TCRAP_Public/121015.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

           Monday, October 15, 2012, Vol. 15, No. 205

                            Headlines


A U S T R A L I A

EXTENSION FACTORY: Goes Into Liquidation
MOTHERCARE AUSTRALIA: Myers to Rescue Baby Clothing Retailer
NUFARM LTD: S&P Raises Rating on AUD381MM Bank Facility From 'BB'


C H I N A

LONGFOR PROPERTIES: Moody's Assigns 'Ba3' Sr. Unsecured Rating


H O N G  K O N G

ARTISTE PERFORMANCE: Annual Meetings Set for Oct. 19
CIPHER INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 21
GRANBO INVESTMENT: Poon Wai Hung Richard Steps Down as Liquidator
INSTITUTE OF SINO-US: Cheng Kai Tai Allen Appointed as Liquidator
MEAG PACIFIC: Cowley and Wong Appointed as Liquidators

POLYGLORY (HK): Creditors' Proofs of Debt Due Oct. 19
RBC SECRETARIES: Creditors' Proofs of Debt Due Nov. 5
RICH SUCCESS: Members' Final Meeting Set for Nov. 6
RIVERSLEIGH (NOMINEE): Creditors' Proofs of Debt Due Nov. 5
SAMSUNG LCD: Commences Wind-Up Proceedings

SOFTLINK (HK): Members' Final General Meeting Set for Nov. 9
UNISON FOUNDATION: Members' Final General Meeting Set for Nov. 6
WAH CHUN: Members' Final Meeting Set for Nov. 5
ZHAN MEDIA: Creditors' Proofs of Debt Due Oct. 31


I N D I A

DIMENSION STEEL: CRISIL Rates INR290MM Loan at 'CRISIL B+'
JAI SUSPENSION: ICRA Cuts Rating on INR40cr Loan to '[ICRA]B+'
KTL PVT: ICRA Reaffirms 'BB' Rating on INR14.94cr Loans
LAL BABA: ICRA Assigns '[ICRA]C' Rating to INR24.5cr Loans
NINANIYA ESTATES: ICRA Reaffirms '[ICRA]B' Rating on INR40cr Loan

PAXAL CORPORATION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
SARVHIT TRUST: ICRA Rates INR22.21cr Term Loans at '[ICRA]BB-'
SAURABH AGROTECH: ICRA Reaffirms 'BB' Rating on INR18cr LT Loan
SOLID STATE: ICRA Reaffirms '[ICRA]D' Rating on INR23cr Loan
SRI VISHNU: ICRA Cuts Rating on INR249.77cr Loans to '[ICRA]B+'

SUDAR INDUSTRIES: ICRA Cuts Rating on 78cr Loan to '[ICRA]BB+'
THANJAVUR SPINNING: ICRA Cuts Rating on INR166.96cr to '[ICRA]B+'


J A P A N

ASAHI MUTUAL: Fitch Affirms IFS Rating at 'BB'; Outlook Stable
RENESAS ELECTRONICS: Japan-Backed Fund Likely to Save Firm


K O R E A

C&M CO: Moody's Withdraws 'B3' Corporate Family Rating


N E W  Z E A L A N D

FIVE STAR: Former Director Case to Nears End


S I N G A P O R E

3Q INTERIOR: Court Enters Wind-Up Order
AGV LTD: Court Enters Wind-Up Order
AIK LIAN: Court Enters Wind-Up Order
ATLANTIC COMPUTER: Creditors' Proofs of Debt Due Oct. 22
ENPOCKET SINGAPORE: Creditors' Proofs of Debt Due Nov. 14

FIRST SHIP: Fitch Assigns 'B+' Long-Term Issuer Default Rating


                            - - - - -


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


EXTENSION FACTORY: Goes Into Liquidation
----------------------------------------
Express Advocate reports that The Extension Factory (NSW) Pty Ltd
has gone into liquidation, leaving a number of families thousands
of dollars out of pocket.

The Extension Factory, which has operated for 30 years and has
showrooms at Charmhaven and West Gosford, went into voluntary
liquidation on September 20, the report says.

"Unfortunately due to numerous circumstances outside of our
business, coupled with the decline in economic conditions, the
challenge of stabilising our position became too great," Express
Advocate cited Managing Director David Hall is a letter sent to
some clients.

"I am deeply sorry for the impact this has had or may have on
your situation with us.  We truly have tried hard, and used up
every available resource to try and meet our objectives and
obligations."

According to the report, NSW Fair Trading said it had recently
received "a noticeable increase" in complaints lodged against The
Extension Factory.

A spokesperson for Fair Trading said the company had been due to
renew its license on July 14, the report says.  However, Fair
Trading refused it on the grounds that the company didn't comply
with a Consumer, Trader and Tenancy Tribunal order.

The Express Advocate relates that the Fair Trading spokesperson
said that on August 14, The Extension Factory was issued with a
notice to show cause as to why disciplinary action should not be
taken against it for non-compliance with a number of
rectification orders issued by Fair Trading.

The report notes Extension Factory managing director David Hall
has rejected claims by Fair Trading that the company's license
wasn't renewed in July.

The Express Advocate said it has received a number of calls from
homeowners who say they have been left thousands of dollars out
of pocket after paying for work that hasn't been completed by the
Extension Factory.

The Extension Factory (NSW) Pty Ltd is a home improvement
business.


MOTHERCARE AUSTRALIA: Myers to Rescue Baby Clothing Retailer
------------------------------------------------------------
SmartCompany reports that the Myer family is returning to retail
and taking control of Mothercare Australia under an agreement
reached this week and supported by Mothercare UK.

In a statement to the Australian Securities Exchange, Mothercare
chairman Robert Gavshon announced the deal and said the Myer
Family Company would subscribe for a note of AUD500,000 to
provide the baby clothing retailer with working capital,
according to SmartCompany.

"The Myer Family intends to continue to build Mothercare, the
world's leading mother and baby retailer, into a major player in
the Australian and New Zealand markets," SmartCompany quotes
Mr. Gavshon as saying.

SmartCompany says the deal follows a review of Mothercare's
strategic options and funding after the company was forced to
enter a trading halt earlier this month as it sought investment.

The company last year lost AUD21.3 million and was kept afloat by
loans of AUD1.5 million in June and AUD1 million in July from
existing shareholders including the Myer Family, SmartCompany
discloses.

According to the report, the Myer Family's latest move is subject
to certain conditions, including the approval of the company's
bankers.

