ready-made
garments industry.

GTPL was originally set up as a proprietorship concern, Skyline
Garments, in 2006. The firm was reconstituted as a closely held
company with the current name in June 2010 by its promoters, Mr.
Arnab Ghosh and Mr. Debdulal Sarkar. GTPL manufactures garments
for men under the Skyline brand.

For 2010-11 (refers to financial year, April 1 to March 31), GTPL
reported a profit after tax (PAT) of INR4 million on net sales of
INR359 million, against a PAT of INR3 million on net sales of
INR272 million for the preceding year.

K G PIPES: Weak Liquidity Cues CRISIL to Assigns Junk Ratings
CRISIL has downgraded its ratings on the bank facilities of K G
Pipes Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          10       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            100       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit        20       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Standby Line of Credit  15       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The ratings downgrade reflects KGPL's continuously overdrawn cash
credit account exceeding 30 consecutive days. The account has
been overdrawn because of the company's weak liquidity. KGPL has
weak liquidity because of muted accruals.

KGPL also has a below-average financial risk profile, marked by a
weak capital structure and inadequate debt protection metrics,
and is susceptible to volatility in prices of seamless pipes and
to demand from its end-user industries. However, KGPL benefits
from its established relationships with its customers and its
promoters' extensive industry experience.

KGPL, established in 2005, trades in galvanised pipes, seamless
pipes, and hot-rolled coils and sheets. The company's overall
operations are managed by Mr. Pradip Kumar Singhal and Mr.
Krishna Gupta.

For 2010-11 (refers to financial year, April 1 to March 31), KGPL
reported a profit after tax (PAT) of INR4.7 million on net sales
of INR733 million, against a PAT of INR4.4 million on net sales
of INR654 million for 2009-10.

CRISIL has downgraded its rating on the bank facilities of
Polymech Components Pvt Ltd to 'CRISIL D' from 'CRISIL B/

   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              70        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Rupee Term Loan           9.8      CRISIL D

The downgrade reflects continued delays by PCPL in servicing its
term debt and continuously overdrawn working capital bank lines
caused by the company's weak liquidity. Highly working-capital-
intensive operations, and lesser than expected accruals on
account of the company's inability to pass on the entire increase
in input costs to its customers has weakened its liquidity

PCPL also has a weak financial risk profile marked by a small net
worth, a high gearing, and moderate debt protection metrics.
However, the company continues to benefit from the funding
support that it derives from its promoters, and its established
customer base.

PCPL, established in 1982 as a partnership firm, was
reconstituted as a private limited company in 1990. The company
manufactures automobile components and construction hardware
parts. It manufactures various products such as hose clamps, cir-
clips, bearing pullers, washers, snap rings, spring steel parts,
and sheet metal components for use in the automobile,
construction, and engineering sectors. PCPL has a manufacturing
facility of 15,000 square feet in Asangao (Maharashtra).

PCPL reported a profit after tax (PAT) of INR5.3 million on net
sales of INR312.1 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR2.6 million on net
sales of INR202.4 million for 2010-11.

SAIBABA SHIP: CRISIL Reaffirms 'BB+' Rating on INR30MM Loan
CRISIL's ratings on the bank facilities of Saibaba Ship Breaking
Corporation (SSBC; part of the Apollo Vikas group) continue to
reflect the extensive industry experience of the Apollo Vikas
group's promoters, steady revenues from its furnace division, and
its moderate financial risk profile, marked by low gearing and
healthy debt protection metrics. These rating strengths are
partially offset by the group's small scale of operations in the
fragmented and cyclical ship-breaking industry, and
susceptibility to volatility in the value of the Indian rupee and
to adverse regulatory changes.

   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            30       CRISIL BB+/Stable (Reaffirmed)
   Letter of Credit      270       CRISIL A4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Apollo Vikas Steels Pvt Ltd (AVSL) and
SSBC. This is because the two entities, together referred to as
the Apollo Vikas group, are under a common management and have
mutual operational and financial linkages, including fungible

Outlook: Stable

CRISIL believes that the Apollo Vikas group will continue to
benefit from the established track record of its promoters in the
ship-breaking industry, coupled with steady revenues from its
furnace division, over the medium term. The outlook may be
revised to 'Positive' if the group's sales and profits increase
significantly. Conversely, the outlook may be revised to
'Negative' if the group's operating margin declines
significantly, most likely because of a decline in scrap prices,
or it is unable to recover the cost of ships purchased.


