TCRAP_Public/121016.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

          Tuesday, October 16, 2012, Vol. 15, No. 206

                            Headlines


A U S T R A L I A

NINE ENTERTAINMENT: Into Receivership
SMART ABS 2012-4US: Fitch Rates AUD18.52-Mil. Notes 'BBsf'
SMART ABS 2012-4US: Moody's Assigns 'Ba2' Rating to Class E Notes


C H I N A

CHINA SOUTH: Moody's Rates US$125-Mil. Sr. Unsecured Notes 'B2'


H O N G  K O N G

MYOB HK: Arboit and Blade Step Down as Liquidators
NEW CHINA: Creditors Get 1% Recovery on Claims
NEWRICH CASTLE: Creditors' First Meeting Set for Oct. 22
NOBLE ENTERPRISES: Creditors' Proofs of Debt Due Nov. 2
RENAISSANCE CAPITAL: Commences Wind-Up Proceedings

RENAISSANCE CAPITAL (HK): Commences Wind-Up Proceedings
RISE STEP: Creditors' First Meeting Set for Oct. 19
TECRISE DEVELOPMENT: Lam Tak Keung Steps Down as Liquidator
WING KEY: Court to Hear Wind-Up Petition on Dec. 5
YEECARE INVESTMENT: Poon Wai Hung Steps Down as Liquidator


I N D I A

CAPITHAN EXPORTING: CRISIL Raises Rating on INR21.4MM Loan to 'C'
CAPTAIN PIPES: CARE Places 'CARE B-' Rating on INR5.63cr LT Loan
G.K. POWER: CARE Assigns 'CARE BB-' Rating to INR4.21cr LT Loan
JAKRAYA SUGAR: CARE Assigns 'B+' Rating to INR55.02cr Loans
J.R. AGROTECH: CARE Places 'CARE C' Rating on INR111.99cr LT Loan

KINGFISHER AIRLINES: To Meet Employees on October 17
LIYA INFRATECH: CARE Assigns 'BB' Rating to INR8.56cr LT Loan
PAUL & COMPANY: CARE Rates INR23.5cr LT Loan at 'CARE BB+'
SAHYADRI HEALTHCARE: CARE Rates INR18cr LT Loan at 'CARE B+'
SAKTHI GANESH: Delay in Loan Payment Cues CRISIL Junk Ratings

SHRIRAM COTTON: CARE Rates INR5.75cr LT Loan at 'CARE B'
TEXORANGE CREATIONS: CARE Puts 'BB-' Rating on INR2.46cr LT Loan
VEE AAR: CARE Assigns 'CARE BB' Rating to INR38cr LT Loan


I N D O N E S I A

BATAVIA AIR: AirAsia, Fersindo Proposed Acquisition Canceled


J A P A N

SHARP CORP: Lenders May Raise Management Oversight


K O R E A

SUHYUP BANK: Moody's Changes Rating Outlook to Stable


N E W  Z E A L A N D

CAPITAL + MERCHANT: Experts Say Auditor Case Raises Investor Hope
HANOVER GROUP: In High Court Fight Over NZ$20MM Insurance Policy
SILVEROAKS: Receivership Hotels Have Plenty Of Potential


S I N G A P O R E

KYOEI ENGINEERING: Creditors' Proofs of Debt Due Oct. 12
MF GLOBAL: Creditors' Proofs of Debt Due Oct. 26
PRIME EQUITIES: Creditors' Proofs of Debt Due Nov. 12
REVERE CAPITAL: Creditors' Proofs of Debt Due Oct. 22


X X X X X X X X

* BOND PRICING: For the Week Oct. 8 to Oct. 12, 2012


                            - - - - -


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


NINE ENTERTAINMENT: Into Receivership
-------------------------------------
Darren Davidson at The Australian Media reports that Nine
Entertainment Co's board could put the company into receivership
early next week if the company's lenders cannot agree on a
restructure of the company's huge debt by a new deadline set for
the end of business.

Nine Entertainment's management team will call a board meeting on
to discuss their options if the lenders do not reach agreement by
their deadline, according to the report.

                      About Nine Entertainment

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


SMART ABS 2012-4US: Fitch Rates AUD18.52-Mil. Notes 'BBsf'
----------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2012-4US Trust's
notes final ratings.  The transaction is a securitisation backed
by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited (Macquarie Leasing).

  -- USD180m Class A-1 notes: 'F1+sf'
  -- USD130m Class A-2a notes: 'AAAsf'; Outlook Stable
  -- USD102.5m Class A-2b notes: 'AAAsf'; Outlook Stable
  -- USD175m Class A-3a notes: 'AAAsf'; Outlook Stable
  -- USD60m Class A-3b notes: 'AAAsf'; Outlook Stable
  -- USD82.5m Class A-4a notes: 'AAAsf'; Outlook Stable
  -- USD20m Class A-4b notes: 'AAAsf'; Outlook Stable
  -- AUD9.05m Class B notes: 'AAsf'; Outlook Stable
  -- AUD30.04m Class C notes: 'Asf'; Outlook Stable
  -- AUD20.57m Class D notes: 'BBBsf'; Outlook Stable
  -- AUD18.52m Class E notes: 'BBsf'; Outlook Stable
  -- AUD12.35m seller notes: not rated

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

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

The final ratings of the Class A notes are based on the quality
of the collateral; the 11% credit enhancement provided by the
subordinate Class B, C, D, and E notes, the unrated seller notes
and excess spread.  It also reflects the presence of a liquidity
reserve account sized at 1% of the aggregate amount of the notes
at closing; the interest rate swap arrangement the trustee has
entered into with Macquarie Bank Ltd ('A'/Stable/'F1'); and
Macquarie Leasing's lease underwriting and servicing
capabilities.

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

At the cut-off date, Macquarie Leasing's representative
collateral portfolio consisted of 25,879 leases totalling AUD823m
with an average size of AUD31,800.  The pool comprises passenger
and light commercial vehicle lease receivables from Australian
residents across the country, consisting of amortising principal
and interest leases with varying balloon amounts payable at
maturity.  The weighted average balloon payment for the portfolio
is 31.8% of the current lease balance.  The majority of leases
consist of novated contracts (61.8%), where the lease is novated
to the employer in salary packaging arrangements.

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

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding new issue report entitled "SMART ABS Series
2012-4US Trust" Included in a corresponding new issue appendix is
a description of the representations, warranties, and enforcement
mechanisms.


SMART ABS 2012-4US: Moody's Assigns 'Ba2' Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART ABS Series 2012-4US Trust.

Issuer: SMART ABS Series 2012-4US Trust

   USD180.00 million Class A-1 Notes, Assigned P-1 (sf);

   USD130.00 million Class A-2a Notes, Assigned Aaa (sf);

   USD102.50 million Class A-2b Notes, Assigned Aaa (sf);

   USD175.00 million Class A-3a Notes, Assigned Aaa (sf);

   USD60.00 million Class A-3b Notes, Assigned Aaa (sf);

   USD82.50 million Class A-4a Notes, Assigned Aaa (sf);

   USD20.00 million Class A-4b Notes, Assigned Aaa (sf);

   AUD9.053 million Class B Notes, Assigned Aa2 (sf);

   AUD30.037 million Class C Notes, Assigned A2 (sf);

   AUD20.574 million Class D Notes, Assigned Baa2 (sf);

   AUD18.516 million Class E Notes, Assigned Ba2 (sf).