Brian Walker, chief executive of the Retail Doctor Group, told
SmartCompany the Myer Family's involvement in the retailer was
likely to be significant.

"The Myer Family provided a bridging loan of $2.5 million so they
are keen to see a return in that and there is no doubt this
business has underperformed in relation to its targets," the
report quotes Mr. Walker as saying.  "It's a business that is
haemorrhaging all over the place and it has lost its sharp point
of difference here."

SmartCompany adds Mr. Walker said he expects the Myer Family will
have a clear presence on the Mothercare board and have a clear
role in Mothercare's strategy.

Mothercare operates 29 Mothercare-branded parenting and baby
stores and 19 Early Learning Centre and Kids Central stores
across Australia and New Zealand.


NUFARM LTD: S&P Raises Rating on AUD381MM Bank Facility From 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Nufarm
Ltd.'s AUD381 million senior secured syndicated bank facility to
'BBB-' from 'BB'. "At the same time, we have raised the recovery
rating on the secured bank facility to '1' from '3'. The higher
ratings reflect a combination of the reduction in the facility
size to AUD381 million from AUD625 million, and our view of
Nufarm's improved earnings performance, which also boosts
recovery prospects. The issuer credit rating on Nufarm remains
unchanged, at 'BB' with a stable outlook," S&P said.

"The recovery rating of '1' indicates our expectations for very
high recovery (90%-100%) should a default event occur. Our
simulated default scenario assumes a payment default in 2014 due
to material weakening in Nufarm's operating results arising from
a significant and prolonged weakening in global demand from the
agribusiness sector," S&P said.

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



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


LONGFOR PROPERTIES: Moody's Assigns 'Ba3' Sr. Unsecured Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to Longfor Properties Company Limited's proposed bond
issuance.

At the same time, Moody's has affirmed Longfor's Ba2 corporate
family rating and Ba3 senior unsecured rating.

The ratings outlook is stable.

Longfor plans to use the proceeds from the proposed USD bonds to
fund land acquisitions, refinancing and general corporate
purposes.

Ratings Rationale

"The proposed bond issuance will further strengthen Longfor's
liquidity position, which is important for supporting its land
acquisitions and development activities," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

"The proposed bonds will lengthen Longfor's debt maturity and
improve its funding stability. Moreover, the success of the
issuance will further establish Longfor's track record in
accessing the offshore debt capital market, a positive credit
development for the company," adds Mr. Tsang, also Moody's Lead
Analyst for the company.

"Longfor's credit metrics will remain appropriate for its Ba2
rating after the proposed issuance," says Mr. Tsang.

Longfor's projected adjusted debt/total capitalization would stay
at around 50% for the next 2 years, even after the issuance. Its
projected EBITDA interest coverage would be around 4.5x-5.5x.

Longfor's Ba2 corporate family rating reflects its established
position in China's property market and good sales execution. In
the first eight months of 2012, it posted RMB24.1 billion in
contract sales and is on track to meet its RMB39 billion target
in annual sales.

The rating also captures Longfor's solid operating track record
in its core markets -- Chongqing, Chengdu, and Beijing -- and its
diversified product range.

On the other hand, the Ba2 rating is constrained by the financial
and operating risks associated with the company's fast growth
business strategy.

Longfor's bond rating of Ba3 is one notch lower than its
corporate family rating, reflecting the structural and legal
subordination risks from its secured and subsidiary debt, which
amounted to 19.0% of its total assets as of June 2012. Moody's
expects this ratio will stay around 15%-20% in the coming 2
years.

The stable outlook reflects Moody's expectation that Longfor's
liquidity, supported by its cash holdings, operating cash flow,
and access to bank borrowings, will be sufficient to fund its
current projects.

Upgrade pressure could emerge over the medium term if the company
can (1) successfully implement its business plan and continue to
implement its prudent approach to financial management; (2)
maintain stable profitability with an average EBITDA margin of
around 30%-35% through the cycle; and (3) maintain good
liquidity, with a minimum cash balance above 10%-15% of total
assets.

Moody's would consider an upgrade if the company can further
strengthen its credit metrics, that is adjusted debt/total
capitalization below 45% and EBITDA/interest above 5x-6x on a
sustainable basis.

The ratings could be pressured downward if (1) Longfor's sales
performance is materially weaker than what is outlined in its
business plan; or (2) liquidity or debt leverage deteriorates due
to its aggressive development of new projects or aggressive land
acquisitions.

Moody's would consider adjusted debt/capitalization above 50%-55%
or EBITDA/interest under 4x as indicators for a downgrade.

The principal methodology used in rating Longfor Properties
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipality. As of June 30, 2012, it had an
attributable land bank of 31.92 million square meters in gross
floor area (GFA) that spans 15 cities in four major regions in
China.



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


ARTISTE PERFORMANCE: Annual Meetings Set for Oct. 19
----------------------------------------------------
Members and creditors of Artiste Performance Platform Limited
will hold their annual meetings on Oct. 19, 2012, at 10:30 a.m.,
and 11:00 a.m., respectively at 29/F, Caroline Centre, Lee
Gardens Two, at 28 Yun Ping Road, in Hong Kong.

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


CIPHER INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 21
---------------------------------------------------------------
A petition to wind up the operations of Cipher International
Limited will be heard before the High Court of Hong Kong on
Nov. 21, 2012, at 9:30 a.m.

Pioneer Deluxe Limited filed the petition against the company on
Sept. 17, 2012.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor, No. 9 Des Voeux Road
          West, Hong Kong


GRANBO INVESTMENT: Poon Wai Hung Richard Steps Down as Liquidator
-----------------------------------------------------------------
Poon Wai Hung Richard stepped down as liquidator of Granbo
Investment Limited on Oct. 5, 2012.


INSTITUTE OF SINO-US: Cheng Kai Tai Allen Appointed as Liquidator
-----------------------------------------------------------------
Cheng Kai Tai Allen on Oct. 8, 2012, was appointed as liquidator
of Institute of Sino-Us International Monetary and World
Economics Development Research Limited.

The liquidator may be reached at:

         Cheng Kai Tai Allen
         19/F, Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong


MEAG PACIFIC: Cowley and Wong Appointed as Liquidators
------------------------------------------------------
Patrick Cowley and Wong Wing Sze Tiffany on Oct. 3, 2012, were
appointed as liquidators of Meag Pacific Star Asia Limited.