For 2011-12 (refers to financial year, April 1 to March 31), the
group registered larger-than-expected sales of INR1540.2 million.
The group was able to achieve high growth because it was able to
procure high-tonnage ships during the year and because of higher
utilization of the furnace unit.

CRISIL believes that the group will be able to maintain its
current scale of operations, thereby supporting its business risk
profile. The Apollo group's profitability was lower than expected
in 2011-12, with an operating margin of 5.1 per cent, against
CRISIL's expectation of 7.0 per cent. However, more-than-expected
sales resulted in marginally larger-than-expected cash accruals.
The profitability was low mainly because the increase in USD
prices on the due date wiped off profits. CRISIL believes that
the adverse impact of the group's profitability was mitigated by
conversion of a part of letter of credit obligations into buyer's
credit (against 100 per cent margin) and also due to its furnace
division, which provides the benefits of forward integration and
stable profitability. CRISIL believes that the profitability of
the group will remain under pressure on account of absence of
foreign exchange hedging; however, the group will continue to
reap benefits from its diversification into rolling business and
is expected to maintain its operating margin.

In 2011-12, the Apollo Vikas group's gearing increased, mainly on
account of increase in level of unsecured loans by promoters. If
unsecured loans from promoters are excluded, the gearing of the
group is low, mainly on account of low dependence on fund-based
bank facilities in the ship breaking business. However, the high
level of creditors led to high total outside liabilities to
tangible net worth ratio of 7.4 times as on March 31, 2012. The
net worth of the company remained low, at INR179.6 million, as on
March 31, 2012, mainly due to low profitability. The net worth of
the group decreased in 2011-12, mainly because the partner
withdrew funds from SSBC and infused the same by way of unsecured
loans. The net worth of the group is expected to increase in the
near future due to addition of profits to the net worth, thereby
supporting the financial risk profile of the group.

SSBC's profit after tax (PAT) is estimated at INR6.7 million on
net sales of INR512.2 million for 2011-12, as against a PAT of
INR20.4 million on net sales of INR391.5 million for 2010-11. The
Apollo Vikas group is expected to report a PAT of INR18.9 million
on net sales of INR1540.2 million for 2011-12.

AVSL is in the business of ship-breaking and owns a plot of 50
square meters at Alang (Gujarat). AVSL has a track record of more
than 25 years in the ship-breaking business. AVSL installed a
furnace division in 2008-09. SSBC is a partnership firm and has a
ship-breaking yard at Alang.

SMS SHIVNATH: CRISIL Upgrades Rating on INR2BB Loan to 'BB-'
CRISIL has upgraded its rating on the bank facilities of SMS
Shivnath Infrastructure Ltd to 'CRISIL BB-/Stable' from 'CRISIL

   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          2,000     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects the significant improvement in SMSSIL's debt
servicing ability, with substantial improvement in toll receipts
on the back of healthy traffic growth and increase in toll rates.
SMSSIL demonstrated stable revenue growth; its toll revenues
registered compound annual growth rate of 11 per cent over the
past four years. For the first five months of 2012-13 (refers to
financial year, April 1 to March 31), the company's revenues
registered healthy growth of around 20 per cent.

SMSSIL is undertaking a capital expenditure programme of INR800
million in 2012-13 for completing the four laning of the bypass
around Durg (Chhattisgarh) on National Highway (NH)-6, which
connects Surat (Gujarat) and Kolkata (West Bengal).The capex is
likely to support the traffic growth on the bypass over the
medium term. Backed by healthy toll receipts, SMSSIL is likely to
witness significant increase in cash flows and maintain its
average debt service coverage ratio (DSCR) in the range of 1.3 to
1.5 times over the medium term.

The rating continues to reflect the healthy growth in traffic on
the Durg bypass and SMSSIL's proven record of traffic management
resulting in high revenue visibility and healthy DSCR. These
strengths are partially offset by the susceptibility of SMSSIL's
revenues to the level of economic activity in the region served
by the Durg bypass, its below-average financial risk profile
marked by high gearing, and its exposure to risks related to debt
extended to its group entities

Outlook: Stable

CRISIL believes that SMSSIL will maintain stable revenues over
the medium term, backed by increasing traffic flow on the Durg
bypass. The outlook may be revised to 'Positive' if traffic
volume on the bypass increases more than expected, or if SMSSIL's
gearing does not increase as expected. Conversely, the outlook
may be revised to 'Negative' if a substantial decline in net cash
accruals impacts SMSSIL's debt servicing ability, or if the
company's financial risk profile deteriorates more than expected.