The AUD12.345 million Seller Notes are not rated by Moody's. The
Class A-1, Class A-2a, Class A-3a and Class A-4a Notes are fixed
rate notes while the Class A-2b, Class A-3b and Class A-4b Notes
are floating rate notes.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited ("Macquarie"). This
is Macquarie's fourth ABS transaction issued in 2012.

Ratings Rationale

SMART ABS Series 2012-4US Trust replicates structures seen in
previous SMART transactions sponsored by Macquarie, and closely
follows the structure seen in other SMART ABS Series offered in
the US. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the USD-denominated senior notes and the pro-rata
principal repayment profile.

The pool includes a high percentage of novated leases (62%),
which exhibit a lower level of risk than other contract types. At
the same time, the deal is exclusively backed by motor vehicles,
predominantly cars. Past non-US SMART transactions and other
Australian ABS transactions typically include 10-15% of other
equipment types. Motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views the SMART ABS Series 2012-4US Trust pool as having
more positive collateral characteristics than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal will include seven senior, USD-denominated tranches. The
Class A-1 Notes are fast-pay money-market notes, rated P-1(sf).
The Class A Notes will be repaid sequentially within the Class A
Note allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply an expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.43% and
53.42% respectively. The ratings address the expected loss posed
to investors by the legal final maturity. The structure allows
for timely payment of interest and ultimate payment of principal
by the legal final maturity.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. With
regards to legal and regulatory uncertainty, Moody's assigns a
medium due to the recent introduction of the Personal Property
Securities Act (PPSA) which may lead to operational issues in the
short term. Overall, the V score of Low/Medium allows Moody's to
have a material degree of comfort with regard to assumptions made
in rating the SMART ABS Series 2012-4US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

In the case of SMART ABS Series 2012-4US Trust, the model
indicated rating for the Class A Notes remain investment grade
when the default rate rises to 3.6% (double of Moody's
assumption of 1.80%) and recovery rate is reduced to 20% (half of
Moody's  assumption of 40%); the model indicated rating for the
Class A-3 Notes drops 1 notch to Aa1 and the model indicated
rating for the Class A-4 Notes drop 7 notches to Baa1). While the
Class A Notes rank pari passu for losses, the Class A sub-classes
pay down sequentially. This results in the Class A-4 Notes being
outstanding when the structure is paying pro rata, hence exposing
the notes to a relatively higher risk of loss as the dollar value
of subordination decreases over time. The model indicated ratings
for the Class B notes drop 8 notches to Ba1 in the above
scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.



=========
C H I N A
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CHINA SOUTH: Moody's Rates US$125-Mil. Sr. Unsecured Notes 'B2'
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 senior
unsecured ratings to the US$125 million, 13.5%, 5-year notes
issued by China South City Holdings Limited ("CSC"). CSC's B1
corporate family rating and B2 senior unsecured rating remain
unchanged.

The ratings outlook is stable.

Ratings Rationale

Moody's definitive ratings on this debt obligations affirm the
provisional (P)B2 rating assigned on 24 September 2012. The final
terms and conditions on the bond are consistent with Moody's
expectations. Moody's rating rationale was set out in a press
release published on the same day.

The bond proceeds of the issuance will be used to fund properties
under development and planned for future development, and
refinance a portion of its existing debt.

The principal methodology used in rating China South City
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.

China South City (CSC), listed on the Hong Kong Stock Exchange,
is one of the developers and operators of large scale integrated
logistics and trade centers in China. The company operates one
integrated logistics and trade center in Shenzhen and is
developing new trade centers in Nanning, Nanchang, Xian, Harbin
and Zhengzhou.



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


MYOB HK: Arboit and Blade Step Down as Liquidators
--------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of MYOB Hong Kong Limited on Oct. 3, 2012.


NEW CHINA: Creditors Get 1% Recovery on Claims
----------------------------------------------
The New China Hong Kong Capital Limited, which is in creditors'
liquidation, will declare the second interim dividend to its
creditors on Oct. 19, 2012.

The company will pay 1% for ordinary claims.

The company's liquidator is:

         James Wardell
         Suite 1704, 17th Floor
         625 King's Road
         North Point, Hong Kong


NEWRICH CASTLE: Creditors' First Meeting Set for Oct. 22
--------------------------------------------------------
Creditors of Newrich Castle Limited will hold their first meeting
on Oct. 22, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 2611-13A, 26/F, at 113 Argle
Street, Mongkok, Kowloon, in Hong Kong.


NOBLE ENTERPRISES: Creditors' Proofs of Debt Due Nov. 2
-------------------------------------------------------
Creditors of Noble Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 2, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 1, 2012.

The company's liquidator is:

         Lu Yuen Chung John
         C21, Carolina Gardens
         28 Coombe Road
         Hong Kong


RENAISSANCE CAPITAL: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Renaissance Capital Far East Limited, on Oct. 5, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


RENAISSANCE CAPITAL (HK): Commences Wind-Up Proceedings
-------------------------------------------------------
Members of Renaissance Capital (Hong Kong) Limited, on Oct. 5,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


RISE STEP: Creditors' First Meeting Set for Oct. 19
---------------------------------------------------
Creditors of Rise Step International Investment Enterprise
Limited will hold their first meeting on Oct. 19, 2012, at
3:00 p.m., for the purposes provided for in Sections 241, 242,
243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 2611-13A, 26/F, at 113 Argle
Street, Mongkok, Kowloon, in Hong Kong.


TECRISE DEVELOPMENT: Lam Tak Keung Steps Down as Liquidator
-----------------------------------------------------------
Lam Tak Keung stepped down as liquidator of Tecrise Development
Limited on Oct. 10, 2012.


WING KEY: Court to Hear Wind-Up Petition on Dec. 5
--------------------------------------------------
A petition to wind up the operations of Wing Key Construction
Company Limited will be heard before the High Court of Hong Kong
on Dec. 5, 2012, at 9:30 a.m.

The construction Industry Council filed the petition against the
company on Sept. 27, 2012.

The Petitioner's solicitors are:

          Hogan Lovells
          11/F, One Pacific Place
          88 Queensway, Hong Kong


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



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


CAPITHAN EXPORTING: CRISIL Raises Rating on INR21.4MM Loan to 'C'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Capithan Exporting Company (part of the CEC group) to 'CRISIL B-
/Stable' from 'CRISIL C', and has reaffirmed its rating on the
firm's other bank facilities at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          21.4      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Packing Credit         115.7      CRISIL A4 (Reaffirmed)

   Bill Discounting       140        CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in the CEC group's
liquidity, driven by improvement in receivables collection. The
debtor days of the group improved to around 41 days, as on
March 31, 2012, as against debtor days of about 71 days, as on
March 31, 2011. Improved working capital management and moderate
cash accruals have resulted in improvement in the liquidity of
the group. Additionally, the group's cash accruals are expected
to be sufficient to service its term debt over the medium term.
However, the CEC group's liquidity is constrained by average bank
limit utilization of around 92% over the 12 months ended
April 2012.

The ratings reflect the CEC group's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, susceptibility to volatility in raw material prices and
in foreign exchange rates, and exposure to risks inherent in the
seafood exports industry. These rating weaknesses are partially
offset by the CEC group's established track record in the seafood
exports industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Veronica Marine Exports Pvt Ltd and
CEC. This is because both the entities, together referred to as
the CEC group, are in the same line of business, have common
promoters, and fungible cash flows.