The liquidators may be reached at:

         Patrick Cowley
         Wong Wing Sze Tiffany
         KPMG, 8th Floor
         Prince's Building
         10 Chater Road
         Central, Hong Kong


POLYGLORY (HK): Creditors' Proofs of Debt Due Oct. 19
-----------------------------------------------------
Creditors of Polyglory (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 19, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


RBC SECRETARIES: Creditors' Proofs of Debt Due Nov. 5
-----------------------------------------------------
Creditors of RBC Secretaries (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 5, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


RICH SUCCESS: Members' Final Meeting Set for Nov. 6
---------------------------------------------------
Members of Rich Success Consultants Limited will hold their final
meeting on Nov. 6, 2012, at 10:00 a.m., at Unit 42, 4/F, Malaysia
Building, at No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RIVERSLEIGH (NOMINEE): Creditors' Proofs of Debt Due Nov. 5
-----------------------------------------------------------
Creditors of Riversleigh (Nominee) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 5, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


SAMSUNG LCD: Commences Wind-Up Proceedings
------------------------------------------
Members of Samsung LCD Netherlands R&D Center (HK) Limited, on
Sept. 25, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


SOFTLINK (HK): Members' Final General Meeting Set for Nov. 9
------------------------------------------------------------
Members of Softlink (Hong Kong) Limited will hold their final
general meeting on Nov. 9, 2012, at 4:35 p.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


UNISON FOUNDATION: Members' Final General Meeting Set for Nov. 6
----------------------------------------------------------------
Members of Unison Foundation Limited will hold their final
general meeting on Nov. 6, 2012, at 10:00 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

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


WAH CHUN: Members' Final Meeting Set for Nov. 5
-----------------------------------------------
Members of Wah Chun Engineering Company Limited will hold their
final meeting on Nov. 5, 2012, at 10:00 a.m., at Rooms 1901-2,
Park-In Commercial Centre, at 56 Dundas Street, in Kowloon.

At the meeting, Lee Kwok On Alexander, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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

The company commenced wind-up proceedings on Sept. 24, 2012.

The company's liquidator is:

         Chan Chak Ming
         Room 2101, St. George's Building
         2 Ice House Street
         Central, Hong Kong



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


DIMENSION STEEL: CRISIL Rates INR290MM Loan at 'CRISIL B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Dimension Steel & Alloys Pvt Ltd.

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Revolving Letter of      14.5      CRISIL A4 (Assigned)
   Credit

   Cash Credit               290      CRISIL B+/Stable (Assigned)

   Letter of Credit          100      CRISIL A4 (Assigned)

The ratings reflect DSAPL's exposure to project implementation
and stabilisation risk and its large working capital
requirements. Furthermore, the ratings also reflect the
susceptibility of its operating profitability to fluctuation in
raw material prices. These rating weaknesses are partially offset
by its promoters' considerable experience in the ferroalloys
industry.

Outlook: Stable

CRISIL believes that DSAPL will maintain its business risk
profile and improve its scale of operations, backed by its
promoter's extensive experience in the ferro alloy industry. The
outlook may be revised to 'Positive' in case of timely
implementation of its ongoing capital expenditure (capex) and
stabilisation of production, or in case of larger-than-expected
cash accruals or better working capital management, leading to
better-than-expected debt protection metrics and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in overall financial risk profile, particularly its
liquidity, on account of stretch in working capital management,
less-than-expected cash accruals, or delay in implementation of
ongoing capex plans, leading to cost overruns.

                       About Dimension Steel

Incorporated in 2005 by Kolkata-based Mr. Bajrang Lal Mittal,
DSAPL manufactures ferro alloys. DSAPL's commenced commercial
operations recently in October 2011. The company currently
manufactures silico manganese and markets the same in West
Bengal.


JAI SUSPENSION: ICRA Cuts Rating on INR40cr Loan to '[ICRA]B+'
--------------------------------------------------------------
ICRA has revised the ratings for INR40.0 crore fund based and
non-fund based bank facilities of Jai Suspension Systems LLP to
'[ICRA]B+/[ICRA]A4' from '[ICRA]BBB(stable)/[ICRA]A3+'.

                           Amount
   Facilities              (INR Cr)   Ratings
   ----------              ---------  -------
   Working Capital Limits   40.00     [ICRA]B+/[ICRA]A4 from
                                      [ICRA]BBB(stable)/[ICRA]A3+

Rating of JSS is closely linked to the operations of Jamna Auto
Industries Limited (JAI, 99.9975% partner in JSS); due to strong
business synergy (JSS operates as an assembly plant of JAI) and
common management between the two entities. The downgrade in
JSS's ratings factors in recent downgrade of JAI's ratings.

JSS (erstwhile JAI suspension systems limited) was earlier
operational as a 100% subsidiary of JAI but converted in to
limited liability partnership in Oct 2010, with JAI as the
majority partner. JSS has a single facility in Pantnagar
(Uttaranchal) wherein it undertakes assembly operation on the
semi-finished goods received from JAI and supplies the finished
products to customers like Tata Motors Limited.


KTL PVT: ICRA Reaffirms 'BB' Rating on INR14.94cr Loans
-------------------------------------------------------
ICRA has reaffirmed the ratings for INR37.94 Crore enhanced bank
facilities of KTL Pvt. Ltd. at '[ICRA]BB/[ICRA]A4'.  The outlook
on the long-term rating is "Stable".

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------

   Term Loans              1.94           [ICRA]BB (Stable)
   Cash Credit            13.0            [ICRA]BB (Stable)
   Bank Guarantee          7.0            [ICRA]A4
   Channel Financing      16.0            [ICRA]A4

The ratings takes into account KTL's weak operating profits in
2011-12 leading to decline in return indicators as well as debt-
coverage indicators. The Operating Profit Margin (OPM) reduced
from 2.0% in 2010-11 to 1.6% in 2011-12, mainly on account of
moderation in passenger vehicle sales due to production
disruptions at MSIL during the year, besides higher overheads at
its new showroom at Agra. The ratings are also constrained due to
high regional concentration of the business, with the scale of
operations limited only to UP region. The ratings, however, draw
comfort from KTL's reasonably strong market position amongst MSIL
dealers in UP, and its expanding geographical presence in
different parts of the state.