SMSSIL was set up as a special purpose vehicle in 1997 to
complete the build-operate-transfer Durg bypass road project,
with SMS Infrastructure Ltd (SMS Infra) and IDFC Ltd. as joint
venture partners. The Durg bypass is an 18.4-kilometre bypass
around Durg on NH 6. SMSSIL has been awarded a concession period
of 32.5 years (including construction period of 2.5 years)
beginning September 1998.

SMSSIL reported a profit after tax (PAT) of INR85.5 million on
net sales of INR330 million for 2011-12, against a PAT of INR74.3
million on net sales of INR266.7 million for 2010-11.

UNION BANK OF INDIA: S&P Lowers Rating on Hybrid Issues to 'B+'
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
and 'A-3' short-term issuer credit ratings on seven government-
owned banks in India. The outlook on all the long-term ratings is
negative. The banks are:

Bank of India (BOI; BBB-/Negative/A-3)
IDBI Bank Ltd. (IDBI; foreign currency BBB-/Negative/A-3)
Indian Overseas Bank (IOB; BBB-/Negative/A-3)
Indian Bank (BBB-/Negative/A-3)
State Bank of India (SBI; BBB-/Negative/A-3)
Syndicate Bank (BBB-/Negative/A-3)
Union Bank of India (UBI; BBB-/Negative/A-3)

"We revised the stand-alone credit profile (SACP) of SBI to
'bbb-' from 'bbb' and that of UBI to 'bb+' from 'bbb-' based on
our anticipation of the banks' weak asset quality performance.
While we also anticipate that the asset quality of the other five
banks could come under some stress, it is likely to be within our
base-case expectation. Our assessment of the SACPs of these five
banks is unchanged: Indian Bank at 'bbb'; BOI at 'bbb-'; and
IDBI, IOB, and Syndicate Bank at 'bb+'. Our 'BBB-' issuer credit
ratings on all the seven banks reflect our expectation of
extraordinary support from the government of India (unsolicited
rating BBB-/Negative/A-3). However, the ratings on Indian Bank
are constrained by the ratings on India because the bank's SACP
is higher than the 'BBB-' sovereign rating," S&P said.

"We affirmed the ratings on all the banks to reflect our
expectation that the ratings can withstand the base-case stress
from a likely deterioration in asset quality. Moreover, we
believe that there is a very high likelihood that the government
of India would provide timely and sufficient extraordinary
support to all these banks in the event of financial distress,"
S&P said.

"We revised the SACPs of SBI and UBI because we expect the banks'
asset quality to remain weak and credit costs to stay high. We
have revised our risk position assessment on these banks to
"moderate" from 'adequate,' as our criteria define those terms.
We expect SBI's and UBI's asset quality to remain stressed in the
fiscal years ending March 31, 2013, and 2014, partly due to
continued slippages in their restructured loan books," S&P said.

"SBI's gross nonperforming loan (NPL) ratio of 5% (on a stand-
alone basis) as of June 30, 2012, is the highest among the Indian
banks that we rate. On a stand-alone basis, the bank's mid-
corporate (NPL: 9.3%) and agriculture (NPL: 9.8%) portfolios are
particularly stressed," S&P said.

"NPLs in UBI's agriculture portfolio have also surged. Moreover,
the bank has asset concentration in its infrastructure portfolio,
especially in the power sector, which is facing challenges, such
as fuel shortages, delays in securing environmental clearances,
and a slow pace of tariff reforms. We have lowered the issue
ratings on UBI's hybrid issues (upper Tier 2 subordinated and
hybrid Tier 1 notes under the bank's medium-term notes program)
to 'B+' from 'BB'. The bank's SACP is in a speculative-grade
category. Therefore, in line with our criteria, we rate the
hybrid issues three notches lower than the SACP," S&P said.


EACCESS LTD: Moody's Corrects October 2 Rating Release
Moody's issued a correction to the October 2, 2012 rating release
on eAccess Ltd.

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 eAccess Ltd's 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

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

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.