Outlook: Stable

CRISIL believes that the CEC group will maintain its business
risk profile, backed by its healthy relationships with suppliers
and customers. The outlook may be revised to 'Positive' if the
group further improves its working capital management while
achieving better-than-expected cash accruals, resulting in
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the group's liquidity, driven by larger-than-expected
working capital requirements, debt-funded capital expenditure or
less-than-expected cash accruals.

About the Group

Set up in 1974 and promoted by Mr. Alphonse Joseph, the CEC group
processes and exports cuttle fish, peeled undeveined shrimp, fin
fishes, shell fish, and cooked/blanched fish.

The CEC group reported, on provisional basis, a profit after tax
(PAT) of INR16.3 million on net sales of INR1.86 billion for
2011-12 (refers to financial year, April 1 to March 31); the
group reported a PAT of INR27.3 million on net sales of INR1.29
billion for 2010-11.


CAPTAIN PIPES: CARE Places 'CARE B-' Rating on INR5.63cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Captain Pipes Pvt Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     5.63        CARE B- Assigned
   Short-term Bank Facilities    0.50        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Captain Pipes
Private Limited are primarily constrained on account of its small
scale of operations with a weak financial risk profile marked by
net losses, highly leveraged capital structure, weak liquidity
and debt protection indicators. The ratings are also constrained
on account of its short track record of operations and presence
in an intensely competitive industry with weak bargaining power
vis--vis its suppliers.

The above-mentioned constraints far offset the benefits derived
from the vast experience of the promoters and support from a
group company.

Ability of the company to increase its scale of operations along
with improvement in financial risk profile remains the key rating
sensitivities.

Incorporated in 2010, Rajkot-based CPPL undertakes the
manufacturing of high-tensile unplasticized Poly Vinyl Chloride
(uPVC) pipes with an installed production capacity of 7,500
Metric Tonnes Per Annum (MTPA) which find application in
construction and real estate sector. CPPL is an associate concern
of Captain Polyplast Limited (CPL, rated 'CARE BB-', 'CARE A4')
which is in the business of manufacturing and trading of High
Density Polyethylene (HDPE) Pipes, PVC Pipes and also does
assembling of irrigation equipment.

As against a net losses of INR0.30 crore on a total operating
income of INR2.02 crore in FY11 (refers to the period April 1 to
March 31), CPPL reported a net profit of INR1.22 crore on a total
operating income of INR10.49 crore during FY12 provisional.


G.K. POWER: CARE Assigns 'CARE BB-' Rating to INR4.21cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of G.K. Power Transmission Company Pvt Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities    4.21         CARE BB- Assigned
   Short-term Bank Facilities   1.74         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of G.K. Power
Transmission Company Private Limited are constrained by
relatively small size of operations with low cash accruals,
stressed debt protection metrics and a very high collection
period. The ratings also take into consideration the working
capital intensive nature of its operations, relatively low profit
margin due to high competition and project execution risk.

The ratings, however, do take into account the track record of
the promoters in the erection and commissioning of power
transmission line and substation projects, revenue visibility on
the back of healthy but concentrated order book and favorable
outlook for power transmission segment due to large planned
capital expenditure envisaged in the next few years.

The ability of the company to execute orders in a timely manner
and improve its scale of operations along with the improvement in
profitability and effective working capital management is the key
rating sensitivity.

GKP was established as proprietorship concern in 1993 by Mr. K.
Gopalkrishnan. Later, it was converted to a private limited
company in November 2006. The company is engaged in the supply,
erection, testing and commissioning of Extra High Voltage
(E.H.V.) substations, switchyards, maintenance of switchyard and
lines. The company also acts as channel partner for ABB Ltd for
protection relays and circuit breakers for the Vidharbha region
of Maharashtra. It also has the dealership of Crompton Greaves
Limited (CGL) and Easun Reyrolle Limited (ERL) for the same
products.

In FY12 (refers to the period April 01 to March 31), G.K. Power
registered a PAT of INR0.35 crore against the total income of
INR12.39 crore.


JAKRAYA SUGAR: CARE Assigns 'B+' Rating to INR55.02cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Jakraya
Sugar Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities      42.77      CARE B+ Assigned
   (Term Loan)

   Long-term Bank Facilities      12.25      CARE B+ Assigned
   (Fund Basec Working Capital
   Limits)

Rating Rationale

The rating is constrained by Jakraya Sugar Ltd.'s (JSL) short
track record of operations, short experience of the promoters in
running sugar & sugar related business, relatively small size of
operations. The ratings are furthermore constrained due to the
working capital intensive nature of operations and relatively
weak financial risk profile indicated by high gearing & debt to
GCA levels and low debt coverage indicators. Further, the rating
also takes in to account the cyclical nature of the sugar
industry coupled with stringent regulatory norms signifying
dependence on the government policies.

However, the ratings derive strength from JSL's successful
completion of the partially integrated sugar plant and inplace
power purchase agreement for off take of power from the co-gen
plant.

The ability of the company to improve its operating performance
thereby improving its debt protection metrics is the key rating
sensitivity.

Jakraya Sugar Ltd was incorporated by Mr. Birappa Jadhav
(Chairman) and Mr. Sachin B Jadhav (Managing Director) on
June 12, 2007 to set up a sugar plant at Watwate, Tal: Mohol,
Dist: Solapur. The company setup a sugar plant with a capacity of
2500 tonne canes per day (TCD) and bagasse-fired co-generation
plant with a capacity of 11 MW. The phase I was setup with a
project cost of INR86.57 crore funded through debt & equity mix
in the ratio of 1.18:1. The sugar plant erection commenced from
January 2010 (delayed by a year due to delays in financial
closure) and was completed on February 2011 (commercial
operations delayed by about four months due to heavy rainfall).
The company post commissioning, had a trial run with 47,000
tonnes of cane in April, 2011. The company has tied up with
MSEDCL for selling of surplus power being generated from the
baggase based co-generation plant at a rate of INR4.79 per unit
with escalation of 2% per annum. FY12 was the first full year of
operation for the company. With better cane harvest in FY12
coupled with a high recovery rate of 12.44 % (third highest in
Solapur and thirteenth overall in Maharashtra in its first
season), JSL achieved sugar sale income of INR 64.41 crore with a
cane crushing of approximately 4 lakh MT.


J.R. AGROTECH: CARE Places 'CARE C' Rating on INR111.99cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of J.R. Agrotech Private Limited.

                                Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities    111.99       CARE C Assigned
   Short-term Bank Facilities    43.07       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the instances of delays in
servicing of debt obligation in the past, weak financial risk
profile, high degree of industry fragmentation, susceptibility of
margins to fluctuation in raw material prices and vulnerability
to changes in Government policies.

The above constraints are partially offset due to the strengths
derived from the long promoter experience in agro-based business,
strong domestic distribution network and growth prospects of the
rice industry.

The ability of the company to improve profitability margins
amidst stiff competition and improve the capital structure are
the key rating sensitivities.

J.R. Agrotech Private Limited is engaged in milling, processing
and selling of various varieties of rice. The company was
incorporated in 1998 as a private limited company; however, the
promoter has been involved in rice processing since 1957 through
other family enterprises.