KTL Pvt. Ltd. started as a partnership firm in 1971 as a
dealership of tractors and Scooters India. In 1986-87, it became
an authorized dealer of Maruti Suzuki Cars and LML scooters (at
Kanpur) and in 1989, it opened another MSIL showroom at Lucknow.
Further, in 1989, KTL became a private limited company. KTL has a
long relationship of around 25 years with MSIL and is one of the
leading dealers of MSIL in the UP region, with its showrooms
located at Kanpur, Lucknow and Agra. KTL currently has two main
showrooms at Kanpur, one main showroom at Lucknow and one main
showroom at Agra. Besides, it also has five e-outlets (smaller
car showrooms) located at upcountry locations (four in Kanpur
region and one in Lucknow region). Besides car dealership, KTL
also has small dealership of TVS scooters located at Kanpur.

The active directors of the company include the founders - Mr. M
K Agarwal & Mr. I K Poddar - who have more than 30 years of
experience in the automobile industry with other directors being
Mr. Manish Agarwal and Mr. Shishir Poddar.

Recent Results

As per the audited financials for the year 2011-12, KTL recorded
an Operating Income (OI) of INR319.4 Crore, Operating Profit
before Depreciation, Interest, Tax and Amortization (OPBDITA) of
INR5.0 Crore and Profit After Tax (PAT) of INR2.0 Crore.


LAL BABA: ICRA Assigns '[ICRA]C' Rating to INR24.5cr Loans
----------------------------------------------------------
http://www.icra.in/Files/Reports/Rationale/Lal%20Baba%20Seamless%
20_r_10102012%20.pdf


ICRA has assigned a long term rating of '[ICRA]C' to the INR24.50
crore fund-based bank facilities of Lal Baba Seamless Tubes
Private Limited.

                             Amount
   Facilities                (INR Cr)       Ratings
   ----------               ---------       -------
   Term Loan                  11.00         [ICRA]C assigned
   Cash Credit                13.50         [ICRA]C assigned

The assigned rating reflects LBST's loss making operations in the
previous two years; stretched liquidity position, depressed
coverage indicators and moderate gearing levels. The rating is
also constrained by low capacity utilization levels, although the
same has been showing an increasing trend and the highly
competitive nature of industry which exposes the company to
pricing pressures. Further, ICRA notes that LBST has a history of
default in the past, however, after restructuring of debt, the
company has been meeting its interest obligations on the rated
instruments in a timely manner, although there were delays in
servicing debt taken from other lenders. The rating, however,
favorably factors in the experience of the promoters in the steel
industry, healthy growth in revenues and infusion of equity and
unsecured loans by promoters to support the company's loss making
operations. Going forward, LBST's ability to effectively utilize
its existing capacity, generate adequate profits while
simultaneously manage its stretched liquidity position and
service its debt in a timely manner, would be the key rating
sensitivities.

Incorporated in 2006, Lal Baba Seamless Tubes has been promoted
by Mr. Murari Lal Dhanuka and Mr. Babulal Dhanuka, who have
around 40 years of experience in the steel industry. The company
is engaged in the manufacturing of alloy and carbon steel
seamless tubes with an installed capacity of 36000 metric tonnes
per annum (MTPA) at its manufacturing facility in Haldia, West
Bengal. The manufacturing facility became operational in
November, 2010 prior to which LBST was engaged in trading of
seamless tubes. The company is an ISO certified organization and
its products have been approved by Engineers India Limited (EIL),
Indian Boiler Regulation (IBR), and Bureau of Indian Standards
(BIS) among others. LBST.LBST's manufacturing facility was setup
with a project cost of INR49.68 crore financed by INR22.0 crore
of term loans with the rest being equity and unsecured loans from
promoters.

Recent Results

LBST recorded a net loss of INR0.99 crore on an operating income
of INR39.04 crore in FY12 as compared to a net loss of INR3.50
crore on an operating income of INR23.50 crore in FY11.


NINANIYA ESTATES: ICRA Reaffirms '[ICRA]B' Rating on INR40cr Loan
-----------------------------------------------------------------
http://www.icra.in/Files/Reports/Rationale/Ninaniya%20Estates%20%
20_r_10102012%20.pdf


ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned
earlier to the INR32.50 crore, fund-based bank facilities and
INR17.50 crore proposed bank facilities of Ninaniya Estates
Limited.

                                 Amount
   Facilities                   (INR Cr)     Ratings
   ----------                   ---------    -------
   Fund-based bank facilities     32.50      [ICRA]B/ Reaffirmed
   Proposed bank facilities       17.50      [ICRA]B/ Reaffirmed

The rating-reaffirmation factors in the satisfactory physical
progress on the company's ongoing project (The Prism); tie-up of
debt component for part funding of the project; and the sales
progress achieved in the project. Notwithstanding the above
positive developments, the rating continues to remain constrained
on account of the project-execution risk as the construction is
still in nascent stage; and continued funding risk given the
lower than anticipated sales realisation from the sales achieved
in the commercial complex as well as executive suites, which has
increased the reliance on promoter funding for completion of the
project. While reaffirming the rating, ICRA has also taken into
consideration the launch of a new project - "The Prism Portico"
(comprising a retail-mall, executive-suites and an IT Park) by
the company, which is proposed to be funded through customer
advances and internal accruals. Lower realisations from "The
Prism" project and launch of new project are expected to increase
dependence on promoter funding for the company. Further, the
rating is constrained by the high demand risk, as commercial
development on Gurgaon-Faridabad Road has been gradual over the
years; and geographical-concentration risk, resulting in
company's complete dependence on the demand-supply scenario in
the Gurgaon market. Nevertheless, the rating continues to derive
comfort from the technical, management and marketing associations
of NEL with Starwood Hotels for the hotel property and with BHPL
for the Executive Suites, which provide the benefits of good
brand recognition and access to their reservation and marketing
systems; and low regulatory risk for "The Prism" project, as the
critical statutory approvals required during the construction
phase have already been obtained.

In ICRA's view, timely infusion of funds by the promoters to
ensure implementation of the projects within scheduled
implementation period and within budgeted costs, will be the key
rating sensitivity. Further, the company's ability to fund the
new project from internal accruals without leveraging its balance
sheet will also be a determinant of its credit profile.

Incorporated in 2004-05, Ninaniya Estates Limited is in the
process of setting up an integrated project comprising an upscale
hotel, executive suites and a commercial complex on a 5.05 acres
plot in Sector-2, Gwal Pahari on Gurgaon-Faridabad Road in
Gurgaon (Haryana). This apart, the company owns two land parcels
in Gurgaon (Haryana) and Manesar (Haryana). While the company
plans to set up a commercial, retail cum hospitality project on
its 5.05 acre plot in Hayatpur (Gurgaon, Haryana), its plans for
175 acres agricultural land in Manesar are not final as yet.