JLOC 38: Fitch Affirms 'Dsf' Rating on JPY3.5-Bil. Notes
Fitch Ratings has affirmed the ratings of JLOC 38, LLC due
April 2016.  The transaction is a Japanese multi-borrower type
CMBS securitisation. The rating actions are as follows:

  -- JPY3.2bn* Class C notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY3.5bn* Class D notes affirmed at 'Dsf'; Recovery Estimate
     revised to 85% from 60%

*as of October 9, 2012

The rating of the class C notes reflects Fitch's expectations of
full redemption on the next payment date in October 2012.  Since
the previous rating action on 27 October 2011, six underlying
loans have been paid in full and workouts on four defaulted loans
have been completed.  The repayment proceeds from these
underlying loans were used to pay down the notes principal
sequentially, leading to the class A and B notes being redeemed
in full in January and April 2012, respectively.

The Recovery Estimate for class D was increased as repayment
proceeds since the previous rating action were larger than
expected.  Fitch's valuation on the remaining properties remains

As the class D notes, rated 'Dsf', will be the only remaining
tranche after the next payment date, the rating will be withdrawn
within 11 months of the next payment date.

At closing in September 2007, the notes were ultimately secured
by 34 loans collateralised by 105 properties.  The transaction is
currently secured by three underlying loans backed by a total of
four properties.


TRICOMM INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 2
A petition to wind up the operations of Tricomm International Pte
Ltd will be heard before the High Court of Singapore on Nov. 2,
2012, at 10:00 a.m.

Media Development Authority of Singapore filed the petition
against the company on Feb. 9, 2012.

The Petitioner's solicitor is:

          Ms Lim Poh Choo
          c/o M/s Alan Shankar & Lim LLC
          171 Chin Swee Road
          #03-02 San Centre
          Singapore 169877

VEPRO (SEA): Creditors' Proofs of Debt Due Oct. 19
Creditors of Vepro (Sea) Pte Ltd, which is in liquidation, are
required to file their proofs of debt by Oct. 19, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Yit Chee Wah
         FTI Consulting
         8 Shenton Way
         #17-02A, AXA Tower
         Singapore 068811


* Moody's Says Asian Liquidity Stress Index Rose in September
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) rose for the third consecutive month in
September and now stands at 23.8%, up from 21.8% in August and
16.8% in July.

"The index is now at its highest level since the first quarter of
2010. At the same time, the Asian LSI, which increases when
speculative-grade liquidity appears to decrease, remains well
below the high of 37% recorded in the fourth quarter of 2008,
during the financial crisis," says Laura Acres, a Moody's Senior
Vice President.

"Specifically for September, the change reflects the net addition
of two companies to the lowest speculative-grade liquidity score
category (SGL-4), which now totals 24 companies," says Ms. Acres.

Acres was speaking on the release of Moody's latest report on the
index, entitled "Asian Liquidity Stress Index."

"Looking ahead, we expect that issuance will remain sporadic and
opportunistic until the situation in the euro area shows some
signs of stability," says Ms. Acres.

"In addition, overall liquidity for Asian speculative-grade
companies may deteriorate if the sovereign debt problems in the
Euro area hurt economic growth in Asia, or if it causes lenders
to further tighten their lending standards, which would affect
lending rates to speculative-grade companies," adds Ms. Acres.

The report notes that the level of corporate family rating
downgrades for speculative-grade companies continues to exceed
the number of upgrades. In the third quarter, there were nine
downgrades and three upgrades, making July-September the fifth
consecutive quarter where downgrades exceeded upgrades. September
also saw the first Asian fallen angel for more than two years.

The report says that most Asian speculative-grade companies now
have stable rating outlooks, but 37.6% of Moody's issuer outlooks
are negative or on review for downgrade, up from August and at
the highest level since the fourth quarter of 2008, the peak of
the global financial crisis.

The net amount of high-yield debt Moody's rates in Asia rose to
USD41.7 billion at the end of September, from USD40.9 billion in
August. Three deals closed in September: RKI Finance (2012) Ltd's
USD350 million senior notes due 2017 and guaranteed by Road King
Infrastructure Limited (B1 stable); Kaisa Group Holdings' (B1
negative) USD250 million 12.875% notes due 2017; and Fantasia
Holdings Group (Co) Ltd's (B1 stable) USD250 million, 13.75%,
five-year senior unsecured notes.

* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


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


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


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


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

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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