The company's product mix comprises of 1121, Pusa Basmati, Parmal
and Sharbati Sela among others. In the domestic market, the
company is selling under the brand names "Mother Cook" and
"Sacha Sauda". The company has presence in states like
Maharashtra, Gujarat, Delhi, Jammu and Kashmir, Rajasthan and
Haryana. The company exports basmati rice mainly to countries
like U.A.E, Iraq, Saudi Arabia and Iran. The export revenue
accounted for approximately 59% of the total sales in FY12
(Provisional). In order to mitigate the risk, JRAPL completely
hedges its export revenue through forward contracts.

The company has a fully integrated milling; processing and
manufacturing unit located at Dinanagar, Punjab. The current
milling capacity of the plant is 20 MTPH as on 31 March, 2012.
The company has storage capabilities of 10,000 MT of rice and
20,000 MT of paddy.

As per the provisional results of FY12 (refers to the period
April 1 to March 31), JRAPL has earned a PAT of INR5.17 crore on
a total income of INR296.91 crore as against the PAT of INR3.67
crore on the total income of INR199.76 crore in FY11 (Audited).


KINGFISHER AIRLINES: To Meet Employees on October 17
----------------------------------------------------
Livemint.com reports that the top management of Vijay Mallya-
controlled Kingfisher Airlines Ltd is expected to meet employee
representatives on Wednesday to seek an end to the ongoing labour
unrest, according to two senior airline executives.

Livemint.com relates that a representative from each base will
meet the management of Kingfisher Airlines and parent UB Group on
Wednesday, the airline executives said, without disclosing the
time and venue.  They requested anonymity.  The spokesperson for
the airline was not available for comment, says Livemint.com.

According to Livemint.com, Kingfisher Airlines has extended its
lockout to October 20, continuing the shutdown that began on
October 1 because of employee unrest over unpaid salaries.
Livemint.com notes the lockout was supposed to end Friday, but
that had looked unlikely as the airline hadn't submitted a
revival plan that the regulator had sought before being allowed
to resume services.

"The company is continuing to work with and appeal to the
employees striking work to return to work so that the airline can
share its resumption plan with DGCA (Directorate General of Civil
Aviation) and gain their concurrence," the airline said last
week.  Livemint.com adds the carrier said it was hopeful of
resuming operations on October 21.

                     About Kingfisher Airlines

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

                           *     *     *

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

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


LIYA INFRATECH: CARE Assigns 'BB' Rating to INR8.56cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Liya Infratech Pvt Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities     8.56        CARE BB Assigned
   Short-term Bank Facilities    3.00        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Liya Infratech
Pvt. Ltd. are constrained by the small size of its operations,
working capital intensive nature of its business with high
collection period, leveraged capital structure, client &
geographic concentration and sluggish growth witnessed in
construction industry amidst high competition. The ratings,
however, are underpinned by the experienced management of LIPL,
increase in the scale of operation in the last three years,
moderate order book position and reputed client base.

The ability of the company to improve its scale of operations,
profitability & capital structure and diversify its client base &
geographical operation would be the key rating sensitivities.

LIPL was incorporated in November 2010, to take over the business
of M/s. S. Abdul Khader, a proprietorship concern, started in
1994 by Mr. S. Abdul Khader. LIPL is engaged in the business of
executing civil construction works for roads and earth works
under sub-contract and direct contract basis and is, presently,
executing road construction projects in Karnataka. LIPL is
currently managed by Mr. S. Abdul Khader and Mrs. Hafeeza
Khathijamma.

During FY11 (refers to the period April 1 to March 31), SAK
reported a total operating income of INR19.22 crore and a PAT of
INR0.81 crore. As per the provisional results for FY12, LIPL
achieved turnover of INR32.10 crore and a PAT of INR1.46 crore.


PAUL & COMPANY: CARE Rates INR23.5cr LT Loan at 'CARE BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Paul & Company Steel Merchants Pvt. Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities    23.5         CARE BB+ Assigned
   Short-term Bank Facilities    6.0         CARE A4+

Rating Rationale

The ratings of Paul & Company Steel Merchants Pvt. Ltd. are
constrained by its low profit level and margin, low net worth
base and geographical and supplier concentration risk. The
ratings also factor in the benefits derived from the experience
of the promoters, sole distributorship of TATA Steel Ltd. in
Howrah & Hooghly district (both in West Bengal) and large
dealership base.

Improving scale of operation and margin, demand prospects for the
steel industry and regular renewal of agreement with TSL are the
key rating sensitivities.

PCSM was incorporated in February 2009 by the Paul family of
Kolkata, West Bengal. It is the sole authorized distributor of
'Tata Tiscon' re-bars of TSL (rated CARE AA+), in Howrah &
Hooghly districts of West Bengal. Sale from this distributorship
business constituted 95.8% of the company`s sales in FY12 (refers
to the period April 2011 to March 2012). PCSM is also a stockiest
for leading cement brands.

During FY12 PCSM achieved a PAT of INR0.7 crore (INR0.5 crore in
FY11) on total income of INR106.3 crore (INR73.4 crore in FY11).


SAHYADRI HEALTHCARE: CARE Rates INR18cr LT Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Sahyadri
Healthcare & Daignostics Pvt Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities     18          CARE B+ Assigned

Rating Rationale

The above rating is constrained by delay in the project execution
resulting mainly from change in the scope of the project, risks
associated with initial years of operation and absence of assured
revenue streams. However, the rating draws strength from Sahyadri
Health Care & Diagnostics Private Limited's (SHPL's) long-term
management and operational agreement with Narayana Hrudayalaya
Private Limited [NHPL], a well-known player in multi-specialty
hospital chain. Going forward, the ability of SHPL to complete
the project within revised timelines and operational success of
this hospital run by NHPL would remain the key rating
sensitivities.

Sahyadri Health Care & Diagnostics Private Limited was
incorporated in the year 2009 by Mr. B.Y. Vijayendra and Mr. B.Y.
Raghavendra. SHPL is currently setting up a unit with built area
of 100,000 sq.ft, which will house 400-bed multi-specialty
hospital in Shimoga. The project cost is an estimated INR35 crore
being funded out of debt of INR18 crore and equity of INR17
crore. As on June 13, 2012, SHPL has spent INR24.77 crore (of
which INR18.77 crore has been funded by the promoters in the form
of unsecured loan and equity) towards the project.The hospital is
scheduled for commercial operation by November 2012.

SHPL has entered into an operation and management agreement (for
30 years) with Narayana Hrudayalaya Private Limited [NHPL], a
Bangalore-based multi-specialty hospital, wherein NHPL would
equip, set up, manage and operate the hospital. As mutually
agreed by SHPL and NHPL, the hospital would operate under the
name of "Sahyadri Narayana Hrudayalaya Multi Specialty Hospital".


SAKTHI GANESH: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sakthi Ganesh Textiles Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                             Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Cash Credit                 60       CRISIL D (Downgraded from
                                        'CRISIL BB/Stable')

   Letter of Credit            60       CRISIL D (Downgraded from
                                        'CRISIL A4+')

   Long-Term Loan              60.1     CRISIL D (Downgraded from
                                        'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by SGTPL in
servicing its term debt; the delays have been caused by SGTPL's
weak liquidity, driven by cash flow mismatch resulting from
stretched receivables.

SGTPL has an average financial risk profile, marked by average
gearing and debt protection metrics, and working-capital-
intensive operations. However, the company benefits from the
extensive experience of its promoters in the textile industry.