The project being currently executed by NEL on the Gurgaon-
Faridabad Road is the group's first venture in the commercial and
hospitality segment. The company has appointed two agencies,
namely, M/s Vastukriti and M/s Topline Buildtech for project
execution.

Besides several land deals and small projects, the group has
executed a group housing project in Sushant Lok Phase-I, Gurgaon
on an area of around 20 acres.


PAXAL CORPORATION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to INR5.00
Crore1 cash credit limits and '[ICRA]A4' to INR12.00 Crore Non-
Fund based limits of Paxal Corporation.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------              ---------     -------
   Cash Credit                5.00       [ICRA]B+
   Non-Fund Based Limits     12.00       [ICRA]A4

ICRA's rating is constrained by the Paxal Corporation's inherent
business risks associated with the trading activities like
commodity price risk and forex risk. The price risk is high due
to volatility of the global as well as domestic stainless steel
prices and presently limited market position of Paxal
Corporation. The rating is also constrained by high debtors of
the firm and consequent high working capital intensity and
limited flexibility in working capital funding as indicated by
the utilization of working capital limits. Paxal Corporation is
also exposed to the counterparty risks on its sales to multiple
customers in terms of timely receipt of payment, though ICRA
notes the improvement YoY in the same. Moreover the financial
profile is also constrained due to leveraged capital structure
and substantially high interest costs, limiting the coverage
indicators. Further the ratings also factor in inherent risks
associated with a partnership firm in comparison to a company
such as limited ability to raise equity capital, risk of
dissolution etc.  However the rating draws comfort from
diversified supply base of the company spread across Spain, China
and South East Asia as well as good relationship with the
suppliers as well as final customers due to long standing
presence of the promoters in the business and profitable
operations since last few years. The ongoing forward integration
by the management of Paxal Corporation into fabrication of
Stainless Steel could enhance the business profile of Paxal
Corporation and customer base.

                       About Paxal Corp

Paxal Corporation was incorporated in 2007 as a partnership
company. However it was operating as a proprietary firm earlier.
The firm is concentrating on trading of steel products since last
few years. It mainly imports stainless-steel and PVC flex from
various suppliers in Spain, China etc and sells to multiple
traders and manufacturers in Bangalore and some parts of Tamil
Nadu.

Recent Results

Paxal Corporation recorded an operating income of INR25.04 Crore
and Net profit of INR0.47 Crore for FY 2011 and has recorded
INR26.33 Crore Operating income in FY2012 (provisional).


SARVHIT TRUST: ICRA Rates INR22.21cr Term Loans at '[ICRA]BB-'
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-/[ICRA]A4' ratings for the INR42.50
crore bank facilities of Sarvhit Trust. The outlook on the long-
term rating is "Stable".

                       Amount
   Facilities         (INR Cr)        Ratings
   ----------         ---------       -------
   Term Loans          22.21          [ICRA]BB- assigned
   Overdraft           12.00          [ICRA]A4 assigned
   Unallocated          8.29          [ICRA]BB- (Stable)/
                                      [ICRA]A4 assigned

The assigned ratings consider Shridhar University's (operated by
Sarvhit Trust) significant ramp-up in scale of operations and
consequent growth in Operating Income (OI) within three years
from inception and healthy operating profitability leading to
moderate coverage indicators. Being a university, it has
flexibility in addition of new courses and seats in future, which
provides visibility for moderate revenue growth in future.
However, the ratings are constrained by moderate scale of
operations of the university at present along with its limited
track record (as the first engineering batch is yet to be passed)
and lumpy nature of the fee receipts which exposes the trust to
cash flow mismatch risk regarding meeting its debt service
obligations during the year. The trust has significant term loan
repayments due in the medium term, which may stretch its
liquidity position. The trust's ability to maintain its financial
risk profile as it plans a debt funded capex and manage its cash
flows would remain key rating sensitivities.

Recent Results The trust reported Profit After Tax (PAT) of
INR11.7 Crore on an operating income of INR23.1 Crore during
2011-12 as per provisional financials.

Sarvhit Trust was established in January 2008, and operates
Shridhar University, which is a full-fledged, autonomous state
university established under the Section 2(f) of the UGC Act,
1956. The University is spread over 60 acres area, located at
Bigonda (on Jaipur-Pilani State Highway). The university started
its operations in 2009, when its first batch was admitted. At
present, the university has more than 5,000 students on its
campus, and offers large number of courses including graduation,
post-graduation and doctorate programs in engineering, science,
management and commerce.

The trust is being operated by Mr. Vijay Pal Yadav, who has
diverse work experience in UP State services, Infrastructure
development and commercial farming.


SAURABH AGROTECH: ICRA Reaffirms 'BB' Rating on INR18cr LT Loan
---------------------------------------------------------------
The rating of '[ICRA]BB' has been reaffirmed for the INR18.00
crore long-term, fund-based facilities of Saurabh Agrotech
Private Limited; the outlook on the rating is Stable. The rating
of '[ICRA]A4' has also been reaffirmed for the INR0.10 crore
short-term, non-fund based facilities of SAPL.

                             Amount
   Facilities                (INR Cr)       Ratings
   ----------               ---------       -------
   Fund Based, Long-term     18.00          [ICRA]BB Reaffirmed
   Facilities

   Non Fund Based,            0.10          [ICRA]A4 Reaffirmed
   Short-term facilities

The reaffirmation of ratings factor in the high financial risk
profile of the Company due to low profitability and high gearing
levels and the tight liquidity position as reflected by high
utilisation of working capital limits. The ratings also factor in
the highly fragmented nature of the mustard oil industry;
vulnerability of profitability to the fluctuations in the prices
of mustard oil and oilseeds as well as import duties on other
edible oils; and the rising influence of prices of imported
edible oils (mainly palm oil) on mustard oil. The ratings
continue to factor in the established market position of the
Company's mustard oil brands in Rajasthan and the North-East as
well as the promoter's long track record in the edible oil
industry. The ability of the Company to improve its
profitability, maintain a reasonable capital structure and manage
its liquidity position will be the key rating sensitivities going
forward.

                      About Saurabh Agrotech

Saurabh Agrotech Private Limited was incorporated in 1994 as a
part of the Data Group and began commercial production of edible
oils in the year 2000. SAPL is engaged in the manufacture and
sale of mustard oil and oil cake under the brands "Scooter",
"Ashoka" and "Shivam". The Company's plant is located in Alwar,
Rajasthan, with a crushing capacity of 100 TPD (tonnes per day)
of mustard oil seeds. The Company installed a 0.46 MW wind mill
project in 2003. The company also trades in mustard oil.