Established in 1996 by Mr. K Hari Kumar and his family members,
SGTPL manufactures cotton fabric.

SGTPL reported a profit after tax (PAT) of INR14 million on net
sales of INR501 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR13 million on net
sales of INR431 million for 2010-11.


SHRIRAM COTTON: CARE Rates INR5.75cr LT Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shriram
Cotton Fibers.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities    5.75         CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Shriram Cotton
Fibers is primarily constrained on account of its small scale of
operations in the competitive and fragmented cotton ginning
industry, weak financial profile and constitution as a
partnership firm. The rating is further constrained on account of
seasonality associated with cotton availability and impact of
government policies related to cotton. The rating, however, does
find support from SCF's diversified customer base, proximity to
cotton growing area of Maharashtra and favourable industry
prospects.

SCF's ability to increase its scale of operations and manage
volatility associated with cotton prices, thereby improving its
profitability is a key rating sensitivity.

Shiram Cotton Fibres was established as a partnership firm in
August 2008. The firm based in Nandurbar, Maharashtra, undertakes
ginning of raw cotton to produce cotton lint (raw cotton without
seeds) and cotton seeds. The unit also undertakes job work
contracts for processing of raw cotton on a need basis. The
partners of SCF are Mr Ravindra Patil, Mr Sunil Patil, Mrs
Ranjana Patil and Mrs Asha Patil, each holding equal share. The
unit has an installed capacity of 2,550 tonnes per annum (TPA)
for processed cotton and 60,000 TPA of cotton seeds, which is
supplied to customers located in Maharashtra, Gujarat, Madhya
Pradesh and other states. The unit derives its revenue from sale
of ginned cotton and sale of cotton seeds in the average
proportion of 3:1.

For FY12 (refers to the period April 1 to March 31), SCF
registered a total operating income of INR13.35 crore with PAT of
INR0.02 crore. Beginning FY13, the unit intends to forward
integrate its operations by entering into manufacturing of cotton
seeds oil, which involves capex of INR1.50 crore, financed
partially by a term loan of INR0.75 crore.


TEXORANGE CREATIONS: CARE Puts 'BB-' Rating on INR2.46cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Texorange Creations Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities    2.46         CARE BB- Assigned
   Short-term Bank Facilities   7.54         CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the small scale of
operations of Texorange Creations Limited with leveraged capital
structure and low operating margins. The ratings are further
constrained by customer concentration risk along with
susceptibility of margins to volatile raw material prices &
foreign exchange fluctuations.

The aforesaid constraints are partially offset by the strength
derived from the experience of the promoters of TCL with
financial support extended in the past and growth in total
operating income in recent years.

TCL's ability to improve its overall scale of operations and
financial risk profile are the key rating sensitivities.

Incorporated in 2004, Texorange Creations Limited is engaged in
the business of manufacturing and export of fabrics and garments.
TCL procures the entire raw material from domestic suppliers and
its revenues are primarily generated from export [83% during FY12
(FY refers to period April 1 to March 31)]. The company mainly
exports to Dubai and African countries.

Till FY11, TCL was primarily outsourcing the manufacturing;
however, during FY11 & FY12 the company had imported 120
specialized looms for manufacturing of high-end products and also
to lower its cost of production. TCL has a capacity to
manufacture 1,200 pieces per day.

During FY12 (refers to period April 1 to March 31), TCL reported
total operating income of INR33.96 crore and PAT of INR0.48 crore
as against a total operating income of INR17.83 crore and PAT of
INR0.19 crore in FY11.


VEE AAR: CARE Assigns 'CARE BB' Rating to INR38cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Vee Aar
Associates.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       38        CARE BB Assigned

Rating Rationale

The rating is primarily constrained by the salability risk
associated with the ongoing residential real estate projects of
Vee Aar Associates due to low booking status and modest project
progress.

The rating is also constrained by its constitution as a
partnership firm, small scale of operations and risk associated
with its presence in an inherently cyclical real estate industry.
The above constraints far outweigh the experience of the partners
and established track record of the group in the real estate
market of Surat.

VAA's ability to complete and sell the residential units of its
ongoing projects in a timely manner and at envisaged prices along
with the realization of customer advances are the key rating
sensitivities.

Surat-based VAA, a partnership firm, was constituted in April
2005 to execute residential and commercial projects in Surat and
its suburbs. VAA is promoted by Mr. Veljibhai Sheta, Mr.
Ravjibhai Patel, Mr. Nanubhai Patel, Mr. Devrajbhai Sheta and six
other partners. The firm is a part of the Sangini group of Surat,
which is in the field of real estate development since 1983.

VAA has completed residential projects including Sangini
Residency and Bhulabhai Park during past three years ending FY12
(refers to the period April 1 to March 31). At present, VAA is
executing two luxurious residential projects namely 'Swaar
Sangini' (88 unit of 3/4 BHK) and 'Sangini Solitaire' (66 units
of 3/4 BHK) both located at Surat.

As per the audited results of FY12, VAA earned a PAT of INR14.97
crore on a total operating income of INR35.08 crore as against a
PAT of INR2.34 crore on a total operating income of INR6.19 crore
in FY11.



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


BATAVIA AIR: AirAsia, Fersindo Proposed Acquisition Canceled
------------------------------------------------------------
The Jakarta Post reports that the acquisition of PT Metro
Batavia, the owner of ailing carrier Batavia Air, has been called
off.

The Post says Batavia commercial director Sukirno Sukarna
confirmed the cancellation on Sunday, saying that the company had
failed to reach an agreement with the interested buyers,
Malaysia-based low-cost carrier AirAsia Berhad and PT Fersindo
Nusaperkasa.

Mr. Sukirno refused to further elaborate, saying that details of
the failed negotiation would be disclosed by AirAsia and
Fersindo, the report relays.

"This is not the end of the world for Batavia because we will
still continue our business without the acquisition," the report
quotes Mr. Sukirno as saying.

The Post recalls that AirAsia and Fersindo signed a memorandum of
understanding (MoU) with the domestic carrier at the end of July
to buy PT Metro Batavia, including its flying school, worth
US$80 million.

Under the agreement, the Post relates, AirAsia Berhad would have
owned 49% of Metro Batavia, while its Indonesian partner would
have held the remaining 51%in order to meet Indonesian ownership
rules.

According to the report, Mr. Sukirno said the airline had
decreased flight frequency on some of its routes, both domestic
and international, to help increase efficiency.

Batavia Air -- http://www.batavia-air.co.id/-- is an airline
based in Jakarta, Indonesia.  It operates domestic flights to
around 30 destinations and international services to China and
Malaysia. Its main base is Soekarno-Hatta International Airport,
Jakarta.



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


SHARP CORP: Lenders May Raise Management Oversight
--------------------------------------------------
Bloomberg News reports that banks bailing out money-losing Sharp
Corp. to the tune of $4.6 billion may increase their management
oversight of the Japanese television maker to support its return
to profit.

According to Bloomberg, the Asahi newspaper reported that Mizuho
Corporate Bank Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd. plan to
send executives to Sharp.  The lenders, based in Tokyo, are
selecting the executives and plan to discuss the matter with the
company, the newspaper reported, without saying how it obtained
the information.

Bloomberg notes Sharp said Sept. 28 that it secured
JPY360 billion (US$4.6 billion) of funding from Mizuho and Bank
of Tokyo Mitsubishi-UFJ after submitting cost-cutting proposals
to the banks earlier.  Bloomberg says Sharp has also been
renegotiating a proposed stake sale to Taipei-based Foxconn
Technology Group after widening its full-year loss forecast
eightfold in August, triggering a slide in its share price.  The
talks may continue until March, Sharp said last month, Bloomberg
reports.

The Asahi report didn't say how many executives may be sent to
Sharp or what posts they may take, Bloomberg adds.

                       About Sharp Corporation

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2012, Standard & Poor's Ratings Services lowered to
'BB+' its long-term corporate credit and senior unsecured debt
ratings on Sharp Corp. and its overseas subsidiaries, Sharp
Electronics Corp. and Sharp International Finance (U.K.) PLC. "At
the same time, we lowered our short-term ratings on the companies
to 'B' from 'A-2'. We kept Sharp's long- and short-term ratings
on CreditWatch with negative implications," S&P said.

"Sharp's liquidity position is weakening, in Standard & Poor's
view. Internal cash flow remains weak, and financial market
conditions for the company have deteriorated. The company has
forecast an expected JPY250 billion net loss for fiscal 2012
(ending March 31, 2013), exceeding its budgeted depreciation
expense of JPY200 billion. As of June 30, 2012, Sharp had a high
dependence on short-term borrowings. It had JPY336 billion in
short-term debt and JPY362 billion in commercial paper. In recent
weeks, the company has faced unfavorable financial market
conditions, as evidenced by a recent rise in spreads on credit
default swaps, which has added to its difficulty in issuing new
commercial paper. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Because its current liquidity needs exceed sources, we view
Sharp's liquidity position as 'less than adequate.' Under our
ratings criteria, we assign an issuer credit rating no higher
than 'BB+' to a company with 'less than adequate' liquidity," S&P
said.

The TCR-AP reported on Aug. 7, 2012, that Moody's Investors
Service downgraded its short-term ratings on Sharp Corporation
and its supported subsidiaries, Sharp International Finance (UK)
plc and Sharp Electronics Corporation, to Prime-3 from Prime-2.
The ratings remain under review for further downgrade. The rating
action reflects Moody's increasing concern that the company's
weak operating performance and additional restructuring costs
will continue to pressure its cash flow downwards, thereby
increasing its dependence on external sources for liquidity.

                       About Sharp Corporation

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2012, Standard & Poor's Ratings Services lowered to
'BB+' its long-term corporate credit and senior unsecured debt
ratings on Sharp Corp. and its overseas subsidiaries, Sharp
Electronics Corp. and Sharp International Finance (U.K.) PLC. "At
the same time, we lowered our short-term ratings on the companies
to 'B' from 'A-2'. We kept Sharp's long- and short-term ratings
on CreditWatch with negative implications," S&P said.

"Sharp's liquidity position is weakening, in Standard & Poor's
view. Internal cash flow remains weak, and financial market
conditions for the company have deteriorated. The company has
forecast an expected JPY250 billion net loss for fiscal 2012
(ending March 31, 2013), exceeding its budgeted depreciation
expense of JPY200 billion. As of June 30, 2012, Sharp had a high
dependence on short-term borrowings. It had JPY336 billion in
short-term debt and JPY362 billion in commercial paper. In recent
weeks, the company has faced unfavorable financial market
conditions, as evidenced by a recent rise in spreads on credit
default swaps, which has added to its difficulty in issuing new
commercial paper. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Because its current liquidity needs exceed sources, we view
Sharp's liquidity position as 'less than adequate.' Under our
ratings criteria, we assign an issuer credit rating no higher
than 'BB+' to a company with 'less than adequate' liquidity," S&P
said.

The TCR-AP reported on Aug. 7, 2012, that Moody's Investors
Service downgraded its short-term ratings on Sharp Corporation
and its supported subsidiaries, Sharp International Finance (UK)
plc and Sharp Electronics Corporation, to Prime-3 from Prime-2.
The ratings remain under review for further downgrade. The rating
action reflects Moody's increasing concern that the company's
weak operating performance and additional restructuring costs
will continue to pressure its cash flow downwards, thereby
increasing its dependence on external sources for liquidity.



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


SUHYUP BANK: Moody's Changes Rating Outlook to Stable
-----------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
negative on Suhyup Bank's global local and foreign currency
deposit ratings of A2; foreign currency senior unsecured debt
rating of A2; and foreign currency subordinated debt/junior
subordinated ratings of A3. The standalone bank financial
strength rating (BFSR) of D-, mapping to a baseline credit
assessment of ba3 also now carries a stable outlook.

Ratings Rationale

"This change in outlook reflects improvements in the bank's asset
quality since last year," says Hyun Hee Park, a Moody's Analyst.

Suhyup's nonperforming loan (NPL) ratio -- as measured by the
proportion of credits classified as substandard and below, and
compared with total credits -- improved to 2.3% in June 2012 from
a high of 4.6% in September 2010.

Factors behind the improvement in Suhyup's credit quality include
reductions in its construction-related exposures. The bank has
substantially cut its loan exposures to project financing and the
construction industry; these were 5.7% of total loans at
June 2012, down from 9.4% at end-2010.

Accompanying the improvement in asset quality, profitability --
as measured by annualized returns on assets -- improved to 0.38%
for 1H 2012 from 0.22% in 2010 as overall credit costs have
declined substantially.

Despite the improvements in Suhyup's financial metrics, it
continues to have a relatively weak franchise and shows intrinsic
loan book vulnerabilities. As a result, its stand-alone credit
assessment of ba3 is the lowest of all the banks in Korea. There
is a risk that Korea's weakening operating environment could
result in deteriorated credit quality and increased loan loss
provisions over the next quarters.

Suhyup has been trying to replace its exposures to the
construction sector with those to less risky niche markets, such
as lending to churches, and to small offices and home offices, a
segment known as SOHO. But it is exposed to concentrations; for
example, its lending to churches now makes up 11.3% of total
lending.

Suhyup is partly a policy bank focused on Korea's fisheries and
broader maritime industries. It enjoys a close relationship with
the Ministry of Food, Agriculture, Forestry and Fisheries. In a
legal sense, it is a unit of the National Federation of Fisheries
Cooperatives (NFFC), and is governed by the NFFC Law.

While this law does not contain the solvency maintenance language
that is seen in the laws governing many other Korean policy
banks, it does explicitly allow the government to inject capital
into the bank and to fully guarantee the fishery finance bonds
that fund Suhyup's policy lending.

Accordingly, Moody's assumes a very high probability of
government support for the bank and this results in a seven-notch
uplift over its stand-alone credit assessment to A2.

One challenge facing the bank is that the bulk of its capital
consists of preference shares injected by the Korea Deposit
Insurance Corporation, a unit of the government, when the bank
received systemic support in 2001. Even though these shares have
no current servicing cost and no fixed repayment schedule, they
are technically ineligible for treatment as Tier I capital under
Basel III. On 27 September, 2012, the Financial Services
Commission (FSC) allowed Suhyup to delay implementation of Basel
III to 2015.