The Data Group is involved in the manufacture and marketing of a
range of products such as mustard oil, vanaspati, ghee, refined
oil (mustard/soybean), groundnut oil, iodised salt, de-oiled cake
(DOC), oil cake, wind power, internet and IT services and
software.

The company reported a net profit after tax of INR1.0 crore on a
turnover of INR248.5 crore in the year ended March 31, 2012.


SOLID STATE: ICRA Reaffirms '[ICRA]D' Rating on INR23cr Loan
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]D' rating to the INR12.0 crore long
term fund based facilities comprising INR7.50 crore term loan and
INR4.50 crore working capital facilities of Solid State Systems
Private Limited.  ICRA has also reaffirmed '[ICRA]D' rating to
the INR3.00 crore short term non-fund based facilities of SSSPL.

                               Amount
   Facilities                 (INR Cr)      Ratings
   ----------                 ---------     -------
   Term Loan                    7.50        [ICRA]D
   Fund Based Facilities        4.50        [ICRA]D
   Non Fund Based Facilities    3.00        [ICRA]D

The rating reaffirmation takes into account delays in interest
and principal payments by SSSPL in the recent past. The rating is
further constrained by the company's modest scale of operation
and the intensely competitive and fragmented nature of the
industry. Further, SSSPL's debt coverage indicators are stretched
on account of its high gearing level. ICRA however, draws comfort
from the company's significant experience in the capacitor
manufacturing business and its long-term relationship with
customers and suppliers.

                         About Solid State

Solid State Systems Private Limited, founded in 1972 by Late Mr.
Irshad Basith, is into manufacturing of metallised polypropylene
film Capacitors. The Company has quality certifications like ISO
9001-2000, American UL Certification and European ENEC
Certification (for Lighting Capacitors). Its manufacturing unit
is located in Hoskote, Bangalore.

Recent Results

During FY12, the company reported a net loss of INR0.39 crore on
an Operating Income of INR25.90 crore.


SRI VISHNU: ICRA Cuts Rating on INR249.77cr Loans to '[ICRA]B+'
---------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR173.77 Crore term loan facilities - and the INR76.00 Crore
fund based facilities of Sri Vishnu Shankar Mill Limited from
'[ICRA]BB+' to '[ICRA]B+'.  ICRA has also revised the short-term
rating outstanding on the INR5.00 Crore fund based facilities,
the INR20.00 Crore fund based (sub-limit) facilities, the
INR14.30 Crore Non-fund based facilities and the INR4.00 Crore
Non-fund based (sub-limit) facilities of SVSML from '[ICRA]A4+'
to '[ICRA]A4'.

                               Amount
   Facilities                 (INR Cr)    Ratings
   ----------                 ---------   -------
   Term loan facilities        173.77     [ICRA]B+ from [ICRA]BB+
                                          (Stable)

   Fund based facilities        76.00     [ICRA]B+ from [ICRA]BB+
                                          (Stable)

   Fund based facilities         5.00     [ICRA]A4 from [ICRA]A4+

   Fund based (sub-limit)      (20.00)    [ICRA]A4 from [ICRA]A4+
   facilities

   Non-fund based facilities    14.30     [ICRA]A4 from [ICRA]A4+

   Non-fund based(sub-limit)    (4.00)    [ICRA]A4 from [ICRA]A4+
   facilities

The revision in ratings reflects the weaker than expected
operational and financial performance of SVSML in the recent
quarters and the significant erosion in net worth of the company
owing to the considerable losses incurred in 2011-12 resulting in
gearing levels increasing to 59.2 times as on March 31, 2012. The
high debt repayment obligations in the medium term is expected to
severely strain the liquidity position of SVSML and increase its
reliance on external debt/ financial support from group Companies
to meet its debt obligations. Further, the ratings are
constrained by the low pricing flexibility of the spinning mills
owing to low product differentiation and intense competition. The
ratings consider the company's established market presence,
diversified product portfolio across count ranges, rich
experience of the promoters in the industry and the financial
flexibility enjoyed by virtue of being a part of the Ramco group.

                      About Sri Vishnu Shankar

SVSML, incorporated in 1981, is primarily engaged in the
manufacture of cotton yarn. SVSML has an installed capacity of
68,832 spindles and 2,016 rotors across its three manufacturing
units at Rajapalaiyam (Tamil Nadu), Srivilliputhur (Tamil Nadu)
and Jaggayarpet (Krishna District, Andhra Pradesh).

SVSML produces yarn counts ranging from 10s to 100s (single/
double yarn). SVSML also has facilities to produce value-added
yarn including compact spun, doubled, gassed and slub yarn. Part
of the produce is also exported to countries such as Dubai,
Bangladesh, Mauritius, Italy, Japan, Portugal and Russia. SVSML
has wind turbine generators (with installed capacity of 13.35 MW)
at various locations in Tamil Nadu, to reduce power costs.

Recent Results

For the three months ending June 30, 2012, SVSML had a net profit
of INR0.1 Crore on an operating income of INR44.7 Crore
(unaudited results). During 2011-12, the Company reported a net
loss of INR18.3 Crore on operating income of INR166.6 Crore.


SUDAR INDUSTRIES: ICRA Cuts Rating on 78cr Loan to '[ICRA]BB+'
--------------------------------------------------------------
The rating on the INR35.0 crore long-term fund-based facilities
and INR43.0 crore long-term loans of Sudar Industries Limited,
formerly Sudar Garments Limited has been revised to '[ICRA]BB+'
from '[ICRA]BBB-' earlier. The outlook on the rating remains
stable.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term loans             43.00           [ICRA]BB+ (Stable) from
                                          [ICRA]BBB- (Stable)

   Long-term, fund-       35.00           [ICRA]BB+ (Stable) from
   based limits                           [ICRA]BBB- (Stable)

The rating revision by ICRA takes into account significant
investments into chemicals business - an unrelated business area
for the company and tight liquidity position on account of high
working capital intensity leading to almost complete utilisation
of bank limits. Also there has been considerable increase in debt
levels for funding working capital requirements in line with
aggressive growth and large capital expenditure leading to
deterioration in capital structure. ICRA also takes note of
intense competition from other contract manufacturers/converters
in the garments business restricting pricing flexibility. With
addition of a new business, the company has aggressive growth
plans in the future which is expected to stretch the working
capital cycle; also ability to manage the growth remains to be
seen.

However, the rating favourably factors in the vast experience of
the promoter in readymade garment industry and established
relationships with some of its customers. ICRA also notes
addition of new customers for its garments business;
nevertheless, the customer concentration continues to remain
high. The company also has plans to enter into relatively less
commoditised industrial uniforms business for export markets in
future.

During the current financial year, the company has acquired
facilities for intermediates and chemicals manufacturing, in a
non-cash transaction. According to the management, the addition
of the chemical business would provide additional growth
opportunities and help diversify risks for the company.

Going forward, the performance of the chemicals business where
the company lacks prior experience remains a key monitorable.
While the management has aggressive growth plans going forward,
cash flows and liquidity profile through the same would be a key
rating sensitivity.

                       About Sudar Garments

Sudar Garments Ltd. is a Thevar family concern promoted by
Mr.Murugan Thevar and his wife Mrs.Valliammal M Thevar. In 1992,
Mr. Murugan Thevar started Sudar Garments as a Proprietary
concern engaged in job work for exporters. Sudar Garments Private
Ltd. acquired M/s Sudar Garments (Proprietorship Concern) in 2002
and took over its entire business including all the assets and
liabilities. In February 2010, the company was converted into a
public limited company and its name was changed to Sudar Garments
Limited (SGL). SGL is now involved in contract manufacturing of
readymade garments for Menswear, womenswear and kidswear. The
company came out with an IPO in March, 2011 raising INR70 crore
from it by issuing 9,088,000 fresh equity shares at a face value
of INR10 and a share premium of INR67 per share.

Recent Results
As per audited FY 2012 financial statements, Sudar reported a
profit after tax (PAT) of INR15.7 crore (over INR7.0 crore in FY
2011) over an operating income of INR194.8 crore (over INR115.6
crore in FY 2011).


THANJAVUR SPINNING: ICRA Cuts Rating on INR166.96cr to '[ICRA]B+'
-----------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR114.96 Crore term loan facilities and the INR52.00 Crore fund
based facilities of Thanjavur Spinning Mill Limited from
'[ICRA]BB+' to '[ICRA]B+'.  ICRA has also revised the short-term
rating outstanding on the INR4.00 Crore fund based facilities,
the INR11.00 Crore fund based (sub-limit) facilities, the
INR12.00 Crore non-fund based facilities and the INR11.00 Crore
non-fund based (sub-limit) facilities of TSML from '[ICRA]A4+' to
'[ICRA]A4'.

                               Amount
   Facilities                 (INR Cr)    Ratings
   ----------                 ---------   -------
   Term loan facilities        114.96     [ICRA]B+ from [ICRA]BB+
                                          (Stable)

   Long-term fund based         52.00     [ICRA]B+ from [ICRA]BB+
   Facilities                             (Stable)

   Short-term fund based        4.00      [ICRA]A4 from [ICRA]A4+
   Facilities

   Short-term fund based      (11.00)     [ICRA]A4 from [ICRA]A4+
   (sub-limit) facilities

   Short-term Non-fund        12.00       [ICRA]A4 from [ICRA]A4+
   based facilities

   Short-term Non-fund       (11.00)      [ICRA]A4 from [ICRA]A4+
   based (sub-limit)
   facilities

The revision in ratings reflects the significant deterioration in
the financial profile of the company during 2011-12, with the
company incurring considerable losses during the year owing to
slowdown in demand and inventory losses resulting in negative
networth as on March 31, 2012. The high debt repayment
obligations in the medium term is expected to severely strain the
liquidity position of the company and increase its reliance on
external debt/ financial support from group Companies to meet its
debt obligations. Further, the ratings are constrained by the low
pricing flexibility of the spinners owing to low product
differentiation and intense competition. The ratings consider the
company's established market presence, diversified product
portfolio, rich experience of the promoters in the industry and
the financial flexibility enjoyed by virtue of being a part of
the Ramco group.

TSML was incorporated in 1961 (formerly known as Thanjavur
Textiles Limited), pursuant to acquisition by "Ramco Group" in
2000 following a closure for two years. TSML is primarily engaged
in the manufacture of cotton yarn. TSML has an installed capacity
of 50,160 spindles and 776 rotors as on March 31, 2012 at its
manufacturing facility at Thanjavur (Tamil Nadu). TSML produces
yarn counts ranging from 10s to 80s (single/ double yarn). TSML
also has facilities to produce value-added yarn including compact
spun and doubled yarn. Domestic market forms the bulk of the
Company's revenues (at more than 70%), with the rest comprising
exports to countries such as Hong Kong, Egypt, and Bahrain. TSML
has wind turbine generators (with installed capacity of 9 MW), to
reduce power costs.

Recent Results

For the three months ending June 30,2012, TSML had a net loss of
INR0.6 Crore on an operating income of INR23.3 Crore (unaudited
results). During 2011-12, TSML reported a net loss of INR15.9
Crore on an operating income of INR106.0 Crore.



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


ASAHI MUTUAL: Fitch Affirms IFS Rating at 'BB'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Asahi Mutual Life
Insurance Company's Insurer Financial Strength (IFS) rating at
'BB'.  The Outlook is Stable.

The IFS rating reflects Asahi Life's weak capital adequacy
compared with its peers as well as its overall resilient life
insurance underwriting.  Its negative spread burden remains
sizable and continues to offset gains from a lower-than-projected
mortality rate.  Fitch expects this burden to reduce due to a
gradually declining average guaranteed yield, albeit at a slow
pace.

Its insurance underwriting has been stable owing to its effective
focus on the profitable third (health) sector.  Annual premiums
of in-force policies of Asahi Life's third sector were
acceptable, having fallen only 0.2% in the financial year ended
March 2012, compared with the sector average of 0.6% growth.

Gradual cutbacks in exposure to domestic equities led to improved
capital adequacy at end-March 2012 and should provide protection
against falls in equity markets.  Asahi Life's new statutory
solvency margin ratio (SMR) increased to 426.6% at end-March 2012
from 361.2% at end-March 2011, despite a weak domestic equity
market.  Nevertheless, in comparison with its peers, Asahi Life's
capital position remains weak.  Measures taken to strengthen
asset and liability management should help to moderately narrow
the duration gap, which Fitch sees as one of the primary risks
for the company.