Going forward, Suhyup plans to meet Basel III capitalization
standards by end-2014 through:

i) Reorganizing the NFFC -- which is currently under a non-
shareholding organization structure -- into a shareholding
structure, under which Suhyup would be incorporated as a
subsidiary

ii) Converting the Korea Deposit Insurance Corporation-owned
preference shares of KRW1.158 trillion into common equity, or
transferring the shares to NFFC, and then having NFFC directly
inject capital into Suhyup

iii) Receiving capital injections from NFFC and member
cooperatives and employees

At the current rating level, Moody's does not view Suhyup's
unusual capital structure as a negative rating factor.
Nonetheless, if the bank fails to find a solution that allows it
to meet Basel III requirements by the end of its grace period,
this development could become a negative credit factor if it
negatively impacts its ability to grow, or market confidence is
affected.

Moody's does not see much chance for the bank's long-term deposit
or debt ratings to be upgraded in the foreseeable future because
its A2 long-term senior debt or deposit ratings already
incorporate a seven-notch rating uplift due to Moody's assumption
of government support.

Moody's would consider downgrading the ratings if Moody's sees
signs that Suhyup's policy role and special relationship with the
government are weakening.

Moody's would also consider downgrading the ratings if (1) the
bank makes no progress in rationalizing its capital structure to
meet Basel III requirements by end-2014, and this situation is
negatively affecting its franchise or market confidence in it,
(2) Suhyup's core Tier 1 ratio drops below 4.5%, or (3) its NPL
ratio on a consolidated basis rises above 4%.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Suhyup Bank -- one of five specialized banks in Korea charged
with public policy functions -- provides financing and support
for the development of Korea's fisheries and maritime industries.
The National Federation of Fisheries Cooperatives (NFFC), as a
sole legal entity, runs three business units: Suhyup Bank (or the
credit business unit), the economy business (EBU), and the
guidance business (GBU). However, the bank separates its
management, operations, and assets and liabilities from the other
business units of NFFC, as Articles 138-5 and 164 of the
Fisheries Cooperative Law and charter for NFFC -- require it to
do so. The bank, established in 1962, had assets of
KRW23 trillion (about USD21 billion) as of June 30, 2012.



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


CAPITAL + MERCHANT: Experts Say Auditor Case Raises Investor Hope
-----------------------------------------------------------------
Nikki Preston at The New Zealand Herald reports that legal action
against the auditor acting for a collapsed finance company,
Capital + Merchant Finance, could set a precedent for holding
third parties accountable, according to experts.

The Herald says the move could claw back some of the
NZ$3.1 billion lost from the collapse of 66 finance companies in
the past six years, much of which was lost by mum and dad
investors.

According to the Herald, the Official Assignee acting as
liquidator of Capital + Merchant Finance, which collapsed leaving
7,500 investors $167 million out of pocket, has filed a claim at
the Auckland High Court against auditor BDO Spicers for
negligence and failure in its role of auditing the company's
financial statements.

It is seeking unspecified damages plus interest and costs.  BDO
is defending the allegations, the report relays.

The Herald relates that the Ministry of Business, Innovation and
Employment said it was believed to be the first time a liquidator
had taken action against an auditor during the financial
collapse.

And industry experts said this could be among the first of many
claims by liquidators, or even individual investors, against
contributing parties such as the auditor, director or corporate
trustees, the Herald notes.

BDO Spicers managing partner Craig Lamberton said the firm did
not accept the claims and had no further comment while the matter
was before the courts, the Herald adds.

                      About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on Nov. 23, 2007, due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


HANOVER GROUP: In High Court Fight Over NZ$20MM Insurance Policy
----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Hanover
Group Holdings is in a High Court fight over an insurance policy
worth up to NZ$20 million.

This cover would be used for legal costs associated with the
upcoming civil stoush between former Hanover directors and the
Financial Markets Authority (FMA) or any damages that could be
payable in that case, according to the Herald.

According to the report, the insurance wrangle centres on a
directors and officers liability (D&O) policy Hanover took out in
November 2007 with AIG and whether cover is provided for claims
associated with certain Hanover prospectuses.

As it stands, the Herald says, AIG (now legally known as Chartis
Insurance New Zealand) does not accept that two prospectuses
released by Hanover Finance Limited and United Finance Limited
are covered by the policy.

But Hanover's lawyer, Nathan Gedye, said that a Hanover broker
and AIG had agreed in 2007 there would be D&O cover for all
prospectuses issued by the finance firm during the policy period,
the report relays.

"The agreement was reached on the phone and Hanover proceeded to
renew on November 2, 2007 on that basis," the Herald quotes Mr.
Gedye as saying.

He said the matter was of "pressing importance" given the FMA
case, the report adds.

"With the directors of the three Hanover finance companies now
facing substantial civil claims from the FMA, a proceeding live
in this court, the extent of cover available under the 2007
policy for both claims and defence costs is a matter of pressing
importance to both parties," Mr. Gedye, as cited by Herald, said.

According to the Herald, the FMA is suing six former Hanover
directors and promoters over allegedly misleading or untrue
statements made in company prospectuses.

The FMA is seeking compensation for investors who put $35 million
into Hanover Finance, Hanover Capital and United Finance between
December 2007 and July 22, 2008.

The market watchdog is also seeking penalty orders against the
defendants, and if the claim is successful, the former directors
and promoters could each face fines of up to NZ$5 million.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


SILVEROAKS: Receivership Hotels Have Plenty Of Potential
--------------------------------------------------------
Colin Taylor at The New Zealand Herald reports that four hotels
in New Zealand's former second biggest privately owned motel and
hotel chain are for sale as part of a receivership process.

SilverOaks Group put its six large accommodation businesses in
Auckland, Rotorua and Wellington up for sale, according to The
New Zealand Herald.

The report relates that the hotels for sale were:

   -- the Oakwood Manor Motor Inn in Mangere,
   -- SilverOaks Hotel in Wellington,
   -- the remaining four hotels, in Rotorua and Auckland, are now
      being sold through a receivership process by Bayleys -
      either as one combined portfolio or individually, with a
      deadline for offers closing on November 19.

The marketing campaign is being headed by Paul Dixon and Mike
Peterson of Bayleys Auckland, with representation in Rotorua by
Mark Slade, the report notes.

The report relates that Mr. Dixon said that the four remaining
hotels in the former SilverOaks group are being traded in
receivership by accountants Korda Mentha which has maintained the
financial integrity of the properties and ensured that all
forward bookings or reservations are fulfilled.

The four properties are:

* The SilverOaks Inn Silver Point,
* Mangere Bridge, Auckland,
* The SilverOaks Resort Heritage in Rotorua,
* The Gwendoline Court Motel in Rotorua

Mr. Dixon said most of the hotels were built during the 1980s and
are in a fairly 'tired' stage of their lives with varying degrees
of investment needed to restore them to their former glory and
refurbish them with modern interior decor, both in the bedroom
and communal areas, the report adds.