Key rating triggers for an upgrade include a further
strengthening of capitalisation, particularly if the SMR remains
well above 400%, or if Fitch's internal capitalisation measure
improves further on a sustained basis.  Growth in the company's
profitable third sector, improvement in the surrender and lapse
rates of its death protection products, and improvement in the
financial leverage ratio would also be viewed positively by
Fitch.

Key rating triggers for a downgrade include material erosion of
capitalisation, specifically, if the SMR declines to 300%, or if
Fitch's internal capitalisation measure deteriorates on a
sustained basis.  Significant deterioration in its core profit
would also put the rating under pressure.

Asahi Life is one of the nine traditional domestic life insurers
in Japan.  It had a 3.3% market share by amount of policies in-
force at end-March 2012.


RENESAS ELECTRONICS: Japan-Backed Fund Likely to Save Firm
----------------------------------------------------------
The Yomiuri Shimbun reports that Renesas Electronics Corp. is
likely to be jointly acquired by Innovation Network Corporation
of Japan, a state-backed investment fund, and other private-
sector companies including Toyota Motor Corp. and Panasonic Corp.
for about JPY200 billion.

According to the report, sources said INCJ will invest more than
JPY150 billion to obtain at least two-thirds of the firm's shares
and gain control over Renesas.

The Yomiuri Shimbun says INCJ deemed it necessary to support the
ailing Renesas' rehabilitation to ensure a stable supply of its
product through a partnership between the fund and the private
sector.

The report notes the parties involved will conclude a final
agreement on the matter in early November so that Renesas can
issue new shares as early as this year.  The shares will be
underwritten by the fund and the private companies, the report
relays.

In addition to automakers Toyota and Nissan Motor Corp., auto
parts makers such as Keihin Corp. and Denso Corp. have also
agreed to the investment, the report discloses.  Along with
Panasonic, consumer electronics manufacturers Nikon Corp. and
Yaskawa Electric Corp. will also join, the Yomiuri Shimbun adds.

As the INCJ has urged Canon Inc. and Honda Motor Corp. to also
take part, a total of 10 companies are expected to partner with
the fund for the investment, according to the report.

The Yomiuri Shimbun adds the INCJ is expected to invest
JPY150 billion, while the private companies are expected to
invest the remaining JPY50 billion.  However, the fund could
invest more if investment from the private-sector firms falls
short.

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

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

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



=========
K O R E A
=========


C&M CO: Moody's Withdraws 'B3' Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has withdrawn its B3 corporate family
rating with a negative outlook on C&M Co., Ltd.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

C&M is Korea's third largest multi-system cable television
operator based on subscribers (2.7million as of July 2012), with
a market share of approximately 18.2%. C&M owns 18 affiliated
system operators each of which are a monopoly or duopoly provider
in their respective service regions, and also provides internet
access and voice over Internet Protocol ("VoIP") services.



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


FIVE STAR: Former Director Case to Nears End
--------------------------------------------
William Mace at stuff.co.nz reports that the case of the
so-called "mastermind" of failed finance company Five Star group
Neill Williams is edging closer to resolution.

stuff.co.nz relates that Judge Roderick Joyce has referred to
Mr. Williams as the "mastermind" of the finance companies which
collapsed into receivership in 2007, owing investors
NZ$46 million, despite not being registered as a director.

The report notes that Five Star's directors Nicholas Kirk and
Marcus Macdonald were sentenced to imprisonment after pleading
guilty on FMA charges in 2010, while a third director, Anthony
Bowden, who also pleaded guilty, received home detention.

Mr. Williams initially pleaded guilty alongside Five Star's
directors in late 2010, but has since sought to dispute the facts
he pleaded guilty to and then tried to withdraw his plea
altogether, the report relate.

His attempt to vacate the guilty plea in the Auckland District
Court was declined twice as well as a subsequent attempt to
adjourn the disputed facts hearing, stuff.co.nz says.

A court hearing last week to decide on another application to
adjourn the disputed facts hearing was also adjourned, this time
because the court's judges were busy with child sex cases, the
report adds.

According to the report, Judge Anne Kiernan in the District Court
at Auckland on October 9 confirmed the disputed facts hearing can
now get underway on December 17.

stuff.co.nz says the former directors of Five Star Finance are
all set to testify against Mr. Williams at that hearing.

However Mr. Williams has also filed a judicial review in the High
Court challenging all three district court decisions against him,
stuff.co.nz relates.

That hearing is due to be called on November 21, with a day-long
hearing to be held soon after, the report adds.

                      About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.



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


3Q INTERIOR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 5, 2012, to
wind up the operations of 3Q Interior Design & Concepts Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


AGV LTD: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Oct. 5, 2012, to
wind up the operations of AGV Ltd (Company limited by guarantee).

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

         Terence Ng Chi Hou
         Thio Khiaw Ping Kelvin
         M/s Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


AIK LIAN: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Oct. 5, 2012, to
wind up the operations of Aik Lian Engineering & Trading Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidators are:

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


ATLANTIC COMPUTER: Creditors' Proofs of Debt Due Oct. 22
--------------------------------------------------------
Creditors of Atlantic Computer Systems Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by Oct. 22, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Chay Fook Yuen
          c/o KPMG Services Pte Ltd
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


ENPOCKET SINGAPORE: Creditors' Proofs of Debt Due Nov. 14
---------------------------------------------------------
Creditors of Enpocket Singapore Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by Nov. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


FIRST SHIP: Fitch Assigns 'B+' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings says Singapore-based First Ship Lease Trust's
rating is not affected by a restructuring agreement of one of its
lessees, Denmark-based TORM A/S, with its banks and tonnage
providers (including FSLT).  FSLT is rated Long-Term Issuer
Default 'B+' with Negative Outlook.

Under the agreement TORM will defer a substantial portion of its
bank debt and also avail new liquidity and savings from its
restructured time charter book.  This restructuring would result
in FSLT receiving lower lease rentals from TORM and also a share
of the 17.3% equity stake in TORM's enlarged share capital held
by tonnage providers who have agreed to permanently amend their
charter contracts.

Despite the lower lease rentals Fitch estimates that in the
absence of further defaults or restructuring by TORM, FSLT's
projected operating cash flows and USD30.8m cash balance
outstanding as of June 30, 2012 would be adequate to meet its
operating expenses and USD44m annual debt servicing commitments.

Nevertheless, given the negative outlook for the global shipping
industry, Fitch will closely monitor FSLT's portfolio quality and
its impact on the credit profile.



                             *********

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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