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


KYOEI ENGINEERING: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------
Creditors of Kyoei Engineering Singapore Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Oct. 12, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Masao Yamashika
          Yiong Kok Kong
          c/o 317 Outram Road #02-47
          Singapore 169075


MF GLOBAL: Creditors' Proofs of Debt Due Oct. 26
------------------------------------------------
Creditors of MF Global Singapore Pte Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Oct. 26, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

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


PRIME EQUITIES: Creditors' Proofs of Debt Due Nov. 12
-----------------------------------------------------
Creditors of Prime Equities Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 12, 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


REVERE CAPITAL: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------------
Creditors of Revere Capital Advisors Pte Ltd, which is in
members' 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 liquidator is:

          Sajjad A. Akhtar
          c/o 146 Robinson Road #08-01
          Singapore 068909



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


* BOND PRICING: For the Week Oct. 8 to Oct. 12, 2012
----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----

  AUSTRALIA
  ---------


COM BK AUSTRALIA       1.50   4/19/2022   AUD      74.11
EXPORT FIN & INS       0.50   6/15/2020   NZD      73.40
MIDWEST VANADIUM      11.50   2/15/2018   USD      61.04
MIDWEST VANADIUM      11.50   2/15/2018   USD      61.25
NEW S WALES TREA       0.50   9/14/2022   AUD      72.42
NEW S WALES TREA       0.50   10/7/2022   AUD      72.23
NEW S WALES TREA       0.50  10/28/2022   AUD      72.07
NEW S WALES TREA       0.50  11/18/2022   AUD      72.39
NEW S WALES TREA       0.50  12/16/2022   AUD      72.19
NEW S WALES TREA       0.50    2/2/2023   AUD      71.84
NEW S WALES TREA       0.50   3/30/2023   AUD      71.45
TREAS CORP VICT        0.50   8/25/2022   AUD      72.91
TREAS CORP VICT        0.50    3/3/2023   AUD      72.13
TREAS CORP VICT        0.50  11/12/2030   AUD      54.07


CHINA
-----

CHINA GOVT BOND        4.86   8/10/2014   CNY     103.33
CHINA GOVT BOND        1.64  12/15/2033   CNY      68.16


INDIA
-----

AKSH OPTIFIBRE         1.00    2/5/2013   USD      69.34
JCT LTD                2.50    4/8/2011   USD      20.00
JSL STAINLESS LT       0.50  12/24/2019   USD      66.18
MASCON GLOBAL LT       2.00  12/28/2012   USD      10.00
PRAKASH IND LTD        5.63  10/17/2014   USD      67.97
PRAKASH IND LTD        5.25   4/30/2015   USD      67.40
PYRAMID SAIMIRA        1.75    7/4/2012   USD       1.00
REI AGRO               5.50  11/13/2014   USD      68.86
REI AGRO               5.50  11/13/2014   USD      68.86
SHIV-VANI OIL          5.00   8/17/2015   USD      52.57
SUZLON ENERGY LT       5.00   4/13/2016   USD      30.34


JAPAN
-----

COVALENT MATERIA       2.87   2/18/2013   JPY      72.96
EACCESS LTD            3.50  12/15/2016   JPY      97.25
EBARA CORP             1.30   9/30/2013   JPY     100.13
ELPIDA MEMORY          2.03   3/22/2012   JPY      15.00
ELPIDA MEMORY          2.10  11/29/2012   JPY      15.00
ELPIDA MEMORY          2.29   12/7/2012   JPY      15.00
ELPIDA MEMORY          0.50  10/26/2015   JPY      13.75
ELPIDA MEMORY          0.70    8/1/2016   JPY      15.00
JPN EXP HLD/DEBT       0.50   9/17/2038   JPY      62.85
JPN EXP HLD/DEBT       0.50   3/18/2039   JPY      63.49
KADOKAWA HLDGS         1.00  12/18/2014   JPY     108.52
SHARP CORP             1.42   3/19/2014   JPY      49.00
SHARP CORP             0.85   9/16/2014   JPY      47.00
SHARP CORP             1.14   9/16/2016   JPY      37.75
SHARP CORP             2.07   3/19/2019   JPY      36.84
SHARP CORP             1.60   9/13/2019   JPY      35.00
SOFTBANK CORP          1.50   3/31/2013   JPY     111.84
TOKYO ELEC POWER       2.35   9/29/2028   JPY      73.80
TOKYO ELEC POWER       2.40  11/28/2028   JPY      73.85
TOKYO ELEC POWER       2.21   2/27/2029   JPY      71.24
TOKYO ELEC POWER       2.11  12/10/2029   JPY      69.29
TOKYO ELEC POWER       1.96   7/29/2030   JPY      67.76
TOKYO ELEC POWER       2.37   5/28/2040   JPY      62.97


MALAYSIA
--------

DUTALAND BHD           7.00   4/11/2013   MYR       0.72


PHILIPPINES
-----------

BAYAN TELECOMMUN      13.50   7/15/2049   USD      22.25
BAYAN TELECOMMUN      13.50   7/15/2049   USD      22.25


SINGAPORE
---------

BAKRIE TELECOM        11.50    5/7/2015   USD      46.00
BAKRIE TELECOM        11.50    5/7/2015   USD      47.46
BLD INVESTMENT         8.63   3/23/2015   USD      60.55
BLUE OCEAN            11.00   6/28/2012   USD      37.13
BLUE OCEAN            11.00   6/28/2012   USD      37.13
CAPITAMALLS ASIA       2.15   1/21/2014   SGD      99.73
CAPITAMALLS ASIA       3.80   1/12/2022   SGD     100.89
DAVOMAS INTL FIN      11.00   12/8/2014   USD      30.00
DAVOMAS INTL FIN      11.00   12/8/2014   USD      28.88
F&N TREASURY PTE       2.48   3/28/2016   SGD     100.55

KOREA
-----

CN 1ST ABS             8.00   2/27/2015   KRW      33.39
CN 1ST ABS             8.30  11/27/2015   KRW      34.73
EXP-IMP BK KOREA       0.50   8/10/2016   BRL      73.00
EXP-IMP BK KOREA       0.50   9/28/2016   BRL      72.66
EXP-IMP BK KOREA       0.50  10/27/2016   BRL      72.15
EXP-IMP BK KOREA       0.50  11/28/2016   BRL      71.60
EXP-IMP BK KOREA       0.50  12/22/2016   BRL      71.19
EXP-IMP BK KOREA       0.50  10/23/2017   TRY      72.76
EXP-IMP BK KOREA       0.50  11/21/2017   BRL      65.75
EXP-IMP BK KOREA       0.50  12/22/2017   TRY      72.04
EXP-IMP BK KOREA       0.50  12/22/2017   BRL      65.27
GREAT KO 3RD ABS      10.00  12/29/2014   KRW      30.84
GYEONGGI MUTUAL        8.50   8/29/2014   KRW      87.48
HYUNDAI SWISS BK       8.50   10/2/2013   KRW      94.84
HYUNDAI SWISS BK       8.50   7/15/2014   KRW      89.05
HYUNDAI SWISS BK       7.90   7/23/2015   KRW      77.92
KIBO GRE 1ST ABS      10.00   1/25/2015   KRW      30.75
SINBO 10TH ABS        10.00  12/27/2014   KRW      29.78
SINBO 4TH ABS          8.00   8/18/2014   KRW      30.33
SINBO 7TH ABS          8.00   9/22/2014   KRW      30.09
SINBO CO 3RD ABS      10.00   9/29/2014   KRW      30.84


SRI LANKA
---------

SRI LANKA GOVT         5.65   1/15/2019   LKR      70.44
SRI LANKA GOVT         6.20    8/1/2020   LKR      66.17
SRI LANKA GOVT         8.00    1/1/2022   LKR      73.10
SRI LANKA GOVT         7.00   10/1/2023   LKR      63.19
SRI LANKA GOVT         5.35    3/1/2026   LKR      49.65
SRI LANKA GOVT         8.00    1/1/2032   LKR      60.60

THAILAND
--------

BANGKOK LAND           4.50  10/13/2003   USD       5.50


VIETNAM
-------

VIETNAM GOVT           7.20    4/4/2014   VND      38.27



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***